Daily Current Affairs Update – 17 January, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs Update of  17th January, 2017. These are important for the upcoming IDBI PGDBF, IPPB Mains and Other exams.

Daily Current Affairs at a Glance – 17 January, 2017

  1. The Goods and Services Tax (GST) Council on
    16 January 2017 decided to rollout the nationwide GST on 1 July 2017
    .
    The decision was taken at the 9th meeting of the council held in New Delhi. The
    meeting was attended by the Chairperson of the GST Council and the Union
    Finance Minister Arun Jaitley and finance ministers of States.
  2. News Corp-backed real estate
    website PropTiger
    has merged with Housing.com in an all-stock deal
    , bringing to an end
    the contentious saga of the Mumbai startup and creating one of the country’s
    largest digital platforms for property listings.
  3. Securities and Exchange Board of India
    (SEBI),
    the market regulator of India, in January 2017 tightened the norms
    for mergers and amalgamation of an unlisted company with a listed entity.
  4. India and Mauritius
    on 16 January 2017 signed a Memorandum
    of Understanding (MoU) to facilitate cooperation in the cooperative sector
    .
  5. Mani Palvesan has assumed charge
    as Managing Director of State Bank of
    Hyderabad (SBH)
    with effect from Jan 14, 2017.
  6. Tata Motors on Tuesday appointed Tata group chief designate N
    Chandrasekaran as its Chairman
    with
    immediate effect.
  7. Bharti AXA General Insurance today said it has appointed Sanjeev
    Srinivasan as CEO and Managing Director
    .
  8. Indian passport has been ranked a lowly 78
    in a global ranking
    of the
    world’s most powerful passports which was topped by Germany.
  9. The Government of Telangana on 17 January 2017 announced a series of welfare measures for army personnel and their families
    living in the State.
  10. Chennai Smashers on 14 January 2017 emerged victorious over Mumbai
    Rockets by 4-3 in the summit clash to clinch the 2017 Premier Badminton League
    (PBL) title.

Financial and Banking News:
Goods and Services Tax rollout deferred to 1 July 2017

  • The Goods and Services Tax (GST)
    Council on 16 January 2017 decided to rollout the nationwide GST on 1 July
    2017. The decision was taken at the 9th meeting of the council held in New
    Delhi.
  • The meeting was attended by the
    Chairperson of the GST Council and the Union Finance Minister Arun Jaitley and
    finance ministers of States.

Outcomes of the GST Council meeting
  • The GST Council agreed to defer
    the implementation of the GST by three months to 1 July 2017. The scheduled
    date for the rollout of the tax was 1 April 2017.
  • The bills related to the GST
    rollout will be discussed by the GST Council at its next meeting on 18 February
    2017.
  • After the approval of the GST
    Council,  the bills will be introduced in
    the Parliament and State legislatures.
  • The Union Government agreed to
    the States’ demand of horizontal split with regard to taxpayers.
  • States will have powers to assess
    and administer 90% of taxpayers with less than Rs 1.5 crore annual turnover.
    The rest of the taxpayers will be under the Union Government’s purview.
  • States and the Union Government
    will control and administer the taxpayers with more than Rs 1.5 crore annual
    turnover in 50:50 ratio.
  • States will have the power to
    levy tax on economic activity within the 12 nautical miles of territorial
    waters. This decision is very significant because the territorial waters are
    under the control of the Union Government.

Housing.com and PropTiger merge in an all-stock deal, raise $55 million
in fresh capital

  • News Corp-backed real estate
    website PropTiger has merged with Housing.com in an all-stock deal, bringing to
    an end the contentious saga of the Mumbai startup and creating one of the
    country’s largest digital platforms for property listings.
  • As part of the deal, the combined
    entity will raise $50 million from News Corp-owned online real estate
    advertising company REA Group and another $5 million from Japan’s SoftBank, the
    primary investor in Housing.com.
  • The fundraising will be executed
    at a valuation of about $250 million for the merged company, people familiar
    with the deal terms said, declining to be identified. Housing has been valued
    at about $70 million, unchanged from two months ago when it raised $5 million
    in bridge funding from Soft-Bank, two of them said.

