Current Affairs Update – 21-23 October, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 21, 22 & 23 October, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
News
Banks to now match original IDs
with photocopies: PMLA

  • The Government has set a
    mandatory rule for banks and financial institutions (FIs) to check the original
    identification documents of individual person dealing in cash above the
    prescribed threshold of fifty thousand rupees, to tackle the use of forged or fake
    copies.
  • The notification was issued by
    the Department of Revenue in the Finance Ministry by making an amendment to the
    Prevention of Money-laundering (Maintenance of Records) Rules (PMLA).
  • The notification under this rules
    requires to produce Biometric identification number Aadhaar and other official
    documents to the reporting offices for opening a bank account as well as for
    any financial transaction of Rs 50,000 and above.
  • It also mentions to produce the
    same document for all cash dealing of more than Ten lakh rupees or its
    corresponding in foreign currency, cash transactions where forged or
    counterfeit currency notes have been used and all suspicious transactions.
  • All foreign transfers of more
    than Five lakh rupees in foreign currency and sale and purchase of immovable
    property valued at Fifty lakh rupees or more also fall under this new rules.
India’s first Pradhan Mantri
Kaushal Kendra for Skilling in Smart Cities Inaugurated

  • Union Home Minister Rajnath Singh
    along with Skill Development Minister Dharmendra Pradhan inaugurated India’s
    first Pradhan Mantri Kaushal Kendra (PMKK) for Skilling in Smart Cities on 23
    October 2017 at New Delhi.
  • The inauguration was done in
    collaboration with New Delhi Municipal Council (NDMC). The main aim behind the
    development is to bring momentum in skilling through collaborative efforts.
  • The ministers also laid the
    foundation for a Skill Development Centre at Moti Bagh and a Centre of
    Excellence at Dharam Marg in New Delhi. The new skill development centres emphasise
    on the commitment of the Union Government to support skilling in smart cities.

The executive arm of Skill
Development Ministry, National Skill Development Corporation (NSDC), has
collaborated with New Delhi Municipal Council Smart City Limited to extend
cooperation:

  • – For setting up of PMKK Centres
    for Smart Cities
  • – To provide skill training for
    unemployed youth through its short-term training (STT) module
  • – To contribute to the capacity
    building of municipal employees through Recognition of Prior Learning (RPL)
    programme

While inaugurating the skill
development centres, Rajnath Singh said, “India which has the privilege of
being a young nation, would gain from this demographic dividend to become a
superpower and be amongst the top three counties in the world by 2030. The key
to reach this milestone is by investing in our youth and making them skilled.”

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GSTN launches offline option for
GSTR-3B returns filing

  • The Goods and Services Tax
    Network (GSTN) on 20 October 2017 released an offline facility that will allow
    taxpayers to finalise their GSTR-3B forms on their own computers before
    uploading it on the portal.
  • The deadline for the filing of
    the GSTR-3B form for the month of September was 20 October 2017. Taxpayers have
    been asked to file the summary GSTR-3B forms every month till January 2017.
  • The Excel based offline utility
    has been introduced for filing the GSTR-3B on the GST Portal.
  • This offline facility will
    provide an opportunity to the taxpayer to verify the details of GSTR 3B before
    filing GSTR-3B returns and minimise chances of error.
  • It is designed to help taxpayers
    to prepare their GSTR-3B return on their computer system.
  • The taxpayer can download the
    offline utility from the GST Portal under the Download Section and can fill
    data and create file for uploading the same on GST Portal.
  • The offline facility functions
    work best on Windows 7 and above and Microsoft Excel 2007 and above.
Bharti Airtel to acquire Tata’s
consumer mobile business

  • Tata Sons Ltd will sell its
    consumer mobile business to India’s largest telecom operator Bharti Airtel Ltd
    virtually for free, as part of the group chairman’s strategy to exit businesses
    which have been a prolonged drag and have little visibility of future profits.
  • Airtel is acquiring the assets on
    a debt-free, cash-free basis, except for it assuming a fraction of the unpaid
    spectrum fees that the Tata group owes to the department of telecommunications
    (DoT), the companies said in a joint statement on Thursday.
  • The telecom industry,
    particularly smaller operators such as Tata Teleservices Ltd, has been hobbled
    by a crippling price war after the entry of Reliance Jio Infocomm Ltd, backed
    by India’s richest man Mukesh Ambani.
  • This has triggered a wave of
    consolidation in the industry, including a merger between the nation’s second
    largest operator Vodafone India Ltd and No. 3 Idea Cellular Ltd to create a
    company that will be bigger than Airtel. Airtel’s acquisition of the Tata
    assets will help narrow the gap between it and the Vodafone-Idea combine, once
    the merger is completed.
               
