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Current Affairs - 26 July 2016


General Affairs 

Social Security Pact With Japan To Be Effective From October
  • NEW DELHI: Employees posted by Indian establishments in Japan will not be required to contribute towards social security schemes in that country from October 1, as a bilateral agreement will come into force.

    Similarly, Japanese employees posted in India would enjoy the same benefit after producing a certificate of coverage certifying that they are contributing towards social security schemes such as PF and pension in their home country.

    "The Agreement on Social Security between India and Japan shall come into force with effect from October 1, 2016. With this addition number of Social Security Agreement (SSA) that would become operational would be sixteen," Labour Ministry said in statement.

    According to the statement, Ministry of External Affairs, along with Employees' Provident Fund Organisation (EPFO) - the competent authority for negotiating and concluding SSAs have completed the formalities for the Agreement to enter into force.

    The SSA between India and Japan was signed in Tokyo on November 16, 2012. Bilateral SSA are made with other countries to protect the interests of Indian professionals, skilled workers working abroad.

    India till date has signed SSA with 19 countries. The SSAs have been in operation with 15 countries so far. An SSA generally provides for detachment, totalisation and portability of Social Security benefits between agreeing nations.

    While under Detachment provisions, International Workers are exempted from making contribution in the host country, the Totalisation allows aggregating residency periods of social security contribution made by the Indian worker / professional in India and the foreign country to qualify for retirement benefits. The Portability further allows one to avail benefits in either country

    The comprehensive SSA between India and Japan will favourably impact the profitability and competitive position of companies by reducing their cost of doing business abroad.

    It said that Indian and Japanese workers who are working in Japan and India respectively will benefit from the pact.

    The SSA will also help more Japanese companies to consider India as a destination for their manufacturing investments. Further to this, it said that BRICS Second Employment Working Group meeting is being held in Hyderabad, on July 27-28 July 2016.

    The forum is being planned to impress the BRICS group to adopt a resolution to take the necessary steps to ensure that SSAs are entered into between the member countries of BRICS.

    This is all the more because BRICS nations have individually signed SSAs with other nations. Trade relations between BRICS nations have been increasing over the years and major Industries and Enterprises from respective nations are making investments, it added.

BJP, Akali Dal, Congress Ganged Up To Suppress My Voice, Says Bhagwant Mann
  • CHANDIGARH: Hours after Bhagwant Mann was barred from attending the Monsoon session till a decision is taken on the Parliament videography issue, the AAP lawmaker accused BJP, Congress and Akali Dal of joining hands to "suppress his voice" in view of the 2017 Punjab Assembly polls.

    He claimed he has been "barred" from raising issues of public by being not allowed to attend the House proceedings.

    He said the "grand alliance" of BJP, Congress and Akali Dal has hatched a "conspiracy against me as I am very active in the House and raise issue of the public".

    "It has happened in the wake of Punjab polls," he claimed.

    Notably, Lok Sabha Speaker Sumitra Mahajan said Mr Mann's videography of the Parliament House complex had put its security "in peril" and asked him not to attend the House till a decision is taken on the matter by a nine-member committee she set up to probe the issue.

    The panel, chaired by BJP's Kirit Somaiya, has been asked to submit its report by August 3, while Mr Mann has time till Monday morning to submit his explanation to the panel.

    "With this decision, it means that I cannot raise issues of public till August 3. They could have told me to appear before the committee and allowed me to attend the House to raise issues of the public. Attending the Session in Parliament is my right. They have encroached upon the rights of lakh of people," he said.

    However, Mr Mann said he will follow the "orders" of the Speaker.

    "But I should be allowed to put my side as well," he said. The AAP lawmaker said the members of the panel are the same people who have been making hue and cry over this issue and have been demanding his suspension.

    He further claimed he had tendered a written apology and maintained that by making the video, he did not intend to compromise the security of the Parliament.

    "I just wanted to apprise people about the process of selection of question in the Parliament because people used to ask us why their questions are not raised. I wanted to show them the questions to be asked are selected through lucky draw. It was an educational video," Mr Mann said.

