Daily Current Affairs 7th August, 2017

Daily Current Affairs 7th August, 2017


Asean and China adopt framework for crafting code on South China Sea

  • Foreign ministers of Southeast Asia and China have adopted a negotiating framework for a code of conduct in the South China Sea, a move they hailed as progress but seen by critics as tactic to buy China time to consolidate its maritime power.
  • The framework seeks to advance a 2002 Declaration of Conduct (DOC) of Parties in the South China Sea, which has mostly been ignored by claimant states, particularly China, which has built seven man-made islands in disputed waters, three of which are equipped with runways, surface-to-air missiles and radars.
  • All parties say the framework is only an outline for how the code will be established but critics say the failure to outline as an initial objective the need to make the code legally binding and enforceable, or have a dispute resolution mechanism, raises doubts about how effective the pact will be.

UK agrees to pay $47billion to leave EU.

  • Britain is prepared to pay up to €40 billion (USD47 billion dollars) as part of a deal to leave the European Union.
  • If Britain cannot conclude an exit deal, trade relations would be governed by World Trade Organization rules, which would allow both parties to impose tariffs and customs checks and leave many other issues unsettled.


PNB customers to pay higher charges for non-credit services

  • Come September, PNB customers will have to pay charges for depositing cash above Rs. 5,000 in a non-base branch even if it is located in the same city. Currently, the customers of Punjab National Bank have levied charges only for depositing cash over Rs. 25,000 at a non-base branch within the same city.
  • It has been decided to revise the non-credit related charges (exclusive of GST) with effect from September 1, 2017, for cash deposit above Rs. 5,000 at other than base branch within the same city.

Britania to set up largest plant in Maharashtra.

  • Leading Indian FMCG brand Britania is going to set up its largest plant in Maharashtra in a food park at Ranjangaon, Pune told chairman of Britannia Industries Nusli Wadia to
  • Shareholders at the company’s AGM
  • Over the last three years, the company had been able to increase market share. The net profit in first quarter had risen despite a tough year due to demonetization.


ISRO made navigation system to rely on Indian atomic clocks.

  • ISRO’s regional positioning system NavIC will now rely on high-precision atomic clocks developed by Delhi based National Physics Laboratory.
  • The move, which will end ISRO’s dependence on US built GPS, comes after seven of 21 clocks onboard ISRO’s satellite failed, rendering one satellite useless.


7th August: National Handloom Day being celebrated

  • National Handloom Day is being celebrated today to give an impetus to the sector and encourage the use of handmade loom. 7th of August was chosen to celebrate the day due to its special significance in India’s history.
  • It was on this day that the Swadeshi Movement was launched in 1905.
  • The movement involved the revival of domestic products and production processes.
  • India exports about 95{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} of hand-woven fabric in the world. In India itself, handweaving covers one of the largest sectors in Indian economy and it provides employment to about 43 lakh weavers. It is time to encourage citizens to use more of handloom products because a certain increase of 5{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} in the consumption would help the handloom market and revenue grow by over 33{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769}.


Justice Srikrishna committee on Institutionalization of Arbitration Mechanism

  • A High-Level Committee set up to review the Institutionalization of Arbitration Mechanism in India has submitted its report to the Union Law Ministry. It was headed by Justice (retired) BN Srikrishna.


Vijender beats Zulpikar to win WBO Oriental Super Middleweight title

  • Indian professional boxer Vijender Singh outslugged his Chinese opponent Zulpikar Maimaitiali to retain the WBO Asia Pacific Super Middleweight title and win the WBO Oriental Super Middleweight title.
  • In the pro boxing bout, termed as ‘Battleground Asia’, at Mumbai, Vijender recorded a unanimous decision win over his Chinese opponent and continued his undefeated streak. It was Beijing Olympic bronze medallist’s ninth successive win in his professional career.

India wins bronze in wheelchair basketball world meet.

  • The Indian men and women’s wheelchair basketball teams won Bronze at the 4th Bali Cup International Tournament for Wheelchair Basketball.
  • Bo the teams defeated respective Indonesia teams to win Bronze medal.







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