Current Affairs For Bank, IBPS Exams - 07 January 2016

Current Affairs for BANK, IBPS Exams

07 January 2016

:: NATIONAL ::

North Korea detonated its first hydrogen bomb

North Korea declared that it had detonated its first hydrogen bomb.
The assertion, if true, would dramatically escalate the nuclear challenge from one of the world’s most isolated states.
The North’s announcement came about an hour after detection devices around the world had picked up a 5.1 seismic event along the country’s northeast coast.
It may be weeks or longerbefore detectors sent aloft by the U.S. and other powers can determine what kind of test was conducted.
In a strongly worded statement, India’s Ministry of External Affairs said: “It is a matter of deep concern that DPRK [Democratic People’s Republic of Korea] has again acted in violation of its international commitments in thisregard. We call upon DPRK to refrain from such actions which adversely impact on peace and stability in the region. Our concerns about proliferation links between North East Asia and our neighbourhood are well-known.”

New Delhi Government scraps management quota

Terming it the “biggest scandal” in the education sector, Delhi Chief Minister Arvind Kejriwal asked schools to scrap “management quota” and all other quotas except EWS for nursery admission.
He also ordered schools to scrap “discriminatory and arbitrary” criterion for nursery admission. The move has been approved by the Cabinet as well.
The move will benefit parents struggling with the admissions of their wards and comes in the wake of schools reserving a large number of seats under management, sibling or other quotas.
In some schools, the quotas stretched upto 40 percent, other than EWS, leaving al- most no room for the general category.
In a similar move, the government has also asked schools to scrap “arbitrary and discriminatory” criterion for nursery admission.
The government has given a list of 62 such criterion to the schoolsand asked them to remove it from the list. The government has asked schools to come up with “fair” and “non-discriminatory” criteria.

Witness compensation scheme in U.P.from republic day

The Prosecution Directorate of Uttar Pradesh will announce a “witness compensation scheme” on January 26 for those who may have suffered attacks during a trial.
The witnesses injured during the trial will be compensated financially or other means suitable to them.
45 witnesses from across the State, on whose statements many accused were awarded death penalty, will be felicitated.
The victims should be called at the committee once in a month and his problem heard and resolved.
The police station head of that particular area and prosecution officer should head the committee meetings.

Union cabinet approved closure of iconic HMT

The Union Cabinet approved the closure of the iconic HMT Watches and offered a voluntary retirement scheme (VRS) to its employees as per the 2007 pay scales.
Two other unviable units of the public sector company, HMT Chinar Watches and HMT Bearings, are also to be shut down.
The movable and immovable assets of these companies will be disposed of as per the government policy
After the decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
The Cabinet also gave its nod to the closure formalities of five public sector units (PSUs) under the Heavy Industries Ministry.
These include units of the Tungabhadra Steel and Hindustan Cables for shutting down which the government had earlier given an in-principle approval.

More than 4000 crore worth black money recovered under new law

The Union government has received 644 declarations for black money worth Rs. 4,164 crore under one-time, come-clean compliance window provided to evaders under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Central Board of Direct Taxes (CBDT).
In his Independence Day address in August 2015, Prime Minister Narendra Modi had said Rs. 6,500 crore had been disclosed under the window.
The final CBDT figure falls short of the figure Mr. Modihad cited. The government has also earned Rs 2,428.4 crore by way tax and penalty on the declared sums.
The last date for making declarations under the three- month window was September 30, 2015. The declarants were liable to pay tax at the rate of 30 per cent.
The stage is now set for the provisions of the new law to be invoked against offenders who failed to make use of the compliance window.

:: INTERNATIONAL ::

Islamic State (IS) building a research centre

Islamic State (IS) has built a research centre devoted to launching attacks in the West, using driverless cars and rehabilitated anti-aircraft missiles, new footage from inside the terror group reveals.
Among the new revelations, which IS did not intend, are efforts to make defunct surface-to-air missiles operational again by replacing thermal batteries — a feat that has so far been beyond the capabilities of other terror groups.
The footage does not establish that such a goal has been achieved, but it does show the technological ambitions of a group that has carved out its influence through more familiar forms of terror, such as car bombs and suicide belts.
Among the eight hours of video, which was seized by the Free Syrian Army and passed on to Sky News, is a segment showing IS members trying to manoeuvre a driverless car.
They are also shown busily strapping tape and padding to a mannequin, in the hope it will give of the same heat signature as a human when it passes by imaging scanners, which are often used near sensitive buildings.