    He also accused his political opponents of diverting the issue from the "atrocities" on Dalits.

    "Akalis never raised issue of farmer suicide, they never spoke on unemployment and suddenly they have shown concern about security," he said.

    In the nearly 12-minute video that he had shared live on Facebook, Mr Mann filmed his vehicle crossing security barricades and entering Parliament. However, he later deleted the video.

Monsoon Session: War of Words Between Samajwadi Party And Piyush Goyal
  • NEW DELHI:  Rajya Sabha today saw bitter war of words between Samajwadi Party members and power minister Piyush Goyal over the issue of electrification of villages in Uttar Pradesh, with the former staging a walkout expressing dissatisfaction with the minister's reply.

    Chairman Hamid Ansari had to intervene several times to seek the members' cooperation in adopting restraint on the use of language and not 'monopolise' the Question Hour proceedings.

    The sharp exchanges took place during the Question Hour with Samajwadi Party's Naresh Agrawal asking Mr Goyal to spell out how many villages in Uttar Pradesh were still unelectrified.

    Mr Goyal, in his written reply said 1,529 villages remained unelectrified in UP till April 1, 2015 while electrification works in 1,356 villages have been completed till July 17, 2016 and the remaining ones to be electrified before May 2018.

    However, Mr Agrawal said only 173 villages remained unelectrified as per the data, which was "wrong" and accused the Minister of defaming the state government.

    To this, Mr Goyal said the Samajwadi Party member was mixing up the data pertaining to electrification and intensive electrification of villages. He said the figures quoted by him are those provided by the state government itself and not of the Centre, which has accepted the data provided by the state.

    The Samajwadi Party members expressed dissatisfaction with the minister's reply, saying his "presentation is wrong" and staged a walkout from the House in protest.

    As Samajwadi Party members insisted with their statement that the minister was giving a "wrong" reply, Mr Ansari said "You cannot do grandstanding in the House".

    During the proceedings, Mr Ansari had to intervene several times on the use of certain words by Mr Agrawal and his colleague Neeraj Shekhar, which he termed as "unparliamentary" and asked them to refrain from using them. Mr Goyal and Union Ministers Uma Bharti and Nitin Gadkari also strongly objected to the use of such words.

    "I am compelled to draw your attention to the need to conduct Question Hour fairly so that every member gets a chance and you do not monopolise the Question Hour, otherwise you are going to be patently unfair to your own colleagues. If the answer is wrong or incomplete, then there is a procedure and you give it in writing," Mr Ansari told the members.

In Remote Hamlet, Family Of Missing Official Prays For Safety Of AN-32 Crew
  • RAMBAN, JAMMU AND KASHMIR: With no trace of the missing IAF AN-32 aircraft, residents of a remote hamlet in Jammu and Kashmir's Ramban district are praying for the safe return of the local boy Pritam Chand and other crew members who were on board the plane.

    "We pray for the safety and security of the our son of the soil and all crew members of the missing AN-32 aircraft. We feel that their son would return safe and sound," Sarpanch of Papria Panchayat Uttam Singh told PTI.

    "We are going with a delegation to meet Deputy Commissioner of Ramban today. We will seek help from authorities and defence people to trace them," Mr Singh said.

    The family has hardly got any update on the incident as their hamlet Karma Papdia is located in a remote forest, 40 kms away from Ramban district headquarters.

    Residents of this hamlet have been thronging the house of 24-year-old Airman Pritam Chand since the day the IAF aircraft went missing.

    The family members of airman, particularly his father Hansraj and mother Dwarikho Devi, though distraught, have not left the hope of their youngest son returning safe and sound.

    The plane had gone missing during its flight from Chennai to Port Blair with 29 people onboard on July 22. It had left the Tambaram air base near Chennai at 8.30 am on Friday and was supposed to land at Port Blair at around 11.45 am.

    It fell off the radar at 9.12 am, 280 km east of Chennai.

    The plane made the last radio contact at 8:46 am, 16 minutes after take-off, when the pilot reported that "everything is normal".

