DAILY CURRENT AFFAIRS: 27 AUG 2017

DAILY CURRENT AFFAIRS: 27 AUG 2017

(DAILY NEWS INDIA)

SHARED BY: WWW.DAILYGK.IN

1. RBI PANEL UNDER TARUN RAMADORAI SEEKS RIGHTS-BASED DATA PRIVACY IN HOUSEHOLD FINANCE

i. As per RBI panel there is a need to adopt a rights- based privacy framework in household finance. The committee was headed by Tarun Ramadorai, a professor in financial economics at Imperial College London, and had representatives from all financial regulators.

ii. RBI suggests adoption of a rights-based privacy framework in contrast with the more common consent-based privacy framework.

iii. The panel was set up following discussions in a sub- committee of Financial Stability and Development Council. The new privacy framework should view the creation of a Data Commissioner who will be responsible for redress of grievances as well as for establishment of standards of accountability and transparency.

iv. Data controllers (financial firms) will also be responsible for ensuring accountability, transparency, non- discrimination and data security while processing data.

v. The panel was also of the view that there should be mandatory calamity insurance with automatically triggered pay-out in zones with high natural disasters like floods and earthquakes risks.

vi. The panel also proposed simple home insurance policy covering structure and contents at a low premium.

2. COAST GUARD SHIP ‘VARUNA’ DECOMMISSIONED

i. ‘Varuna’ Indian Coast Guard Ship which was part of the First Training Squadron of the Navy was decommissioned. After honourable service spanning about 30 years, in a traditional military ceremony the ship was decommissioned with full armed forces at a ceremony held at the south jetty of the Southern Naval Command.

ii. The ceremony was presided over by Inspector General K R Nautiyal, Commander, Coast Guard Region. When a ship is decommissioned, the ‘Decommissioning Pennant’ which is equal to the length of the ship, was lowered.

iii. ICGS Varuna was 4th of its series, known as Offshore Patrol Vessel and built by Mazagaon Dock, Mumbai. The ship had various historic operational achievements to its credit including numerous records of smugglers with gold worth crores during late 80s.

iv. The Commanding Officer of the ship DIG Rajesh Mittal commanded the ceremonial parade and made final decommissioning report to the Commander Coast Guard Region (West).

v. ICGS Varuna has now been replaced by ICGS Sarathi in the First Training Squadron of the Indian Navy.

3. FOREIGN AND SECURITY POLICY CONSULTATIONS BETWEEN INDIA AND THE EUROPEAN UNION WERE HELD IN NEW DELHI

i. The 5th round of Foreign and Security Policy Consultations between India and the European Union were held in New Delhi. The two sides reviewed the entire scope of India-EU Strategic Partnership and discussed ways to further deepen cooperation in political, economic and security areas.

ii. The Indian side was led by Ruchi Ghanashyam, Secretary while the E.U. side was led by Jean-Christophe Belliard, Deputy Secretary-General for Political Affairs, European External Action Service.

iii. The recent terror attacks in Barcelona, India and the EU called for enhancing cooperation to combat terrorism in all its forms and manifestations. The two sides exchanged views on regional and global issues of mutual interest and restate their respective commitments to promoting and protecting a rules-based international order.

iv. The International Solar Alliance presented new opportunities to further strengthen India-EU clean energy and climate partnership. EU expressed their interest to leverage the ISA platform in collaboration with India for developing renewable energy capacities in solar rich countries.

v. India received around USD 80 billion FDI flows from Europe during 2000-16 constituting approximately 25% of the total FDI inflows into the country during the period.

4. NUNGTHAANG TAMPAK BECOMES NORTH EAST’S FIRST 100 % COMPUTER LITERATE VILLAGE

i. Manipur’s Nungthaang Tampak village has emerged as the ‘100% computer literate’ in the entire North East. Nungthang Tampak has become India’s 2nd 100% computer literate village in India.

ii. Kerala’s Chamravattom village is the country’s 1st 100% computer literate village. The training program was organised by Mangaal Rural, an NGO working for rural development. The computer course, which is affiliated to All India Society for Electronic and Computer Technology, was organised by Mangal Rural as a part of the Digital India program.

iii. A total of 180 villagers out of 200 total population of the village participated in the program. The training program started on 24th July with four computer systems with one WiFi server and two master trainers provided free of cost by Mangaal Rural, based in Imphal.

iv. After the training program concluded, Surjit (Director of Mangaal Rural) donated a computer set with WiFi connectivity and a solar power system to the village.

5. HDFC BANK LAUNCHES ALL-IN-ONE POS MACHINE

i. HDFC Bank has launched an all-in-one offering, DigiPoS Machine that offers a complete suite of digital payment solutions. With DigiPoS, a merchant can use as many as 12 various digital payment options like UPI, Bharat QR, SMS Pay, PayZapp, Tap & Pay, EMIs  in addition to debit/credit card swiping.

ii. The merchant has to do is to update his/her machine with a software at no cost. The new software will work only on HDFC Bank-issued PoS machines, but will accept any card or app from any bank/service provider.

iii. DigiPoS integrates all popular digital payment methods in merchant payment machines offering greater convenience to both customers and merchants.

iv. The software for DigiPoS has been developed in-house by the bank’s engineers. The upgraded device will also allow merchants to offer equated monthly instalment-based payments using HDFC Bank credit and debit cards.

v. According to data released by the Reserve Bank of India for June, HDFC Bank had 4.23 lakh PoS terminals deployed across the country and accounted for over 15% of the total number of PoS machines.

