Current Affairs Update – 27th October, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 27th October, 2016. These are important for the upcoming IBPS PO Mains, IBPS Clerk Mains, IBPS RRB OA & OS-I Mains and NICL AO & IPPB PO 2016 Exams.

Current Affairs at a Glance – 27th October, 2016

  1. India has allowed start-ups
    to raise up to $3 million each in a fiscal
    year via the external commercial borrowings (ECB)
    route
    , the country’s central bank said in a statement on Thursday.
  2. India and New Zealand on 26 October 2016 signed three agreements in the areas of double taxation avoidance, food
    security and sports
    .
  3. Hewlett Packard Enterprise (HPE) India on Thursday joined
    hands with Intel to launch a Centre of
    Excellence (CoE)
    that would help demonstrate High Performance Computing (HPC)
    as a service for customers.
  4. Global computer services major IBM
    on Thursday it has signed a deal to
    acquire Bengaluru-based cloud recovery and migration software company Sanovi
    for an undisclosed sum.
  5. State-run trading firm MMTC has tied up with seven banks,
    including ICICI and HDFC Bank, to sell government
    minted ‘Indian Gold Coin’ in order to cash in on the Dhanteras buying rush
    .
  6. OCARE, India’s first independent Insurance Process as a Service (IPAAS)
    platform, launched its dental insurance product
    on Thursday in India. A
    group insurance product, it offers a sum assured of Rs 25,000.
  7. The one-man judicial committee on
    One Rank One
    Pension (OROP) submitted its report to the Defence Minister Manohar
    Parrikar, on 26 October 2016
    . The committee was appointed under the
    Chairmanship of Justice
    L Narasimha Reddy
    , retired Chief Justice of Patna High Court to look
    into the anomalies, if any, arising out of implementation of OROP.
  8. India and South
    Korea on 26 October 2016 signed a revised Double Taxation Avoidance
    Agreement (DTAA)
    for the avoidance of double taxation and the prevention of
    fiscal evasion with respect to taxes on income.
  9. The Union Agricultural Ministry
    on 26 October 2016 constituted a
    High-Level Committee to monitor the bird flu situation and help state
    governments take steps to contain the disease
    . The Committee will be headed
    by Munialappa,
    Joint Commissioner in the Department of Animal Husbandry, Dairy and Fisheries
    (DADF).
  10. Senior IPS officer Karnal Singh on 26 October 2016 was appointed the Director of Enforcement
    Directorate (ED)
    .
  11. Doordarshan DG Supriya Sahu has been appointed
    as the new Vice President of the Asia-Pacific Broadcasting Union
    .
  12. Borje Ekholm was on 26 October 2016 appointed as the President and Chief Executive Officer (CEO) of Ericsson,
    Swedish communication technology firm, with effect from 16 January 2017
  13. World Economic Forum (WEF) on 25 October 2016 released the Global Gender Gap Report 2016. The 2016 report
    provides Gender Gap scores for 144 countries compared to 145 countries included
    in 2015 report. Out of the 144 countries surveyed, while Iceland topped the
    Gender Gap Index for the eighth consecutive year in a row, India stood at 87th position, from
    the 108th position in 2015.
  14. World Day for Audiovisual Heritage was observed across the world on 27
    October 2016

Finance/Banking/Industry –
India allows start-ups to raise up to $3 million each via external
commercial borrowing

  • India has allowed start-ups to
    raise up to $3 million each in a fiscal year via the external commercial
    borrowings (ECB) route, the country’s central bank said in a statement on
    Thursday.
  • Overseas branches or subsidiaries
    of Indian banks will not be allowed to lend to start-ups via the ECB framework,
    the Reserve Bank of India statement (RBI) said.
  • The RBI did not specify the
    maximum cost at which start-ups can raise money via ECB and said it will be
    mutually agreed between the borrower and the lender.
  • Typically, the central bank
    specifies the maximum cost for financial institutions to raise money via ECB.
India, New Zealand sign three pacts including avoidance of double
taxation

  • India and New Zealand on 26
    October 2016 signed three agreements in the areas of double taxation avoidance,
    food security and sports.
  • The agreements were inked in New
    Delhi in presence of New Zealand Prime Minister John Key and Prime Minister
    Narendra Modi. John Key was on a three-day (25 October to 27 October 2016)
    visit to India.
List of agreements inked were

  1. Arrangement regarding Food Safety Cooperation: It was inked between the
    Food Safety and Standards Authority of India and the Ministry for Primary
    Industries of New Zealand.
  2. MoU for cooperation in the field of Youth Affairs and Sports: It was
    inked between Union Ministry of Youth Affairs and Sports and Sport New Zealand
    of the Government of New Zealand.
  3. Third Protocol to the Convention for the Avoidance of Double Taxation
    and the Prevention of Fiscal Evasion with respect to Taxes on Income: It was
    inked between the Union Government and the Government of New Zealand.

