Current Affairs for BANK, IBPS Exams 03 November 2016

Current Affairs for BANK, IBPS Exams

03 November 2016

:: National ::

Govt is developing National data registry

The government is developing a national data registry (NDR) that will require all agencies— state, private and academic — that collect and store geospatial data to provide details of the data they store.
The registry will also serve as a source of “authenticated” information — meaning officials at the Survey of India would vet it for accuracy and see whether it contains information that contravenes national security.
Such a registry was to create a “catalogue” that would “prevent duplication” of data sets and to help users locate the right agencies to source information.
The registry will be a ‘meta-data’ repository: it will not actually be a source of geospatial data but will only inform about the nature of the data a service provider has.
Thus, everyone from restaurant-location-services providers to hospital-location aggregators will have to comply with the directive, and the government may consider bringing in legislation.
The DST is soliciting vendors capable of developing such a database. “Data can change over time, so the system has to be able to operate across a wide range of formats and our service must be able to source information automatically.
Earlier this year, Govt faced the ire of private mapmakers and civil society after it posted a Geospatial Information Regulation Bill on its website, proposing draconian fines and jail terms for those who “wrongly depict” India’s borders.
The data registry initiative, though independent of the Geospatial Bill, would also double as a clearing house for geospatial applications.

President on visit to Nepal

Nepal accorded a warm welcome to President Pranab Mukherjee but asserted that India should avoid interfering in the internal issues of the country.
Soon upon the arrival of the Indian President, divisions in Nepali politics became evident on the issue of constitutional amendments for the Madhesi people of the plains.
President praised the democratic struggle in Nepal and urged his hosts to draft a constitution that would address the “diverse social fabric.”
Leaders from the Madhesi parties made it clear that they would take up the issue of continued denial of rights to the Madhesi people with President Mukherjee.
The current government of Nepal under PM Prachanda is no different from the previous governments and they are not serious about addressing the grievances of the Madhesis.
President Mukherjee in his speech at the state banquet noted the task ahead for Nepal in framing a constitution that addresses its “diverse social fabric.” Striking a positive note.
Foreign Secretary S. Jaishankar, elaborating on the bilateral meetings between President Mukherjee and his hosts, indicated that India urged Nepal to bridge internal differences.

Pakistan deliberately targeting civilian areas

The Border Security Force (BSF) said Pakistan’s border guarding force was deliberately targeting civilian areas and its Army directly supporting the troops in the shelling on these areas and Indian posts along the International Border (IB).
Addressing a press conference, Inspector General of BSF D.K. Upadhyay said the Pakistan Army was giving full support to Pakistan Rangers, which have violated ceasefire “countless” times in recent past.
However, he ruled out use of artillery by the Pakistan troops in shelling on Indian areas.“There is no proof of artillery being used by the Pakistani forces”, the IG said.
Mr. Upadhyay said Pakistan had violated the “human rights and international norms,” by targeting civilian areas.

Closeness between India and Israel to increase with President’s visit

Israel President ReuvenRivlin will visit India from November 15 to 20, accompanied by a delegation of “unprecedented size” comprising businessmen and university officials.
During the visit, Mr. Rivlinwill witness the signing of several agreements with a focus on cooperation in agriculture, water and education, though other agreements on security and defence cooperation were not ruled out.
Mr. Rivlin’s tour, which includes stops in Delhi, Chandigarh and Mumbai, is a return visit to Mr. Mukherjee’s trip to Israel.
Both Presidents are expected to travel to Chandigarh together to attend an ‘Agrotech’ summit organised by the Confederation of Indian Industry there.

:: Business and Economy ::

Rating agency S&P rules out upgrade of rating for India

S&P ruled out any upgrade in India’s sovereign rating through 2017 despite policy stability and reforms.
S&P Global Ratings maintained the lowest investment grade rating of ‘BBB—’ with a ‘stable’ outlook for India saying it wants to see more efforts to lower government debt to below 60 per cent of the GDP and that it did not expect revenues to rise enough to meaningfully lower the deficit over the medium term.
Reacting strongly govt said the upgrade did not come despite the fact that reforms undertaken by India was unparalleled by any major economy anywhere in the world and that called for ’introspection’ on part of the rating agencies.

States yet to come up with options for cess on GST

Multiple slabs, ranging from zero to 26 per cent, with a cess on ultra luxury and demerit goods in the top-most slab, is the only rate structure for consideration in the GST Council.
States that had objected to the imposition of cess on GST, leading the last Council meeting to end inconclusively, have not put up any alternative proposals for inclusion in the agenda for the two-day meeting.
The States’ main grouse was that the Centre’s proposal regarding the imposition of a cess on the GST for generating the revenues.
it will need to fund compensation to states for losses arising out of the transition to the new indirect tax regime “would amount to the use of GST revenues for compensating GST losses”.
The option of fixing the top-most slab higher than 26 per cent as an alternative to cess is not feasible.
On the other hand, the revenues from the cess would go into a separate escrow account from where direct disbursements will be made to those states eligible for compensations from the Centre in line with pre-determined formulae.

Govt working to expedite the grant of security clearances for foreign investors

The Industry and Home Affairs Ministries are working to expedite the grant of security clearances for foreign investors that often delay or even scuttle inflows of foreign direct investment as well as mergers and acquisitions.
There is a need for everything to be time-bound with a reasonable time period and we face this challenge too as we administer industrial licences for explosives manufacturing.
In an ideal scenario such taxes shouldn’t be collected at all instead of being collected and then refunded after two or three years.
The Union government is also working with state administrations to deal with incentives and refunds promised to investors under the proposed Goods and Services Tax Regime.
Improving the ease of doing business in the country has not been easy for the past two years and won’t be easy in the coming years as it requires dismantling of several legacy systems including physical touch points for clearances.