Current Affairs - 16 May 2015

List of 24 agreements signed between India and China

• NEW DELHI: India and China on Friday signed 24 deals worth over $10 billion during Modi's visit to the country.
  
  Here's the complete list:
  
  1. Protocols between India and China on the establishment of consulates-general at Chengdu and Chennai and the extension of the consular district of the consulate general of India in Guanzhou to include Jiangxi province.
  
  2. MoU between the ministry of skill development and entrepreneurship of India and the ministry of human resources and social security of China on cooperation in the field of vocational education and skill development.
  
  3. Action plan on cooperation in setting up of the Mahatma Gandhi National Institute for Skill Development and Entrepreneurship in Ahmedabad/Gandhinagar in Gujarat.
  
  4. MoU between India and China on consultative mechanism for cooperation in trade negotiations.
  
  5.MoU on cooperation between the ministry of external affairs of India and international department of the central committee of the Communist Party of China.
  
  6.Action plan between the National Railway Administration of China and the ministry of railways of India on enhancing cooperation in the railway sector. (2015-16).
  
  7. MoU on education exchange programme.
  
  8. MoU between the ministry of mines of India and the ministry of land and resources of China on the cooperation in the mining and minerals sector.
  
  9. Space Cooperation Outline (2015-2020).
  
  10. Protocol on health and safety regulations on importing Indian rapeseed meal between the export inspection council, ministry of commerce and industry of India and the general administration of quality supervision, inspection and quarantine.
  
  11. MoU between Doordarshan and China Central Television on cooperation in the field of broadcasting.
  
  12. Agreement between the ministry of tourism of India and the national tourism administration of China on cooperation in the field of tourism.
  
  13. MoU on establishing India-China think-tanks forum.
  
  14. MoU between India's Niti Aayog and the Development Research Centre, State Council of China.
  
  15. MoU between India's ministry of earth sciences and the China Earthquake Administration concerning cooperation in the field of earthquake science and earthquake engineering.
  
  16. MoU between India's ministry of earth sciences and the State Oceanic Administration of China on cooperation in the field of ocean science, ocean technology, climate change, polar science and cryosphere.
  
  17. MoU on scientific cooperation between Geological Survey of India, ministry of mines of India and the China Geological Survey, ministry of land and resources of China in geoscience.
  
  18. MoU between the ministry of external affairs of India and ministry of foreign affairs of China on establishment of states/provincial leaders' forum.
  
  19. Agreement on the establishment of sister-state/province relations between state government of Karnataka and provincial government of Sichuan of China.
  
  20. Agreement on establishment of sister-city relations between Chennai and Chongqing of China.
  
  21. Agreement on establishment of sister-city relations between Hyderabad and Qingdao of China.
  
  22. Agreement on establishment of sister-city relations between Aurangabad and Dunhuang of China.
  
  23. MoU between the Indian Council for Cultural Relations and Fudan University on the establishment of a centre for Gandhian and Indian studies.
  
  24. MoU between Indian Council for Cultural Relations and Yunnan Minzu University on the establishment of a yoga college.

PM Narendra Modi extends e-visa for Chinese nationals

• BEIJING: In a confidence building measure, Prime Minister Narendra Modi on Friday announced that India will grant e-visas to Chinese tourists. 
  
  "We have decided to extend electronic tourist visas to Chinese nationals," Modi said addressing students and faculty at the prestigious Tsinghua University.
  
  Hours before the Prime Minister's announcement, foreign secretary S Jaishankar had said "no decision has been taken yet" on granting e-visas to Chinese tourists.
  
  When asked about extending e-visa facility to Chinese tourists, Jaishankar this morning said, "We are expanding it bit-by-bit. With regard to China, no decision has been taken yet."
  
  Addressing the gathering at the university, Modi said, "About 33 per cent of the world's population is either Indian or Chinese. Yet, our people know very little of each other".
  
  "We must seek inspiration from the pilgrims of the ancient times, who braved the unknown in search of knowledge, and enriched us both," he said.
  
  "So, we have decided to extend electronic tourist visas to Chinese nationals. We are celebrating the Year of India in China in 2015," he added.
  
  Surprisingly Modi chose to announce this significant initiative which Chinese officials have been calling for in his address to the university not during his joint appearance for the press with Premier Li Keqiang.
  
  The announcement came in the teeth of strong opposition from the home ministry and security agencies over security concerns of its misuse, while the external affairs ministry and ministry of tourism pressed for it.
  
