Current Affairs for BANK, IBPS Exams 22 March 2016

Current Affairs for BANK, IBPS Exams

22 March 2016

:: NATIONAL ::

Government will not tinker with reservation policy says PM

Prime Minister Narendra Modi made it clear on Monday that his government had no plans to revisit the reservation policy for Dalits and other communities.
He accused his opponents of spreading “untruths” over the issue, not just during his tenure, but even when Atal Bihari Vajpayee was the PM.
Mr. Modi was speaking after laying the foundation stone for a memorial for B.R. Ambedkar in New Delhi.
Mr. Modi said no one in his government had suggested that such a review would be considered, an enterprise that would be impossible, he said, “even if Ambedkarji were to appear today”.
The BJP has ruled Madhya Pradesh, Gujarat, Maharashtra, Punjab, and Haryana for many years, and the policy was not altered.

Bedaquiline new drug launched for TB

On the eve of World Tuberculosis Day, Health Minister launched Bedaquiline — new drug for Drug Resistant TB — as part of the national programme. The drug will be introduced in 104 districts across five States.
Process of fighting TB is continuous. Hence there can be no dilution and no diversion. Our attention needs to be steadfast and aggressive.
The new class of drug is a diarylquinoline that specifically targets Mycobacterial ATP synthase, an enzyme essential for the supply of energy to Mycobacterium tuberculosis and most other mycobacteria.
Bedaquiline is being introduced at six tertiary care centres across India. These sites have advanced facilities for laboratory testing and intensive care for patients.
Bedaquiline will be given to multi-drug resistant TB patients with resistance to either all fluoroquinolone and/or all second line injectables and extensive drug resistant TB.
The national programme will also benefit from the introduction of over 500 Cartridge-Based Nucleic Acid Amplification Test (CBNAAT) machines — a revolutionary rapid molecular test which detects Mycobacterium tuberculosis and rifampicin drug resistance, simultaneously.
This test is fully automated and provides results within two hours. It is a highly sensitive diagnostic tool and can be used in remote and rural areas without sophisticated infrastructure or specialised training.

Drugs used in leukaemia could replace stem cell transplantation

Two drugs used in the targeted treatment of leukaemia can significantly prolong the survival time of high-risk patients, researchers say, suggesting that in future, these medicines could not only replace chemotherapy but even stem cell transplantation.
The study found that the drugs ibrutinib and idelalisib used in the targeted treatment of chronic lymphatic leukaemia can significantly prolong the survival time of high-risk patients.
The average survival time of these patients is between one and two years when they receive standard treatment, whereas 80 per cent of patients receiving the new treatment were still alive after two years, researchers said.
Both drugs are so-called “small molecules” and belong to the class of substances known as kinase inhibitors.
They are used in targeted cancer treatment, where they interrupt the signalling pathways of the cancer cells, researchers said.
This is because targeted treatment acts on specific molecular-biological properties of the cancer cell. Tissue samples have to be taken to determine these properties.

:: INTERNATIONAL ::

Cuban President says recent steps to relax controls by US are positive

In a history-making meeting, Mr. Castro praised Mr. Obama’s recent steps to relax controls on Cuba as “positive,” but deemed them insufficient.
He called anew for the U.S. to return its naval base at Guantanamo Bay to Cuba and to lift the U.S. trade embargo.
Mr. Obama came to Cuba pledging to press its leaders on human rights and political freedoms, and vowing that the mere fact of a visit by an American leader would promote those values on the island.
Mr. Castro worked to turn the tables on Mr. Obama by saying Cuba found it “inconceivable” for a government to fail to ensure health care, education, food and social security for its people — a clear reference to the U.S.
Mr. Obama said he had raised “very serious differences” the U.S. has with Cuba on democracy and human rights, but portrayed those difficult conversations as a prerequisite to closer relations.
Crediting Cuba for making progress as a nation, he said part of normalising relations between the two countries means “we discuss these differences directly.”

