Current Affairs for BANK, IBPS Exams 10 June 2017

Bank Exam Current Affairs

Current Affairs for BANK, IBPS Exams 10 June 2017

::National::

SC upheld the validity of an Income Tax law amendment

The Supreme Court upheld the validity of an Income Tax law amendment linking PAN with Aadhaar for filing tax returns and making Aadhaar or Aadhaar enrolment slip compulsory to apply for a Permanent Account Number (PAN) card.
A Bench of Justices held that the proviso to Section 139AA (1) of the Income Tax Act requiring citizens to mention their Aadhaar number or at least their Aadhaar enrolment ID to the designated authority was “directly connected with the issue of duplicate/fake PANs.”
It held that Section 139AA (1) was not violative of the right to trade and profession under Article 19(1)(g) of the Constitution insofar as it mandates giving of Aadhaar enrolment number for applying for PAN cards in the income tax returns.
Neither did the court find Section 139AA discriminatory. It said Parliament was fully competent to enact Section 139AA and its authority to make this law was not diluted by the orders of the Supreme Court that Aadhaar was voluntary.
It upheld Section 139AA (2), which makes it mandatory for citizens who hold a PAN as on July 1, 2017 and are eligible to obtain Aadhaar number to intimate their Aadhaar number to the authorities for filing income tax returns.

India became a full member of the Shanghai Cooperation Organisation

India became a full member of the Shanghai Cooperation Organisation (SCO), ending an administrative process that began two years ago.
India’s membership at the SCO was announced by the President of Kazakhstan, NursultanNazarbayev, who also welcomed Pakistan as a new member into the organisation.
“India and Pakistan are now members of the SCO. It is a very important moment for us,” President Nazarbayev said, concluding the two-year accession process.
New Delhi has acceded to a set of 38 documents covering a range of activities of India in the organisation which began in 2001 in Shanghai.
India and Pakistan were admitted as observers in 2005 and began the administrative process of joining the organisation, which began in 2001 in Shanghai, in 2015.
Ceremony, however, comes in the backdrop of India-Pakistan tension over cross-border terrorism and India’s objection to China’s Belt and Road Initiative which passes through territories that India claims.
Highlighting India’s concerns, Prime Minister Narendra Modi said India’s arrival into the organisation would boost the fight against terrorism.
Mr Modi’s other focus was on connectivity where he touched upon the concern that territorial sovereignty and integrity should be maintained while building greater connectivity.

Switzerland, the incoming chair of the NSG will support India’s bid

Switzerland, the incoming chair of NSG, will support application for membership, but has left the door open for Pakistan to join as well.
India, meanwhile, appears to be mulling its options over how strongly to pitch its case at the nuclear club.
Without referring directly to the “Grossi process”, Mr. Eltschinger said Switzerland would take up the issue once it took over as Chair.
The “Grossi process” mandates the former NSG chairperson and diplomat Rafael Grossi to build a consensus among all 48 countries of the NSG, many of which resisted India’s membership bid at the Seoul plenary session in 2016, unless the country signs the Non-Proliferation Treaty,
Despite the supportive Swiss position, announced when PM met the then President, Johann, in June 2016, India is yet to hold talks with officials at the NSG to push ahead with its membership this year, said a senior official of the nuclear body.
Despite Mr. Modi’s “positive and cordial” talks with President Xi at the SCO summit, there was no official statement on a change in China’s position.

::International::

Theresa May to continue as U.K. Prime Minister

Theresa May will stay as on as the PM with support from the Democratic Unionist Party in defiance of critics both within and outside her own party, but it remains to be seen as she could continue to lead the party and the government in the long term.
The Conservatives’ campaign was focussed closely on Ms. May’s track record, but during whose course her personal ratings fell sharply. Critics blame her leadership for Conservatives’ loss of majority in election.
The close result is a sharp reversal of the comfortable lead in the polls that the Conservatives had in April, when Ms. May called the general election.
Commentators had suggested that turnout, particularly among young people, would be key to the result, with the Labour benefiting from a high turnout, particularly among young people who had been inspired by Labour leader.
Conservatives’ failure to get majority was the result of a combination of policy blunders, including on social care for the elderly, and the perception that Ms. May was failing to engage with the electorate directly.

::Business and Economy::

Unclaimed provident fund to be used for providing medical benefits

Savings remaining unclaimed in dormant Employees’ Provident Fund (EPF) accounts for seven years will be used to fund a new scheme for providing medical benefits to pensioners under the EPF scheme.
The move comes after a committee of secretaries, recently directed the Labour Ministry to frame a scheme, for the benefit of senior citizens who are PF subscribers, from inoperative account funds.
The EPFO has already started discussions with the Employees’ State Insurance Corporation (ESIC) to frame a medical benefits scheme for pensioners under Employees’ Pension Scheme (EPS) of the EPFO.
Scheme will be contributory in nature with EPF pensioners contributing a portion of their income towards the medical scheme and rest flowing from inoperative accounts of the EPFO.
Once the scheme is put in place, EPF pensioners will be able to avail medical facilities from a network of more than 1,400 dispensaries and 150 hospitals under ESIC across the country.
Under the ESI Act, workers drawing salary of up to Rs. 15,000 per month are entitled to medical benefits for treatment during sickness, maternity, disability and death due to injury during work.
The Act applies to factories with 10 or more workers and also to shops, hotels, restaurants, cinemas and road transport undertakings.
The government had framed a law last year wherein unclaimed money under EPF, Public Provident Fund and small saving schemes such as post office savings accounts for a period of seven years will be diverted to set up a senior citizens’ welfare fund.

For the smooth rollout of GST government has setup various sectoral groups

The government has set up 18 sectoral groups, comprising senior members from the Centre and the States, to ensure the smooth rollout of the Goods and Services Tax, it announced.
These sectoral groups are to ensure a timely response to the problems of their respective sector by interacting with and examining representations received from trade and industry associations.
Highlighting specific issues for the smooth transition of the respective sector to the GST regime, and preparing sector-specific draft guidance.
The 18 sectors that will be represented by these groups include banking, telecom, exports, IT & ITeS, transport and logistics, textiles, MSMEs, oil and gas, gems and jewellery, government services and food processing.
Other groups include those representing e-commerce, big infrastructure, transport and tourism, handicraft, media and entertainment, drugs and pharmaceuticals, and mining.