Current Affairs Update – 7-8 July, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 7 & 8 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, NABARD Grade A & Other Exams.

Banking & Financial News
IDFC and Shriram Group to finalise $10 billion mega merger within 90

  • IDFC and the Shriram Group have
    agreed to finalise within 90 days the merger of financial services business of
    the two groups that will create a financial supermarket with offerings from
    motorcycle credit to lending for multi-billion dollar power projects.
  • IDFC Bank managing director and
    chief executive Rajiv Lall called the proposed merger a ‘marriage made in
    heaven’ while the founder chairman Deepak Parekh said that IDFC gets ‘readymade
    branches’ and `hope the marriage happens’ amid likely regulatory obstacles.
  • All the operating businesses of
    the two groups will come together under IDFC Ltd. The retail consumer centric
    business of the holding company Shriram Capital – Shriram City Union Finance – will
    be merged into IDFC Bank.
  • The transport finance business
    will remain a standalone non-banking finance company that would become a
    subsidiary of IDFC Limited. The share swap ratio and other details of the
    merger would be worked out in the next 90 says.
  • The merger of the two group of
    companies will create a financial giant with a market value of at least Rs.
    72,000 crores which will also have businesses like mutual funds and life
MRP on packaged consumer products to be same from January 1

  • With an aim to benefit the
    consumers and protect them from paying different prices at different locations,
    the Union Consumer Affairs Ministry has amended the Legal Metrology (Packaged
    Commodities) Rules, 2011 (PCR).
  • The new rules seek to regulate
    the pre-packed commodities across India.
  • After this amendment, which was
    notified on 23 June 2017, the rules will be known as the Legal Metrology
    (Packaged Commodities) Amendment Rules, 2017. In accordance with the new rules,
    which will come into effect from 1 January 2018, the price of packed goods
    would no longer depend on where the product is purchased, may be a mall, a
    five-star hotel, an airport or a local Kirana store.
Highlights of the amendment

  1. MRP: As per the amended Legal
    Metrology Rules 2017, the retail sale price of any packed product will be the
    Maximum Retail Price (MRP) inclusive of all taxes. The rule will have the
    provision to round off the price to the nearest rupee or 50 paise.
  2. Legal provision on MRPs: A new
    legal provision has been inserted to make sure that no person is able to
    declare different MRPs on an identical pre-packed commodity. This provision was
    inserted with an aim to curb the possibility of any vendor charging
    differential prices for the same product.
  3. Size of Display: The new rules
    also talk about the size of the display on the pre-packed goods. The new norms
    say that the sellers will have to enhance the size of letters and numerals for
    making declarations about the packaged goods clear to the consumer. The
    declarations include things like date, month and year for best before use among
  4. e-Commerce Marketplaces: In terms
    of the e-commerce marketplace, the new rules say that “An e-commerce entity
    shall ensure that the mandatory declarations as specified, except the month and
    year in which the commodity is manufactured or packed, shall be displayed on
    the digital and electronic network used for e-commerce transactions.” In this
    term, e-Commerce entities include companies like Grofers and BigBasket, who
    stock the inventory. However, e-Commerce entities like Amazon India and
    Flipkart who do not own an inventory, the responsibility of the correctness of
    declarations will lie in the hands of the manufacturer or seller or dealer or
    importer. The onus of ensuring due diligence before dispatching the products,
    however, will lie with the online marketplaces.

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News related to India and states
India, US, Japan begin Malabar Exercise 2017

  • India, Japan and the United
    States on 7 July 2017 began the joint naval exercise Malabar 2017.
  • Warships, submarines, aircraft
    and personnel from India, Japan and the US will be participating in the Malabar
    exercise in the Bay of Bengal from 7 July to 17. The exercise will feature both
    ashore and at-sea training.
  • The ashore training in Chennai
    will include professional exchanges on carrier strike group operations,
    maritime patrol operations, surface warfare, medical operations, explosive
    ordnance disposal (EOD), helicopter operations, and visit, board, search and
    seizure (VBSS) operations.
  • The at-sea training will be
    conducted in the Bay of Bengal and will be focussed on advancing
    military-to-military coordination and capacity to plan and execute tactical
    operations in a multinational environment.
World News
World Bank launches loan programme for women entrepreneurs

