Current Affairs for BANK, IBPS Exams 30 July 2017

Bank Exam Current Affairs

Current Affairs for BANK, IBPS Exams 30 July 2017

::National::

NIA found hawala racket and trade fraud along LoC as two funding channels

The NIA is focussing on a hawala racket relating to the annual Haj pilgrimage and trade fraud along the Line of Control (LoC) as two funding channels being used by separatists and terrorists in Jammu and Kashmir.
As part of its probe, which recently led to the arrest of seven Kashmiri separatists, the NIA is examining what it regards as a ‘deep conspiracy’ to ‘keep the Valley burning’, and not just individual acts of terror.
According to the NIA, some travel agents who send Indians on the Haj pilgrimage are hand in glove with associates of separatists based in Saudi Arabia and Pakistan.
A part of the money collected from pilgrims is diverted for terror and separatist activities, while the cost of accommodation and food are borne by these associates.
“Some of these travel agents charge around Rs. 2 lakh per pilgrim and purchase tickets as per the subsidy scheme of the government. Around Rs. 1.5 lakh cash given by the pilgrims is pocketed by them and transferred to separatists.
As a probe looking back several years, the exact numbers involved in the diversion were not yet available.
But the NIA has “statements from pilgrims as well as office-bearers [of separatist organisations] who have confirmed the money trail,” the official claimed.
Haj subsidy is given to pilgrims only in the form of subsidised air tickets; pilgrims make their own arrangements for food and stay in Saudi Arabia. Travel operators provide a package deal, which includes accommodation.
Pilgrims pay agents by cash and through bank accounts.
Trade across the LoC, the second fund-raising channel, has brought some traders under the scanner for alleged fraudulent transactions worth Rs. 2,100 crore at the Salamabad-Uri trade point and Rs. 670 crore at the
Chakan Da Bagh-Poonch point since this trade began in 2008.
There are 21 items cleared for trade across the LoC through a barter system, which include garments, handicrafts, carpets and almonds.
The NIA has found undervaluation of products that come from Pakistan, which are then sold at as much as triple their exchange value, generating cash surpluses.

Centre plans to link all canals via a geographical information system

The Centre plans to link all canals via a geographical information system that would allow them to be remotely mapped.
V.K. Vohra, Commissioner (Irrigation) said that 99 projects, identified as a part of the Accelerated Irrigation Benefit Programme, would have canals under satellite scrutiny to ensure that they be completed on time.
The Central government has earmarked Rs. 77,595 crore to states to complete a range of irrigation projects that have been stuck for decades owing to lack of funds, with the water ministry committed to ensuring that 99 such projects would be completed by 2020.
Twenty-three would be completed by 2016-17 and 31 by 2017-18. One of the major reasons for the projects to remain incomplete was inadequate provision of funds by the concerned State governments.

Accounts classified as stressed still have inherent value

Accounts classified as stressed still have inherent value and represent opportunities for asset reconstruction companies (ARCs) and private equity (PE) firms, Finance Minister Arun Jaitley said.
“At a meeting with leading ARCs and PE firms focussed on stressed assets, he said accounts classified as impaired/stressed still had inherent value,” the Finance Ministry said in a release.
“These were essentially productive assets which if turned around would not only create additional jobs but also contribute to national output. For this to happen, timely interventions, transparent price discovery and right management were required.”
Mr. Jaitley also highlighted the legislative changes aimed at creating a conducive environment for ARCs and PE funds.

::International::

Sri Lanka sealed a billion-dollar deal with Chinese state firm

Sri Lanka sealed a billion-dollar deal to let a Chinese state firm take over a loss-making port in a move that worries many, including India.
The long-delayed $1.1 billion sale of a 70% stake in Hambantota port, which straddles the world’s busiest east-west shipping route, was confirmed by Sri Lanka’s Ports Minister Mahinda Samarasinghe.
The government used tough laws against industrial action to stop workers going on strike this week to oppose the sale to China Merchants Port Holdings.
India is nervous about China’s infrastructure moves into its traditional sphere of influence. “We have addressed geo-political concerns,” the Minister said at a signing ceremony in Colombo.
Negotiations over the deal were held up for months amid opposition from trade unions and political parties. The Minister said this week that several countries had raised fears about the sale.

::Business and Economy::

Finance Ministry has cautioned departments against the unauthorised tickets

The Finance Ministry has cautioned government departments against the rising tendency to book air tickets for officials through unauthorised agencies. Expenditure on purchasing such tickets would no longer be permitted.
The norms for all air travel, whose cost is borne by the Centre, stipulate that tickets must either be bought directly from airlines’ booking counters or websites or three authorised public sector travel agents – IRCTC, Ashok Travels and Balmer Lawrie.
Calling for strict compliance with the norms, the finance ministry said no relaxation will be considered henceforth ‘on account of ignorance or unawareness of these guidelines.”
“The concerned ministry has to mention in the meeting notice that the non-official member has to purchase the ticket from authorized travel agent only otherwise his claim will not be settled,”.

Indian IT-BPM sector is supporting close to half a million jobs

Indian IT-Business Process Management (BPM) sector is supporting close to half a million jobs in 15 Asia-Pacific nations that are in negotiations for a mega-regional Free Trade Agreement (FTA).
This is in addition to the sector accounting for 3.5 million jobs in India — which is also part of the proposed mega FTA, officially known as the Regional Comprehensive Economic Partnership (RCEP) involving, thereby, a total of 16 Asia-Pacific countries.
However, the Indian IT-BPM industry — despite supporting so many jobs and investing billions of (U.S.) dollars in the RCEP region – has been facing a host of problems, including restrictions on movement of professionals for short-term work.
This was stated by Nasscom on July 25 before a gathering of the RCEP industry groups. The trade negotiators were later shown some highlights of the presentation.
The RCEP technical-level negotiations were held during July 18-28 in Hyderabad, where India made a strong pitch for liberalisation of services, including norms to ease temporary movement of professionals across borders.
The Nasscom presentation showed the Indian IT-BPM sector supported 4.54 lakh jobs in 15 RCEP countries (excluding India) and made investments worth “several thousand millions of (U.S.) dollars across the (RCEP) region.”