Daily Current Affairs Updates- 7th August 2015

    Daily Current Affairs Updates- 7th August 2015
    Daily Current Affairs Updates- 7th August 2015:                            
    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

    1). Prime MinisterNarendra Modi announcedAugust 7 as‘National Handloom Day’ to mark the 110 year old1905 Swadeshi movement, which promoted the use of domestic products over British products
    ·        At an event inChennai, PM launched the‘India Handloom’ brand to promote handloom of India in the global markets.
    ·        Handloom sector employs more than4.3 million weavers and allied workers
    ·        15%of cloth production in India comes from Handloom sector
    ·        95%of world’s hand woven fabric comes from India

    2). Lok Sabha passedthe Negotiable Instruments (Amendment) Bill 2015 by a voice vote. Features of Bill are as follows
    ·        It make filing of case againstcheck-bounce more convenient for check payees
    ·        Cases in this regard should be filed only in a court whose jurisdiction the bank of the payee lies
    ·        Specifies theterritorial jurisdiction of the courts in cases related to bouncing of cheques which was not present in theparent Act(Negotiable Instruments Act, 1881)
    ·        Enables the filing of more than one case against the same person in different courts for cheque-bouning
    ·        Redefines cheque as an electronic form which is signed in a secure system with a digital signature or using electronic system and drawn in electronic medium using any computer
    ·        Overrules Supreme Courts unfriendly check payee rule ofAugust 2014 – According to which such cases can be filed in courts under which jurisdiction the bank of the accused fell

    3). Reserve Bank of India (RBI) released notification about its decision to allow banks tomerge andshift orclose branchesinurbanareas on their own. This will provide greater operational freedom to banks.
    Features of notification:
    ·        District Level Review Committee(DLRC) orDistrict Consultative Committee(DCC)approval needed for merging, shifting or closing of any rural or semi urban branches
    ·        Customers should be informed by the bank about the changes before the actual merger, shifting or closure takes place
    ·        New location of the branch in case of shifting should be within1kmfrom the previous location
    ·        Deposits and loan distributions should not be carried out at both the places
    ·        Bank should ensure that they continue their role inDirect Benefit Transfer Schemes(DBTS) and other governmental schemes

    4). Central Board of Direct Taxes (CBDT) entered into anAdvanced Pricing Agreements (APAs) withRollback provisions with2 – US multinational companies
    ·        CBDThas signed14 APAs out of which:
    a.   13– unilateral APAs
    b.   1– bilateral APA withno ‘Rollback’
    ·        It is CBDT’s1st ever APA with US MNCs after theFinance Minstry’s announcement inMarch 2015
    ·        APAis anagreement between ataxpayerand thetax authority that settletransfer prices and sets prices ofinternational transactions in advance and normally covers multiple years
    ·        Features of APA:
    a.   To bring certainty intax liability for9years
    b.   Reduces compliance costs and makes tax regime investment friendly
    c.   Will boost Indian economy as the investors will adopt this APA withRollbackto reduce litigation and to business with ease

    5). RajasthanChief MinisterVasundhara Raje, signedMoUs worth2,452 crores with several private companies that plan to invest in Rajasthan
    ·        MoUs signed in an event organized byConfederation of Indian Industry(CII)and theBureau of Industry Promotion in Rajasthan inDelhi
    ·        This event was a part of series of event held across India for the promotion ofResurgent Rajasthan Partnership Summit 2015 to be held inJaipur on19-20 November 2015

    6). Union Government extendsanti-dumping dutyon imports of all forms& grades ofVitamin C fromChina for5 years
    ·        Anti-Dumping Duty– duty imposed by a government on imported products which have prices less than their normal values in their domestic markets
    ·        This anti-dumping duty ofCentral Board of Excise and Customs(CBEC)is applicable all grades and forms of Vitamin C which are as follows
    a.   L-3-Ketothreohexutonic Acid Lactone substrates
    b.   3-Oxo-L-gulofuranolactone
    c.   L-Xyloascorbic Acid
    d.   Ascorbic acid
    ·        Anti-Dumping duty of3.74 USD for per kg of Vitamin C is imposed for the imports from China
    ·        India had impose anti-dumping duty in 2015 for some more products from China, they are as follows:
    a.   Steel imports
    b.   CFL lamp
    c.   Fibre glass
    d.   Vitamin E
    e.   Electronic Calculators
    f.     USB Flash Drives
    g.   Measuring tapes
    h.   Cast Aluminium Alloy wheels

    INTERNATIONAL
    7). The Sunni Islamist militant groupIslamic State (IS) capturedQaryatain, key town inSyria
    ·        Qaryatain mid-town between cities ofPalmyra, Homs andDamascus
    ·        Consists of40,000 Sunni Muslims and Christians
    ·        It is home to toweringRoman ruins
    ·        IS had captured the historic town,Palmyra inMay 2015

    8). EgyptPresidentAbdel Fattah al-Sisilaunched the‘Suez Canal expansion’project, in a ceremony atIsmailiya.
    SUEZ CANAL:
    ·        It is an artificial sea-level waterway which links theMediterraneanand theRed Sea through Isthmus of Suez
    ·        1st opened in1869
    ·        Nationalizedby Egypt in1956
    ·        Important waterway that provides the shortest sea link betweenAsiaandEurope
    ·        Reduced the sea voyage distance between India and Europe by7000km

    SUEZ CANAL EXPANSION PROJECT:
    ·        Expansion of Ballah Bypass from61m to 312m was started in August 2014 was later named as New Suez Canal
    ·        Comprises72km of new channel and bypasses which has deepened the main waterway
    ·        Will double the ship capacity of the canal from49 to 97 by 2023
    ·        Will increase canal traffic and revenue
    ·        In 1 year estimated cost –8 billion dollars
    ·        Will boost Egypt’s economy and global standing by turning the Suez Canal zone into global logistics and trade centre
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