Daily Current Affairs 10th March, 2017

Daily Current Affairs 10th March, 2017


India-Belgium signs Double Taxation Avoidance Agreement

  • India and Belgium have signed an agreement to amending the existing Agreement and Protocol between the two countries for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in New Delhi.
  • The agreement was signed in the presence of Sushil Chandra, Chairman CBDT and Jan Luykx, Ambassador of Belgium to India.

About Belgium

  • Capital -Brussels
  • Largest city -Brussels
  • Official languages -Dutch,French,German
  • Currency -Euro

South Korea’s Parliament Vote Unanimously to Remove President Park Geun-hye

  • South Korea’s President Park Geun-hye has become the nation’s first democratically elected leader to be forced out from office over corruption charges.
  • Eight justices of the constitutional court of South Korea unanimously decided on March 10, 2017 to unseat Ms. Park for committing acts that violated the Constitution and laws throughout her time in office.
  • South Korea will now conduct election within 60 days to elect a new leader.

About South Korea

  • Capital: Seoul
  • President: Park Geun-hye
  • Currency: South Korean won
  • Prime minister: Hwang Kyo-ahn

Donald Tusk re-elected as European Council president

  • Former Polish Prime Minister Donald Tusk was re-elected as the president of the European Council for the second time. He won the 27 votes out of 28 EU’s governments
  • Tusk will act as the president of EU council until the end of 2019.
  • He has been President of the European Council since 1 December 2014.
  • Prior to this, he was the Prime Minister of Poland and a co-founder and chairman of the Civic Platform party.


Lok Sabha Clears Maternity Benefits (Amendment) Bill, 2016 To Raise Maternity Leave to 26 Weeks

  • The Maternity Benefit (Amendment) Bill, 2016 was passed by the Lok Sabha by voice vote on March 10, 2017 that will benefit about 1.8 million women working in organized sector.
  • The bill seeks to increase the maternity leaves to 26 weeks by amending the Maternity Benefits Act, 1961 that provides for 12 weeks of maternity leave.
  • The Bill will be applicable to the establishments that hire at least 10 or more people. The entitlement will be for only up to first 2 children. For third child, the entitlement will be for only 12 weeks.
  • The Labour and Employment Minister Bandaru Dattatreya moved the bill for consideration and passage in Lower House.


RBI to issue new Rs 10 notes soon with high-security features

  • The Reserve Bank of India notified that it is soon going to issue Rs 10 denomination notes with enhanced security features for circulation.
  • Besides, RBI also notified that all the banknotes in the denomination of Rs 10 issued in the past will also continue to be legal tender.
  • The note will be in the Mahatma Gandhi series-2005 and carry inset letter ‘L’ on both number panels.
  • The year of printing (2017) will be on the reverse of the note.
  • Numerals on both the panels will be in ascending size from left to right. The first three alpha-numeric characters (prefix) will remain constant in size.

RBI Restricts Cash Loan Against Gold by NBFC to Rs 25,000

  • The Reserve Bank of India has amended the provision for disbursement of loan by NBFC against the gold on March 9, 2017 in line with the provisions of the Income Tax Act.
  • As per the new provision, the Non-banking Financial Company (NBFC) cannot lend more than Rs 25,000 in cash against gold as against the earlier Rs 1 lakh.
  • The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.
  • The decision was taken in the backdrop of government’s focus on less cash economy and promoting digital payments.

About NBFC

  • A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956.
  • Giving loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities
  • NBFCs lend and make investments similar to that like a banks.
  • NBFC cannot accept demand deposits.
  • NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself
  • Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Ujjivan Small Finance Bank opens 6 new branches in Bengaluru

  • Ujjivan Small Finance Bank (Ujjivan SFB) has opened its six new branches at the Silicon Valley of India, Bengaluru on March 9, 2017 said by Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank
  • Six new branches are located at Magadi Road, Chandra Layout, Chamarajpet, Uttarahalli, Devaiah Park and Nelamangala.
  • The bank is also planning to open 12 more branches in the city across 24 States in a planned and phased manner.

Centre issues draft rules on e-wallet payments

  • In a bid to make transactions through e-wallets safer and strengthen the grievance redressal mechanism for consumers, government has released a set of guidelines for wallet firms.
  • The draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 which have been released for public consultation by the ministry of electronics and IT cover an entire spectrum such as protecting consumer information, especially financial data.
  • The Rules mandate that each Prepaid Payment Instruments (PPI) company or wallet firm will have a privacy policy posted on its website. The policy should include details such as consumer information collected, its uses, period of retention of information, purposes for which information can be disclosed and to whom especially with law enforcement agencies. It should also have details on security practices and procedures, name and contact details of the grievance redressal officer along with mechanism for grievance redressal.
  • It will also have to appoint a chief grievance officer, the contact details of whom will have to be prominently displayed on the website. The grievance officer will have to “act upon” any complaint within 36 hours and “close” it in a month’s time.
  • The draft also mandate that companies have enough safeguards in place to avoid any hacking attacks and if there is one, it is to be swiftly reported to the government agencies.
  • The guidelines say that the personal information of the customers will be treated under Section 72A of the Information Technology Act, and the financial data of the customer shall be deemed to be sensitive personal data under the “Information Technology (Reasonable Security Practices and Procedures and Sensitive.
  • Every wallet has to ensure that end-to-end encryption is applied to safeguard the data exchanged and shall retain data relating to electronic payments only till necessary.
  • The guideline also mandate that CERT-In (Indian Computer Emergency Response Team) shall notify the categories of incidents and breaches that are required to be reported to it mandatorily. CERT-In may require e-PPI issuers to notify customers of cyber security incidents or breaches if the incident or breach is likely to result in harm to the customers.

