Current Affairs for BANK, IBPS Exams 10 April 2017

Current Affairs for BANK, IBPS Exams

11 April 2017

:: National ::

Govt to allow the armed forces to buy several non-core items in the open market

To break the monopoly of the Ordnance Factory Board (OFB) in procurements and improve its performance, the Ministry of Defence will allow the armed forces to buy several non-core items in the open market.
So far, it is mandatory for the services to buy these items from the OFB.
The non-core items include troop-comfort items and ammunition boxes.

Australian PM says Australia will supply Uranium to India very soon

Australia will start supplying uranium to India “as soon as possible”, the visiting Prime Minister, Malcolm Turnbull, said.
Australia’s promise on uranium was announced even as both countries signed six agreements, including one on countering terrorism.
“Our know-how and resources are already partnering with India’s 24x7 Power For All, Smart Cities and Make in India programmes, but there is room for further growth,” Mr. Turnbull said.
Mr. Modi welcomed the passage of the Civil Nuclear Transfers to India Act in the Australian Parliament, opening up opportunities for Australia to support Indian energy generation.
Australia has about 40 per cent of the world’s uranium reserves and exports nearly 7,000 tonnes of yellow cake annually. Both sides agreed to extend bilateral engagement to the Asia- Pacific region.
In this context, a joint statement issued at the end of the meeting agreed to hold a bilateral maritime exercise named AUSINDEX in the Bay of Bengal in 2018 and also pledged to hold a joint exercise of the Special Forces later this year.
Both sides welcomed the decision for the first bilateral Army-to-Army exercise later this year.
The bilateral discussion also hinted at a growing agreement to oppose China’s territorial claims over the South China Sea region.
As part of the emerging Asia-Pacific focus of India-Australia ties, the joint statement took a firm position against China’s growing presence in the South China Sea region.
Both leaders recognised the importance of freedom of navigation and overflight, unimpeded lawful commerce, as well as resolving maritime disputes by peaceful means.

SC questions those who use children as cover

Supreme Court retorted by questioning the sense of humanity of the very people who form the mob and use children as cover while engaging security forces in pitched street battles.
The court was reacting to arguments by the J&K High Court Bar Association, which has filed a public interest litigation petition for a ban on pellet guns.
“The age-group of those injured are from 13 to 20 and 20 to 24 years. Young students are the ones most injured,” Justice Chandrachud said.
“About a 100 security personnel within the distance of two to three booths. Why do they do it on polling day? Election is a symbol of democracy,” Attorney-General Mukul Rohatgi submitted for the Centre.
The Supreme Court advised the Bar Association against taking sides.

Govt says polygamy is a social custom and not religious practice

Polygamy is not a religious practice, but rather a social custom or usage which the State can interfere with to ensure that Muslim women’s fundamental rights are not violated, the Centre told the Supreme Court.
Practices such as polygamy cannot be described as being sanctioned by religion, inasmuch as historically, polygamy prevailed across communities for several centuries including the ancient Greeks and Romans, Hindus, Jews and Zoroastrians.
It had less to do with religion and more to do with social norms at the time,” the Centre said in its written submissions filed late on Monday in the Supreme Court.
The government said since polygamy was a social custom and not a religious practice, it was not protected under Article 25 of the Constitution, which bars the State from interfering with “someone’s religious belief.”
Since a social practice cannot be held to be an integral part of a faith and belief or an “essential religious practice,” it has to satisfy the overarching constitutional goal of gender equality, gender justice and dignity, the government submitted.
The government argued that reforms have not happened in the practices followed by the Muslim community despite clear indications. It said gender equality and the dignity of women were “non-negotiable.”

Lok Sabha cleared amendments to motor vehicles act

The Lok Sabha cleared amendments to the motor vehicles law that will substantially increase the penalty for traffic violations, allow learner’s driving licences to be issued online and penalise contractors for faulty road designs.
Driving without a licence may soon lead to a minimum fine of Rs. 5,000 as against Rs. 500 at present, according to the Motor Vehicles (Amendment) Bill 2016.
Similarly, for over-speeding, the penalty may go up to Rs. 1,000-2,000 from Rs. 400. Not wearing seatbelts would result in a minimum penalty of Rs. 1,000 against Rs. 100 at present.
The traffic violation penalties will also increase 10% each year once the Bill becomes a law.
The proposed law will also allow citizens to apply or renew a driving licence from any road transport office in the State. At present, citizens can only apply at the closest RTO.
The Centre also plans to make submission of Aadhaar number mandatory for applying for a driving licence and vehicle registration by making an enabling provision in the Bill.

