Banking & Finance. 1. Government notifies Banking Regulation (Amendment) Act, 2017

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1 Weekly Current Affairs Dear readers, 27 th August to 2 September Weekly Current Affairs is a collection of important news and events that occurred in the fourth week (27 th August 2 September) These News are highly important for various competitive exams and interviews. Banking & Finance 1. Government notifies Banking Regulation (Amendment) Act, 2017 The Parliament has passed the Banking Regulation (Amendment) Bill, 2017 which amended the Banking Regulation Act, 1949 for handling the cases of non-performing assets (NPA s). The act empowers the Central Government to authorize the Reserve Bank of India to give directions to the banking companies to resolve the issues of NPA s under the Insolvency and Bankruptcy Code, Under the act the RBI can also constitute committees to advice the banks on the resolution of stressed assets. The members of the committee will be appointed by RBI % of demonetized notes returned- RBI report The Reserve Bank of India In its annual report has revealed that Rs lakh crore of high value denomination currency that was demonetized last year returned to it. According to the Central Bank only 1.04% of the demonetized money was not deposited or exchanged. 3. IAEA opens world s first low enriched Uranium Bank in Kazakhstan International Atomic Energy Agency (IAEA) has opened world s first Low enriched Uranium (LEU) Bank at Oskemen in Kazakhstan. The bank will be wholly owned and managed by IAEA. It will be the first of its kind not to be under the control of any individual country. The bank will serve as the last resort of LEU in case IAEA member countries are unable to get the fuel in the International market. It will also boost non-proliferation efforts as it will discourage countries from developing their own uranium enrichment for making weapons. 1 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

2 National News. 1. Government imposes anti-dumping duty on sodium nitrate products from China: The Revenue Department under the Union Finance Ministry has imposed a five year anti-dumping duty on sodium nitrate imports from China. The move has been taken on the recommendations of the Directorate General of Anti Dumping and Allied Duties (DGAD) to protect the domestic industries. Sodium nitrate is used as an oxidizing and reducing agent in pharmaceutical, rubber and textile industries. Anti Dumping Duty: It is an import duty imposed by the Government on certain imported products which have prices lower than their normal value or domestic prices. 2. Government inaugurates India s first VideshBhawan in Mumbai: The Ministry of External Affairs (MEA) has launched India s first VideshBhawan under a pilot project by integrating all Regional Passport Offices and the other allied departments under a single roof. Currently, more than 90 Regional Passport Offices and Protector of Emigrants Office (PoE) operate from the rented offices. Assimilating them into Videsh Bhawans in the different states is expected to cut costs along with ensuring improved efficiency. 3. DRDO signs deal with Israel to produce MRSAM system for Indian Army: Rs.17,000 crore deal has been signed between Defence Research and Development Organisation (DRDO) and Israel Aerospace Industries (IAI) for producing advanced Medium Ranged Surface to Air Missile system for Indian Army till MRSAM is a land based version of Long Range Surface to Air Missile (LRSAM) of the Indian Navy. It has a strike range of 70 kms. 4. Government to launch Deep Ocean Mission: With an aim to increase the research activities in the ocean science and to develop technology to harness ocean resources, the Ministry of Earth Sciences has decided to launch Deep Ocean Mission by P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

