Current Affairs Today – March 4 2016

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INDIAN AFFAIRS

PM Narendra Modi Launches Setu Bharatam Project

Infrastructure plays a pivotal role in the development of any country and India is no exception. With a view to get the country on a fast track growth and development, the NDA Govt has come up with a Highways project that will ensure our highways without railway crossings, theSetu Bharatam Project.

• Budget : Rs. 50,800 cr
• Target year for completion: 2019

Alappuzha Backwaters To Get India’s First Solar Ferry

Allepey, the Venice of the East, and a favourite tourism spot in Kerala is going to get India’sfirst 75-seater Solar Ferry, within three months.

• The boat is being built by NavAlt, a Kochi based joint venture, in collaboration with a French company. The Project cost is estimated to be 1.7 crore.
• The boat is 20 meter long, 7 m wide with a maximum cruising speed of 7.5 knots

Raisina Dialogue begins in New Delhi

Raisina-Dialogue the three day Flagship Programme on Geopolitics and Geo-economicsbegan in New Delhi. External Affairs Minister Sushma Swaraj set the tone for the conference by addressing Inauguration session.

• Raisina Dialogue a joint initiative of Ministry of External Affairs and Observer Research Foundation.

Aadhaar Bill Introduced In Lok Sabha

Union Finance Minister, Sri Arun Jaitley introduced the Aadhaar (Target Delivery of Financial and other Subsidies, Benefits and other Services) Bill, 2016.

• It will provide statutory support to Aadhaar for its use for transferring government subsidies and benefits to Indians.

SAC sets up panel on regularisation of casual labourers

State Administrative Council(SAC)Headed by the Governor Narinder Nath Vohra formed high level committee to look into the issue of regularisation of casual labourers and seasonal labourers.

• The committee would be chaired by the Chief Secretary with the financial commissioner, Planning and Development department and some key officials.
• The committee look into the extent of problems pertaining with casual labourers and financial, legal and administrative issues that might arise while considering the regularisation for dealing with such employees.

Jammu & Kashmir:

• Capital: Jammu & Srinagar
• Chief Minister: Mahbooba Mufti
• Governor: Narinder Nath Vohra

Japan pledges Rs 5,700-crore loan for highways in Northeast

Japan International Cooperation Agency has pledged Official Development Assistance loan of Rs. 5700 crore in two installments for widening and up gradation of National Highway projects in North East India.

• The up gradation will be two lane with paved shoulder and geometric improvements of NH 54 in Mizoramand NH 51in Meghalaya.
• Interest rates on the loan for Construction works and procurement of materials associated with are 1.4% per annum and for consulting services is 0.01%.
• Reimbursement of Principal amount will be made in 20 Years after the payout period of 10 years.
• The Ministry adopted Engineering Procurement and Construction mode for NH works in the region, the undertaken work by the contractors should complete within the time and cost.

JAPAN:

• Capital:  Tokyo
• Currency: Japanese Yen
• Prime Minister: Shinzoabe

INTERNATIONAL AFFAIRS

World’s Costliest Train Station Opened In New York

The 9/11 site where the deadliest terrorist attack on the World Trade Centre in New York 14 years ago happened has the world’s costliest railway station . It was opened on March 3, 2016.

• The station has been built at a cost of $3.85 billion and its space measures 350*115 feet at its widest point.
• The centre connects New York to New Jersey, provides indoor commuter access to the Trade centre towers.

UNSC Imposes Tough Sanctions Against North Korea Over Nuclear Test

The recent Nuclear test and the missile launch by North Korea which defied International sanctions have come under scrutiny by the UN Security Council as it adopts tough sanctions against her. It was her fourth nuclear test.

• Reduce or ban exports of iron and iron ore, titanium, coal, gold, titanium and rare earth minerals from North Korea and prohibit imports as well
• The cargos to and fro North Korea must be inspected by all countries at the Airport and sea ports

Japan signs pact to supply defence equipment to Philippines

Japan signed an agreement with the Philippines to supply defence equipment, the first such pact by japan in the South Asian region.

