Current Affairs Update – 3 November, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 3 November, 2017. These are important for the upcoming IBPS PO, Clerk Mains, NICL Assistant, OICL AO exams.

Banking & Financial
Haryana government signs Rs
20,000 Cr worth MoU to set up trading hub

  • The state government Haryana on 2
    November 2017 signed a memorandum of understanding (MoU) with an integrated
    trade facilitation services organisation – Verbind – to set up a logistics and
    trading hub in the state.
  • Under the pact, the state will
    assist the organisation in obtaining the necessary approvals, registrations and
    clearances with reference to the projects from relevant departments, in line
    with existing rules and regulations.
  • The trading hub is expected to be
    built in an area of 600 acres near Gurugram.
  • The public-private project is
    expected to generate employment for around six lakh people.
  • It is also expected to attract
    investment worth Rs 20,000 Cr.
  • The role of nodal agency for the
    project will be played by the Haryana State Industrial and Infrastructure
    Development Corporation (HSIIDC).

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CBDT allows farm produce bought
for under Rs 2 lakh in cash as expenditure

  • The Central Direct Taxes (CBDT)
    on Friday clarified that cash sale of agricultural produce by its cultivator to
    the trader for an amount less than Rs. 2 lakh will not result in any
    disallowance of expenditure under section 40A (3) of the Income-tax Act, 1961.
  • Addressing the issue via an
    official statement, the CBDT highlighted that produce of the aforementioned
    amount will not attract prohibition under section 269ST of the Act in the case
    of the cultivator, which provides penalty for any cash transaction above the
    value of Rs. 2 Lakh, equal to the transaction amount.
  • It will also not require the
    cultivator to quote his PAN/ or furnish Form No.60, the circular noted.
  • However, the notice comes in the
    wake of the CBDT receiving representations from the stakeholders regarding
    applicability of provisions of Income-tax Act, 1961 to cash the sale of
    agricultural produce by cultivators/agriculturists.
News related to India & states
Karnataka to create ecosystem for
using nanotechnology across verticals

  • The state government of Karnataka
    would be creating an ecosystem to bring all stakeholders to use nanotechnology
    across verticals including energy, medicine, engineering, transport and
  • The information was shared by
    renowned scientist C N R Rao at a preview of the ‘Bengaluru India Nano 2017’ on
    2 November 2017 in Bengaluru. “Our endeavour is to create an ecosystem for
    bringing industry, research and academia on one platform with the state
    government support to use nanotechnology and nano science across
    verticals,” said Rao.               
  • The Bengaluru India Nano 2017
    will be held in Bengaluru from 7- 8 December 2017.
  • The event will be organised by
    the state Department of Information Technology, Biotechnology and Science and
  • It is expected to see
    participation from over 500 delegates from countries including India, Japan,
    Britain and US.
President inaugurates 21st World
Congress of mental health

  • The 21st World Congress of Mental
    Health was inaugurated by President Ram Nath Kovind in New Delhi on 2 November
  • The conference was organised by
    the World Federation for Mental Health in partnership with Caring Foundation
    and other institutions.
  • Speaking on the occasion, the
    President said that the World Congress of Mental Health is taking place in
    India for the first time and it has come here at an appropriate moment.
  • The main theme of the conference
    is ‘Partnerships for Mental Health’.

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Indo-Kazakhstan bilateral
military exercise PRABAL DOSTYK 2017 begins

  • The bilateral military exercise
    between India and Kazakhstan ‘PRABAL DOSTYK 2017’ began on 2 November 2017 at
    Bakloh, Himachal Pradesh.
  • Literally defined as ‘Robust
    Friendship’, ‘Prabal Dostyk 2017’ is second edition of the joint military
    training exercise between both countries.
  • The first edition of exercise was
    held in Karaganda region of Kazakhstan in September 2016.
  • The fourteen day PRABAL DOSTYK is
    aimed at enhancing the military ties between the two countries for achieving
    interoperability between the two armies.
  • It also aims to acquaint both
    forces with each other’s operating procedures in the backdrop of counter
    insurgency and counter terrorism operations under UN mandate.
Kenneth Juster confirmed as US
Ambassador to India

  • Senior White House official
    Kenneth Juster was on 27 October 2017 confirmed as the United States (US)
    Ambassador to India by the US Senate Foreign Relations Committee through a
    voice vote.
  • Juster will succeed Richard
    Verma, the first Indian-American to head this position. Verma resigned from the
    post on 20 January 2017 with the swearing in of Donald Trump as the 45th President
    of the United States.
  • The position has been lying
    vacant since then.
Lists & Indexes
WEF releases Global Gender Gap
Report 2017: India ranked 108th in its Global Gender Gap Index

  • The World Economic Forum (WEF) on
    2 November 2017 released the Global Gender Gap Report 2017. The report
    catalogues 144 countries on the basis of their progress towards gender parity
    and then lists them accordingly in its Global Gender Gap Index.
  • These 144 countries are ranked on
    the basis of four thematic dimensions- Economic Participation and Opportunity,
    Educational Attainment, Health and Survival, and Political Empowerment.
  • This year, the Global Gender Gap
    Index 2017 is topped by Iceland, while India fetched 108th rank, slipped 21
    places in comparison with its 87th rank in 2016.
Highlights of the Global Gender Gap Index 2017

  • The report describes the year
    2017 as the bad year in a decade of slow but steady progress as the uniformity
    between the sexes came to a halt with the widening of global gender gap for the
    first time since 2006, when WEF released the report for the first time.
  • A total of 68 per cent of the
    world’s gender gap is now closed. However, this percentage has declined in
    comparison with the years 2016 and 2015, when the gap was 68.3 and 68.1 per
    cent respectively.
  • At the current rate of progress,
    the global gender gap will take 100 years to close, compared to 83 last year.
  • Gender parity is worst in terms
    of workplace gender divide, which, as estimated, will take 217 years to close.
  • 27 countries closed gender gap in
    Educational Attainment; 34 countries closed their Health and Survival gender
    gaps; 13 countries closed 80 per cent of their gender gap in Economic
    Participation; while only Iceland closed 70 per cent of the gap in Political
  • Iceland remains the world’s most
    gender-equal country, ranked at 1st position. The country closed nearly 88 per
    cent of its gender gap.
  • Other top 10 countries in the
    2017 Global Gender Gap Index include Norway (2), Finland (3), Rwanda (4) and
    Sweden (5), Nicaragua (6) and Slovenia (7), Ireland (8), New Zealand (9) and
    the Philippines (10).
  • Among the G20 group of countries,
    France is ranked highest on gender parity with 11th position, followed by
    Germany at 12, the United Kingdom at 15, Canada at 16, South Africa at 19 and
    Argentina at 34.
World News
‘Fake news’ named Word of the
Year 2017 by Collins Dictionary

  • The Collins Dictionary on 2
    November 2017 named ‘Fake news’ as the Word of the Year 2017 due to its
    widespread use around the world. The term ‘Fake news’ was popularised by US
    President Donald Trump.
  • ‘Fake news’ takes over the term
    ‘Brexit’ which was named as the definitive word in 2016 after the June 2016
    referendum in favour of the UK’s exit from the EU.
  • UK-based lexicographer found that
    the use of term ‘fake news’ registered a 365 per cent rise in the last one
  • The term ‘Fake news’ is defined
    as ‘false, often sensational, information disseminated under the guise of news
  • Either as a statement of fact or
    as an accusation, the term ‘Fake news’ has been inescapable this year,
    contributing to the undermining of society’s trust in news reporting.



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