The Importance of Current Affairs in W.B.C.S examinations is immense.Success inW.B.C.S  Prelims and W.B.C.S Mains Exam is mainly subjected to how well an aspirant is aware of the important current affairs. Preparation of current affairs for W.B.C.S is the key to unlock the exam.Continue Reading WBCS Current Affairs 2nd September to 8th September 2017 Part 1.

1) India’s first Hyperloop project will come up in Andhra Pradesh, connecting its city centres, Vijayawada and Amaravati. In this regard, Andhra Pradesh Economic Development Board (APEDB) has inked memorandum of understanding (MoU) with Hyperloop Transportation Technologies (HTT) for developing the project. Key Facts: The first of its kind project in India will use a Public Private Partnership (PPP) model with funding primarily from private investors. In its first phase, HTT will conduct six-month feasibility study, following which it will construct and build HTT’s first Hyperloop in India. The proposed hyperloop will cover 35 km distance between Vijayawada and Amaravati only in five minutes. Hyperloop Technology: Hyperloop Technology is brainchild idea of technology entrepreneur Elon Musk who dubs it as fifth mode of transportation. It is system of magnetically levitating capsules (pods) that are sent at high speeds through low-pressure tubes. It envisages tube modular transport system that runs free of friction. It uses linear Induction motors in it to control speed of pods. It is still in trial stages in different countries and not been implemented for practical use anywhere in world yet. Advantages: Hyperloop is two-to-three times faster than fastest high-speed rail and claimed to have speeds even greater than commercial air travel. It has smaller civil engineering footprint, with no direct emissions or noise compared to railways. Hyperloop system’s capital cost per mile is 60% that of high-speed rail, and is less expensive to operate. Furthermore, Hyperloop departures could happen with a low frequency of a pod every 20 seconds which is not possible in railways. Challenges: It requires heavy investments and therefore effective public and private sector coordination is prerequisite for implementing it. It consumes high-power compared to railways. Technical challenges and accidents may hamper its progress.Continue Reading WBCS Current Affairs 2nd September to 8th September 2017 Part 1.
2) CSIR scientists have developed an ultra-thin wireless device that mimics plant leaves to produce energy using water and sunlight. The artificial leaf absorbs sunlight to generate hydrogen fuel from water. In advance, this artificial leaf may provide clean energy for powering eco-friendly cars in the future. It can serve ultimate solution for our energy and environment problems. Need for such technology: At present, hydrogen is produced from fossil fuels by steam reforming. In this process large amount of carbon di-oxide (CO2) – a greenhouse gas is emitted which promotes global warming. So in view of pressing energy and environmental issues, it is important to produce hydrogen from natural resources such as sunlight and water. India is also blessed with plenty of sunlight throughout year that is not exploited significantly to produce energy or hydrogen. Key Facts: The artificial leaf or the wireless device consists of semiconductors stacked in manner to simulate natural leaf system. The device has an area of 23 square centimetres. When visible light strikes semiconductors, electrons move in one direction and produce electric current. The current almost instantaneously splits water into hydrogen – making it one of cleanest forms of fuel as its main byproduct is water. It can produce 6 litres of hydrogen fuel per hour. To improve light-absorbing efficiency of artificial leaf, researchers had used gold nanoparticles, titanium dioxide and quantum dots. Quantum dots are semiconductor crystals of nanometre dimensions with properties that depend on the size of dots.
