Current Affairs Update – 20 June, 2017



Hello and welcome to exampundit. Here are the important Current Affairs update of 20 June, 2017. These are important for the upcoming  SBI Clerk 2017, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.

Current Affairs at a Glance – 20 June, 2017

  1. Asian Development Bank (ADB) will provide $275 million loan for a
    piped water supply project for rapidly urbanising small towns, covering 3 lakh
    households, in Madhya Pradesh.
  2. Axis Bank, India’s third largest private sector bank in association
    with Kochi Metro Rail Corporation (KMRL)
    has launched KMRL Axis Bank ‘Kochi1’ Card, India’s first open loop EMV
    contactless metro card
    that would make travel a convenient and hassle free
    experience for commuters in Kochi.
  3. Indian messaging app Hike on Tuesday added payments feature that will
    allow its over 100 million
    users to transfer money and recharge/pay mobile
    bills through the messaging platform. The
    Hike wallet—powered by Yes Bank
    —will allow free and instant bank-to-bank
    transfer via unified payments interface (UPI), free and instant money transfer
    via wallet and recharge right from the app, Hike Messenger founder and CEO
    Kavin Bharti Mittal told reporters in New Delhi. Hike is the first in India to launch payments facility on a messaging
    platform.
  4. East Hope Group, one of China’s
    largest private companies, will invest
    $300 million in setting up manufacturing units at the Mundra SE
    Z in
    partnership with Indian infrastructure giant Adani Group.
  5. Union Minister for Science and
    Technology  Harsh Vardhan on 19 June 2017
    launched a mobile app “Celebrating Yoga
    to popularize Yoga and encourage people to participate in it for a
    scientifically healthy living.
  6. Bihar Governor Ram Nath Kovind resigned from his post on 20 June 2017.
    His resignation came following his nomination as the NDA’s Presidential
    Candidate. His resignation was accepted by President Pranab Mukherjee.
  7. United Nations Children’s Fund
    (UNICEF) on 19 June 2017 announced the
    appointment of Muzoon Almellehan, a 19-year-old education activist and Syrian
    refugee
    , as its newest and youngest Goodwill Ambassador.
  8. India decided to re-nominate Dalveer Bhandari for another term as the Judge of the International Court
    of Justice (ICJ).
  9. Taking ahead the bilateral
    relations between India and Afghanistan,
    the Afghan President Ashraf Ghani on 19 June 2017 inaugurated the first Afghanistan-India air corridor.
    The corridor inaugurated at the Kabul International Airport is a direct route
    that will bypass Pakistan.
  10. Sweden in the second week of June 2017 committed to become a net-zero
    carbon emission emitter by 2045. The vote makes Sweden the first country to
    significantly strengthen its climate targets since the Paris Agreement in 2015.
  11. The World Refugee Day was observed across the world on 20 June 2017 to
    commemorate the strength, courage, and perseverance of millions of refugees.

Banking & Financial News
ADB to provide $275 mn loan for water supply project in MP

  • Asian Development Bank (ADB) will
    provide $275 million loan for a piped water supply project for rapidly
    urbanising small towns, covering 3 lakh households, in Madhya Pradesh.
  • The state government will provide
    a $124 million counterpart support for the project which is estimated to be
    completed by June 2022, ADB said.
  • The loan agreement for $275
    million has been signed between ADB and the central government for the project
    that aims to improve urban services to about 3 lakh households in 64 small
    towns in Madhya Pradesh.
  • Urban population in the state is
    expected to increase from 28% in 2016 to 35% by 2026, ADB said in a release,
    adding that the project supports the government’s priority to develop urban
    infrastructure.
  • It will develop sustainable,
    inclusive and climate resilient water supply in 64 small and mid-sized towns,
    said the Manila headquartered multi-lateral funding agency.
  • It will also provide integrated
    storm water and sewerage infrastructure in two heritage towns — Khajuraho and
    Rajnagar.
  • The loan pact was inked by Raj
    Kumar, joint secretary, Ministry of Finance and L B Sondjaja, deputy country
    director ADB India Resident Mission. Vivek Aggarwal, secretary, Urban
    Development Department, Madhya Pradesh inked the project agreement.
Axis Bank, Kochi Metro launches India’s first single-wallet
contactless, Open Loop Metro Card

