Current Affairs for BANK, IBPS Exams 22 January 2017

Current Affairs for BANK, IBPS Exams

22 January 2017

:: NATIONAL ::

Stir regarding jallikattu continues

The Tamil Nadu government stepped up preparations for the conduct of jallikattu in Madurai and other parts of the State following the Governor’s approval for the ordinance proposing amendments to the Prevention of Cruelty to Animals Act (1960).
Announcing that the sport will be held across the State, Chief Minister O. Panneerselvam said he would flag off the event at Alanganallur, in Madurai.
The circumstances behind the Governor’s action is the sentiments of Tamils and to protect their cultural right and having regard to the grave and volatile situation prevailing in the State and in the best interest of maintaining law and order.

Kudankulam second reactor attains maximum capacity

The second unit of Kudankulam Nuclear Power Project attained its maximum capacity of 1,000 MWe.
It’s a great moment for the KKNPP, which is already successfully operating its first unit. After successfully crossing a range of tests, the second reactor reached the milestone of generating 1,000 MWe.
On attaining 250 MWe, 400 MWe, 500 MWe, 750 MWe and 900 MWe, power generation in the reactor was stopped for a range of mandatory tests stipulated by Atomic Energy Regulatory Board.
Only after the AERB gave its nod at every level, power generation was increased to the next stage and ultimately to take the reactor to its maximum capacity of 1,000 MWe.
This is really good news for the Tangedco, which is already getting 562.50 MWe from the first reactor. Neighbouring Telengana, Karnataka and Kerala are getting 50 MWe, 221 MWe and 133 MWe respectively from the first reactor.
Tamil Nadu is expected to get a minimum of 462.50 MWe from the second unit.

ISRO will set a record by launching 103 satellites:

The Indian Space Research Organisation (ISRO) will set a record when it launches 103 satellites in one go on a single rocket in the first week of February.
The satellites will be separated from the launch vehicle in different directions. The separation angle and time of separation will be such that one satellite will not collide with another
The satellite that gets launched first will move at a relatively faster velocity than the next satellite that is launched. Due to different relative velocities, the distance between the satellites will increases continuously but the orbit will be the same
Even one degree difference in separation angle combined with relative velocity will ensure that no two satellites would collide. The satellites will be injected into orbit at different locations at different angles, at different times and different orientations
In June 2016, ISRO launched 20 satellites in one go. It took about 26 minutes to launch all the 20 satellites. In 2008, ISRO launched 10 satellites in a single mission.
The highest number of satellites launched in a single mission so far has been 37 by Russia in 2014; NASA launched 29 satellites in one go in 2013.
ISRO’s workhorse PSLV (C37) with 103 satellites will be launched from the Satish Dhawan Space Centre in Sriharikota in Andhra Pradesh. With the exception of three satellites from India, the rest are from other countries.

Kambala’s traditional buffalo racing:

With an Ordinance promulgated to lift the ban on jallikattu (bull-taming) in Tamil Nadu, the demand for lifting the ban on kambala, traditional buffalo racing, is gaining momentum in coastal Karnataka.
The buffalo race was a development in the last four decades, traditional kambala was over 1,000 years old
Netizens on various social media sites have, meanwhile, started campaigns in support of the traditional practice.

:: INTERNATIONAL ::

Pakistan has engaged the World Bank, as facilitator of the IWT

Pakistan urged the World Bank to form a court of arbitration to mediate the dispute over the Indus Waters Treaty between the two countries.
Pakistan’s two parliamentary committees in a rare joint resolution asked India to immediately suspend work on two hydropower projects in Jammu and Kashmir and agree on the constitution of an arbitration court to resolve the water dispute.
The National Assembly’s Committee on Foreign Affairs and Water and Power held a joint sitting in Islamabad to discuss water issues with India. A joint resolution adopted at the meeting asked India to halt the construction work.
The resolution also called upon the World Bank to constitute a court of arbitration to adjudicate on issues raised by Pakistan against India’s ongoing construction of Kishanganga and Ratle hydro projects.
The construction of dams on the western rivers by India has brought the two countries at loggerheads and Pakistan has engaged the World Bank, a facilitator of the IWT, to stop India from going ahead with the construction.