• Defence Secretary Voltaire Gazmin has signed pact with Japanese Ambassador to Philippines Kazuhide Ishikawa.
• The agreement set the framework for the supply of defence equipment and technology that will enable the Asian countries to carry out joint research and development projects.
• Japan signed similar pact with US and Australia earlier this is the first time Japan is signing with South Asian nation.

Philippines:

•  Capital: Manila
•  Currency: Peso
•  President: Benigno S Aquino III

BANKING & FINANCE

MoU between Indian Army and Indusind Bank

A Memorandum of Understanding was signed between Indian Army and Hinduja Grouped IndusInd Bank on the Defence Salary package.

• The signing ceremony of MoU was headed by Lt Gen Rakesh Sharma and the Dignitaries from IndusInd bank headed by Anil M Rao Head-General Banking Operations.
•  The first MoU was signed earlier in 2011 was valid for a period of three years, this MoU revised to suit the requirements of serving soldiers also provide them opportunity to access modern banking facilities.
• The specially designed salary will hold additional features free/ concessional services including free drafts, Cheques books, and free fund transfer to any bank in India through NEFT/ RTGS and free ATM cards.

In the latest MoU Personal Accident Insurance  cover has been Included an amount of Rs. 2 lacs for Junior Commissioned Officer and up to 5 lacs for officers and NOC issuing time is reduced to 3 days from the date of application.

IndusInd Bank:

•  Headquarters: Mumbai
•  Founded: 1992
•  Parent Company: Hinduja Group

BUSINESS

Reliance Brands Ltd Sign Pact with Kate Spade & Co

Mumbai based Reliance Brands limited has inked long term licensing and distribution deal with Kate Spade’s fashion to bring its fashion in Indian market.

• Reliance would open few stores initially for the brand also add 18th  portfolio of Reliance which also runs 142 stores of Hamleys, Diesel and Steve Madden among others.
• The Exclusive stores will label market accessories and apparel under two brands Kate Spade New York and Jack Spade in India.
• Kate Spade New York is an American fashion designhouse founded in 1993.

AWARDS & RECOGNITIONS

Manoj Kumar To Be Awarded With Dada Saheb Phalke Award

The Dadasaheb Phalke Award, the highest award in Cinema is presented annually at the National Film Awards Ceremony.

• The Award for 2015 will be conferred upon Manoj Kumar, the 78 year old Veteran Actor who became famous with some his popular movies like Roti, Kapda aur Makaan, Kranti, Woh Kaun Thi.

Whitfield Diffie And Martin Hellman Won Acm 2015 A M Turing Award

The deserving two, Stanford’s cryptographers who brought up cryptography from a shadowy realm to the public space have been conferred upon the A M Turing Award 2015 of theAssociation of Computing Machinery (ACM). The Award is often referred to as the “Nobel Prize for Computing” that comes with a whooping $1 million prize funded by Google.

• It is a method of storing and transmitting data in a particular form so that it can be read its intended receivers only.

APPOINTMENTS & RESIGNS

Indian-American Investor Sunil Sabharwal Occupies Key IMF Position

 Bringing pride to the nation, Sunil Sabharwal, an Indo-American Independent Investor has been confirmed by the US Senate to take up charge as the International Monetary Fund’s Alternate Executive Director. This is one of the most powerful positions in the organization and he has become the first Indian to turn an incumbent.

Mrugank Paranjape Appointed As MCX MD

The Multi Commodity Exchange named Mrugank Paranjape as MD & CEO of the company, the appointment is valid for three years subjected to approval of SEBI.

• It also re-designated Praveen Kumar Singhal , the President Joint Managing Director as President & Whole time Director with effect from 1 st April.
• Currently Paranjape is head of Deutsche Bank, also served as Asia Pacific head of Trust & Security Services of the Bank.

