Current Affairs for BANK, IBPS Exams 15 November 2016

Current Affairs for BANK, IBPS Exams

15 November 2016

:: National ::

For public convenience govt announced new measures

The exemption deadline for all those services eligible to accept the old Rs. 500 and Rs. 1,000 notes has been extended till the midnight of November 24, the government announced.
The waiver of toll tax at 365 plazas on national highways will continue till the midnight of November 18. Car parking charges at all airports will remain suspended till the midnight of November 21.
Economic Affairs Secretary said the services exempted include petrol pumps, pharmacies, and utility services among others, and would encompass the private sector as well.
The withdrawal limit from ATMs has been increased to Rs. 2,500 but this will apply only to the recalibrated ATMs, Mr. Das said.
In this regard, the government has instructed banks to increase the cash holding limit of banking correspondents (BCs) to at least Rs. 50,000 each and to replenish the cash with the BCs multiple times in a day, if needed.
The Transport Department has offered a reprieve for vehicle owners who are hard-pressed to pay the motor vehicle tax in the wake of the demonetisation move. The department has agreed to extend the deadline for payment till November 30.

India decided to drop reference to Uri attack in UN regarding Azhar

India has decided to drop any reference to the Uri attack from its proposal to be placed before a United Nations sanctions committee to designate JeM chief Masood Azhar as an international terrorist.
China had put a technical hold on this proposal in April this year, which was extended on October 1.
Within hours of the attack on the Uri Army camp on September 18, where 18 soldiers were killed, the Director-General of Military Operations Lt. General Ranbir Singh told that the attack was carried out by two terrorists belonging to the JeM.
The investigations were then handed over to the National Investigation Agency (NIA), which is yet to conclude its probe.
Intelligence officials, however, have said the modus operandi of the Uri attack had tell tale signs that it was carried out by Lashkar-e-Taiba, another Pakistan-based terrorist outfit.
Azhar, a resident of Bahawalpur in Pakistan, has been accused by Indian agencies of orchestrating several terror attacks here including the attack at the Pathankot airbase on January 2.

Indian Carbon emissions grew at 5.2%

While global carbon emission saw “almost no growth” last year, India’s emission grew by 5.2 per cent in 2015, says a study.
Global carbon emissions from burning fossil fuels are projected to rise only slightly in 2016, marking three years of slowdown, said the study published in the journal Earth System Science Data .
The researchers identified decreased use of coal in China and the U.S. as the main reason behind the three-year slowdown.
China, the biggest emitter of carbon dioxide (CO2) at 29 per cent, saw emissions decrease by only 0.7 per cent in 2015, compared to growth of more than five per cent per year the previous decade.
The U.S., the second biggest emitter of CO2 at 15 per cent, also reduced its coal use while increasing its oil and gas consumption and saw emissions decrease 2.6 per cent last year. The U.S. emissions are projected to decrease by 1.7 per cent in 2016.
India contributed 6.3 per cent of all global CO2 emissions in 2015, the study said.
Global carbon emissions did not grow last year and the projected rise of only 0.2 per cent for 2016 marks a clear break from the rapid emissions growth of 2.3 per cent per year in the decade to 2013, with just 0.7 per cent growth seen in 2014.
The study, however, pointed out that although the break in emissions rise ties in with the pledges by countries to decrease emissions until 2030, it falls short of the reductions needed to limit climate change well below two degrees Celsius.

Delhi’s Air quality improved

This week started off with better air quality compared to the last, when toxic levels of particulate matter were recorded across New Delhi.
The levels of particulate matter were on average two times over the safe limits. While still very harmful, the levels of PM2.5 and PM10 were down from the peaks of up to 16 times the standards in the first week of November.
According to SAFAR-India, an air quality monitoring service under the Earth Science Ministry, the average concentration of PM2.5 in the past 24 hours as of 8 p.m. on Monday was 152 micrograms per cubic metre.
While this was over two times the standard of 60 micrograms PCM, the advisory was ‘very poor’, down from ‘severe’ last week.

China criticised India-Japan nuclear agreement

China obliquely criticised the India-Japan agreement on nuclear energy, pointing out that all countries were entitled to peaceful use of atomic energy so long as they followed “the international nuclear non-proliferation regime.”
China maintains the Nuclear Non-Proliferation Treaty (NPT), which India has not signed, is essential to prevent the spread of atomic weapons.
In a separate statement, the Foreign Ministry commented on the November 11 meeting of the Nuclear Suppliers Group (NSG) in Vienna.
The meeting, which discussed the two-step intergovernmental process to address the issue of non-NPT states’ participation, follows India’s bid to become a full member of the 48-nation NSG.
China has so far opposed India’s membership, citing the need for common criteria for all non-members, including Pakistan.
The statement said the Vienna meeting was held to discuss the “technical, legal and political aspects of non-NPT states’ participation in the NSG,” in accordance with the mandate adopted in June during the grouping’s meeting in Seoul.
The meeting was a maiden attempt since the NSG’s inception in 1975 to formally take up non-NPT states’ participation “in an open and transparent manner.”
India has underscored that NPT membership is not essential for joining the NSG, as was the case with France. Therefore, India’s NSG bid should be de-linked from the criterion of NPT membership.

