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Weekly Current Affairs
27th August to 2 September - 2017

Dear readers,

Weekly Current Affairs is a collection of important news and events that occurred in the
fourth week (27th August – 2 September) 2017. These News are highly important for
various competitive exams and interviews.

Banking & Finance

1. Government notifies Banking Regulation (Amendment) Act, 2017

The Parliament has passed the Banking Regulation (Amendment) Bill, 2017
which amended the Banking Regulation Act, 1949 for handling the cases of
non-performing assets (NPA’s).
The act empowers the Central Government to authorize the Reserve Bank of
India to give directions to the banking companies to resolve the issues of NPA’s
under the Insolvency and Bankruptcy Code, 2016.
Under the act the RBI can also constitute committees to advice the banks on
the resolution of stressed assets.
The members of the committee will be appointed by RBI.

2. 99% of demonetized notes returned- RBI report

The Reserve Bank of India In its annual report has revealed that Rs.15.28 lakh
crore of high value denomination currency that was demonetized last year
returned to it.
According to the Central Bank only 1.04% of the demonetized money was not
deposited or exchanged.

3. IAEA opens world’s first low enriched Uranium Bank in Kazakhstan

International Atomic Energy Agency (IAEA) has opened world’s first Low
enriched Uranium (LEU) Bank at Oskemen in Kazakhstan.
The bank will be wholly owned and managed by IAEA.
It will be the first of its kind not to be under the control of any individual
country.
The bank will serve as the last resort of LEU in case IAEA member countries are
unable to get the fuel in the International market.
It will also boost non-proliferation efforts as it will discourage countries from
developing their own uranium enrichment for making weapons.

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National News.

1. Government imposes anti-dumping duty on sodium nitrate products

from China:

The Revenue Department under the Union Finance Ministry has imposed a five
year anti-dumping duty on sodium nitrate imports from China.
The move has been taken on the recommendations of the Directorate General of
Anti Dumping and Allied Duties (DGAD) to protect the domestic industries.
Sodium nitrate is used as an oxidizing and reducing agent in pharmaceutical,
rubber and textile industries.

Anti Dumping Duty:

It is an import duty imposed by the Government on certain imported products

which have prices lower than their normal value or domestic prices.

2. Government inaugurates India’s first VideshBhawan in Mumbai:

The Ministry of External Affairs (MEA) has launched India’s first VideshBhawan
under a pilot project by integrating all Regional Passport Offices and the other
allied departments under a single roof.

Currently, more than 90 Regional Passport Offices and Protector of Emigrants

Office (PoE) operate from the rented offices.
Assimilating them into Videsh Bhawans in the different states is expected to cut
costs along with ensuring improved efficiency.

3. DRDO signs deal with Israel to produce MRSAM system for Indian
Army:

Rs.17,000 crore deal has been signed between Defence Research and
Development Organisation (DRDO) and Israel Aerospace Industries (IAI) for
producing advanced Medium Ranged Surface to Air Missile system for Indian
Army till 2020.
MRSAM is a land based version of Long Range Surface to Air Missile (LRSAM) of
the Indian Navy.
It has a strike range of 70 kms.

4. Government to launch Deep Ocean Mission:

With an aim to increase the research activities in the ocean science and to
develop technology to harness ocean resources, the Ministry of Earth Sciences
has decided to launch Deep Ocean Mission by 2018.

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The oceans along India’s 75,000 km long coastline contains huge amount of
resources providing opportunities in minerals, food, energy and medicine etc.
The mission is expected to harness ocean resources that will help to create new
jobs and business opportunities in the ocean regions.

5. Indian Ocean Conference:

The two days conference will start in Colombo from 31st August.
Delhi based think tank Foundation will host the conference in collaboration
with RSIS and NIFS, the two research and study centers of Singapore and Sri
Lanka.
The Theme of the conference is: Peace, Progress and Prosperity.
This will be the second such conference. The first was held in Singapore last
year.

6. Government plans to create Farmer Zone:

With an aim to improve the condition of small and marginal farmers, the Union
Ministry of Science and Technology is planning to create Farm Zone which is a
collective open source data platform for smart agriculture using biological
research.
This was announced by the Department of Biotechnology at recently concluded
Smart Agricultural Conclave in New Delhi.
Farm Zone is a concept that integrates Science & Technology, innovation and
the farm ecosystem.