SEBI releases norms for merger and acquisition

  • Securities and Exchange Board of
    India (SEBI), the market regulator of India, in January 2017 tightened the
    norms for mergers and amalgamation of an unlisted company with a listed entity.
  • The step is SEBI’s effort to make
    a listing process more transparent and provide a big say to public shareholders
    in consolidations of companies.
  • Objective: The norms were
    released with an aim to prevent the large unlisted company to get listed by
    merging with small company/ies and to have a wider public shareholding.
  • The unlisted company will have to
    disclose all the material information in form of an abridged prospectus,
    similar to what companies file before launching initial public offering (IPO).
  • In a case of merger or
    amalgamations, the holdings of public shareholders post the merger should not
    be less than 25 per cent, which is similar to norms available in case of
    mergers in the case of listed entities.
  • The unlisted company can be
    merged with a listed company only if the listed company is listed on a stock
    exchange and have nationwide trading terminals.

India, Mauritius signed MoU for cooperation in cooperative sector

  • India and Mauritius on 16 January
    2017 signed a Memorandum of Understanding (MoU) to facilitate cooperation in
    the cooperative sector.
  • The MoU was signed by Union
    Agriculture Minister Radha Mohan Singh and Business, Enterprise and
    Cooperatives Minister of Mauritius Soomilduth Bholah.
  • The MoU will enable the two
    countries to collaborate in the cooperative and related sectors and benefit
    thousands of Mauritians.
  • Under the MoU, India will extend
    its expertise and technology to Mauritius in agro industry, fisheries and dairy
    sectors.
  • Mauritius maintained contacts
    with India through successive Dutch, French and British occupation. Diplomatic
    relations between India and Mauritius were established in 1948.
  • Political Relations: Following
    independence of Mauritius on 12 March 1968, the first Prime Minister and the
    Father of the Mauritian Nation Sir Seewoosagur Ramgoolam accorded centrality to
    India in Mauritius’ foreign policy.
  • Subsequently, successive
    Mauritian leaders ensured that India occupies a position of significance and
    importance in the foreign policy orientation and activities of Mauritius.

Appointments – India and World:
Mani Palvesan is new MD of State Bank of Hyderabad

  • Mani Palvesan has assumed charge
    as Managing Director of State Bank of Hyderabad (SBH) with effect from Jan 14,
    2017.
  • Palvesan joined SBH in 1982 as a
    probationary officer and shouldered responsibilities in various offices of the
    bank.
  • Prior to assuming his current
    position, he served as Chief Executive Officer of SBI’s Hong Kong branch,
    Managing Director of SBI Cap Securities and Chief General Manager (OSD) in the
    office of the Deputy Managing Director, SBI, Mumbai, according to a release.

N Chandrasekaran appointed Tata Motors chairman

  • Tata Motors on Tuesday appointed
    Tata group chief designate N Chandrasekaran as its Chairman with immediate
    effect.
  • In a regulatory filing, the
    company said “the Board of Directors have on Tuesday appointed Natarajan
    Chandrasekaran as additional director and Chairman of the board with immediate
    effect”.
  • The appointment comes within a
    week of Tata Sons announcing Chandrasekaran as its Executive Chairman, capping
    two months of a bitter boardroom battle that followed the unceremonious sacking
    of Cyrus Mistry and letting of bad blood ever since.

Bharti AXA General appoints Sanjeev Srinivasan as CEO, MD
  • Bharti AXA General Insurance
    today said it has appointed Sanjeev Srinivasan as CEO and Managing Director.
  • Srinivasan joined Bharti AXA
    General Insurance in August 2016 as Chief Commercial and Principal Officer and
    now takes over the role of CEO and MD.
  • His main focus will be to drive
    Bharti AXA’s go- to-market strategy of creating a balanced portfolio, driving
    new distribution tie—ups and creating a customer centric brand to drive
    profitable growth.

Reports & Indexes:
World’s most powerful passports: Germany tops list, India at a lowly 78

  • Indian passport has been ranked a
    lowly 78 in a global ranking of the world’s most powerful passports which was
    topped by Germany.
  • Germany stands at the top with a
    visa-free score of 157 while Singapore overtakes South Korea and becomes the
    highest ranked Asian passport with a visa-free score of 156.
  • India stands at 78th position
    with a visa-free score of 46, ahead of China and Pakistan.
  • Afghanistan’s is the least
    powerful passport with a visa-free score of just 23.
  • The latest edition of the world’s
    most popular Arton Capital’s global ranking ‘Passport Index’ is based on
    cross-border access of national passports.
  • The world’s most popular online
    interactive tool which collects, displays and ranks the passports globally
    assigns a “visa-free score” according to the number of countries a
    passport holder can visit visa-free or with visa on arrival.

