Daily Current Affairs 17th June, 2017
Sushma Swaraj inaugurates KIP for young overseas Indians
- . External Affairs Minister Sushma Swaraj has inaugurated Know India Programme (KIP) for young overseas Indians at a function in New Delhi.
- This programme is aimed at promoting awareness on different facets of life in India and the progress made by the country in various fields such as economic and education.
- The Know India Programme is a three-week orientation programme for the Indian diaspora.
- It provides a unique forum for students and young professionals of Indian origin to visit India, share their views, expectations and experiences and develop closer bonds with the contemporary India
PM Modi inaugurates Kochi Metro
- Prime Minister Narendra Modi has inaugurated the Kochi Metro. He took a ride in the Metro from Palarivattom station to Pathadippalam station. Kerala Governor P Sathasivam,
ECONOMY, BANKING AND FINANCE
CCI slaps Rs 87 crore fine on Hyundai Motor India for anti-competitive conduct
- The country’s competition watchdog has imposed a penalty of Rs 87 crore on Korean carmaker Hyundai Motor India for anticompetitive conduct.
- According to the Competition Commission of India (CCI), the carmaker imposed arrangements upon its dealers that resulted in resale price maintenance — a deal not to sell a product below a specified price — in sale of passenger cars manufactured by it.
- Such arrangements also included monitoring of the maximum permissible discount levels through a Discount Control Mechanism, in contravention of the provisions of Section 3(4)(e) read with Section 3(1) of the Competition Act, 2002.
Black Money: Automatic Information Sharing with Switzerland from 2019
- Switzerland has ratified automatic exchange of financial account information with India and 40 other countries.
- This will facilitate Switzerland to share information about suspected black money with India and other 40 nations.
- According to the Swiss Federal Council, the implementation of the exchange sharing agreement has been planned for 2018 and hence the first set of data is likely to be exchanged in 2019.
- The Swiss Federal Council is a top governing body of Switzerland.
- The exact date of automatic information exchange would be notified by the Swiss Federal Council soon as there were no procedural delays for the implementation.
- However, the Swiss banks have started seeking new safeguards so as to protect the details of their clients against misuse that could expose them to crimes such as kidnapping or blackmail. So, the Swiss Council had stated that they will prepare a situation report before the first exchange of data.
- As per the process, it will be ascertained whether the states and territories concerned have put in place a standard, especially those concerning confidentiality and data security.
- It will be assessed whether the democratic processes in these states and territories are robust or not and whether corruption is high or not etc.
June 17: World Day to Combat Desertification and Drought
- The World Day to Combat Desertification and Drought is observed every year on June 17 to promote public awareness to combat desertification.
- The United Nations General Assembly (UNGA) had designated June 17 as the World Day to Combat Desertification and Drought in 1994.
- It was observed for the first time in 1995. The day is observed globally to promote public awareness on the issue, and the implementation of the United Nations Convention to Combat Desertification (UNCCD) in those countries experiencing serious desertification or drought, particularly in Africa.
- This year’s theme for World Day to Combat Desertification and Drought is “Our Land. Our Home. Our Future“.
- This edition will examine the link between land degradation and migration. Among others, Poverty, political instability, deforestation, overgrazing and bad irrigation practices are responsible for desertification.
- They have increased the number of international migrants worldwide who have increased from 173 million in 2000 to 244 million in 2015.
- The 2030 Agenda for Sustainable Development especially the Goal 15 emphasises the need to halt and reverse land degradation.
Architect of Germany’s re-unification, Helmut Kohl passes away
- Former German Chancellor, Helmut Kohl, died at his house in Ludwigshafen, in the western state of Germany. He was 87. Mr. Kohl, who led the centre-right Christian Democrats, was the longest-serving German chancellor of the 20th Century. As Germany’s leader for 16 years, Kohl was remembered for reuniting the country and for making a huge political and economic contribution to Europe’s integration.
- Kohl was credited with bringing East and West Germany together after the fall of the Berlin Wall. Together with his French ally President Francois Mitterrand, he was responsible for the introduction of the Euro.