Current Affairs for BANK, IBPS Exams 03 April 2017

Current Affairs for BANK, IBPS Exams

03 April 2017

:: National ::

PM made appeal to Kashmiri youth to leave terrorism

Inaugurating the country’s longest tunnel of 9.28 km in Jammu, Prime Minister Narendra Modi asked Kashmiri youth to make a choice between tourism and terrorism.
“Kashmiri youths have two options, tourism and terrorism. For 40 years, terrorism gave you nothing but bloodshed, deaths and destruction. Had you chosen tourism, the world would have been at Kashmir’s feet,” said Mr. Modi.
Built at a cost of Rs. 3.720 crore, the all-weather tunnel is an engineering feat, and will reduce the travel time between Srinagar and Jammu by two hours and bypass several treacherous and landslide prone areas.
The Prime Minister said every Indian dreams of visiting Kashmir. “More the tourists, the better it will be for the economy. The entire country is with Jammu and Kashmir if tourism is the focus,” he stressed.
Mr. Modi said, “I want to tell the Kashmiri youth what actually is the power of stones. On one side, youth in Kashmir throw stone. On the other, people are giving their blood and sweat, cutting rocks for Kashmir's development.”
Describing the tunnel as “a big leap for J&K’s development,” Mr. Modi said it would be a boon for Kashmir's farmers and fruit growers, whose produce will reach Delhi quickly without spoiling.
He said the tunnel will be discussed not only in India but also by climate activists in the world. “We have worked to safeguard the Himayalas and the environment,” said Mr. Modi.
J&K Chief Minister Mehbooba Mufti described Mr. Modi a “courageous leader” and pushed for the initiation of a dialogue.

Election commission says EVM’s are temper proof

Asking the Aam Aadmi Party to introspect on why it did not perform as expected in the Punjab Assembly polls, the Election Commission said the only alternative for verification of the results was to file a petition before the High Court.
It reiterated that the electronic voting machines (EVMs) were tamper-proof.
It cited Rule 93 of the Conduct of Elections Rules, 1961, to say: “You are informed that after declaration of result, only alternative available to verify the data of votes cast is to file an Election Petition before the High Court concerned.”
The rule states that while in the custody of the district election officer or the returning officer, all the vital documents related to the elections cannot be opened by any person or authority, except under the order of a competent court.
The Commission said the Supreme Court had never expressed any doubt on use of EVMs in the election process, strongly objecting to “wrong and imaginary exploration” of the Court order.
Dismissing the allegations of EVM tampering, the EC said various High Courts had also unequivocally reiterated that, given the effective technical and administrative safeguards, the voting machines could not be tampered and integrity of the electoral process was fully preserved.
On AAP’s contention that some foreign countries had stopped using EVMs, the EC said such comparisons were both misplaced and misguided as those used by EC were stand-alone machines.
The EC said nothing could be written on the chip after manufacturing and so, the machines used in India were fundamentally different from those adopted in various foreign countries.
As regards the use of Voter Verifiable Paper Audit Trail (VVPAT) machines for further transparency and verifiability, the Commission said they would be deployed in a phased manner given the financial constraints and production capacity.

Centre to bring law for proper maintenance of parents

The government is mulling bringing legislative changes to remove the monthly ceiling of Rs. 10,000 on the maintenance paid by children to parents and introduce a rating mechanism for organisations providing home care services to the elderly.
If the proposed amendments to the Maintenance and Welfare of Parents and Senior Citizens (MWPSC) Act come through, the maintenance amount to be decided by senior citizen tribunals for the neglected parents will depend on their need and the economic condition of their children.
At present, the maintenance for a parent or senior citizen that can be ordered by the tribunal as payable by the children or relative cannot be more than Rs. 10,000 a month.
The MWPSC Act makes it a legal obligation for children and heirs to provide maintenance to senior citizens and parents.
The Ministry also intends to put in place a uniform regulation and a rating mechanism for organisations providing home care services to senior citizens.

Election commission to buy next-generation EVMs

The Election Commission is set to buy next-generation EVMs that will become “inoperable” the moment attempts are made to tamper with it.
This move comes amid claims by some parties that the machines were tampered with during the recent Assembly polls.
The M3-type EVMs are also equipped with a self-diagnostic system for authentication of their genuineness. These will come with a public key interface-based mutual authentication system.
Only a “genuine” EVM — manufactured either by Electronics Corporation Of India Ltd. or Bharat Electronics Ltd. — “communicates” with other EVMs in the field. Any EVM manufactured by other companies would not be able to do so.
Around Rs. 1,940 crore (excluding freight and taxes) will be required to procure the new machines, which are likely to be introduced by 2018, a year before when the next Lok Sabha elections, the Law Ministry has said.
The EC has decided to replace 9,30,430 EVMs purchased before 2006 as the older machines are nearing their 15-year life cycle, he said.
On December 7, 2016, the Union Cabinet had approved a fresh tranche of Rs. 1,009 crore for the EC to buy new EVMs so that it can phase out the ageing ones before the 2019 Lok Sabha elections.
The Cabinet had also authorised the EC to vary the quantity to be ordered on BEL and ECIL based on their production capacity and performance.

