Daily Current Affairs Digest: April 13, 2017
Daily Current Affairs digest for April 13, 2017 with important short notes on current events and newspaper summary.
RBI tightens noose on banks to relax bad debt
- The RBI has tightened the PCA or Prompt Corrective Action plan for banks which outlays the ways to deal with lenders who do not comply with the efficiency yardsticks.
- It is done with the aim to align them with international norms.
- PCA will have three threshold levels, breach of any one of them will lead to restriction of some normal bank activities.
- Banks will be supervised for capital, asset quality, profitability and leverage.
- The PCA will be revised after every 3 years.
Exports rise to 28% in March
- Merchandise exports have grown to 27.6% in March which is seen as the highest rate in last 5 years.
- Exports grew to $29.2 billion as against $22.9 billion in 2016.
- Imports have also shown an apparent growth to $39.7 billion against $27.3 billion a year ago.
Government to conduct GST training this summer for MPs and MLAs.
- The Central Government is planning to spread awareness about the new GST regime and is all set to impart training to MPs and MLAs to teach them the finer points of the same.
- The primary idea is to convey to the general populace that GST is a consumer friendly measure and it will not bring an increase in total taxes.
Government launches Operation Clean Money 2.0
- The Income Tax department has launched another drive to catch the tax evaders who had deposited large sums during the demonetisation drive.
- The first phase of the Operation had scrutinised deposits worth Rs. 10 lakhs. The second phase will examine deposits between Rs. 5-10 lakhs.
Government set to boost the Cruise tourism by easing norms
- The Central government has set up a high-level task force for expansion and promotion of cruise tourism in India.
- The Ministry of Shipping has appointed B K Associates as Consultants who will submit their report by end of May.
- In addition, a task force has also been set up under the chairmanship of Secretary (Tourism) and with Secretary (Shipping) as the co-chairman to promote cruise tourism.
- Furthermore, the government has also allowed the foreign flag vessels with passengers to call at Indian ports without a licence from DG shipping.
- Many port-level committees have also been formed to look into matters of manpower, coordination and logistics.
- A rebate of atleast 30% has also been offered to the cruise vessels.
Railways will float global tender for steel procurement
- Indian Railways will not procure steel from SAIL for the first time in last 30 years. This is to meet the shortfall from SAIL. The Railways has been procuring tracks from the Bhilai Steel Plant- the flagship unit of SAIL.
- The Plant supplies approximately 7,00,000-8,00,000 tonnes of rail.
- The demand for the year 2017-18 is 1.35 million tonnes as against the SAIL supply of only 1.1 million tonnes.
FRBM Panel proposes “autonomous fiscal council” under Financial Ministry
- The Fiscal Responsibility and Budget Management Panel has recommended setting up of a New Fiscal Council to monitor implementation.
- This proposal has come after studying 40 countries.
- The Council will be an autonomous body under the Finance Ministry and will be comprised of a Chairman and two members which will be appointed by the Central government. The members should have extensive experience in public finance and economy.
India-UK jointly make latest jet engine
- Indian and UK governments are jointly making the most powerful jet engine for fighter jets of the future. The engine is slated to have the highest thrust possible in a jet engine.
- It is a gas turbine engine is being developed by the collaboration between UK’s Rolls Royce and India’s Defence Research and Development Organization and Gas Turbine and Research Establishment.
Biopic on Dalit Cricketer Baloo Palwankar
- Dalit bowler Baloo Palwankar made significant contribution to the sport in 1990s.
- He is the first Dalit cricketer to do that. Filmmaker Tigmanshu Dhulia will make a biopic on the left-hand spinner.
US drops the biggest non-nuclear bomb on IS shelters in Afghanistan
- US dropped the GBU-43 bomb-the largest non-nuclear bomb to be used in combat in eastern Afghanistan on a series of caves used by IS militants.
- GBU-43 is known as the ‘mother of all bombs’ is a 21,600 pound (9,797kgs) GPS-guided munition. It was first tested in March 2003.
- US Air Force calls it the Massive Ordnance Air Blast Bomb (MOAB). It is America’s most powerful non-nuke bomb.
President Trump takes a U-turn on NATO
- Amid the rising tensions between US, Russia and Syria President Trump has reaffirmed his commitment to the alliance.
- He also felt assured that NATO will have an increased role in supporting the Iraqi venture.
India-Pakistan harden stance on Jadhav
- Both nations hardened their stance on the death sentence of Jadhav.
- India maintains he is innocent while Pakistan states he is an Indian spy.
Dipa and Sakshi have been conferred Padma Shri.
- Gymnast Dipa Karmakar and wrestler Sakshi Malik have been bestowed Padma Shri Award from President Pranab Mukherjee at Rashtrapati Bhawan.