Current Affairs Update – 30 November, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 30 November, 2016. These are important for the upcoming IPPB PO Mains, NIACL AO Mains, IBPS Clerk Mains, IBPS RRB OS-I Mains and RBI Assistant Mains 2016-17.

• YES Bank has launched a digital
  banking service, ‘SIMsePAY’, whereby any account holder can do money transfers,
  pay utility bills, and other mobile banking services without the need for a
  smartphone or Internet.
• The private sector bank has
  launched the service with the District Co-operative Bank, Dehradun, and plans to
  launch it across the country.
• SIMsePAY is a wafer-thin sticker
  that can be pasted on to any type of SIM card (standard, micro or nano) of any
  telecom service provider. This sticker installs a SIM Tool Kit (STK)-based
  application which can be accessed by the customer on any mobile phone without
  the need for Internet connectivity.
• The bank, in a statement, said
  the sticker would be linked to a co-branded pre-paid wallet or a pre-paid card
  (which can be loaded up to Rs. 50,000) issued by it or the co-operative banks’
  account by the consumer to perform transactions such as national electronic
  funds transfer/ immediate payment service based fund transfers, check balances
  and generate mini-statements, payments to merchants, bill payments, top-ups and
  recharges.

• The Centre has constituted a 13
  member Committee of Chief Ministers headed by Andhra Pradesh Chief Minister
  Chandrababu Naidu to promote digital payment systems to promote transparency,
  financial inclusion and also prepare a roadmap in this regard.
• Apart from Mr. Naidu, Odisha CM
  Naveen Patnaik, M.P. CM Shivraj Singh Chouhan, Sikkim CM Pawan Kumar Chamling,
  Puducherry CM V. Narayanasamy, Maharashtra CM Devendra Fadnavis are also
  members of the committee along with NITI Aayog Vice-Chairman Arvind Panagariya,
  and Amitabh Kant CEO, NITI Aayog.
• UIDAI former Chairman Nandan
  Nilekani, Boston Consulting Group Chairman Janmejaya Sinha, netCORE Managing
  Director Rajesh Jain, iSPIRIT Co—founder Sharad Sharma and IIM (Ahmedabad)
  Professor (Finance) Jayant Varma are special invitees.
• According to officials, the terms
  of reference of the committee are identifying global best practices for
  implementing an economy primarily based on digital payment and examine the
  possibility of adoption of these global standards in the Indian context.
• The panel will also outline
  measures for rapid expansion and adoption of the system of digital payments
  like cards (Debit, Credit and pre-paid), Digital-wallets/ e-wallets, internet
  banking, Unified Payments Interface (UPI), banking apps, etc and shall broadly
  indicate the roadmap to be implemented in one year.
• It shall evolve an action plan to
  reach out to the public at large with the objective to create awareness and
  help them understand the benefits of such a switchover to digital economy and
  would prepare a roadmap for the administrative machineries in the States to
  facilitate adoption of digital modes of financial transactions.

• To ease the pain of its customers
  queueing up to withdraw cash at its ATMs and branches, HDFC Bank has tied up
  with Federation of Retail Traders Welfare Association (FRTWA), a trade body
  representing shop owners, to offer cash withdrawal facility of up to ₹2,000 at over 50 large,
  prominent retail stores across metros.
• The move seeks to widen the ambit
  of cash being dispensed only at branches and ATMs.
• Withdrawal may be done by swiping
  debit cards at the PoS machines installed at Roopam, Benzer, Amarsons,
  Kalaniketan, Premsons, Asiatic, Libaz, Seasons, Roopmilan, Metro, Catwalk, and
  Mochi, to name a few.
• These stores will use cash
  collected from their sales for the purpose of these withdrawals. FRTWA is a
  trade body representing over 2 lakh shop owners in Mumbai.

• The Reserve Bank of India (RBI)
  on 29 November 2016 reduced the cash withdrawal limit from the  Pradhan Mantri Jan Dhan Yojana (PMJDY)
  accounts to Rs 10000 a month only with an aim to protect farmers and rural Jan
  Dhan account holders from money launderers.
• It applies to know your customer
  (KYC) compliant PMJDY accounts funded through deposits of new bank notes after
  9 November 2016.