3) India’s zero-subsidy UJALA (Unnat Jyoti by Affordable Lighting for All) Scheme was launched in Melaka State of Malaysia by Efficiency Services Limited (EESL), under Union Ministry of Power. It highlights success of Indian model UJALA scheme to promote efficient lighting, using efficient equipment to reduce electricity bills and preserve environment at global level. Key Facts: India’s Ujala scheme will be replicated in Malaysia, under which each household in Melaka state will get 10 high quality 9-watt LED bulbs, at subsidised rate almost half price offered in market. The initiative is implemented by India’s EESL with logistical assistance and facilitation support from Green Growth Asia, a non-profit organisation in Malaysia. The EESL is planning to distribute about 1 million 9W LED bulbs, replacing 18W CFLs. It will help Melaka promote efficient lighting and conserve the resources, money and environment by reducing19,000 tonnes carbon emissions per year. JALA Scheme: The main objective of scheme is to promote efficient lighting, enhance awareness on using efficient equipment which reduce electricity bills and preserve environment. It is LED based Domestic Efficient Lighting Programme (DELP). Under it, LED Bulbs are distributed. Its purpose is not only to help reduce electricity bills of consumers but also contribute to energy security of India. It is being implemented by EESL, a joint venture of PSUs under Union Ministry of Power. LED bulbs have a very long life, almost 50 times more than ordinary bulbs, and 8-10 times that of CFLs, and therefore provide both energy and cost savings.

4) The Indian Institute of Science (IISc) retained top position among Indian Universities in the Times World University Rankings 2018, but its position fell in global rankings compared to its last year position. Top 10 in Universities in World are Oxford University (1st, UK), Cambridge University (2nd, UK), California institute of Technology (3rd, US), Stanford University (4th, US), Massachusetts Institute of Technology (5th, US), Harvard University (6th, US), Princeton University (7th, US), Imperial College London (8th, UK), University of Chicago (9th, US), ETH-Zurich (10th, Switzerland). Rankings of Indian Universities: A total of 30 Universities in India featured in this edition of the list, but none was in the top 100. 8 feature in top 500 and 3 in top 200 (IIT Delhi, IIT Bombay, and IISc Bangalore). In this year’s rankings, Indian Universities also slipped down from their previous ranking. IISc slipped from the 201-250 band to the 251-300 one due to drop in its research influence score and research income. IIT Delhi and IIT Kanpur, which were among best Indian institutions, slipped down from previous year’s position of the 401- 500 club to 501-600 band. IIT Bombay was placed in t351-400 club, same as in 2017 ranking and. IIT Kharagpur and IIT Roorkee also retained their positions in 501-600 bracket. Reasons for decline in ranking of Indian Universities: Indian institutes were lagging behind in research funding and citations and also on internationalisation front. Most of premier institutes in India cater to one particular stream such as engineering or management etc. which reduces volume and variety of research. Government policy strictly limits number of students from abroad who can study in India and prevents international scholars from being hired into long-term faculty positions. If India desires to feature at a larger scale in these rankings, Indian Universities along with Indian education system need urgent revamp and there need to focus more on research, research funding and internationalization of Indian campuses. World University Rankings: These rankings are only global performance tables that judge research-intensive universities across all their core missions viz. teaching, research, knowledge transfer and international outlook. The thirteen point performance indicators calculating rankings are grouped in five areas: Teachings (learning environment; 30% weight), Research (volume, income and reputation; 30%), Citations (research influence; 30%), International outlook (staff, students and research; 7.5%) and Industry income (knowledge transfer; 2.5%). Universities that do not teach undergraduates or those whose research output amounted to fewer than 1000 articles between 2012 and 2016, were excluded from the rankings.

5) The National Institution for Transforming India (NITI) Aayog has constituted Expert Task Force to provide major thrust to job creation by enhancing India’s exports. It will be headed by NITI Aayog Vice Chairman Dr Rajiv Kumar. The task force will give sector-specific recommendations in key employment sectors for policy interventions and suggest measures to enhance trade in services with high employment potential. Background: Majority of Indian workforce are still employed in low-productivity, low-wage jobs in small, micro and own-account enterprises. There is urgent and sustained expansion of organized sector to address India’s unemployment and under-employment issue also jobless growth issue. Moreover considering importance of exports in generating formal sector jobs, India also needs to create favorable environment in which globally competitive exporters emerge and flourish. So, it has become necessary to devise strategy to enable shift towards more labour-intensive goods and services that are destined for exports. Terms of References: The expert task force will propose comprehensive plan of action to generate employment and alleviate under-employment and low wages by boosting India’s exports in key labour-intensive industries. It will recommend sector-specific policy interventions in key employment sectors and suggest measures to enhance trade in services with high employment potential. It will identify key macroeconomic factors constraining exports and suggesting methods to address these constraints. It will assess effectiveness of existing schemes to promote exports. It will also suggest measures to address issues related to logistics, export credits and trade facilitation.
