Current Affairs Update – 3rd February, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 3rd February, 2016. These are important for the upcoming LIC AAO 2016.

• The Reserve Bank of India (RBI)
  on Tuesday relaxed several rules including foreign direct investment norms to
  boost start-up activity in the country.
• To begin with, start-ups are
  allowed to receive foreign venture capital investment irrespective of the
  sector in which they operate. The new norms will enable transfer of shares from
  foreign venture capital investors to other residents or non-residents.
• The central bank also permitted,
  in case of transfer of ownership of a start-up enterprises, receipt of the
  consideration amount on a deferred basis as also enabling escrow arrangement or
  indemnity arrangement up to a period of 18 months.
• The central bank simplified the
  process of dealing with delayed reporting of foreign direct investment
  (FDI)-related transaction by building a penalty structure into the regulations
  itself.

• India’s services sector gained
  traction in January and posted its strongest monthly gain in activity for over
  one-and-a-half years, a private survey showed on Wednesday.
• Posting a 19-month high of 54.3
  in January (December: 53.6), the seasonally adjusted Nikkei Services Activity
  Index pointed to a marked and accelerated expansion of activity across the
  sector.
• Growth was noted in four of the
  six monitored categories, the exceptions being hotels & restaurants and
  transport and storage.
• Underpinning the overall increase
  in services output was a seventh successive monthly expansion of new business
  inflows.
• Adjusted for seasonal factors,
  the Nikkei India Composite PMI Output Index climbed to an 11-month high of 53.3
  in January from 51.6 in December.
• Lifting the index were a rebound
  in manufacturing production as well as stronger growth of services output.

• The Union cabinet chaired by
  Prime Minister Narendra Modi today approved a proposal for formation of joint
  venture companies between Indian Railways and state governments to mobilize
  resources for executing rail infrastructure projects in multiple states.
• The joint venture companies would
  be formed with equity participation of the rail ministry and the state
  governments. Each such JV would have an initial paid-up capital of Rs 100 crore
  — including the rail ministry’s paid up capital of upto Rs 50 crore — based
  on the quantum of projects to be undertaken.
• The JV companies would also be
  allowed to form project-specific Special Purpose Vehicles (SPVs) with equity
  holding by other stakeholders including banks, ports, public sector
  undertakings and mining companies. The rail ministry is working on a capital
  expenditure plan of Rs 1 lakh crore in the current financial year, including Rs
  40,000 crore to be raised from Extra Budgetary Resources.

• The Union Government on 2
  February 2016 set up two new committees in order to bring coherence and
  streamline the direct and indirect tax policy and administration.

1. Tax Policy Research Unit (TPRU)
2. Tax Policy Council (TPC)

• The TPC will be headed by the
  Finance Minister Arun Jaitley.
• It will suggest broad policy
  measures for taxation based on inputs from the TPRU.
• The Council will be advisory in
  nature, which will help the Government in identifying key policy decisions for
  taxation.

• The TPRU will be a
  multi-disciplinary body to examine and analyse any fiscal or tax policy
  referred by the Central Board of Direct Taxes (CBDT) and Central Board of
  Excise and Customs (CBEC).
• It will prepare and disseminate
  policy papers and background papers on various taxation issues.
• TPRU will comprise of officers
  from CBDT, CBEC as well as economists, statisticians, researchers and legal
  experts. The new committees are a follow up of Parthasarthy Shome panel
  recommendations on tax reforms.

• Supreme Court on 2 February 2016
  appointed a committee under former Chief Justice RM Lodha to sell assets of
  Pearls Agrotech Corporation Ltd (PACL) and refund 49 thousand crore rupees to
  the investors.
• The investors invested in the
  firm’s collective investment scheme (CIS) that was deemed illegal by the
  Securities and Exchange Board of India (SEBI).
• A bench headed by Justice Anil
  Dave said that the title deeds of various lands belonging to PACL should be
  handed over by the CBI to the SEBI. The court in its direction said that SEBI
  will take appropriate steps to ensure their sale.

