Daily Current Affairs Updates–8th December 2016

Daily Current Affairs Updates–8th December 2016:
Daily Current affairs News Updates about the National and International events were listed here. Candidates those who are preparing for IBPS/SBI/PO/Clerk exam and all other competitive exams can use this.

NATIONAL

Naidu inaugurates 4th Bi-Annual Photo Exhibition in Delhi

Information and Broadcasting Minister M Venkaiah Naidu has said that though written and spoken words are essential for communication, however sometimes, pictures can make a point even more powerfully.  Inaugurating 4th Bi-Annual Photo Exhibition of All India Working News Cameramen’s association at Lalit Kala Academy in New Delhi today, Mr Naidu said, one picture is worth a thousand words.

He said, newspapers and television stations that are trying to report news can make good use of the pictures to show what is going on in the world. He said, one of the duties of newspapers and television news stations is to report the truth and pictures can be used to support facts.
Prasar Bharati archives sales counter inaugurated at Akashwani Bhawan

Chief Executive Officer of Prasar Bharati S C Panda today inaugurated Prasar Bharati archives sales counter at Akashwani Bhawan in New Delhi. Speaking on the occasion, Mr. Panda said, the newly built structure is expected to fulfill the objectives of bringing the archival assets of All India Radio and Doordarshan to public domain through it’s commercially released Audio CDs, Video CDs and DVDs. He said, public will greatly benefit from it.
The archives is one of the biggest archives in the international broadcasting and telecasting network and it consists of documentaries, features, interviews and music of different genres. The vast archives includes recordings of Ramcharitmanas, Bharat Ek Khoj, Ustad Bismillah Khan, Vidushi M S Subbulakshmi, Begum Akhtar, Dr M Balamuralikrishna, and that of many other renowned maestros.
Lok Sabha passes second Supplementary Demands for Grants for Budget 2016 -17

The Lok Sabha today passed the second Supplementary Demands for Grants for Budget 2016 -17 amid the Opposition’s uproar against demonetisation. Replying to a short debate on the issue, Finance Minister Arun Jaitley hit out at the Congress on the black money issue posing a challenge to name any single step taken by it to curb the menace during its rule between 2004 to 2014.
He said, the situation which has arisen due to demonetisation will be back to normal by the 30th of this month. Mr Jaitley said, the government is trying to resolve problems faced by the people and RBI is putting more cash in the market through banking system. He said, the move is aimed at making Indian economy less cash and more digital.
Cabinet approves EC’s proposal to buy new EVMs

The Election Commission’s proposal to purchase new Electronic Voting Machines (EVMs) which costs over one thousand crore rupees, has been approved by the Union Cabinet yesterday. The approval was given to purchase 4 lakh 10 Thousand Ballot Units and 3 lakh 14 thousand Control Units during 2017-18 and over 4 lakh 35 thousand Ballot Units and over 71 thousand control units during 2018-19.
This will facilitate phasing out of obsolete electronic voting machines and will enable the Election Commission to replenish the stock to meet the requirement of conducting General Elections to Lok Sabha and some of the State Assemblies due in 2019.
Govt decides to waive Service Tax on card transactions of up to Rs 2,000

Government has decided to waive service tax on debit and credit card transactions up to 2,000 rupees to promote digital transactions following demonetisation of old high value currency notes.
The exemption will be applicable for the amount in a single transaction. A notification to this effect was tabled by Finance Minister Arun Jaitley in the Lok Sabha today. The government has been taking steps to promote cashless or digital transactions to move India towards a less-cash economy.
Indian Army launches app to reach out to veterans

The Indian Army has launched a mobile application ‘Veterans Outreach App’, The app was launched by Army chief General Dalbir Singh Suhag. The app facilitates route guidance on a Google map to any chosen service facility. A link has also been provided to a ‘Pension Calculator’ on the website of Principal Controller of Defence Accounts (Pension) called ‘Suvigya’ which enables a veteran to check his/her pension entitlement.
The app also facilitates ‘Finding Coursemates’ from among veterans registered on the Indian Army veterans’ portal. The app, prepared under the aegis of the Directorate of Indian Army Veterans (DIAV), has specific features like ‘Ask a question’ and ‘Locator Services’ that enable locating of Ex-Servicemen Cells, Ex-Servicemen Contributory Health Scheme Polyclinics, Station Canteens and Sainik Aram Grahs across the country.
Telangana govt to provide banking services to 5,000 villages