6) The seventh edition of India-Sri Lanka joint maritime naval exercise SLINEX 2017 was held near Vishakhapatnam (Andhra Pradesh) in Bay of Bengal. It will be conducted from 7th to 14th September 2017. The seven days exercise aimed to reinforce strong neighbourly ties between both countries underscored by extensive maritime interaction and improved understanding. Key Facts: SLINEX 2017 focused on fleet work, seamanship, communication, replenishment at sea as well as helicopter operations. Sri Lanka Navy’s offshore patrol vessels, SLNS Sayura and Sagara had participated in this edition of biennial exercise. The exercises was held in both Harbour Phase and Sea Phase. In harbour phase, both participant navies engaged in professional, cultural and social interactions. In Sea Phase, both navies jointly conducted complex operations including anti-piracy exercises, cross-deck helicopter operations, gun firings and anti-surface exercises. SLINEX: SLINEX series of biennial bilateral maritime exercises between India and Sri Lank, initiated in 2005. Its mandate is to enable navies of both countries to rehearse and improve their own capabilities and enhance operational effectiveness required to maintain maritime security in region.
7) India and Japan have agreed to collaborate closely in defence production, including on dual-use technologies. Decision in this regard was taken at the India-Japan annual defence ministerial dialogue held in Tokyo. The annual defence ministerial dialogue aimed to further strengthen defence and security cooperation under the framework of the ‘Japan-lndia Special Strategic and Global Partnership’. Background: The decision of both countries to boost defence ties comes amid escalating tension in region in wake of China’s growing assertiveness in South China Sea and nuclear test by North Korea. Further during Indian Prime Minister Narendra Modi’s visit to Japan in November 2016, both sides had decided to ramp up bilateral defence and security cooperation and explore ways to further deepen it. Key Facts: Both countries resolved to ramp up overall military engagement under bilateral special strategic framework. They agreed to ramp up counter-terror cooperation, besides deepening engagement among navies, air forces and ground armed forces of two countries. They strongly condemned North Korea’s latest nuclear test and called upon the country to cease such action which adversely impacts peace and stability of region. They also commended progress made in discussions to identify specific areas of collaboration in field of defence equipment and technology cooperation for production of various military platforms. They also agreed to commence technical discussions for research collaboration in areas of Unmanned Ground Vehicles and Robotics. They also welcomed constructive engagement between India’s Defence Research and Development Organisation (DRDO) and Japan’s Acquisition, Technology and Logistic Agency (ATLA). India is planning to buy the US-2 ShinMaywa aircraft from Japan for its navy.
8) The Telecom Regulatory Authority of India (TRAI) has recommended delicensing of chunk of spectrum in few bands to facilitate smooth roll-out of machine-to-machine (M2M) communications. TRAI has suggested that no separate spectrum band will be allocated exclusively for M2M services, rather it will utilise existing license exempt airwaves. M2M communications: Unlike person-to-person (P2P) communication, M2M technologies involve communication between two devices. The technology is basis for automated information exchange between machines. It enables wired and wireless devices to talk to each other using sensors. It is also a key component of the emerging Internet of Things (IoT) revolution. TRAI acknowledged its potential in National Telecom Policy 2012. Applications of self-communicating machines using M2M communications can be deployed in new-age infrastructure projects and various industry verticals such as smart cities, smart grids, smart homes, smart transportation and smart heath sectors. TRAI Recommendations: TRAI has suggested to Department of Telecom (DoT) that all existing operators should be allowed to provide connectivity for M2M services. Under this technology, devices will be fitted with SIM or universal integrated circuit card (eUICC). TRAI has suggests delicensing of 1 MHz of spectrum from 867-868 MHz frequencies and another six units from the 915-935 MHz range for M2M communication services. TRAI has suggested that government, through DoT, should identify critical services in M2M sector and these services should be provided only by connectivity providers using licensed spectrum. It also suggested that companies offering M2M services using unlicensed spectrum should be covered under licence through a new permit to be called Unified Licence (M2M).
