Current Affairs for BANK, IBPS Exams 07 March 2017

Current Affairs for BANK, IBPS Exams

07 March 2017

:: National ::

Supreme Court asked why old notes deposition time reduced

The Supreme Court asked the government to respond on why it went back on its promise to extend the date of deposit of demonetised notes to March 31, 2017 keeping in consideration the genuine concerns of citizens.
A Bench of Chief Justice of India J.S. Khehar, D.Y. Chandrachud and S.K. Kaul gave the government time till this Friday to respond to a bunch of petitions filed by companies and individuals.
Demonetisation scheme and the subsequent RBI notification had both assured that citizens would be able to deposit demonetised notes beyond the cut-off date of December 31, 2016 till March 31, 2017.
In its order, the Bench highlighted the petitioners’ main prayer that despite the explicit postulation that final date of deposit would be extended till March 31, 2017, “no individual was allowed to deposit after December 31, 2016.”
“It is submitted that the petitioner had genuine reasons and yet no attention was paid to his predicament though he brought it to the notice of the authorities,” the Bench recorded the submissions of the petitioners.

Supreme Court indicated it may revive conspiracy charge against some leaders

In a huge blow to BJP leaders, the Supreme Court indicated it may consider reviving the conspiracy charge against them in the December 6, 1992 Babri Masjid demolition case.
The sudden development came on an appeal filed in the Supreme Court by the CBI in 2011, during the UPA era, against the dropping of the conspiracy charge against L.K. Advani and other leaders such as Uma Bharti etc.
“We prima facie do not approve of the way these people have been discharged... And no additional charge sheet filed so far? See, people cannot be discharged like this on technical grounds,” Justice Nariman observed orally.
Justice Nariman said: “We will allow you [CBI] to file supplementary charge sheet by including the conspiracy charge. We will ask the trial court to conduct a joint trial in a Lucknow court.”
The CBI, represented by Additional Solicitor General Neeraj Kishan Kaul, seemed to agree with the court’s observations and submitted that a joint trial should be conducted. “This is what we want,” Mr. Kaul submitted.
Mr. Venugopal pointed out that the CBI had appealed in the Supreme Court after an inordinate delay. But Bench remained firm, saying it would choose to even condone the delay and hear the case on March 22, 2017.
The Babri Masjid demolition case stemmed from two crime files: Crime No: 197/1992 and Crime No: 198/1992. Both were filed shortly after the disputed structure of Babri Masjid was demolished on December 6, 1992.

Former Pakistani National Security Adviser admits of guilt in 26/11

The Mumbai attacks of 2008 were carried out by terror groups based in Pakistan, former Pakistani National Security Adviser Maj. Gen. (retd) Mahmud Ali Durrani said.
In 2009, Maj. Gen. Durrani was sacked from the post of NSA after he called for action against those responsible for the Mumbai attacks.
Responding to questions on the Jamaat-ud-Dawa chief, Mr. Durrani said Hafiz Saeed had no utility for Pakistan. “He should be punished.”
India has repeatedly submitted proof of Mr. Saeed’s role in the Mumbai attacks and has called for action by Pakistan. However, Pakistan has maintained that there was no “concrete evidence” against him.
Defence Minister Manohar Parrikar said terrorism was the single biggest threat to international peace and security. India, he said, would continue to work tirelessly for a cohesive global response.
He reminded the audience that India had first submitted a resolution in the United Nations for a Comprehensive Convention on International Terrorism (CCIT) way back in 1996.

:: International ::

US temporarily banned travel from six Muslim-majority countries

The Donald Trump administration issued a new executive order, temporarily banning travel from six Muslim-majority countries to the U.S, after an earlier order ran foul of the country’s judiciary.
The new executive order bans travel from six countries — Sudan, Syria, Iran, Libya, Somalia, and Yemen, leaving out Iraq among countries that was in the earlier order’s list.
In an attempt to pass the judicial scrutiny, the order says that current visa and green card holders from these countries will not be affected.
It also explains the basis for including the six countries, trying to remedy a lacuna in the earlier version. Further, it avoids the preferential treatment offered to Christian refugees in the earlier order.
The new order will not come into effect until March 16, in contrast to the earlier order that became effective immediately.
There will be a 90-day ban on the issuance of new visas for citizens of these six countries, and the refugee programme will be suspended for 120 days.
The number of refugees to be admitted this year has been reduced to 50,000 from the 1,10,000 cap set by the Obama administration.
The order said each of the six countries was either a “state sponsor of terrorism, has been significantly compromised by terrorist organisations or contains active conflict zones”.
It also gives country-wise details, justifying the inclusion of each and also explains the exclusion of Iraq.