Japan is threatening to take India to the WTO

Japan is threatening to take India to the WTO over restrictions that nearly halved its steel exports to the South Asian nation over the past year, a step that could trigger more trade spats as global tensions over steel and other commodities run high.
The world’s second-biggest steel producer typically tries to smooth disputes quietly through bilateral talks, but with global trade friction increasing, Japan’s defence of an industry that sells nearly half of its products overseas is getting more vigorous.
Besides concern over India’s protection of its domestic steel industry, Japan is also worried about the more rough and tumble climate for global trade being engendered by incoming U.S. President Donald Trump, and feels it must make a strong stand for open and fair international markets.
India imposed duties of up to 20% on some hot-rolled flat steel products in September 2015, and set a floor price in February 2016 for steel product imports to deter countries such as China, Japan and South Korea from undercutting local mills.
Tokyo says India’s actions are inconsistent with WTO rules and contributed to the plunge in its steel exports to India, which dropped to 11th-largest on Japan’s buyer list in 2016 through November, down from sixth-largest in 2015.
There has been a series of trade disputes over the past few years amid massive exports of cheap steel products from China, the world’s top producer, with Vietnam, Malaysia and South Africa taking or planning measures to block incoming shipments.
China’s steel exports dropped by 3.5% in 2016 to 108 million tonnes, still about as much as Japan produces in a year.
Japan is also monitoring its small volume of imports for signs of dumping, fearing that steel products with nowhere to turn because of import restrictions may head to it own market.

:: Science and Technology ::

Massive Antarctic ice shelf is breaking away:

A gigantic chunk of ice that is breaking away from West Antarctica is now attached to its parent ice shelf just by a thread, scientists reported.
Covering 5,000 sq km and nearly 100 storeys-deep, the formation is poised to snap off from Larsen C ice shelf, creating “one of the largest icebergs ever recorded”.
A widening rift running the length of the finger-shaped, 350 metre-thick ice block grew 10 km longer some time during the last three weeks, satellite images revealed.
Ice shelves float on the sea, extending from the coast, and are slowly fed by glaciers from the ice sheet on land. They act as giant brakes, preventing the glaciers from sliding directly into the ocean.

Faster diagnosis of HIV:

Scientists have developed a new method for medical testing that may lead to faster diagnosis of HIV, Lyme disease, syphilis and rotavirus infections.
Researchers at the University of Central Florida (UCF) in the U.S. combined cutting-edge nanoscience with a magnetic phenomenon discovered more than 170 years ago to create the method for speedy medical tests.
The team coated nanoparticles with the antibody to BSA, or bovine serum albumin, which is commonly used as the basis of a variety of diagnostic tests.
By mixing the nanoparticles in a test solution, the BSA proteins preferentially bind with the antibodies that coat the nanoparticles.
Nanoparticles with an iron core and applied a magnetic field to the solution, causing the particles to align in a particular formation.
As proteins bind to the antibody-coated particles, the rotation of the particles becomes sluggish, which is easy to detect with laser optics.

A sunspot with centre twice the size of Earth:

A new view of the dark, contorted centre of a sunspot that is nearly twice the diameter of the Earth, along with other invisible details of our Sun, has been unveiled by scientists.
The results are an important expansion of the range of observations that can be used to probe the physics of our nearest star.
The Atacama Large Millimetre/submillimetre Array (ALMA) antennas had been carefully designed so that they could image the Sun in exquisite detail using the technique of radio interferometry.
Astronomers have harnessed ALMA’s capabilities to image the millimetre-wavelength light emitted by the Sun’s chromosphere.