9) India and Myanmar have signed 11 Memoranda of Understanding (MoUs) in range of sectors, including one on maritime security cooperation. The MoUs were signed after Prime Minister Narendra Modi held wide-ranging talks with Myanmar’s State Counsellor Aung San Suu Kyi in Nay Pyi Taw. It was first bilateral visit of PM Narendra Modi to Myanmar and overall second. The focus of visit was to strengthen cooperation in security and counter-terrorism, trade and investment, infrastructure and energy and culture between both countries. Signed Agreements are: MoU on Maritime Security Cooperation, Cultural Exchange Programme for year 2017-2020, MoU on Cooperation in Medical Products Regulation, MoU on cooperation in the field of Health and medicine, Technical Agreement for providing Coastal Surveillance System, Exchange of Letter for Extension of MoU on the establishment of MIIT, MoU for Upgradation of Women’s Police Training Centre at Yamethin, Myanmar, MoU for Sharing White Shipping Information between Indian Navy and Myanmar Navy, MoU in the field of elections between Election Commission of India and Election Commission of Myanmar, Memorandum of Understanding on Cooperation between Press Council of India and Myanmar Press Council, Exchange of Letter for Extension of MoU on establishment of India-Myanmar Centre for Enhancement of IT-Skill.

10) The Union Ministry of Human Resource and Development (HRD) has launched Diksha Portal (diksha.gov.in) for providing digital platform to teacher to make their lifestyle more digital. It will serve as National Digital Infrastructure for Teachers. Through this portal, all teachers across nation will be equipped with advanced digital technology. Key facts: Diksha portal will enable, accelerate and amplify solutions in realm of teacher education. It will aid teachers to learn and train themselves for which assessment resources will be available. It will help teachers to create training content, profile, in-class resources, assessment aids, news and announcement and connect with teacher community. The portal will record complete work and accomplishment of teachers in educational institutes from start to end point till their retirement. It will cover entire life cycle of teacher– from time they were enrolled as student teachers in Teacher Education Institutes (TEIs) to after they retire as teachers. The portal will help teachers boost their teaching skills and create their own separate profile with their skills and knowledge. It will help in improving quality of education wit use of latest technologies in education sector. Government, private institutes and NGO’s also can participate in the Diksha initiative.
11) The National Institution for Transforming India (NITI) Aayog launched National Nutrition Strategy aimed at Kuposhan Mukt Bharat. It intends at bringing nutrition to centre-stage of National Development Agenda. It lays down roadmap for targeted action to address India’s nutritional needs. Need: In India, 20% of children under five years of age suffer from wasting due to acute under-nutrition. It pays an income penalty of 9 to 10% due to workforce that was stunted during their childhood. The NFHS-4 results shows decline in overall levels of under nutrition in both women and children. Currently, there is lack of real time measurement of nutritional determinants, which reduces capacity for targeted action among most vulnerable mothers and children. National Nutrition Strategy: The national nutrition strategy calls for convergence between four proximate determinants of nutrition- uptake of health services, food, drinking water & sanitation and income & livelihoods. It envisages Kuposhan Mukt Bharat – linked to Swachh Bharat and Swasth Bharat. The strategy lays down a roadmap for effective action, among both implementers and practitioners, in achieving our nutrition objectives. It enables states to make strategic choices, through decentralized planning and local innovation, with accountability for nutrition outcomes. It also gives prominence to demand and community mobilisation as key determinant to address India’s nutritional needs to bring behavioural change efforts to generate demand for nutrition services.

