Daily Current Affairs 1st August, 2017

Daily Current Affairs 1st August, 2017


Shahid Khaqan Abbasi elected as Prime Minister of Pakistan   

  • Pakistan’s Petroleum Minister Shahid Khaqan Abbasi was elected the 18th Prime Minister of Pakistan by the National Assembly.
  • Abbasi, nominee of ruling Pakistan Muslim League (N) secured 221 votes in the House of 342.
  • Abbasi succeeds Nawaz Sharif who was disqualified by the Supreme Court over the Panama Papers scandal. He will be interim PM of Pakistan.
  • He will vacate the position for Nawaz Sharif’s brother Shahbaz Sharif, Punjab Chief Minister gets elected to the National Assembly.


Suresh Prabhu flags off Agartala-Delhi train ‘Tripura Sundari Express’

  • Railway Minister Suresh Prabhu has flagged off maiden broad-gauge train service between Agartala and Delhi, ‘Tripura Sundari Express’.
  • The ‘Tripura Sundari Express’ will run weekly between Agartala and Anand Vihar in Delhi. The rail link was developed at an expense of 968 crore rupees.
  • Apart from this, Prabhu along with Bangladesh Railway Minister Md. Mazibul Hoque also laid the foundation stone for Agartala-Akhaura International Rail Project. This train link would be part of the trans-Asian rail connectivity.

National Commission for Backward Classes (Repeal) Bill, 2017

  • The Constitution (123rd Amendment) Bill, 2017, providing for setting up of a National Commission for Backward Classes, was recently passed by the Rajya Sabha. The Bill was passed after dropping Clause 3.
  • Clause 3 pertains to the insertion of a new article 338B about the constitution and powers of the National Commission for Backward Classes.
  • The bill is meant to upgrade the Backward Classes Commission from a statutory body to a constitutional body, which will give it powers equal to a court to summon people and inquire into incidents of violence and discrimination against backward classes.


ICICI Bank reduces MCLR by 0.05{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769}

  • Country’s largest private sector lender ICICI Bank has announced a 0.05{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} reduction in its marginal cost of funds based lending rate (MCLR).
  • The overnight MCLR will be 8.90{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} under the revised rate structure which is effective from today.
  • The Reserve Bank of India (RBI) introduced the MCLR from April 1 this year for faster transmission of its policy actions into actual lending rates by the banks. The MCLR replaced the base rate system and so far the banks, lenders have been very quick to react to competitive forces in making marginal rate adjustments.

5 lakh businesses opt for composition scheme under GST

  • Five lakh businesses have opted for the GST composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy.
  • The composition scheme is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs 75 lakh — Rs 50 lakh in the case of eight north-eastern states and the hilly state of Himachal Pradesh. The objective behind it is to bring simplicity and reduce the compliance cost for small taxpayers.
  • The scheme is optional under which manufacturers other than those of ice cream, pan masala and tobacco products have to pay a 2{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} tax on their annual turnover. The tax rate is 5{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} for restaurant services and 1{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} for traders.
  • As per the Central GST Act, businesses are eligible to opt for the composition scheme if a person is not engaged in any inter-state outward supplies of goods and not into making any supply of goods through an electronic commerce operator who is required to collect tax at source.
  • While a regular taxpayer has to pay taxes on a monthly basis, a composition supplier is required to file only one return and pay taxes on a quarterly basis. Also, a composition taxpayer is not required to keep detailed records that a normal taxpayer is supposed to maintain.

Oracle India Joins SBI To Foster Digital Skills Initiative

  • Global software major, Oracle India has announced a corporate citizenship collaboration with State Bank of India (SBI) and launched the ‘D-Change’ programme which will support education and learning, women’s empowerment and rural skills development in the country.
    The initiative will merge SBI’s financial expertise and expansive reach with Oracle’s technology leadership to help local communities drive substantial change and develop a skilled economy.


BSF and NSDC sign MoU on Skill Development

  • The Border Security Force (BSF) signed memorandum of understanding (MoU) with the National Skill Development Corporation (NSDC).
  • The MoU will enable NSDC to provide skill training to retired and retiring BSF personnel, as well as to the population residing in the border areas. Key Facts The collaboration between BSF and NSDC aims to train and provide gainful employment to retired BSF personnel and their families, school students, youth, differently abled for five years (April 2017 to April 2022).
  • The programme will be appropriately named keeping in view the objectives and will have BSF co-branding with Skill India and NSDC. It will contribute to Skill Development Agenda of the country by ensuring the successful roll out of NSQF (National Skill Qualification Framework) based skill training to the retiring or retired BSF personnel and local population.
  • The skill training will be based NSQF compliant training programmes at multi-skill development centres run by BSF.
  • This will help in meeting the aspirations of the stakeholders for training and employment. The skill training project will be of a limited to 5 years period in mission mode.
  • Moreover, the curriculum development and capacity building under the programme will be encouraged to enable the model to be self-sustaining over time.

India-Bhutan New Trade and Transit agreement come into force

  • The new bilateral Agreement on Trade, Commerce and Transit between India and Bhutan came into force from July 2017.
  • The new agreement aims to further strengthen the bilateral trade relations between both countries. The new agreement signed in November 2016 provides for a free trade regime between the territories of India and Bhutan.
  • It also provides for duty-free transit of Bhutanese merchandise for trade with third countries. Bilateral trade between both countries will continue to be transacted in Bhutanese Ngultrums and Indian Rupees.
  • Moreover, the new agreement removes requirement of having an annual consultation between India and Bhutan for the transit of goods of both countries along with the goods originating in third country.