  Ahead of his China visit which began yesterday, the decision to grant e-visas was left to Modi to decide.
  
  India this year has announced "Visit India Year" in China to attract more tourists in order to boost tourism revenues.
  
  While less than two lakh Chinese visit India, more Chinese travellers are visiting Nepal, Sri Lanka and Maldives enhancing their tourism revenues.
  
  Last year 1.4 lakh Chinese visited Nepal, an increase of 70 per cent. While over four lakh Chinese visited Maldives, 1.3 lakh visited Sri Lanka, and increase of 130 per cent.
  
  India is organizing visit India year this year to entice a chunk of about 100 million Chinese tourists who visited abroad last year spending billions of dollars on shopping.
  
  China has proposed Buddhist circuit connecting China, Nepal and Sri Lanka to attract more tourists. China has large Buddhist population. They are keen to visit Buddhist sites in India like Nalanda.
  
  The e-visa announcement was seen as a prelude India relaxing investment norms to China to attract large-scale Chinese investors.

Chhattisgarh IAS officer pulled up for wearing sunglasses on PM visit

• RAIPUR: While Prime minister Narendra Modi may have won accolades for his slick dressing sense, two IAS officers of Chhattisgarh have been pulled up for wearing coloured shirts and branded designer sun glasses while receiving him at Jagdalpur airport on his visit on May 9. 
  
  The state government has warned the collector of Bastar, Amit Kataria and Dantewada collector, KC Devsenapati, for violating the official dress code during the Prime Minister visit. 
  
  In a letter to the collectors, the Special Secretary General Administration, DD Singh, has quoted the All India Services (Conduct) Rule 1968," which states, "every member of the Service shall at all times maintain absolute integrity and devotion to duty and shall do nothing which is unbecoming of a member of the Service". 
  
  The letter warned the Collectors against such acts in the future. 
  
  While receiving Modi, Amit Kataria was wearing a blue shirt and branded sunglasses. He even changed his shirt twice during the day. 
  
  Reacting to reports, chief minister, Dr Raman Singh said the officers have been warned and no further action is necessitated. 
  
  However, Congress leader and senior advocate of MP high court, Vivek Tankha, reacted to the government's missive to Kataria by tweeting "what's wrong". 

Asia's new boat people: beaten, abandoned and pushed back to sea

• LHOKSUKON, INDONESIA: Initially, it was a relief for the hundreds of migrants packed into a rickety fishing vessel when, in the dead of night, their captain and his crew took off in a speedboat and abandoned them in the sea between South and Southeast Asia. 
  
  For three weeks, they had been abused by the Thai men, who thrashed them with gun butts and scalded them with hot water. 
  
  Mohammad Husein, a Rohingya Muslim who had left Myanmar in mid-April brimming with hope for a better future, showed an ugly gash on his head. There was a swelling on one of Husein's shins the size of a ping-pong ball, where one of the crew members had struck him with a metal bar when he asked to relieve himself. 
  
  But after their tormentors had gone, things only got worse. 
  
  The roughly 600 men, women and children from Myanmar and Bangladesh - part of a new wave of Asian 'boat people' - meandered for two days around the Bay of Bengal's southeastern corner on a boat designed for just a third of their number, watching for the Malaysian coast to come into sight. 
  
  "We were sent out to sea in the middle of the night but we had no food or water and we didn't know where were going or how to get to Malaysia. So we just kept going," said Husein. 
  
  By last Sunday, they had run out of fuel and their wooden boat drifted into Indonesian waters on the western side of the Malacca Strait, where it was towed ashore by local fishermen. 
  
  The journeys of uncounted others who set out in recent weeks, eager to leave poverty and persecution behind them, have not ended so fortunately. 

AI turns to banks, FIs for financing Dreamliner purchase

• NEW DELHI: Air India is seeking offers from banks and financial institutions to raise $110 million for making the advance payment for six Dreamliner (Boeing 787-8) aircraftwhich the carrier has to acquire during the next fiscal. 
  
  The state-run airline currently has 21 Dreamliners in its fleet. 
  
  Air India had in January, 2006, placed orders for 68 aircraft with Boeing — 27 Dreamliners and 41 B-777s and B-737-800s. 
  
  As per the agreement, the airline is required to make an advance of 10 per cent of the gross cost of the aircraft 12 months prior to its scheduled delivery.
  