Violating UN resolutions North Korea continues firing into sea

North Korea fired five short-range missiles into the sea off its east coast — the latest in a series of launches ordered by leader Kim Jong-un amid rising military tensions.
They came just days after the North test fired two medium-range missiles in what the UN Security Council described as an “unacceptable” violation of UN resolutions.
Tensions have been soaring on the divided Korean peninsula since the North carried out its fourth nuclear test, followed a month later by a long-range rocket launch that was widely seen as a disguised ballistic missile test.
The Security Council responded earlier this month by imposing its toughest sanctions on North Korea to date.
In recent weeks Pyongyang has maintained a daily barrage of nuclear strike threats against both Seoul and Washington, ostensibly over continuing large-scale South Korea-U.S. military drills that the North sees as provocative rehearsals for invasion.

Pakistan hands over fishermen

Pakistan handed over 86 Indian fishermen at the Wagah Border, a day after they were released by the authorities upon their completing a one-year sentence for allegedly trespassing into Pakistan’s territorial waters.
They were released from Malir Jail in Karachi. It was the second time this month that Pakistan has released Indian fishermen.
Some 87 fishermen were released on March 6. Monday’s release brings the total to 173.

:: INDIA and WORLD ::

Nepal signs agreement for transit rights through China

Underlining the growing role of China in South Asia, Nepal on Monday secured transit rights through China following an agreement in Beijing between Prime Minister K.P. Sharma Oli and his Chinese counterpart Li Keqiang.
Earlier, China extended a ceremonial welcome to Mr. Oli who held official talks with the Chinese leadership.
The future of the agreements depended on the issue of “economic viability” of the transit facilities and train connectivity projects.
India at present has two rail lines under construction and three more are being planned to increase Nepal’s trade ties.
During the February visit of Prime Minister Oli to New Delhi, India agreed on giving dedicated access to Nepal to the port of Vizag.

:: Business and Economy ::

Current account deficit decreased to 1.3 percent of GDP

The country’s current account deficit (CAD) narrowed to $ 7.1 billion or 1.3 per cent of GDP during the October-December quarter of the financial year, mainly due to lower trade deficit.
According to latest data released by the Reserve Bank of India (RBI), the current account deficit narrowed from $7.7 billion or 1.5 per cent of GDP recorded during the same period of last year and from $8.7 billion or 1.7 per cent of GDP recorded in July-September quarter.
The contraction in CAD was primarily on account of a lower trade deficit (US$ 34.0 billion) than in Q3 of last year (US$ 38.6 billion) and US$ 37.4 billion in the preceding quarter.
Private transfer receipts, mainly representing remittances by Indians employed abroad was $ 15.8 billion, a decline from their level in the preceding quarter as well as from a year ago.
For the nine month period of April-December, CAD narrowed to 1.4 per cent of GDP from 1.7 per cent in the corresponding period of 2014-15, on the back of the contraction in the trade deficit.

Government committee recommended tax on online services

High-level government committee has recommended a 6-8 per cent tax on several online services such as online advertising, cloud computing, digital platforms for sale of goods and services or, provided by a company not resident in India.
Committee on Taxation of E-Commerce, set up by the Central Board of Direct Taxes (CBDT), recommended that payments of over Rs.1 lakh made by a resident individual or company to a non-resident enterprise will be covered by this levy.
The report was submitted to Finance Minister Arun Jaitley prior to the Budget, based on which he proposed a fee of 6 per cent to be levied only on online advertising and restricted to B2B transactions.
It is imperative that the government not only lays down clear guidelines around the transaction covered under the levy but equally, the manner of determination as to whether the equalisation levy (EQL) or Income Tax will apply on a transaction.
The equalisation levy follows the Base Erosion and Profit Shifting (BEPS) report, endorsed by the G20 and OECD, which sought to put forth a global standard for taxing e-commerce.
The issue with e-commerce is that the services are often provided by companies that have no office space in the country where the service is rendered and so are not subject to tax, providing them an advantage over domestic players.
The other issue, that experts feel needs to be addressed, is based on whom the onus of payment of the levy will fall.
Experts feel that the government has to bring in greater clarity on how the levy will be implemented, to whom it will apply and whether it will be distinct from Income Tax.
The report states that the other countries are free to grant credit for this levy as per their domestic law. In future, if the other countries impose equalisation levy, India may consider granting credit on a reciprocal basis.