Current Affairs Update – 15-16th July, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 15 and 16 July, 2016. These are important for the upcoming SBI PO Mains, UBI PO PGDBF Exams 2016.

• The Reserve Bank of India (RBI)
  on 14 July 2016 constituted an inter regulatory Working Group (WG) to study the
  entire gamut of regulatory issues relating to Fin Tech (financial technology)
  and Digital Banking in India.
• It will view the growing significance
  of Fin Tech innovations and their interactions with the financial sector as
  well as the financial sector entities.
• The 13-member working group will
  be headed by Sudarshan Sen, the executive director of RBI. It has been asked to
  submit its report within six months from the date of its first meeting.

• To undertake a scoping exercise
  to gain a general understanding of the major Fin Tech innovations/developments,
  counterparties/entities, technology platforms involved and how markets and the
  financial sector in particular, are adopting new delivery channels, products
  and technologies.
• To assess opportunities and risks
  arising for the financial system from digitisation and use of financial
  technology, and how these can be utilised for optimising financial product
  innovation and delivery to the benefit of users / customers and other
  stakeholders.
• To assess the implications and
  challenges for the various financial sector functions such as intermediation,
  clearing, payments being taken up by non-financial entities.
• To examine cross country
  practices in the matter, to study models of successful regulatory responses to
  disruption across the globe.
• To chalk out appropriate
  regulatory response with a view to re-aligning / re-orienting regulatory
  guidelines and statutory provisions for enhancing Fin Tech / digital banking
  associated opportunities while simultaneously managing the evolving challenges
  and risk dimensions.
• Any other matter relevant to the
  above issues.
• The Working Group may invite
  views from representatives from any area relevant to its terms of reference and
  may also, at its discretion, co-opt entities in the payment, telecom, software
  and start up ecosystem.

• The Union Government on 14 July
  2016 revised the time schedule for making payments under the Income Declaration
  Scheme 2016.
• As per the revised schedule, a
  minimum amount of 25 percent of the tax, surcharge and penalty can be paid by
  30 November 2016 and further amount of 25 percent by 31 March 2017. The balance
  amount can be paid on or before 30 September 2017.
• The decision was taken following
  practical difficulties expressed by various stakeholders that the time period
  available under the Scheme up to 30 November 2016 for making payment of tax,
  surcharge and penalty is very short.

• The Supreme Court-constituted
  Special Investigation Team (SIT) on black money on 14 July 2016 submitted its
  fifth report to the apex court. The SIT was headed by retired Justice M B Shah.

• Cash transactions: It
  has recommended ban on cash transactions above 3 lakh rupees in a day. It
  recommended enacting a law to declare such transactions as illegal and
  punishable.
• Cash holding: It also
  suggested capping the cash holding of an industry or individual at 15 lakh
  rupees. In case any person or industry required holding more cash, it may
  obtain necessary permission from the Commissioner of Income Tax of the area.
• The SIT felt that the cash
  transaction limit can only succeed if there is a limitation on cash holding.

• Tata Advanced System (TASL) and
  Bell Helicopter, a Textron Company on 14 July 2016 signed an agreement to work
  together in support of India’s aviation and defense modernization initiatives.
  The agreement was inked with an emphasis on ‘Make in India’.
• As per the agreement, TASL and
  Bell Helicopters will join to develop both commercial and government (including
  military) rotary wing markets in India in the light utility and reconnaissance
  segments.

• Madhya Pradesh Cabinet on 15 July
  2016 gave its nod to set up Happiness Department in the state. The department
  will work as knowledge resource centre on the subject of happiness.
• With this approval, Madhya
  Pradesh became the first state of the country to set up such a Department.
• Apart from the department, the
  cabinet also decided to establish a state Happiness Institute under the
  Happiness Department. Initially it will have a budget of three crore 60 lakh
  rupees.

• It will prepare guidelines for
  coordination between different departments for propagating happiness in the
  state.
• It will identify and define the
  parameters of happiness and efficiency.
• It would also prescribe action
  plan and activities for experiencing happiness.
• The department will assess
  mind-set of state’s people from time to time.
• It would compile and publish
  survey reports pertaining to status of happiness.

• Ayurveda company Dabur India
  signed a Memorandum of Understanding (MoU) with Defence Research and
  Development Organization’s (DRDO) Defense Institute of High Altitude Research
  (DIHAR) to promote sustainable cultivation of rare medicinal plants in the most
  difficult terrain in the world, Ladakh.
• Under this agreement, both the
  organisations will educate farmers in the Leh-Ladakh about high altitude
  medicinal plant species and also help enhance the livelihood of villagers in
  the cold desert area by involving them in cultivation of medicinal plants. The
  farmers will also be provided free saplings of rare medicinal plants and herbs.
• The initiative will focus on
  development of a self-sustainable system by creation of a value chain for the
  targeted endangered species and sustainable management of bio-resources by
  implying scientific agronomy practices and thereby ensuring biodiversity conservation.

• Ministry of Human Resource
  Development, Government of India and Shastri Indo-Canadian Institute (SICI)
  have signed on 15.07.2016 an ADDENDUM X to the Memorandum of Understanding
  providing for the details of Programme of Co-operation.
• Earlier, the Union Cabinet in its
  meeting held on 29th June, 2016 approved MHRDs proposal for further
  continuation of MoU up to 31st March 2021.
• Shastri Indo-Canadian Institute,
  a bi-national organization, was created by a joint announcement of Governments
  of India and the Government of Canada in 1968 for promoting understanding
  between India and Canada through facilitation of academic exchange between the
  two countries.
• Extension of MoU will facilitate
  SICI to continue with promotion of knowledge and understanding between Canada
  and India in the areas identified earlier and in the new areas as identified by
  the Government of India which include Faculty-in-Residence Programme, Faculty
  Development Programme for vocational Education, Facilitation cum information
  services etc. SICI is also expected to promote and identify eminent
  academicians from Canada for the Global Initiative for Academic Networks (GIAN)
  programme, a new initiative of the Ministry, aimed at bridging the faculty gaps
  in frontier areas of knowledge and forging research partnerships between
  educational institutions in India and Canada.

