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Current Affairs Today – March 11 2016

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CAT March 11

INDIAN AFFAIRS

State Budget of Chhattisgarh presented

Chhattisgarh Chief Minister Raman Singh presented the State Budget for the fiscal year 2016-17.

  • More budget allocation to drought affected Agriculture sector
  • Announcements to the Maoists affected Bastar Region

Rajya Sabha Passed the Real Estate Bill

 The Real Estate Regulation and Development Bill was passed in the Rajya Sabha. This bill is in the favour of protection of Home buyers and to bring in more transparency into the real estate business and avoid the flow of Black money.

Union Cabinet Nods to the new Hydrocarbon Exploration and Licensing Policy

The Union Cabinet, presided by Prime Minister Narendra Modi approved the Hydrocarbon Exploration and Licensing Policy (HELP).

  • The HELP will replace the New Exploration Licensing Policy (NELP)
  • It will enhance domestic oil and gas production, bring substantial investment in the sector and generate sizable employment. The policy also targets the enhancement of transparency and reduction of administrative discretion

Union Cabinet approved Sikh Gurudwara’s Act

The Union Cabinet approved the proposal of the Ministry of Home Affairs to amend the Sikh Gurdwaras Act, 1925 through the Parliament with effect from 8 October 2013

  • The proposal gave green signal to remove the exception given to Sehajdhari Sikhs in 1944 to vote in the elections for selecting members of the board and the committees constituted under the Act

Union Cabinet Nods for BIMSTEC Convention in Criminal Matters

The Union Cabinet headed by PM Narendra Modi gave its approval for the BIMSTEC BIMSTEC ConventionConvention on mutual legal assistance in Criminal Matters.

  • It is the Bay of Bengal Initiative on Multi Sectoral Technical and Economic Cooperation
  • It comprises seven countries – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand

Union Cabinet approved MoU between India and Bahrain on Cooperation for Prevention of Human Trafficking

Memorandum of Understanding (MoU) between India and Bahrain on cooperation for prevention of human trafficking especially trafficking in women and children,,rescue, recovery, repatriation and re-integration of victims of trafficking has been approved by the Union Government.

  • Decision in this regard taken by the Union Cabinet headed by the Prime Minister Narendra Modi. The approved MoU is expected to be signed during the Home Minister visit to Bangkok in the April.

Significance of the MoU:

  • To prevent to all forms of humantrafficking, particularly that of women and children and ensurespeedy investigation and prosecution of traffickers and organizedcrime syndicates in either country.
  • The sending home of victims would be done as expeditiously aspossible and home country will undertake the safe and effective re-integration of the victims.

Bahrain:

  • Capital: Manama
  • Currency: Bahrain Dinar

IMF to set up data sharing centre in India

International Monetary Fund (IMF) will establish a knowledge-sharing centre in India, to provide technical support and assistance to India, Nepal, Bangladesh, Sri Lanka, Pakistan and Bhutan.

  • Data sharing centre will extend expertise in core macroeconomic and financial management areas. This would be the first such initiative in Asia. An agreement will be ratified in this regard by IMF chief Christine Lagarde and Prime Minister Narendra Modi.
  • IMF team would be outside the region, and will ensure better understanding of regional concerns, including trade, agriculture, climate change, facilitating a reform process and support to regional integration.
  • Washington based IMF would riseIndia’s quota to 2.7 % from the existing 2.44 %.The first time, four emerging market (EM) countries of the BRICS nations Brazil, China, India and Russia will be among the 10 largest members of the body.

International Monetary Fund:

  • Headquarters: Washington DC
  • Manging Director: Christine Lagarde
  • Membership: 188 Countries

Cabinet approves amendment to mining law, move to spur M&As

Cabinet Approved Amendment to mining law The Mines and Minerals (Development and Regulation) Amendment Bill 2015 to transfer of mining lease for captive mines.

  • The proposed amendment will permit transfer of captive mines granted on discretion to spur merger and acquisitions in the mining sector
  • The amended bill to help in checking the stressed and non-performing assets of Indian Banking industry also push the stuck M&A deals could be moved in the right direction.

The Mines and Minerals Bill 2015:

  • The Mines and Minerals (Development and Regulation) Act, 1957 regulates the mining sector in India and specifies the obligation for obtaining and granting mining leases for mining operations.
  • The bill adds a new Fourth Schedule to the Act.  It includes bauxite, iron ore, limestone and manganese ore and are notified as notified minerals.

BANKING & FINANCE

HDFC Bank ties up with 5 start ups

The HDFC bank has chosen five start ups from 30 applications to work together in its field of operations.

  • The company chose five start ups from 30 applicants during its maiden Digital summit
  • The bank previously tied up with Chillr to enable its customers pay without a wallet

BUSINESS

Union Cabinet approves New price formula for Undeveloped Gas Discoveries

The Union Cabinet on Thursday approved a new price formula for their undeveloped gas discoveries in difficult areas, which will lead to a near-doubling of rates.

  • Domestically produced gas costs at average of rates in US, Russia and Canada
  • Deep sea discoveries which are unexplored will be given the cost of alternative fuels
  • The price will be the lowest of weighted average of fuel oil and imported LNG or weighted average of fuel oil, naphtha and imported coal

Mahindra Aerospace to set up operations in UAE

Mahindra Aerospace mulling to set up operations in Abu Dhabi in the near future, Mumbai based company that produces aircraft and sell them in 30 countries, including in the US and in parts of Africa and Asia.Mahindra Aerospace to set up operations in UAE

  • The company currently the world’s largest importer of defence equipment, will become the third
  • Largest aerospace market by 2020 once the operations commenced formally.

