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LORD JESUS CHRIST SAYS

“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you. For everyone who asks receives; the one who seeks finds; and to the one who knocks, the door will be opened. Matthew 7:7-8

29 Aug 2016

current affairs questions & answers for bank po and other examinations.



1)   Union Cabinet cleared a DTAA with which nation/s for source based taxation of capital gains on transfer of shares instead of one based on residence?
a. Cyprus
b.
 Mauritius
c.
 Both of the above
d.
 Neither of the above
ANSWER: Cyprus
Explanation: 
Union Cabinet cleared a new India-Cyprus Double Taxation Avoidance Agreement providing for source based taxation of capital gains on transfer of shares instead of one based on residence.
·         Cabinet approved the revised DTAA and it was agreed to provide to provide for source based taxation of capital gains on transfer of shares. A grandfathering cause will be provided for investments made prior to April 1, 2017 in respect of which capital gains would be taxed in the country where the taxpayer resides.
·         India and Cyprus have a DTAA since 1994 and the foreign nation is a major source of foreign funds flow in the country. From April 2000 till March 2016, India received foreign direct investment to the tune of INR 42,680.76 crore from Cyprus. Completion of negotiation on avoidance of double taxation and prevention of fiscal evasion has paved the way for the removal of Notified Jurisdictional Areas respectively from November 2013.
·         India also took this as a major step in the fight against tax evasion, base erosion and profit shifting.


2)   With which of the following countries did India sign an Air Services Agreement?
a. Mauritius
b.
 Malaysia
c.
 Uruguay
d.
 Bangladesh
ANSWER: Mauritius
Explanation: 
·         The ASA with Mauritius was also approved; agreement is for updation of existing Air Services Agreement between the two countries signed on 28th January 1974
·         Updation is per ICAO template in that latest developments in the civil aviation sector should be considered and the objective will be to improve air connectivity between the two countries.
Essential features of the ASA are given below:
·         Both countries should be entitled to designate one/more airline.
·         Designated airlines of either country should be permitted to establish offices in the territory of the other country for the promotion and sale of air services
·         The designated airlines of the two countries shall have fair and equal opportunity to operate the agreed services on specified routes- routes and frequencies should be decided subsequently
·         Designated airline should be free to decide tariffs in respect of the agreed services at reasonable levels based on commercial considerations.
·         Designated airline of each party will be allowed to enter into cooperative marketing agreements with the designated carriers of the same party and the other party.
·         ASA has provisions pertaining to renovation or suspension of operating authorisation as well.
·         Existing route schedule annex to the ASA has been revised and new points of call have been added for enhanced connectivity.
·         Now Indian carriers can operate to any points in Fiji from India whereas Fiji carriers can establish direct operation in Delhi, Mumbai and Chennai and code share in Bangalore, Kolkata, Hyderabad apart from points given for direct operation.
·         Kochi, Varanasi, Ahmedabad and Amritsar can be served via domestic code share operations.

3)   Union Cabinet has given approvals for MOUs with which nations in the field of traditional medicine and grassroots innovation respectively on 24th August 2016?
a. Myanmar, South America
b.
 Myanmar, South Africa
c.
 South Africa, Myanmar
d.
 South America, Myanmar
ANSWER: Myanmar, South Africa
Explanation: 
Union Cabinet has approved the signing of the MoU between India and Myanmar in the field of Traditional Systems of Medicine.
·         MoU will provide structured framework for cooperation between the two nations for promotion of Ayush/Traditional Systems of Medicine in Myanmar.
·         It will boost the importance of AYUSH systems of medicine and conservation, production and standardization.
Union Cabinet also approved an MoU inked between India and South Africa for cooperation in grassroots innovation. MoU holds that both countries will:
·         Organise programmes and seminars on innovation
·         Share open source technologies with each other.
·         Jointly develop projects (and including partnering with relevant industries in the respective countries).
·         Assist innovators in converting ideas into commercially viable discoveries.
·         Joint technology development and transfer of technology for societal benefit.
·         MoU will also provide a mechanism to create an ecosystem promoting inclusive innovation and entrepreneurship at grassroots levels.

4)   What is/are the main aim/s of the Surrogacy Regulation Bill 2016?
a. Establishment of National Surrogacy Board at Central Level
b.
 Regulation of surrogacy
c.
 Prohibition of commercial surrogacy
d.
 All of the above
ANSWER: All of the above
Explanation: 
Union Cabinet chaired by PM Shri Narendra Modi has given approval for the introduction of Surrogacy Regulation Bill 2016.
·         Bill will regulate surrogacy in India through the establishment of a National Surrogacy Board at the central level and State Surrogacy Boards and Appropriate Authorities in the State and Union Territories.
·         Legislation will ensure effective regulation of surrogacy, prohibition of commercial surrogacy and provision of ethical surrogacy to needy infertile couples.
·         All infertile married couples who want to avail ethical surrogacy will be benefited.
·         Rights of surrogate mother and children born out of surrogacy will be protected.
·         Bill shall apply to the whole of India except J&K.
·         Major benefit of this act will be that it will regulate surrogacy services in the nation.
·         Commercial surrogacy will be prohibited including sale and purchase of human embryos and gametes.
·         Ethical surrogacy to needy infertile couples will be allowed on fulfilment of certain conditions and for specific purposes.
·         This will prevent exploitation of surrogate mothers and children born through surrogacy
·         India has emerged as a surrogacy hub for couples from different countries; there have been reports regarding unethical practices, exploitation of surrogate mothers, abandonment of children born out of surrogacy and rackets of intermediaries exporting human embryos and gametes
·         228th Report of the Law Commission of India also prohibits commercial surrogacy and allows ethical altruistic surrogacy to needy children by enacting a suitable legislation.

