Current Affairs Update – 28th July, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 28th July, 2016. These are important for the upcoming RBI Grade B Phase I Exam 2016.

Current Affairs at a Glance – 28th July, 2016

  1. India’s largest insurer Life Insurance
    Corporation of India (LIC)
    has signed
    an agreement with private sector lender Axis Bank as
    its bancassurance partner
    wherein the bank will distribute LIC’s
    products to its customers.
  2. India on 27 July 2016 signed a one-billion
    dollar deal with the US defence and aerospace major Boeing
    for procuring four long-range maritime
    surveillance and anti-submarine warfare aircraft, Poseidon-8I. First of the
    four new P-8I aircraft will be delivered in 50 months.
  3. The International Cricket Council (ICC) on 27 July 2016 announced that Muttiah
    Muralitharan, Karen Rolton, Arthur Morris and George Lohmann
    will be
    inducted into the ICC Cricket Hall of Fame.
  4. The European Union’s executive on
    27 July 2016 appointed Michel Barnier, former French Financial
    Services Commissioner, as its Chief Negotiator for the United Kingdom’s exit
    from the bloc.
  5. The Union Cabinet on 27 July 2016
    cleared changes to the Goods and Services Tax (GST) Constitutional Amendment
    Bill
    . The changes include dropping 1 percent manufacturing tax and
    providing guarantee to compensate states for any revenue loss in the first five
    years of rollout of the proposed indirect tax regime.
  6. As per the report published by US
    Geological Survey on 19 July 2016, Joint expedition titled Indian National Gas Hydrate Program
    Expedition 02 by India and the United States (US)
    have resulted in the discovery of large, highly
    enriched accumulations of natural gas hydrate (an icy form of the fuel) in Bay
    of Bengal, Indian Ocean.
  7. The Union Cabinet on 27 July 2016
    approved the Policy for awarding waterfront and associated land to port
    dependent industries in major ports along with its operationalization.
  8. World Hepatitis Day 2016 was observed
    across the world on 28 July
    2016 with
    the theme Elimination.
  9. C.K. Mishra, a 1983 batch IAS
    officer of the Bihar cadre, has been appointed the new Health Secretary, an
    official statement said.
  10. Eminent author and social
    activist Mahasweta
    Devi
    , whose writings focused on the marginalised communities in the
    country and served as the voice of the oppressed, died here today after a multi-organ
    failure.
Finance/Industry/Banking –
LIC signs up Axis Bank as bancassurance partner

  • India’s largest insurer Life
    Insurance Corporation of India (LIC) has signed an agreement with private sector
    lender Axis Bank as its bancassurance partner wherein the bank will distribute
    LIC’s products to its customers.
  • In the preliminary phase, the
    bank will distribute LIC’s life insurance products across its branches in West
    Bengal, Bangalore and Haryana – Panchkula. Additionally, the bank will also
    provide post sales services such as premium collection and renewal of policies.
  • In a statement, LIC said that
    this is one of the largest bancassurance partnerships after the recent
    Insurance Regulatory and Development Authority of India (IRDAI) regulations
    issued on open architecture framework for banks.  As on June 30, 2016, Axis Bank had a network
    of 3,006 domestic branches and extension counters situated in 1,882 centres.
Union Cabinet clears changes to GST Bill, drops 1% additional tax on
inter-state sales

  • The Union Cabinet on 27 July 2016
    cleared changes to the Goods and Services Tax (GST) Constitutional Amendment
    Bill.
  • The changes include dropping 1
    percent manufacturing tax and providing guarantee to compensate states for any
    revenue loss in the first five years of rollout of the proposed indirect tax
    regime.
  • It decided that any dispute
    between states and the Centre will be adjudicated by the GST Council, which
    will have representation from both the Centre and states.
  • The existing bill provides that
    the centre will give 100 percent compensation to states for first three years,
    75 per cent and 50 per cent for the next two years.
Lok Sabha passes Benami Transactions (Prohibition) Amendment Bill, 2015

