Current Affairs Update – 6th July, 2016

Hello and welcome to exampundit . Here are the Important Current Affairs of 6th July, 2016. These are important for the upcoming SBI PO Mains & UBI PO PGDBF Exams 2016.

Current Affairs at a Glance – 6th July, 2016

  1. The Union Cabinet on 5 July 2016
    approved the
    Interest Subvention Scheme for farmers for the year 2016-17
    . The
    Government has assigned a sum of 18276 crore rupees for the purpose. This
    scheme will help farmers getting short term crop loan payable within one year
    up to 3 lakhs rupees at only 4% per annum.
  2. Aditya Birla Fashion and Retail
    (ABFRL)
    on 5 July 2016 acquired global clothing brand Forever 21 in the Indian market for 26 million US dollars.
  3. The Union Cabinet chaired by the
    Prime Minister Narendra Modi on 5 July 2016 gave in-principle approval for
    setting up a Major port at Enayam near Colachel in Tamil Nadu.
  4. Online healthcare start-up 1mg
    Technologies Pvt. Ltd
    on 4 July
    2016 announced the acquisition of diagnostic labs aggregator Medd.
  5. India is the fastest growing
    domestic air travel market, but in terms of market size
    it is still
    nearly five times smaller than China and nine times smaller than the United
    States, according to an International Air Transport Association (IATA) report.
  6. World’s largest Charkha (spinning wheels) was unveiled at
    Terminal 3 of the Indira Gandhi International Airport (IGI), New Delhi

    by Union Minister for MSME Kalraj Mishra on 5 July 2016.
  7. The Environment Pollution
    (Prevention and Control) Authority (EPCA) on 5 July 2016 recommended
    a green cess of 20-22 percent on diesel vehicles
    .
  8. The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 5 July 2016 gave green signal to introduce The
    High Courts (Alteration of Names) Bill, 2016 in Parliament. The High Courts
    (Alteration of Names) Bill, 2016 will facilitate the changing of the names of Bombay High
    Court as Mumbai High Court, Calcutta High Court as Kolkata High Court and
    Madras High Court as Chennai High Court
    respectively.
  9. R Thiruppathi Venkatasamy was on 6 July 2016 appointed as the Accountant
    General of Economic and Revenue Sector Audit of Tamil Nadu
    with
    immediate effect. 
  10. Mahendra Nath Pandey on Tuesday took charge as Minister of State for
    Human Resource Development, an official statement said.
  11. Juno spacecraft of the National Aeronautics and Space
    Administration (NASA) on 4 July 2016 successfully entered Jupiter’s orbit.

Finance/Industry/Banking –
Union Cabinet approves Interest Subvention Scheme for farmers

  • The Union Cabinet on 5 July 2016
    approved the Interest Subvention Scheme for farmers for the year 2016-17.
  • The Government has assigned a sum
    of 18276 crore rupees for the purpose. This scheme will help farmers getting
    short term crop loan payable within one year up to 3 lakhs rupees at only 4%
    per annum.
Key features of the scheme

  • The Union Government will provide
    interest subvention of 5% per annum to all farmers for short term crop loan
    payable within one year. Therefore, farmers will have to effectively pay only
    4% as interest.
  • In case farmers do not repay the
    short term crop loan in time, then they will be eligible for interest
    subvention of 2% as against 5% available.
  • The government will give
    approximately 18276 crores rupees as interest subvention for 2016-17.
  • The Union Government has approved
    an interest subvention of 2% i.e an effective interest rate of 7% for loans up
    to 6 months to give relief to small and marginal farmers who would have to
    borrow at 9% for the post harvest storage of their produce.
  • The interest subvention of 2%
    will be provided to banks for the first year on the restructured amount to
    provide relief to the farmers affected by natural calamities.
Aditya Birla Fashion acquires global clothing brand Forever 21

  • Aditya Birla Fashion and Retail
    (ABFRL) on 5 July 2016 acquired global clothing brand Forever 21 in the Indian
    market for 26 million US dollars.
  • Forever 21 has a network of more
    than 700 stores worldwide. Its India operations reported a turnover of 262
    crore rupees in 2015-16.
  • Aditya Birla Fashion executed a
    business transfer agreement with Diana Retail, Franchise of Forever 21, and DLF
    Brands for acquisition of the business undertaking of Diana Retail under the
    Forever 21 brand.
  • The transaction involved acquisition
    of the Forever 21 Undertaking of Diana Retail with effect from 1 July 2016.
  • The transaction of 26 million US
    dollars was an all cash deal through a business transfer agreement and not a
    share transfer.
  • With this, Forever 21 business
    will form part of ABFRL’s Madura Fashion & Lifestyle division.
Union Cabinet approves setting up of Major port at Enayam in Tamil Nadu

