Tuesday, 11 July 2017

Daily Update On Current Affairs - July 11, 2017

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

Centre issues show cause notice to nearly 6000 associations for cancellation of FCRA registration 

Centre has issued show cause notice to 5,922 associations for cancellation of FCRA registration. Home Ministry said that in spite of sufficient and adequate notice, these associations have not uploaded their annual returns for three or more than three years within the stipulated time given in the notice. The Ministry yesterday asked them why their registration may not be canceled for failure to upload their Annual Returns under the Foreign Contribution (Regulation) Act.

EESL to invest 11,000 Cr. in Tamil Nadu: Piyush Goel     

Union Minister for Power Piyush Goel has said the Central Public Sector Unit Energy Efficiency Services Limited will invest 11,000 crore rupees in Tamil Nadu over the next three years. He reviewed the power sector projects in the state in Chennai yesterday along with his state counterpart Mr. Thankamani. Later, he told the press, the scheme of giving solar pumps for farming will be extended to cover the whole country soon. Mr. Piyush observed that the UDAY scheme has enabled the Tamil Nadu discom to reduce its debt burden from nearly 14-thousand crore rupees in 2013-14 to 3783 crore rupees last year.

Supreme Court vacates stay on counseling and admissions in IITs through JEE 2017

The Supreme Court today vacated the stay on counseling and admission in IITs through JEE-2017. The apex court also asked high courts not to interfere in petitions regarding counseling and admission to IITs to avoid any confusion. The Court asked the IITs to give an undertaking that such mistakes in question papers that forced the litigation will not reoccur and no situation to award bonus marks will arise in future. Attorney General K K Venugopal, representing IITs, said such situation will not arise again.  Earlier, the apex court had restrained the process till further orders on a petition citing errors in one set of question papers.

MoHUA is the new name for urban development & housing ministry    

The government has merged the ministries of urban development, and housing and urban poverty alleviation on 7th July– involved in policy making in urban areas to form the Ministry of Housing and Urban Affairs. This is the third time the ministries have been merged. Venkaiah Naidu heads the ministries of urban development, and housing and urban poverty alleviation. In 1952, they were one ministry which was known as the Ministry of Works, Housing and Supply. They were demerged in 1999, merged the next year and bifurcated again. With this merger, the government now has 51 in 2004, and the number was 42. The first government in independent India had just 17 ministries. Government proposes to increase urban reform incentive fund to 3000 crores.

Centre clears decks for Dhirubhai Ambani Aerospace Park at Mihan

The centre has cleared the decks for the Reliance Aerostructure proposal for the development of the Dhirubhai Ambani Aerospace Park with related infrastructure facilities and services at Mihan SEZ, Nagpur on 10th of July 2017. It has been cleared by the Board of Approval (BoA) for a special economic zone. It comes under the Ministry of Commerce. The Dhirubhai Ambani Aerospace Park (DAAP) at Mihan spread over 289 acres and will become the largest green field aerospace park in the country. In the first phase, development will be spread over 104 acres and the second phase will cover an additional area of 185 acres. The construction of the aerospace park is expected to start by end of the month with production starting in the first quarter of 2018.

Govt to organize global food fair in November 2017 to boost food sector

The government is going to organize a global food fair in November 2017. The Food Fair will be organized to provide a platform to Indian farmers and manufacturers so that they can showcase their products and explore partnerships with foreign companies. The three-day World Food India 2017 is being organised on November 3-5 by the Food Processing Ministry. The industry body CII will be an event partner. This event will provide a big boost to food processing sector as well as farmer’s income. It is for the first time that such platform is being provided where farmers to manufacturers to retailers will showcase their products and innovations. Through this platform, the farmers can explore business opportunities with foreign companies. Foreign food companies would also explore how and with whom they want to partner in India. The World Food India is aimed at creating India a Global Food Factory and Global Food Retail Market.

Gulf Dispute: US Secy of State Rex Tillerson to visit Kuwait to discuss situation  
Close on the heels of the British Foreign Secretary Boris Johnson’s visit to the Middle East, it is now the US Secretary of State Rex Tillerson who is on a hopping trip to Kuwait, Qatar and Saudi Arabia to discuss ongoing efforts to resolve the Gulf dispute. A statement from the US State Department said that at the invitation of the Emir of Kuwait, the Secretary is travelling to Kuwait to meet with senior Kuwaiti officials to discuss issues involving the month long tension in the Arab region over the Qatar issue.

Govt increases import duty on sugar to 50% to support domestic prices       
Government has increased import duty on sugar to 50 percent from 40 percent, to restrict cheap inward shipments and maintain domestic prices. Food Ministry had proposed the increase in import duty on the grounds that fall in local prices will affect millers' capacity to pay cane dues to growers. Finance Ministry in a notification said, that import duty on sugar has been increased to 50 per cent with immediate effect and without an end date. 