:: BUSINESS ::

Tax-free withdrawal limit for PF may rise:

The Labour Ministry has sought a fourfold increase in the threshold limit for tax deduction on provident fund withdrawals, from the existing Rs. 50,000 to Rs. 2 lakh, in the coming Budget.
This means that if the proposal gets a go-ahead, one can withdraw provident fund savings of up to Rs. 2 lakh without any tax deduction even if one has not completed five years of continuous service.
At present, provident fund withdrawals of more than Rs. 50,000 before completing five years in service attracts income tax of up to 34.608%.
The Centre in 2016 increased the threshold limit of PF withdrawal for deduction of tax (TDS) from Rs. 30,000 to Rs. 50,000.
The Labour Ministry has also requested the Finance Ministry to remove tax deduction of 34.608%, known as the maximum marginal rate, for workers who do not furnish PAN card details.
While a 10% tax is deducted for workers disclosing PAN details, 34.608% tax is deducted for workers who do not have a PAN card.
Guaranteed service of five years in the lifetime of an employee is not available under either Central of State legislations. The said provision may be amended to incorporate five years of (PF) deposits from the first month of contribution.
The Finance Act of 2015 had first introduced the deduction of income tax on payment of accumulated provident fund balance due to an employee with less than five years of service.
The Labour Ministry has also sought retrospective service tax exemption for the EPF scheme.EPFO was exempted from the purview of service tax from April 2016.
The Labour Ministry has now said the exemption should come into effect retrospectively arguing that EPF is a social security scheme and doesn’t come in the category of ‘banking and financial services.

Centre to scan misleading ads for traditional medicine:

The Ministry of AYUSH has tasked the advertising industry watchdog to proactively identify potentially misleading advertisements of traditional systems of medicine in domains such as ayurveda, yoga and naturopathy.
Usually, the Advertising Standards Council of India (ASCI) scans the advertisements based on complaints it receives. ASCI has been given a self-monitoring mandate by the Ministry of AYUSH to identify potentially misleading advertisements in the AYUSH sector and process complaints through its Consumer Complaints Council (CCC).
These will include advertisements on ayurveda, yoga and naturopathy, unani, siddha and homoeopathy medicines, treatment and related services.
The arrangement would ensure that any advertisement making claims for diseases and disorders, in violation of the notification issued by our ministry for indications that have been prohibited from claiming, are immediately brought to our attention.
The watchdog will comprehensively monitor these advertisements across 900 publications and 500 TV channels. The Ministry will also redirect complaints against misleading advertisements to ASCI which will be reviewed using ASCI’s code and guidelines.
The MoU also requires ASCI to report to the Ministry of AYUSH, advertisements in potential violation of the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954 and Rules thereunder as well as non-compliance of ASCI’s CCC recommendations for the Ministry of AYUSH to take further action.

SEBI to review the norms for removal of independent directors in listed companies:

The ongoing boardroom tussle in the Tata Group has compelled the Securities and Exchange Board of India (SEBI) to review the norms for removal of independent directors in listed companies.
At the SEBI board meet, the capital market watchdog took note of the fact that promoters by virtue of their majority holding in large listed companies can easily remove an independent director.
An internal note presented to the SEBI board stated that the regulator should evaluate the option of barring the promoters from voting on resolutions seeking removal of independent directors.
It is felt that the present provisions make the removal process less stringent than the appointment process. Therefore, since a special resolution is required for the re-appointment of an independent director, the same principle should be applied for his removal also i.e special resolution may be made necessary.
The capital market regulator has brought this issue to the notice of Ministry of Corporate Affairs (MCA) as well, based on the letters it received from Nusli Wadia who was removed as an independent director from Tata Motors, Tata Steel and Tata Chemicals.
SEBI listing regulations and Companies Act, 2013 needs to provide independent directors a fair process and the opportunity to debate their dismissal before the non-promoter independent shareholders, currently it does not require legally sufficient cause for dismissal, or any similar test.
Meanwhile, the note presented to the board also stated that it would not be right on SEBI’s part to question the commercial decisions of the boards of companies unless there is any kind of violation of the securities laws.