Lok Sabha paved way for constitutional status for Backward classes commission

The Lok Sabha cleared The Constitution 102nd Amendment Bill, that grants constitutional status to the Backward Classes Commission, now called the National Commission for Socially and Educationally Backward Classes.
The Bill also enjoins that any addition to the Central list of communities under the Other Backward Classes will have to be cleared through Parliament.
Govt said that the bill would ensure the rights of the Other Backward Classes, and give the National Commission for Backward Classes the constitutional safeguards enjoyed by the National Commission for Scheduled Castes and Tribes.

:: International ::

China and Myanmar agreed a deal on a crude oil pipeline

China and Myanmar agreed a deal on a crude oil pipeline between the neighbouring countries as part of a raft of agreements signed when their leaders met in Beijing.
The countries signed an agreement on a partially-completed crude oil pipeline between western Myanmar’s Kyaukpyu port and southern China’s Kunming city.
The two leaders also discussed the development of the controversial Myitsone dam, a $3.6 billion Beijing-backed project on hold since protests in 2011, Mr. Liu told reporters after the summit.
At the time Myitsone — originally designed to supply most of its electricity to China — was seen as emblematic of Beijing’s economic dominance over its southern neighbour.
China has been pressing for its resumption ever since, despite speculation that the project might be scrapped altogether.
The two countries signed nine cooperative agreements on areas spanning public health, sports and transportation.
China also expressed its support for Myanmar’s efforts to maintain stability in northern part of the country, where deadly clashes have broken out near the border between Myanmar’s army and ethnic insurgents.

:: Business and Economy ::

Conventional means of providing healthcare must be aided with innovative ways

Conventional modes of resource mobilisation must be aided by an innovative funding mechanism to improve healthcare investments in India, a Healthcare Federation of India (NATHEALTH)-PwC report has said.
The report said funding should be mobilised from pension funds and that investments should be routed through public-private partnership and long-term debt.
It has also suggested funding through business trust entities such as Real Estate Investment Trusts along with funds sourced through bilateral investment treaties.
Underlining the need for huge funding requirements, the report said, “FDI in the sector has significantly increased in the last three years.
However, healthcare expenditure’s share in GDP remained around 1.6% in FY16 and innovative funding modes would support the target of taking it to 2.5% by 2030.”
It has also highlighted the fact that private equity deals were supporting funding in the sector and the value of transactions had increased from $94 million in 2011 to $1.28 billion in 2016, a jump of 13.5 times.
The New Health Policy 2017 too had highlighted that innovative modes of funding were needed to meet the requirements of the healthcare sector, the report said.

Bangladesh wants India to invest in countries infrastructure

Bangladesh PM invited Indian companies to invest in the country’s infrastructure that requires investments of about $20 billion a year till 2030, promised to dedicate at least 3 of the 100 proposed SEZs in the country for Indian investors.
Ms. Hasina said she would encourage Indian investors to consider investments in Bangladesh in infrastructure projects especially in the energy sector, as well as manufacturing, transport and food processing.
With a per-capita income of $1,446 and a growth rate of 6% to 7% in the last eight years, Bangladesh offers a fast-growing domestic market of 160 million consumers as well as special duty-free access to various global markets.
As many as thirteen pacts were signed between Indian and Bangladeshi firms at the summit, entailing investments of about $9 billion.
Apart from joint ventures between public sector firms of the two countries, these pacts included a $2-billion deal between Adani Power Limited and Bangladesh Power Development Board for purchasing power from the company’s 1,600 MW Power Plant in Jharkhand.
Bilateral trade between India and Bangladesh had grown 17% in the past five years to reach $6.5 billion, but Bangladesh’s exports have failed to cross the billion-dollar mark.
The biggest hurdle is the visa system. Bangladesh gives Indian people a visa so they can enter from any airport or any land port.
But when Bangladesh people get a visa from India, they are given either for Petrapole or Agartala or some other place, (entry is) limited to only one point.
Unless and until we can change this, it will be very difficult for the regional cooperation to ultimately come in place.