The Telangana State Government has initiated steps to provide banking services to about 5 thousand uncovered villages by January 10th next year. The banks have come forward to adopt two villages through each of their branches for enabling cashless transactions. As the State Government is firm on making the state cashless as early as possible, a roadmap has been prepared to this effect at a high-level meeting with bankers by the Panchayat Raj Ministry in Hyderabad.
In Telangana state, the state Panchayat Raj department along with Bankers has taken up an intense campaign to cover Villages so that the distribution of social welfare pensions can be done totally cashless. The campaign will actually begin after three days from now. The officials of about 3000 bank branches along with Panchayat Raj authorities will visit every village and open Jan Dhan accounts for people who do not have it uptil now. Lakshmi, air news, Hyderabad.
Govt asks banks to install additional 10 lakh POS to promote digital transactions

Government has asked banks to install 10 lakh additional Point of Sale, PoS terminals by March, next year in order to promote digital transactions across the country. A Finance Ministry statement said, banks have already placed orders for 6 lakh PoS machines and another 4 lakh are likely to be ordered in the next few days. There are currently about 15 lakh PoS terminals across different merchants to facilitate card based payments.
To encourage purchase of PoS machines, government has also waived 16.5 per cent excise duty payable on acquisition till March 31st next year. A special drive is being undertaken jointly by the Ministry of Labour and Employment and States’ Administration to open banks accounts for unorganised labour by holding camps at various locations. Nearly 2 lakh 74,000 camps have been organised, so far, in which over 24 lakh accounts have been opened.
INTERNATIONAL
India-UK Conference on Ease of Doing Business inaugurated in Delhi

The India-UK Conference on Ease of Doing Business has been jointly inaugurated today by Secretary, Ministry of Commerce and Industry, Ramesh Abhishek and British High Commissioner Dominic Asquith in New Delhi.The two day conference will act as an opportunity to enhance the strategic bilateral partnership between the two countries to the next level.
Both countries partnership on Ease of Doing Business is important because of the role that the business environment plays in encouraging trade, investment, innovation and economic growth.  The conference will bring together officials from state and central Government in India with UK experts. It will include discussion on regulatory reform, inspection reform, tax administration and trade facilitation.
India-Arab partnership conference to be held in Muscat, Oman

The 5th India-Arab Partnership Conference, with an objective to enhance the economic relations between India and Arab countries, will be in Muscat and Oman from 14th of this month. Indian Ambassador to Cairo, Sanjay Bhattacharyya has said in Cairo that, the two-day conference is jointly organised by the Oman Foreign Ministry, Arab League Secretariat and the Ministry of External Affairs in India.
He said the most important part of the partnership conference is economic cooperation and to enhance business to business relations. The theme of the conference is ‘Partnership towards innovation and cooperation in Information Technology’, he said. Bhattacharyya said the conference will have ministerial representation both from the Indian and Arab side. About 500 Arab and Indian government officials, academicians, businessmen and investors are likely to participate in the conference.
UK PM Theresa May wins vote in Parliament backing her timetable for Brexit

In a symbolic victory, British Prime Minister Theresa May won a vote in Parliament backing her timetable for negotiating Britain’s exit from the European Union. MPs voted in the House of Commons 461 to 89 in favour of May triggering Article 50 by the end of March 2017, which will begin the formal process of exit negotiations from the 28-member economic bloc.
As the Supreme Court in London continues to hear a case to establish the extent of British Prime Minister’s power in launching into a Brexit without parliamentary approval, Downing Street put forward an amendment agreeing to publish a plan before triggering Article 50 of the Lisbon Treaty.
BANKING NEWS
Mobile banking service SIMsePAY launched in Arunachal Pradesh