IndusInd Bank to acquire
microlender Bharat Financial for Rs15,500 cr

  • Hinduja group promoted IndusInd
    Bank Ltd and microlender Bharat Financial Inclusion Ltd (BFIL) have agreed to
    merge, in what the two lenders say, would bring in synergies and reduce costs.
  • IndusInd Bank Ltd on Saturday
    signed an all-share deal to buy Bharat Financial Inclusion Ltd for close to
    Rs15,500 crore ($2.4 billion), boosting its presence in microfinance lending
    and rural banking.
  • IndusInd will give Bharat
    Financial’s shareholders 639 of its shares for every 1,000 shares they own in
    the microfinance lender, according to a joint statement issued by the
    companies.
  • Based on the swap ratio announced
    by the two companies, BFIL shareholders will get 0.639 share of IndusInd Bank
    for every one share they own in BFIL.
  • The deal values Bharat Financial
    at Rs1,118.47 a share, an 11.4 per cent premium to the stock’s Friday closing
    price of Rs1,004.
ICICI Bank’s AI-powered chatbot
iPal completes 6 million responses, interacts with 3.1 million customers in
eight months

  • ICICI Bank launched its
    artificial intelligence-powered chatbot, named iPal, in February 2017. Eight
    months since the launch, the bank has released some numbers: Six million
    queries answered and 3.1 million customers have interacted with the bot, which
    managed a 90 percent accuracy rate. According to ICICI Bank, the fact that its
    AI-led chatbot service is offered both on the mobile app as well as on its
    website makes it the first bank in India to do so.
  • According to some numbers released
    by the bank, iPal addresses close to 1 million queries a month on the website
    and the app. It is available 24×7 and is available to domestic as well as NRI
    customers.
  • Speaking of the eight-month
    completion of iPal bot’s service, B Madhivanan, chief technology & digital
    officer, ICICI Bank spoke to media persons to answer our queries. According to
    him, AI is the next step in the evolution of banking services which started
    with phone-banking with call centre support, followed by internet banking and mobile
    banking.
SBI launches India’s first bond
index series in UK

  • State Bank of India (SBI) today
    launched India’s first bond index series for overseas investors at the London
    Stock Exchange (LSE).
  • The FTSE SBI Bond Index Series,
    launched by India’s largest commercial bank along with global index and data
    provider FTSE Russell, is positioned as a first-of-its-kind transparent
    benchmark for investors in international markets to analyse India’s government
    bond market.
  • “In respect of the Indian
    government bond market, we didn’t have any international indices on which the
    international investors could take a call. With the launch of this index
    alongside FTSE Russell, our intention is to give people a benchmark based on
    which they can make investment calls,” SBI Chairman Arundhati Bhattacharya
    said at the launch ceremony at the LSE on Friday.
  • The FTSE SBI Bond Index Series
    “demonstrates SBI’s commitment to play befitting leadership role” in
    development of India’s bond market, SBI said in a statement.
  • The launch follows the November
    2015 visit of Prime Minister Narendra Modi in the UK when a letter of intent
    was singed between SBI and FTSE to jointly develop the new index tracking Indian
    fixed income securities.
Linking Aadhaar number to bank
accounts mandatory: RBI

