DAILY CURRENT AFFAIRS: 11 JAN 2018

DAILY CURRENT AFFAIRS: 11 JAN 2018

(DAILY NEWS INDIA)

SHARED BY: WWW.DAILYGK.IN

1.      CABINET APPROVES AMENDMENTS IN FDI POLICY, POLICIES FURTHER LIBERALIZED

i. In the financial year 2016-17, total FDI of US $ 60.08 billion has been received, which is an all-time high. The Cabinet chaired by PM Narendra Modi has approved amendments in FDI Policy and further liberalized few of the policies of FDI.

ii. Key Highlights- 100% FDI under automatic route for Single Brand Retail Trading. Foreign airlines allowed to invest up to 49% under approval route in Air India. Government approval no longer required for FDI in Single Brand Retail Trading.

iii. 100% FDI under automatic route in Construction Development. FIIs/FPIs allowed to invest in Power Exchanges through primary market and Definition of ‘medical devices’ amended in the FDI Policy.

iv. Extant FDI policy on SBRT allows 49% FDI under automatic route, and FDI beyond 49% and up to 100% through Government approval route. It has now been decided to permit 100% FDI under automatic route for SBRT.

v. Civil Aviation: As per the extant policy, foreign airlines are allowed to invest under Government approval route in the capital of Indian companies operating scheduled and non-scheduled air transport services, up to the limit of 49% of their paid-up capital. However, this provision was presently not applicable to Air India, thereby implying that foreign airlines could not invest in Air India. It has now been decided to do away with this restriction and allow foreign airlines to invest up to 49% under approval route in Air India.

vi. Construction Development: Townships, Housing, Built-up Infrastructure and Real Estate Broking Services. It has been decided to clarify that real-estate broking service does not amount to real estate business and is, therefore, eligible for 100% FDI under the automatic route.

vii. Power Exchanges: The extant policy provides for 49% FDI under automatic route in Power Exchanges registered under the Central Electricity Regulatory Commission (Power Market) Regulations, 2010. It has now been decided to do away with this provision, thereby allowing FIIs/FPIs to invest in Power Exchanges through the primary market as well.

2.      IMPORTANT CABINET APPROVALS- 10TH JANUARY 2018

i. The Union Cabinet chaired by PM Shri Narendra Modi has given the following set of approvals. The important Cabinet Approvals are given as follows-

The Cabinet has approved- 1. MoU between India and Canada for cooperation in the field of Science & Technology. The MoU will provide a mechanism and help to foster scientific cooperation between R&D and academic institutions of India and Canada.

2. Implementation of CCEA decision on the closure of Tungabhadra Steel Products Limited.

3. Fixed term for Chairperson and Members of the National Trust- Cabinet approved the proposal to amend Section 4(1) and Section 5(1) of the National Trust for the Welfare of Person with Autism, Cerebral Plasy, Mental Retardation and Multiple Disabilities Act, 1999 to fix the term of the Chairperson and Members of the Board of National Trust for three years.

3.      PAYTM LAUNCHES INVESTMENT ARM, TO INVEST $10 MILLION

i. Paytm has set up a new entity called Paytm Money Ltd that will offer investment and wealth management products and will invest close to $10 million upfront in the new entity.

ii. Paytm Money is the fourth product from One97’s stable after Paytm Mall, Paytm Payments Bank and Paytm wallet. It will be available as a separate mobile application to users.

4.      KARNATAKA TOPS STATES WITH INVESTMENT INTENTIONS OF RS. 1.49 LAKH CR

i. Karnataka topped all states with investment intentions of Rs. 1.49 lakh cr till October 2017,  according to R V Deshpande, Karnataka Minister for Large, Medium Industries and Infrastructure Development

ii. The investment was 43% of the country's total investment intentions. Karnataka has topped in FDI inflows and has performed well in exports, contributing about 40 percent in electronics and software services.

5.      WORLD BANK PROJECTS INDIA’S GROWTH RATE AT 7.3% IN 2018

i. World Bank has projected India’s growth rate at 7.3% in 2018 and 7.5 for the next two years. According to the 2018 Global Economics Prospect release, despite initial setbacks from demonetisation and Goods and Services Tax, India’s economy is estimated to have grown at 6.7% in 2017.

ii. India’s growth potential will be around 7 percent for the next 10 years. In comparison with China, which is slowing, the World Bank is expecting India to gradually accelerate.