3 The oceans along India s 75,000 km long coastline contains huge amount of resources providing opportunities in minerals, food, energy and medicine etc. The mission is expected to harness ocean resources that will help to create new jobs and business opportunities in the ocean regions. 5. Indian Ocean Conference: The two days conference will start in Colombo from 31 st August. Delhi based think tank Foundation will host the conference in collaboration with RSIS and NIFS, the two research and study centers of Singapore and Sri Lanka. The Theme of the conference is: Peace, Progress and Prosperity. This will be the second such conference. The first was held in Singapore last year. 6. Government plans to create Farmer Zone: With an aim to improve the condition of small and marginal farmers, the Union Ministry of Science and Technology is planning to create Farm Zone which is a collective open source data platform for smart agriculture using biological research. This was announced by the Department of Biotechnology at recently concluded Smart Agricultural Conclave in New Delhi. Farm Zone is a concept that integrates Science & Technology, innovation and the farm ecosystem. 7. RajaswaGyanSangam 2017 Prime Minister NarendraModi has inaugurated RajaswaGyanSangam 2017, a conference of senior tax administrators at VigyanBhawan, New Delhi. The two days conference was jointly organized by Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC). The conference was organized to facilitate two-way communication between policy makers and senior officers in field offices with an aim to increase revenue collection and to ensure effective implementation of law and policies in the concerned areas. 8. Assam extended AFSPA Assam Government for the first time has extended Armed Forces Special Powers Act (AFSPA),1958 on its own by declaring entire state a disturbed area for six more months under section 3 of the act. In the past AFSPA provisions were always extended by Centre in the State. The State Government has taken this decision due to ongoing violence by the different underground groups resulting in the deaths of civilians, security personnel and militants. Armed Forces Special Powers Act (AFSPA), 1958: 3 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

4 Parliament enacted AFSPA in 1958 to empower Central and State Governments to declare any area as disturbed due to disputes between the members of different caste, communities and religions. The act empowers the officers of Army, Central and State police forces to shoot any suspect, search and destroy any suspected hide-out. It also protects army personnel against any frivolous prosecution. Right now AFSPA is in force in six states viz. Jammu and Kashmir, Assam, Nagaland, Arunachal Pradesh, Manipur and Meghalaya. 9. Adani group s collaboration with SAAB for defence manufacturing Adani group has announced its collaboration with the Swedish aerospace and Defence company SAAB for the design, development and production of single engine Gripen fighter jet under Make in India campaign. 10. Ahmedabad s walled city gets World Heritage City Certificate 600 years old walled city in the Ahmedabad has been provided with the status of India s first World Heritage City by United Nations Educational, Scientific and Cultural Organisation (UNESCO). Founded by Ahmed Shah in the 15 th century, the walled city of Ahmedabad is situated on the banks of Sabarmati river representing the rich architectural heritage from the sultanate period. 28 monuments in the city are protected by Archaelogical Survey of India. 11. Government approves 100% strategic disinvestment of CEL Through a new alternative mechanism, the Department of Investment and Public Asset Management (DIPAM) has approved 100% strategic disinvestment of Central Electronics Ltd (CEL). The strategic disinvestment of CEL which is wholly owned by the Government, will take place through a new alternative mechanism which has been approved by the Cabinet Committee on Economic Affairs (CCEA). This mechanism includes Finance Minister, Minister of Road Transport and Highways and the minister for the concerned administrative ministry. 12. Delhi Police launches skill development programme- YUVA A skill development programme YUVA has been launched by Delhi Police under the PradhanMantriKaushalVikasYojna (PMKVY). The programme will help the youth belonging to years of age group to get employment opportunities by upgrading their skills as per their competencies. To make this initiative successful, Delhi Police has tied up with National Skill Development Corporation (NSDC) and Confederation of Indian Industries (CII). NSDC will provide skill training under PMKVY whereas CII will provide job linked training through its sector skill councils. 13. West Bengal s Gobindobhog rice gets GI status 4 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

