Current Affairs Update – 27 July, 2017


Hello and welcome to exampundit. Here are the Important Current Affairs of 27 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB  & Other Exams.

Banking & Financial News
Union Cabinet approves revision of guidelines of Sovereign Gold Bonds
Scheme

  • The Union Cabinet on 26 July 2017
    approved revision of guidelines of Sovereign Gold Bonds (SGB) Scheme. The
    revision was done with an aim to achieve its intended objectives.
  • Specific changes have been made
    in the attributes of the scheme to make it more attractive, mobilise finances
    as per the target and reduce the economic strains caused by imports of gold and
    reduce the Current Account Deficit (CAD).
  • Flexibility: The Ministry of
    Finance has been given the flexibility to design and introduce variants of Sovereign
    Gold Bonds with different interest rates and risk protection or payoffs that
    will offer investment alternatives to the different category of investors.
  • Ministry of Finance which is the
    issuer has been delegated the power to amend or add to the features of the
    Scheme with an approval of the Finance Minister to reduce the time lag between
    finalising the attributes of a particular tranche and its notification.
  • Such flexibility will be
    effective in addressing the elements of competition with new products of
    investment, to deal with very dynamic and sometimes volatile market,
    macroeconomic and other conditions such as gold price.
Following specific changes in the scheme have been approved:
i. The investment limit per
fiscal year has been increased to 4 kg for individuals, 4 Kg for Hindu
Undivided Family (HUF) and 20 Kg for Trusts and similar entities notified by
the Government from time to time.
ii. The ceiling will be counted
on financial year basis and will include the SGBs purchased during the trading in
the secondary market.
iii. The ceiling on investment
will not include the holdings as collateral by Banks and Financial
institutions.
iv. SGBs will be available ‘on
tap’. Based on the consultation with NSE, BSE, Banks and Department of Post,
features of the product to emulate ‘On Tap’ sale would be finalised by Ministry
of Finance.
v. To improve liquidity and
tradability of SGBs, appropriate market making initiatives will be devised.
Market makers could be commercial banks or any other public sector entity, such
as MMTC or any other entity as decided by Government of India.
vi. The Government may, if so
felt necessary, allow higher commission to agents.
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Cabinet approves new wage code bill to ensure minimum wage across all
sectors

  • The Union Cabinet on 26 July 2017
    approved the new wage code bill that will ensure a minimum wage across all
    sectors by integrating four labour related laws.
  • The new Labour Code on Wages Bill
    will be consolidating the Minimum Wages Act, 1948, the Payment of Wages Act,
    1936, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976. The
    bill was approved by the Cabinet chaired by Prime Minister Narendra Modi.
  • The proposed legislation is
    expected to benefit over 4 Cr employees across the country.
Key Highlights

  • The new bill seeks to empower the
    Centre to set a minimum wage across all sectors in the country, which would
    have to be maintained by the states as well.
  • However, states will be able to
    provide for a higher minimum wage in their jurisdiction in place of the amount
    fixed by the central government.
  • The bill is likely to be
    introduced in the Parliament during the ongoing monsoon session.
  • The new minimum wage norms would
    be applicable for all workers irrespective of their pay.
  • At present, the minimum wages
    fixed by the Centre and states are applicable to workers getting up to Rs 18000
    per month.
  • The move would ensure a universal
    minimum wage for all industries and workers including those getting paid higher
    than Rs 18,000 per month.
News related to India & states
Uttarakhand records second highest tiger count in India

  • The count of tigers in
    Uttarakhand shot up to 242 with an increase of 63 big cats in the year 2017.
  • The news was announced by
    Trivendra Singh Rawat, Chief Minister of Uttarakhand.
  • In addition, 11 cubs were also
    found in the two tiger reserves, the Corbett Tiger Reserve and the Rajaji Tiger
    Reserve, in the state.
  • While announcing the statistics,
    the Chief Minister congratulated the forest department for the great work being
    done for the conservation of tigers and added that in terms of area and tiger
    population ratio.
  • Uttarakhand is the second state
    in terms of tiger count behind Karnataka, which has 400 big cats.
  • According to the latest
    statistics, at least 208 tigers have been identified in Jim Corbett Tiger
    Reserve, up from last year’s 163. Also six cubs were identified there.
  • At least 34 tigers have been
    identified in Rajaji Tiger Reserve in 2016-17, up from previous year’s 16. Five
    cubs were also found there.
Appointments
Nitish Kumar takes oath as Bihar Chief Minister, Sushil Modi is his
deputy