5)   Greetings were extended to which nation on its National Day (25th August 2016) eve by the President of India?
a. Oriental Republic of Uruguay
b.
 People’s Republic of China
c.
 Democratic People’s Republic of Korea
d.
 None of the above
ANSWER: Oriental Republic of Uruguay
Explanation: 
President of India Shri Pranab Mukherjee extended greetings and felicitations to the Government and people of the Oriental Republic of Uruguay on the eve of their National Day (August 25, 2016).
·         The President of the Oriental Republic of Uruguay is Tabara Vazquez.
·         India and Uruguay enjoy friendly relations and warm bilateral ties
·         Uruguay is located in the SE region of S. America, bordering Argentina to the west and Brazil to the north and east
·         The Atlantic Ocean is to its southeast and Uruguay is home to 3.42 million of which 1.8 million are in largest city Montevideo which is also its capital.
·         Uruguay has an area of 176,000 square kilometres and is geographically the second smallest nation in South America
·         The smallest nation in South America is Suriname
·         Uruguay is ranked first in Latin America in democracy, peace, corruption free governance
·         It is ranked second in the region on economic freedom, income equality, per capital income and inflows of FDI
·         Trade turnover was US$ 119 million for 2013 between India and Uruguay and during the first ten months of 2014 (January-October) stands atUSD 129 million.
·         Indian exports to Uruguay account for USD 114 while Indian imports account for USD 15 million.
·         Uruguay is one of the more stable and transparent markets in Latin America with investor friendly policy environment.

6)   Vice President of India Shri Hamid Ansari has released a book edited by A. Sen. D. Datta and NS Roy on 24th August 2016. What is its title?
a. Patriots, Poets and Prisoners:Selections from Ramanand Chatterjee’s The Modern Review 1907-1947
b.
 Poets, Patriots and Prisoners:Selections from Ramanand Chatterjee’s The Modern Review 1907-1947
c.
 Prisoners, Poets and Patriots:Selections from Ramanand Chatterjee’s The Modern Review 1907-1947
d.
 Prisoners, Patriots and Poets:Selections from Ramanand Chatterjee’s The Modern Review 1907-1947
ANSWER: Patriots, Poets and Prisoners:Selections from Ramanand Chatterjee’s The Modern Review 1907-1947
Explanation: 
Vice President of India Hamid Ansari on 24th August 2016 released a book Patriots, Poets and Prisoners : Selections from Ramanand Chatterjee’s The Modern Review 1907-1947.
·         This book has been edited by Shri Anikendra Sen, Shri Devangshu Datta and Ms. Nilanjana S Roy.
·         The founder editor is Ramananda Chatterjee.
·         Vice President said contents of the volume testify to the intellectual stature of the contributors and of their times
·         This book includes a debate on Ahimsa between Mahatma Gandhi and Lala Lajpat Rai
·         It also comprises an essay on nationalism by Rabindranath Tagore
·         There is a classic short story by Munshi Premchand
·         The book also contains a piece on Jawaharlal Nehru by Chanakya

7)   Which state became the seventh to ratify the GST Bill?
a. MP
b.
 UP
c.
 HP
d.
 Uttarakhand
ANSWER: MP
Explanation: 
Madhya Pradesh Assembly ratifies the GST Bill becoming the 7th state to do so. On 24th August 2016, the 122nd Constitution Amendment Bill on Goods and Services Tax was unanimously ratified by the state.
·         CM Shivraj Singh Chouhan termed it as a process towards economic integration of the nation
·         The bill was tabled by law and legislative affairs minister Rampal Singh
·         On 25th August 2016, Delhi Legislative Assembly passed a resolution to ratify the Constitution 122nd Amendment Bill or the GST Tax Bill
·         GST Bill has for the first time recognised Delhi as a state under the new Constitutional Amendment to Article 366
·         Delhi HC on August 4 had held that Delhi continues to be a UT under the control of the Lt. Governor
·         However AAP leader Manish Sisodia said tax threshold for Value Added Tax is INR 20 lakh
·         Businesses making INR 85,000 to 1,00,000 don’t require registration
·         If the threshold were reduced to INR 10 lakh small businesses could be burdened so the threshold should be made INR 25 lakhs
·         For the past 17 years, Delhi has been getting INR 325 crore in central tax share despite contribution of INR 137000 crore to the GDP of the country.
·         Other states passing the GST bill include Bihar and HP.
·         Bihar is the first non NDA ruled state to pass the Bill
·         HP is the first INC ruled state to pass the Bill
·         Chattisgarh has also passed the GST Bill as has Jharkhand
·         Assam was the first NE state and the first Indian state to pass the GST bill