  • The Union Cabinet chaired by the
    Prime Minister Narendra Modi on 5 July 2016 gave in-principle approval for
    setting up a Major port at Enayam near Colachel in Tamil Nadu.
  • In this regard, a Special Purpose
    Vehicle (SPV) will be formed for development of Port with initial equity
    investment from three Major Ports in Tamil Nadu- VO Chidambaranar Port Trust,
    Chennai Port Trust and Kamarajar Port Limited.
Highlights of the Project

  • The Enayam project will cost
    around 27000 crore rupees and will be undertaken in three phases.
  • The cabinet cleared an
    expenditure of 6575 crore rupees for phase one of the project.
  • The SPV will develop the port
    infrastructure including dredging and reclamation, construction of breakwater,
    ensuring connectivity links, etc.
  • Establishing this Major port at
    Enayam will not only act as a major gateway container port for Indian cargo but
    it will also become a trans-shipment hub for the global East-West trade route.
  • It will also reduce the logistics
    cost for exporters and importers in South India who currently depend on
    trans-shipment in Colombo or other ports thus incurring additional port
    handling charges.
1mg Technologies acquires diagnostic labs aggregator Medd

  • Online healthcare start-up 1mg
    Technologies Pvt. Ltd on 4 July 2016 announced the acquisition of diagnostic
    labs aggregator Medd.
  • The step was taken to boost
    diagnostic footprint of 1mg Technologies. However, the value of the transaction
    was not disclosed by the company.
  • The deal comes after 1mg raised
    100 crore rupees in a Series B round from investors including Maverick Capital
    Ventures.
India tops domestic air travel growth in 2015 but trails China, US in
size

  • India is the fastest growing
    domestic air travel market, but in terms of market size it is still nearly five
    times smaller than China and nine times smaller than the United States,
    according to an International Air Transport Association (IATA) report.
  • In 2015, domestic airlines in
    India flew 81 million passengers, registering a 20% growth over 2014. Growth
    was driven by low fares and average domestic fares were 15-20% lower in 2015.
  • In comparison, domestic airlines
    in China and the United States flew 394 million and 708 million passengers in
    2015, with a growth rate of 9.7% and 5.4%, respectively.
  • Aviation consultancy CAPA
    estimates domestic traffic in India to cross 100 million in FY17 with 20%
    year-on-year growth.
India –
World’s largest charkha unveiled at IGI airport, Delhi

  • World’s largest Charkha (spinning
    wheels) was unveiled at Terminal 3 of the Indira Gandhi International Airport
    (IGI), New Delhi by Union Minister for MSME Kalraj Mishra on 5 July 2016.
  • The idea behind displaying the
    world’s biggest charkha at the country’s busiest airport is to highlight
    India’s quest to foster an egalitarian society as demonstrated by Mahatma Gandhi,
    the father of the nation.
  • The Charkha was installed at the
    departure forecourt of the terminal with a belief that it would help in
    carrying forward the legacy of promoting India’s rich cultural heritage through
    different artworks at the terminal.
  • All the existing artworks at the
    terminal – Mudras, Regal procession, Elephant statues, Surya Sculpture,
    Suryanamaskar and Worli Art among others – depict and showcase Indian heritage
    globally.
Sponsored

(adsbygoogle = window.adsbygoogle || []).push({});

SC-appointed Green Panel recommends high pollution cess of 20-22% on
diesel vehicles

  • The Environment Pollution
    (Prevention and Control) Authority (EPCA) on 5 July 2016 recommended a green
    cess of 20-22 percent on diesel vehicles.
  • EPCA is a Supreme court-appointed
    Green Panel for Delhi-National Capital Region (NCR).
Highlights of the recommendations

  • The vehicles need to be divided
    into three categories- up to 1200 cc, up to 2000 cc and 2000 cc and above.
  • An Environment Compensation
    Charge (ECC) of 10 percent of the vehicle’s cost be imposed on diesel cars with
    engines up to 1200cc.
  • EPCA recommended ECC of 20
    percent tax on diesel vehicles with engines smaller than 1500cc in size.
  • It recommended a cess of 22
    percent on vehicles with engines over 1500cc.
  • It also recommended high
    pollution cess of up to 25 percent on the cost of diesel cars above 2000 cc.
  • The authority’s recommendation of
    20 per cent (for less than 1500 cc) and 22 per cent (for over 1500 cc) green
    cess stands at 179766 rupees and 215883 rupees respectively.
  • Diesel car users cannot pay less
    tax per litre of fuel compared to petrol car. This needs to be equalised to
    control growing use of low tax diesel fuel in cars that have cleaner
    substitutes.
Union Cabinet approves The High Courts (Alteration of Names) Bill, 2016

  • The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 5 July 2016 gave green signal to introduce The
    High Courts (Alteration of Names) Bill, 2016 in Parliament.
  • The High Courts (Alteration of
    Names) Bill, 2016 will facilitate the changing of the names of Bombay High
    Court as Mumbai High Court, Calcutta High Court as Kolkata High Court and
    Madras High Court as Chennai High Court respectively.
  • The bill is the proposal of the
    Department of Justice in the Law Ministry.
Union Cabinet approves National Apprenticeship Promotion Scheme

