Current Affairs for BANK, IBPS Exams - 7 November 2017

::NATIONAL::

Investigation ordered into Paradise Papers

• The government reconstituted a Multi-Agency Group led by the Central Board of Direct Taxes (CBDT) chairman to investigate cases relating to the ‘Paradise Papers’ data disclosure.
• The Paradise Papers include about seven million loan agreements, financial statements, emails, trust deeds and other paperwork over nearly 50 years from Appleby, a prominent offshore law firm with offices in Bermuda and also from Asiacity, a Singapore-based family-owned trust company.
• The International Consortium of Investigative Journalists (ICIJ), and its Indian partner The Indian Express, released data on offshore entities involving people and companies from 180 countries.
• India ranks 19th in terms of the number of names that feature in the papers.
• The disclosure comes 18 months after a similar ‘Panama Papers’ disclosure, which named several prominent Indian politicians, actors, and businessmen as having offshore undisclosed bank accounts.
• While 714 Indians are said to be part of the list, the government noted that the names of “only a few Indians [legal entities as well as individuals] have appeared so far” in the public domain.
• “Even the ICIJ website (www.icij.org) has not yet released the names and other particulars of all the entities,” the Finance Ministry said.
• “The website of ICIJ suggests that information will be released in phases and structured data connected to the Paradise Papers investigation will be released only in the coming weeks on its Offshore Leaks Database.”
• “The Investigation units of the Income Tax Department (ITD) have been alerted to take note of revelations for immediate appropriate action,” the Ministry said in a statement.
• “It has been reported that many cases of offshore entities are already under investigation on fast track. As soon as further information surfaces, swift action as per law will follow.”
• “Further, the Government has directed that investigations in cases of Paradise Papers will be monitored through a reconstituted Multi Agency Group (MAG), headed by the Chairman, CBDT, having representatives from CBDT, Enforcement Directorate, Reserve Bank of India and the Financial Intelligence Unit,” the statement said.
• The MAG was previously constituted in 2016 following the Panama Papers disclosure. “Like in the Panama leaks case, a lot of people have said that it is legitimate to hold such offshore accounts,” NC Hegde, a partner at Deloitte India and an expert in international taxation, said.
• “The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin,” the CBDT said in a separate statement.
• The Income Tax department conducted enquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions. Based on analysis of the information obtained and investigation conducted, the outcome so far indicates 147 actionable cases and 279 non-actionable cases (non-residents/no irregularities etc).
• Out of the 147 actionable cases, the CBDT said investigations have led to the detection of undisclosed funds worth about ₹792 crore, so far. Searches have been conducted in 35 cases and surveys in 11 cases. In other cases, the persons have been confronted with the evidences. In five cases, criminal prosecution complaints have been filed.
• In seven cases, notices were sent under Section 10 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015, the CBDT said, adding that further investigation was under way.

Bombay High Court allows woman to abort 25-week foetus

• The Bombay High Court on permitted a 28yearold woman to medically terminate her pregnancy, as-her 25weekold foetus has neurological and skeletal abnormalities, making the baby’s survival doubtful, and possibly harmful to the mother.
• A Division Bench, comprising Justices ShantanuKemkar and G.S. Kulkarni, was hearing a plea filed by the Jogeshwari resident, who moved the court seeking permission to terminate her pregnancy of 25 weeks and six days.
• This is beyond the 20weeks permitted by theMedical Termination ofPregnancy (MTP) Act.Her plea, filed by advocate Meenaz Kakallia,claimed she had suffered immense mental and physical anguish due to the 20weekrestriction under Section 3of the Act, when pregnancies may be terminated by medical practitioners.
• It also said that it was safe to abort a foetus in the 26th week, or later. On November 3, the HC directed a committee of experts from JJ Hospital to submit their opinion in the case.After conducting tests, the report was submitted to the Bench.
• There are multiple serious neurological and skeletal abnormalities in the foetus. There are high chances of meningitis, mental retardation, paralysis of lower limbs and loss of urine and bowel control. The condition of the foetus fulfils the criteria of ‘substantial risk of serious physical handicap’ing the foetus.”

