Current Affairs Update – 26 July, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 25 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, NABARD Grade A & Other Exams.

Banking & Financial News
Axis Bank likely to acquire Freecharge for Rs 350-400 cr

  • Private sector lender Axis Bank
    is believed to have finalised a deal to buy Freecharge from Snapdeal for Rs
    350-400 crore, according to sources.
  • The deal is almost through and an
    announcement is likely to be made in the next few days, two people familiar
    with the development said.
  • They did not wish to be
    identified as the deal is yet to be announced and they are not authorised to
    speak on the matter.
  • Interestingly, Axis Bank has sent
    out an invite for a press conference tomorrow to “announce a strategic
    business initiative”.
  • When contacted, Snapdeal and Axis
    Bank did not respond to emailed queries.
  • Snapdeal is also looking at
    selling its e-commerce business and has been engaged in discussions with larger
    rival Flipkart for the past few months.
  • The city-based firm had bought
    Freecharge in April 2015, for an estimated USD 400 million. At that time, this
    was touted as the largest deal in the nascent start-up ecosystem in India.
  • Earlier, Freecharge was reported
    to be in discussions with Paytm for a sell-off.
  • However, the deal did not go
    through as the Alibaba- backed company was offering a much lesser price of
    about USD 15 million, one of the sources said.
  • Acquiring Freecharge’s business
    would give Axis Bank access to about 50 million mobile wallet holders of
    Freecharge as well as about 150-200 professionals.
GST Council panel to select National Anti-profiteering Authority

  • The Goods and Services Tax (GST)
    Council in July 2017 constituted a selection committee to identify members and
    head of the National Anti-Profiteering Authority.
  • The announcement was made by the
    Union Finance Ministry on 25 July 2017.
  • The selection committee will be
    chaired by Cabinet Secretary PK Sinha.
  • The National Anti-Profiteering
    Authority is tasked with ensuring that benefits of lower tax rates under GST
    are passed on to consumers.
  • It would be headed by a
    secretary-level officer of the Government of India, and will have four
    technical members from both the state and central governments.
  • According to anti-profiteering
    rules, complaints received on not transferring benefits will be examined by a
    Standing Committee comprising officers from state and central governments and
    nominated by the GST Council.
  • The Standing Committee is
    empowered to refer cases requiring detailed enquiry to the Director General of
    Safeguards, who will then give his recommendations to the National
    Anti-profiteering Authority.
  • The authority can seek to recover
    the profiteered amount, the undue profit earned from not passing on gains from
    lower taxes, along with an 18 percent interest. It can also levy a penalty.
  • If the undue benefit cannot be
    passed on to the recipient, it can be ordered to be deposited in the Consumer
    Welfare Fund.
  • In extreme cases the National
    Anti-profiteering Authority can impose a penalty on the defaulting business
    entity and even order the cancellation of its registration under GST.
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Gadkari approves Rs 200 cr for national highway repair in flood-hit
Assam

  • Road Transport and Highways
    Minister Nitin Gadkari on Wednesday announced grant of Rs 200 crore as first
    instalment for immediate repair of National Highways damaged due to heavy rains
    in Assam.
  • Gadkari said that, if needed,
    further financial assistance will be given after a final report is submitted by
    an expert-team of the National Highways Authority of India (NHAI).
  • The expert-team, which has been
    dispatched for on-the-spot assessment of the damage, is expected to submit its
    report within a week.
  • The Minister’s announcement came
    after Assam Chief Minister Sarbananda Sonowal called on him for a review of the
    situation following damage to National Highways in the state.
  • A government official said that
    another Rs 400 crore has been sanctioned for dredging work in the Brahmaputra
    River to commence from September with the help of six dredgers.
E-commerce sites must disclose food expiry date, MRP under new rule

  • E-commerce companies will now
    have to display the expiry dates and maximum retail prices of packaged food
    products under new rule designed to protect consumers from being sold old
    stuff.
  • Ordering packaged food from
    e-commerce sites has increased many folds, but the absence of manufacturing and
    expiry dates on such products often led to the product not being fully
    utilised.
  • A whooping 96 percent of the
    participants in a survey had agreed that e-commerce sites should mandatorily
    disclose manufacturing and expiry dates of such products sold on their sites
    since many products received by them were due to expire in 15-30 days.
  • In a big win for the consumers,
    the Department of Consumer Affairs amended the packaged commodity rules 2011
    and issued a notification declaring that all e-Commerce sites will have to
    disclose actual product MRP and the best by date of the product they are
    listing.
  • The department has also enabled a
    new online consumer community called MRP, Weights and Measures Enforcement for
    all consumer grievances related to MRP.
AAI signs MoU with Uttarakhand government for development of civil
aviation sector