• PMJDY account holders, who want
  to withdraw more than Rs 10000 a month, will have to furnish appropriate documents
  to prove why they need the money.
• The branch managers can allow
  further withdrawals beyond Rs 10000 only after ascertaining the genuineness of
  such withdrawals and duly documenting the details on bank’s record.
• Limited or Non-KYC compliant PMJDY
  account holders will be allowed to withdraw Rs 5000 per month from the amount
  deposited in new currency notes after 9 November 2016. These account holders
  can withdraw up to Rs 10000.

• CoutLoot, an end-to-end fashion
  re-commerce platform, has been selected for Facebook’s developer-focused
  “FbStart” programme, receiving access to $40,000 worth of credits and
  services from the social networking giant.
• Launched last year,
  “FbStart” helps developers grow their startups by leveraging valuable
  tools and services, worldwide events and opportunities to engage with the
  Facebook team.
• Under the programme, CoutLoot
  would also receive mentoring from Menlo Park-headquartered tech giant’s
  engineering teams, the company said in a statement on Wednesaday.

• Private sector RBL Bank on
  Wednesday said it has launched ‘Aadhaar Payment Bridge System’ (APBS) for small
  ticket micro-finance loan disbursements.
• The bank said it is the first
  bank to launch the APBS on its platform and the intent is to meet the government’s
  target on digital banking.
• “This was achieved by doing
  the first successful cashless disbursement to various beneficiaries in the
  rural segment across the country,” the bank said in a release.
• The bank said it is a drive
  towards cashless loan disbursements, which otherwise is dominated by physical
  cash.
• The APBS system can now enable
  MFIs to disburse loan amounts directly in Aadhaar-enabled bank accounts through
  RBL Bank.
• It has been developed by NPCI
  mainly to process government subsidies or direct benefit transfer (DBT) to
  various government scheme beneficiaries.

• The Lok Sabha on 29 November 2016
  passed the Taxation Laws (Second Amendment) Bill, 2016 to amend the Income Tax
  Act, 1961 and Finance Act, 2016.
• The Bill was introduced in Lok
  Sabha on 28 November 2016. It imposes a higher rate of tax and penalty in
  respect of undisclosed incomes.
• The Bill proposes to introduce
  the Pradhan Mantri Garib Kalyan (PMGK) Yojana, 2016.  Under the scheme, taxpayers will be required
  to declare their undisclosed income possessed in the form of cash or deposited
  in banks, post offices or Reserve Bank of India before a notified date.
• The money from PMGK will be used
  for projects in irrigation, infrastructure, primary education, primary health,
  housing, toilets and livelihood.

• The cess will be known as the
  Pradhan Mantri Garib Kalyan Cess and will be used for welfare of weaker
  sections.
• The taxpayer has to deposit 25
  percent of the undisclosed income into the Pradhan Mantri Garib Kalyan Deposit
  Scheme, 2016. The deposit will not earn any interest and can be withdrawn only
  after four years from the date of deposit.
• People, who will declare their
  undisclosed wealth in denominations of banned Rs 1000 and Rs 500 currency notes
  under the PMGKY scheme, will have to pay a tax at the rate of 30 percent of the
  undisclosed income.
• Additionally, 10 percent penalty
  and PMGK Cess at the rate of 33 percent of tax will be levied on the
  undisclosed income.
• If taxpayer does not admit his
  undisclosed income, he will be levied with flat 60 percent penalty plus a cess
  of 25 percent of tax, which will amount a levy of 75 percent tax in total.

• Indian Space Research
  Organisation (ISRO) will launch 83 satellites, 80 of them being foreign, in one
  go in January next year, the Lok Sabha was told on Wednesday.
• Eighty satellites weighing 500 kg
  belonged to five foreign countries — Israel, Kazakhstan, Netherlands,
  Switzerland and the US.
• It will be the first of its kind
  mission in ISRO’s space history.
• Three Indian satellites are
  namely Cartosat-2 series weighing 730 kg as primary payload, INS-IA and INS-1B,
  total weighing 30 kg.