Mahindra Aerospace:

Anand Mahindra founded aerospace company in 2003 based in Mumbai, it is the first Indian private firm to make smaller civil aircraft for the Indian general aviation market

AWARDS & RECOGNITIONS

Anand Mahindra conferred with France’s highest civilian award

French Ambassador to India Franço is Richier conferred the Knight of the Legion of Honour onAnand Mahindra, at his France residence to Mahindra & Mahindra Group, in recognition of his outstanding national and international achievements and initiatives.

  • The honour is bestowed at the Residence of France ,France’s highest civilian distinction comes in recognition of Mr Mahindra’s outstanding national and international achievements and initiatives at the helm of the Mahindra Group.

APPOINTMENTS & RESIGNS

Balbir Singh Chauhan appointed as India’s 21st Law Commissioner

Balbir Singh Chauhan the former Supreme court Judge has been appointed as the 21st Law commissioner of India. The post has been vacant since the retirement of 20th law commissioner in September 2015.

  • Balbir Singh Chauhan is currently the head of Cauvery River Water Dispute tribunal

Egyptian diplomat Ahmed AboulGheit named Secretary General of the Arab League

Egypt officially nominates Ahmed Aboul-Gheit to head Arab League.His appointment was contained in a statement released by the 22-member bloc.

  • Ahmed AboulGheit as the Arab League’s new secretary general,will replace fellowEgyptian Nabil El-Araby, who announced that he would not seek another term after the expiration of his current tenure in July 2016.

Kangana Ranaut Has Become the Brand Ambassador of Reebok India

Reebok Indiahas announced Bollywood actress KanganaRanautas the brand ambassador, the actress also launched the new campaign has been released on international Women’s day of the under the brand title of Be More Human.Kangana Ranaut Has Become the Brand Ambassador of Reebok India

  • Kangana will be seen challenging herself with various fitness activities including functional training, dance, yoga, kick-boxing and others, thereby communicating the overarching brand message – how fit you are defines how far you go.

Reebok International Limited:

  • Reebok International Ltd.is a global athletic footwear and apparel companyReebok produces and distributesfitness and sports items including shoes, workout clothing and accessories.
  • The Company is subsidiary of Germany basedAdidas and Headquartered in Canton US.

ACQUISITIONS & MERGERS

InnerChef acquires EatonGO, Flavour Labs

Entrepreneur Rajesh Sawhney founded InnerChef, a food tech startuphas acquired two startups – Bengaluru-based EatonGo and Gurgaon-based Flavour Labs.

  • Innerchef, which started its operations in April 2015 working on the ready-to-cook and ready-to-eat meals segments.
  • The acquisition of Flavour Labs, a food company, will help InnerChef enter the mobile kitchen segment, while EatOnGo, which specialises in breakfasts, will help the company expand its presence in Bengaluru.
  • Theacquisitions will make a move in, EatOnGo founder Udit Saran will head supply chain at InnerChef while Flavour Labs founder Nandita Shetty will head new launches.

SCIENCE & TECHNOLOGY

NASA’s new Mars exploration mission set for May 2018 launch

NASA’s new exploration InSight mission that begins on May 5, 2018, with a landing scheduled for November 26. It will help scientists know how rocky planets including Earth formed and developed.NASA Mars Mission

  • When it reaches Mars, it will set up one spot and start drilling into the surface. InSight is intended to study the inner workings of Mars which would make it only the second planet to be studied internally.
  • InSight project managers proposed a plan to redesign the science instrument was accepted in support of a 2018 launch.
  • The objective of is tostudy the earliest evolutionary history of the processes that shaped Mars. By studying the size, thickness, density and overall structure of Mars’ core, mantle and crust, as well as the rate at which heat escapes from the planet’s interior.

NASA’s Insight Mission:

Insight is acronym of Interior Exploration using Seismic Investigations, Geodesy and Heat Transport.

SPORTS

Rest of India wins 2015-16 Irani Cup Cricket Title

Indian Cricket

Rest of India batsmen Showed brilliance as they completed a classic run-chase against Incumbent Ranji Trophy Winners Mumbai, winning the Paytm Irani Cup by 4 wickets reaching a victory target of whooping 480 runs in Brabourne Stadium in Mumbai.

  • This is the 10th-highest successful chase in the history of First-Class cricket. It was also the third-highest on Indian soil.

JituRai wins gold at Shooting World Cup

Indian Shooter jiturai bagged gold at ISSF World cup held in Bangkok Thailand. Shooters will put upon test their form ahead of the Rio 2016 Paralympic Games will start in September this year.

  • Rai clinched gold in the men’s 50m pistol event shooting World Cup. Jitu scored 191.3 points in the final round.

Hyundai Is Now the Official Partner of BCCI

South Korean Auto major Hyundai Motors has entered into a four-year partnership with the Board of Control for Cricket in India (BCCI) as an associate sponsor for all international matches played in India.

  • Under this agreement Hyundai cars would be used for transporting various stakeholders of the game throughout the event.
  • Hyundai would get rights for putting three logos on the pitch floor, on perimeter space as well as stadium displays.
  • BCCI offered space for three official associate sponsors from which the governing body would get 150 crore in the next four years.

Board of Control for Cricket in India:

  •  Founded: 1928
  • Headquarters: Mumbai
  • President:ShashankManokar

IMPORTNAT DAYS

World Kidney Day – March 10

World Kidney Day is a global awareness campaign aimed at raising awareness of the importance of our kidneys celebrated every year on March 10.

  • 2016 Theme – Kidney Disease & Children: Act Early to Prevent It