India Asks Its Diplomats In Pakistan To Withdraw Kids From Local Schools
  • NEW DELHI: The children of Indian diplomats in Pakistan will no longer study there. In a decision taken a year ago, which was leaked in the Pakistani media today, the Ministry of External Affairs asked High Commission staff to send their children back for the next academic year, citing security.

    The MEA said today, "It is a normal practice for all countries to review staffing and related policies for their diplomatic missions, including in view of prevailing circumstances at those stations. With effect from  this academic session, officials posted in the High Commission of India in Islamabad have been advised to make arrangements for education of their wards outside Pakistan, till further notice."

    Sources say the decision was taken in June 2015.

    The story appeared in a Pakistani newspaper this morning, forcing the Indian government to react.

    Sources say the decision affects 50 to 60 children of diplomats and support staff, who will now study back home.

Business Affairs 

Rs 7 lakh cr to be spent to build 50,000 kms of NH says Nitin Gadkari

  • About Rs seven lakh crore would be spent to develop around 50,000 kilometres of national highways over the next five years, the Government said on Monday.
    During Question Hour in Rajya Sabha , Union Minister Nitin Gadkari said the Government has allocated a total Gross Budgetary support of Rs 46,834 crores including cess and toll remittance for 2016-17 for the Road, Transport and Highways Ministry.
    In addition, internal and extra budgetary resources of Rs 59.279 crores have also been allowed to be raised for highways in 2016-17.
    For the Ministry of Shipping, the Government has allocated a total gross budgetary suport of Rs 1,531 crore. In addition, internal and extra budgetary resources of Rs 3,183 crores has also been allowed.
    "There is a proposal to spend around Rs 7 lakh crores to develop National Highways of around 50,000 kilometres in the next 5 years. For Sagarmala port development, the project cost is Rs 73,375 crore and in respect of Sagarmala port modernisation it is Rs 9,891 crore," he said.

    EPFO likely to double the proportion of equity investment to 10%

    • Retirement fund body EPFO is likely to double the proportion of its investment in exchange traded funds (ETFs) for this fiscal to 10 per cent at its trustees meet on Tuesday in line with an expert panel's recommendations.
      EFPO, at present, is investing 5 per cent of investible deposits in ETFs despite opposition by labour unions.
      "The Employees' Provident Fund Organisation (EPFO) is most likely to double the percentage of its investment in ETFs to 10 per cent as recommended by an expert panel in its trustees meeting on July 26," a source said.
      The panel constituted by EPFO's Finance Audit and Investment Committee (FAIC) has recommended the allocation to equity can be made 10 per cent this fiscal.
      It was of the view that current allocation of 5 per cent incremental flows to equity may not be sufficient for meaningful contribution to overall portfolio return of the EPFO.
      The panel pointed out that at present the EPFO's equity investment constitute less than 1 per cent of the total corpus compared with the global average of around 30 per cent.
      The experts also suggested that if the body will invest 5 per cent of its investible deposits in equity every year then it will take 15 years for these investments to become 5 per cent of the EPFO's total investment.
      They added if 10 per cent is invested into equities then it will take just five years for these investments to become 5 per cent of the total portfolio.
      The report of the group to examine alternate strategy for investments in ETFs will be placed before the EPFO trustees on Tuesday.
      Earlier, Labour Minister Bandaru Dattatreya had indicated that the proportion of EPFO's equity investment will be increased.
      The ministry had also notified a pattern of investment on April 23, 2015, which allows investment in equity and related investments from 5 to 15 per cent.
      The EPFO is estimated to have Rs 1.35 lakh crore as investible deposits in the current fiscal.
      However, the EPFO's apex decision making body the Central Board of Trustees headed by the Labour Minister had decided to invest only 5 per cent in ETFs to start with last year.
      Total amount invested by EPFO in ETFs is Rs 7,468 crore as on as on June 30. The absolute return on the investment so far is 7.45 per cent.
      The member of the expert group were India Index Services & Products Ltd, SBI Mutual Funds Management Pvt Ltd, LIC, Asia Index Pvt Ltd and National Institute of Securities Markets.

