Current Affairs for BANK, IBPS Exams 15 March 2017

Current Affairs for BANK, IBPS Exams

15 March 2017

:: National ::

The ability to use computers remains low in the country

The ability to use computers remains low in the country, in spite of campaigns for digitalisation, an analysis of National Sample Survey Office (NSSO) data reveals.
An estimated 8.8% of the rural population has computing ability. In urban areas, the figure is nearly four times higher, at 30.2%.
Computing ability was defined as an user’s ability to operate a desktop, laptop, palmtop, notebook, smartphone and tablets.
The study, supported by the Australian Research Council, claimed that ‘computing ability’ is not linked to digital infrastructure or internet penetration. The data was collated from the NSS 71st round of 2014.
Among the major States, Kerala has the highest computing ability at 32.3% in rural areas.

Mr. Parrikar’s sudden departure has put the brakes on Defence Ministry initiatives

Uncertainty looms over South Block with Manohar Parrikar leaving charge of the Defence Minister.
Mr. Parrikar’s sudden departure has put the brakes on several major initiatives to overhaul defence procurement, indigenisation, civil-military relations and so on.
Continuity is required in the Defence Ministry, especially when projects have a long gestation period. So unless they are pushed continuously, the time lag will keep increasing and the process of indigenisation will keep getting delayed.
Among the top priorities is the policy on the strategic partnership model, which will spell out guidelines for tie-ups between foreign manufacturers and the private sector in high technology areas to build military hardware in India.
The other major issue is implementation of the Seventh Pay commission for the services, which was already done for their civilian counterparts.
The issue is being looked into by the anomalies committee and there is growing resentment among the services over the delay.
Beyond procurements and the implementation of the pay commission proposals, Mr. Parrikar had spent considerable time and effort on issues such as reorganising the military to make it lean and lethal and the appointment of a Chief of the Defence Staff.

The Enemy Property (Amendment and Validation) Bill, 2016 passed by Lok Sabha

Heirs of those who migrated to Pakistan and China during Partition will have no claim over the properties left behind in India, with Parliament passing a Bill to amend a 49-year-old law.
The Enemy Property (Amendment and Validation) Bill, 2016, which amends the Enemy Property Act, 1968, was passed by voice vote in the Lok Sabha, incorporating the amendments made by the Rajya Sabha.
The Lok Sabha had passed the Bill earlier but certain amendments were introduced to it in the Rajya Sabha, on the recommendations of a Select Committee. Those amendments had to be approved by the Lower House.
A statutory amendment seeking to introduce clarity with regard to those properties which had already been acquired by the heirs of the ‘enemy’ property owners, a reference to nationals of Pakistan and China.
According to the Bill, “enemy property” refers to any property belonging to, held or managed on behalf of an enemy, an enemy subject or an enemy firm.
The government has vested these properties in the Custodian of Enemy Property for India, an office instituted under the Central government.
After the Indo-Pakistan War of 1965, the Enemy Property Act was enacted in 1968, which regulates such properties and lists the Custodian’s powers.
The government brought the amendment Bill in the wake of a claim laid by the heirs of Raja Mohammad Amir Mohammad Khan, known as Raja of Mahmudabad, on his properties spread across Uttar Pradesh and Uttarakhand.
The matter is before the Supreme Court. Five ordinances were promulgated on the Bill. The last one expired on March 14.

Indo-Bangladesh border fencing is almost complete

The total sanctioned length of fence along the Indo-Bangladesh border is 3,326 km, out of which 2,731 km has been completed, an official press release issued in Kolkata said.
The sanctioned length of fence along Indo-Pakistan border is 2,063.06 km out of which 2,003.06 km has been completed.
Along Indo-Myanmar border, a 10- km fence has been sanctioned and approximately 4 km has been completed, the release said.
The government has adopted multi-pronged approach for security arrangements at the Indo-Pakistan Border (IPB).

