Current Affairs for BANK, IBPS Exams 25 January 2017

Current Affairs for BANK, IBPS Exams

25 January 2017

:: National ::

US President and Prime Minister Modi started new regime

President Donald Trump spoke to Prime Minister Narendra Modi, the White House said.
Mr. Modi is the fifth world leader President Trump has spoken with after he assumed office.
Canadian Prime Minister Justin Trudeau, Mexican President Pena Nieto, Prime Minister Benjamin Netanyahu of Israel and Egyptian President Abdel Fattah el-Sisi were the first four.
British Prime Minister Theresa May will be the first foreign leader to visit the U.S under the new presidency.
Describing himself as a “big fan of Hindu….a big fan of India, he had then said that “the Indian and Hindu community would have a true friend in the White House,” if he was elected President.

After Jallikattu, kambala may also be allowed with ordinance

Union Minister for Law and Justice and Information Technology Ravi Shankar Prasad said that the Union government will extend the same support it gave for jallikattu if Karnataka too promulgated an ordinance for kambala.
He told presspersons at Mangaluru International Airport that it was up to the State government to clear hurdles for kambala.
The Union government will respond if the Karnataka government also takes the same steps that the Tamil Nadu government has taken with regard to jallikattu. The Union government respects the kambala tradition of Karnataka.

Political funding mostly from unknown sources

The total income of national and regional political parties between 2004-05 and 2014-15 stood at Rs. 11,367 crore, with the highest of Rs. 3,982 crore being the Congress’s share.
However, 69% of the income of these parties was from unknown sources, according to an analysis done by the Association for Democratic Reforms (ADR).
The income of national parties from unknown sources increased by 313% during the decade; for the regional parties, it went up by 652%.
The BSP is the only party which has got 100% of its income through donations from unknown sources. Its total income increased by 2,057%, from Rs. 5.19 crore during 2004-05 to Rs. 111.96 crore during 2014-15.
The income from other known sources, such as the sale of assets, membership fees, bank interest, the sale of publications and party levy, was Rs. 1,698.73 crore, about 15% of the total.
While about 43% of the total income of six national parties was that of the Congress, the BJP stood second with Rs. 3,272.63 crore, just over 35%. The CPI(M) declared the third highest income of about Rs. 893 crore.
Donations above Rs. 20,000 per entry, for which the national parties are to declare the sources, was about Rs. 1405.19 crore and the BJP topped the list for declaring the maximum of Rs. 918 crore voluntary contributions in the category.
The BSP has not reported any donation above Rs. 20,000 in the past 11 years, while the Nationalist Congress Party has not submitted its donations report to the Election Commission between 2004-05 and 2006-07.
According to the ADR, the Income-Tax returns of 42 of the 51 regional parties analysed were unavailable for at least one financial year.
The total declared income of regional parties during the period stood at Rs. 2,089 crore, the highest being that of the Samajwadi Party at Rs. 819 crore, followed by the DMK with Rs. 203 crore and the AIADMK with Rs. 165 crore.
"Some countries where this is done include Bhutan, Nepal, Germany, France, Italy, Brazil, Bulgaria, the United States and Japan. In none of these countries it it possible for almost 75% of the source of funds to be unknown, but at present it is so in India,” said the report.
Recently, the report mentioned that the Election Commission had recommended that tax exemption be awarded only to those political parties which contest and win seats in Lok Sabha or Assembly elections.
The EC also suggested that details of all donors who donate above Rs. 2,000 be made public. Scrutiny of the political party’s financial documents should be conducted annually by a body approved by the EC.

:: International ::