  • The Airports Authority of India
    (AAI) has signed a MoU with the Uttarakhand government and Uttarakhand Civil
    Aviation Development Authority (UCADA) to develop the state’s civil aviation
    sector
  • The agreement is a part of the
    body’s effort to create, upgrade, maintain and manage the civil aviation
    infrastructure in the country.
  • The main aim of the deal is to
    identify relevant factors influencing the development of civil aviation
    infrastructure in Uttarakhand and to assess commercial potential of various
    airports of the state.
  • The deal also includes
    identifying considerations for airport operations in the state and evaluating
    site related technical and engineering parameters for development of projects.
  • The AAI would also help in making
    an estimate of the capital outlay for future projects and in the development of
    master plan for existing and future civil aviation infrastructure in the state.
Union Government plans to open over 100 new post offices by 2018

  • The Union government is planning
    to open 81 sub-post offices and 100 branch post offices during the 2017-18
    fiscal year under the ” Rural Business & Access to Postal Network
    ” scheme.
  • The same was notified to the
    Parliament on 26 July 2017. The Communications Minister, Manoj Sinha in a
    written reply in the Lok Sabha said that under the scheme, the Department of
    Posts plans to open 66 new branch post offices during the current fiscal year
    by creation of new post offices in 32 worst affected Left Wing Extremism
    (LWE)-hit districts in the country.
  • Sinha also stated that among the
    existing 25350 post offices in the country, at least 25,348 are computerised.
    He added that the department takes action from time to time to induct
    technology and upgrade the system to cater to the growing market requirements
    and to increase its revenue earnings.
  • Further, Sinha said that the
    increase or revision of rates of postal products and services is an ongoing
    exercise, which is carried out from time to time and that there is no proposal
    to increase the rates of premium business development products at present.
News related to India & States
Nitish Kumar resigns as Bihar CM

  • Amid political standoff Bihar
    Chief minister Nitish Kumar has resigned.
  • Mr. Kumar met Governor Keshari Nath
    Tripathi at the Raj Bhavan.
  • Party sources had earlier told
    The Hindu that Mr. Kumar may resign from his post as alliance partner Rashtriya
    Janata Dal chief Lalu Prasad Yadav earlier in the day had asserted that his son
    and Deputy CM Tejaswi Yadav would not resign from his post over corruption
    charges made against him.
  • Earlier, Mr. Kumar held a meeting
    with party legislators and leaders at his official residence and later drove to
    Raj Bhawan.
  • Ruling alliance partner RJD too
    had held meeting with party legislators and leaders in the day and asserted
    their stand that Tejaswi Yadav would not resign from his post.
  • The RJD leaders also charged BJP
    for orchaestering rift between grand alliance government in Bihar
  • The JD(U)’s and Mr. Kumar have
    been insisting that Mr. Yadav come clean on the accusations in public which are
    politically being construed as the JD(U)’s demand for his resignation.
Right to Education is Right to Quality Education: Supreme Court

  • The Supreme Court on 25 July 2017
    quashed the regularisation of 1.78 lakh Shiksha Mitras as teachers in Uttar
    Pradesh (UP) for not holding adequate qualifications as fixed under Right of
    Children to Free and Compulsory Education Act, 2009.
  • A bench of Justices AK Goel and
    UU Lalit ruled that their jobs could not be regularised at the cost of
    fundamental right of children to free quality education by duly qualified
    teachers. It ruled that Right to Education means right to quality education.
  • The court held that appointment
    of Shiksha Mitras was not as per qualification prescribed for a teacher and
    they could not be regularized as teachers.
  • However, it ruled that they
    should be given opportunity to be considered for recruitment as teachers if
    they have now acquired the requisite qualification. It also allowed the UP
    government to continue them as Shiksha Mitras on same terms on which they were
    working.
  • These teachers were appointed for
    imparting free and compulsory education to all children aged between 6 to 14
    years.

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RDEL launches two NOPVs Shachi and Shruti at Pipavav

  • The Reliance Defence and
    Engineering Limited (RDEL) on 25 July 2017 launched the first two Naval
    Offshore Patrol Vessels (NOPVs) Shachi and Shruti at their shipyard in Pipavav,
    Gujarat.
  • These vessels are part of a five
    ship project being constructed for the Indian Navy.
  • The main aim of NOPVs is to
    undertake surveillance of the country’s vast Exclusive Economic Zone (EEZ).
  • Their operational tasks include
    anti-piracy patrols, fleet support operations, maritime security of offshore
    assets, coastal security operations, and protection of shipping lanes.
  • The NOPVs would help in enhancing
    the ocean surveillance and patrolling capabilities of the Indian Navy.
Madras HC makes Vande Mataram mandatory in schools, private and
government offices

