Current Affairs Update – 29 August, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 29 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial News
DIPP releases Consolidated FDI Policy

  • The Department of Industrial
    Policy & Promotion (DIPP) on 28 August 2017 released the Consolidated
    Foreign Direct Investment (FDI) Policy containing all the changes in rules and
    procedures notified by the Union Government over the past year.
  • The new consolidated document
    aims to ensure greater ease of doing business in India and an investor-friendly
    climate for foreign investors so that the country attracts more FDI.
Highlights of the policy

  • The consolidated policy lays down
    the general conditions on FDI, procedures for government approval and sector
    specific conditions on FDI.
  • For the first time, the document
    has included start-ups. As per the norms, start-ups can raise up to 100 per
    cent of funds from Foreign Venture Capital Investor (FVCI).
  • The start-ups can issue equity or
    equity linked instruments or debt instruments to FVCI against receipt of
    foreign remittance.
  • Person residing outside India
    (other than citizens of Pakistan and Bangladesh) can purchase convertible notes
    issued by Indian start-up company for Rs 25 lakh or more in a single tranche.
  • Non Resident Indians can also
    acquire convertible notes on non-repatriation basis.
  • A citizen of Pakistan or an
    entity incorporated in Pakistan is also barred from investing in defence,
    space, atomic energy sectors, etc.
  • A start-up company, engaged in a
    sector that requires government approval for foreign investment, can issue
    convertible notes to a non-resident only with approval of the Government.
  • The start-up issuing convertible
    notes will be required to provide reports as prescribed by the RBI.
  • It also said the rule allowing
    foreign airlines to own up to 49 per cent in Indian carriers do not apply to
    Air India.
RBI issues new Rs 200, Rs 50 banknotes

  • The Reserve Bank of India
    recently introduced two new denomination banknotes of Rs 200 and Rs 50 in the
    Mahatma Gandhi (New) Series, bearing the signature of RBI Governor Urjit Patel.
  • Initially, the new Rs 200 notes
    will be circulated by select RBI offices and some banks. It may not be available
    through ATMs as they will have to be recalibrated to accommodate the new note.
  • The demonetisation of higher
    denomination notes of Rs 500 and Rs 1000 in late 2016 had led to huge currency
    shortage, as almost 86 percent of the currency in circulation was withdrawn.
    The shortage backed up by the delay in ATM recalibration had led to full chaos
    and confusion among the common public.
  • The introduction of the new
    currency hence is done keeping in consideration various factors like ease of
    transactions for the common man, replacement of soiled banknotes, inflation and
    the need for combating counterfeiting.

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India, Germany sign a deal to improve grid integration of renewable

  • India and Germany signed an
    agreement on technical cooperation under the Indo-German Energy Programme –
    Green Energy Corridors (IGEN-GEC) on 28 August 2017.
  • The agreement was signed between
    Government of India’s Ministry of New and Renewable Energy (MNRE) and Deutsche
    Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH India on behalf of
    the Government of the Federal Republic of Germany.
  • The IGEN-GEC programme was
    commissioned in 2013 by the Germany’s Federal Ministry for Economic Cooperation
    and Development (BMZ) and jointly implemented by India’s MNRE and GIZ.
  • The main objective of this
    programme is to improve the sector framework and conditions for grid
    integration of renewable energies with conventional power grids.
Prime Minister Narendra Modi dedicates to nation 11 completed highway
projects in Rajasthan

  • Prime Minister Narendra Modi on
    29 August 2017 dedicated to the nation 11 completed highway projects in
    Rajasthan, covering a total length of about 873 kilometres. The projects
    include six Lane Cable Stayed Bridge across River Chambal at Kota, four laning
    of Gomati Chauraha – Udaipur section and four laning of Rajsamand – Bhilwara
  • During his visit to Udaipur, Modi
    also laid the foundation stone of national highway projects including the
    Jaipur Ring Road. The total outlay on these projects is estimated to be over Rs
    15000 crore.
  • Speaking on the occasion, Prime
    Minister Narendra Modi said, Centre is standing shoulder to shoulder with the
    people of Rajasthan who are battling the floods. He assured all possible
    support in this connection. The Prime Minister said the number of projects
    being inaugurated today is a matter of joy for the people of Rajasthan. He said
    some of the projects being inaugurated today were pending for years. Modi said
    the focus of his government is a timely completion of projects.
  • During the day-long visit, the
    Prime Minister will also visit the Pratap Gaurav Kendra to pay his respects to
    Maharana Pratap. The Kendra provides information through various exhibits, about
    the life, valour and achievements of Maharana Pratap. In addition, Modi will
    also address a public meeting.
Ministry of Textiles proposes to hold Pan India camps for weavers and

  • The Ministry of Textiles on 28
    August 2017 proposed to organise Pan India camps in handlooms and handicrafts
    clusters, under the ‘Hastkala Sahyog Shivir’ initiative.
  • According to an official release,
    the camps will be organized between 7 and 17 October 2017. The initiative is
    dedicated to Pandit Deendayal Upadhyay ‘Garib Kalyan Varsh’, the birth
    centenary year of Pandit Deendayal Upadhyay – late senior leader of Bharatiya
    Jana Sangh, the forerunner of the present day Bharatiya Janata Party.
The following services will be provided to the weavers and artisans
in these camps:

  • Issuance of credit facilities
    through MUDRA scheme
  • Assistance for technological
    enhancement under Hathkargha Samvardhan Sahayata
  • Distribution of modern tool kits
    and equipments
  • Issuance of Yarn Pass Book
  • Enrollment under IGNOU/NIOS
  • Access to Common Service Centre
  • Buyer-seller meets and expos
Further, the proposed camps will
be organized in more than 200 handloom Block Level Clusters and Weavers’
Service Centres and more than 200 handicraft clusters in collaboration with
State Governments.
News related to India & states
Union Government to launch Deep Ocean Mission