Finance Minister Arun Jaitley launches new taxpayer service module 'Aaykar Setu’

Finance Minister Arun Jaitley on the 10th July launched a new taxpayer service module called Aaykar Setu. It compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module. Speaking on the occasion, Mr. Jaitley said that this e-initiative would not only provide better taxpayer services but would also help in reducing the direct physical interface between assesses and tax assessing authorities. "Work that an average citizen has with the income tax department as an assessee, he can discharge it without any external help, sitting at home himself. It reduces the interface between the department, the assessing officers, and the assessee in terms of a physical interface. Mr. Jaitley stressed on the government’s commitment towards continuously upgrading taxpayer services.

Gifts upto 50,000 to employees out of purview of GST   

Government today clarified that gifts worth up to 50 thousand rupees by an employer to its employees as also free membership of clubs, health and fitness centres will not attract the Goods and Services Tax (GST). Also, the services by an employee to the employer in the course of or in relation to his employment are outside the scope of the new indirect tax regime.  However, gifts above 50,000 rupees are subject to GST, when made in the course or furtherance of business. In a statement, Finance Ministry said, the free housing as part of the cost-to-company package will also not attract any tax under GST.

India to import crude oil from US for first time

India will be going to import crude oil from US and the shipment is expected to touch Indian shores in October for the first time in history. It has been announced on 10th of July 2017. IOC Director (Finance) A K Sharma has said that India has bought 2 million barrels of crude oil from North America comprising 1.6 million barrels of US Mars crude and 400,000 barrels of Western Canadian Select. US Mars is a heavy, high-sulphur grade which will be processed at IOC’s newest refinery at Paradip in Odisha. Even after including the shipping cost, buying US crude proved to be very cost competitive to India. Sharma also added that the company will buy more crude from the US if the market conditions remain favourable for such purchases. IOC had to take special permission from the shipping ministry for importing crude from the US.

Union Bank gets new Chairman

Kewal Handa has been appointed Chairman and part-time non-official Director of Union Bank of India. Handa is a qualified Management Accountant and Company Secretary and holds a Master’s degree in Commerce. He has also completed IIM-Ahmedabad’s Senior Management Development Programme. Handa was Managing Director of Pfizer India from 2005 to 2012. He was also Managing Director of Wyeth from 2009 to 2012. Handa has experience in finance, strategy, business development, mergers and acquisitions, banking and corporate affairs, among others.

Centre to clear Amazon's $500 mn investment proposal 
The Centre has decided to approve US retail giant Amazon’s proposal to invest $500 million in food retail sector in India. The Department of Industrial Policy & Promotion (DIPP) — the nodal body for the retail sector at a recent meeting decided to give its nod for Amazon’s proposal, a government official told Business Line. “A formal letter from the Commerce & Industry Minister, Nirmala Sitharaman, issuing the permission to Amazon to start food retailing is expected soon,” the official added. Amazon had applied for permission to bring in FDI into the food retail sector a few months ago, but the proposal got held up because of the decision to dismantle the Foreign Investment Promotion Board that cleared FDI proposals that had to be routed through the government.

Mother Teresa’s Blue-Bordered Sari declared an Intellectual Property 

Mother Terasa’s blue border sari which worn by nuns of Missionaries of Charity was recognised as Intellectual Property of Missionaries of Charity on September 4, 2016, the day the Mother Teresa was canonized. The Trade Marks Registry, Government of India, has granted the registration of the trade mark for that pattern of the blue border of sari. After a series of strict legal proceedings, it was granted. This is the first time that a uniform has been made an intellectual property.

Cryptocurrency guru Amit Bhardwaj launches e-book     

Amit Bhardwaj, the founder of Amaze Mining & Research Limited, has launched his third e-book ‘Cryptocurrency for Beginners’ in the series, after ‘Cryptocurrency Trading for Beginners’ and ‘Cryptocurrency Mining for Beginners’. Cryptocurrency for Beginners provides context and clarity on crypto currencies. Block chain and crypto currencies are set to transform the world with their efficient solutions. This book make readers realise that block chain is just like the internet or a motorbike. The book empowers readers with requisite knowledge of the concept of block chain.

Sindhu bags ‘Sportsperson of the Year’ award

During the ‘Maruti Suzuki Sportsperson of the Year’ Charity Gala Awards Rio Olympics silver medallist, P. V. Sindhu bagged the Sportsperson of the Year award on 8th of July 2017. P Gopichand (Sindhu’s coach) received the Coach of the Year award and Sikh Milkha Singh was given the Living Legend of the Year award. Young India cricketer K L Rahul was awarded with Game changer of the Year award. The 2008 Beijing Olympics gold medallist Abhinav Bindra was given the Lifetime Achievement Award. 

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