Oscars nominnations saw La La Land gets maximum nominations

The candy-coloured love letter to musicals La La Land landed a record-tying 14 nominations to the Academy Awards, which fielded a notably more diverse field of nominees following two straight years of ‘OscarsSoWhite’ backlash.
La La Land matched Titanic and All About Eve for most nominations ever, earning nods for best picture, stars Emma Stone and Ryan Gosling, its jazz-infused songs and its 32-year-old writer-director, Damien Chazelle.
The other nominees for best picture were Moonlight , Arrival , Manchester by the Sea , Hell or High Water , Lion , Fences , Hidden Figures and Hacksaw Ridge .
After two straight years of all-white acting nominees, seven people of colour were among the 20 actors nominated on Tuesday.
The biggest surprise of the morning was the strong boost of support for Mel Gibson, who had long been shunned in Hollywood since an anti-Semitic tirade while being arrested for drunk driving in 2006 and a 2011 conviction for domestic violence.
Not only did his World War II drama Hacksaw Ridge land a best picture nod, but Mr. Gibson scored an unexpected best director nomination.
The nominees for best actor were Mr. Gosling, Casey Affleck ( Manchester by the Sea ), Andrew Garfield ( Hacksaw Ridge ), Viggo Mortensen ( Captain Fantastic ) and Denzel Washington ( Fences ).
Nominated for best supporting actor were Mahershala Ali ( Moonlight ), Jeff Bridges ( Hell or High Water ), Michael Shannon ( Nocturnal Animals ), Lucas Hedges ( Manchester by the Sea ) and Dev Patel ( Lion ).

Pakistan conducted the flight test of long range surface-to-surface missile Ababeel

Pakistan conducted the first flight test of long range surface-to-surface ballistic missile Ababeel.
It claimed that the missile has the capability to carry nuclear warheads and engage multiple targets with high precision, defeating the enemy’s hostile radars.
It is said that development of Ababeel Weapon System is aimed at ensuring survivability of Pakistan’s ballistic missiles in the growing regional Ballistic Missile Defence (BMD) environment and that it will further reinforce deterrence.
In an obvious reference to India, officials said a second strike capability gives Pakistan the option of a ‘measured response’ to nuclear strategies and postures being adopted in the neighbourhood.
Babur-3 is a sea-based variant of cruise missile Babur-2, which was successfully tested in December.
It incorporates state-of-the-art technology, including under water controlled propulsion and advanced guidance and navigation features, duly augmented by Global Navigation, Terrain and Scene Matching System.
It also features terrain-hugging and sea-skimming flight capabilities that will enable it evade hostile radars.

:: India and World ::

Amended version of kyoto protocol ratified by India

In a token measure to put pressure on developed countries to deliver on climate change commitments, India will soon ratify an amended version of the Kyoto Protocol.
The Union Cabinet chaired by Prime Minister Narendra Modi gave its approval to ratify the deal that is set to expire in 2020 and was shunned by several developed countries, most prominently the United States.
Until now, 75 countries have ratified the so-called Doha Amendment of the Kyoto Protocol, which spans from 2012 to 2020, and falls far short of the 144 needed to bring it into force .
The 1997 Kyoto Protocol came into effect in 2005 and obligated the rich and industrialised countries to reduce emissions by 5.2% of 1990 levels during the 2008-2012 period.
However, the refusal of the U.S., the second largest polluter, to be part of the Protocol and lack of commitments by Canada, Japan and other major developing countries meant that global emissions actually rose during this period.
Implementation of Clean Development Mechanism (CDM) projects under this commitment period in accordance with sustainable development priorities will attract some investments in India as well.
The Kyoto Protocol incentivised several firms in India to retrofit their polluting plants with newer technology in the hope of earning carbon credits.
However after an initial spike, carbon credit prices — that could be traded in emission-trading markets like shares — have crashed to rock-bottom prices.

:: Business and Economy ::

The Cabinet has given its ex-post facto approval for farmers interest waiver

The Cabinet has given its ex-post facto approval for an interest waiver for the two months of November and December, 2016 for farmers accessing short-term crop loans from cooperative banks.
It also approved an interest subvention to NABARD on the additional refinance by NABARD to cooperative banks.
“Farmers in the whole of India availing short term crop loans from cooperative banks will be benefited,” according to an official statement.
The decision intends to ensure availability of resources with cooperative banks helps farmers in easily accessing crop loans from cooperative banks to overcome the difficulties in view of the reduction in availability of cash for carrying out Rabi operations.
The Cabinet also approved NABARD to make short-term borrowings.

The Cabinet gave approval for introduction of the Varishtha Pension Bima Yojana

The Cabinet gave its post-facto approval for introduction of the Varishtha Pension Bima Yojana 2017.
The scheme will be implemented through LIC during the current financial year to provide social security to persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.
The scheme will provide pension based on a guaranteed rate of return of 8% per annum for 10 years, with monthly/quarterly/half-yearly or annual basis options.
The difference between the return generated by LIC and the assured return of 8% per annum would be borne by the government as a subsidy.