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v. ICGS Varuna has now been replaced by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
1 - C 2 - A 3 - D 4
- B 5 - A