Arunachal Pradesh State Co-operative Apex Bank on 7 December 2016 launched Mobile Banking Service named SIMsePaY. The service was launched in collaboration with the Yes Bank Ltd.The SIMsePaY service was launched by the State Industries and Cooperation Minister Tamiya Taga is aimed at helping bank customers’ in their cash crunch problem.
The SIMsePAY mobile service operates on simple phone handset on SMS without the internet. It would be very helpful for rural areas where there is no internet network. While launching the service, the minister also appealed its 1.75 lakh customers to use the mobile banking service for payments of their utility bills, transfer of funds and other services for hassle-free cashless business
Reserve Bank of India leaves repo rate unchanged at 6.25%

The Reserve Bank of India (RBI) has kept its key policy rate, the Repo Rate (RR), at 6.25 %. This was the second meeting of the Monetary Policy Committee (MPC) since its formation two months ago. It was  the second monetary review of Urjit Patel, since his taking over as the Governor of RBI on 6th September this year.
The Reserve Bank of India has withdrawn the incremental cash reserve ratio (CRR) of 100%. The incremental ratio was effective from the fortnight beginning November 26 as a temporary measure to absorb excess liquidity in banking system following demonetisation. The move was estimated to remove around Rs. 3.24 lakh crore of excess liquidity.
RBI Policy Rate’s:
Repo Rate: 6.25%
Reverse Repo Rate: 5.75%
Marginal Standing Facility Rate: 6.75%
Bank Rate: 6.75%
CRR: 4%
SLR: 20.75%
RXIL gets RBI nod for 1st trade receivables exchange platform

The Reserve Bank of India (RBI) has authorised the Receivables Exchange of India (RXIL), promoted by Sidbi and NSE, to launch the country’s first trade receivables exchange platform for MSMEs, buyers and financiers.
Promoted by Sidbi, the apex financial institution for the promotion and financing of MSMEs and the National Stock Exchange (NSE), RXIL has SBI, ICICI Bank, Yes Bank, SBI Caps, and ICIC Securities as other investors.
BUSINESS NEWS
IOC, BPCL, HPCL join hands to set up India’s biggest oil refinery

Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corp have signed a pact to build India’s biggest oil refinery at a cost of $30 billion on the west coast. The three firms signed the pact for the 60-million tonne a year refinery in Maharashtra with IOCBSE 2.78 % as leader of the consortium. The IOC will hold a 50 % stake in the project while BPCL and HPCL will have 25 % each.
AGREEMENTS& MoUs
Indian Army, in collaboration with College& Institute launch Swacch Bharat Abhiyan

In Jammu and Kashmir, the Indian Army, in collaboration with Kargil’s Degree College and Industrial Training Institute, has launched Swacch Bharat Abhiyan in the campuses of the institutions. The abhiyan was launched by Divisional Forest Officer, Kargil Khalid Amin Mehta. He, along with the staff and students of the institutes, cleaned the premises.
Interacting with the students, Mr Mehta said, Prime Minister Narendra Modi’s dream of Clean India by 2019 cannot be fulfilled until people join hands in the noble cause. He said, it is the responsibility of everyone to keep the surroundings clean. Representative of Indian Army said, they have started the mission, which will be also organised at village level. The representative said, the aim is to give the people, particularly the youth, a sense of responsibility towards cleanliness.
Mahila E-haat ties up with India Post, SBI

The Women and Child Development Ministry has tied up with India Post and SBI. This will offer more payment options to buyers and simplify shipping of products bought from “Mahila E-haat”, an online marketing platform for women entrepreneurs.

APPOINTMENTS
PR Sreejesh takes charge as Goalkeeping Coach of India Under-21 hockey team

Indian field hockey player PR Sreejesh on 8 December 2016 took over as goalkeeping mentor of the India Under-21 team.The decision was taken when the home team is all set to compete in the Junior World Cup title after a prolonged 15-year wait
Sreejesh, who is the captain of the senior national men’s team, will take charge of the role from South African Dave Staniforth. Staniforth was roped in by Hockey India to work with the junior goalkeepers for a short three-week period keeping in mind the World Cup. He is set to leave for his home nation tomorrow.
Trump selects Iowa Governor Branstad as U.S. envoy to China

U.S. President-elect Donald Trump has selected Iowa Governor Terry Branstad as his incoming government’s ambassador to China. “Branstad has a tremendous understanding of China and the Chinese people and is someone who very much impressed the President-elect.
Terry Edward Branstad is an American politician who is the 42nd Governor of Iowa, in office since January 2011. Branstad was also the state’s 39th governor from 1983 to 1999, and he was president of Des Moines University from 2003 to 2009.
Justice Mian Saqib Nisar appointed next Chief Justice of Pakistan

Justice Mian Saqib Nisar will take charge as chief justice of the apex court,Pakistan on December 31. Justice Nisar will replace Justice Anwar Zaheer Jamali, who is set to retire on December 30. He will be the 25th Chief Justice of Pakistan.


