Current Affairs for BANK, IBPS Exams 19 October 2016

Current Affairs for BANK, IBPS Exams

19 October 2016

:: National ::

The Centre has proposed a four-slab rate structure for the Goods & Services Tax

The Centre has proposed a four-slab rate structure for the Goods & Services Tax, ranging from zero to 26 per cent, at a meeting of the GST Council.
The structure proposes the GST at 0 per cent on a host of goods and services, including food, health and education services, and at 26 per cent on luxury items, such as fast-moving consumer goods and consumer durables.
On consumption of ultra-luxury items and demerit goods, such as big cars and tobacco products, it proposes imposition of cess over and above a 26 per cent GST rate.
The GST is proposed to be levied at 6 per cent, 12 per cent or 18 per cent on the remaining goods and services.
The rate proposed on all items is by and large lower than the current rate. In the 26 per cent slab, for instance, currently most goods are being taxed at about 27 to 31 per cent.
The proposal retains only the Clean Environment Cess from the multitude currently in place, with the GST subsuming all the others, including the Swachh Bharat Cess, the KrishiKalayan Cess and the Education Cess.

India gets support from US for cross-LoC strikes

The U.S. supports cross-LoC strikes by India, U.S. Ambassador Richard Verma said, adding that Washington has drastically cut assistance to Pakistan in the past five years over concerns on terror.
India launched strikes on ‘terror launch pads’ along the LoC after the terror attack on an Army camp in Uri, in which 19 Indian soldiers were killed.
In a rare admission that the U.S. had spoken to the Pakistani leadership about the use of “proxies” as terror groups, Mr. Verma also said it was important to “stand in solidarity with India on that front.”
Ambassador revealed that since 2011, U.S. military aid to Pakistan had dwindled 73 per cent over differences with the Pakistan government’s action on terror, indicating the recent hold on F-16 sales as well as $300 million withheld by the Pentagon.
Mr. Verma wouldn’t commit to a timeline on when India’s membership to the Nuclear Suppliers Group would come through, nor did he respond on whether President Obama would engage the Chinese leadership directly.

Delhi Air quality is at very poor level

The Capital’s air quality on Tuesday took a turn for the worse with monitoring stations across the city recording it in the ‘very poor’ category.
The average (24-hour rolling) of PM2.5 and PM10, suspended respirable pollutants, were recorded as 120.8 and 248 micrograms per cubic metre by System of Air Quality and Weather Forecasting and Research (SAFAR) around 5.30 p.m., as against the corresponding safe limits of 60 and 100.
SAFAR’s Dhirpur, Pitampura, Delhi University, Pusa Road, Mathura Road and airport stations had ‘very poor’ air quality index. Even last week, the air quality fluctuated between moderate and poor categories.

PM says Indian army is among best in the world

Prime Minister Narendra Modi saluted the Army for its recent surgical strikes along the Line of Control in Kashmir and said the action had won it worldwide accolades.
Mr. Modi likened the surgical strikes to Israel’s exploits and said the Indian forces had shown they were no less than anybody.
Israel is known for its targeted military strikes against enemy countries and militant outfits.
Criticising the previous governments at the Centre for not implementing the One Rank, One Pension (OROP) scheme for ex-servicemen, Mr. Modi pointed out how the National Democratic Alliance government had kept its promise on OROP.
“Appreciating our commitment and on our request, the ex-servicemen have agreed for us to pay the amount in four simple instalments. We have already released Rs. 5,500 crore to them,” the Prime Minister said.
He recalled that before becoming the Gujarat Chief Minister he was the party in charge of Himachal for a long time and was instrumental in installing the first Dhumal government in 1998.
The Prime Minister said BJP Chief Ministers Shanta Kumar and Prem Kumar Dhumal had done a lot for Himachal and credited them for their role in providing drinking water and initiating the road networking in the State.
The current Congress Chief Minister Virbhadra Singh, he alleged, had his hands full in tackling the corruption cases against him.
The Prime Minister said Himachal was given Rs. 72,000 crore by the 15th Finance Commission against the paltry Rs. 21,000 crore by the UPA in the 14th Finance Commission.