  • The World Bank on Saturday
    launched a public-private loan programme to support women entrepreneurs in
    developing countries, an initiative championed by U.S. President Donald Trump’s
    daughter Ivanka Trump.
  • Initial funding of $325 million
    for the project includes large donations from Germany, the United States, Saudi
    Arabia and the United Arab Emirates, the bank said.
  • “This is going to be what we hope
    will be a multibillion dollar fund to support women entrepreneurs,” World Bank
    President Jim Yong Kim said.
  • The programme will work with
    governments “to improve laws and regulations that are stifling women
    entrepreneurs,” pushing financial institutions to provide equity to the
    companies they create, the bank said.
G20 countries leaders agree for action, targeted exchange of
information on terrorism

  • G20 leaders on 7 July 2017, the
    first day of G20 Summit in Hamburg, Germany, agreed to facilitate swift action
    and targeted exchange of information on terrorism and it’s financing.
  • The information exchange that
    will include operational information-sharing, preventive measures and criminal
    justice response will happen between intelligence and law enforcement and
    judicial authorities
  • In a statement released at the
    end of the first day of the 12th G20 Summit in Hamburg, the member countries
    decided to take concrete steps to stop funding of the terror activities.
  • For this, they called for
    strengthening measures against the financing of international terrorist
    organisations in particular ISIL/ISIS/Daesh, Al Qaida and their affiliates.
  • The G20 leaders also reaffirmed
    their commitment to tackle all sources, techniques and channels of terrorist
    financing and calls for a swift and effective implementation of UNSCR and the
    Financial Action Task Force (FATF) standards worldwide.
  • In addition to this, the leaders
    also decided that the private sector will be involved in the global efforts to
    counter terror-financing. Seeking to fight radicalization, the G20 group will
    take measures to counter terrorist propaganda. Simultaneously, the countries
    will also seek to promote political and religious tolerance and social
    inclusiveness to facilitate reintegration.
  • The leaders of G-20 also
    underlined to fight exploitation of internet and social media for propaganda
    inciting terrorism and radicalization. Steps would be taken to filter, detect
    and remove content that incites terrorists’ activities.
PM Modi raises issues of terrorism, climate change at BRICS Leaders’
Informal Meeting in Hamburg

  • The leaders of the 5 BRICS
    nations had an informal meeting on the sidelines of the G20 Summit in Hamburg,
    Germany on 7 July 2017. This was in run up to the forthcoming 9th BRICS Summit
    scheduled to be held in September 2017 in Xiamen, China.
  • During the meet, the leaders
    discussed preparations and priorities for the forthcoming Xiamen BRICS Summit.
    In addition, President Xi, the leader of the host country for the September
    Xiamen BRICS Summit said he looked forward to welcoming the BRICS leaders.
  • Prime Minister Narendra Modi who
    was a participant of the meet mentioned that BRICS has been a strong voice and
    needs to show leadership on terrorism and global economy. He stressed that G20
    should collectively oppose terrorism financing, franchises, safe havens,
    support and sponsors.
  • Referring to reforms in India,
    including the recent introduction of GST, PM stated that it was necessary to
    work together for sustained global economic recovery. He advocated collective
    voice against the practices of protectionism, especially in the spheres of
    trade and movement of knowledge and professionals.
  • Modi also reiterated India’s
    commitment to implementing Paris Agreement in letter and spirit and described
    its implementation globally as essential for fighting the climate change.
  • Apart from this, the Prime
    Minister also called for expeditious action to establish BRICS rating agency
    and stated that cooperation on development of Africa should be a priority. He
    also called for greater people-to-people exchanges.
Historic Centre of Vienna inscribed on List of World Heritage in Danger

  • The World Heritage Committee on 6
    July 2017 inscribed the Historic Centre of Vienna on the List of World Heritage
    in Danger.
  • The step was taken due to
    high-rise projects in the middle of the historic city.
  • The Committee states that the
    Vienna Ice-Skating Club—Intercontinental Hotel project has failed to comply
    fully with previous Committee decisions, notably concerning the height of new
    constructions, which will have adverse effects on the Austrian capital.
  • Vienna is the capital and largest
    city of Austria and one of the nine states of Austria.
UNESCO declares West Bank city of Hebron as World Heritage Site in

