Today’s Current Affairs 2nd – August- 2018 – MyProgressCard

Awards/Honours

1. President of India Presented Outstanding Parliamentarian Award for the years 2013-2017

• The President of India, Shri Ram Nath Kovind, presented the Outstanding Parliamentarian Award for the years 2013-2017 in New Delhi.
• Bharatruhari Mahtab has been conferred with the outstanding parliamentarian of the year 2017.
• Speaking on the occasion, the President congratulated all those being conferred with the Outstanding Parliamentarian Award.

2. Akshay Venkatesh gets Fields Medal

• Akshay Venkatesh, a renowned Indian-Australian mathematician, is one of the four winners of mathematics’ prestigious Fields medal, known as the Nobel Prize for math.
• The Fields medals are awarded every four years to the most promising mathematicians under the age of 40.
• The prize was inaugurated in 1932 at the request of Canadian mathematician John Charles Fields.

Banking News

3. RBI hikes Repo rate by 25 base points

• On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5 per cent.
• Consequently, the reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 per cent.

National News

4. Cabinet approves Re-structuring of the Agricultural Scientists’ Recruitment Board (ASRB)

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the proposal for restructuring of Agricultural Scientists’ Recruitment Board (ASRB).
• The ASRB will now be a 4-Member body instead of 3 Members. It will have a Chairperson and 3 Members.
• ASRB would be for a period of three years or till attainment of 65 years of age, whichever is earlier.

5. Cabinet approves Extension of Concessional Financing Scheme (CFS)

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the first extension of Concessional Financing Scheme (CFS) to support Indian Entities bidding for strategically important infrastructure projects abroad.
• Under the CFS, the Govt. of India has been supporting Indian Entities bidding for strategically important infrastructure projects abroad since 2015-16.
• Since the objectives of the Scheme continue to be relevant, it is proposed to extend the Scheme for another five years from 2018 to 2023.

6. Cabinet clears changes to GST laws

• The Cabinet approved amendments to the GST laws, including the hike in the turnover threshold for businesses to avail the composition scheme to Rs.1.5 crore.
• The amendments will allow employers to claim input tax credit on facilities like food, transport and insurance provided to employees.
• Besides, businesses with the turnover of up to Rs.1.5 crore would be eligible for availing composition scheme.

7. Cabinet approves stringent anti-piracy law

• The Union Cabinet approved a bill providing for the death penalty or life imprisonment to those involved in piracy at sea.
• The proposed anti-maritime piracy law is aimed at promoting the safety and security of India’s maritime trade.
• The government is bringing the law as a part of the commitment made by India while signing the United Nations Convention on the Law of the Sea (UNCLOS) in 1982.

8. Rajasthan becomes the first Indian state to implement biofuel policy

• Rajasthan became the first state in the nation to implement the national policy on biofuels which is unveiled by the government in May, 2018.

• High-power Biofuel Authority approved this implementation. Soon, the State Government will release Biofuel Rules, 2018.

Static/Current Implications:

• Capital of Rajasthan – Jaipur
• Chief Minister – Vasundhara Raje
• Governor – Kalyan Singh

9. NITI Aayog to host Investors’ Conference for the Holistic Development of Islands

• NITI Aayog will host an Investors’ Conference on August 10, 2018 at Pravasi Bharatiya Kendra for the Holistic Development of Islands.
• The Conference will be inaugurated by Shri. Amitabh Kant, CEO, NITI Aayog.
• It will attract investment for the sustainable development of eco-tourism projects in Andaman & Nicobar and Lakshadweep islands.

Static/Current Implications:

• NITI Aayog headquarters – New Delhi
• Chairman – Narendra Modi
• Vice Chairman – Dr. Rajiv Kumar

10. Solar Charkhas to Generate Direct Employment to One Lakh Persons

• Ministry of Micro, Small and Medium Enterprises (MSME) has launched the Mission Solar Charkha for implementation of 50 Solar Charkha Clusters across the country with a budget of Rs.550 crore for the year 2018-19 and 2019-20.
• The scheme will generate direct employment to nearly one lakh persons.
• Minister of State (I/C) for Micro, Small and Medium Enterprises Shri Giriraj Singh informed this in a written reply in Rajya Sabha.

11. 2 day Indo-US Military Cooperation

• A 2-day Indo-US Military Cooperation Meeting began in New Delhi as a prelude to 2 plus 2 Dialogue between India and the United States.
• The meeting was co-chaired by Lt Gen Satish Dua, Chief of Integrated Defence Staff to the chairman and Lt Gen Bryan Fenton, Deputy Commander, Indo-Pacific Command.

