Current Affairs for BANK, IBPS Exams 29 January 2017

Current Affairs for BANK, IBPS Exams

29 January 2017

:: National ::

U.S. President has banned people from seven Muslim-majority countries

U.S. President Donald Trump has banned people from seven Muslim-majority countries from entering the nation for 90 days and suspended admission of refugees for 120 days through an executive order.
U.S. immigration authorities have started detaining travellers from Iran, Iraq, Syria, Sudan, Libya, Yemen and Somalia, and all refugees, though the order allowed exemption for those who were already in transit.
As the new measures take full shape over the next three to four months, the ban could be extended, more countries could be added to the list and doors could be shut for refugees, particularly Muslims, fleeing violence.
Mr. Trump has also ordered that religious minorities facing persecution in these countries shall be admitted to the U.S. Ahead of signing the executive order restricting entry into the country.

Deal for four stealth frigates has run into trouble

The multi-billion dollar deal between India and Russia for four stealth frigates has run into trouble over pricing and local construction with Transfer of Technology (ToT).
India and Russia had signed an Inter-Governmental Agreement (IGA) for four additional Krivak or Talwar class stealth frigates during bilateral discussions on the sidelines of the BRICS summit in October.
As per the agreement, two ships are to be procured directly from Russia and two to be built in India with Russian assistance.
Russia has quoted about $990 million for the two ships to be directly imported.
For those to be built in India, the commercial offer quoted about $800 million for “supply of material to ensure construction of the two ships in India” and $51 million for “supply of project documentation” to ensure their construction.
The cost of construction of the two ships in an Indian yard — yet to be identified — was to be arrived at later.
Defence sources said this would steeply push up the overall cost of the two ships and it was seen as a way to ensure that all four ships were imported from Russia.
The basic structures of the two frigates are already ready at Yantar shipyard in Russia and will be finished once the contract is finalised.

U.S. technology companies are girding for changes to immigration policy

U.S. technology companies are girding for expected changes to immigration policy under President Donald Trump that could hurt their ability to tap the technical talent they need to stay competitive.
Google’s India-born CEO Sundar Pichai said the order will create “barriers” to bringing great talent to the U.S. Facebook CEO Mark Zuckerberg said he was concerned about Mr. Trump’s actions.

EC set rules in motion

“The provisions of the Model Code of Conduct and various instructions. provide that the party in power, whether at the Centre or in the States concerned, shall ensure that no cause be given for any complaint that it uses its position to further its prospects in any election,” the Commission said.
As per the 2014 Model Code of Conduct guideline, all references of the Central government, which are proposed to be placed before the Cabinet or any committee of the Cabinet, should be routed through the Cabinet Secretariat.
No such references should be made directly to the Election Commission by the Ministries.
The government departments, public sector undertakings and the autonomous bodies functioning under any Ministry or department have to make references to the Election Commission through the Ministry concerned.
The guideline says that at least 48 hours should be given to the Commission to process the references on matters related to the Model Code of Conduct.

:: International

Iraqi forces discovered a mustard chemical warfare agent

Iraqi forces discovered a mustard chemical warfare agent in eastern Mosul alongside a cache of Russian surface-to-surface missiles, an Iraqi officer said.
Iraqi and U.S. officials have repeatedly warned of Islamic State (IS) group’s efforts to develop chemical weapons.
When Iraqi forces retook Mosul University earlier this month, they found chemistry labs they believed had been converted into makeshift chemical weapons labs.
The number of casualties due to IS chemical weapons is a small fraction compared to the hundreds of civilians killed in car and suicide bombings carried out by the group.
Experts say that is largely due to the low grade of the weapons and the group’s lack of access to efficient delivery systems.

:: Business and Economy ::

India’s trade with Iran is yet to be fully normalised

India’s trade with Iran is yet to be fully normalised even a year after the lifting of international sanctions on Tehran.
Indian exporters are complaining of difficulties faced by them due to some Indian nationalised banks refusing to deal with Iran-related transactions, according to the Federation of Indian Export Organisations (FIEO).
This is despite RBI, in a notification in May 2016, specifying that payment or remittance or reimbursement can be made from or to Iran in any freely convertible currency for imports from Iran and exports to that country.
Both the nations had agreed in 2012 that 45% of India’s oil import payments to Iran would be paid in rupees and deposited in UCO Bank as that bank hardly had an exposure to U.S. or European Union.
In turn, Iran was to utilise that amount to pay for its imports from India. It is learnt that the balance in the rupee account may not be sufficient to cover three months of India’s exports to Iran.
A senior official in a public sector bank, however, said on condition of anonymity that there have been no problems regarding Iran-related transactions in currencies other than the U.S. dollar.
Exporters and importers have been advised to carry out their transactions in currencies such as the Euro wherever possible, banks still have apprehensions that the U.S. regulators could take arbitrary decisions on Iran's transactions.
India’s trade with Iran in FY’16 was $9 billion, of which $6.3 billion were imports from Iran (of which $4.5 billion was the oil import bill), while India’s exports were worth only $2.7 billion.
Of the $5.4 billion worth imports from Iran in April-October FY’17, oil imports were $4.5 billion. India’s exports to Iran during April-October FY’17 were $1.4 billion.
The trade between these two countries were worth $16.2 billion in 2011-12 (India’s exports of $2.4 billion and imports from Iran worth $13.8 billion).

India Post has received payments bank licence from the Reserve Bank of India

India Post has received payments bank licence from the Reserve Bank of India to start roll-out of banking operations commercially under the permit.
Payments banks can accept deposits up to Rs. 1 lakh per account from individuals and small businesses.
The new model allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses.
It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services.
In 2015, RBI had granted ‘in-principle’ approval to 11 entities to set up payments banks.

The government is working on boosting infrastructure

The government is working on boosting infrastructure, particularly ports, roads and waterways, to significantly reduce logistics cost that is “very high” in the country, Union Minister Nitin Gadkari said.
He made a pitch for port-led development which is “crucial” for higher economic growth.
“Our logistics cost is very high. It is 18%. It is easy to take any material from Mumbai to Dubai or from Mumbai to London, but it is very difficult to take material from Mumbai to Delhi as it is costly and complicated,” Mr. Gadkari said.
The Road, Transport, Highways and Shipping Minister hoped that the target 40 km of road construction a day will be achieved by next year.
“It was 2 km per day, last year, it was 18 km per day and by the end of this March, it will be 30 km per day. But our target was 40 km per day, and I am confident that next year, we will complete that target,” he added.