:: Science and Technology ::

World could cross 1.2C warming above pre-industrial levels in 2016

The world is likely to cross 1.2°C of global warming above pre-industrial levels in 2016, coming dangerously close to breaching the 1.5°C warming level, which is an ambitious target to stay safe from the worst impacts of climate change.
In a preliminary assessment provided by the World Meteorological Organization (WMO) in its ‘Status of the Global Climate in 2016’ report, the global UN weather agency warned that 2016 will be the hottest year on record.
The Paris Agreement last year had adopted 2°C as the absolute threshold for staying within safe global warming levels.
However, 1.5°C was set as an ambitious target, especially bearing in mind the fate of small island countries such as Haiti or Maldives that are threatened with submergence due to sea-level rise and extreme weather events.
Global temperatures for January to September 2016 have been about 0.88°C above the average (14°C) for the 1961-1990 reference period, which WMO uses as a baseline.
The WMO report outlined the major weather events associated with increasing global warming levels in 2016.
The most significant, in terms of casualties, was Hurricane Matthew affecting Haiti and parts of the U.S. Typhoon Lionrock caused destructive flooding and heavy casualties in the Democratic People’s Republic of Korea.
In total, there have been 78 tropical cyclones globally in 2016 as of October 31, close to the long-term average, the report said. The Yangtze basin in China had its most significant summer floods since 1999.
Sri Lanka experienced flooding and landslides in Sri Lanka in mid-May leaving many dead or displaced.
Above-normal seasonal rainfall in the Sahel led to significant flooding in the Niger River basin, with the river reaching its highest levels in about 50 years in Mali.

Closest super moon to Earth seen in decades

Skygazers headed to high-rise buildings, ancient forts and beaches to witness the closest “supermoon” to Earth in almost seven decades, hoping for dramatic photos and spectacular surf.
The unusually big and bright Moon appeared at its most impressive just as night fell over Asia, but astronomy enthusiasts were able to see Earth’s satellite loom large anywhere in the world shortly after sunset, depending on the weather.
The phenomenon happens when the Moon is full at the same time as, or very near, perigee — its closest point to Earth on an elliptical, monthly orbit. It appeared at its most impressive at 7.22 p.m. (IST).
It will be the closest to Earth since 1948 at a distance of 356,509 km, creating what NASA described as “an extra-supermoon.”
From India to Australia, skygazers and photographers sought the best viewing spots in the region where the phenomenon was visible first, hoping that cloudy skies and the perennial pollution that blight many Asian cities would not spoil the fun.

:: Business and Economy ::

S.S.Mundra committee to look for faster recalibration of ATM’s

Automated teller machines (ATM) are still unable to cope with the huge demand for cash and consequently running dry.
A Special Task Force has been formed under the chairmanship of S.S. Mundra, Deputy Governor, Reserve Bank of India (RBI), to speed up the process of recalibration of these machines to dispense the new denomination notes.
The move comes after Prime Minister Narendra Modi took stock of the situation evening with top central bank and government officials.
Representatives from the Finance and Home ministries, RBI, State Bank of India, ICICI Bank, Axis Bank and HDFC Bank and the National Payments Corporation of India, will be its members.
Secretary, Department of Economic Affairs said in New Delhi that the Task Force will draw up an action plan and ensure its implementation for quick recalibration of the ATMs to enable them to dispense the new Rs.500 and Rs.2,000 notes.
The new series of Rs.2,000 and Rs.500 notes has already been issued by the central bank.
However, each and every ATM machine in the country needs to be physically visited by the ATM operators for recalibration of the new notes which are of a smaller size.

Economic growth could reach double digit by demonetisation

While the government’s demonetisation drive will likely negatively impact the economy in the short term, it could help over the longer term propel economic growth into double-digit levels as more of the informal economy becomes formal.
Another benefit from the drastic currency step could be a reduction of banks’ non-performing assets, a critical constraint that is holding up the flow of bank credit for private sector investment in the country.
“It will lead to a contraction of output as well in the short run, so there will be an impact on GDP.”
“However, in the long run, say within two years, this move combined with the Goods & Services Tax legislation will help in a pick-up, and take the country's growth to double-digit levels,” said Girish Vanvari, Partner and Head, Tax, KPMG in India.
“The NPAs of banks will go down as the cash coming in will lead to higher CASA (current account, savings account), in turn declogging the system. Foreign investors have welcomed this as a bold move, and in the right direction.”
Looking a little deeper at the sectoral impact, the view is that the demonetisation move will hurt growth in cash-heavy sectors like real estate, gold and jewellery.
Kotak Institutional Equities was of the view that the consumption of high-value items like jewellery or real estate will get impacted as these have been popular with those having unaccounted income or wealth.
The overall economic impact would include a likely appreciation of the rupee, a sharp slowing in inflation, the banking system getting a boost and real estate prices falling about 20-25 per cent before stabilising.
Stocks would benefit the most due to the gradual shift from physical assets to financial assets, it added.