Current Affairs for BANK, IBPS Exams 9 August 2017
Current Affairs for BANK, IBPS Exams 9 August 2017
Justice Deepak Mishra to become 45th CJI
The Centre cleared the file for appointment of
Justice Dipak Misra as the 45th Chief Justice of India with effect from
Justice Misra, the senior-most judge of the Supreme
Court after the present Chief Justice J.S. Khehar, who is retiring on August 27,
will have a tenure of about 14 months till October 2, 2018.
Justice Misra was elevated to the Supreme Court on
October 10, 2011.He enrolled as a lawyer on February 14, 1977 and was appointed
Additional Judge of the Orissa High Court in 1996.
Justice Misra wrote history when he led the
three-judge Bench which heard Yakub Memon, the sole condemned man in the Bombay
blasts case, who came knocking on the Supreme Court’s door for reprieve in the
early hours of the day he was hanged to death.
Justice Misra is at present hearing a slew of
important cases with far-reaching consequences.
Shia Central Waqf board for amicable settlement of
Babri Masjid dispute
The Shia board suggested that the court set up
a committee headed by a retired Supreme Court judge.
Committee should comprise of two retired Allahabad
High Court judges, Chief Minister of Uttar Pradesh Yogi Adityanath or his
nominee, a nominee of the Prime Minister, before which a representative each of
the Shia Central Waqf Board, the Nirmohi Akara and a Hindu sect.
They shall make suggestions and proposals for an
amicable settlement keeping in mind the “larger public interest.” It pointed out
that there had unfortunately been no talks during the seven years the appeals
were pending before the SC.
The board proposed that the apex court give a time
frame for the committee to submit its report besides scheduling its first
meeting and venue.
Mr. Rizvi said the “other sect of the Muslim
community” has subjected him to threats on learning about the views of the Shia
board. He said he had informed the U.P. government, which is taking steps for
According to him, the efforts of the Shia board for
an amicable settlement would “usher in a new era for both the larger
denominations to live in peace and harmony.”
He said the High Court while portioning out
one-third share in the area of the (demolished) Babri masjid to “Muslims” in its
September 30, 2010 judgment had expressed hopes of an amicable settlement. The
same view had also been expressed by the Supreme Court later on.
SC asks the Centre to reply to petition
challenging validity of Art 370
The Supreme Court asked the Centre to respond
to a petition challenging the continuing validity of Article 370 of the
Indian Constitution giving special autonomous status to the State of Jammu
A Bench of Chief Justice of India J.S. Khehar,
Justices A.K. Goel and D.Y. Chandrachud issued notice to the Centre on the
petition filed by Vijayalakshmi Jha pointing out that Article 370 was a
The petition, represented by advocate Anil Kumar
Jha, asked the court to clarify if Article 370 was supposed to have lapsed
automatically with the dissolution of the Constituent Assembly of Jammu and
Kashmir on January 26, 1957.
It asked whether the J&K Constitution, which
neither got the mandatory assent or approval of the President of India, was
valid at all.
The petition pointed to clause (3) of Article 370,
which said it was up to the President to declare whether the Article should
cease to exist or continue to be operative.
For this, the President would have required the
recommendation of the Constituent Assembly of J&K. However the institution had
Besides, the petition contended that the special
autonomous status is violative of Article 1 of the Constitution which envisages
that “India, that is Bharat, shall be a Union of States.”
It argued that the separate “Constitution of Jammu
&Kashmir was never ratified by the President or the Parliament or satisfies
Article 1 or the Preamble of the Constitution.”
The petition asked the court to quash the ‘Delhi
Agreement’ entered into between Sheikh Mohammad Abdullah and Jawaharlal Nehru,
representing J&K and the Indian government, respectively.The Centre has to file
its reply in four weeks.
India will go from a data poor to data rich nation
in three years
India will go from a data poor to data rich
nation in three years, Nandan Nilekani, chairman, EkStep, and former
chairman, Unique Identification Authority of India, said.
He spoke on the ‘strategic implications’ and ‘the
right strategy’ to be adopted by the country to use the data for the public
good. “It is not a technology issue, but a policy issue.
There are three main components — data colonisation,
privacy and a ‘winner takes it all’ approach.”
The amount of data in the world today is equal to
every person in the U.S. tweeting three tweets per minute for 26,976 years and
every person in the world having more than 215 million high-resolution MRI scans
a day. 2.7 zettabytes of data exists in the digital universe today.
“There is a knowledge asymmetry when it comes to
giving loans to the poor. Now with GSTN, Aadhaar and UPI, one can find out if a
small businessman is worthy of being given a loan as his banks can digitally
look at the performance of his business.
The GSTN network will lay a large platform for
businesses through its e-way bill and BharatBill payments. The Aadhaar will
provide the base. India has a robust authentication structure in place, like
PAN, which can safely authenticate a person. India is in a unique position.