  • Apart from this, the two nations
    also agreed to establish a Bilateral Ministerial Dialogue between two Foreign
    Ministries. They also agreed for establishment of Annual Foreign Ministry
    Consultations at Senior Officials Level and cooperation and Dialogue on Cyber
    Issues.
HPE ties up with Intel to launch Centre of Excellence in Bengaluru

  • Hewlett Packard Enterprise (HPE)
    India on Thursday joined hands with Intel to launch a Centre of Excellence
    (CoE) that would help demonstrate High Performance Computing (HPC) as a service
    for customers.
  • The centre will also enable
    research institutions and academia to test their applications on the latest HPC
    platform innovations, enabled by Intel technologies, and accelerate HPC
    adoption in India.
  • Customers can also access the
    infrastructure remotely through a cloud-driven model that can be replicated in
    their data centers, HPE said in a statement here.
  • In India, research institutions
    and academia are increasingly using HPC to accelerate adoption of big data
    analytics, simulations of complex processes and large-scale research projects,
    it noted.
IBM acquires Bengaluru-based Sanovi for an undisclosed sum

  • Global computer services major
    IBM on Thursday it has signed a deal to acquire Bengaluru-based cloud recovery
    and migration software company Sanovi for an undisclosed sum.
  • IBM said that the acquisition
    will help to assure it’s clients of business continuity and disaster recovery,
    when they shift their applications to cloud.
  • IBM did not disclose the
    financial costs for the acquisition of the Bengaluru firm, which was started in
    2003. Chandra Sekhar Pulamarasetti and his co-founder Vinod K began offering
    such services before cloud was a norm. IBM plans to also license the Sanovi
    disaster recovery management software as a stand alone platform to customers.
MMTC ties up with banks to sell Indian Gold Coin

  • State-run trading firm MMTC has
    tied up with seven banks, including ICICI and HDFC Bank, to sell government
    minted ‘Indian Gold Coin’ in order to cash in on the Dhanteras buying rush.
  • The coins are currently available
    at all MMTC outlets across India along with select branches of seven banks –
    Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank, Andhra Bank, ICICI
    Bank and HDFC Bank, a finance ministry statement said.
  • The Indian Gold Coin is available
    in denominations of 5 gm and 10 gm coin and 20 gm bar and is available at about
    383 MMTC outlets across India now.
  • Indian Gold Coin was launched by
    Prime Minister Narendra Modi on November 5, 2015. It is India’s first ever
    sovereign gold offering and only gold coin hallmarked by Bureau of Indian
    Standards (BIS) for purity.
  • Indian Gold Coin has the National
    Emblem Ashoka Chakra engraved on one side and Mahatma Gandhi on the reverse
    side. Its other unique features include 24 Karat 999 fineness purity, positive
    tolerance both in weight and purity, tamper proof packaging and advanced
    anti-counterfeit features.
OCARE launches India’s first dental insurance product

  • OCARE, India’s first independent
    Insurance Process as a Service (IPAAS) platform, launched its dental insurance
    product on Thursday in India. A group insurance product, it offers a sum
    assured of Rs 25,000.
  • Neeraj Sheth, Founder & CEO,
    OCARE said that this is the first time dental insurance is being offered as an
    exclusive product in India.
  • Under the general plan, costs of
    hospitalisation and medicines are covered only in the case of dental
    emergencies.
Justice Reddy committee on OROP submits report

  • The one-man judicial committee on
    One Rank One Pension (OROP) submitted its report to the Defence Minister
    Manohar Parrikar, on 26 October 2016.
  • The committee was appointed under
    the Chairmanship of Justice L Narasimha Reddy, retired Chief Justice of Patna
    High Court to look into the anomalies, if any, arising out of implementation of
    OROP.
Highlights of the Report

  • The judicial committee had held
    hearings at around 20 cities/towns across the country and interacted with cross
    sections of Ex-Servicemen as well as their associations.
  • The committee also received 704
    representations from individuals and various Ex-Servicemen associations and had
    held extensive interactions with all stakeholders before submitting its report.
India, South Korea sign revised Double Taxation Avoidance Agreement