  • M. Rajeevan, secretary, the Union
    Ministry of Earth Sciences (MoES), on 28 August 2017 announced that the Union
    Government will soon launch a Deep Ocean Mission to encourage research
    activities in ocean science and develop technology to harness ocean resources.
  • The Mission aims to explore and
    harness mineral resources beneath the ocean floor.
  • The proposed inter-ministerial
    and interdisciplinary project also seeks to create jobs and business
    opportunities in ocean science.
  • The program on Polymetallic
    nodules was initiated at CSIR-NIO with the collection of the first nodule
    sample from the Arabian Sea on board the first Research Vessel Gaveshani on 26
    January 1981. India was the first country in the world to have been given the
    Pioneer Area for exploration of deep-sea mineral viz. Polymetallic nodules in
    the Central Indian Ocean Basin in 1987. This was based on the extensive surveys
    carried out by the scientists of CSIR-NIO, on several research ships leading to
    the allocation of an area of 150000 sq km to the country with exclusive rights
    under the UN Law of the Sea.
Sports News
Kerala CM Pinarayi Vijayan launches FIFA U-17 World Cup logo for Kochi

  • Kerala Chief Minister Pinarayi
    Vijayan on 28 August 2017 launched the host city logo for Kochi, one of the
    venues of FIFA U-17 World Cup India 2017.
  • The logo launched by the CM
    represents Kochi’s identity and will also serve as a valuable tool in linking the
    local community in a global World Cup.
  • Alongside the FIFA U-17 World Cup
    India official emblem, the logo for Kochi venue will form a crucial link in the
    promotions and communications regarding the host city.
  • The tournament will be hosted in
    the Jawaharlal Nehru Stadium of the city.
World News
INCOIS launches Ocean forecasting system for Comoros, Mozambique and

  • The Indian National Centre for
    Ocean Information Services (INCOIS) of the Union Ministry of Earth Sciences on
    25 August 2017 inaugurated the Ocean Forecasting System for Comoros, Madagascar
    and Mozambique.
  • The system was unveiled at the
    third Ministerial Meeting of Regional Integrated Multi-Hazard Early Warning
    System for Asia and Africa (RIMES). The meeting was held at Port Moresby, Papua
    New Guinea.
  • The INCOIS is already providing
    these operational services to Maldives, Sri Lanka and Seychelles.
  • Key highlights
  • The Ocean Forecasting System will
    provide information on high wave, currents, winds, tides, sub-surface ocean
  • The system will cater to users
    like fishermen, coastal population, tourism sector, coastal defence officials,
    marine police, port authorities, research institutions and offshore industries
    of these countries.
  • These ocean services are aimed
    towards safety at the sea.
International Atomic Energy Agency opens atomic fuel reserve in
Kazakhstan to ensure supply

  • The International Atomic Energy
    Agency (IAEA) in August 2017 decided to open the Low Enriched Uranium Bank in
  • The IAEA opened the bank to
    ensure the supply of nuclear fuel in the event of disruption due to political
    or market problems.
  • The reserve, scheduled to open on
    29 August 2017, will store 90 tons of Low-Enriched Uranium (LEU), the essential
    ingredient needed to make the fuel for light-water nuclear reactors, which
    generate electricity.
  • The LEU is usually purchased on
    the open market or by bilateral agreement between countries, a system the new
    bank does not want to disrupt.
  • The IAEA insists that the reserve
    is a “mechanism of last resort” for situations in which a United
    Nations member nation cannot access fuel by the usual means.
National Sports Day observed on August 29

  • India celebrated its National
    Sports Day on 29 August 2017. The day is annually celebrated on this day to
    mark the birth anniversary of legendary hockey player Dhyan Chand.
  • Various programmes are being
    conducted across India to celebrate the day. On this occasion, President Ram
    Nath Kovind will give away the National Sports Awards this evening. A total of
    29 players have been selected to receive the honours from President.
  • The President will confer Rajiv
    Gandhi Khel Ratna Award, Arjuna Award and Dronacharya Award at Rashtrapati
    Bhawan. The Khel Ratna Award is honoured for the players’ spectacular and most
    outstanding performance in the field of sports over a period of four years at
    international level. The Arjuna Awards are given to recognize outstanding achievement
    in National sports while the Dronacharya Award is sports coaching honour.

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International Day Against Nuclear Tests 2017 observed globally

  • The International Day Against
    Nuclear Tests was observed across the world on 29 August 2017 with an aim to
    promote peace and security world-wide.
  • The Day is observed through the
    coordination of various activities all over the world such as symposia,
    conferences, exhibits, competitions, publications, instruction in academic
    institutions, media broadcasts and others.
  • The Day was first celebrated in
Barefoot footballer Ahmed Khan passes away

  • Veteran footballer Ahmed Khan,
    India’s oldest football Olympian, passed away on 27 August 2017. He was 90. He
    is survived by his wife, son and daughter.
  • Ahmed was part of the famous
    ‘barefoot’ football squad that made its debut in Olympic football at the 1948
    London Games.
  • He went on to join Bangalore
    Muslims team where he won a couple of matches including famous Rovers Cup
    victory in 1948, where they defeated Mohun Bagan in the final.
  • He played for East Bengal for a
    decade by joining Kolkata Giants in 1949 and formed part of ‘Pancha Pandavas’-
    Sale, Dhanaraj, Appa Rao and Venkatesh.
  • He guided the club in winning
    1949 Durand Cup and IFA Shield double in 1951, followed by several fine
    performances which earned him the name of ‘Forward of the Millennium’.
  • After East Bengal, Ahmed played
    with Mohammedan Sporting till 1961.



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