  • Axis Bank, India’s third largest
    private sector bank in association with Kochi Metro Rail Corporation (KMRL) has
    launched KMRL Axis Bank ‘Kochi1’ Card, India’s first open loop EMV contactless
    metro card that would make travel a convenient and hassle free experience for
    commuters in Kochi.
  • Axis Bank has partnered with
    National Payments Corporation of India (NPCI) in developing this transit EMV
    contactless specification on interoperable open standards.
  • The prepaid card has integrated
    benefits and offers a plethora of services to commuters such as:
  • Shopping experience at merchant
    outlets: No hassle of carrying multiple cards.
  • Instant issuance of Personalized
    Cards: The commuter will receive a completely personalized (with name) KMRL
    Axis Bank ‘Kochi1’ Card across the counter in a matter of minutes.
  • Convenience of recharge: The
    commuter can easily top up the card through cash or debit or credit card.
  • Additionally, the bank has also
    launched a mobile app which can be used by commuters to manage their card and
    also to get QR tickets on the go for travel in the metro.
Hike launches wallet, UPI payment

  • Indian messaging app Hike on
    Tuesday added payments feature that will allow its over 100 million users to
    transfer money and recharge/pay mobile bills through the messaging platform.
  • The Hike wallet—powered by Yes
    Bank—will allow free and instant bank-to-bank transfer via unified payments
    interface (UPI), free and instant money transfer via wallet and recharge right
    from the app, Hike Messenger founder and CEO Kavin Bharti Mittal told reporters
    in New Delhi.
  • Hike is the first in India to
    launch payments facility on a messaging platform. It has also improved the user
    interface as well as added new features to the camera on the app.
  • Hike’s larger rival, WhatsApp is
    also working on making a foray into digital payment services, starting with
    India. The Facebook-owned messaging app has about 200 million users in India.
    Post demonetisation, there has been a massive growth in digital transaction
    volumes in India, including credit/debit cards, mobile banking/m-wallets and
    UPI.
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Top Chinese firm signs MoU with Adani group to invest $300 million

  • East Hope Group, one of China’s
    largest private companies, will invest $300 million in setting up manufacturing
    units at the Mundra SEZ in partnership with Indian infrastructure giant Adani
    Group.
  • The memorandum of understanding
    (MoU) signed by the two firms proposes to set up manufacturing units in Mundra
    Special Economic Zone (SEZ) in Gujarat to produce solar power generation
    equipment, chemicals, aluminium and animal feed, a statement by the Indian
    Consulate in Shanghai said.
  • It will also put in place East
    Hope Group’s engineering and industrial integration chain to recycle and
    economise the product cost at Mundra SEZ, it said.
  • The MoU was signed between Amit
    Uplenchar, President of Adani Ports and Special Economic Zone and Meng
    Changjun, President of East Hope Group (Investment) in the presence of Consul
    General Prakash Gupta yesterday.
  • The MoU is proposed to convert
    into a definitive agreement within a period of 180 days and would cover areas
    of specific cooperation outlined as per agreement between the two sides, the
    statement said.
  • An estimated investment of more
    than $300 million is expected to be made by the East Hope Group in India, as
    part of the proposed cooperation between the two companies.
CBDT notifies Rule 10CB for Secondary Adjustments under Section 92CE of
IT Act, 1961

  • The Central Board of Direct Taxes
    (CBDT) on 15 June 2017 notified the Rule 10CB for operationalising the
    provisions of Secondary Adjustment under Section 92CE of Income Tax (IT) Act,
    1961.
  • The provision prescribes the time
    limit of 90 days for repatriation of excess money. This time limit will begin
    when the primary adjustments exceeding Rs 1 crore made in the year 2017-18 or
    later, attains finality.
  • In cases where the transfer
    pricing order is appealed against by the taxpayer, the time limit for
    repatriation will begin only after the appeal is finalised by the appellate
    authority.
  • The provision also prescribe the
    rate of interest for computing the income in case of failure to repatriate the excess
    money within the prescribed time limit.
  • Separate rates of interest are
    also prescribed for international transactions denominated in Indian currency
    and in foreign currency. The rates of interest are applicable on an annual basis.
News related to India and states
Union Government launches ‘Celebrating Yoga’ mobile app

  • Union Minister for Science and
    Technology  Harsh Vardhan on 19 June 2017
    launched a mobile app “Celebrating Yoga” to popularize Yoga and encourage
    people to participate in it for a scientifically healthy living.
  • The mobile app was developed by
    Department of Science and Technology (DST) on the occasion of International
    Yoga Day 2017 that is held on 21 June every year. 
  • Celebrating Yoga provides a
    platform to share information and insights about peoples’ participation in Yoga
    activities on the occasion of the International Yoga Day.
  • It aims to create awareness about
    Yoga and encourage a scientifically healthy living.
  • It will enable in capturing mass
    events being organized in public places, schools and office complexes across
    the country and individual enthusiasts who are performing yoga.
  • It will be connected with Google
    Map where shared information can been seen by the users.
  • The information posted on the app
    will also be visible on DST website through a social wall.
Bihar Governor Ram Nath Kovind resigns