      Rupee depreciates by 14 paise to 67.22 against US dollar

      • The rupee on Monday slipped 14 paise to 67.22 against US dollar tracking major Asian currencies that weakened against the greenback.
        The domestic currency on Friday firmed up by another 9 paise to end at a fresh one-week high of 67.08 against the US dollar amid sustained selling of the American currency by banks and exporters.
        The dollar index, which tracks the value of greenback against a basket of six major currencies hit a 4-1/2-month high of 97.543 on Friday and stood at 97.443 in Monday trade, as the US currency was buoyed by a run of solid economic data.
        Among Asian currencies, Japanese yen slipped 35 paise, ringgit 0.49 per cent, Korean won 0.21 per cent, while bhat shed 0.23 per cent against the American currency.

      Asian markets trade near 9-month peak, dollar shines

      • Asian shares held near nine-month highs on Monday as worries over the impact of Britain's Brexit vote eased amid efforts to maintain growth, while the dollar was buoyed by a run of solid US economic data.
        Policy makers from the Group of 20 countries agreed to work to support global growth and better share the benefits of trade, in a weekend meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism.
        MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent to stand just below its nine-month peak hit on Thursday. Japan's Nikkei rose 0.4 per cent.
        US stock prices marked four straight weeks of gains last week, supported by renewed strength in the tech and telecom sectors and a stronger-than-expected report on manufacturing.
        The S&P 500 set another record closing high on Friday.
        "At the moment, US markets are attracting global funds. Globally there remain risks, such as European financial institutions or the Chinese yuan," said Koichi Yoshikawa, executive director of finance at Standard Chartered Bank in Tokyo.
        "We have to see if investors are ready to diversify to other markets than the US in coming weeks," he added.
        The strength of US economic data in recent weeks has revived speculation that the Federal Reserve may raise interest rates around the end of year.
        Dollar interest rates futures, which had priced out any chance of a rate hike this in the days that followed the UK referendum, are now pricing in about a 40 per cent chance of a 0.25 per centage point increase by the end of year.
        That is boosting the relative attraction of the dollar in the currency market.
        The dollar's index against a basket of six major currencies hit a 4-1/2-month high of 97.543 on Friday and stood at 97.426 in early Monday trade.
        As the dollar gains, the euro has been put on back foot, trading at $1.0970. The single currency hit a one-month low of $1.09555 on Friday.
        The British pound is also under pressure after surveys showed on Friday business activity had wilted in the wake of the Brexit vote.
        The pound traded at $1.3141, near last week's low of $1.3065.
        The yen traded at 106.23 per dollar, off last week's six-week low of 107.49.
        The yen showed la imited response to comments from Bank of Japan Governor Haruhiko Kuroda on the sidelines of the G20 meeting.
        Kuroda said he would ease policy further if necessary to achieve its 2 per cent inflation goal, but also said there was no discussion on "helicopter money" - a radical policy of expanding fiscal stimulus financed by printing money.
        Oil prices hovered near 2-1/2-month lows after having lost about 4 per cent last week on renewed worries about a global crude glut.
        Brent crude futures traded at $45.83 per barrel, near Friday's low of $45.17, its lowest since May 11.

        Durian Furniture becomes the leading seller on Flipkart and Amazon

        • Furniture giant Durian Furniture crossed over 1000 orders in the first quarter of 2016 and became the most popular seller in the furniture segment on Flipkart and Amazon.
          Durian entered the online business in 2015 and aimed at grabbing a place in the Indian e-commerce market by using their own e-commerce web store as well as through online marketplaces.
          "We went on to deliver over 300 orders a month using a single panel which is so easy-to-use that only one person has to really ever look at it," said Somesh Dokania, Director, Durian Furniture.
          He also revealed that the company benefitted with the end-to-end e-commerce solutions.

