Current Affairs for BANK, IBPS Exams 27 May 2017

::National::

PM inaugurated the country’s longest bridge over the Lohit river

PM inaugurated the country’s longest bridge over the Lohit river in Assam on the third anniversary of his government and said the NDA dispensation was working to make the northeast a trade hub for southeast Asia.
Dedicating to the nation the 9.15 km-long bridge, named after legendary lyricist-singer Bhupen Hazarika who hailed from Sadiya, he said it will serve as the foundation for a new economic revolution and help India in its efforts to become a superpower.
Speaking on the Act East Policy, the Prime Minister said he wanted the northeast region to be well-connected for economic activity.
“For this, we are laying stress on development of infrastructure and making the northeast a tourism centre. Lakhs of tourists would also come to Kamakhya temple and improve the economy,” he said.
The reduction of distance by 165 km and cutting travel time by seven to eight hours will open new doors for economic development. The bridge will bring development to Assam and Arunachal Pradesh.
He recalled the role played by the former MLA Jagadish Bhuyan in the construction of the bridge as it was he who wrote to then Prime Minister Atal Bihari Vajpayee on May 29, 2003.
The bridge built at a cost of Rs. 2,056 crore is 3.55 km longer than the Bandra-Worli sea link. The length of the bridge, including viaducts, is 9.15 km with a 7.3 km approach road from the Dhola side and 12.5 km from Sadia side.
With importance accorded to quick movement of military troops and artillery, the bridge has been designed to allow movement of tanks.

Delays in the payment of MGNREGA wages have mounted drastically

Delays in the payment of MGNREGA wages have mounted drastically in April-May 2017, as Fund Transfer Orders (FTOs) worth Rs. 3,045 crore are yet to be processed by National Electronic Fund Management System (NEFMS).
According to data collated from the MGNREGA website by the MGNREGA Sangharsh Morcha, a platform that tracks the implementation of the workfare programme, 63% of the unprocessed FTOs were generated in April-May.
The processing delay was highest in the cases of Kerala and Uttarakhand, where no FTOs have been processed since April 15. This follows another period of 20 days in March-April 2017 when no FTOs were processed by the Centre.
As per Schedule II of the Act, an MGNREGA worker must be paid within 15 days of completing his allocated tasks.
A delay in payment, for which the worker must be compensated, has to be calculated from the 16th day after task completion, till the time the money is credited in the worker’s account.

NCP and CPI(M) took the challenge of EVM tampering

The Election Commission said only the Nationalist Congress Party and the CPI (M) have applied to participate in the EVM tampering challenge, while some other parties have expressed interest in observing the proceedings on June 3.
After the Assembly elections earlier this year, BSP and AAP had raised doubts about the EVM security, alleging that the devices had been tampered with.
Representatives of 16 political parties had also petitioned the Commission and the President seeking his intervention.
A week ago, reiterating that its EVM was tamper-proof, the EC had announced that parties, which contested the recent Assembly elections, were invited to participate in the EVM challenge on June 3.
Commission disallowed demand for motherboard tempering stating that permitting such a change was like saying that anyone should be allowed to manufacture a new machine and introduce new EVMs in the Commission’s system.

Agro-marine processing scheme SAMPADA launched by PM

Prime Minister Narendra Modi launched the agro-marine processing scheme SAMPADA.
“There are immense possibilities for agro-product valuation and the Rs. 6,000-crore SAMPADA will go a long way in developing the food processing industry and creating employment opportunities for the youth,” he said.
Initially, there will be investment of Rs. 6,000 crore and later, we will go in for public-private partnership which will include foreign direct investment.

Notification banning the sale of cattle for slaughter at animal markets came

The notification banning the sale of cattle for slaughter at animal markets under the Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules, 2017, issued follows a Supreme Court directive to the government.
The SC directive itself was in response to a 2014 writ petition by Gauri Mulekhi of People for Animals.
The committee recommended, among other things, rules to be framed under the Prevention of Cruelty to Animals Act 1960 to regulate livestock markets.
The Centre has banned the sale of cattle for slaughter at animal markets across the country.
Under a notification, titled the Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules, 2017, those who wish to sell cattle — bulls, cows, buffaloes, steers, heifers and camels — may do so only after they formally state that the animals have not been “brought to the market for sale for slaughter”.
At the same time, buyers of cattle at animal markets will have to verify they are agriculturalists and declare that they will not sell the animal/s for a period of six months from the date of purchase.
The rules, notified by the Ministry of Environment, Forest and Climate Change on May 23, demand that buyers “follow the State cattle protection and preservation laws” and “not sacrifice the animal for any religious purpose”.
They also prohibit cattle purchased from animal markets being sold outside the State, without permission.
Monitoring committees at the State and district levels will be set up to implement the rules and monitor the functioning of animal markets.

::International::

Landslides and floods hit Sri Lankan island

Landslides and floods killed at least 91 people in Sri Lanka, the Disaster Management Centre said.
Nearly 50,000 people across 13 districts in the southern parts of the island were affected and about 8,000 of them had to be evacuated from Kalutara, a coastal city some 40 km south of Colombo, which is among the worst hit.
After last year’s drought that resulted in a significant water and power shortage, farmers and the people anxiously awaited the Southwest Monsoon.
However, its onset proved disastrous for those living in the southern districts. Authorities have predicted heavy rains and strong winds over the next 36 hours.
Meanwhile, following a request from the Sri Lankan government, India dispatched two ships with relief material and sent special medical teams.

::Business and Economy::

Employees may expect a better take home salary in the near future

Employees may expect a better take home salary in the near future as the Labour Ministry has proposed decreasing the mandatory rate of contribution toward provident fund savings from 12% to 10% of the income.
Central trade unions, however, are set to strongly oppose the proposal which will be discussed in the EPFO’s central board of trustees (CBT) meeting, chaired by Labour Minister Bandaru Dattatreya.
At present, 24% of a formal sector worker’s salary is deducted — with 12% counted as employer’s share and 12% as employee’s contribution — toward Employees’ Provident Fund savings.
This is compulsory for employees earning Rs. 15,000 a month.
The EPFO’s central board of trustees will consider a proposal to lower “the rate of contribution to be paid by the employer and an equal contribution by employees from the present 12% to 10% by the issue of an appropriate order by the Central Government.”

Benchmark Sensex raced past the 31,000-mark

Bulls continued to be in charge of Dalal Street with the benchmark Sensex racing past the 31,000-mark, led by heavyweights like Tata Steel, ITC and Reliance Industries. The Sensex gained its last 1,000 points in 21 trading sessions.
After opening marginally in the green, the Sensex steadily advanced through the day to touch 31,074.07 points before closing at 31,028.21 points, up 278.18 points, or 0.9%, which was also a record high.
Tata Steel was the highest gainer among the Sensex stocks, and rose 5.5%, followed by ITC (3%) and Reliance Industries (2.5%). Pharmaceutical companies Sun Pharma, Cipla and Lupin were the major losers, closing 2-4% lower.
The BSE’s 30-stock benchmark has gained 25% in the last three years since Prime Minister Narendra Modi’s NDA government took office in May 2014.

Centre wants telecom companies to pass tax benefits to consumers

The Centre has said telecom companies must “rejig” prices to pass on tax benefits to consumers post GST.
“After GST regime, telecom companies would be required to rework their costing and credits availability and rejig their prices and ensure that the increased availability of credit is passed on to the customers by lowering their costs,” FM said.
The Cellular Operators Association of India, which has expressed concern over the 18% rate for telecom services, said GST would push up costs for the common man — with usage charges for post-paid services set to increase by 2-3% and talk-time for prepaid users dropping.