Andhra Pradesh signs MoU with Japan to develop food value chain

  • The Andhra Pradesh government has signed a Memorandum of Understanding (MoU) with Japan to develop a food value chain in the state.
  • Under the MoU, Japan’s Ministry of Agriculture, Forestry, and Fisheries (MAFF) will encourage direct investments by Japanese companies in the fields of agriculture and food-related industry in Andhra Pradesh.
  • Along with developing a food value chain, it will also establish food industrial parks and develop cold chains.


SC bans use of five heavy metals in firecrackers

  • The Supreme Court has imposed ban on use of five harmful heavy metals like lithium, antimony, mercury, arsenic and lead in the manufacturing of firecrackers as they cause air pollution.
  • The SC order came on a 2015 petition filed by three Delhi children who had requested the apex court to intervene to regulate the use of crackers and fireworks during festivals like Diwali. SC order
  • The apex court held that it is the responsibility of the Petroleum and Explosives Safety Organisation (PESO) to ensure compliance of ban order particularly in Sivakasi in Tamil Nadu where there are large number of firecracker manufacturers.
  • It also asked CPCB (Central Pollution Control Board) and PESO to make collaborative efforts for setting up of standards with regard to air pollution caused by the bursting of fire-crackers.
  • Lithium is a metal used to impart red colour to fireworks. Antimony is used to create glitter effects. Lead oxide provides a special crackling effect which, if inhaled, in high concentration can cause damage to the nervous system.

Projects worth Rs 425 crore approved by NMCG

  • The Executive Committee of National Mission for Clean Ganga (NMCG) has approved seven projects worth Rs 425 crore in the sector of sewage infrastructure, Ghat development and research.
  • All the six projects will be provided with Operation and Maintenance cost for 15 years by Central government and 100{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} central assistance.
  • The approved projects will be undertaken in Uttar Pradesh and Bihar.

NTPC commissions NP Kunta power project

  • NTPC Ltd has commissioned a 50 MW (1X50 MW) capacity solar photovoltaic power project of NP Kunta Ultra Mega Solar Power Project Stage-I at Anantapuramu in Andhra Pradesh.
  • With this, the installed capacity of NP Kunta Ultra Mega Solar Power Project Stage-I coming up at Anantapuramu has touched 250 MW and that of NTPC Group now stands at 47,228 MW.


Arvind Panagariya resigns as Vice-Chairman of NITI Aayog  

  • Arvind Panagariya (64) has resigned as Vice Chairman of NITI (National Institution for Transforming India) Aayog and announced to return to academics in US.
  • He resigned after his public service leave for two years from the Columbia university, where he is professor of Indian Political Economy did not receive extension.
  • He was appointed as the as Vice Chairman of NITI Aayog in January 2015 and held cabinet minister rank.

Dilip Rath assumes additional charge as NDDB chairman

  • Dilip Rath took over as the chairman of National Dairy Development Board (NDDB), after the department of personnel and training (DoPT), Government of India gave him the additional charge of the post until the appointment of a regular incumbent.
  • The chairman’s post fell vacant last week after T Nandakumar resigned before his five-year term ended.
  • Rath is currently the managing director of NDDB.


Dhrupad maestro Ustad Sayeeduddin Dagar passes away

  • Ustad Hussain Sayeeduddin Dagar, one of the foremost exponents and custodian of the venerable Dhrupad tradition of Hindustani classical music passed away in a Pune. He was 78.


Syed Nayeemuddin conferred Mohun Bagan Ratna

  • The Mohun Bagan FC has conferred club’s highest decoration Mohun Bagan Ratna (jewel) on legendary Indian Footballer Syed Nayeemuddin.
  • With this, he became the 16th recipient of the prestigious award, which is bestowed upon a person for making a seminal contribution to the success of the club. He is also the only sportsperson awarded with the prestigious Arjuna and Dronacharya Awards for football.
  • Syed Nayeemuddin is former football player and Indian football team coach. He had captained the Indian national football team which had won the bronze medal at the 1970 Asian Games. He was appointed as the coach of India football team in 1997. Under his guidance, India had won South Asian Football Federation Cup.

India to host Kabaddi World Cup in October

  • International Kabaddi Federation has announced the selection of India for hosting “The 2016 Kabaddi World Cup”.
  • The World Cup is featuring 12 countries namely USA, Canada, UK, Australia, Iran, Poland, Pakistan, Bangladesh, Korea, Japan, Kenya, and India. The event is scheduled to be held in October 2016 but the dates for the event will be announced later.
  • Kabaddi originated from India and is one of the most popular games of Asia. It became a part of Asian Games in the year 1990 while women Kabaddi was included in Asian Games during 16th Asian Games in Guangzhou in 2010.

Patna Pirates wins 4th season of Pro Kabaddi League

  • The Patna Pirates have won the fourth edition of STAR Sports-ProKabaddi League by defeating Jaipur Pink Panthers in the final match played at Gachibowli Stadium, Hyderabad (Telangana).
  • With this Patna, the unit made history as they became the only team to lift the trophy twice in the tournament’s history of four editions. The Puneri Paltan was placed at the third place in this edition after they defeated Telugu Titans.
  • In the women section, Storm Queens have won inaugural edition of the Women’s Challenge of Pro Kabaddi League. In the final match, they defeated Fire Birds by the 24-23 score





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