12. India and Germany Sign Pact on Financial and Technical Cooperation

• India and Germany have signed an agreement on financial and technical cooperation focusing on sustainable urban development and renewable energy.
• The government-to-government Umbrella Agreement on Financial Cooperation and Technical Co-operation 2017 is worth about 5,000 thousand crore rupees.
• The agreement under the Indo-German Bilateral Development Cooperation was signed between Joint Secretary in the Finance Ministry, Sameer Kumar Khare, and German Ambassador to India, Martin Ney, in New Delhi.  

Static/Current Implications:

• Currency of Germany – Euro
• Capital: Berlin
• Chancellor: Angela Merkel.

13. Union Cabinet approves acquisition of IDBI Bank’s controlling stake by LIC

• Union Cabinet approved acquisition of IDBI Bank’s controlling stake by Life Insurance Corporation of India (LIC) as promoter in the bank.
• The acquisition of IDBI will be through preferential allotment or open offer of equity and through relinquishment of management control by the Government of India.
• The acquisition would help financially strengthen the LIC and the bank as well as their subsidiaries which offer financial products such as housing finance and mutual funds.

Expected GK Questions from the above Current Affairs

1. Union Cabinet, chaired by Prime Minister Narendra Modi, cleared the purchase of 51% controlling stake in IDBI bank by which entity?

A. SBI                                                                       C. RBI
B. LIC                                                                       D. Aditya Birla Insurance

2. With which country does India sign an agreement on financial and technical cooperation focusing on sustainable urban development and renewable energy?

A. Russia                                                                 C. China
B. Germany                                                             D. Iraq

3. Where did the 2 day Indo-US Military Cooperation take place?

A. Mumbai                                                              C. New York
B. New Delhi                                                           D. Washington D.C.

4. Solar Chakra mission, expected to generate employment to 1lakh people, was launched by which ministry?

A. HRD Ministry                                                   C. Ministry of Employment
B. MSME Ministry                                               D. Ministry of Corporate Affairs

5. Name the Institution/Authority/Ministry that will host an Investors’ Conference at Pravasi Bharatiya Kendra for the Holistic Development of Islands.

A. Home Ministry                                                     C. Finance Ministry
B. NITI Aayog                                                           D. CSIR

6. Name the state that has become the first State in the country to implement the national policy on biofuels unveiled by the Centre this year.

A. Uttar Pradesh                                                       C. Gujarat
B. Maharashtra                                                         D. Rajasthan

7. Which of the following is true with respect to the recently approved anti-piracy law?

1. The Union Cabinet approved a bill providing for the death penalty or life imprisonment to those involved in piracy at sea.
2. The proposed anti-maritime piracy law is aimed at promoting the safety and security of India’s maritime trade.
3. The government is bringing the law as part of the commitment made by India while signing the United Nations Convention on the Law of the Sea (UNCLOS) in 1992.

A. Only 1 is true                                                  C. Only 1 & 2 are true
B. Only 2 & 3 are true                                         D. All are true

8. The cabinet approved amendments to the GST laws, including the hike in turnover threshold for businesses to avail the composition scheme of how many crores?

A. Rs.1 crore                                                         C. Rs.1.5 crores
B. Rs.2 crores                                                       D. Rs.2.5 crores

9. The government extended the concessional Financing Scheme (CFS) till which year to support Indian entities bidding for important infrastructure projects abroad?

A. 2020                                                                  C. 2022
B. 2023                                                                  D. 2024

10. As per the cabinet approval, the Agricultural Scientists’ Recruitment Board (ASRB) will be restricted to have how many members?

A. 2                                                                         C. 3
B. 1                                                                         D. 4

11. What is the new REPO rate as per 01st August 2018?

A. 6.5%                                                                C. 6.25%
B. 6.75%                                                              D. 6%

12. Name the Indian-Australian mathematician who is one of four winners of mathematics’ prestigious Fields medal, known as the Nobel Prize for math.

A. Vimal Srivastava                                           C. NK Surna
B. Manoj Prabhakar                                          D. Akshay Venkatesh

13. Who among the following has been conferred with the outstanding parliamentarian Award 2017?

A. Bharatruhari Mahtab                                   C. Dinesh Trivedi
B. Ghulam Nabi Azad                                       D. Hukmdev Narayan Yadav