Oxfam released report titled An economy for the 99 per cent

  • The Oxfam on 16 January 2017
    released a report entitled An economy for the 99 percent. The report was
    released Oxfam to mark the annual World Economic Forum (WEF) meeting of
    political and business leaders in Davos, Switzerland.

Highlights of the report
  • The world’s eight richest people
    own the same wealth as the 3.6 billion people who make up the poorest half of
    humanity.
  • The report describes that the big
    business and the super-rich are fuelling the inequality crisis by dodging
    taxes, driving down wages and using their power to influence politics.
  • Oxfam’s report shows how our
    broken economies are funnelling wealth to a rich elite at the expense of the
    poorest in society.

Non-financial news – India and States:
Telangana Government announced series of welfare measures for army
personnel
  • The Government of Telangana on 17
    January 2017 announced a series of welfare measures for army personnel and
    their families living in the State.
  • The welfare measures were
    announced by Telangana Chief Minister K Chandrashekhar Rao in the State
    Legislative Assembly in Hyderabad.
  • A Special Army Welfare Fund will
    be constituted. The State Government will provide Rs 80 crore annually for the
    welfare of the Army personnel and their families.
  • All the ministers of the State,
    including the Chief Minister, will contribute 25 thousand rupees per annum.
  • Members of Parliament (MPs) and
    Members of Legislative Assembly (MLAs) from the state will contribute 10
    thousand rupees each per annum.

Sports News:
Chennai Smashers defeats Mumbai Rockets to win 2017 Premier Badminton
League
  • Chennai Smashers on 14 January
    2017 emerged victorious over Mumbai Rockets by 4-3 in the summit clash to
    clinch the 2017 Premier Badminton League (PBL) title.
  • Chennai Smashers’ T
    Saensomboonsuk produced a come-from-behind win against Mumbai Rockets’ Ajay
    Jayaram in the deciding fifth rubber as the former edged out the latter in the
    final to grab the PBL season 2 title.
  • The match was played at Siri Fort
    Complex in New Delhi.
  • Awadhe Warriors, Chennai
    Smashers, Hyderabad Hunters and Mumbai Rockets had entered the semi-finals after
    topping the league table.

Farrukh Amonatov wins Delhi International Open chess tournament

  • Top seeded Grandmaster Farrukh
    Amonatov on 16 January 2017 won the 15th edition of the Delhi International
    Chess tournament.
  • In the 10th and final round of
    the tournament, Amonatov settled for a draw with Grandmaster Diptayan Ghosh.
    Amanotov scored 8.5 points out of a ten and stayed a half point ahead of Ghosh
    and Dzhumaev Marat of Uzbekistan.
  • Ghosh and Dzhumaev Marat tied for
    the second spot on eight points. However, Ghosh was declared the runner-up
    based on his better tiebreak.
  • Amanatov received Rs. 4 lakh in
    prize money, while Ghosh and Dzhumaev received Rs. 3 lakh and Rs. 2 lakh
    respectively.

Awards & Honors:
Jacob Polley wins 2016 T S Eliot Prize for Poetry

  • Poet Jacob Polley on 16 January
    2017 won the 2016 T.S. Eliot prize for his collection, ‘Jackself.’ The award
    ceremony was organised at the Wallace Collection Gallery in London.
  • Polley is the 23rd winner of the
    prestigious USD 24000 award.
  • Jackself is a sequence of
    narrative poems partly inspired by his childhood in Cumbria, England. The book
    was chosen from a 10-strong shortlist that included Measures of Expatriation by
    Vahni Capildeo, winner of the 2015 Forward prize, and Falling Awake by Alice
    Oswald, previous T S Eliot prize winner.
  • Ruth Padel, one of the judges of
    the panel, stated that Jackself was “a firework of a book; inventive,
    exciting and outstanding in its imaginative range and depth of feeling.”
  • The coveted award was founded by
    T.S. Eliot’s widow Valerie in 1993. T.S. Eliot was one of the 20th century’s
    major poets.

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