  • The United Nations Educational,
    Scientific, Cultural Organization (UNESCO) on 7 July 2017 declared West Bank
    city of Hebron a heritage site, an issue which triggered a new Israeli-Palestinian
  • UNESCO passed an anti-Israel
    resolution by voting to have the Tomb of the Patriarchs, in the Old City of
    Hebron in the West Bank, to be inscribed as a Palestinian World Heritage Site
    in Danger.
  • The voting took place along with
    a secret ballot at the UNESCO World Heritage Committee’s 41st annual summit in
    Krakow, Poland with 12 countries voting in favour of the move, while three
    opposed it and six countries abstained.
  • Generally, votes to inscribe
    sites onto UNESCO’s World Heritage List are usually done by a show of hands
    among all the member states. But three countries Poland, Croatia and Jamaica
    requested a secret ballot.
UNESCO omits Great Barrier Reef from List of World Heritage in Danger

  • The World Heritage Committee,
    during its annual meeting in Poland, in July 2017 decided not to include the
    Great Barrier Reef in the List of World Heritage in Danger.
  • The Committee voted to endorse
    the Australian Government’s Reef 2050 Plan, which includes several measures
    designed to protect and manage the ecosystem.
  • In a draft document later adopted
    without debate, the World Heritage Committee noted with “serious
    concern” coral bleaching along the Great Barrier Reef, and asked for an
    overall report on the state of conservation by December 2019.
Saima Wazed Hossain appointed as WHO Goodwill Ambassador for Autism in
South Asia

  • Saima Wazed Hossain was on 6 July
    2017 appointed as the WHO’s Goodwill Ambassador for Autism in the South-East
    Asia region. A globally renowned champion for the cause of autism spectrum
    disorder, Hossain has been appointed for a period of two years.
  • In the last one year while
    championing for the cause of autism for WHO, Hossain facilitated the ‘Thimphu
    Declaration’ on autism and other neurodevelopmental disorders at an
    international conference in Bhutan in April 2017.
  • As WHO Goodwill Ambassador,
    Hossain will be promoting the Thimphu declaration which emphasises on
    integrating the needs of autism affected people into national health and
    socioeconomic development plans.
Sanjiv Goenka renominated as the Chairman of IIT Kharagpur

  • Sanjiv Goenka was recently
    selected as the Chairman of the Board of Governors at the Indian Institute of
    Technology Kharagpur.
  • Goenka will serve as the Chairman
    of the institute for three years.
  • Goenka was nominated by the
    President, Pranab Mukherjee, in his capacity as Visitor of the Institute.
  • This will be his second stint for
    Goenka as the Chairman of Board of Governors. He previously served as the
    Chairman of the premier institute between 2002 and 2007.
Sports News
22nd Asian Athletics Championships: India on day 1 wins two gold in
haul of seven medals

  • India on 6 July 2017 bagged seven
    medals including two gold in the 22nd Asian Athletics Championships held at
    Kalinga Stadium in Bhubaneswar, Odisha.With these seven medals on the day one
    of the championships, India managed to sit at the top position in the medal
  • The two medals were won by
    Manpreet Kaur and G Lakhsmanan.
  • Shot putter Manpreet Kaur opened
    India’s gold medal account with a career second best throw of 18.28m. Her best
    record was created with is a throw of 18.86m at the Asian Grand Prix in China
    earlier in 2017.
  • On the other hand, long distance
    runner G Lakhsmanan gave India the second gold with an unexpected win in men’s
    5000m race at the athletic meet.
Lists & Indexes
India ranks 23rd among 165 nations in 2017 Global Cybersecurity Index

  • India ranked a high 23rd out of
    165 nations in the 2017 Global Cybersecurity Index (GCI), a global index that
    measures the commitment of nations across the world to cybersecurity.
  • The second Global Cybersecurity
    Index was released by the International Telecommunication Union (ITU), the UN
    telecommunications agency, on 5 July 2017.
  • India ranked 23rd on the index
    with a score of 0.683 and has been listed in the maturing category, which refers
    to 77 countries that have developed complex commitments to cybersecurity and
    engage in cybersecurity programmes and initiatives.
  • Singapore topped the Global
    Cybersecurity Index with a 0.92 GCI score.

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