7. RajaswaGyanSangam 2017

Prime Minister NarendraModi has inaugurated RajaswaGyanSangam 2017, a

conference of senior tax administrators at VigyanBhawan, New Delhi.
The two days conference was jointly organized by Central Board of Direct Taxes
(CBDT) and Central Board of Excise and Customs (CBEC).
The conference was organized to facilitate two-way communication between
policy makers and senior officers in field offices with an aim to increase revenue
collection and to ensure effective implementation of law and policies in the
concerned areas.

8. Assam extended AFSPA

Assam Government for the first time has extended Armed Forces Special Powers
Act (AFSPA),1958 on its own by declaring entire state a disturbed area for six
more months under section 3 of the act.
In the past AFSPA provisions were always extended by Centre in the State.
The State Government has taken this decision due to ongoing violence by the
different underground groups resulting in the deaths of civilians, security
personnel and militants.

Armed Forces Special Powers Act (AFSPA), 1958:

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Parliament enacted AFSPA in 1958 to empower Central and State Governments
to declare any area as ‘disturbed’ due to disputes between the members of
different caste, communities and religions.
The act empowers the officers of Army, Central and State police forces to shoot
any suspect, search and destroy any suspected hide-out. It also protects army
personnel against any frivolous prosecution.
Right now AFSPA is in force in six states viz. Jammu and Kashmir, Assam,
Nagaland, Arunachal Pradesh, Manipur and Meghalaya.

9. Adani group’s collaboration with SAAB for defence manufacturing

Adani group has announced its collaboration with the Swedish aerospace and
Defence company SAAB for the design, development and production of single
engine Gripen fighter jet under ‘Make in India’ campaign.

10. Ahmedabad’s walled city gets World Heritage City Certificate

600 years old walled city in the Ahmedabad has been provided with the status
of India’s first World Heritage City by United Nations Educational, Scientific and
Cultural Organisation (UNESCO).
Founded by Ahmed Shah in the 15th century, the walled city of Ahmedabad is
situated on the banks of Sabarmati river representing the rich architectural
heritage from the sultanate period.
28 monuments in the city are protected by Archaelogical Survey of India.

11. Government approves 100% strategic disinvestment of CEL

Through a new alternative mechanism, the Department of Investment and

Public Asset Management (DIPAM) has approved 100% strategic disinvestment
of Central Electronics Ltd (CEL).
The strategic disinvestment of CEL which is wholly owned by the Government,
will take place through a new alternative mechanism which has been approved
by the Cabinet Committee on Economic Affairs (CCEA).
This mechanism includes Finance Minister, Minister of Road Transport and
Highways and the minister for the concerned administrative ministry.

12. Delhi Police launches skill development programme- YUVA

A skill development programme YUVA has been launched by Delhi Police under
the PradhanMantriKaushalVikasYojna (PMKVY).
The programme will help the youth belonging to 17-25 years of age group to get
employment opportunities by upgrading their skills as per their competencies.
To make this initiative successful, Delhi Police has tied up with National Skill
Development Corporation (NSDC) and Confederation of Indian Industries (CII).
NSDC will provide skill training under PMKVY whereas CII will provide job
linked training through its sector skill councils.

13. West Bengal’s Gobindobhog rice gets GI status

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The Geographical Indications Registry (GIR) has granted Geographical
Indication status to Gobindobhog rice, a speciality from West Bengal’s
Burdwan district.
From now onwards, rice produced from other regions or rice of other varieties
cannot be branded as Gobindobhog.
Geographical Indication, which is covered under Intellectual Property Rights
and Trade Related aspects of Intellectual Property Rights certifies the origin of a
product from a particular region with regard to its special quality or reputation.
This status ensures that only registered authorized users can use the product
name.

14. NITI Aayog launches Ease of Doing Business Report

Based on an Enterprise survey of 3,500 manufacturing firms across the

country, NITI Aayog has launched the Ease of Doing Business Report.
The survey was conducted along with IDFC to monitor and assess the
environment of business in India.