5 The Geographical Indications Registry (GIR) has granted Geographical Indication status to Gobindobhog rice, a speciality from West Bengal s Burdwan district. From now onwards, rice produced from other regions or rice of other varieties cannot be branded as Gobindobhog. Geographical Indication, which is covered under Intellectual Property Rights and Trade Related aspects of Intellectual Property Rights certifies the origin of a product from a particular region with regard to its special quality or reputation. This status ensures that only registered authorized users can use the product name. 14. NITI Aayog launches Ease of Doing Business Report Based on an Enterprise survey of 3,500 manufacturing firms across the country, NITI Aayog has launched the Ease of Doing Business Report. The survey was conducted along with IDFC to monitor and assess the environment of business in India. Major findings of the report: The report finds major problems in the approvals related to construction, environment and availability of water in states having lower growth. Power shortage in low growth states. Newer firms are presenting favorable business environment. Low awareness regarding single window clearance system. 15. Cabinet approval for GST (Compensation to States) Ordinance, 2017 Following the proposals of the Union Finance Ministry, the Union Cabinet has given approval to promulgate an ordinance to amend Goods and Services Tax (Compensation to States) Act Through this approval, the GST council will now be able to increase the maximum rate of compensation cess levied from current cap of 15-20%. The ordinance will amend the section 8 of the GST (Compensation to States) Act CCS approval for the first phase of Army reforms Following the recommendations of Lt. Gen. Shekatkar Committee, the Union Cabinet Committee on Security (CCS) has given its approval for the first phase of Army reforms. This will be the first ever reform in the Army since independence with an aim to enhance the combat capabilities and to optimize the defence expenditure in a phased manner by The reforms will include: Redeployment and restructuring of approximately 57,000 posts of Officers/Junior Commissioned Officers and civilians. 5 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

6 Restructuring of Base Workshops, Advanced Base Workshops and station Workshops. Redeployment of Ordinance Depot. Improving the efficiency of National Cadet Corps (NCC). 17. Mahabaleshwar Sail receives 2016 Saraswati Samman Renowned Konkani writer Mahabaleshwar Sail has won the prestigious Saraswati Samman 2016 for his novel Hawthan showcasing the cultural lives of traditional potter community in Goa. About Saraswati Samman: It is an annual award given to an Indian citizen for his remarkable literary work in written in any of the 22 languages mentioned in the eight schedule of the Constitution. The award which was established in 1991 by K.K.Birla Foundation has been named after the Indian Goddess of learning Saraswtai. International News & Foreign Affairs 1. Indian origin 13 years old boy DhruvGarg tops Mensa IQ in UK: World s oldest high IQ society, Mensa International has announced that Indian origin DhruvGarg has achieved the score of 162. With this, he has placed himself among the top one per cent in the world who have managed to achieve such a milestone. 2. Indo-German agreement to improve grid integration of renewable energy: The Ministry of New and Renewable Energy has signed Indo-German Energy Programme- Green Energy Corridors (IGEN-GEC) with Germany for technical cooperation. The IGEN-GEC programme was launched in 2013 by Germany s Federal Ministry for Economic Cooperation and Development to improve the grid integration of renewable energies with conventional power grids. Under this programme, German Development Bank will provide concessional loan of up to 1 billion euros to support India s Renewable Energy Management Centres and Green Energy Corridor Scheme. 3. US approves first gene therapy for cancer 6 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

7 The US Food and Drug Administration has approved first gene therapy that will use the patient s own cell to treat acute lymphoblastic leukaemia. This step will provide new treatment approaches for the cancer and other life threatening diseases. In this therapy, the T-cells will be removed from the patient s blood and will be encoded with the viral vector in the lab and will be reprogrammed to target cancer cells. 4. India-Myanmar to sign an MoU for the conservation of earthquake damaged Buddhist temples With an aim to improve India s cultural and religious ties with Myanmar, the Union Cabinet has given approval for a Memo randum of Understanding (MoU) for the conservation of earthquake damaged pagodas in Myanmar. Prime Minister Narendra Modi will sign the MoU during his official visit to Myanmar during 6-7 September.Pagodas are multi towered Buddhist temples which are one of the major tourist attractions in Myanmar Defence and Science-Tech 1. Ocean Forecasting System inaugurated: The Indian National Centre for Ocean Information Services (INCOIS) under the Ministry of Earth Sciences has inaugurated the Ocean Forecasting System for Comoros, Madagascar and Mozambique. The system was inaugurated at the third Ministerial Meeting of Regional Integrated Multi Hazard Early Warning System for Asia and Africa held in Papua New Guinea. About INCOIS: The Indian National Centre for Ocean Information Services (INCOIS) is a Hyderabad based organization under the Ministry of Earth science which provides possible ocean information to society, industries and various Government agencies. 2. North Korea fires missile over Japan: In an aggressive test, North Korea has fired a ballistic missile that flew over Japan before plunging into the northern Pacific Ocean. This was North Korea's 13 th biallistic missile launch this year. 3. Unsuccessful launch of IRNSS-1H: 7 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