  According to the Boeing Company website, the listed price of a Boeing 787-8 aircraft was $218.3 million in 2014. 
  
  Air India has a fleet of 114 planes, comprising Boeing, Airbus, ATR and regional jets.

Govern internet, but ensure freedom of speech: BJP

• NEW DELHI: BJP has said that internet must be governed as it is 'extremely important' for governance but it should done in a way that does not compromise on the spirit of freedom of speech and expression.
  
  "Internet is extremely important and since it is extremely important for governance also, because every person is within the ambit of government, internet has to be governed in a way that does not take away basic essence of internet which is freedom of speech and expression," BJP national spokesperson Sambit Patra said today.
  
  He was speaking at an internet governance event organized by industry chamber Assocham.
  
  "Even those who are trying to curb this freedom of expression also enjoys freedom of expression. Internet is creation of mind and hence mind cannot be put within boundaries and mind does not has boundaries of countries in it. So internet must be governed in non-discretionary manner for benefit of mankind at large," he said.
  
  Talking about 'net neutrality', he said the government has formed a committee on net neutrality and telecom regulator Trai is also working on it.
  
  "Once the Trai submits its recommendation to the Telecom Commission and then after the commission approaches the government, the government will take decision in favour of people," Patra said.
  
  Patra said because of vagueness in words, Section 66 A of the IT Act had been misused in the past.
  
  Congress leader and former union minister Manish Tewari, who participated in the discussion, said internet should not be governed and it should be left to develop the way it is.
  
  "Difficulty is where do you draw the line? Someone may be liberal and he may draw line on left and someone may conservative he may draw line on extreme left," Tewari said.
  
  Aam Aadmi Party leader Somnath Bharti said law should be used to serve larger public interest and not to protect politicians.
  
  He said many people in the country including police and politicians do not know about internet.
  
  "Gradually social media will replace media because media is controlled by few individuals with certain interest... Social media cannot be controlled. Controlling internet by violating net neutrality should be opposed and I am with people who are opposing it," Bharti said.

For Modi's year-old government, storm brewing in rural India

• KHANNA/KAMARGAON: Just one year after taking office, Prime Minister Narendra Modi is facing a challenge that could come to haunt him - the farm sector that sustains three-fifths of the population is in deep trouble, and he is being blamed for not doing enough.
  
  Promising good governance and a stronger economy, Modi romped to power in elections last May by the biggest margin any prime minister has got in three decades. But the rural crisis has dented his popularity and the vanquished opposition is finding new vigour in his discomfort.
  
  From the start of the crop season last October through March, India's farm exports have fallen more than 11 percent to $15 billion, as the impact of the global commodities glut has been sharpened by events like Iran's nuclear talks and a currency dip in Brazil.
  
  The fall in exports has depressed domestic farmgate prices just as unseasonal rain damaged winter crops such as wheat, potato, chickpea and rapeseed. Farmers have little money now to buy seeds for the summer sowing, and meteorologists have predicted the annual June-October monsoon will be below par, which means the next crop may also fail.
  
  "A perception is gaining ground that the government is slow in responding to the crisis in the countryside," said D.H. Pai Panandiker, president of the RPG Foundation think-tank in New Delhi. "Any inept handling of the situation will only invite trouble and impair the plans for economic reforms."
  
  Farming accounts for only 15 percent of India's $2 trillion economy but provides a livelihood to 60 percent of its 1.25 billion people. A crisis in the countryside would have severe political impact.
  
  The opposition Congress party, crushed by Modi a year ago, is latching on to rising discontent in the countryside.
  
  Party leader Rahul Gandhi has been touring the affected farming regions and the heir apparent to the Nehru-Gandhi political dynasty is getting a good response.
  
  "While Modi has failed to help us, Rahul Gandhi was here to assuage our pain," said Paramdeep Singh, a wheat farmer at Khanna wholesale market in Punjab.
  
  "His visit has forced the government to at least acknowledge the fact that we've suffered huge losses."
  
  The fightback by the opposition has slowed Modi's reform agenda in parliament. This week, Congress delayed bills that would make it easier for corporations to buy land - changes it says are "anti-farmer" - and harmonise national and state taxes.