8)   Major swimming records were broken by which swimmers in the Rio Olympics 2016?
a. Katinka Hosszu
b.
 Sarah Sjostrom
c.
 Both of the above
d.
 Neither of the above
ANSWER: Both of the above
Explanation: 
Hungarian swimmer Katinka Hosszu set the world record of 4:26:36s capturing a gold medal in record time and beating the previous record set by Ye Shiwen of China in London 2012 Olympics.
·         Australian team comprising Bronte Campbell, Cate Campbell, Brittany Elmslie and Emma McKeon won the 4x100 m freestyle relay retaining the title they won in 2012 with a timing of 3:30:65s.
·         Sarah Sjostorm broke her own world record in the 100m butterfly to become the first Swedish woman to win the Olympic gold medal for swimming. Sjostorm is a three times world champion and set a time of 55.48s to break her previous mark of 55.64s.
·         Adam Peaty set a world record of 57.55 seconds in the men’s 100m breastroke heats.
·         The previous Olympic record was help by South African swimmer Cameron Van Der Burgh.
·         Katie Ledecky of the US broke her own world record to win the women’s 400m freestyle gold medal.
·         Ledecky set a new mark of 03:56:46s cutting down on 1.91 seconds of the previous record set in Australia by her.
·         Lilly King, a 19-year-old first time Olympian set the Olympic record of 1:04:93s to win the 100m breast-stroke gold.
·         Japan’s Ippei Watanabe secured the men’s 200m breast-stroke Olympic record clocking 2:07:22 s in the semi finals.
·         Canadian teenagers broken the 100m Olympic freestyle swimming record - Penny Oleksiak and Simone Manuel touched the wall in 52.70s. This marks the second time there has been a tie for gold in women’s 100m freestyle
·         With a brilliant performance, Singapore’s Joseph Schooling beat Michael Phelps and took him his first Olympic gold medal with a new Olympic record of 50.39s.
·         US swimmer Ryan Murphy competed the fastest swim in history with a 51.85s 400medal relay. He became the 2nd fastest performer and the second under 52 seconds in the individual race with a timing of 51.97

9)   Who has been appointed as the head of the advisory panel to find lasting solutions to conflict in Rakhine, Myanmar on 24th August 2016?
a. Aung San Suu Kyi
b.
 Kofi Annan
c.
 U Thant
d.
 Ban Ki Moon
ANSWER: Kofi Annan
Explanation: 
Myanmar’s government has set up an advisory panel under former UN Secretary General Kofi Annan to find lasting solutions to the Rakhine state conflict against minority Rohingya Muslims.
·         Statement by the Office of State Counsellor Aung San Suu Kyi said an agreement was set up between her office and the Kofi Annan Foundation to set up the 9 member advisory commission to resolve protracted issues in the region.
·         The panel will comprise 3 international and 6 national experts
·         Rohingya Muslims were residing in Rakhine for years but were denied citizenship as they were considered outsiders
·         Myanmar’s Buddhist majority clashed with this group in 2012 leading to 100 people dying
·         Rohingyas sought to seek refuge in other SEO countries
·         They have fallen prey to human trafficking
·         Any displaced Rohingya are now sheltering in refugee camps within the country in squalid conditions with little medical care.
·         Commission will consider humanitarian and development issues, access to basic services and basic rights and the security of Rakhine
·         Commission will make recommendations for the nation in 12 months
·         Suu Kyi is the state counsellor and foreign minister; she has been barred by the Constitution from being president but has become the country’s leader after her party won in the November 2015 elections against military junta
·         Kofi Annan was UN Chief from 1997-2006. He also won the Nobel Peace Prize in 2001

10)   RCCPL has become a subsidiary of which corporate group w.e.f August 2016?
a. Birla Corporation Ltd
b.
 TATA Group
c.
 Godrej Group
d.
 None of the above
ANSWER: Birla Corporation Ltd
Explanation: 
Reliance Cement Company Private Ltd has become a subsidiary of Birla Corporation Ltd.
·         Company has acquired 100 percent of the equity shares of RCCPL from Reliance Infrastructure Ltd
·         BCL agreed to purchase the unit for INR 4800 crores; it now takes the annual capacity from 10 MT to 15.5 MT with bonus of mineral concessions in MP, Karnataka, Rajasthan, AP and HP
·         Mining lease in Mukutban, Maharashtra allows the BCL to set up 3 MT clinker unit
Piramal Enterprises and Bain Capital Credit has inked a pact on this day too, to create strategic partnership to invest in restructuring debt
·         Platform’s preference will be to invest in businesses that need restricting and have fundamentally strong growth prospects linked to India infrastructure and consumption needs.
·         Platform aims to create new investment solutions for the market
·         The platform formed by the partnership marks one of the first in the health and finance sector in recent mo


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