• Maharashtra Cabinet on 2 February
  2016 announced Bharatratna Dr. Babasaheb Ambedkar Special Collective Incentive
  Scheme for the economically backward Dalit entrepreneurs.
• The scheme was launched to
  celebrate the 125th birth anniversary of Dr BR Ambedkar.
• Under this scheme, special
  facilities would be given to Dalit entrepreneurs besides the present Collective
  Incentive Scheme 2013. Businessmen in Commodities and Service sector would be
  able to avail the benefits of this scheme.
• Dalit and tribal communities will
  be allowed to set up their businesses on lands provided by Maharashtra
  Industrial Development Corporation (MIDC). These lands will be offered at
  cheaper rates.
• The government will set aside a
  portion of land in every integrated town for businessmen belonging to lower
  class.

• National Investment and Infrastructure
  Fund (NIIF) Ltd. on 2 February 2016 signed a Memorandum of Understanding (MoU)
  with RUSNANO OJSC of Russia. The MoU was to set-up Russia-India High Technology
  Private Equity Fund for joint implementation of investments into projects in
  India
• The two parties agreed to
  cooperate in diverse sectors and facilitate high-technology investments in
  India.
• They will establish a joint
  working group with a view to further develop cooperation between them and work
  on the development of the definitive agreements based on the principles
  outlined in the Memorandum.

• Dr Harsh Vardhan, the Union
  Minister for Science, Technology and Earth Sciences on 2 February 2016
  inaugurated the construction work of Borehole Geophysics Research Laboratory
  (BGRL) at Hazarmachi, Karad of Maharashtra. 
• BGRL is being developed at Karad
  to understand and address the challenges of the seismological problems (natural
  calamities) of societal relevance in the Koyna Region through drilling
  investigation.
• BGRL was conceptualised as part
  of the Ministry’s programme of Scientific Deep Drilling in Koyna Intra-plate
  Seismic Zone for geographical investigations and modeling dedicated to earthquake
  research in the area.

• The Government of Odisha on 2
  February 2016 decided to extend the Aahar scheme to 29 districts in the State.
  A decision in this regard was taken at a review meeting on the programme at the
  State secretariat in Bhubaneswar.
• As per the decision, 58 centres
  will be established in 29 districts across the State to provide subsidized food
  to urban poor under the scheme. The centres will be opened from March 2016.
• It was launched by the State
  Government on 1 April 2015 to mark the State’s Foundation Day, Utkala Diwas.
• As part of the first phase of the
  scheme, Aahar outlets were opened in five cities, namely, Bhubaneswar, Cuttack,
  Berhampur, Sambalpur and Rourkela.

• The first-ever India-US BPO
  conference will be held in the US state of Florida during which two million job
  creations for both offshore and domestic Indian businesses will be targeted,
  its organisers have said.
• Themed, “Leveraging the
  Power of Partnerships, in the New Digital Age”, the two-day conference is
  being organised by Indo-American Chamber of Commerce in partnership with TV18,
  on March 29-30.
• Targeting two million job
  creation for both offshore and domestic businesses in India, this summit will
  also boost the confidence of the Indian business community showcasing the ‘New
  – Digital India,’ a statement said.

• Maharashtra Government has
  decided to ban sale of liquor in plastic bottles and tetrapaks fearing that
  such packs may cause harmful effect on the health of consumers. The ban, which
  comes into effect from April 1, 2016, will be applicable on alcoholic beverages
  and liquors manufactured in Maharashtra as well as imported into the state.
• A Maharashtra Government
  Resolution, issued on January 11, 2016, also cited harmful effect of plastics
  on environment for banning polyethylene terephthalate (PET) bottle in liquor.
  In addition, the resolution makes it mandatory for manufacturers to use only
  virgin material for making glass bottles, used to pack spirits.
• This information was shared by
  state government with the Bombay High Court, which was hearing a public interest
  litigation seeking a ban on sale of liquor in PET bottles or plastic bottles,
  according to a PTI report.