India is working on a paperless and cashless
service delivery system that will enable the government, citizens and
entrepreneurs to interact with each other through an open digital platform.
The IndiaStack programme is the largest application
programming interface that is being developed in order to enable 1.2 billion
Indians to get access to goods and services digitally.
Globally, more than 200 billion high definition
movies, which would take a person 47 million years to watch, have been created
and, according to estimates, the volume of business data worldwide, across all
companies, doubles every 1.2 years.
YouTube users upload 48 hours of new video every
minute of the day. 571 new websites are created every minute of the day.
Average temp. in U.S. has risen rapidly since 1980
The average temperature in the United States
has risen rapidly and drastically since 1980, and recent decades have been
the warmest of the past 1,500 years, according to a sweeping federal climate
change report awaiting approval.
The draft report by scientists from 13 federal
agencies, which has not yet been made public, concludes that Americans are
feeling the effects of climate change right now.
It directly contradicts claims by President Donald
Trump and members of his Cabinet who say that the human contribution to climate
change is uncertain, and that the ability to predict the effects is limited.
The authors note that thousands of studies,
conducted by tens of thousands of scientists, have documented climate changes on
land and in the air.
The report was completed this year and is a special
science section of the National Climate Assessment, which is congressionally
mandated every four years.
The report concludes that even if humans
immediately stopped emitting greenhouse gases into the atmosphere, the world
would still feel at least an additional 0.30 degrees Celsius of warming over
this century compared with today.
The projected actual rise, scientists say, will be
as much as 2 degrees Celsius.
A small difference in global temperatures can make
a big difference in the climate: the difference between a rise in global
temperatures of 1.5 degrees Celsius and one of 2 degrees Celsius, for example,
could mean longer heat waves, more intense rainstorms and the faster
disintegration of coral reefs.
::Business and Economy::
SEBI concerned with the manner in which start-ups
are being funded
SEBI is concerned with the manner in which
start-ups are being funded through unregulated entities and is examining the
manner in which alternative fund-raising platforms and crowd-funding
ventures can be regulated to bring in transparency and regulatory oversight
in such deals.
The regulator has recently formed a panel under T.V.
Mohandas Pai, former CFO of Infosys , to look into this issue and advise on
ensuring that market disruption does not come at the cost of investor protection
and market integrity.
Incidentally, SEBI chairman Ajay Tyagi had recently
met an industry delegation to discuss the matter as the regulator was concerned
with the increasing number of such entities in the market.
The Committee on Financial and Regulatory
Technologies will, among other things, deliberate on financial technology
solutions for “further widening and deepening of the Indian securities market”
through traditional and alternative platforms, including peer to peer lending
and equity crowd-funding.
Interestingly, this comes in the wake of notices
that the regulator has sent to many entities that act as platforms for funding
start-ups or connecting them to the large investor community.
While questioning the manner in which these
entities help start-ups raise funds, the regulator has said that any violation
would be “construed as organising an unrecognised stock exchange” and that SEBI
would be “constrained to initiate action.”
Under the current legal framework, issue of shares
to more than 200 persons constitutes a public issue and needs SEBI approval.
Earlier, the cap was 49 and was increased to 200 when the Companies Act was
revised in 2013.
Industry participants said that SEBI has a
provision under Section 28 of Securities Contracts (Regulation) Act (SCRA) that
allowed the regulator to recognise such alternative investment platforms.
The start-up ecosystem has gained significance
especially after the government's Make in India initiative and important
departments including the Department of Economic Affairs and DIPP are pushing
regulatory bodies to create an investor-friendly ecosystem for such ventures.
Parliamentary Standing Committee concerned over
The Parliamentary Standing Committee on
Transport, Tourism and Culture sought details from the Centre on the
disinvestment of Air India and Pawan Hans, flagging concerns over the
employees’ future in both the public sector units.
The Members of Parliament raised concerns over job
security of the workers in both the PSUs.
Senior civil aviation ministry officials told the
Parliamentary panel members that the job security of the workers will be kept in
mind during the disinvestment process of both the companies and that the
modalities of the stake sale are being worked out at present.
Minister of State for Civil Aviation Jayant Sinha
had said in June that the commitment towards Air India’s employees will be duly
honoured during the disinvestment process.
The panel also flagged the issue of the huge debt
of Air India. The national carrier has accumulated total debt of Rs. 48,876
crore till March 2017.
It has been reporting continuous losses due to its
high debt with its net loss at Rs. 3,728 crore in 2016-17 compared with Rs.
3,836 crore in 2015-16.
The Cabinet Committee on Economic Affairs, chaired
by Prime Minister Narendra Modi, on June 28 gave its in-principle approval for
the strategic disinvestment of Air India and its subsidiaries.
Last year, the government had decided to sell its
entire 51% stake in Pawan Hans Ltd (PHL), in which ONGC holds the rest. The
Cabinet approval for deciding upon the modalities of its stake sale will soon be