Iraqi forces advanced in west Mosul

Iraqi forces advanced in west Mosul and fighters in Syria seized a key supply route to Raqqa as twin U.S.-backed offensives gained ground against the Islamic State (IS) group.
Supported by the U.S.-led anti-IS coalition, Iraqi government forces and a Kurdish-Arab alliance in Syria are battling to push the jihadists from Mosul and Raqqa, the last two major urban centres under their control.
In Iraq, security forces advanced towards a compound of jihadist-held government buildings and a bridgehead.
In Syria, U.S.-backed forces on Monday cut off a key supply route between IS stronghold Raqqa and the group’s territory in Deir Ezzor province.

:: Business and Economy ::

Centre is considering proposals to amend the definition of ‘start-up’

The Centre is considering proposals to amend the definition of ‘start-up’ in the policy and looking to review applications seeking benefits of start-up policy which were rejected.
Provision in the Start-up India policy which states that for the purpose of claiming the benefits of the government schemes, ‘start-up’ means an entity, incorporated or registered in India:
(a) not prior to five years, (b) with annual turnover not exceeding Rs. 25 crore in any preceding financial year and (c) working towards innovation, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property.
He said the government would retain the criterion of “innovation” as it is deliberately kept in the policy to differentiate between a traditional firm and a start-up.
However, he added the government would consider suggestions on making the definition of start-up more broad-based.
Entrepreneurs from the biotechnology and medical devices sectors have informed the government of the need for relaxation of the five-year time period to eight or ten years.
He said there were also suggestions that instead of ‘turnover,’ the policy should consider the number of employees in a firm or investment in plant and machinery.
As per the Department of Industrial Policy & Promotion, out of the 1662 applications received so far, only 146 applications can be considered for tax benefits as only these start-ups have been incorporated after April 1, 2016.
The study also mooted the establishment of a single window clearance for obtaining approvals and licences from all departments, adding that the frequency of filing under labour and tax laws should be reduced.

National Investment and Infrastructure Fund begun talks with two wealth funds

NIIF has begun talks with two sovereign wealth funds to become the first investors to come on board, following the signing last fortnight of a government commitment to infuse Rs. 20,000 crore into the fund, CEO Sujoy Bose said.
The NIIF plans to leverage the Centre’s financing – equivalent to $3 billion – to invest a far higher amount in infrastructure firms and projects, in partnership with global, long-term investors eyeing infrastructure assets, and fund managers that could create dedicated infra sector funds.
A big milestone was cleared two weeks ago when the Centre signed off on its initial commitment of Rs. 20,000 crore to the NIIF, he added.
The anchor investment by the government in NIIF will be split into two buckets – a billion dollars will be earmarked for a ‘NIIF Direct’ fund that could directly invest in existing or new infrastructure firms or projects.
Sovereign funds, pension and insurance companies would bring in a similar amount, while the government’s stake would be kept at 49% of this fund, he said.
India is more attractive to foreign investors interested in infrastructure investments in emerging markets as it now has several privately executed projects that are operational or are close to completion, Mr. Bose said.
The NIIF will also back ‘platform companies’ that can scale up and deliver bigger projects as the sector has seen fragmented players, the fund’s chief executive said.

Government will soon unveil an alternative mechanism for clearing FDI

The government will soon unveil an alternative mechanism for clearing foreign direct investment proposals in the country, following the Budget announcement to abolish the Foreign Investment and Promotion Board.
“The idea is to do away with one layer of approval that existed so that the process of investments becomes easier,” said Saurabh Garg, Joint Secretary, DEA, Ministry of Finance.
“We would do [this] in a transparent manner so that existing proposals already in the pipeline get their necessary approvals and we hope at a very early date to have the alternative mechanism in place and put in the public domain.