  • Nitish Kumar, who resigned as
    Chief Minister of Bihar citing circumstances prevailing in Bihar, was sworn-in
    as the Chief Minister of the state on 27 July 2017. He took oath as Bihar Chief
    Minister with Bharatiya Janata Party as a partner of his Janata Dal-United.
  • With this, the JD(U) President
    Nitish Kumar has sworn-in as the Chief Minister of Bihar for the sixth time.
  • Governor Keshari Nath Tripathi
    administered the oath of office to Nitish Kumar at the Raj Bhavan in Patna.
  • In addition to this, BJP’s Sushil
    Kumar was sworn-in as the Deputy Chief Minister of the state. A floor test will
    take place on 28 July 2017.
  • Earlier on 26 July 2017, Nitish
    Kumar resigned and dumped his Mahagatbandhan (the Grand Alliance) allies
    Rashtriya Janata Dal and Congress on 26 July 2017 and sealed a deal with his
    former rivals BJP-led NDA shortly after his resignation.
  • He snapped ties with the Grand
    Alliance partners over corruption charges against Deputy Chief Minister
    Tejashwi Yadav.

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World News
International food standard body CAC adopts universal standards for
pepper, cumin and thyme

  • The Codex Alimentarius Commission
    (CAC) adopted three Codex standards for black, white and green pepper, cumin
    and thyme, paving the way for universal agreement on identifying quality spices
    in various countries.
  • The decision was taken during the
    Codex Alimentarius Commission’s 40th session in Geneva during 17 to 22 July
    2017.
  • The news was announced by the
    Union Ministry of Commerce and Industry on 26 July 2017.
  • The step is seen as a major
    recognition of India’s efforts to benchmark global spices trade.           
Trump bans Transgender individuals from serving in US Military

  • The President of United States,
    Donald Trump announced on 27 July 2017 that the US government will not accept
    or allow transgender individuals to serve in any capacity in the U.S. Military.
  • The announcement was made by
    Trump through a series of tweets on his official Twitter account. He said that
    the decision was taken after consultation with Generals and military experts.
  • With the move, Trump has
    reinstated the ban that his predecessor, former Democratic President Barack
    Obama lifted last year allowing transgender individuals to openly serve in the
    military.
  • The then Defence Secretary Ashton
    Carter had argued while announcing the decision on 30 June 2016 that the US
    Defence Department and the military needed to avail themselves of all talent
    possible in order to remain the finest fighting force the world has ever known.
  • The reversed decision has hence,
    put a full stop on the years of efforts that had gone into eliminating barriers
    to military service based on sexual orientation or gender identity.
Sports News
Somdev Devvarman to head Centre of Excellence at DLTA

  • Somdev Devvarman, former
    professional Indian tennis player has been roped in to lead a Centre of
    Excellence at the Delhi Lawn Tennis Association (DLTA).
  • The centre aims to provide
    coaching to budding players. The search has already begun for coaches, sports
    psychologist and physios who will work in coordination with each other at the
    Academy.
  • A comprehensive plan for the same
    has been submitted by the All India Tennis Association (AITA) to the Sports
    Ministry for approval under the supervision of Devvarman, India’s former number
    one singles player.
Obituaries
N Dharam Singh, former Chief Minister of Karnataka, passes away

  • N. Dharam Singh, former Chief
    Minister of Karnataka, passed away on 27 July 2017 Bengaluru following a heart
    attack. He was 80.
  • Singh had served as the 17th
    Chief Minister of Karnataka. He headed the Congress-Janata Dal (Secular)
    coalition government from May 2004 to February 2006.
  • He served as a minister under
    various Chief Ministers such as Devaraj Urs, R. Gundu Rao, S. Bangarappa, M.
    Veerappa Moily and S. M. Krishna.
  • He also handled diverse
    portfolios such as Home, Excise, Social Welfare, Urban Development and Revenue.

All of  the news were already published in our Current Affairs Portal.

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