Current Affairs Update – 3rd November, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 3rd November, 2016. These are important for the upcoming IBPS PO Mains, IBPS Clerk Mains, NIACL AO Mains, IPPB PO mains exams 2016.

Current Affairs at a Glance– 3rd November, 2016
  1. The GST Council on Thursday decided to have four slabs under the
    GST regime with some changes from what union finance ministry proposed and a cess over the peak
    rate of 28% on luxury and sin
    goods
    for five years to compensate states for any revenue loss.
  2. The Reserve Bank of India (RBI) on Thursday allowed banks to issue rupee denominated
    bonds, or masala bonds, in the overseas market to shore up their capital
    base
    as well as for financing infrastructure and affordable housing.
  3. Indian automobile manufacturer Tata Motors has signed
    a Memorandum of Understanding (MoU) with Indonesian state-owned enterprise
    specializing in military and commercial products – PT
    Pindad
    , to effectively explore market potential of Tata Armoured
    Vehicles in Indonesia and other agreed regions of ASEAN.
  4. Prime Minister Narendra Modi on 1 November 2016 launched the Saur Sujala
    Yojana in Chhattisgarh
    . The scheme aims at providing solar powered
    irrigation pumps to farmers at a subsidized price. With the launch of the scheme, Chhattisgarh
    becomes the first state to implement the scheme
    .
  5. Russia in November 2016 invited India
    to join in developing next-generation nuclear reactors and participate in its fast reactor research project, known as
    MBIR (Russian acronym).
  6. Prime Minister Narendra Modi on 3 November 2016 inaugurated the Asian Ministerial
    Conference on Disaster Risk Reduction (AMCDRR) in New Delhi.
    Aim of the
    3-day conference is to find ways for better management of disaster risk.
  7. Kristalina Georgieva was on 2 November 2016 appointed as the Chief Executive Officer (CEO) of the International
    Bank for Reconstruction and Development (IBRD)
    and the International
    Development Association (IDA) of the World Bank Group with effect from January
    2017.
  8. Ministry of Railways on 2
    November 2016 appointed
    Dr. Bindeshwar Pathak, the founder of Sulabh International, as a Brand
    Ambassador for Swachh Rail Mission
    . Minister of Railway Suresh
    Prabhu felicitated Pathak at a function in New Delhi.
  9. Kolkata-born Sarabjit Singh Marwah on 2 November 2016 became the first Sikh to be appointed to the Canadian Senate.
  10. Freedom House, a non-government watchdog, on 2 November 2015
    released the Freedom
    of the Press 2016 report
    . The report was released with theme, The Battle
    for the Dominant Message. With respect to India, the report found that freedom to the
    press is partly free with a total score
    of 41 on a 0 to 100 scale with 0 representing the best level of freedom on the
    net progress and 100 the worst
    .
  11. Indian shuttler Pratul Joshi on 30 October 2016 won the men’s singles title of the Bahrain International Challenge
    badminton tournament
    .
  12. Prime Minister Narendra Modi on 2
    November 2016 presented the Ramnath Goenka Awards for Excellence in Journalism at
    a function in New Delhi.
  13. The National Aeronautics and Space Administration (NASA) on 2 November
    2016 completed the construction of the James Webb Space Telescope (JWST) after more than 20
    years of hard work
    .