General Awareness Practice Questions for all bank exams

• 1. Which of the following function is not relating to Commercial Bank?
  1) Accepting Time Deposits
  2) Providing Loans
  3) Doing Agriculture Activity
  4) Discounting Bills of Exchange
  5) Provide online technology nowadays for speed transfer of money
  ------------------------------------------------------------------------------------------2. Why banks pay no rate of interest or very less rate of interest on current accounts?
  1) RBI orders bank not to pay rate of interest for current accounts.
  2) Banks do not pay rate of interest as the current accounts not offered by Scheduled banks.
  3) Banks cannot utilise these short-term deposits for lending purposes and must keep almost cent percent reserve against them.
  4) To maintain the current account is more expensive, so they do not pay rate of interest.
  5) None of above
  ------------------------------------------------------------------------------------------3. Which of the following statement is wrong related to Overdraft?
  1) Overdraft provide by commercial banks as form of Loans.
  2) Banks collect rate of interest on Overdrafts.
  3) Overdraft can be issued to non-customer also.
  4) Some banks levy bank charges to process the overdraft loans.
  5) None of above
  ------------------------------------------------------------------------------------------4. Hundi is a ........... in an Indian language, governed by customs and local usage.
  1) Cheque 
  2) Demand Draft
  3) Bill of Exchange
  4) Promissory Note 
  5) None
  ------------------------------------------------------------------------------------------5. Which of the following is not agency function of Commercial banks?
  1) Letters of Reference
  2) Tax Consultancy
  3) Accepting Deposits
  4) Purchase and Sale of FOREIGN EXCHANGE
  5) Trustee and Executor
  ------------------------------------------------------------------------------------------6. Which is the first commercial bank in India initiated to have Television Banking (TVB), avail the banking information on TV screens. This enable TV viewers to access information of Bank's services and products, from the convince of their homes?
  1) SBI 
  2) Corporation Bank
  3) ICICI 
  4) Canara Bank
  5) Tamilnadu Mercantile Bank Limited
  ------------------------------------------------------------------------------------------7. On 13 March 2015, the Union government declared that unused priority sector lending funds of commercial banks will be used to set up the Rs.20,000 crore corpus of the proposed .......
  1) Bharathiya Mahila Bank 
  2) AIIB
  3) PLB
  4) New Development Bank
  5) MUDRA Bank
  ------------------------------------------------------------------------------------------8. Which bank launched the mobile app 'Chillr', which allows users to instantly transfer money to any contact in their phone book. The best part about using this money transfer mechanism is that, there is no need to add beneficiary details such as bank account number, IFSC codes etc
  1) ICICI 
  2) SBI 
  3) HDFC
  4) Citi Bank 
  5) Yes Bank
  ------------------------------------------------------------------------------------------9. Which commercial bank has launched a mobile application 'Pingpay' that enables customers to make payments to any contact across social media platforms in seconds?
  1) Central bank of India 
  2) Andhra Bank
  3) Axis Bank 
  4) ICICI
  5) SBI
  ------------------------------------------------------------------------------------------10. Government ordered commercial banks to step up lending to minorities on 12 March 2015. Accordingly, all scheduled commercial banks are required to specially monitor the credit flow to minorities in how many districts?
  1) 140 
  2) 121 
  3) 90
  4) 640 
  5) 88
  ------------------------------------------------------------------------------------------11. The statements related to corporate funding given. Locate the wrong statement.
  1) RBI moves to restrict commercial banks exposure to corporate loans.
  2) Banks would only be allowed to lend up to 25 percent of their core capital.
  3) The earlier ceiling of up to 55 percent.
  4) RBI proposes this new rule effective from 1 January 2019.
  5) None
  ------------------------------------------------------------------------------------------12. The rate at which RBI purchases or rediscounts bills of exchange of commercial banks is called ........
  1) CRR 
  2) Base Rate
  3) SLR 
  4) LAF
  5) Bank Rate
  ------------------------------------------------------------------------------------------13. In which year the Kotak Mahindra FINANCE Ltd. converted into a commercial bank - the first Indian company to do so?
  1) 1996 
  2) 1998 
  3) 1994
  4) 2003 
  5) 2010
  ------------------------------------------------------------------------------------------14. The power of the commercial banks to expand deposits through expanding their loans and advances is known as which among the following?
  1) Capital Expansion 
  2) Credit Expansion
  3) Credit Control 
  4) Credit suasion
  5) Credit Creation
  ------------------------------------------------------------------------------------------ANSWERS:
  1-3, 2-3, 3-3, 4-3, 5-3, 6-3, 7-5, 8-3, 9-3, 10-2
  11-5, 12-5, 13-4, 14-5