Daily Current Affairs 29th November, 2016

Daily Current Affairs 29th November, 2016


Dictionary.com’s 2016 Word of the Year Is Xenophobia

  • The website Dictionary.com named the word ‘Xenophobia’, which means dislike of or prejudice against people from other countries, as the Word of the Year for 2016.
  • According to Dictionary.com, there was a massive surge in lookups for the word ‘Xenophobia’ that was larger than any of the peaks seen in 2016.
  • This rise in lookups was connected to attacks on foreign workers and overall rising xenophobia in South Africa.


India’s first digital village:

  • Akodara has earned the tag of India’s first digital village that uses a cashless system for payments of goods and services.
  • Akodara is a tiny village around 90 km away from Ahmedabad, located in Sabarkantha district of Gujarat.
  • The village was adopted by ICICI Bank in 2015 and made cashless by adopting digital technology.
  • The bank has provided training to villagers to embrace digital technology to reduce dependence on cash.
  • The village has almost 100{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} financial rate and all mobile banking is done in Hindi, English and Gujarati languages.
  • It also has its own official website.
  • The villagers’ most important transactions selling agri-produce at the local market or mandi or selling milk at the co-operative society have been made cashless.


Union Government introduces Taxation Laws (Second Amendment) Bill, 2016

  • The Union Government has introduced the Taxation Laws (Second Amendment) Bill, 2016 (‘the Bill’) in the Parliament.
  • The bill amends existing tax laws to impose a higher rate of tax and penalty in respect of undisclosed incomes.
  • It proposes, Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY), an anti-poverty scheme.

About Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY):

  • Under this, besides 50{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} tax, surcharge and penalty, a quarter of the declared income will be to be deposited in interest free deposit scheme for four years.
  • The scheme enables people with undisclosed income to come clean. However, they would have to fork out atax of 30{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} and penalty of 10{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769}. A surcharge in the form of cess of 33{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} will have to be paid on the tax.
  • In addition to tax, surcharge and penalty, the declarant will have to deposit 25{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} of undisclosed incomein a deposit scheme to be notified by the Centre in consultation with the RBI.
  • This amount is proposed to be utilised for programmes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood etc, so that there is justice and equality.
  • A 75{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} tax and 10{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} penalty in case Income Tax authorities detect undisclosed wealth deposited post demonetisation has also been proposed.
  • The current provisions of penalty on under-reporting of income at 50{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} of the tax, and misreporting (200{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} of tax) will remain and no changes are being made to them.

‘Bitcoin adoption in India sees surge’

  • Unocoin, an Indian bitcoin start-up, has unveiled a new app for Apple’s mobile operating system iOS and Google’s Android platform.
  • According to the firm, the app will allow consumers to buy, sell, send, receive and store bitcoins, all in one place, from any remote device.
  • The implementation is timely because bitcoin adoption is rapidly ascending in India, coupled with the government’s decision to demonetise Rs.500 and Rs.1,000 notes.
  • Bitcoin is a digital currency that is not supported by any country’s government or central bank. Also known as crypto-currency, it can be traded for services or goods with sellers who accept bitcoins as payment.

Goa to become India’s first cashless state,to include even small vendors

  • The Indian state of Goa prepares itself to become the first state to operate cashless in the country from 31 December 2016.
  • This announcement was made by Defence Minister Manohar Parrikar, who is also the former Chief Minister of the state, during a rally at Sankhali on 25 November 2016.

Utkarsh Micro Finance gets final nod to set up Small Finance Bank (SBF)

  • In October 2015, Utkarsh Micro Finance had got the “in-principle” approval to set up SFB as per the guidelines issued by the RBI.

About Small Finance Banks

  • On 17 July 2014, the Reserve Bank of India(RBI) released the draft guidelines for small finance banks, seeking comments for interested entities and the general public.
  • The final guidelines were released by RBI on 27 November 2014.
  • The objectives of setting up of small finance banks is to further financial inclusion by (1)provision of savings vehicles, and (2) supply of credit to small business units; small and marginal farmers; micro and small industries; and other unorganised sector entities, through high technology-low cost operations
  • The small finance bank primarily undertakes basic banking activities of acceptance of deposits and lending to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
  • There is no restriction in the area of operations of small finance banks.
  • The minimum paid-up equity capital for small finance banks is 100 crore


Lt Gen AK Bhat appointed new DGMO

  • Lt-General A K Bhatt was on 28 November 2016 appointed as the Director-General of Military Operations (DGMO).
  • Lt-Gen Bhatt will succeed Lt-General Ranbir Singh, who declared at a press briefing that Army Special Forces had conducted surgical strikes against terror launch pads in Pakistan-occupied-Kashmir on 29 September 2016.

Susan Kiefel becomes first woman appointed as high court chief justice

  • Susan Kiefel has been named Australia’s first female High Court chief justice – ending 113 years of men leading the nation’s highest court.


Argentina  win their first ever Davis cup

  • Argentina has won its maiden Davis Cup title after defeating Croatia in the final.
  • In the final match, Argentina’s Federico Delbonis defeated Ivo Karlovic 6-3, 6-4, 6-2 to give Argentina its first title.
  • At present, Argentina is Number 1 on the Davis Cup ranking by the International Tennis Federation (ITF)





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