WMO says 2017 is one of the three hottest years

• 2017 will be one of the three hottest years on record, with many high impact events including catastrophic hurricanes and floods,debilitating heat waves and drought, a provisional statement on the State of theClimate released by theWorld MeteorologicalOrganization (WMO) has said.
• The average global temperature from January toSeptember 2017 was approximately 1.1°C above the preindustrial era.Powerful El NinoAs a result of a powerful ElNiño, 2016 is likely to remain the warmest year on record,with 2017 and 2015 being second or third.
• The WMO statement,which uses 19812010 as the baseline, was released at the opening day of the United Nations climate change conference in Bonn.
• The past three years have all been in the top three years in terms of temperature records.
• This ispart of a long term warming trend,” said WMO SecretaryGeneral Petteri Taalas, in a release.
• Extreme weather events due to climate change have affected the food security of millions of people with agriculture accounting for26% of all the damage and loss associated with medium to large scale storms, floods and drought, the statement said, citing an FAOassessment.
• Flooding in NortheastAllIndia rainfall for the 2017monsoon season (June toSeptember) was 5% below average.
• However, above average rainfall in theNortheast and adjacent countries led to significant flooding. Many parts of theIndian subcontinent were affected by monsoonal flooding, the statement said.

Nelapattu bird sanctuary Witnessing seasonal visitors

• Migratory birds from thousands of miles away began arriving at the Nelapattu bird sanctuary in Sullurupeta area in Nellore district in Andhra Pradesh during the past couple of weeks.
• It is felt that the recent copious rain would fill up the local pond as well as the nearby Pulicatlake, providing enough water and food for the winged visitors for this season.
• Last year, the situation was different, as far lesser number of these birds were spotted at Nelapattu as wellas Pulicat on account of lack-of rain.
• Both the southwest and northeast monsoons brought good rain this year,and this led to the return of the birds at these sanctuaries in time for their nestingseason.Grey Pelicans were seensettling down on the barringtonia trees in the sprawlingNelapattu pond.
• They travelin flocks and hunt collectively. They are said to have arrived from Central andSouth East Asian countries like Kazakhstan.‘806 pelicans spotted’Nearly 806 pelicans have been spotted till now and these birds will stay here for-the next few winter months for breeding.
• Anumber of other migratory birds like night heron sand open billed storks have also arrived at the sanctuary.

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::INTERNATIONAL::

Top US officials involved in money laundering

• U.S. Commerce Secretary Wilbur Ross has business ties to a shipping firm linked to Vladimir Putin’s inner circle, according to a vast leak of financial documents that also revealed Britain’sQueen Elizabeth II’s investments in tax havens.
• It was also revealed thatCanadian Prime MinisterJustin Trudeau’s top fundraiser and senior advisorStephen Bronfman, heir to the Seagram fortune, movedsome $60 million to offshore tax havens with ex-SenatorLeo Kolber.
• The findings have emerged as part of the Paradise Papers released by theU.S.-based InternationalConsortium of InvestigativeJournalists (ICIJ), which was behind the Panama Papers made public last year.
• There is no suggestion thatMr. Ross, Mr. Bronfman or the Queen’s private estate acted illegally.But Mr. Ross’s ties to Russian entities raise questions over potential conflicts of interest, and whether they undermine Washington’s sanctions on Moscow.
• Russian politicians played down the leaks, saying the deals mentioned were legal and not politically motivated.
• The revelations about Mr.Bronfman could spell trouble for Mr. Trudeau,who was elected two years ago riding on the coattails of promises to reduce economic inequality and tax avoidance.
• In the case of Queen Elizabeth’s private estate, critics may question whether it is appropriate for the Britishhead of state to invest in off-shore tax havens.
• The documents also show around £10 million ($13 mil-lion) of the Queen’s private money was placed in funds held in the Cayman Islands and Bermuda, as first repor-ted in Britain by the BBC andThe Guardian.

::SPORTS::

One Horned Rihno, Guppy, mascot of the youth women’s World championship

• Assam’s famed one horned rhino was unveiled as the official mascot of the 2017AIBA youth women’s World boxing championship.
• The female rhino — Guppy—has been chosen as it is a symbol of strength and endurance.
• Chief Minister Sarbananda Sonowal and BoxingFederation of India president Ajay Singh also released the championship’s official logo and anthem ‘MakeSome Noise’.
• Close to 200 participants(1617 years) from 38 countries will be seen in action in the event, to be held from November 19 to 26.

