Thursday, 11 May 2017

Daily Update On Current Affairs - May 11, 2017

current affairs
Here's your daily summary of Current Affairs.

Prime Minister To Attend UN Vesak Day Celebrations In Sri Lanka

Prime Minister Modi will travel to Sri Lanka to attend the Buddhist festival ‘Vesak Day’ (Buddha Jayanti) that commemorates the birth, enlightenment, and death of Buddha. This will be Prime Minister Modi’s second visit to Sri Lanka since becoming the Prime Minister. ‘International Day of Vesak’ celebrations will be held in Colombo from May 12 to 14. As a part of the celebrations, International Buddhist Conference will be held in which over 400 delegates from more than 100 countries will participate. Vesak is the most important day in the Buddhist calendar. This is the first time Sri Lanka will host the festival.

Indian Railways To Acquire EoTT Equipment To Run Trains Without Guards

The Indian Railways has planned to acquire the End of Train Telemetry (EoTT) equipment to run nearly 1,000 trains without guards in the current fiscal. The EoTT system is designed in such a way that it will perform the guard’s job. EoTT system comprises two units, namely, ‘cab display unit’ (CDU) which is fitted on the locomotive and ‘sense and brake unit’ (SBU) which is fitted on the last coach of the train. The units will be fitted with a radio transmitter which can communicate with each other.  The transmitter will send signals at regular intervals to the last coach to ensure that the train is running intact. The Indian Railways will initially acquire 1,000 EoTT equipment for its container operations and later on more units will be procured to be fitted on all trains. Accordingly, all goods trains on the proposed dedicated freight corridors will run with EoTT system. Each set of EoTT device will cost approximately Rs 10 lakh

PM Inaugurates Supreme Court’s ICMIS

Prime Minister Narendra Modi has inaugurated Supreme Court’s Integrated Case Management Information System (ICMIS). This digital filing system will mark Supreme Court’s first towards becoming a paperless, digital court. The inaugural function was held at Vigyan Bhavan when Prime Minister Modi uploaded the Integrated Case Management System with the Supreme Court website. The event was also attended by Law Minister Ravi Shankar Prasad and other judges of the Supreme Court. ICMIS is hailed as the Biggest and highest leap in the judicial system. Subsequently, all High Courts, District Courts, Sub-Division Courts will be integrated with the new system. Later on, all the jails in the country will be Integrated by ICMIS software.

Government Sets Up Task Force For Reliable Employment Data

The government has set up a task force headed by NITI Aayog vice-chairman Arvind Panagariya to come up with a methodology to generate timely and reliable employment data. The Prime Minister Narendra Modi himself has initiated the process and has asked the task force to submit its recommendations at the earliest. The other members of the task force are labour secretary M. Sathiyavathy, secretary of the statistics department T.C.A. Ananth, NITI Aayog’s Pulak Ghosh and Manish Sabharwal, chairman and co-founder of staffing firm Teamlease Services Ltd.

India And Russia Agree To Work Closely In Various Sectors, Including Security, Nuclear Energy, And Disaster Management

India and Russia have agreed to work closely in various sectors, including security, nuclear energy, and disaster management. In a joint media statement after India-Russia Inter-Governmental Commission meeting in New Delhi on the 10th May 2017, External Affairs Minister Sushma Swaraj said, the progress made in the implementation of agreements signed between the two countries in Goa last year during the BRICS Summit was discussed. She said that the future roadmap is being implemented enthusiastically.

Govt Tells NGOs To Open Bank Accounts In Core Banking Format

Tightening the rules for NGOs, the Home Ministry has asked as many as 5,845 organisations to open their accounts in banks having core banking facilities and furnish details for real-time access to security agencies in case of any discrepancy. It is the latest in a series of steps taken by the NDA government aimed at checking “errant” NGOs, especially those receiving foreign funding. Registration of more than 10,000 NGOs have been cancelled and more than 1,300 have been denied a renewal over the last three years for various violations. As of now, there are around 24,000 active NGOs in the country as against 40,000 in 2014-15.