People's Resurgence and Justice Alliance launched by Irom Sharmila

Beginning her political journey, rights activist Irom Sharmila on Tuesday announced a new political party.
The party, named the Peoples Resurgence and Justice Alliance (PRJA), will contest the Assembly polls in Manipur in 2017.
She will be the co-convenor of the party, which includes a number of activists and entrepreneurs.
Speaking on the occasion, Ms. Sharmila said that that everyone is seeking a change in Manipur, but for a positive change to emerge, each person needed to be a part of the process of change.
The 44-year-old Sharmila, who broke her 16-year-long fast for the withdrawal of the Armed Forces Special Powers Act (AFSPA) on August 9 earlier this year, had previously announced her decision to test political waters.

:: International ::

Russian and Syrian air forces have stopped bombing Aleppo

Moscow announced that Russian and Syrian air forces have stopped bombing Aleppo ahead of a brief truce, a move the Kremlin said showed “goodwill” as it faces mounting criticism for backing a brutal regime offensive.
Russia said there would be an eight-hour “humanitarian pause” in the battered city, a move welcomed by the United Nations (UN) and the European Union (EU) which nevertheless said the ceasefire needed to be longer to allow the delivery of aid.
The UN said it was waiting for safety assurances from all sides before going in with “critical humanitarian assistance” for Aleppo’s desperate population.
The West has voiced increasing alarm at the situation in Aleppo, saying the ferocious Russian-backed onslaught on the rebel-held east could amount to a war crime.

:: India and World ::

India offered to help in reconciliation of Myanmar

India has offered to help in Myanmar’s national reconciliation effort, officials said here, shortly after State Counsellor Aung San Suu Kyi began her first state visit to India, with a meeting at Rashtrapati Bhavan.
During the meeting with External Affairs Minister Sushma Swaraj, the issue of reconciliation came up again.
The Myanmarese leader received a ceremonial welcome at the Rashtrapati Bhavan.
Ms. Swaraj conveyed condolences on India’s behalf for the terror attack of October 9 which led to a week of violence that claimed dozens of lives in Rakhine province of Myanmar.
On October 16, Ms. Suu Kyi had expressed solidarity in the Goa BRICS-BIMSTEC for India’s fight against terrorism.
India’s proposal for “assistance” came a day after the Ministry of External Affairs announced that New Delhi is willing to play a more active role in stabilising and unifying the Bay of Bengal community, including Myanmar.

:: Business and Economy ::

RBI has asked banks to replace debit cards for security reasons

The Reserve Bank of India (RBI) has asked banks to replace debit cards whose security is suspected to have been compromised after being used in some automated teller machines (ATMs).
The issue was first suspected by payment gateways such as Visa, Mastercard and Rupay, the last of which is operated by NPCI, when it came to their notice that security could have been breached in some instances.
Debit cards and credit cards face security issues when unauthorised parties access confidential details embedded in the card. Such access could happen even as the card is being used in an ATM.
Cards falling in the suspicious category and needing replacement would number about 17.5 lakh. The total debit card base in the country was 697 million as of July 2016.
Banks such as State Bank of India (SBI), HDFC Bank and Bank of Baroda have already started replacing the cards. SBI, the country’s largest lender, has started the process of replacing 0.6 million debit cards.
Mr. Mahapatra added that while the bank had advised customers to change the debit card pin, the institution had also blocked the cards, and is now issuing fresh cards. He said the process would be competed in two to three days.
SBI is investigating the issue to ascertain whether there was any financial loss to the customers.

Union brought a logo for the IPR Policy

To promote the National Intellectual Property Rights Policy, the Centre brought out a logo for the Cell for IPR Promotion and Management (CIPAM) — the body set up to take forward the implementation of the National IPR Policy.
Launching the logo, Commerce and Industry Minister Nirmala Sitharaman said India’s intellectual property-related activities needed great traction. The logo has been designed keeping in mind the slogan of the National IPR Policy: ‘Creative India, Innovative India’, said a statement.
The CIPAM is working towards creating public awareness about IPRs in the country, promoting the filing of IPRs through facilitation, providing inventors a platform to commercialise their IP assets.