Multi Commodity Exchange:

• MCX is founded in 2003, an independent commodity exchange headquartered in Mumbai.
• India’s first listed commodity futures exchange that facilitates online trading, clearing and settlement of commodity future transactions.

ACQUISITIONS & MERGERS

Pincon Spirit acquires Singapore-based Orbitol Solutions

Pincon Spirit has acquired Singapore based merchant trading Agriculture Company Orbitol Solutions, However the company did not reveal the deal size.

• After this acquisition Orbitol Solutions has become a wholly-owned subsidiary of PinconSpiritthe
•  Pincon also announced that it has signed MoU to buy three running bottling unit in West Bengal for Indian Liquor plant along withtwo brands Udan and Bengal Tiger.

Pincon Spirits:  The company founded in 1978 as SarangViniyog limited later in 2010-11 the company changed its name to Pincon Spirit.

SPORTS

Mumbai U-23 team clinched CK Nayudu Trophy 2015-16

Mumbai U 23 team clinched CK Nayudu Trophy 2015-16 title ,by beating Madhya Pradeshby virtue of taking first innings lead at the MPCA Stadium in Indore

• This title comes after Mumbai senior team clinched their 41st Ranchi Trophy titleagainst Saurashtra in Pune.
• By this the winning team became richer by Rs. 20 lakh for winning CK Nayudu trophy, Mumbai team carried their bat to a tall score of 577 to which Madhya Pradesh replied with 422 all out before the game into a tame dram on final day.

OBITUARY

PA Sangma, former Lok Sabha Speaker, dies

Former Lok Shaba speaker and acclaimed Politian PurnoAgitok Sangma died of heart attack, he was a nine time member of the Lok Shaba and the speaker in the 11^thlok Shaba from 1996 to 1998.

• He was elected member of lower house from Meghalaya’s Tura constituency.
• Sangma unsuccessfully contested against Pranab Mukherjee in the presidential run off, he lost by more than 3 lakh votes.
• He had held various positions between 1974 and 2008 from both Independent and from National Congress Party.
• The Political leader born on September 1, 1947 in Chapathi village of West Garo Hills in Meghalaya, he graduated in BA (Hons) from Anthony’s College, Shillong.

Coronation Street creator Tony Warren died

Tony Warren the coronation street creator and writer has died. He was 79

• Coronation Street has been on the air for 56 years and it has millions of viewers around the world.
• Warren started his career at the age of 24 as a television actor in England later the series appeared in USA cable network in 1980.
• He wrote several novels and other TV shows and was a co-writer of the 1965 film Ferry Cross the Mersey

A drama based on his life and the creation of the show, The Road to Coronation Street was broadcast on BBC 4 in 2010.

BOOKS & AUTHORS

Who Was Shivaji ?

“Who was Shivaji ? “ is a book authored by Sri Govind Pansare , a CPI leader who was shot dead in February 2015. The book portrays Shivaji in a rare new light in contrast to the image created by the Hindu nationalist discourse.

• The book is an outcome of a speech delivered in 1987, which probably cost the author his life. The controversial book has been printed in eight languages.

IMPORTANT DAYS

National Security Day

March 4 is commemorated to the Elite forces of the nation, the whole Nation pays tribute to all the Security forces including policeman, commandos, guards, army officers and Para Military forces.

• This day also known as Rashtriya Suraksha Diwas. It is expected that all the three chiefs of Indian Army, Indian Air Force and Indian Navy will pay their tributes in the presence of President and Defence Minister later in the day.
• With a security strength of over 3 million active personnel, India stands third place in Military force.
• Union Finance Minister has allocated Rs. 2.49 lakh crore for Defence in the latest announced budget 2016-17.
• The Indian Navy is the fifth largest in the world while Indian Air Force ranked 4^th in the world.

Heads of Indian Security Agencies:

• Army Chief: General Dalbir Singh
• Air Marshal: Chief Marshal Arup Raha
• Navy Chief: Admiral RK Dhowan