  • The Madras High Court on 25 July
    2017 ruled that Vande Mataram should be sung in all schools and colleges across
    Tamil Nadu at least once in a week and in government and private offices at
    least once in a month.
  • While issuing order, Justice MV
    Muralidharan said that to instil a sense of patriotism in each and every
    citizen of Tamil Nadu, the national song ‘Vande Mataram’ shall be played and
    sung in all educational institutions at least once a week, preferably on Monday
    and Friday.”
  • He also said that the song should
    be played and sung in all government and private offices/factories and industries
    at least once a month.
Madhubala to join Bollywood brigade at Delhi’s Madame Tussauds

  • Madhubala, who is known as one of
    the most iconic female celebrities in Hindi cinema, is the latest to join the
    ranks of Bollywood celebrities, who will have their wax figures at Madame
    Tussauds, which is scheduled to open later this year in Delhi’s iconic Regal
    Building.
  • The yesteryear actress’s wax
    figure will be styled based on her character of the doomed courtesan, Anarkali
    from the magnum opus, Mughal-E- Azam. The role of Anarkali is said to be the
    greatest one that Madhubala has ever played, at a time when her health was
    deteriorating rapidly.
  • Speaking on the development,
    Anshul Jain, General Manager and Director Merlin Entertainments India Pvt Ltd,
    said, “We are glad to have the figure of Madhubala at Madame Tussauds
    Delhi. She continues to rule the hearts of billions of fans in the nation and
    we are sure that her magnetic beauty will attract her fans to click a selfie
    and relive a special moment with her and be transported back to the golden era
    of cinema.”
  • Madhubala was regarded to be one
    of the most beautiful actresses to have worked in the Indian film industry. In
    fact, her beauty was recognized globally when she was featured in one of the
    popular American Magazines, Theatre Arts in 1952.
Days
Kargil Vijay Diwas celebrated across India to honour Kargil Martyrs

  • The 18th anniversary of Kargil
    Vijay Diwas was celebrated across India on 26 July 2017. The day is
    commemorated every year to mark the success of Operation Vijay and to remember
    the supreme sacrifice of the brave Indian soldiers who lost their lives during
    the 1999 India-Pakistan Kargil War.
  • The Defence Minister of India,
    Arun Jaitley along with the three Chiefs of Services honoured the martyrs with
    floral tributes at Amar Jawan Jyoti, India Gate in New Delhi. Kargil Prakram
    Rally was also organised at India Gate in the week preceding the day to recall
    the valour of the brave soldiers who courageously fought to protect the
    territorial integrity of India.
  • Similarly, various programmes
    were held at the Dras War Memorial in Jammu and Kashmir to commemorate the
    historic win and to honour those who lost their lives. The memorial was fully
    lit on the eve of the day.
  • The army too paid homage to the
    martyrs through events held in all stations across the seven states under the
    area of responsibility of the Central Command of the Indian Army.
  • These functions were followed by
    felicitation of participants of Kargil War, ‘veer naris’, parents of the
    martyrs, veterans and widows.
World News
Michael Kors buys Jimmy Choo for USD 1.5 billion

  • Global fashion luxury brand
    Michael Kors on 25 July 2017 announced to buy global luxury footwear and
    accessories brand Jimmy Choo for approximately USD 1.2 billion. With this,
    Micheal Kors aims to this coveted global brand to its lot as its own handbag
    and accessories sales suffer.
  • The transaction was approved by
    the Boards of Directors of both Michael Kors and Jimmy Choo.
  • Under the terms of the
    transaction, Jimmy Choo shareholders will receive 230 pence per share, with an
    enterprise value of approximately USD 1.350 billion.
  • Pierre Denis will continue in his
    role as Chief Executive Officer of Jimmy Choo. He has led the company since
    2012.
  • Additionally, Creative Director
    Sandra Choi will continue to lead the creative and design teams at the company.
Sports News
Kylie Masse wins 100m backstroke world gold in record time

  • Canada’s Kylie Masse on 25 July
    2017 won the women’s 100m backstroke gold by creating a new world-record time
    at the world aquatics championships in Budapest, Hungary.
  • The 21-year-old, Masse, clocked
    58.10 seconds breaking Gemma Spofforth’s previous mark of 58.12 seconds from
    2009 world championships in Rome, in the era of the now-banned neoprene suits.
  • With this title Masse, who won a
    bronze at the 2016 Rio Olympics, also became Canada’s first ever woman world
    champion swimmer.
  • She followed her bronze in Rio
    with silver medals in the 100 backstroke and the 4×100 relay at the 2016
    short-course world championships in Windsor, Ontario, Canada.
  • Kathleen Baker of the United
    States took silver, at 0.48 seconds back, while Emily Seebohm of Australia
    brushed off a cold to claim bronze, 0.49 seconds behind.
All of  the news were already published in our Current Affairs Portal.

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