6.      INDIA'S 1ST ALL-WOMEN RAILWAY STATION IN MUMBAI ENTERS LIMCA RECORDS

i. The Matunga suburban station on the Central Railway has found its way into the Limca Book of Records for having an all-woman staff.

ii. The achievement comes six months after Matunga became the 1st railway station in the country to be run by an all-woman staff. The station is being manned exclusively by women staffers since July 2017, a first on the Indian Railways.

7.      DILIP ASBE APPOINTED MD & CEO OF NPCI

i. National Payments Corporation of India has appointed Dilip Asbe as Managing Director and CEO of the organisation.

ii. Prior to this, Asbe was CEO-in-charge of NPCI. He had come in place of AP Hota.

8.      FLIPKART'S PHONEPE INKS PACT WITH FREECHARGE

i. Flipkart’s payments arm PhonePe has partnered mobile wallet company FreeCharge to allow the latter’s customers pay for transactions at PhonePe’s partner merchants.

ii. According to the deal terms, PhonePe has now enabled its users to link their existing FreeCharge wallets to the PhonePe app. Once linked, PhonePe customers will be able to spend their FreeCharge wallet balance at all online and offline merchant outlets that accept payments via PhonePe.

9.      PNB TIES UP WITH NSFDC FOR ASSISTING SC FAMILIES

i. Punjab National Bank and National Scheduled Castes Finance and Development Corporation have tied up to provide financial assistance for economic empowerment of persons belonging to Scheduled Caste families living below Double Poverty Line.

ii. A Memorandum of Agreement to this effect was signed between PNB and NSFDC. Under this tie-up, PNB would act as a channelising agent for the loan schemes of NSFDC.

10.  ANCHAL THAKUR BAGS BRONZE, INDIA'S 1ST INTERNATIONAL MEDAL IN SKIING

i. Aanchal Thakur made history as she won India's 1st ever international medal in skiing. The 21-year-old Manali resident clinched bronze in the coveted Alpine Ejder 3200 Cup.

ii. The Championship was organised by the Federation Internationale de Ski (skiing's international governing body) in Erzurum, Turkey. She won the medal in the slalom race category.

11.  ADITYA MEHTA WINS KOLKATA OPEN 2018 INTERNATIONAL INVITATION SNOOKER CHAMPIONSHIP

i. Professional player Aditya Mehta won the Kolkata Open 2018 International Invitation Snooker Championship in the capital city of West Bengal Kolkata.

ii. This is his 3rd Kolkata Open title since its inception. In the thrilling final he defeated Englishman Professional Player Alfie Burden.

OBJECTIVE QUESTIONS BASED ON TODAY’S NEWS

Q1. WHO HAS BEEN APPOINTED AS MANAGING DIRECTOR AND CEO OF NATIONAL PAYMENTS CORPORATION OF INDIA?

a)  Suresh Karmakar

b)  Vijay Keshav Gokhale

c)  Dilip Asbe

d)  Pankaj Jain

Q2. WHICH BANK THAT HAS TIED UP WITH NATIONAL SCHEDULED CASTES FINANCE AND DEVELOPMENT CORPORATION TO PROVIDE FINANCIAL ASSISTANCE FOR ECONOMIC EMPOWERMENT OF PERSONS BELONGING TO SCHEDULED CASTE FAMILIES?

a)  Punjab National Bank

b)  State Bank of India

c)  Canara Bank

d)  Bank of Baroda

Q3. WHICH STATE HAS TOPPED ALL STATES WITH INVESTMENT INTENTIONS OF RS. 1.49 LAKH CR TILL OCTOBER 2017?

a)  Kerala

b)  Karnataka

c)  Telangana

d)  Andhra Pradesh

Q4. WHICH INDIAN MADE HISTORY AFTER WINNING INDIA'S FIRST EVER INTERNATIONAL MEDAL IN SKIING?

a)  Nadeem Iqbal

b)  Bahadur Gupta

c)  Tashi Lundup

d)  Aanchal Thakur

Q5. AS PER THE THE RECENT CABINET APPROVAL, IT HAS NOW BEEN DECIDED TO PERMIT 100% FDI UNDER AUTOMATIC ROUTE FOR SBRT. SBRT STANDS FOR?

a)  Single Brand Retail Trading

b)  Simple Brand Reimbursed Trading

c)  Simple Budget of Retail Trading

d)  Single Branding of Readers Training

ANSWERS: 

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