Daily Current Affairs 16th June, 2017

Daily Current Affairs 16th June, 2017


GII Rankings: India 60th most innovative globally, Switzerland tops the list

  • In the Global Innovation Index 2017, co-authored by Cornell University, INSEAD and World Intellectual Property Organisation (WIPO), India has moved up 6 places to reach 60th place among 130 countries emerging as the top-ranked economy in Central and South Asia.
  • This is the 10th edition of the Global Innovation Index 2017 (GII).
  • In 2017 rankings released in Geneva (Switzerland), India improved its position from 66 to 60.
  • Its improvement is part of a trend both in the middle-income countries and Asian countries, many of which have improved their innovation capacities in recent years.

Top three most innovative countries in the list are-

  • Switzerland
  • Sweden
  • Netherlands

Ranking of Neighbouring countries of India-

  • China (22nd)
  • Sri Lanka (90th)
  • Nepal (109th)
  • Pakistan (113th)
  • Bangladesh (114th)

Government makes Aadhaar Mandatory for Opening Bank Accounts June

  • The government has made Aadhaar mandatory for opening bank accounts as well as for carrying out financial transactions above of Rs 50,000.
  • In addition, the government has asked all the existing account holders to link Aadhaar numbers to their bank accounts by December 31, 2017.
  • Failure to comply with this guideline will make the account invalid. Further, the notification issued amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, will require quoting of Aadhaar card mandatory along with PAN by individuals, companies and partnership firms for all financial transactions of 50,000 or above.
  • Before the notification, the PMLA Rules made it mandatory to submit PAN number or Form 60 to banks while opening accounts for high-value transactions.


India tops global remittance-receiving list

  • India has claimed the top spot among the remittance-receiving nations, surpassing China. The United Nations, in its report, stated that Indians working across the globe sent home 62.7 billion US dollars in 2016.
  • According to the ‘One Family at a Time’ study by the UN International Fund for Agricultural Development, about 200 million migrants globally sent more than 445 billion dollars as remittances in 2016 to their families.

RBI places restrictions on banking activities of Central Bank of India

  • The RBI has placed Central Bank of India under prompt corrective action  (PCA) which puts restricts on banking activities such as from lending, hiring and expanding branches.
  • According to the RBI, the PCA has been triggered in view of negative return on assets and high ratio of bad loans. So far, RBI has triggered PCAs for four banks – IDBI Bank, UCO Bank, Dena Bank and Indian Overseas Bank. Central Bank has reported loss of Rs 2439 crore for the fiscal year 2016-17.

IOC, BPCL, HPCL Sign Agreement to set World’s Largest Refinery

  • The Public Sector Oil Marketing Companies, Indian Oil, Bharat Petroleum and Hindustan Petroleum has have signed the joint venture agreement to jointly set up the world’s largest refinery and petrochemical complex in Ratnagiri district of Maharashtra
  • Indian Oil Corp (IOC) will hold 50{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} stake and the Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will each hold a stake of 25{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} each in the new complex.
  • The refinery is expected to be set up at an estimated cost of Rs 3 lakh crore. The new complex is expected to be completed by 2022.
  • The new complex will have a 60 million tonnes refining capacity. The complex would come up at Babulwadi, Rajapur in Ratnagiri district of Maharashtra located very close to the West coast. Being on the West coast will be helpful in easily sourcing the crude oil from the Middle-East, Africa and South America.
  • The refinery complex will have three crude units of 20 million tonnes each.
  • The refinery will produce petrol, diesel, LPG, ATF and feedstock for making petrochemical. The refinery complex will have an accompanying mega petrochemical plant which will include an aromatic complex, naphtha cracker and polymer complex.

AIIB Approves $150 million for India Infrastructure

  • China-led Asian Infrastructure Investment Bank (AIIB) has approved $150 million equity investment loan to the India Infrastructure Fund.
  • This loan will be the bank’s first equity investment to fund private projects


China launches 1st X-ray space telescope to study black holes

  • China successfully launched its first X-ray space telescope to study black holes, pulsars and gamma-ray bursts. The 2.5-tonne Hard X-ray Modulation Telescope (HXMT), named ‘Insight,’ was launched from Jiuquan Satellite Launch Center in northwest China’s Gobi desert.
  • It was delivered into orbit, 550km (341 miles) above the Earth, by the Long March-4B rocket.

NASA: May 2017 is the second hottest month in 137 years  

  • According to NASA, May 2017 was the second hottest month in a span of 137 years when modern record-keeping of average global temperatures had commenced.
  • The temperature of May 2017 was 0.88 degrees Celsius warmer than the mean May temperature from 1951-1980. May 2016 is the hottest on record with 0.93 degrees Celsius warmer than the May mean temperature.
  • May 2017 temperature was 0.05 degrees Celcius cooler than the temperature recorded in May 2016.
  • It was only 0.01 degrees Celsius warmer than the third warmest May, which occurred in 2014.


Justice PN Bhagwati, a Pioneer of Judicial Activism Passes Away

  • Former Chief Justice of India Prafullachandra Natwarlal Bhagwati who is considered as a pioneer of Judicial Activism has passed away.
  • Justice Bhagwati was 95 years old. Justice Bhagwati introduced the concepts of Public Interest Litigation (PIL) and absolute liability to the Indian judicial system. He made the famous ruling that there was no need for a person to have any Locus Standi to approach the court on the issue of fundamental rights.
  • One of the important judgments passed by him was in the Maneka Gandhi passport impounding case of 1978. In this case, he ruled that a person had full right to hold a passport and his/her movement cannot be restricted. He also ruled that the prisoners too enjoyed fundamental rights.


Virat Kohli Creates Record by becoming Fastest Batsman to Score 8000 runs in ODIs

  • India’s Skipper Virat Kohli has created a record by becoming the quickest batsman to score 8000 runs in one-day international cricket beating South Africa’s AB de Villier’s record by seven fewer innings.
  • Virat Kohli has managed to cross the 8000 run mark in his 175th innings during India’s match against Bangladesh in ICC Champion’s Trophy semi-final in Birmingham.








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