  • The Union Cabinet on 5 July 2016
    approved the National Apprenticeship Promotion Scheme to train 50 lakh
    apprentices by 2019-20. The Scheme involving an outlay of 10000 crore rupees
    will catalyze the entire apprenticeship ecosystem in the country.
  • It will offer a win-win situation
    for all stakeholders and is expected to become one of the most powerful
    skill-delivery vehicles in the country.
Features

  • It provides for incentivizing
    employers to engage apprentices.
  • 25% of the total stipend payable
    to an apprentice would be shared with employers directly by Union Government.
  • It also supports basic training,
    which is an essential component of apprenticeship training.
  • 50% of the total expenditure
    incurred on providing basic training would be supported by Union Government.
  • It is for the first time a scheme
    has been designed to offer financial incentives to employers to engage
    apprentices.
Union Cabinet approves redevelopment of seven GPRA colonies in Delhi

  • Union Cabinet on 5 July 2016
    approved redevelopment of seven General Pool Residential Accommodation (GPRA)
    colonies in the national Capital, Delhi. The project will be completed in five
    years in a phased manner.
Highlights

  • Sarojini Nagar, Netaji Nagar and
    Nauroji Nagar will be redeveloped through National Buildings Construction
    Corporation Limited (NBCC).
  • Kasturba Nagar, Thyagraj Nagar,
    Srinivaspuri and Mohammadpur will be developed through Central Public Works
    Department (CPWD).
  • This approval will help in
    replacing the existing housing stock of 12970 dwelling units of Type I to IV
    with Build Up Area (BUA) of approx. 7.49 lakh sq meter with approx. 25667
    dwelling units of Type II to VI with BUA of approx. 29.18 lakh sq meter with
    supporting social infrastructure.
  • The project will also develop
    Government office accommodation for nearly 2.42 lakh sq meter at Netaji Nagar.
Appointments –
R Thiruppathi Venkatasamy appointed as Accountant General of Tamil Nadu

  • R Thiruppathi Venkatasamy was on
    6 July 2016 appointed as the Accountant General of Economic and Revenue Sector
    Audit of Tamil Nadu with immediate effect. His appointment was approved by the
    Union Government.
  • Venkatasamy is a 2000 batch
    officer of Indian Audit and Accounts Service.
  • Prior to this appointment, he was
    serving as the Senior Deputy Accountant General in the organisation of
    Comptroller and Auditor General Agartala, Tripura.
Mahendra Nath Pandey takes over as MoS for HRD

  • Mahendra Nath Pandey on Tuesday
    took charge as Minister of State for Human Resource Development, an official
    statement said.
  • Interacting with the media
    persons, he stressed on the priority of making quality education accessible to
    all the citizens of India.
  • Pandey is a Lok Sabha MP from
    Chandauli constituency in Uttar Pradesh. Previously, he has also been a member
    of Standing Committee on Rural Development and Consultative Committee for
    Ministry of Steel and Mines. He was also a member of Business Advisory
    Committee and Parliament Committee on Official Language.
Zee Learn appoints Debshankar Mukhopadhyay as CEO

  • Education player Zee Learn has
    appointed Debshankar Mukhopadhyay as their new Chief Executive Officer (CEO).
    Mukhopadhyay has taken charge of the company from July 2016.
  • Prior to this, he was the Head of
    Educational Sales-Financial Services & Insurance, at Manipal Global
    Education Services. His previous stints have been with Max Life Insurance Co.
    Ltd, Western Union, Scholastic India, Zee Interactive Learning Systems Ltd and
    DHL Worldwide.
World –
NASA’s Juno Spacecraft successfully enters Jupiter’s orbit

  • Juno spacecraft of the National
    Aeronautics and Space Administration (NASA) on 4 July 2016 successfully entered
    Jupiter’s orbit.
  • Confirmation of a successful
    orbit insertion was received from Juno tracking data monitored at the
    navigation facility at NASA’s Jet Propulsion Laboratory (JPL).
  • Juno’s main aim is to understand
    the origin and evolution of Jupiter. The spacecraft will also investigate the
    existence of a solid planetary core, map Jupiter’s intense magnetic field,
    measure the amount of water and ammonia in the deep atmosphere and observe the
    planet’s auroras.
Obituaries –
Acclaimed Iranian director Abbas Kiarostami dies

  • Abbas Kiarostami, the critically
    acclaimed Iranian director died on 4 July 2016 following a prolonged illness in
    Paris. He was 76. Kiarostami is survived by two sons.
  • His 1997 film Taste of Cherry won
    the prestigious Palme d’Or Award at the Cannes Film Festival.

Regards

Team ExamPundit