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.

Current Affairs at a Glance – 15-16th July, 2016

  1. 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.
  2. 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.
  3. 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. 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.
  4. 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
    .
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. Captain Rohit Bhasin has taken over as Executive Director of the
    Eastern Region of Air India.
  12. 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.
  13. A book titled Courage &
    Commitment: An Autobiography
    by Margaret Alva was in news in the
    second week of July 2016.
  14. The World Youth Skills Day (WYSD) was observed
    on 15 July
    2016 globally with the
    theme Skills Development to Improve Youth Employment.
Finance/Banking –
RBI sets up Sudarshan Sen-headed Inter-regulatory Working Group on Fin
Tech and Digital Banking
  • 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.
The terms of reference of the Working Group
  • 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.
Time schedule for making payments under Income Declaration Scheme 2016
revised
  • 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.
Justice Shah headed SIT on black money recommends ban on cash
transactions above 3 lakh rupees
  • 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.
The SIT in its fifth report
recommended the following:
  • 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 Systems signs deal with Bell Helicopter

  • 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.
India –
Madhya Pradesh becomes first state to approve setting up of Happiness
Department
  • 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.
Functions of the Happiness Department
  • 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.
Dabur signs MoU with DRDO to promote cultivation of rare medicinal
plants
  • 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.
HRD Ministry signs ADDENDUM X to MoU with Shastri Indo-Canadian
Institute (SICI)
  • 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.

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WHO declares India as Maternal and Neonatal Tetanus free

  • 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.
Sports –
Misbah-ul-Haq becomes oldest captain to score Test hundred
  • 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.
Harika Dronavalli wins Fide Women’s Grand Prix trophy in China
  • 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.
Appointments –
K V R Murthy appointed as CMD of Jute Corp of India
  • 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 appointed as Chairman of CBSE
  • 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.
Rohit Bhasin named new ED of Air India (Eastern Region)
  • 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.
Books & Authors –
Who Moved My Interest Rate? authored by Duvvuri Subbarao
  • 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.
Courage & Commitment authored by Margaret Alva
  • 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.
Days –
World Youth Skills Day 2016 observed globally
  • 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

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