• For promoting cooperation and
  collaboration between Arunachal Pradesh and Thailand, a Memorandum of
  Understanding (MoU) was signed between Surindra Rajabhat University Regional
  Development Strategies (SRRURDS) Foundation of Surin Province, North East of
  Thailand and Mahabodhi Lord Buddha College (MLBC) in Arunachal Pradesh.
• The MoU was signed yesterday in
  line with the development of friendly international cooperation with mutual
  interests in developing programmes of academic exchange and for establishing a
  long-term mutually beneficial association between the two institutes for
  fostering cordial relations between the people of Arunachal Pradesh and
  Thailand, an official release said here today.
• The MoU was signed by Associate Professor
  Achara Phanurat, Ex-President of Surindra SRRURDS Foundation and Ven Bhikkhu
  Panyaloka, Director of MLBC in presence of the Deputy Chief Minister Chowna
  Mein and Tharadol Thongruang, Minister Councillor, Royal Thai Embassy, New
  Delhi.
• As per the MoU, both the
  institutes agreed to carry out the activities in academic and research
  cooperation, cultural activities for international development in educational
  institutions using international journals, magazines as a stage for academic
  exchange.

• Asia’s first and longest cycle
  highway was on 26 November 2016 inaugurated in Uttar Pradesh by UP Chief
  Minister Akhilesh Yadav. It is also India’s first cycle highway.
• This 207 kms cycle highway
  connects the Taj City Agra and the Lion Safari at Etawah.

• This 7-feet-wide cycle highway
  was constructed by the UP public works department.
• It runs parallel to the main
  highway, but is separated by a divider which ensures the safety of cyclists.
• The track begins from the lion
  safari in Etawah and passes through 92 villages across the two districts.
• It also crosses the natural
  beauty of the Chambal and Yamuna rivers on its way.
• It has tourist destinations like
  Naugava ka Quila, Raja Bhoj ki Haveli and Bateshwarnath Temple.

• A Rs 2,000-crore development
  package for displaced people of Pakistan occupied Kashmir (PoK) living in the
  country was on Wednesday approved by the government.
• The Union Cabinet, chaired by
  Prime Minister Narendra Modi, approved the Home Ministry’s proposal to provide
  enhanced financial aid to 36,384 families, who are mostly living in Jammu region
  after their displacement from PoK post Independence.
• Each of these families will get
  around Rs 5.5 lakh as aid, a senior official said.
• The refugees from West Pakistan,
  mostly from PoK, settled in different areas of Jammu, Kathua and Rajouri
  districts. However, they are not permanent residents of the state in terms of
  Jammu and Kashmir Constitution.

• After leading India to an
  unassailable 2-0 lead in the five-match Test rubber against England, skipper
  Virat Kohli on Wednesday vaulted to a career-best third spot in the latest
  International Cricket Council (ICC) rankings for Test batsmen released here.
• The 28-year-old Kohli, who scored
  62 and six not out to help India crush England by 8 wickets in the third Test
  against England at Mohali, moved to 833 points, within 14 points of
  second-ranked England’s Joe Root in a list led by Australia captain Steve
  Smith.
• Starting the series in 15th
  position, Kohli has risen at a fast pace scoring 405 runs in the three Tests
  against England, according to an ICC release.
• Kohli, who is top-ranked in
  Twenty20 internationals and second in One-Day Internationals, looks determined
  to top the table in Tests, the only format in which he has never been
  top-ranked.
• The remaining two Tests provide
  more opportunity to Kohli, who had led India to victory in the ICC U19 Cricket
  World Cup in Malaysia in 2008.

• Donald Trump, the new President-elect
  of the United States, nominated Seema Verma to the post of Administrator of the
  Centers for Medicare and Medicaid Services.
• She is the second Indian-American
  to be placed in one of the top administration positions, only after Nikki
  Haley, who created history by becoming the first-ever Indian-American to be
  appointed to a cabinet-level position under any US president.
• Seema Verma will be expected to
  work along with the newly elected Health and Human Services Secretary- Tom
  Price.

• The Parliament of Thailand on 29
  November 2016 invited Crown Prince Vajiralongkorn to be the new king of the
  country. The invitation completes a formal step for the heir apparent to take
  the throne following the death of his father, King Bhumibol Adulyadej, in
  October 2016.
• As per the established procedure,
  the prince will have to accept parliament’s invitation in order for him to be
  proclaimed king.

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Team ExamPundit