  • Lok Sabha on 27 July 2016 passed
    the Benami Transactions (Prohibition) Amendment Bill, 2015. The Bill seeks to
    amend the Benami Transactions Act, 1988.
  • The bill prohibits benami
    transactions and provides for confiscating benami properties.
Objective

  • Amend the definition of benami
    transactions
  • Establish adjudicating
    authorities and an Appellate Tribunal to deal with benami transactions
  • Specify the penalty for entering
    into benami transactions.
Definition

  • It expands the definition of
    benami transaction by including following
  • Transaction is made in a
    fictitious name
  • Owner is not aware of and denies
    knowledge of the ownership of the property
  • Person providing the
    consideration for the property is not traceable
  • Earlier, it defined benami
    transaction as a transaction where a property is held by or transferred to a
    person, but has been provided for or paid by another person.
India, US discover major Natural Gas Reserve in Indian Ocean


  • As per the report published by US
    Geological Survey on 19 July 2016, Joint expedition titled Indian National Gas
    Hydrate Program Expedition 02 by India and the United States (US) have resulted
    in the discovery of large, highly enriched accumulations of natural gas hydrate
    (an icy form of the fuel) in Bay of Bengal, Indian Ocean.
  • The international team of
    scientists was led by the Oil and Natural Gas Corporation Limited of India in
    cooperation with the US Geological Survey (USGS), the Japanese Drilling
    Company, and the Japan Agency for Marine-Earth Science and Technology.
  • This is the first discovery of
    its kind in the Indian Ocean that has the potential to be producible.
Findings of the Expedition

  • The Indian National Gas Hydrate
    Program Expedition 02 is the second joint exploration for gas hydrate potential
    in the Indian Ocean.
  • It focused on the exploration and
    discovery of highly concentrated gas hydrate occurrences in sand reservoirs.
Policy for awarding Waterfront
and associated lands in major ports approved

  • The Union Cabinet on 27 July 2016
    approved the Policy for awarding waterfront and associated land to port
    dependent industries in major ports along with its operationalization.
  • The Policy will result in
    uniformity and transparency in the procedure for awarding captive facilities.
    It will enable optimal utilization of capacities in major ports and increase
    revenue to the Major Port Authority.
Highlights of the Policy

  • The ambit of the Policy includes
    creation of new assets as well as utilization of currently unutilised existing
    assets such as vacant berths. The Policy will be applicable to all the Major
    Ports.
  • Under the Policy, concession will
    be granted to Port Dependent Industries (PDI) for setting up dedicated
    facilities in Major Ports for import and export of cargo for maximum 30 years.
  • Extension of concession period on
    conditions including under utilization of asset as per the Concession Agreement
    may be allowed.
  • After a maximum of 30 years of
    operation, the waterfront land in a Major Port will be allotted for
    construction of berths, offshore anchorages, transhipment jetties, single point
    moorings etc.
India –
India signs $1 billion deal with US for procuring four Poseidon-8I
aircraft

  • India on 27 July 2016 signed a one-billion
    dollar deal with the US defence and aerospace major Boeing for procuring four
    long-range maritime surveillance and anti-submarine warfare aircraft,
    Poseidon-8I. First of the four new P-8I aircraft will be delivered in 50
    months.
  • Incidentally, India is P-8I’s
    first international customer and was also Boeing’s first military sale to
    India.
  • The contract was inked during the
    on-going visit of the US under secretary for defence on Acquisition Frank
    Kendall.
  • The contract is a follow-on order
    to eight P-81 planes worth 2.1 billion dollars deal inked in 2009, already
    bought by India in a direct deal with the firm. These aircrafts were inducted
    by the Navy between May 2013 and October 2015.
Union Cabinet approves setting up of AIIMS in Bhatinda

  • The Union Cabinet on 27 July 2016
    approved the establishment of a All India Institute Of Medical Science (AIIMS)
    at Bhatinda in Punjab under the Pradhan Mantri Swasthya Suraksha Yojana
    (PMSSY).
  • It will provide super specialty
    health care to the population while creating a large pool of doctors and other
    health workers in this region that can be available for primary and secondary
    level institutions/facilities being created under National Health Mission
    (NHM).
Highlights of the AIIMS in Bhatinda

  • The cost of the project for
    establishment of the AIIMS in Bhatinda shall be 925 crore rupees.
  • This cost estimate does not
    include recurring costs (wages & salaries and operation & maintenance
    expenses).
  • The recurring expenditure will be
    met by the respective AIIMS from their annual budgets through Grant-in-Aid to
    them from Plan Budget Head of PMSSY of Union Ministry of Health and Family
    Welfare.