Financial/Banking –
Four-tier GST structure of 5%, 12%, 18% and 28% finalised

  • The GST Council on Thursday
    decided to have four slabs under the GST regime with some changes from what
    union finance ministry proposed and a cess over the peak rate of 28% on luxury
    and sin goods for five years to compensate states for any revenue loss.
  • A four-tier GST rate structure
    would be 5%, 12%, 18%, 28%, finance minister Arun Jaitley told reporters after
    the meeting. The finance ministry had earlier proposed to have 6%, 12%,18% and
    26%.
  • Most of the food items would
    attract zero% rate. As much as 50% of consumer price index would be zero rated.
  • 5% rate would be on other
    necessary goods such as soaps and others needed for daily uses.
  • Earlier proposal of the finance
    ministry to have 26% would be hiked to 28% but many items that were to attract
    26% earlier would be brought down to 18%. These would include some white goods.
  • Above 28% would be a cess to be
    imposed on luxury cars, aerated  drinks
    and tobacco.
  • Kerala finance minister Thomas
    Isaac instead had pitched for GST rate of 40% above 28% on these items.
  • The proposal of cess was made by
    the union finance ministry.
  • This cess, coupled with one on
    clearn energy, would yield the government Rs 50,000 crore, which is expected to
    be revenue loss for states in a year. However, cess would be reviewed every
    year on the basis of revenue loss
    to  states.
  • The earlier proposal of levying
    2% rate on gold was put on hold. The duty on gold would be decided later after
    assessing impact of these GST rates.
  • The council  would now take up the issue of administrative
    control on assessees on Friday.
RBI allows banks to issue masala bonds

  • The Reserve Bank of India (RBI)
    on Thursday allowed banks to issue rupee denominated bonds, or masala bonds, in
    the overseas market to shore up their capital base as well as for financing
    infrastructure and affordable housing.
  • To strengthen their capital base,
    banks can raise perpetual debt instruments, which can be considered for
    calculating a bank’s additional tier 1 capital, or debt capital instrument that
    can go into calculating a bank’s tier-2 capital. These bonds will be issued as
    per the Basel III norms and therefore, will have loss absorption clause. Under
    this clause a bank can chose not to honur the coupon payment in case of
    financial stress.
  • For financing infrastructure and
    affordable housing, the banks can issue long term bonds, which doesn’t have the
    loss absorption clause.
  • The central bank had first
    announced its intention for letting banks tap the overseas market with rupee
    bonds on August 25 when RBI announced a slew of measures to develop the bond
    and currencies market. Companies were already allowed to raise money through
    masala bonds and a few issuances totaling Rs 7,472 crore have been done.
Tata Motors signs MOU with Indonesia’s PT Pindad for armoured vehicles

  • Indian automobile manufacturer
    Tata Motors has signed a Memorandum of Understanding (MoU) with Indonesian
    state-owned enterprise specializing in military and commercial products – PT
    Pindad, to effectively explore market potential of Tata Armoured Vehicles in
    Indonesia and other agreed regions of ASEAN.
  • The MoU further includes a study
    to check the feasibility of locally assembling Tata Armoured Vehicles at PT
    Pindad’s facility, in Bandung in West Java province of Indonesia.
  • Tata Motors has created a focused
    division to design and develop defence technologies and products at its facilities
    in Jamshedpur and Pune.
India hosts ICANN’s 57th annual general meeting in Hyderabad

  • The Internet Corporation of
    Assigned Names and Numbers(ICANN), which is a private non-profit organisation
    managing internet protocol numbers and domain name system roots, began its 57th
    annual general meeting on Thursday in Hyderabad.
  • The seven-day-long meeting, which
    is the first gathering after the United States relinquished its stewardship
    over internet governance, focuses on enhancing its outreach and engagement with
    a global audience, besides improving capacity building measures.
  • The conference, scheduled to take
    place between November 3 and 9, would discuss the transition of internet
    governance into a multi-stakeholder community model, besides speaking about
    issues related to domain name system.
  • This is the second time India is
    hosting the meeting. The first time when an ICANN meeting was held in India was
    in 2008. The Union Ministry of Electronics and Communication, which has been
    hosting the annual meeting, is pursuing some of the issues with the company
    that involve establishing a root server that handles domain name functions.
India –
PM Narendra Modi launches Saur Sujala Yojana in Chhattisgarh