:: ECONOMY ::

Difference between developing and developed nations at WTO

The government is firming up a strategy to prevent ‘attempts’ by rich nations to introduce ‘new pro-corporate issues’ such as global value chains, digital economy, labour and climate-related trade into the World Trade Organisation (WTO) deliberations and negotiations on mega free trade agreements
When the Doha Round negotiations (for a global agreement to lower trade barriers) resume at the WTO headquarters in Geneva, India will make it clear that discussions on any ‘new issue’ can take place only after resolving all the outstanding matters related to the Doha Round talks
The outstanding issues include an effective ‘Special Safeguard Mechanism’ (or a tool to help developing countries protect the interests of their poor farmers by temporarily increasing duties to counter farm import increase and price fall) and a permanent solution for the issue of public stockholding for food security purposes.
India will state at the WTO that any country pitching for the introduction the ‘new issues’ will first have to ensure that they meet two criteria.
One is to establish the relevance of these issues in the context of trade and the other to ensure that there is a consensus among all 162 WTO membercountries in taking up such an agenda.
Simultaneously, India will strengthen the alliance of developing and poor countries to put an end to the attempts to introduce 'new issues' into the WTO talks at this stage
These ‘new issues’ that the developed world is keen to introduce into the WTO’s Doha Round talks include global value chains, e-commerce, labour, climate-related trade (such as environmental services and goods), competition policies, investment pacts, government procurement and state-owned enterprises, on all of which the rich nations have superior standards or rules than the developing and poor countries.

India to pitch for TFA in services

India will pitch for a trade facilitation agreement (TFA) in services at the WTO and other bilateral free trade pacts as the sector has huge potential and it contributes significantly to the country’s economy.
India is already pushing hard for a comprehensive trade pact in the services sector, a key area of interest for the country, in the ongoing free trade agreement negotiations including with the European Union and Regional Regional Comprehensive Economic Partnership (RCEP).
In RCEP negotiations too we have clearly stated that India wants a comprehensive agreement in goods, services and investments. India has decided that it would be now aggressive in demanding freer movement of people because it is in the interest of India and the world
India is very strong in the services area as the sector contributes over 50 per cent in the country’s economic growth. To boost services exports, the ministry is already working on some reform measures in sectors including education and legal

Plan to raise infra spending

Indian Finance Ministry plan to increase public investments in infrastructure projects got the backing of the industry, even if it results in the government’s failure to meet the fiscal deficit target.
The Indian economy has achieved robust growth rate despite volatility and uncertainty in global economy.
This was made possible by enhanced public investment kick starting stalled projects, improving the status of financial inclusion significantly, improving governance through systematic changes like open auction of natural resources like coal and spectrum in a transparent manner and greater fiscal federalism and improving business environment through reforms in policies and regulation among others.
The information technology sector wanted mitigation of the tax liabilities for startups and e-commerce firms.
The minimum alternate tax should also be withdrawn in a calibrated manner. While removing MAT, it should be clarified that MAT credit can be carried forward and set-off against their normal tax liability in future

BS-VI norms by 2020

The government, in a move to fight pollution, will implement Bharat Standard (BS)-VI emission norms by April 1, 2020.
The Petroleum Ministry would spend Rs.30,000crore for upgrading refineries to implement the clean fuel technology
The minister urged automobile manufacturers, who had opposed an early deadline to implement the norms due to financial burden, to co-operate.
The Supreme Court had asked the government to implement BS-VI norms earlier than the April 2021 deadline fixed by the Union government. The apex court also ordered shutting down more entry points at the national capital border for heavy commercial vehicles not meant for Delhi

:: SPORTS ::

Indian shooter Apuri Chandela broke the world record

Indian shooter Apuri Chandela broke the world record on way to winning gold in the women’s 10 metre air rifle event at the Swedish Cup Grand Prix.
Chandela shot 211.2 in the event held on Tuesday to surpass the feat of Chinese Olympic gold medallist Yi Siling, who held the record with 211.
The result marked a positive start for Chandela, who has al-ready qualified for the Rio Olympics.
The silver and bronze went to Swedish shooters Astrid Stefensen (207.6) and Stine Nielsen (185.0).