• Justice Ramayyagari Subhash Reddy
  was on Wednesday elevated as the Chief Justice of the Gujarat High Court while
  12 additional judges of the Allahabad High Court were made as permanent judges.
• Justice Reddy, a judge of the
  Andhra Pradesh/Telangana High Court, has been elevated as the Chief Justice of
  the Gujarat High Court with effect from the date he assumes charge of his
  office, a Law Ministry statement said.
• He has become the first judge to
  be elevated as Chief Justice of a High Court since April 13, 2015 when the
  government had brought into force the National Judicial Appointments Commission
  Act, which had overturned the collegium system of appointing judges.

• Former Punjab Chief Secretary R S
  Mann was today appointed as the Chairman of Sixth Punjab Pay Commission by
  Chief Minister Parkash Singh Badal.
• Disclosing this here, a
  spokesperson of the Chief Minister’s Office said that Badal has cleared the
  appointment of R S Mann as the Chairman of Sixth Punjab Pay Commission, with
  effect from today.
• The spokesperson said the new
  Chairman has been mandated to give recommendations with regard to new pay
  scales for the employees and revision in the pension for pensioners/family
  pensioners of the state government after having detailed deliberations with the
  various state employees’ and pensioners’ associations.

• Major General Jai Shanker Menon
  of India was appointed as the Head of Mission and Force Commander of the United
  Nations Disengagement Observer Force (UNDOF). His appointment was announced by
  UN Secretary-General Ban Ki-moon on 2 February 2016.
• Menon succeeds Lieutenant General
  Purna Chandra Thapa of Nepal, who will complete his assignment on 7 February
  2016. 
• Menon brings to his new position
  extensive command experience and knowledge of peacekeeping affairs at the
  national and international levels.

• Amitabh Harivansh Bachchan was on
  2 February 2016 presented with the lifetime achievement award in New Delhi.
• He received the honour at NDTV
  Indian of the Year Awards for his contribution to the film industry.

• Indian film-maker Kanu Behl
  directorial Titli on 1 February 2016 bagged the Best First Foreign Film Award
  conferred by the French Syndicate of Cinema Critics 2016 (FSCC).
• Titli has earlier won at various
  international film festivals at places like Bordeaux, Hawaii, New York, Turkey
  and Spain.

• The European Commission (EC) and
  the USA on 2 February 2016 agreed on a new framework for transatlantic data
  flows.
• The framework that will be known
  as the EU-US Privacy Shield will enable the government agencies to transfer
  data relied on by Facebook and Google across the Atlantic.
• And, the agreement will replace
  the 16-year old Safe Harbour arrangement that was ruled illegal by the European
  Court of Justice in October 2015.

• Kerala on 2 February 2016 won the
  61st National School Athletics championship. The national School Athletics
  championship was held at Olympian Rahman Stadium in Kozhikode, Kerala from 29
  January 2016 to 2 February 2016.
• This is for the 19th consecutive
  time Kerala becomes the champions in the event. Kerala, the host of the
  championship got 306 points winning 39 gold, 29 silver and 17 bronze medals.

• S.S. Tarapore, former Deputy
  Governor of the Reserve Bank of India (RBI), passed away on 2 February 2016 in
  Mumbai. He was 80.
• Tarapore was mostly known for his
  strong views on issues, ranging from inflation to capital account
  convertibility.

• Former Lok Sabha Speaker Balram
  Jakhar passed away on 3 February 2016 in New Delhi. He was 92.
• Jakhar was elected as the Lok
  Sabha Speaker for two consecutive terms from 1980 to 1989. He was elected to the
  Lok Sabha four times and also served as the Union Agriculture Minister in 1991
  in P. V. Narasimha Rao Ministry.

• Veteran Urdu fiction writer and
  poet Intizar Hussain died on 2 February 2016 in Lahore. He was 92.
• He was the first Pakistan
  national and the first Urdu writer ever to be nominated for the international
  award.
• He was conferred upon the Officer
  of the Order of Arts and Letters by the French Ambassador to Pakistan Philppe
  Thiebaud in September 2014.

Regards

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