8 The launch of ISRO s eighth navigation satellite IRNSS-1H from PSLV-C39 was unsuccessful. It had to reach space to back up and replace India s first navigation satellite IRNSS-1A. IRNSS: Indian Regional Navigation Satellite System is an independent system developed by India for terrestrial and marine navigation, disaster management, vehicle tracking etc. It was named NAVIC (Navigation with Indian Constellation) by PM NarendraModi. 4. XFEL: World s largest and powerful X-ray laser gun launched: In order to conduct the extensive study of inner working of atoms, viruses and chemical reactions, the scientists have developed the world s largest and powerful X-ray gun known as XFEL- European X-ray Free Electron Laser which was recently launched in Hamburg, Germany. It can observe and identify the tiny details and processes in the nano world. Important days th August: National Sports Day: The day is observed every year on 29 th of august to celebrate the birth anniversary of the legendary hockey player Major Dhyan Chand who was born on 29 th August On this occasion, President will conferred National Sports Awards to 29 players. Dhyan Chand, famously known as The Wizard has won three Olympic Gold Medals in 1928 (Amsterdam), 1932 (Los Angeles) and 1936 (Berlin). 2. National Nutrition Week: 1 to 7 th September The National Nutrition Week will be observed from 1 to 7 th September throughout the country to spread awareness on the importance of nutrition for the health which is very crucial for the development, economic growth, productivity which leads to National development. The theme for this year is Optimal Infant & Young Child Feeding Practices Better Child Health. Appointments & Persons in News 8 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

9 1. Justice Dipak Misra - New Chief Justice of India: Justice Dipak Misra has taken oath as the 45 th Chief Justice of India. He has succeeded JS Khehar. He was administered the oath of office by President Ram Nath Kovind at the Rashtrapati Bhawan. He will have a tenure of 14 months. 2. Rajiv Mehrishi appointed as the new CAG: Senior IAS officer Rajiv Mehrishi will be the next Comptroller and Auditor General of India. He will succeed Shashi Kant Sharma who will leave the office of CAG on 25 th September Comptroller and Auditor General of India (CAG): CAG is appointed by the President on the advice of the Council of Ministers. He is concerned with the task of account keeping of the Union and the states. He can conduct audit of the accounts of Union or States or any other enterprise in the country. He submits the report to the President. 3. Sunil Arora appointed as the new Election Commissioner: 1980 batch IAS officer Sunil Arora has been appointed as the Election Commissioner by the President of India to fill the vacancy created by former Chief Election Commissioner Nasim Zaidi s retirement. Election Commission of India (ECI): ECI is an independent and permanent body established by the Constitution of India to ensure free and fair elections in the country. It consists of three members including the Chief Election Commissioner and the other two Election Commissioners, all are appointed by the President of India. 4. Rajiv Kumar- NITI Aayog s new Vice Chairman: India s well known economist Rajiv Kumar has been appointed as the new Vice Chairman of the National Institution for Transforming India (NITI) Aayog. He has succeded Arvind Panagaria. Sports 9 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r

10 1. Sports ministry approves Empowered Steering Committee Keeping in mind the 2020 Tokyo Olympic Games and other multi-disciplinary events, the Ministry of Youth Affairs and Sports has approved the establishment of 13-member Empowered Steering Committee (ESC). The decision to form this committee has been taken on the recommendations of Olympic Task Force headed by Abhinav Bindra. The ESC Chairperson will be appointed by the Government. The Committee will give recommendations beneficial for India s preparation for Commonwealth, Asian and Olympic Games. It will also review the annual calendar for training and competition and will also provide specific recommendations. 10 P a g e W e e k l y C u r r e n t A f f a i r s 27 th A u g u s t 2 S e p t e m b e r