6. BANKS TO PAY 3% IGST ON GOLD IMPORTS

i. According to the government norms the Banks importing gold and precious metals will have to pay 3% tax under the GST which can be claimed as input tax credit.

ii. Under GST 3% Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty. IGST paid can be taken as input tax credit by the banks.

iii. Banks would be liable to pay IGST on such imports and not any overseas supplier in which ownership is granted during movement of gold or silver.

iv. The CBEC also clarified on levy of GST where the total value of a gold ornament is Rs 30,000, including Rs 2,000 as making charge. GST is payable at the rate of 3% of the total transaction value of jewellery, whether the making charge is shown separately or not.

7. 5% GST APPLICABLE ON SELLING OF SPACE FOR ADVERTISEMENT IN PRINT MEDIA

i. The government has clarified that selling of space for advertisements in print media would attract 5 and 18% Goods and Services Tax. It depends on the terms of the contract between the newspaper, advertisement agency and the client.

ii. According to the Finance Ministry If the advertisement agency works on principal-to-principal basis, that is buys space from the newspaper and sells such space for advertisement to clients on its own account, that is, as a principal, it would be liable to pay GST at the rate of 5% on the full amount charged by advertisement agency from the client.

iii. If the advertisement agency sells space for advertisement as an agent of the newspaper on commission basis, it would be liable to pay GST at the rate of 18% on the sale commission it receives from the newspaper.

iv. Input tax credit of GST paid on such sale commission would be available to newspaper. If the advertisement agency supplies any service other than selling of space for advertisement, such as designing or drafting the advertisement and such supply is not a part of any composite supply, the same would be liable to tax at the rate of 18%.

8. BIJU PATNAIK AWARD FOR SCIENTIFIC EXCELLENCE TO PROF DIGAMBAR BEHERA

i. Odisha Chief Minister Naveen Patnaik granted the Biju Patnaik Award for Scientific Excellence for the year 2016 to Prof Digambar Behera.

ii. Digambar Behera is senior professor and Head, Department of Pulmonary Medicine, Postgraduate Institute of Medical Education and Research in Chandigarh.

iii. Prof Swapna Mahapatra, Prof Banshidhar Majhi and Prof Sukumar Mishra has received the Samanta Chandra Sekhar Award for 2016.

9.  NACHIKET MOR RE-APPOINTED TO RBI’S CENTRAL BOARD FOR 4 YEARS

i. Nachiket Madhusudan Mor, country director of Bill & Melinda Gates Foundation was re-appointed as a member of the Eastern local board of the Reserve Bank of India. According to an order issued by the Department of Personnel and Training, he was also nominated for a director of the central board of directors of RBI.

ii. His appointment will be a period of 4 years..

10. DHARMENDRA KUMAR APPOINTED DIRECTOR GENERAL OF RPF

i. Central Industrial Security Force Additional Director General Dharmendra Kumar who is a 1984 batch IPS officer of Arunachal Pradesh-Goa-Mizoram-Union Territories cadre has been appointed as Director General of the Railway Protection Force.

ii. In previous Dharmendra Kumar was serving as Special Commissioner (Special Unit) in the Delhi Police. National Security Guard DG, Sudhir Pratap Singh was handling the additional charge of DG RPF after the retirement of S K Bhagat.

OBJECTIVE QUESTIONS BASED ON TODAY’S NEWS

Q1. WHICH INDIAN COAST GUARD SHIP WAS DECOMMISSIONED WITH FULL ARMED FORCES ON AUGUST 23?

a)  ICGS Karanj

b)  ICGS Virat

c)  ICGS Varuna

d)  ICGS Chakra

Q2. RBI PANEL UNDER WHO SEEKS RIGHTS-BASED DATA PRIVACY IN HOUSEHOLD FINANCE?

a)  Tarun Ramadorai

b)  Subramania Swamy

c)  M.K.Chandrasekar

d)  Krishna Tulasi

Q3. WHERE THE FOREIGN AND SECURITY POLICY CONSULTATIONS BETWEEN INDIA AND THE EUROPEAN UNION WERE HELD?

a)  Lucknow

b)  Chandigarh

c)  Mumbai

d)  New Dellhi

Q4. NAME THE VILLAGE WHICH HAS EMERGED AS THE ‘100% COMPUTER LITERATE’ IN THE ENTIRE NORTH EAST?

a)  Khoijuman Khullen

b)  Nungthaang Tampak

c)  Champu Khangpok

d)  Thamnapokpi

Q5. WHO HAS BEEN RE-APPOINTED TO RBI’S CENTRAL BOARD FOR 4 YEARS?

a)  Nachiket Madhusudan Mor

b)  S S Mundra

c)  N S Vishwanathan

d)  Tarun Ramadorai

ANSWERS: 

1 - C    2 - A    3 - D    4 - B    5 - A