Hello and welcome to ExamPundit. Here are the Important Current Affairs of 3rd February, 2016. These are important for the upcoming LIC AAO 2016.
Current Affairs at a Glance – 3rd February, 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. - 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. - 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 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. The two new
panels are: 1. Tax Policy Research Unit (TPRU) and 2.Tax Policy Council
(TPC). - Maharashtra Cabinet on 2 February 2016 announced Bharatratna Dr. Babasaheb Ambedkar Special
Collective Incentive Scheme for the economically backward Dalit entrepreneurs. - 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. - 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. - Maharashtra Government has decided to ban sale of liquor in plastic
bottles and tetra packs 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. - 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. - Former Punjab Chief Secretary R S Mann was today appointed as the Chairman of Sixth Punjab Pay Commission
by Chief Minister Parkash Singh Badal. - 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). - S.S. Tarapore, former Deputy Governor of the Reserve Bank of India
(RBI), passed away on 2 February 2016 in Mumbai.
Finance/RBI –
RBI relaxes FDI norms to boost start-ups
- 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.
Services PMI jumps to 19-month high of 54.3 in Jan on new business
inflows
inflows
- 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.
Cabinet approves formation of state JVs for rail infrastructure
- 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.
Union Government set up two panels to reform tax policies
- 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.
The two new panels are:
- Tax Policy Research Unit (TPRU)
- Tax Policy Council (TPC)
Key highlights of Tax Policy Council
- 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.
Key highlights of Tax Policy Research Unit
- 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.
SC appointed Lodha Committee to sell PACL’s assets
- 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 announced Babasaheb Ambedkar Special Collective Incentive
Scheme
Scheme
- 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.
NIIF signed MoU with Rusnano OJSC to set-up Russia-India High
Technology Private Equity Fund
Technology Private Equity Fund
- 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.
India –
Union Government to set up a BGRL to understand earthquake mechanism in
Koyna region
Koyna region
- 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.
Odisha Government extended Aahar cheap meal scheme to 29 districts
- 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.
First India-US BPO summit to be held in March
- 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 govt bans sale of liquor in plastic bottles
- 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.
Appointments –
R.S. Reddy new Chief Justice of Gujarat HC
- 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.
R.S. Mann Appointed Chairman of Sixth Punjab Pay Commission
- 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 Menon to head United Nations Disengagement Observer Force
- 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.
Awards & Honors –
Amitabh Bachchan conferred with lifetime achievement award
- 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.
Titli became first Indian film to win Best First Foreign Film award by
FSCC
FSCC
- 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.
World –
EU Commission, United States agreed on framework for transatlantic data
flows
flows
- 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.
Sports –
Kerala won 61st National School Athletics championship
- 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.
Obituaries –
Former RBI Deputy Governor S S Tarapore passed away
- 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
- 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 writer Intizar Hussain died
- 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.
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