  • India and South Korea on 26
    October 2016 signed a revised Double Taxation Avoidance Agreement (DTAA) for
    the avoidance of double taxation and the prevention of fiscal evasion with
    respect to taxes on income.
  • The Provisions of the new DTAA
    will have effect in India in respect of income derived in fiscal years
    beginning on or after 1 April 2017.
  • The earlier Double Taxation
    Avoidance Convention between India and Korea was signed on 19 July 1985 and was
    notified on 26 September 1986.
Salient features of revised
DTAA

  • It provides for source based
    taxation of capital gains arising from alienation of shares comprising more
    than 5 percent of share capital.
  • In order to promote cross border
    flow of investments and technology, the revised DTAA provides for reduction in
    withholding tax rates from 15 percent to 10 percent on fees for technical
    services and from 15 percent to 10 percent on interest income.
  • It expands the scope of dependent
    agent Permanent Establishment provisions in line with India’s policy of source
    based taxation.
  • It provides for exclusive
    residence based taxation of shipping income from international traffic under
    Article 8 of revised DTAA.
  • It provides recourse to the
    taxpayers of both countries to apply for Mutual Agreement Procedure (MAP) in
    transfer pricing disputes as well as apply for bilateral Advance Pricing
    Agreements (APA).
Cairn India to invest $100 mn in Rajasthan gas fields

  • The capital investment is
    estimated for this financial year, with 80 per cent focus for development of
    the Raageshwari Deep Gas (RDG) project and completion activities of the Mangala
    field’s enhanced oil production, a company spokesperson said.
  • A contract for augmentation of
    the existing facility will be awarded shortly. That for enhancement of the
    existing pipeline capacity should be awarded in the current quarter, he said.
  • Completion of Phase-1 is expected
    to increase the gas production to 40-45 mscfd by the end of the first half of
    2017. For Phase-2, tendering activity for a new gas processing terminal and
    drilling rig is on. Completion of Phase-2 will increase production upwards of
    100 mscfd and condensate production to about 5,000 boepd (barrels of oil
    equivalent per day).
Dr Reddy’s Lab announces strategic deal with Gland Pharma in US market

  • Pharmaceutical giant Dr Reddy’s
    Laboratories Ltd on 26 October 2016 announced that it entered into a strategic
    collaboration with Gland Pharma. The companies entered into the deal to market
    and distribute a diverse portfolio of eight injectable Abbreviated New Drug
    Applications (ANDAs).
  • The portfolio is a mix of filed
    ANDAs pending approval by the US Food and Drug Administration (USFDA) and ANDAs
    that will be filed imminently. The portfolio comprised of generic injectables
    administered in hospitals and clinics in the US.
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India –
Union Government constitutes Munialappa Committee to monitor bird flu
situation

  • The Union Agricultural Ministry
    on 26 October 2016 constituted a High-Level Committee to monitor the bird flu
    situation and help state governments take steps to contain the disease.
  • The Committee will be headed by
    Munialappa, Joint Commissioner in the Department of Animal Husbandry, Dairy and
    Fisheries (DADF).
Terms of reference of the
committee

  • Munialappa will be the nodal
    officer and will be available to provide advice and help round the clock.
  • A control room, with telephone
    numbers 011-23384190 and 09448324121, will provide advice and help round the clock.
  • Besides monitoring the situation,
    the committee will assist the state governments in taking steps to contain the
    spread of avian influenza.
  • The committee will have
    representatives from Ministry of Health, Ministry of Environment, Forests and
    Climate Change, Department of Agriculture Research and Extension (DARE) and the
    Delhi government.
Haryana to observe 2017 as Garib Kalyan Varsh

  • Haryana Government has decided to
    observe 2017 as the “Garib Kalyan Varsh”. The announcement was made by Chief
    Minister Manohar Lal on 26 October 2016.
  • During the observation period of
    Garib Kalyan Varsh, the government would lay emphasis on welfare of poor people
    and generating employment opportunities for the youth.
  • Khattar, who completed two years
    in office, also said that the outgoing year (2016) was dedicated to Pt.
    Deendayal Upadhyaya, which coincided with the Golden Jubilee of the state.
    Haryana was carved out of Punjab on 1 November 1966 on a linguistic basis.
Appointments –
Karnal Singh appointed as Director of Enforcement Directorate