• The World Health Organization
  (WHO) on 14 July 2016 declared India as Maternal and Neonatal Tetanus free. In
  this regard, WHO presented certificates to the Union Health and Family Welfare
  Minister J P Nadda.
• Previously in May 2016, WHO
  certified India yaws-free after a team of experts verified interruption of
  disease transmission in the country. India is the first country under the 2012
  WHO neglected tropical diseases (NTD) roadmap to eliminate yaws.
• Yaws is a chronic bacterial
  infection that affects the skin, bones and cartilages.

• Pakistan captain Misbah-ul-Haq on
  14 July 2016 scored 110 against England at Lord’s.
• With this, the 42 years and 47
  days old cricketer became the oldest captain to score Test hundred.
• Misbah is also the oldest
  visiting player to play a Test on English soil in the last 31 years.
• The previous oldest was
  Somachandra de Silva of Sri Lanka, who was 42 years & 73 days old when he
  played against England at Lord’s in 1984.

• India’s Grand Master Harika
  Dronavalli on 14 July 2016 won the Fide Women’s Grand Prix trophy in Chendu,
  China. This was the first Grand Prix Chess title for the Grand Master from
  Guntur.
• Harika defeated Russia’s Olga Girya
  to win the title.
• Harika finished on 7 points in
  the round robin tournament featuring the world’s top 12 players to be crowned
  the champion.
• Other Indian Grand Master Koneru
  Humpy defeated Antoaneta Stefanova to catch up with her compatriot Harika Dronavalli
  on the shared first place with 7/11 points each. Harika, however, was declared
  winner for finishing with a better tie-break record in the tournament.

• The Jute Corporation of India
  Limited on 12 July 2016 announced that K V R Murthy has taken over as its
  Chairman-cum-Managing Director. He took over the position from 2 July 2016.
• Murthy’s appointment is for a
  period of five years or till the date of his superannuation, whichever is
  earlier.
• Murthy was earlier associated
  with Eastern Railways in the capacity of Chief Commercial Manager.

• Rajesh Kumar Chaturvedi was on 14
  July 2016 appointed as the Chairman of the Central Board of Secondary Education
  (CBSE) for a five-year term. The post had been lying vacant since December
  2014.
• Until now, Joint Secretary of the
  Union Human Resource Development Ministry Y S K Seshu Kumar was holding the
  additional charge of Chairman of the CBSE.
• Chaturvedi was appointed after
  the Appointments Committee of the Cabinet (ACC) decided that CBSE Chairperson
  will be appointed through Central Staffing Scheme and not through
  Search-Cum-Selection Committee method.

• Captain Rohit Bhasin has taken
  over as Executive Director of the Eastern Region of Air India.
• A distinguished pilot with a rich
  experience of corporate administration, Captain Bhasin had joined Air India in
  1986 as pilot. He succeeds A Rane.
• Capt. Bhasin has been one of the
  youngest pilots to train in and operate the Boeing 747 and regularly commands
  the VVIP flights. He was one of the first Commanders of the ultra long-haul
  Boeing 777 aircraft and amongst the first to commandeer the Boeing 787
  Dreamliners, Air India said in a press release.

• A book titled Who Moved My
  Interest Rate? authored by Duvvuri Subbarao, the former Governor of Reserve
  Bank of India (RBI), will be released on 27 July 2016.
• The book gives an account of the
  dilemmas Subbarao confronted while leading the Reserve Bank through the
  extraordinary economic and political challenges India and world faced from 2008
  to 2013.
• The book is a chronicle of
  Subbarao’s attempts to demystify the RBI and explain to the public its impact
  on their everyday lives.
• Subbarao’s term as the Governor
  of the RBI from 2008 to 2013 saw a turbulent period for the world and for
  India. The global financial crisis erupted within a week of his assuming
  office.

• A book titled Courage &
  Commitment: An Autobiography by Margaret Alva was in news in the second week of
  July 2016.
• Via this book, Alva narrates her
  forty-year career under four Prime Ministers, namely Indira Gandhi, Rajiv
  Gandhi, PV Narasimha Rao and Manmohan Singh. It also tells about her transition
  from politician to Governor.
• In the book, the Alva narrates
  her trials and triumphs and controversies that rocked her career as a
  politician leading to expulsion from Congress Party in 1979. She provides
  details of her spats with Sanjay Gandhi, her role in framing Rajiv Gandhi’s last
  campaign tour and her involvement with the Jain Hawala investigation when in
  charge of the CBI.

• The World Youth Skills Day (WYSD)
  was on 15 July 2016 observed globally with the theme Skills Development to
  Improve Youth Employment.
• On the occasion, United Nations
  organised the event facilitated by the UN Envoy on Youth Ahmad Alhendawi. The
  event was co-organized with the Permanent Missions of Portugal and Sri Lanka to
  the United Nations, UNESCO and the International Labour Organization (ILO).
• The day is observed to create
  more awareness and a discussion on training and the development of skills for
  the youth of today, in hopes of creating a better opportunity for them when it
  comes to employment.

Regards

Team ExamPundit