Major findings of the report:

The report finds major problems in the approvals related to construction,

environment and availability of water in states having lower growth.
Power shortage in low growth states.
Newer firms are presenting favorable business environment.
Low awareness regarding single window clearance system.

15. Cabinet approval for GST (Compensation to States) Ordinance, 2017

Following the proposals of the Union Finance Ministry, the Union Cabinet has
given approval to promulgate an ordinance to amend Goods and Services Tax
(Compensation to States) Act 2017.
Through this approval, the GST council will now be able to increase the
maximum rate of compensation cess levied from current cap of 15-20%.
The ordinance will amend the section 8 of the GST (Compensation to States) Act
2017.

16. CCS approval for the first phase of Army reforms

Following the recommendations of Lt. Gen. Shekatkar Committee, the Union

Cabinet Committee on Security (CCS) has given its approval for the first phase
of Army reforms.
This will be the first ever reform in the Army since independence with an aim to
enhance the combat capabilities and to optimize the defence expenditure in a
phased manner by 2019.

The reforms will include:

Redeployment and restructuring of approximately 57,000 posts of

Officers/Junior Commissioned Officers and civilians.

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Restructuring of Base Workshops, Advanced Base Workshops and station
Workshops.
Redeployment of Ordinance Depot.
Improving the efficiency of National Cadet Corps (NCC).

17. Mahabaleshwar Sail receives 2016 Saraswati Samman

Renowned Konkani writer Mahabaleshwar Sail has won the prestigious

Saraswati Samman 2016 for his novel Hawthan showcasing the cultural lives of
traditional potter community in Goa.

About Saraswati Samman:

It is an annual award given to an Indian citizen for his remarkable literary work
in written in any of the 22 languages mentioned in the eight schedule of the
Constitution.

The award which was established in 1991 by K.K.Birla Foundation has been
named after the Indian Goddess of learning Saraswtai.

International News & Foreign Affairs

1. Indian origin 13 years old boy DhruvGarg tops Mensa IQ in UK:

World’s oldest high IQ society, Mensa International has announced that Indian
origin DhruvGarg has achieved the score of 162.
With this, he has placed himself among the top one per cent in the world who
have managed to achieve such a milestone.

2. Indo-German agreement to improve grid integration of renewable

energy:

The Ministry of New and Renewable Energy has signed Indo-German Energy
Programme- Green Energy Corridors (IGEN-GEC) with Germany for technical
cooperation.
The IGEN-GEC programme was launched in 2013 by Germany’s Federal
Ministry for Economic Cooperation and Development to improve the grid
integration of renewable energies with conventional power grids.
Under this programme, German Development Bank will provide concessional
loan of up to 1 billion euros to support India’s Renewable Energy Management
Centres and Green Energy Corridor Scheme.

3. US approves first gene therapy for cancer

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The US Food and Drug Administration has approved first gene therapy that will
use the patient’s own cell to treat acute lymphoblastic leukaemia.
This step will provide new treatment approaches for the cancer and other life
threatening diseases.
In this therapy, the T-cells will be removed from the patient’s blood and will be
encoded with the viral vector in the lab and will be reprogrammed to target
cancer cells.

4. India-Myanmar to sign an MoU for the conservation of earthquake

damaged Buddhist temples

With an aim to improve India’s cultural and religious ties with Myanmar, the
Union Cabinet has given approval for a Memo
randum of Understanding (MoU) for the conservation of earthquake damaged
pagodas in Myanmar.
Prime Minister Narendra Modi will sign the MoU during his official visit to
Myanmar during 6-7 September.Pagodas are multi towered Buddhist temples
which are one of the major tourist attractions in Myanmar

Defence and Science-Tech

1. Ocean Forecasting System inaugurated:

The Indian National Centre for Ocean Information Services (INCOIS) under the
Ministry of Earth Sciences has inaugurated the Ocean Forecasting System for
Comoros, Madagascar and Mozambique.
The system was inaugurated at the third Ministerial Meeting of Regional
Integrated Multi Hazard Early Warning System for Asia and Africa held in
Papua New Guinea.

