Current Affairs for BANK, IBPS Exams 6 July 2017

Bank Exam Current Affairs

Current Affairs for BANK, IBPS Exams 6 July 2017

::National::

India and Israel announced a strategic partnership

India and Israel announced a strategic partnership between the two countries and signed seven agreements in the fields of water, agriculture, space, including a $40 million joint fund for research and development in innovation.
“India and Israel live in complex geographies. We are aware of the strategic threats to regional peace and stability,” said Mr. Modi, briefing the media on the outcome of the talks.
An earlier version of the joint statement distributed by the Israel Ministry of Foreign Affairs didn’t include the wording on an overall “strategic partnership”, indicating that it had been added in the final round of the talks.
Without mentioning specifics of the counter-terrorism cooperation envisaged, they agreed that “strong measures should be taken against terrorists, terror organisations, their networks and all those who encourage, support and finance terrorism, or provide sanctuary to terrorists and terror groups.”
The veiled references to Pakistan and Iran, both of which are nuclear-capable powers, reflected the concerns India and Israel have on the issue of terror.
In view of Israel’s position on not welcoming “third party” interventions on the Israel-Palestine peace process, the joint statement only recorded “their support for an early negotiated solution between the sides based on mutual recognition and security arrangements.
The agreements cover the fields of water, agriculture, space, including a $40-million joint fund for research and development in innovation.
The two agreements in the field of water deal with the “increasing awareness” of the need for water conservation, as well as an MoU between the Israeli Water Ministry and the Uttar Pradesh Jal Nigam Board.
Three MoUs on space cooperation included one for Electric Propulsion for Small Satellites, and for the development of an optical link as well as cooperation on atomic clocks.
The fund for research and development, called the “I4F” or India Israel Industrial Innovation Fund, will see both governments contribute $20 million to help research scholars manufacture their inventions easily.
He also referred to Baba Fariduddin, who had travelled to Jerusalem in the 13th century, calling him a symbol of the fact that while India and Israel have had full diplomatic ties for 25 years, they go back “hundreds of years” in history.

SC says gap in qualification criteria for EC should be fulfilled

Though so far the election commissioners (ECs) appointed have been “outstanding people, very fair and politically neutral,” there is still a legitimate expectation that they should be selected through the “most transparent and just process” formalised in a law enacted by Parliament, SC advised.
The Bench of Chief Justice of India J.S. Khehar and D.Y. Chandrachud pointed out that there is a “gap” caused by the lack of a parliamentary law which transparently spells out the process of appointment of an election commissioner.
“Though it is very complimentary that outstanding people have been appointed so far, there is still a legitimate expectation in the Constitution that a law should be made on the selection process,” the Chief Justice observed.
“The Election Commissioners supervise and hold elections in our democracy...such is the significance of their office. Their selection has to be made in the most transparent manner,” he said.
The court asked the government whether it should intervene in the issue to achieve the constitutional objective under Article 324 (2).

China points fingers at India for stand off

China accused India of “misleading the public” by pointing out that the face-off between Indian and Chinese troops was taking place not at the tri-junction of China, India and Bhutan but at an undisputed section in the Donglang general area.
The convention in 1890 said the Sikkim section of the boundary commences east from the Gymochen mountain and the incident took place about 2000 metres away from the mountain. So it has nothing to do with the tri-junction.”
Asked to clarify whether Donglang or Doklam is not at the tri-junction, Mr. Geng said: “I have already said very clearly just now. In disregard of the [1890] convention, the Indian side [said] that Doklam is located within the tri-junction of the three countries.”
But contrary to the Chinese perception, Bhutan’s ambassador to India Vetsop Namgyel has said that, “Doklam is a disputed territory and Bhutan has a written agreement with China that pending the final resolution of the boundary issue, peace and tranquillity should be maintained in the area.”
However, the Foreign Ministry spokesperson reiterated that there is no dispute between China and Bhutan over Donglang.

::Business and Economy::

Government clarifies conditions for branded items

The Ministry of Finance clarified that for the purposes of GST applicability, an item will be deemed to be ‘branded’ if it carries a brand name or trade name that is registered under the Trade Marks Act, 1999.
The Ministry was trying to allay the confusion around the definition of a branded product, since several unbranded food items are exempt from GST while their branded variants fall in the 5% tax bracket.
Thus, unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999, CGST rate of 5% will not be applicable on the supply of such goods,” the statement added.
The GST rate on the supply of food items, such as channa or paneer , natural honey, wheat, rice and other cereals, pulses, and the flour of cereals and pulses, is nil.
The rate on these items, when placed in a unit container and bearing a registered brand name, though, is 5%.

Purchasing Managers’ Index accelerated to eight months high

Services sector activity accelerated to an eight-month high of 53.1 in June due to a sharp rise in new orders, according to the Nikkei India Services Purchasing Managers’ Index (PMI).
The index reading was 52.2 in May. A reading above 50 indicates an expansion in activity while a value below 50 denotes a contraction.
The strong performance in June also suggests that GDP growth is likely to rebound from the poor showing in the fourth quarter of financial year 2016-17, according to the report’s author, Pollyanna De Lima.
However, she noted that the path to a stronger economic performance is still not easy, with concerns over the Goods and Services Tax playing a large part in dampening optimism in the sector.
Business conditions in India’s service sector continued to improve in June as a solid and accelerated upturn in new work resulted in a faster increase in activity.
The strong performance in the services sector came at a time when the manufacturing sector slipped to a four-month low in June.

EPFO signed an agreement with banks for collection of provident fund dues

The Employees’ Provident Fund Organisation (EPFO) signed an agreement with four private banks and Bank of Baroda for collection of provident fund dues from employers and payments to its subscribers.
This is the first time that the EPFO has tied up with private banks – namely, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank.
Earlier, only State Bank of India was authorised to collect contributions from employers and make payment to employees. The move will help the EPFO save about Rs. 300 crore annually as the five banks have agreed to zero transaction charges.
In December, the EPFO had tied up with five other banks, Punjab National Bank, Allahabad Bank, Indian Bank and Union Bank of India, for online collection of dues.
The EPFO is in talks with seven more banks to sign a similar agreement. These include IDBI Bank, Bank of India, Corporation Bank, Indian Overseas Bank, Canara Bank, Central Bank of India and Bank of Maharashtra.