Current Affairs Update – 17th June, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 17th June, 2015. These are important for the upcoming SBI PO Mains Exam 2015 and RBI Assistant 2015 Exam.

Finance/Economy
FinMin Sets Up Two
Panels for Roll Out of GST From April 2016

  • Gearing up to roll out GST from April 1, 2016, the Finance
    Ministry today set up two committees to suggest tax rates and look into IT
    preparedness for the new indirect tax regime.
  • Committee formed under the Finance Ministry’s Chief Economic
    Advisor would “recommend possible tax rates under GST that would be
    consistent with the present level of revenue collection of Centre and
    states,” a statement said.
  • While making recommendations, it would take into account
    expected levels of growth of economy, different levels of compliance and
    broadening of tax base under Goods and Services Tax (GST), Finance Ministry in
    a statement said.
  • “The Committee would also analyse the sector-wise and
    state-wise impact of GST on the economy. The Committee is expected to give its
    report within two months,” it said.
  • The statement added, Steering Committee has been formed
    under the Co-Chairmanship of Additional Secretary of Revenue Department and
    Member Secretary of Empowered Committee (EC) of State Finance Ministers.
  • The panel has members from Revenue Department, Central Board
    of Excise and Customs, Goods and Services Tax Network (GSTN) and representatives
    of state governments.
  • It would monitor the progress of IT preparedness of
    GSTN/CBEC/Tax authorities, finalisation of reports of all the sub-committees on
    different aspects relating to the mechanics of GST and drafting of CGST, IGST
    and SGST laws/rules.

Govt Okays 16 Foreign
Investment Proposals Worth Rs 6,751 Cr
  • The government today approved 16 foreign investment
    proposals, including those of Torrent Pharmaceuticals and Star India Private
    Limited, amounting to Rs 6,750.86 crore.
  • “Based on the recommendations of Foreign Investment
    Promotion Board (FIPB). Government has approved 16 proposals of Foreign Direct
    Investment (FDI) amounting to Rs 6,750.86 crore,” Finance Ministry said in
    a statement.
  • The proposals were cleared during the FIPB meeting held on
    May 28, it added.
  • However, a total of 21 proposals were deferred during the
    meeting and six others were rejected.
  • The government has approved Torrent Pharmaceuticals’
    proposal for increasing FII investment from 13.09 per cent to 35 per cent.
  • While, Syngene International has been allowed to raise
    foreign investment to 44 per cent from 10 per cent by initial public offering
    of equity shares to FIIs, FPIs and NRIs.
  • Broadcaster Star India Private Limited has been given
    approval for further issuance and transfer of shares to its foreign
    collaborator and acquisition of another Indian company engaged in broadcasting
    sector on a slump sale basis.

India and Poland set
trade target of 5 billion US dollars by 2018
  • India and Poland set trade target of 5 billion US dollars by
    2018. The decision was taken on 15 June 2015 at the fourth session of the
    bilateral Joint Commission on Economic Cooperation, held in Warsaw, capital
    city of Poland.
  • The commission also identified a series of actions to raise
    trade from the 2014 level of 2.3 billion US dollars to 5 billion US dollars by
    the year 2018.
  • The meeting of the commission was co-chaired by Amitabh
    Kant, Secretary, Department of Industrial Policy and Promotion (DIPP) and Jerzy
    Pietreiwicz, Secretary of State, Ministry of Economy of Poland.

India Emerges as UK’s
Third Largest FDI Source in 2014
  • The UK today said it has maintained its position as the
    number one destination for FDI in Europe after attracting a record number of
    projects from over 70 countries including India, bringing in the largest
    financial value and associated jobs over the past year.
  • Investment from India increased by 65 per cent, making it
    the UK’s third largest source of FDI accounting for over 9,000 new and
    safeguarded jobs.
  • The annual investment figures from UK Trade and Investment
    (UKTI) for 2014-15 show Britain attracted 1,988 FDI projects – 12 per cent more
    compared to 2013-14, estimated to have brought with them almost 85,000 new jobs
    and 23,000 safeguarded jobs across the UK.
  • The UK’s strong performance during 2014 has seen the
    country’s inward FDI stock – the value of accumulated FDI in the UK – break the
    1 trillion pound-level for the first time.
  • This is the highest in Europe and the third in the world
    after the United States and China.

India
ISRO’s GAGAN to
provide navigational support to Railways

  • ISRO has said it will provide navigational support to the
    country’s Railways through ‘GAGAN’ (GPS-aided geo-augmented navigation) system.
  • GAGAN is an indigenous navigational guide system developed
    by ISRO on the lines of GPS system of the U.S.
  • GAGAN was jointly developed by the ISRO and Airports
    Authority of India (AAI) with a view to assist aircraft in accurate landing.
  • The GAGAN signal is being broadcast through two Geostationary
    Earth Orbit (GEO) satellites — GSAT8 and GSAT10.
  • With the use of GAGAN software system, a tr ain would know
    the location of any unmanned level crossing and soon a a warning signal can be
    given.
  • As soon as the warning signal will be given, the train’s hooter
    will automatically start when it comes near an unmanned crossing.

Nod for new Bureau of
Indian Standards Bill
  • The Union Cabinet on Wednesday approved the introduction of
    a new Bureau of Indian Standards Bill, 2015.
  • The new Bill will provide the legislative framework to
    establish the BIS as the National Standards Body of India.
  • According to an official statement, provisions of the new
    Bill will allow the Bureau of Indian Standards to perform its functions through
    a governing council which would include a President and other members.
  • It would enable the Government to bring under the mandatory
    certification regime articles, processes or services which it considers
    necessary from a point of view of health, safety, environment, prevention of
    deceptive practices, security and others.
  • The law also seeks to provide simplified conformity
    assessment schemes including Self Declaration of Conformity as long as manufacturers
    adhere to standards.
  • The Central Government will have the right to appoint any
    authority in addition to BIS to verify the conformity of products and services
    to a standard and issue certificate of conformity.