  • Bihar Governor Ram Nath Kovind
    resigned from his post on 20 June 2017. His resignation came following his
    nomination as the NDA’s Presidential Candidate. His resignation was accepted by
    President Pranab Mukherjee.
  • Subsequently, West Bengal
    Governor Keshari Nath Tripathi was assigned the responsibility to serve as the
    Governor of Bihar, in addition to his own duties.
  • Ram Nath Kovind was on 19 June
    2017 declared as the NDA candidate for upcoming Presidential Elections as
    Mukherjee will complete his five-year term as the President on 24 July 2017.
  • If elected, Kovind, a two-term
    BJP Rajya Sabha member, will only be second Dalit to occupy the Rashtrapati
    Bhavan after K R Narayanan.
Appointments
In a first, UNICEF appoints Syrian refugee Muzoon Almellehan as
Goodwill Ambassador

  • United Nations Children’s Fund
    (UNICEF) on 19 June 2017 announced the appointment of Muzoon Almellehan, a
    19-year-old education activist and Syrian refugee, as its newest and youngest
    Goodwill Ambassador.
  • The appointment makes Muzoon the
    first person with official refugee status to become an Ambassador for UNICEF
  • It was during her 18 months in
    the Za’atari refugee camp in Jordan that she began advocating for children’s
    access to education, particularly for girls.
India re-nominates Dalveer Bhandari to the International Court of
Justice

  • India decided to re-nominate
    Dalveer Bhandari for another term as the Judge of the International Court of
    Justice (ICJ).
  • The nomination papers of Bhandari
    were filed on 19 June 2017 in New York.
  • The decision came after the Indian
    nominee, Neeru Chadha, won the election to one of the seven vacant seats to the
    International Tribunal for the Law of the Sea.
  • The signatures from all four
    members of India’s national group at the Permanent Court of Arbitration were
    acquired on 18 June 2017. As per ICJ statutes, the national group has to submit
    nominations to the ICJ.
  • The current members of the Indian
    national group are former Chief Justice H.L. Dattu, retired Supreme Court Judge
    Girish Thakorlal Nanavati, Attorney General Mukul Rohtagi and senior lawyer
    Harish Salve.
World News
Afghan President inaugurates first Afghanistan-India air corridor

  • Taking ahead the bilateral
    relations between India and Afghanistan, the Afghan President Ashraf Ghani on
    19 June 2017 inaugurated the first Afghanistan-India air corridor. The corridor
    inaugurated at the Kabul International Airport is a direct route that will
    bypass Pakistan.
  • The corridor is meant to improve
    commerce in Afghanistan.
  • On the occasion, Ghani said that
    the aim of the route is to create more opportunities and make Afghanistan an
    exporter country. Afghan President’s adviser Sediqullah Mujadedi said Afghan
    agricultural products will for the first time head to India on cargo planes.
  • In addition, Mujadedi also said
    that the first India-bound flight on 19 June included 60 tonnes of natural
    plants. The second flight will follow, with 40 tonnes of dry fruits, which will
    be sent form Afghanistan’s southern Kandahar province.
  • Afghanistan is a mountainous
    landlocked country and all imports and exports depend on neighbouring
    countries. Relations between Kabul and Islamabad have become strained over
    accusations of harbouring militants.
Sweden pledges to reach net-zero carbon emissions by 2045

  • Sweden in the second week of June
    2017 committed to become a net-zero carbon emission emitter by 2045.
  • On 15 June 2017, Swedish
    lawmakers bound the country to reach net-zero greenhouse-gas emissions by 2045.
    Only one out of country’s eight political parties did not support the Climate
    Act in parliament.
  • Lawmakers voted 254 to 41 in
    favour of the proposal, accelerating the nation’s previous target to become
    carbon neutral by 2050.
  • The vote makes Sweden the first
    country to significantly strengthen its climate targets since the Paris
    Agreement in 2015.
  • The legislation will come into
    force from the 1 January 2018, and will also see the establishment of an
    independent Climate Policy Council in addition to a four-yearly cycle for
    updating the nation’s climate action plan.
Days
World Refugee Day 2017 observed globally

  • The World Refugee Day was
    observed across the world on 20 June 2017 to commemorate the strength, courage,
    and perseverance of millions of refugees.
  • The Day also marks a key moment
    for the public to show support for families that are forced to flee for their
    lives each day.
  • The UN Refugee Agency launched
    the #WithRefugees petition in June 2016 to send a message to governments that
    they must work together and do their fair share for refugees.

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