12) The Ministry of Health and Family Welfare has launched two new free contraceptives Antara and Chayya in 10 states under Mission ParivarVikas, a central family planning initiative. These 10 states of Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan, Karnataka, Haryana, West Bengal, Odisha, Delhi and Goa. Key Facts: Antara is injectable contraceptive, effective for three months drug whereas Chayya is contraceptive pill, effective for one week. Both of contraceptives are safe and highly effective. They will be available for free in medical colleges and district hospitals in 10 states. The introduction of these new contraceptives will expand the basket of choices for country’s population to meet their family planning needs. Family Planning Logistics Management Information System (FP-LMIS): To help improve the supply and distribution of contraceptives, the health ministry recently had launched Family Planning Logistics Management Information System (FP-LMIS), new software designed to provide robust information on demand and distribution of contraceptives to health facilities and ASHAs. Mission ParivarVikas: The mission aims to accelerate access to high quality family planning choices based on information, reliable services and supplies within a rights-based framework. Its main objective is to bring down Total Fertility Rate (TFR) to 2.1, which is when population of country starts stabilizing by 2025. Its strategic focus is on improving access to contraceptives through delivering assured services, ensuring commodity security and accelerating access to high quality family planning services. It will utilise RMNCH+A strategy, FPLMIS and consumer friendly website on family planning. The mission is being implemented in 146 high focus districts that house 44% of country’s population, with highest TFR of 3 and more in country. The high focus districts are in 7 states of Uttar Pradesh, Bihar, Madhya Pradesh, Rajasthan, Jharkhand, Chhattisgarh and Assam.

13) The People’s Bank of China (PBC), central bank of China has banned individuals and organisations from raising funds through initial coin offerings (ICO) saying that practice constituted illegal fund-raising. The PBC notified that digital token financing and trading platforms are prohibited from doing conversions of coins with fiat currencies. Digital tokens cannot be used as currency on t market and banks are forbidden from offering services to ICOs. Initial Coin Offering: ICO is an unregulated means of crowd funding for project via use of cryptocurrency such as Bitcoin,DASH, Ethereum, Monero, Litecoin, Z-cash etc. The right of ownership or royalties of project is offered to investors in form of digital coins in exchange for legal tender or other cryptocurrencies. It means that ICO allows entrepreneurs create their own digital currencies and selling “coins” on the web under ICO route, allowing them to raise millions of dollars in a matter of minutes. The value of coin depends upon the success of business. Presently, there is no regulator for this kind of crowd sourcing. Crypto Currencies or Virtual Currencies are type of unregulated digital money that is neither issued by central bank/public authority, nor is necessarily attached to a fiat currency, but is used and accepted among the members of a specific virtual community. They are capable of being transferred, stored or traded electronically.

14) The Union Government as part of labour law reforms has undertaken drive to rationalize 38 Labour Acts by framing 4 labour codes viz Code on Wages, Code on Social Security, Code on Industrial Relations and Code on occupational safety, health and working conditions. The codification of labour Laws will remove multiplicity of definitions and authorities leading to ease of compliance without compromising wage security and social security to workers. The Code on Wages Bill, 2017: The bill was introduced in Lok Sabha recently. It subsumes and repeals 4 existing Laws, viz. Minimum Wages Act, 1948; Payment of Wages Act, 1936; Equal Remuneration Act, 1976 and Payment of Bonus Act, 1965. It will apply to establishments where trade, business, manufacturing or occupation is carried out. It will also include government establishments. Features of the Bill: National minimum wage: The code ensures minimum wages to one and all and timely payment of wages to all employees irrespective of the sector of employment without any wage ceiling. It introduces concept of statutory National Minimum Wage for different geographical areas. It will ensure that no state government fixes minimum wage below the National Minimum Wages for that particular area as notified by Union Government. It specifies that central or state governments will revise or review minimum wage every five years. Advisory boards: The central and state governments will constitute their respective advisory boards to advise respective governments on aspects of fixing minimum wages and increasing employment opportunities for women. These boards will have representation from employees, employers, and independent persons. Further, one-third of total members will be women. Payment of Wages: The code proposes payment of wages through cheque or digital/electronic mode along with conventional cash payments. It mentions deduction of employee’s wages on certain grounds by not exceeding 50% of employee’s total wage. Redressal of grievances and settlement of claims: It proposes appellate authority between Claim Authority and Judicial Forum for speedy, cheaper and efficient redressal of grievances and settlement of claims. Offences: The Code specifies penalties for offences committed by an employer. Such penalties vary depending on nature of offence have been rationalized with the amount of fines varying as per gravity of violations. Moreover it specifies that compounding of offences are not punishable by penalty of imprisonment.