  • Senior IPS officer Karnal Singh
    on 26 October 2016 was appointed the Director of Enforcement Directorate (ED).
  • The Appointments Committee of
    Cabinet approved the appointment of Singh till 31 August 2017, which is the
    date of his superannuation.
  • Singh was already holding the
    post as additional charge for over a year. His regular posting was Special
    Director, ED, for the northern region.
Doordarshan DG Supriya Sahu appointed as new Vice President of ABU

  • Doordarshan DG Supriya Sahu has
    been appointed as the new Vice President of the Asia-Pacific Broadcasting
    Union.
  • An official statement released by
    the public broadcaster said that it participated in the53rd annual Asia-Pacific
    Broadcasting Union General Assembly, hosted by the Indonesian public
    broadcaster RRI, which concluded in Bali, Indonesia on 25th October.
  • Ko Dae-young, President and CEO
    of Korean Broadcasting System (KBS) was elected as as new President and Sahu
    joins the other two Vice Presidents of ABU, Hikaru Doumoto, Executive Vice
    President of NHK-Japan and Senol Goka, Director General of TRT- Turkey, the
    statement said.
Borje Ekholm appointed as President and CEO of Ericsson

  • Borje Ekholm was on 26 October
    2016 appointed as the President and Chief Executive Officer (CEO) of  Ericsson, Swedish communication technology
    firm, with effect from 16 January 2017. Until then, Jan Frykhammar will remain
    interim CEO.
  • Ekholm will also remain a member
    of the Board of Directors of Ericsson. Presently, Ekholm is working as CEO of
    Patricia Industries.
Reports –
World Economic Forum released Global Gender Gap Report 2016

  • World Economic Forum (WEF) on 25
    October 2016 released the Global Gender Gap Report 2016. The 2016 report
    provides Gender Gap scores for 144 countries compared to 145 countries included
    in 2015 report.
  • More than a decade of data has
    revealed that progress is still too slow for realizing the full potential of
    one half of humanity within our lifetimes. Out of the 144 countries surveyed,
    while Iceland topped the Gender Gap Index for the eighth consecutive year in a
    row, India stood at 87th position, from the 108th position in 2015.
  • As per the report, the global
    gender gap across health, education, economic opportunity and politics will
    take another 83 years across the 107 countries covered since the inception of
    the Report to close this gap completely.
Report in context of India

  • India which was ranked at 87th
    position had succeeded in closing the gender gap with regard to wage equality
    and across all indicators of the Educational Attainment sub-index, fully
    closing its primary and secondary education enrolment gender gaps.
  • However, it also sees some
    regression on women’s estimated earned income and continues to rank
    third-lowest in the world on Health and Survival, remaining the world’s
    least-improved country on this sub-index over the past decade.
  • Economic Participation and
    Opportunity: India was ranked at 136th position with 0.408 score. In this
    segment, India’s performance was one of the lowest among the surveyed
    countries. In 2015, India was placed at 139th position.
  • Educational attainment: India was
    ranked at 113rd position with 0.950 score.
  • Health and survival: India was
    ranked at 142nd position with 0.942 score.
  • Political empowerment: India was
    placed at 9th position with 0.433 score.
Days –
World Day for Audiovisual Heritage 2016 observed globally

  • World Day for Audiovisual
    Heritage was observed across the world on 27 October 2016. The theme for the
    day was It’s Your Story – Don’t Lose It.
  • The World Day for Audiovisual
    Heritage aims to raise general awareness of the need for urgent measures to be
    taken to safeguard audiovisual document. It also focuses on acknowledging the
    importance of audiovisual documents as an integral part of national identity.
Sports –
Punjab Directorate wins NCC National Games

  • Punjab Directorate on 27 October
    2016 won the 2016 National Cadet Corp (NCC) National Games. Subhash Bhamre,
    Minister of State for Defence, presented trophies to the winners at the closing
    ceremony at Delhi Cantonment.
  • The NCC Games aim to provide the
    talented sportsmen among the cadet exposure of a major sporting event while
    preparing them with the requisite matching temperament towards furthering their
    sporting careers.
Obituaries –
Legendary Kashmiri singer Raj Begum dies

  • Celebrated Kashmiri singer Raj
    Begum passed away on 26 October 2016 in Srinagar, Jammu & Kashmir. She was
    89.
  • Begum was one of the most
    recognized female singers in the Kashmir Valley. She had rendered thousands of
    songs from Radio Kashmir in Srinagar and in live concerts at other places in
    India and abroad.

Regards

Team ExamPundit