About INCOIS:

The Indian National Centre for Ocean Information Services (INCOIS) is a

Hyderabad based organization under the Ministry of Earth science which
provides possible ocean information to society, industries and various
Government agencies.

2. North Korea fires missile over Japan:

In an aggressive test, North Korea has fired a ballistic missile that flew over
Japan before plunging into the northern Pacific Ocean.
This was North Korea's 13th biallistic missile launch this year.

3. Unsuccessful launch of IRNSS-1H:

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The launch of ISRO’s eighth navigation satellite IRNSS-1H from PSLV-C39 was
unsuccessful.
It had to reach space to back up and replace India’s first navigation satellite
IRNSS-1A.

IRNSS:

Indian Regional Navigation Satellite System is an independent system developed

by India for terrestrial and marine navigation, disaster management, vehicle
tracking etc.
It was named NAVIC (Navigation with Indian Constellation) by PM
NarendraModi.

4. XFEL: World’s largest and powerful X-ray laser gun launched:

In order to conduct the extensive study of inner working of atoms, viruses and
chemical reactions, the scientists have developed the world’s largest and
powerful X-ray gun known as XFEL- European X-ray Free Electron Laser which
was recently launched in Hamburg, Germany.
It can observe and identify the tiny details and processes in the nano world.

Important days

1. 29th August: National Sports Day:

The day is observed every year on 29th of august to celebrate the birth
anniversary of the legendary hockey player Major Dhyan Chand who was born
on 29th August 1905.
On this occasion, President will conferred National Sports Awards to 29 players.
Dhyan Chand, famously known as “The Wizard”has won three Olympic Gold
Medals in 1928 (Amsterdam), 1932 (Los Angeles) and 1936 (Berlin).

2. National Nutrition Week: 1 to 7th September

The National Nutrition Week will be observed from 1 to 7th September

throughout the country to spread awareness on the importance of nutrition for
the health which is very crucial for the development, economic growth,
productivity which leads to National development.
The theme for this year is ‘Optimal Infant & Young Child Feeding Practices
Better Child Health’.

Appointments & Persons in News

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1. Justice Dipak Misra - New Chief Justice of India:

Justice Dipak Misra has taken oath as the 45th Chief Justice of India.
He has succeeded JS Khehar.
He was administered the oath of office by President Ram Nath Kovind at the
Rashtrapati Bhawan.
He will have a tenure of 14 months.

2. Rajiv Mehrishi appointed as the new CAG:

Senior IAS officer Rajiv Mehrishi will be the next Comptroller and Auditor
General of India. He will succeed Shashi Kant Sharma who will leave the office
of CAG on 25th September 2017.

Comptroller and Auditor General of India (CAG):

CAG is appointed by the President on the advice of the Council of Ministers.

He is concerned with the task of account keeping of the Union and the states.
He can conduct audit of the accounts of Union or States or any other enterprise
in the country.
He submits the report to the President.

3. Sunil Arora appointed as the new Election Commissioner:

1980 batch IAS officer Sunil Arora has been appointed as the Election
Commissioner by the President of India to fill the vacancy created by former
Chief Election Commissioner Nasim Zaidi’s retirement.

Election Commission of India (ECI):

ECI is an independent and permanent body established by the Constitution of

India to ensure free and fair elections in the country. It consists of three
members including the Chief Election Commissioner and the other two Election
Commissioners, all are appointed by the President of India.

4. Rajiv Kumar- NITI Aayog’s new Vice Chairman:

India’s well known economist Rajiv Kumar has been appointed as the new Vice
Chairman of the National Institution for Transforming India (NITI) Aayog.
He has succeded Arvind Panagaria.

Sports

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1. Sports ministry approves Empowered Steering Committee

Keeping in mind the 2020 Tokyo Olympic Games and other multi-disciplinary
events, the Ministry of Youth Affairs and Sports has approved the
establishment of 13-member Empowered Steering Committee (ESC).
The decision to form this committee has been taken on the recommendations of
Olympic Task Force headed by Abhinav Bindra.
The ESC Chairperson will be appointed by the Government.
The Committee will give recommendations beneficial for India’s preparation for
Commonwealth, Asian and Olympic Games. It will also review the annual
calendar for training and competition and will also provide specific
recommendations.

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