  • Prime Minister Narendra Modi on 1
    November 2016 launched the Saur Sujala Yojana in Chhattisgarh. The scheme aims
    at providing solar powered irrigation pumps to farmers at a subsidized price.
  • With the launch of the scheme,
    Chhattisgarh becomes the first state to implement the scheme.
Key highlights of the scheme
  • Under the scheme, solar powered
    irrigation pumps of 3HP and 5HP capacity worth 3.5 lakh rupees and 4.5 lakh
    rupees respectively will be distributed to the farmers by 31 March 2019.
  • The beneficiaries will also get
    the pumps at the subsidised price.
  • Around 51000 farmers will be
    benefitted in the state with the launch of the scheme in next two years. The
    selection of the farmers will be done by the State Government’s organization,
    which looks after the development of renewable sources of energy.
  • Priority will be given in those
    areas where electricity connection has not reached yet.
  • The Chhattisgarh State Renewable
    Energy Development Agency (CREDA) will be responsible authority for the
    installation as well as maintenance of the solar pumping devices to the
    eligible farmers.
SC grants pension to fake freedom fighters
  • The Supreme Court (SC) on 2
    November 2016 granted pension to the fake freedom fighters on humanitarian
    grounds. However, on the other hand, the court ordered inquiry into alleged
    forging of freedom fighter certificates to claim pension.
  • In August 2005, SC appointed
    Justice A B Palkar Commission to examine the case of a large number of people
    claiming pension as freedom fighters by allegedly forging certificates in Beed
    district of Maharashtra.
  • The court said that those falsely
    claiming to have participated in the freedom struggle should be dealt sternly
    as they were traitors. It directed the Palkar panel to complete the inquiry
    into claims of 354 people for freedom fighter pension and submit a report to
    the Maharashtra government.

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India invited to join Russia’s fast reactor research project

  • Russia in November 2016 invited
    India to join in developing next-generation nuclear reactors and participate in
    its fast reactor research project, known as MBIR (Russian acronym).
  • The information was given by
    ROSATOM’s project manager, Alexander Zagornov, who was in India for the opening
    of the company’s south Asia regional centre. ROSATOM is the nuclear corporation
    of Russia.
  • This multipurpose reactor is a
    type of reactor in which nuclear fission chain reaction is sustained by fast
    neutrons. This project is coming up at the International Research Center in
    Dimitrovgrad, located in the Ulyanovsk region.
PM Modi inaugurated Asian Ministerial Conference on Disaster Risk
Reduction
  • Prime Minister Narendra Modi on 3
    November 2016 inaugurated the Asian Ministerial Conference on Disaster Risk
    Reduction (AMCDRR) in New Delhi. Aim of the 3-day conference is to find ways
    for better management of disaster risk.
  • The conference will come out with
    a declaration consolidating the political commitment of governments towards
    preventing and reducing risk as well as strengthening resilience by
    accelerating implementation.
  • Inaugurating the Conference on
    Disaster Risk Reduction Modi  outlined a
    ten-point agenda for renewing efforts towards disaster risk reduction.
Appointments –
Kristalina Georgieva appointed as CEO of IBRD & IDA of World Bank

  • Kristalina Georgieva was on 2
    November 2016 appointed as the Chief Executive Officer (CEO) of the
    International Bank for Reconstruction and Development (IBRD) and the
    International Development Association (IDA) of the World Bank Group with effect
    from January 2017.
  • Her appointment was confirmed by
    the World Bank Group President Jim Yong Kim. IBRD and IDA are the lending arms
    of the World Bank.
Bindeshwar Pathak appointed as brand ambassador of Swachh Rail Mission

  • Ministry of Railways on 2
    November 2016 appointed Dr. Bindeshwar Pathak, the founder of Sulabh
    International, as a Brand Ambassador for Swachh Rail Mission. Minister of
    Railway Suresh Prabhu felicitated Pathak at a function in New Delhi.
  • As part of the mission, Sulabh
    International has been assigned the task to clean some important railway
    stations across the country. Sulabh International is an India-based social
    service organization which works to promote human rights, environmental
    sanitation, non-conventional sources of energy, waste management and social
    reforms through education.
  • Bindeshwar Pathak is an Indian
    sociologist and the founder of Sulabh International.
Sarabjit Singh Marwah becomes Canada’s first Sikh Senator
  • Kolkata-born Sarabjit Singh Marwah
    on 2 November 2016 became the first Sikh to be appointed to the Canadian
    Senate.
  • Toronto-based Marwah is among six
    people from Ontario who have been appointed to the Senate by Prime Minister
    Justin Trudeau.
Mariano Rajoy re-elected as Prime Minister of Spain