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Sports –
Muralitharan, Lohmann, Morris and Rolton to be inducted into Cricket
Hall of Fame

  • The International Cricket Council
    (ICC) on 27 July 2016 announced that Muttiah Muralitharan, Karen Rolton, Arthur
    Morris and George Lohmann will be inducted into the ICC Cricket Hall of Fame.
  • With the announcement,
    off-spinner Muralitharan becomes the first Sri Lankan player to be inducted
    into the Hall of Fame.
  • The four cricketers were voted by
    the ICC Cricket Hall of Famers as well as members of the media. They will be
    presented with commemorative caps honouring their contribution to the game to
    mark their induction.
IOC to launch Olympic Channel on August 21

  • The International Olympic
    Committee (IOC) on 27 July 2016 announced that it will launch the Olympic
    Channel. The channel will be launched on 21 August 2016, at the closing
    ceremony of the Olympic Games Rio 2016.
  • The channels original programming
    will include short-form and long-form content, focusing on elite athletes,
    their quest for success and sport around the world.
Appointments –
European Commission appoints Michel Barnier as Chief Brexit Negotiator

  • The European Union’s executive on
    27 July 2016 appointed Michel Barnier, former French Financial Services
    Commissioner, as its Chief Negotiator for the United Kingdom’s exit from the
    bloc.
  • Barnier will be a prominent
    figure in the negotiations over Britain’s exit from the union.
  • In June 2016, Didier Seeuws, a
    Belgian diplomat, was appointed as head of a Brexit task force by the European
    Council.
C.K. Mishra appointed new Health Secretary

  • C.K. Mishra, a 1983 batch IAS
    officer of the Bihar cadre, has been appointed the new Health Secretary, an
    official statement said.
  • Mishra will replace B.P. Sharma,
    a 1981 batch IAS officer of the Bihar cadre, who has been appointed secretary,
    Department of Personnel and Training (DoPT).
  • N.S. Kang, a 1983 batch IAS
    officer of the Punjab cadre, associated with the National AIDS Control
    Organisation (NACO) as additional secretary, has been made Secretary and
    Director General of the organisation after upgradation of his post.
Days –
World Hepatitis Day 2016 observed with theme Elimination

  • World Hepatitis Day 2016 was
    observed across the world on 28 July 2016 with the theme Elimination.
  • The day acts as a significant
    global platform for raising awareness about hepatitis and influence real change
    in disease prevention, testing and treatment.
  • The theme for the 2016 focuses on
    elimination of hepatitis as a public health threat by 2030. The theme can be
    easily adapted for local use to achieve elimination, greater awareness,
    increased diagnosis and key interventions including universal vaccination,
    blood and injection safety etc.
Obituaries –
Father of Hybrid Sorghum Neelamraju Ganga Prasada Rao passes away

  • Distinguished agricultural
    scientist Neelamraju Ganga Prasada (NGP) Rao, fondly referred to as the Father
    of Hybrid Sorghum, passed away on 27 July 2016 in Hyderabad following a brief
    illness. He was 89.
  • NGP Rao is well-known for basic
    and applied research in breeding and agronomy of several dryland crops.
Writer Mahasweta Devi passes away at 91

  • Eminent author and social
    activist Mahasweta Devi, whose writings focused on the marginalised communities
    in the country and served as the voice of the oppressed, died here today after
    a multi-organ failure. She was 91.
  • Awarded the Sahitya Akademi and
    Jnanpith awards for literary excellence, Devi helped tribals and the rural
    dispossessed in organising themselves in groups so that they could take up
    development activities in their own areas.
  • She founded several grassroot
    level societies for the welfare of tribals.

Regards

Team ExamPundit

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