:: International ::

U.K. Houses of Parliament passed the Brexit bill

British Prime Minister Theresa May scored a parliamentary victory as both Houses of Parliament passed the Brexit bill unamended, leaving her free to trigger Article 50 by the end of March as planned.
There had been speculation that Brexit talks could be triggered, but it is now expected to take place at the end of month, following a meeting of EU heads of governments in Rome on March 25.
The legislation on Brexit has made rapid progress through the Houses of Parliament from late January.
The Brexit bill first made it through the House of Commons unchallenged, but peers in the House of Lords were successful in introducing two amendments guaranteeing the right to remain of EU citizens in the U.K.
However, when the bill was returned to the House of Commons, these clauses were removed, and the House of Lords subsequently chose not to make another challenge, passing the bill by a majority of 274 to 118.
The lack of any amendment to the original legislation means that the government will be able to commence Brexit talks along the lines outlined by Prime Minister Theresa May in January and in a subsequent white paper.

:: Business and Economy ::

BRICS to consider a proposal for investment policymaking to boost investment

BRICS nations will soon consider a proposal to frame ‘guiding principles’ for investment policymaking to boost investment flows into BRICS as well as take steps to promote e-commerce among the five leading emerging economies.
In addition, the BRICS Contact Group on Economic and Trade Issues (CGETI) meeting – will also discuss measures for closer cooperation among the BRICS countries for developing their respective national single window for trade facilitation.
China, the current BRICS chair, wants to push ‘investment facilitation’ and ‘e-commerce’–related issues, the sources said. India was part of that meeting. China has also been at the forefront of a proposal for a global pact on ‘investment facilitation and promotion’ at the World Trade Organisation (WTO)-level.
India is also making efforts to ensure that the proposal on a global investment pact gains traction before the WTO Ministerial Conference (MC) meeting. The MC meeting is the WTO’s highest decision-taking body.
China, driving this year’s BRICS agenda, now wants the BRICS nations to separately adopt these principles and enter into an ‘investment facilitation’ agreement.
India had recently rejected a proposal by the European Union and Canada at the WTO-level for a global investment pact that incorporates the contentious Investor-State Dispute Settlement (ISDS) mechanism.
The ISDS mechanism allows firms to drag governments to international arbitration without waiting to exhaust the available local remedies and seek huge compensation.
China has been leading the discussions on e-commerce at the global level. In November 2016, the WTO said China had proposed that discussions at WTO should focus on the promotion and facilitation of cross-border trade in goods enabled by the Internet.
Incidentally, there is a proposal for setting up a common payment gateway to promote e-commerce among BRICS.

Retail and wholesale price inflation accelerated in February

Retail and wholesale price inflation accelerated in February, spurred by food and fuel prices, vindicating the RBI’s decision to change its monetary stance to neutral amid concerns about the persistence of price gains in categories excluding food and fuel.
While retail inflation as measured by the CPI quickened to 3.65%, from January’s 3.2%, according to data, WPI accelerated sharply to a 39-month high of 6.55%, a separate release from the Ministry of Commerce and Industry showed.
In comparison, the Wholesale Price Index (WPI) based reading was 5.25% in January.
The RBI, which is aiming at CPI inflation of 5% by March-end with a mandate to achieve a medium-term target of 4% plus/minus 2%, last month cautioned that vegetable prices may “potentially rebound” as the deflationary effects of demonetisation wear off.
The central bank said at the time that “a broad-based stickiness is discernible in inflation,” particularly in housing, health, education, and miscellaneous goods and services consumed by households.
Data showed inflation in the housing segment of the CPI quickened marginally to 5.02% in February from 4.98% in January. Inflation in the food and beverages category of the CPI was at 2.5% in February, quickening from 1.3% in January.
Similarly, retail inflation in the fuel and lighting category accelerated to 3.9%, from 3.4% in the preceding month.
Primary articles inflation in the WPI accelerated to 5% in February, from 1.3% in January. Within this, inflation in the food articles segment sped to 2.7%, from a contraction of 0.56% in January.
Non-food articles inflation was at 6.5% in February, compared with 2% in January. The minerals segment saw the third month of rapid inflation, with the rate accelerating to 31% in February, from 25% in January.
Wholesale inflation in the fuel and power segment quickened to 21% in February, from 18% in the previous month. Within this, coal price inflation stood at 19%.
Inflation in manufactured products in the WPI eased marginally to 3.7% in February, from 4% in January