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
- 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. - 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 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. - 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. - 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. - 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. - 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. - 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. - 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. - 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. - Captain Rohit Bhasin has taken over as Executive Director of the
Eastern Region of Air India. - 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. - A book titled Courage &
Commitment: An Autobiography by Margaret Alva was in news in the
second week of July 2016. - 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
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
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
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:
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
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
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)
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.
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This post was last modified on July 19, 2019 2:05 pm