DAILY CURRENT AFFAIRS: 4 NOV 2017

DAILY CURRENT AFFAIRS: 4 NOV 2017

(DAILY NEWS INDIA)

SHARED BY: WWW.DAILYGK.IN

1.      PM MODI INAUGURATED WORLD FOOD INDIA 2017

i. Prime Minister Narendra Modi inaugurated the most anticipated International Mega Food event- World Food India 2017, the biggest congregation of global investors and business leaders of major food companies.

ii. The event is organised by the Food Processing Industries Ministry in Delhi. The three-day event aims to transform food economy and realise the vision of doubling of farmers' income by establishing India as a preferred investment destination.

2.      7TH ASIA MINISTERIAL ENERGY ROUNDTABLE HELD IN BANGKOK

i. The 7th Asian Ministerial Energy Roundtable was held in Bangkok, Thailand. The Government of Thailand hosted the 7th AMER7. It was co-Hosted by the United Arab Emirates.

ii. Theme for AMER7 was ‘Global Energy Markets in Transition: From Vision to Action’. AMER7 started with a Welcome Reception on 1st November 2017. The Roundtable took place on 2nd November 2017. Site visits took place on 3rd November 2017.

iii. India is the current chair of International Energy Forum which is promoting the AMER. The Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Dharmendra Pradhan participated in the AMER7.

iv .He spoke on “Natural Gas: Overcoming Market and Policy Hurdles to the Golden Age of Gas”. Energy Ministers from Saudi Arabia, Russia, UAE, Thailand, Iraq, Kuwait, Qatar, Bangladesh, Malaysia and Brunei also participated in the AMER7.

3.      WALMART INDIA LAUNCHED INDIA'S FIRST FULFILLMENT CENTRE IN MUMBAI

i. Walmart India launched its first fulfilment centre in Mumbai. The fulfilment centre is a new format of its cash-and-carry store model that will focus exclusively on FMCG products and staples and will not stock fresh food or electronics.

ii. The company has also planned another fulfilment centre in Lucknow.

4.      RBI ASKS LARGE BORROWERS TO OBTAIN 20-DIGIT LEGAL ENTITY IDENTIFIER UNIQUE CODE

i. Reserve Bank of India issued a notification, directing corporate borrowers having exposure of Rs 5 cr and above to mandatorily obtain 20-digit Legal Entity Identifier.

ii. LEI is a 20-digit global reference number that uniquely identifies every legal entity/organisation that is party to a financial transaction, in any country.

iii. Tracking borrowers through LEI is one of the risk management measures adopted by RBI in wake of huge accumulated non-performing assets in Indian Banking system.

5.      YES BANK SIGNS MOU WITH GOVERNMENT FOR RS 1,000 CR FINANCING

i. Yes Bank signed a MoU with the government to provide Rs 1,000 cr financing for food processing projects. Yes Bank said that, the funding will be provided to around 100 food processing projects with an average size of Rs 10 cr each.

ii. Focus would be on projects across backend infrastructure, cold chain creation of new processing units, expansion of existing units, forward linkages and food processing clusters in various locations in India.

iii. The MoU was signed amid the ongoing three-day World Food India being organised by the Food Processing Ministry.

6.      AU SMALL FINANCE BANK GETS RBI NOD FOR SCHEDULED COMMERCIAL BANK

i. AU Small Finance Bank has received an approval from Reserved Bank of India to operate as Scheduled Commercial Bank and has thereby been included in the 2nd Schedule of Reserve Bank of India Act, 1934.

ii. On acquiring the status of Scheduled Commercial Bank, AU Small Finance Bank will now be able to do borrowing and lending with RBI under Liquidity Adjustment Facility and Marginal Standing Facility.

iii. Now, it can even issue Certificate of Deposits on competitive interest rates in market to get liquidity. This approval will also enable AU Small Finance Bank to acquire government business.

iv. It is to be noted that AU Small Finance Bank started its operation in April 2017 and has attained the status of a scheduled commercial bank within just seven months time.

7.      ODISHA SIGNS MOU WITH SINGAPORE-BASED EDUCATION SERVICES FOR SKILL DEVELOPMENT

i. Odisha Skill Development Authority and Singapore-based ITE Education Services signed a memorandum of understanding for skill development in the State.

ii. ITEES is a subsidiary of Singapore’s prestigious Institute of Technical Education. 100 ITI teachers will be trained at Singapore at the ITE in 2018 as per the provision of the MoU.

8.      CBDT SIGNS 7 MORE UNILATERAL APAS WITH TAXPAYERS

i. Central Board of Direct Taxes has signed seven unilateral advance pricing agreements with Indian taxpayers during October 2017.

ii. 7 unilateral APAs signed by CBDT in October 2017, pertain to sectors like FMCG, information technology, semi-conductor, travel and leisure, office furniture and engineering.

iii .Including these 7 agreements, CBDT has so far entered into 184 APAs, out of which 171 are unilateral and 13 are bilateral. 32 APAs (2 bilateral and 30 unilateral) have been signed in 2017-18 itself.

iv. Objective of APA scheme is to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.

iv. This scheme is aimed at reducing litigation and foster a non-adversarial tax regime.

9.      MUMBAI’S RESTORED ROYAL OPERA HOUSE BAGS UNESCO HERITAGE AWARD

i. Almost a year after it reopened, The Royal Opera House has been awarded the UNESCO Asia-Pacific Award for Cultural Heritage Conservation.

ii. The building was closed to the public in 1993 and sat crumbling for years before a restoration project was undertaken eight years ago to replicate the heritage structure. It was originally inaugurated by Britain’s King George V in 1911 and completed in 1916.

10.  GAGAN NARANG WINS SILVER IN COMMONWEALTH SHOOTING CHAMPIONSHIPS

i. Olympic bronze-medallist Gagan Narang won a silver medal in the men’s 50m rifle prone event at the Commonwealth Shooting Championships in Gold Coast, Australia. Annu Raj Singh has also won the bronze medal in the women’s 50m pistol competition.

ii. London Olympics bronze medallist Narang, who is appearing in his first major tournament since the 2016 Rio Olympics, shot a total of 617.6 in the qualification to end fourth.

OBJECTIVE QUESTIONS BASED ON TODAY’S NEWS

Q1. WHERE DID THE ASIAN MINISTERIAL ENERGY ROUNDTABLE WAS HELD AT?

a)  Bern, Switzerland

b)  Beijing, China

c)  Mumbai, India

d)  Bangkok, Thailand

Q2. WITH WHICH BANK, DID GOVERNMENT OF INDIA SIGNED AN MOU TO PROVIDE RS 1,000 CR FINANCING FOR FOOD PROCESSING PROJECTS?

a)  Yes bank

b)  Axis bank

c)  Dena bank

d)  IDBI bank

Q3. IN WHICH CITY INDIA’S FIRST WORLD FOOD FAIR WAS INAUGURATED?

a)  Kolkata

b)  New Delhi

c)  Hyderabad

d)  Mumbai

Q4. KIDAMBI SRIKANTH IS RELATED TO WHICH SPORT?

a)  Chess

b)  Swimming

c)  Badminton

d)  Table Tennis

Q5. TOTALLY HOW MANY ADVANCE PRICING AGREEMENTS ARE SIGNED BY CENTRAL BOARD OF DIRECT TAXES WITH INDIAN TAXPAYERS?

a)  150 APA’s

b)  104 APA’s

c)  201 APA’s

d)  184 APA’s

ANSWERS: 

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