Cabinet approves
stepping up target under solar mission to 1 lakh MW
  • Cabinet has approved stepping up cumulative target under
    National Solar Mission from 20,000 MW to 1 lakh MW by 2022.
  • It has also approved interest subsidy on housing loans for
    tenure up to 15 years under EWS/ LIG categories.
  • Cabinet has approved introduction of a new Bureau of Indian
    Standards Bill, 2015, that will replace the existing BIS Act of 1986.

Election Commission
of India (ECI) suspended recognition of National People’s Party (NPP)
  • The Election Commission of India (ECI) on 16 June 2015
    suspended the recognition of National People’s Party (NPP) as a state party in
    Meghalaya. The NPP is headed by former Lok Sabha Speaker PA Sangma.
  • The decision was taken in lieu of its failure in filing the
    election expenditure statement related to 2014 Lok Sabha general elections
    within the prescribed limit of 90 days.
  • The ECI took this decision under the powers vested in it as
    per the 16A of the Election Symbols (Reservation and Allotment) Order, 1968. It
    states that the commission can suspend or withdraw recognition of a recognised
    political party, either national or state, for its failure to observe Model
    Code of Conduct or follow lawful directions and instructions of the commission.

Prime Minister
launches ‘Narendra Modi Mobile App’

  • Stepping up his digital presence, Prime Minister Narendra
    Modi on Wednesday launched the ‘Narendra Modi Mobile App’ to provide instant
    updates and an opportunity to receive messages and emails directly from him.
  • The Android-based application is also aimed at giving a
    chance to people to interact with him and share ideas and suggestions.
  • “Launched ‘Narendra Modi Mobile App’ Come, lets stay
    connected on the mobile! The Mobile App has several innovative features. You
    can download it from Play Store. Feedback is welcome,” Mr. Modi tweeted.

Appointments
Beno Zephine became
first 100% blind officer in IFS

  • Chennai’s NL Beno Zephine on 12 June 2015 became the first
    100 percent visually-challenged person to be inducted into the Indian Foreign
    Services (IFS).
  • The 25-year-old, Beno was informed about her induction into
    the Indian Foreign Services by the External Affairs Ministry.
  • At the time of being named as IFS officer, Beno was serving
    the State Bank of India as a probationary officer. She is a postgraduate in
    English from Madras University.
  • Beno cleared her civil service examinations conducted in
    2013. While preparing for the exam, she took help of software named Job Access
    with Speech (JAWS), which was a replacement of Brialle. The software allows
    visually challenged to read from a computer screen, and can scan Tamil and
    English books.

Archana Ramasundaram
out of CBI, appointed Director of NCRB

  • Senior IPS officer Archana Ramasundaram has been moved out
    of the CBI and appointed as Director, National Crime Records Bureau (NCRB).
  • Ramasundaram, a 1980 batch Indian Police Service (IPS)
    officer of Tamil Nadu cadre, was appointed as Additional Director in CBI in
    February last year amid controversy.She was not assigned any work on the
    direction of the Supreme Court, which is hearing a writ petition against her
    appointment.
  • The Appointments Committee of Cabinet (ACC) has approved
    lateral shift of Ramasundaram from the post of Additional Director, CBI to hold
    Director General or equivalent level post at the Centre; and premature
    curtailment of her tenure in the CBI, an order issued by Department of
    Personnel and Training said.

Sports
AIBA constituted
Ad-hoc committee chaired by Kishan Narsi for boxing in India
  • The International Boxing Association (AIBA) on 16 June 2015
    constituted a five-member ad-hoc committee to manage the process of finding a
    group to organise and run boxing in India.
  • Kishan Narsi, an international referee who officiated in
    four Olympics was appointed as the Chairman of the committee. He has been the
    Vice-Chairman of Executive Committee of AIBA.
  • Other members of the committee include Jay Kowli, Manisha
    Malhotra and Injeti Srinivas. The fifth member of the committee will be
    appointed by AIBA on the recommendation of the ad hoc committee and would be a
    national coach.

Books
& Authors –
Book titled Recasting
India written by Hindol Sengupta released
  • The book Recasting India: How Entrepreneurship is changing
    the world’s Largest Democracy written by Hindol Sengupta was in news in June
    2015.
  • In the book the author explains emergence of new class of
    entrepreneurs in India, in recent times, especially from geographically and
    socially disadvantage spaces.

Obituaries
India’s ‘Greatest
Architect,’ Charles Correa, Dies

  • For more than half a century, Indian architect Charles
    Correa championed modern architecture, planning cities and designing nearly 100
    buildings in the country, from luxury condominiums to housing for the poor.
  • Mr. Correa died Tuesday night in Mumbai, according to his
    son-in-law Rahul Mehrotra. He was 84 years old.
  • Among those who offered condolences was Indian Prime
    Minister Narendra Modi.
  • Dubbed “India’s Greatest Architect” by the Royal Institute
    of British Architects in 2013, Mr. Correa worked on the master plan for Navi
    Mumbai, a satellite town of the western Indian city of Mumbai, in the 1960s.
    The town spread across an area of almost 133 square miles.
  • He was also involved in several low-income housing projects,
    like one in Belapur in Navi Mumbai, where he aimed to bring individual identities
    to tightly-packed housing units and, at the same time, ensure equity between
    the houses.

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This post was last modified on July 20, 2019 10:17 am