AWARDS
ML BAGS CII NATIONAL QUALITY AWARD By Abhijeet Padhi On 7 December 2016 In National

BEML Ltd has bagged the ‘CII National Quality 2016 Award’. The award has been jointly instituted by the Confederation of Indian Industries (CII) and Export Import Bank (EXIM).
Deepak Kumar Hota, Chairman& Managing Director, BEML, received the award at a function held at Bengaluru. BEML won the award for practising various EFQM Models (European Foundation for Quality Management) and achieving results.
TIME magazine named US President-elect Donald Trump as Person of the Year 2016

The TIME magazine has named US President-elect Donald Trump as Person of the Year 2016 and called him the President of the ‘Divided States of America’. The magazine cited his role for the stunning victory in the US Presidential election.
Trump had won the presidential elections, despite losing the popular vote by a record 26 lakh votes. Donald John Trump is an American businessman, politician, and the President-elect of the United States. He is scheduled to take office on January 20, 2017.
Google parent Alphabet named company of the year by Fortune

Google parent Company Alphabet has been named the company of the year by Fortune magazine in its annual Blue Ribbon ranking. The list recognises the “best of the best” organisations that have appeared on four or more Fortune lists in 2016 like Fortune 500 and Most Admired Companies. Nike and Apple rank third and seventh on the Blue Ribbon list respectively.

Karnataka Bank gets award

Karnataka Bank Ltd has bagged the ‘Best MSME Bank Award (private sector) 2016’ instituted by Assocham. Union Minister of State for MSME Haribhai Parathibhai Chaudhary handed over the award. The Karnataka Bank Limited is a major banking institution based in the coastal city of Mangaluru in Karnataka, India.


SCIENCE& TECHNOLOGY
Microsoft launches solutions for SMEs

Microsoft has introduced business solutions from its partner ecosystem to meet the business needs of small and medium businesses across Kerala. Built by Microsoft’s ISV partners Smarter SMB and IDOS, these solutions address key areas like Customer Relationship Management (CRM) and Finance& Accounting and enhancing organizational efficiency. These solutions will run on Microsoft cloud and will be available at very low cost.
SPORTS NEWS
Michael Jordan highest-paid athlete of all time: Forbes

Former basketball player Michael Jordan has been named the highest-paid athlete of all time by Forbes, with $1.7 billion in earnings. His cumulative salary over 15 seasons is $93 million, with Nike paying him over $100 million for the Jordan brand this year. Tiger Woods, Lionel Messi and Cristiano Ronaldo also feature among the highest paid athletes.

MCC World Cricket Committee recommends law changing thickness of edge of depth of bat

The MCC World Cricket Committee which met in Mumbai over past two days came out with some game-changing recommendations. These recommendations will be put forth to the main committee of the MCC for approval before they become Laws of the game.Some of the key points discussed during the meeting, was regulating bat-thickness and edge-thickness, sending off and ball-tampering law not to be changed among others.
On thickness of edge and bat, the proposal put forth is to fix an upper limit to the thickness of the edge to 40mm and the depth or spine of the bat 67mm.Regarding sending off, this is done with an intention to make the lower-grades of cricket a lot more disciplined. The law isn’t necessarily a way of change that will affect the international game.
The red card is recommended only in cases of physical violence, that include threatening an umpire, physical assault of umpire, player or spectator or any other case of physical violence.The committee also made it clear that once the red card was given, the player would take no further part in the entire game, whether it is a multi-day game or single-day. One of the hottest points of debates in the meeting was the ball-tampering charge. Though it remained intact with existing laws.
  

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