Paytm Withdraws Levying 2{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} fee on Recharging Wallet via Credit Card

  • Indian payment and commerce company Paytm has withdrawn the 2 percent fee on adding money to mobile wallets using credit cards on March 10, 2017, just two days after imposing the fees.
  • The Alibaba-backed company had introduced the fee on March 8, 2017 after it came to learn that multiple users are using the platform to get free credit by using credit cards to top up their mobile wallets and then transferring the money back to their bank accounts at zero Paytmtransaction cost.
  • The decision to remove the 2 percent fees was taken keeping in mind the convenience of its users. It also announced to bring in new features to prevent misuse of its system in the future.

Minimum balance penalty needed to offset Jan Dhan account costs: SBI

  • SBI recently announced that penalty for non-maintenance of Minimum Average Balance (MAB) from April 1, 2017 as the government asked SBI to reconsider charges.
  • Arundhati Bhattacharya, SBI chief clarify that the condition of maintaining minimum balance will not be applicable to the Jan Dhan accounts.


President of India inaugurates the 12th CII-Exim bank conclave on India Africa Project Partnership

  • President Pranab Mukherjee has inaugurated the two day 12th CII-EXIM Bank Conclave on India Africa Project Partnership on March 9, 2017 in New Delhi.The first conclave has held in 2005.
  • The Conclave was organized by the Confederation of Indian Industry (CII) in partnership with the EXIM Bank of India with the support of the Ministry of External Affairs and the Ministry of Commerce & Industry, Government of India.
  • Objective : To discuss cooperation in Trade, Regional Integration & Infrastructure Development, Finance & Consultancy, Mining & Minerals, Agriculture & Agro-Processing, Power & Alternative Energy, Healthcare, Small & Medium EnterpCII Exim Bankrises, Human Capital Development and People-to-People Contacts
  • More than 400 international delegates, including over 30 Ministerial level delegates, from 37 African countries, participated in the conclave.


New canyon system found near Kovvada, Andhra Pradesh

  • Scientists for the first time have discovered three new canyons close to Kovvada in Srikakulam district of Andhra Pradesh. This discovery was made by team of scientists from CSIR-National Institute of Oceanography (NIO) in Visakhapatnam. These three canyons together form a major canyon system in the depths of the Bay of Bengal.


RV Sindhu Sankalp completes 100 expeditions:  

  • Research Vessel (RV) Sindhu Sankalp, the flagship research vessel of CSIR- National Institute of Oceanography (NIO), has completed 100 expeditions.
  • The vessel, which was originally built as fishing training vessel ( FV Chisio Maru ) by the Japanese Government in 1989, was procured by NIO from Japan in 2008.
  • The vessel sailed across Bay of Bengal, Andaman Seas and Arabian Sea and has provided invaluable data and samples to understand the ocean processes and mapping of sea floor and water column variables.
  • Equipped with CTD system, multi-beam bathymetric system, echo-sounder and sub-bottom profiler, RV Sindhu Sankalp played a key role in conducting seabed geophysical and environmental surveys in KG Basin.


2017 National Safety Week (NSW) – March 4-10, 2017

  • 46th National Safety Week Campaign was commenced from 4th March 2017 to 10th  2017 National Safety Week (NSW) – March 4-10, 2017March 2017 to renewing the commitment of employees and general public to work safely throughout the year.
  • It is observed by National Safety Council (NSC) since 1972
  • 2017 theme: “Keep Each Other Safe”


Konkani writer gets Saraswati Samman

  • Eminent Konkani writer Mahabaleshwar Sail has been honored with the Saraswati Samman 2016 for his novel ‘Hawthan’.
  • The 74-year-old’s novel was shortlisted out of 22 books written in as many languages.
  •  The award carries a cash prize of Rs 15 lakh and a citation.
  • Mr. Sail is a bilingual writer who has four Marathi dramas and seven Konkani novels to his credit. He has also written five short stories and a novel in Marathi.


Gravitational Waves Pioneer Ronald Drever Dies at 85

  • Noted Scottish physicist Ronald Drever passed away on March 7 in Edinburgh. He was 85.
  • Prof Drever was well known for developing the world’s first successful gravitational wave  Gravitational Waves detectors Laser Interferometer Gravitational wave Observatory (LIGO).
  • The LIGO detected the gravitational waves set off in the fabric of space-time by the merger of a binary black hole pair in September 2015.
  • Ronald Drever’s role in the detection of gravitational waves was recognised for a stream of awards in 2016 including the Gruber, Breakthrough and Kavli prizes.
  • Drever’s most recent work involved the development of magnetically levitated optical tables for seismic isolation of experimental apparatus.


ICC appoint Sachin Tendulkar as official ambassador of women’s World Cup 2017

  • ICC appoint Sachin Tendulkar as official ambassador of women’s World Cup 2017i. Former Indian cricketer and captain Sachin Tendulkar has roped as an ambassador of Women’s Cricket World Cup 2017 which will begin from 24th June, 2017 in England and Wales said by International Cricket Council (ICC)







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