  • Reserve Bank of India today said
    biometric identity number Aadhaar linkage with bank accounts is mandatory.
  • The RBI clarification followed
    media reports quoting a reply to a Right to Information (RTI) application that
    suggested the apex bank has not issued any order for mandatory Aadhaar linkage
    with bank accounts.
  • “The Reserve Bank clarifies that,
    in applicable cases, linkage of Aadhaar number to bank account is mandatory
    under the Prevention of Money-laundering (Maintenance of Records) Second
    Amendment Rules, 2017 published in the Official Gazette on June 1, 2017,” the
    central bank said in a statement.
  • These rules have statutory force
    and, as such, banks have to implement them without awaiting further
    instructions, it said.
  • The government in June had made
    Aadhaar mandatory for opening bank accounts as well as for any financial transaction
    of Rs. 50,000 and above.
  • Existing bank account holders
    have been asked to furnish the Aadhaar number issued by the Unique
    Identification Authority of India (UIDAI) by December 31, 2017, failing which
    the account will cease to be operational, the government notification had said.
  • There were reports in media
    quoting an RTI query in which RBI had said it “has not issued any instruction
    so far regarding mandatory linking of Aadhaar number with bank accounts“.
  • The government in Budget 2017 had
    already mandated seeding of Aadhaar number with Permanent Account Number to
    avoid individuals using multiple PANs to evade taxes.
  • The notification issued amending
    the Prevention of Money-laundering (Maintenance of Records) Rules, 2005,
    mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies
    and partnership firms for all financial transactions of Rs. 50,000 or above.
Kandla Port gets green nod for Rs
1,176-cr smart industrial port city

  • State-owned Kandla Port Trust has
    received environment clearance for setting up a Rs 1,176-crore smart industrial
    port city in Kutch, Gujarat, a senior official said.
  • The proposal is to develop a
    smart industrial port city at two separate sites in Gandhidham which would
    house about 35,700 residential flats, schools and parks. The project is
    expected to generate jobs for more than 60,000 people in the region.
  • “The Environment Ministry
    examined the Kandla Port’s proposal and gave the final environment clearance
    for developing a smart city at two identified sites,” a senior government
    official said.
  • Separate proposals for the two
    sites were submitted and both have been cleared with some riders after taking
    into account the ministry’s expert panel, the official said.
  • As per the proposal, a smart port
    city in a 580-acre land has been proposed at Adipur side on South of Tagore
    road, while the second site would be cover an area of 850 acres is near KPT
    complex in Gandhidham.
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News related to India & states
PM inaugurates India’s first
Ro-Ro service in Gujarat

  • Prime Minister Narendra Modi on
    Sunday inaugurated the first phase of his ‘dream project,’ the Rs 650-crore,
    31-km ‘roll-on, roll-off’ (Ro-Ro) ferry service between Ghogha in Bhavnagar
    district of Saurashtra region and Dahej in Bharuch district of South Gujarat
    across the Gulf of Khambhat in the Arabian Sea.
  • “This may be a project between
    Ghogha and Dahej, but it is a landmark project in South East Asia. The ferry
    service is a first of its kind. It is a dream come true for people of
    Gujarat,” Modi said after inaugurating the service via remote control.
  • The prime minister hit out at
    previous governments. saying they had made such structural changes that made it
    impossible for projects like Ro-Ro service to fructify. He said they insisted
    that the Ro-Ro service provider needs to build terminals. “Tell me, do aircraft
    operators build airports or bus operators build roads? It is the government’s
    job,” he said.
  • He said earlier governments had
    tried to stall several development projects in Gujarat, but since he became
    prime minister, many issues challenging the growth of the state had been sorted
    out. “When I was the chief minister of Gujarat, we faced hostility from
    the then central government. Several efforts were made to stall industries and
    the state’s progress. Over the last three years, we have changed that,”
    the prime minister said.
  • The ferry service has been
    hanging fire for various technical and financial issues since 1995 and was
    first conceived in the early 1960s. The foundation stone for the current works
    was laid by Modi as the chief minister in 2012.
  • The ferry service would now
    reduce the travel distance between Saurashtra and South Gujarat from 360 km to
    31 km, saving five hours in travel time and money for people frequently
    travelling between the two regions. The ferry can take up to 250 passengers. In
    subsequent phases, the ferries would be able to transport cars and trucks
    across the Gulf. The project would be a boon for over 25 lakh people from
    Saurashtra settled in diamond and textiles hub of Surat in South Gujarat.
Government de-affiliates 400
Industrial Training Institutes for failing quality norms