Grassoline — a biofuel derived from grass that could one day power aircraft

In the quest of more sustainable energy sources, scientists have developed ‘grassoline’ — a biofuel derived from grass that could one day power aircraft.
Researchers investigated methods that can disintegrate and treat grass until it can be used as a fuel. “Due to its vast abundance, grass is the perfect source of energy,” said Way Cern Khor from Ghent University in Belgium.
“Right now the amount of biofuel that can be made from grass is still limited to a few drops. The current process is very expensive, and engines should be adapted to this new kind of fuel,” researchers said.
“If we can keep working on optimising this process in cooperation with the business world, we can come down on the price. And maybe in a few years we can all fly on grass!” Khor said.

:: International ::

Decision on Myitsone dam to come soon

A government-appointed commission is to soon make a recommendation on the fate of the $3.6 billion, China-financed Myitsone Dam in Myanmar.
The decision is a daunting test for Aung San Suu Kyi, who risks angering China, the region’s economic powerhouse, if she cancels the project, or the public if she lets it go forward.
Analysts say the commission’s report would provide her the political cover to kill an unpopular white elephant that she inherited from Myanmar’s former military government.
But getting out of the deal would be difficult. If her government cancels the project outright, it could have to repay some $800 million that the state-owned Chinese developer says it has already spent on the project.
If Myanmar offers China other dam projects in return, a compromise her govt has floated, they are likely to impinge on disputed ethnic areas where they could threaten the peace talks she has championed since her political party came to power last year.
The Myitsone Dam is among the largest of many Chinese-financed energy and mining projects approved by the military junta that ruled Myanmar until 2011.
It is especially contentious because it would be the first dam to cross the Irrawaddy River, the mythic cradle of civilisation for Myanmar’s ethnic Burman majority.
Dam would provide Myanmar much-needed cash and electricity, critics said it would cause irreparable harm to the river, destroy fish stocks downstream and displace thousands of villagers.
But perhaps the most incendiary objection was that under the deal struck by the ruling generals, 90% of the dam’s electricity could go to China.
In 2011, the military-backed transitional government yielded to public pressure and suspended the project, the decision coming as a shock to Chinese officials and businessmen.
The Myitsone was meant to be the first and largest of seven dams planned by the Chinese developer.
It would generate more power than the entire country produces now, according to some estimates, but would still not cure the country’s chronic energy shortages.

:: Business and Economy ::

Export-Import Bank of India, is looking to raise about $3 billion

The Indian government-owned export credit agency, Export-Import Bank of India (Exim Bank), is looking to raise about $3 billion from international capital markets in 2017-18.
Of this $3 billion, Exim Bank plans to mop up $1 billion by introducing a 10-year bond issue in the ‘144A / Regulation S format’ (under the US Securities Act) to raise funds from Qualified Institutional Buyers.
The bond issue of $1 billion in July 2016 was the largest issuance ever for Exim Bank and the largest single tranche issuance out of India in 2016, it had said.
MTN is a debt note typically maturing in five to ten years. Further, Mr. Rasquinha said out of the $10.5 billion GMTN programme, Exim Bank has so far drawn down around $6-6.5 billion.
Huge funds such as pension funds as well as wealth and asset management funds, that have promised a certain minimum rate of return to their investors in countries including the U.S., are looking at emerging markets to give them a better weighted average rate of return.
Mr. Rasquinha said of all the emerging markets, India – being the fastest growing economy, and with best performing stock market and currency – offers such funds the greatest opportunities.

India’s merchandise export is expected to cross $300 billion during the current fiscal

India’s merchandise export is expected to cross $300 billion during the current fiscal, said a top official of Federation of India Export Organisations (FIEO).
FIEO expects India’s shipments for fiscal 2016-17 to close at $272 billion against $262 billion in the previous year – a growth of 3-4%.
This fiscal, the exporters’ body expects manufacturing shipments to be in the region of $300-310 billion and services to be between $175 billion and $180 billion.
India’s merchandise export is expected to cross $300 billion during the current fiscal, said a top official of Federation of India Export Organisations (FIEO).
FIEO expects India’s shipments for fiscal 2016-17 to close at $272 billion against $262 billion in the previous year – a growth of 3-4%.
This fiscal, the exporters’ body expects manufacturing shipments to be in the region of $300-310 billion and services to be between $175 billion and $180 billion
Though last year’s export growth was minimal, Mr. Sahai said one must look at the outcome in the context of global scenario.

Industry concerned with anti tax avoidance rules

With the government implementing its anti tax avoidance rules from April 1, industry is concerned about the greater subjective authority being given to the tax department and how this could render transactions unprofitable.
The General Anti-Avoidance Rules (GAAR) are designed to prevent the avoidance of tax by taking advantage of international tax laws.
The rules say that if the major outcome of a transaction is a tax benefit and there is no sound business basis for the transaction, then the government can invoke GAAR and reclassify the transaction or the profits arising from it.
Similarly there could be cases where the tax benefit accrues upfront whereas the business advantages of a transaction could accrue only with a delay. In such a case, would the transaction be treated as one conducted purely to evade tax?
In any case, tax experts agree that the government has included several safeguards against bullying by tax authorities, such as several layers of permissions required before GAAR is invoked.