        General Awareness

        LIC AAO Exam 2016 General Awareness Solved Paper

        • 1. The recent (February, 2016) 12th South Asian Games 2016 were hosted by–
          (A) India (B) Sri Lanka (C) South Korea (D) Nepal (E) Bangladesh (Ans : A)

          2. The currency of the 'Republic of Austria' is– 
          (A) Peso (B) Schilling (C) Franc (D) Euro (E) Lia (Ans : D)

          3. The 'BCCI Polly Umrigar' Best Indian Cricketer of the Year 2014-15 Award was recently (January, 2016) awarded to– 
          (A) Virat Kohli (B) Rishi Dhawan (C) M. S. Dhoni (D) Deepak Hooda (E) Robin Uthappa (Ans : A)

          4. A joint venture agreement between Indian Railways and French company Astom was recently signed for supply of 800 high horsepower locomotives manufactured in India and to set up electric locomotive factory at Madhapura in the Indian state of– 
          (A) Jharkhand (B) Odisha (C) Chattisgarh (D) Madhya Pradesh (E) Bihar (Ans : E)

          5. The 7th joint military exercise 'Lamitye 2016' was recently conducted by Indian Army with defence forces of–
          (A) Singapore (B) Saudi Arabia (C) Seychelles (D) Sri Lanka (E) South Korea (Ans : C)

          6. Regardless of the mode of payment the Government of India has now (from 1st January, 2016) made it mandatory to quote PAN (Permanent Account Number) for all transactions in excess of–
          (A) Rs. 2.50 lakh (B) Rs. 1.50 lakh (C) Rs. 3.00 lakh (D) Rs. 2.00 lakh (E) Rs. 1.75 lakh (Ans : D)

          7. PM Shri Narendra Modi recently (February, 2016) released the guidelines for operationalisation of the PMFBY at a 'Kisan Kalyan Mela' organised in the Indian state of– 
          (A) Uttar Pradesh (B) Haryana (C) Himachal Pradesh (D) Punjab (E) Madhya Pradesh (Ans : E)

          8. The 'UDAY' scheme recently launched by the Government of India focuses on improving operational efficiency at–
          (A) Public sector telecom companies (B) Electricity distribution companies (C) Public sector insurance companies 
          (D) Public sector banks (E) Public sector undertakings (Ans : B)

          9. The Union Health Ministry has recently (February, 2016) announced a plan to eliminate Malaria from the country by– 
          (A) 2030 (B) 2032 (C) 2025 (D) 2020 (E) 2028 (Ans : A)

          10. The country's first Braille-embedded express train has recently (January, 2016) been introduced. It will run once in two weeks between the stations– 
          (A) Mumbai and Ahmedabad (B) Badodara and Allahabad (C) Kolkata and Jaipur 
          (D) Varanasi and Mysuru (E) Mumbai and Pune (Ans : D)

          11. Who among the following is the author of the book 'The White Tiger' ? 
          (A) Chetan Bhagat (B) Anish Tripathi (C) Anita Desai (D) Salman Rushdie (E) Arvind Adiga (Ans : E)

          12. The 'Mahamaham Festival' which is held once in twelve years was recently (February, 2016) held in–
          (A) Kumbakonam, Tamil Nadu (B) Kochi, Kerala (C) Karvar, Karnataka 
          (D) Kolkata, West Bengal (E) Kozhikode, Kerala (Ans : A)

          13. The Bharat Heavy Electricals Limited (BHEL) has recently (February, 2016) commissioned a 270 MW generation unit for the 540 MW (2 x 270 MW) coal-fired Goindwal Sahib Thermal Power Project of GVK, Power and Infra Limited located in the Indian state of–
          (A) Uttar Pradesh (B) Haryana (C) Himachal Pradesh (D) Punjab (E) Rajasthan (Ans : D)

          14. 'Rajamani' who recently (February, 2016) died in Chennai at the age of 60 years was a–
          (A) well known journalist (B) well known music composer (C) famous architect 
          (D) former minister and freedom fighter (E) veteran photographer (Ans : B)

          15. The Women's Cricket World Cup in 2017 shall be hosted by–
          (A) New Zealand (B) South Africa (C) England (D) India (E) Australia (Ans : C)

