Current Affairs for BANK, IBPS Exams 06 November 2016

Current Affairs for BANK, IBPS Exams

06 November 2016

:: National ::

Capital’s air quality slipped to ‘hazardous’ levels

Facing its worst spell of persistent smog in nearly two decades, the Capital’s air quality slipped to ‘hazardous’ levels. Low wind speed and high moisture content ensured that the city remained blanketed in thick smog through the day.
Pollution levels were the worst in the season so far. PM10 in the range of 900-1700 microgram per cubic metre: standard level is 100 and benzene which is cancer causing agent, were recorded across the city.
Chief Minister Arvind Kejriwal said the high levels of smog had turned the Capital into a ‘gas chamber” and blamed stubble burning in Punjab and Haryana for the problem.
For the first time perhaps, the three municipal corporations of Delhi closed schools under their jurisdiction, numbering around 1,700, due to the high levels of pollution.
While 200-300 microgram per cubic metre is considered very unhealthy, 300+ is considered hazardous.
Many people in the city complained of irritation in the eyes and breathing problems because of the smog.
Meanwhile, doctors have caution that particulate matter can cause respiratory diseases if one is exposed to unsafe levels for prolonged periods. They have advised people to avoid outdoor physical activities.
People with heart or lung diseases, older adults and children have also been advised to remain indoors and keep activity levels low.

Govt agreed to use retired judges

Union government has agreed to a resolution passed by the judiciary in the Chief Justices and Chief Ministers Conference to use the services of retired High Court judges with proven integrity and track record to tackle pendency of cases.
The provision to use the services of retired judges is open to the Chief Justices of High Courts under Article 224A of the Constitution with the previous consent of the President as an extraordinary measure to tide over case pile-ups.]
Chief Justices will actively have regard to the provision of Article 224A of the Constitution as a source for enhancing the strength of judges to deal with the backlog of cases for a period of two years or the age of sixty five years, whichever is later until a five plus zero pendency is achieved.”
‘Five plus zero’ is an initiative by which cases pending over five years are taken up on priority basis and their numbers are brought down to zero.
Accordingly, it was resolved that all High Courts shall assign top-most priority for disposal of cases which are pending for more than five years.
In High Courts, where arrears of cases pending for more than five years are concentrated shall facilitate their disposal in a “mission mode.”
The agreement on the minutes comes at a time when the Executive and the Judiciary are trying to find a common ground on the memorandum of procedure for judicial appointments in High Courts and Supreme Court.
The 24 High Courts face a shortage of nearly 450 judges. Nearly three crore cases are pending in courts across India.

Border talks between India and China to happen next year

National Security Adviser of India and China agreed to hold the next round of border talks in India next year at a daylong meeting held in Hyderabad.
The meeting came against the backdrop of a series of dampeners appearing prominently in the bilateral ties, including the recent stand-off between the two Armies at the border.
However, his statement did not carry any reference to the two key issues of India’s concern vis-a-vis China — India’s entry to the NSG and the U.N. ban on Masood Azhar. Both are held up because of China’s tough positioning.
The two sides appreciated that 2016 is an important year for bilateral engagement, with President Xi Jinping’s visit to India for the BRICS Summit and PMModi’s visit to China for the G-20 Summit.
Both sides agreed to hold the 20th round of Special Representatives talks on the border question in India next year.

British PM to come to India for 1st bilateral mission outside EU

British Prime Minister Theresa May is set to head for New Delhi on her first trade mission, and her first bilateral visit outside the European Union.
The visitis taking place under a cloud of uncertainty, with Parliament set to get a say in the process of exiting the EU, and toughening immigration rules governing Indian temporary workers and students.
Ms. May is set to arrive in New Delhi on Sunday evening, leading a 40-member business delegation.She is set to hold bilateral talks with the Prime Minister later that day, following meetings with business and investors.
She will head for Bengaluru, where a tech summit is also being held. It’s worth noting that the size of delegation is considerably smaller than the over 100 initially expected.
Nevertheless, from the Indian perspective a couple of issues cloud the visit.
Firstly, there is the issue of Britain’s stance on Pakistan — which is notably different from that of the U.S., which issued a strong statement condemning cross-border terrorism.
Whether Ms. May will follow former U.K. Prime Minister David Cameron in issuing a strong statement during her visit remains to be seen though for the moment it looks unlikely.
Another issue haunting the visit will be visas. Earlier this week, the government announced that a planned tightening of immigration rules — including the raising of salary thresholds for those on an intra-company transfer visa.
While these issues will undoubtedly be factored in during the trip, India will also be eager to stress its willingness to work with a post-Brexit Britain, as it attempts to strengthen bilateral relations with nations outside the EU.

:: Business and Economy ::

FM says domestic investment still needs to pick up

Domestic investment is the only growth engine that still needs to pick up and banks must recover their loans to help boost private investment, Union Finance Minister Arun Jaitley said.
He said that a large part of the delay in recovery of loans was due to deliberate steps taken by creditors not to pay their debts on time.
“In the bulk of the cases where banks’ dues have to be returned, the defences are frivolous, if not a sham,” Mr Jaitley said.
“They are a time-gaining device and therefore the more we are able to delay the procedures, the more we are preventing the recovery, and the more we are preventing that investment from going into more fruitful hands.”
“In terms of domestic investment, the situation is still challenging. It is clear the Indian private sector needs to invest. And that is when all engines of the economy will start firing.”
The private sector, either impacted by large unutilised capacities, global slowdown, and sectoral stresses caused either by domestic or international factors, slowed down significantly.
Their balance sheets got very badly disturbed. And the stressed balance sheets of these companies started impacting the balance sheets of the banks because they were unable to service their loans.
New projects worth Rs.44,607 crore were announced in 2015-16, down from the Rs.54, 235 crore worth of announcements seen in the previous year, according to CMIE data.
The first half of this financial year, however, has witnessed an improvement, with a 43 per cent increase in the value of new project announcements as compared to the same period in 2015-16.
Against this background, there is a dire need to introduce efficiency in the loan recovery process, since litigation, if allowed to continue endlessly, would be to the detriment of the entire economy, the Union Finance Minister said.

Cabinet approval for Jal Mary Vikas project sought

With contracts worth Rs 2,000 crores already awarded, the Union Shipping Ministry will now seek Cabinet approval for the Jal Marg Vikas project, under which National Waterways-1 is being implemented.
The Ministry is also planning a maiden issue of infrastructure bonds worth Rs.1,000 crore in two tranches to fund this World Bank-aided project.
The cost has ballooned from Rs.4,200 crore at conception in 2013 to Rs.5,369 crore now. It involves developing a 1,620-km navigable waterway between Haldia and Varanasi.
Inland Waterways Authority of India vice-chairman said that many car-makers have already approached the authority to use this waterway to transport their vehicles.
Plans were also afoot to move LNG-fuelled vessels and tankers on this stretch. The IWAI plans to procure various types of vessels once they are designed to suit the riverine channel that passes through four states.