  • The Union Government has
    de-affiliated around 400 Industrial Training Institutes (ITIs) following
    quality inspections that revealed that the institutes lacked requisite
    infrastructure and trainers for imparting vocational training to students.
  • The information was shared by
    Rajesh Agarwal, the Joint Secretary in the Ministry of Skill Development and
    Entrepreneurship. Agarwal stated that if an institute has to be an ITI at the
    National Council for Vocational Training level, there are certain minimum
    conditions that need to be followed.
  • “We get them inspected, we
    see the quality of infrastructure, the trainers that should be there as per the
    guidelines,” explained Agarwal. He further said that the skill development
    ministry has begun monitoring the ITIs with a view of maintaining their quality
    standards and also introduced voluntary self-grading by the institutes.
Appointments &
Resignations
IPS officer Rakesh Asthana
appointed as CBI Special Director

  • Rakesh Asthana was on 22 October
    2017 appointed as Special Director of Central Bureau of Investigation (CBI).
    His appointment was approved by the Appointments Committee of Cabinet.
  • A 1984- batch Gujarat cadre IPS
    officer, Asthana is currently posted as Additional Director of CBI.
WHO removes Robert Mugabe as
Goodwill Ambassador for NCDs in Africa

  • The World Health Organisation
    (WHO) on 22 October 2017 cancelled the appointment of Zimbabwe President Robert
    Mugabe’s appointment as its Goodwill Ambassador for Non-communicable Diseases
    (NCDs) in Africa.
  • Mugabe’s removal as Goodwill
    Ambassador came following outrage among Western donors and rights groups at his
    appointment.
  • Mugabe was appointed at a global
    conference in Uruguay on Non-communicable Diseases by WHO Director General
    Tedros Adhanom Ghebreyesus, an Ethiopian and the first African to lead the United
    Nations’ health agency WHO.
  • Mugabe is blamed in the West for
    destroying Zimbabwe’s economy and for numerous human rights abuses during his
    37 years tenure of leading the country as either President or Prime Minister.
World News
2nd World Congress on Marxism to
be held in Beijing

  • The 2nd World Congress on Marxism
    is scheduled to be held in Peking University in Beijing in May 2018. The
    announcement regarding the Congress was made by the organizing committee on 22
    October 2017.
  • The theme of this 2nd World
    Congress is “Marxism and the current world and China”. The congress
    will be held from 5 May to 6 May 2017.
  • Highlights of the 2nd World
    Congress on Marxism
  • The congress is expected to
    attract more than 300 Marxism researchers to discuss Marxism in the 21st
    century and its developments in China.
  • The congress coincides with the
    200th anniversary of Karl Marx’s birth and 40th anniversary of China’s reform
    and opening-up.
  • It will have 17 subforums
    covering topics like Chinese solution and modernization approach by the
    developing countries.
Sports News
K Srikanth clinches Denmark Open
Superseries trophy

  • Ace Indian shuttler, Kidambi
    Srikanth lifted the Denmark Open Superseries trophy at Odense on 22 October
    2017, marking his third Super Series win of the year and fifth overall.
  • The eighth seeded Srikanth
    defeated his opponent, South Korea’s Lee Hyun-il in straight games, 21-10,
    21-5. Former world number one, Lee, is currently placed at the 17th rank. It
    was the first time Srikanth and Lee had faced each other.
  • The  women’s singles’ final was equally thrilling
    with Ratchanok Intanon of Thailand delivering a shocking defeat to defending
    champion Akane Yamaguchi of Japan 14-21, 21-15, 21-19 in the 66-minute final.
    With the win, the current 9th seeded shuttler claimed her first Superseries
    title in 18 months.
Days
Police Commemoration Day observed
on October 21

  • The Police Commemoration Day is
    observed annually on 21 October. This year the Union Home Minister Rajnath
    Singh paid homage to the Police Martyrs at the Police Memorial Ground in Delhi.
  • The day commemorates the
    sacrifices of ten policemen who defended India’s borders with China in 1959.
    The Indian police personnel guarded the 2,500 mile lborder of India with Tibet
    until the autumn of 1959.

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