Benchmark Indices Closes At An All Time High

The 30-share BSE Sensex reached its record close of 30,248. The index has surpassed its previous record closing of 30,133.35 reached on April 26. It also surpassed its intra-day peak of 30,184.22 recorded on April 27 to hit a fresh intra-day high of 30,271.60. The NSE index Nifty has breached the 9,400-mark for the first time. The NSE index registered a record high of 9,415, surpassing its previous milestone of 9,377 reached on May 5. The indices have settled at their respective closing highs after the IMD’s new monsoon forecast has predicted that India is likely to receive higher monsoon rainfall as the concern over the El Nino weather condition has eased. Earlier, IMD had predicted that this year’s monsoon rains will be at 96% of the 50-year average of 89 cm. The new forecast has raised the sentiments of the stock market as the prospects of higher agricultural and economic growth is brighter. This has resulted in the shares of consumer goods and agriculture-dependent companies to rise.

After 6 Months, RBI Still In Dark On Junked Notes

Even six months after the demonetisation exercise, the Reserve Bank of India is yet to complete the accounting of the withdrawn 1,000 and 500 notes. The RBI has admitted as much in a 15-page response late in April to questions from the Standing Committee on Finance, headed by veteran Congress MP Veerappa Moily. During a January meeting on the subject of ‘Demonetisation of Indian currency notes of 1,000 and 500 and impact thereof’, the panel had asked RBI Governor Urjit Patel to submit written answers to the queries from MPs that he could not answer. In the note,  the RBI said that the accounting of the specified bank notes (SBNs) at the currency chests need to be reconciled with the physical cash balances to eliminate accounting errors and possible double counting. "Till this process is completed, any estimate may not indicate the actual numbers of SBNs that have been returned. RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date," the note said. The central bank also said that as of November 8, 2016, there were 17,165 million pieces of 500 and 6,858 million pieces of 1,000 notes in circulation, worth 15,44,035 crore.

Oil Prices Rise On Falling US Crude Stocks, Saudi Supply Cut To Asia

Oil prices rose on 10th May 2017, and Brent was firmly back over 50 per barrel, as a fall in US crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market. Brent crude futures, the international benchmark for oil prices, were at 50.33 per barrel at 0039 GMT on Thursday, up 11 cents, or 0.2 percent, from their last close. US West Texas Intermediate (WTI) crude oil futures were trading at 47.46 per barrel, up 13 cents, or 0.3 percent from the last settlement. “We saw the biggest draw in inventories for the year last week with stockpiles down more than 5 million barrels. And it looks like OPEC's production cut is finally biting,” said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year. So far, however, there have been few signs that global markets are actually tightening as producers shielded their biggest customers, especially in Asia, from the cuts. But after Brent prices fell back below 50 per barrel last week, analysts said producers felt forced to act.

Buddha Purnima Being Celebrated In Different Parts Of The Country And Abroad

Buddha Purnima was celebrated on the 10th May 2017. It not only marks the day when Gautam Buddha was born but also the day when he attained Nirvana under the Mahabodhi tree at Bodh Gaya. A special puja was performed at Mahabodhi temple. More from our correspondent: "The monks and devotees of different countries took part in a mass prayer for world peace under Bodhi tree. Monks also undertook to chant from the Buddhist sculpture. Earlier Prabhat pheri was also taken out early this morning in which hundreds of Buddhists devotees participated. In evening, the devotees would visit a temple, 2 km to the west of Bodhgaya, dedicated to Sujata, the tribal woman who offered kheer to Buddha during meditation. After partaking of kheer to commemorate the event, they would again assemble at Mahabodhi temple. The celebrations would conclude this evening. The entire township has been dotted with Panchsheel flags and Mahabodhi Mahavihar complex tastefully illuminated.

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