First All India level School Games to be held in December

• The Khelo India School Games, in 16 disciplines from archery to wrestling for boys and girls, will be hosted in the last week of December, at the iconic venues of the Capital.
• Eight disciplines, badminton, basketball, boxing, gymnastics, judo, kabaddi, volleyball and wrestling will be staged at the Indira GandhiIndoor Stadium Complex.
• There will be five disciplines at the Nehru Stadium,including archery, which has been proposed to be hosted at the India Gate.
• Athletics, football, khokho and weightlifting are scheduled at the NehruStadium.The Shyama PrasadMukherjee Swimming Complex, Major Dhyan ChandNational Stadium and the Dr.Karni Singh Shooting rangewill host swimming, Hockey and shooting respectively.
• The Khelo India Games,will be open only to select students in the under17 age group, who meet clearly specified criteria.There will be a specific number of players and teamsin each discipline.
• There will be a total of209 gold medals up forgrabs, with the major sharegoing to athletics (36), swimming (35), wrestling (30),boxing (26), gymnastics (20),judo (16) and weightlifting(16).
• The top eight from the 63rd SGFI NationalSchool Games will be taken apart from four nominations from federation, one each from CBSE and host State apart from two wild card entries for the individual events.
• In team competition, the top four from the NationalSchool Games will be joined by two nominated by the federation apart from one each from the host State and the organising committee.
• For the three disciplines archery, badminton and shooting, the top 16 from theNational School Games will be joined by eight nominated by the federation, one each from CBSE, host State and organising committee,apart from six wild cards.The best talent selected from the Khelo India Games will gain scholarship to the tune of about ₹5 lakh each per year.

::BUSINESS AND ECONOMY::

Digitisation’ to be speeded up by Public credit registry

• Reserve Bank Deputy Governor N.S. Vishwanathan said the introduction of a public credit registry will further speed up digitization that has already changed the way banking is done in the country.
• Describing the importance of data in today’s digital world, he said, “control of data is going to give human beings the power of divinity” as the intersection of IT, biogenetics, AI (artificial intelligence) and nanotechnology is revolutionising the world at a breakneck speed, and mankind may not be able to apply the brakes on it.
• Digital brought a welcome change to the way banking is done in our country. Digital banking has increased in recent times because of several policy changes and an enabling environment,” he said, addressing the annual banking summit organised by industry body FICCI.‘
• Digital services will facilitate business even further with the introduction of a public credit registry,” he said, adding that the relevance of ‘brick and mortar’banking was diminishing.

Saudi purge rises oil prices

• Oil prices hit their highest since July 2015 asSaudi Arabia’s crown prince cemented his power over the weekend with an anticorruption crackdown, while markets continued to tighten.
• Brent crude futures were trading 47 cents higher at$62.54 a barrel by 1339 GMT,after hitting a session peak of$62.90, a 28month high.Saudi Crown Prince Mohammed bin Salman tightened his grip with the arrest of royals, ministers and investors including-prominent billionaire Alwaleed bin Talal and the powerful head of the National Guard, Prince Mitebbin Abdullah.
• Analysts for now do not see Saudi Arabia, the world’s largest oil exporter, changing its policy of boosting crude prices. Prince Mohamed’s reforms include a plan to list parts of state owned oil company Saudi Aramco next year, and a higher oil price is-seen as beneficial for its market capitalisation.
• We believe the kingdom will stick to the OPEC+ deal and continue to focus on reducing global oil inventories,” UBS oil analyst GiovanniStaunovo said.
• Saudi Energy MinisterKhalid alFalih said that while there is “satisfaction”with a production cutting deal between the Organization of the Petroleum Exporting Countries and other producers led by Russia, the“job is not done yet”.
• Uncertainty gone up’OPEC is expected to extend a cut of about 1.8 million barrels per day into 2018.“Uncertainty about core regime stability has gone up a bit, so a higher risk premium is justified,”Samuel Ciszuk, a senior adviser to the Swedish EnergyAgency, told the ReutersGlobal Oil Forum.Also boosting oil prices,U.S. energy companies cut eight oil rigs last week, to729, in the biggest reduction since May 2016.
• While supplies are tightening, analysts say demand remains strong.“Synchronous global economic growth and new supply disruptions are creating the most constructive oil price environment since ...2014,” Barclays bank said.
• The bank raised its forecast for the average Brent price in the fourth quarter of this year by $6 to $60 a barrel, and its full year 2018 forecast by $3 to $55 a barrel.Speculators have also increased to a record high their bets on gains in the price of Brent.

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