15) Jharkhand Governor Draupadi Murmu gave her assent to the Jharkhand Religious Freedom Bill, 2017. The state government will now issue notification on the Religious Freedom Bill, after which it will become an Act. With this Jharkhand, become seventh state in the country to have anti-conversion law. Other six states with similar law are Maharashtra, Chhattisgarh, Odisha, Madhya Pradesh, Gujarat and Himachal Pradesh. Jharkhand Religious Freedom Bill, 2017: The Bill seeks to bring stringent anti-conversion law in place under which forceful or allurement induced religious conversion will be non-bailable criminal offence. It defines allurement for religious conversion and also includes religious conversion based on cash or economic benefits under the definition. The Section 3 of Bill prohibits forceful conversion. The violation of this section will result in punishment upto 3 years imprisonment or Rs 50000 penalty or both. If the religious conversion crime involves a minor, woman or person from S ST community than prison term would be up to 4 years and a penalty of Rs.1 lakh. Background: The state assembly had passed this law inorder to prevent rampant religious conversions taking place in state. It was found that most of the religious conversions cases in the state were predominantly in tribal and backward communities lured by money or other benefits.

16) The 9th BRICS summit was held in Xiamen, China. The theme of the summit was “Stronger Partnership for brighter Future”. It was for second time the summit was hosted in China after 2011 summit. At the end of summit, BRICS leaders adopted Xiamen declaration. Strategic Framework of BRICS Customs Cooperation. BRICS Action Plan for Innovation Cooperation(2017-2020). BRICS Action Agenda on Economic and Trade Cooperation. MoU between BRICS Business Council and New Development Bank on Strategic Cooperation. Features of Xiamen declaration: Strive towards broad partnerships: BRICS countries agreed to strive towards broad partnerships with emerging markets and developing countries and pursue equal-footed and flexible practices and initiatives for dialogue and cooperation with non-BRICS countries, including through BRICS Plus cooperation (It includes Thailand, Tajikistan, Egypt, Kenya and Mexico). BRICS local currency bond markets: Member countries resolved to promote development of BRICS local currency bond markets and agreed to jointly establish a BRICS local currency bond fund and facilitate financial market integration. They will also encourage explorations toward the establishment of the BRICS Institute of Future Networks. R&D and innovation in ITC: They agreed to enhance joint research, development and innovation in information and communications technology (ICT), including internet of things (IoT), big data, data analytics, cloud computing, nanotechnology, artificial intelligence, 5G and their innovative applications. Cooperation on energy: They agreed to strengthen BRICS cooperation on energy and work to foster open, flexible and transparent markets for energy commodities and technologies. Promote effective use of fossil fuels: They also agreed to work together to promote most effective use of fossil fuels and wider use of gas, hydro and nuclear power to move towards low emission economy, better energy access and sustainable development. BRICS Agriculture Research Platform: It is proposed to be established in India which will serve as virtual network facilitating cooperation in priority areas. Broad counterterrorism coalition: They called upon international community to establish genuinely broad counterterrorism coalition and support UN’s central coordinating role in this regard. People-to-People exchanges: It should be promoted for development and enhancing mutual understanding, friendship and cooperation among BRICS countries. BRICS: BRICS is acronym for an association of five major emerging national economies viz, Brazil, Russia, India, China and South Africa. It was established in 2009. Originally it was known as BRIC before inclusion of South Africa in 2011. The first formal summit was held in Yekaterinburg, Russia in 2009. BRICS countries are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. They are home to 42% of the world’s population. Their total share in the global economy has risen from 12% to 23% in the past decade and collectively contribute they more than half of global growth.