          16. 'Sushil Koirala' who died recently (February, 2016) at the age of 76 was the former Prime Minister of–
          (A) Sri Lanka (B) Bhutan (C) Mauritius (D) Myanmar (E) Nepal (Ans : E)

          17. With a view to suggest measures to help the members of 'Central Board of Film Certification (CBFC), to understand the nuances of film certification, the Government of India has set up a panel (to revamp censor board) headed by film-maker–
          (A) Actor Gopalakrishnan (B) Amol Palekar (C) Amitabh Bachchan (D) Shyam Benegal (E) Prakash Jha (Ans : D)

          18. With a view to facilitate Japanese Corporates looking to invest in India, State Bank of India has recently launched a first-of-its-kind initiative by setting up a 'Japanese Desk'. This 'SBI Japan Desk' is based in–
          (A) Tokyo (B) New Delhi (C) Kolkata (D) Yokohama (E) Mumbai (Ans : B)

          19. American multinational technology company Apple Inc. headquartered in California has recently (February, 2016) announced that it plans to set up its first technology development centre outside the U.S. in India's–
          (A) Hyderabad, Telangana (B) Kochi, Kerala (C) Bengaluru, Karnataka 
          (D) Pune, Maharashtra (E) Lucknow, Uttar Pradesh (Ans : A)

          20. The 103rd 'Indian Science Congress' 2015 was recently (January, 2016) held in–
          (A) Margaon, Goa (B) Mount Abu, Rajasthan (C) Mysuru, Karnataka (D) Madurai, Tamil Nadu (E) Mumbai, Maharashtra (Ans : C)

          21. In order to raise awareness of its many benefits the UN Food and Agricultural Organisation (FAa) has announced the year 2016 as the 'international year of –
          (A) Pulses (B) Potato (C) Peanuts (D) Purple Rice (E) Pepper (Ans : A)

          22. Every year 25th April is observed allover the world as the– 
          (A) World Radio Day (B) World Diabetes Day (C) World Malaria Day 
          (D) World Health Day (E) World Haemophilia Day (Ans : C)

          23. The host of the 8th annual BRICS summit is–
          (A) Russia (B) China (C) India (D) Brazil (E) South Africa (Ans : C)

          24. With view to set up an LCD manufacturing unit at an investment of USD 10 billion Anil Agarwal owned 'Twinstar Display Technologies' has recently (February, 2016) signed an agreement with the state government of–
          (A) Andhra Pradesh (B) Gujarat (C) Telangana (D) Maharashtra (E) Karnataka (Ans : D)

          25. 'Copenhagen' is the capital of– 
          (A) Sweden (B) Austria (C) Denmark (D) Belgium (E) Spain (Ans : C)

          26. The largest single-location 6 MTPA capacity Greenfield steel project has recently (November, 2015) been commissioned in Kalinga Nagar steel plant in the Indian state of Od'isha commissioned by–
          (A) Tata Steel (B) Steel Authority of India (C) Jindal Steel and Power Limited 
          (D) Bhushan Power and Steel Limited (E) Essar Steel Limited (Ans : A)

          27. Who among the following is the founder of 'Banaras Hindu University' (BHU) which has recently completed 100 years? 
          (A) Mahatma Mohan Das Karamchand Gandhi (B) Dr. Rajendra Prasad (C) Maulana Abdul Kalam Azad 
          (D) Mahamana Madan Mohan Malviya (E) Manial Mohan Das Gandhi (Ans : D)

          28. The men's singles category title at the 'Brisbane International Tennis Tournament 2015' was won by–
          (A) Roger Federer (B) John Peers (C) Marin Cllic (D) Milos Raonic (E) Giles Simon (Ans : A)

          29. The 'Connemara National Park' is located in–
          (A) Brazil (B) Australia (C) Ireland (D) Indonesia (E) Mexico (Ans : C)

          30. As per the 2015 revision of the UN World Population Projections, the World population in 2030 is projected to be. 
          (A) 7.9 billion (B) 9.5 billion (C) 9.1 billion (D) 8.5 billion (E) 9.9 billion (Ans : D)
           

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