  • Mariano Rajoy on 29 October 2016
    was re-elected as the Prime Minister of Spain after winning a parliamentary
    vote. 170 lawmakers voted for him, 111 against and 68 abstained.
  • With this, Spain has its first
    fully functioning government since December 2015, when a general election left
    no party with a majority.
Reports –
Freedom of the Press 2016 report released

  • Freedom House, a non-government
    watchdog, on 2 November 2015 released the Freedom of the Press 2016 report. The
    report was released with theme, The Battle for the Dominant Message.
  • As per the annual report, press
    freedom declined to its lowest point in 12 years in 2015. It happened because
    the political, criminal, and terrorist forces sought to co-opt or silence the
    media in their broader struggle for power.
  • With respect to India, the report
    found that freedom to the press is partly free with a total score of 41 on a 0
    to 100 scale with 0 representing the best level of freedom on the net progress
    and 100 the worst.
Highlights in context of India
  • In terms of stories related to
    environment and land development, the report highlighted the story of two
    Indian journalists, namely Sandeep Kothari and Jagendra Singh, who were killed.
    Kothari who covered illegal mining and land grabs was killed in June 2015 and
    his body was found burned and heavily bruised. Jagendra Singh also died from
    burns allegedly inflicted by local police.
Sports –
Indian shuttler Pratul wins men’s singles title at Bahrain
International Challenge
  • Indian shuttler Pratul Joshi on
    30 October 2016 won the men’s singles title of the Bahrain International
    Challenge badminton tournament. This was his maiden international title.
  • In the summit clash played at
    Segayya in Bahrain, Pratul defeated Aditya Joshi 21-17, 12-21, 21-15.
  • On the other hand, the women’s
    singles title went to Sri fatmawati of Indonesia. In the final clash, she
    defeated compatriot Asty Dwi Widyaningru.
  • Indians to reach the finals in
    the tournament were
  • Men’s doubles: Indian pair of
    Vighnesh Devlekar and Rohan Kapoor lost 18-21 17-21 to Russian pair of Evgenij
    Dremin and Denis Grachev.
  • Women’s doubles: Indian pair of
    Farha Mather and Ashna Roy lost the finals 12-21 18-21 to Bahrain’s Tanisha
    Crasto and Aprilsasi Lejarsar Variella of Indonesia.
Awards & Honors –
PM Narendra Modi presents Ramnath Goenka Awards for Excellence in
Journalism
  • Prime Minister Narendra Modi on 2
    November 2016 presented the Ramnath Goenka Awards for Excellence in Journalism
    at a function in New Delhi.
  • The honour acknowledges
    exceptional work across 28 categories in print, broadcast and online journalism
    in English, Hindi and regional languages.
  • Ramnath Goenka was an Indian
    newspaper publisher. He launched The Indian Express and created the Indian
    Express Group with various English and regional language publications.
Sanjiv Sinha Memorial Award for Excellence in Reporting
  • Aditi Vatsa (The Indian Express)
Priya Chandrashekar Memorial
Award for Excellence in Editing
  • Saikat Kumar Bose (The Indian
    Express)
Prakash Rakesh Kardaley
Memorial Award for Civic Journalism
  • Christin Mathew Philip (The Times
    of India)
Uncovering India Invisible
  • Print: Ashwaq Masoodi (Mint)
  • Broadcast: Sarada Lahangir (Kalinga TV)
World –
NASA completes construction of James Webb Space Telescope

  • The National Aeronautics and
    Space Administration (NASA) on 2 November 2016 completed the construction of
    the James Webb Space Telescope (JWST) after more than 20 years of hard work.
  • This largest-ever space telescope
    is expected to launch in 2018 following the in-depth testing.
  • The telescope has 18 large
    mirrors that will collect infrared light, sheltered behind a tennis-court-size
    sun shield.
  • It is considered as the successor
    to NASA’s iconic Hubble Space Telescope.
  • It is a 8.8 billion US dollars
    worth space observatory built to observe the infrared universe like never
    before.
  • Earth’s atmosphere glows in the
    infrared, so such measurements can’t be made from the ground. Hubble emits its
    own heat, which would obscure infrared readings.

Regards

Team ExamPundit

This post was last modified on November 27, 2017 8:55 am