17) The Reserve Bank of India (RBI) has added HDFC Bank, the second largest private sector lender of country in list of Domestic Systemically Important Banks (D-SIBs). HDFC Bank is third bank in country to be added in list of D-SIBs after State Bank of India (SBI) and ICICI Bank which were added in 2016 and continue to be in that category. Systemically Important Banks: SIBs are perceived as certain big banks in country. Since country’s economy is dependent upon these banks, they are perceived as ‘Too Big To Fail (TBTF)’. There are two types of SIBs: Global SIBs, identified by BASEL committee on banking supervision and Domestic SIBs; identified by central Bank of country. Need: Following the global financial crisis of 2008, it was observed that problems faced by certain large and highly interconnected financial institutions hampered orderly functioning of financial system, which in turn, negatively impacted real economy. As some of the banks are perceived as TBTF, they can lead to reckless practices on their part like increased risk-taking, reduction in its market discipline, creation of competitive distortions etc. because of expectation of government support them at time of distress. All this can increase probability of distress in future. Therefore, it is required recognition of these banks as SIBs and subjected to additional policy measures to deal with systemic risks and moral hazard issues posed by them. They are forced to have additional capital against financial emergency, so that taxpayer money not wasted in rescuing them during crisis. RBI Framework for dealing with D-SIBs: RBI had started listing D-SIBs from August 2015 after it had issued Framework for dealing with D-SIBs in July 2014. D-SIB Framework requires RBI to disclose names of banks designated as D-SIBs every year in August starting from August 2015. The framework also requires that D-SIBs may be placed in four buckets depending upon their Systemic Importance Scores (SISs). Based on bucket in which D-SIB is placed, an additional common equity requirement has to be applied to these listed banks, as mentioned in Framework. In case foreign bank having branch presence in India is Global-SIB, it has to maintain additional CET1 capital surcharge in India as applicable to it as a G-SIB, proportionate to its Risk Weighted Assets (RWAs) in India under the D-SIB Framework. Identification of D-SIBs: The D-SIB Framework specifies a two-step process of identification of D-SIBs. In first step, sample of banks to be assessed for systemic importance has to be decided. The selection of banks in sample for computation of SIS is based on analysis of their size as a percentage of annual GDP. Moreover, additional Common Equity Tier 1 (CET1) requirements are also applicable to D-SIBs from April 1, 2016 in phased manner and will be fully effective from April 1, 2019. The additional CET1 requirement will be in addition to the capital conservation buffer.

18) The Union Ministry of Water Resources, River Development and Ganga Rejuvenation has constituted task force for speedy implementation of various ongoing Namami Gange programme. The task force is expected to have ministers and officials from water resources, urban development, drinking water and sanitation and rural development among others onboard. Namami Gange programme: Namami Gange programme is an ambitious flagship programme of Union Government aiming at integrating various efforts to clean and protect River Ganga in comprehensive manner. It was launched by Prime Minister Narendra Modi in May 2015. The programme aims at Ganga rejuvenation by combining the existing ongoing efforts and planning under it to create a concrete action plan for future. It has budgetary outlay of Rs.20,000 crore to accomplish twin objectives of effective abatement of pollution, conservation and rejuvenation of River Ganga. It will cover 8 states, 47 towns and 12 rivers under project. The main pillars of programme are sewerage treatment infrastructure, river-front development, river-surface cleaning, bio-diversity, afforestation, public awareness, industrial effluent monitoring and ganga gram. It also seeks to benefit vast population dependent on River Ganaga in terms of job creation, improved livelihoods and health benefits. Its implementation has been divided into entry-level activities for immediate visible impact, medium-term activities to be implemented within 5 years of time frame and Long-Term Activities to be implemented within 10 years. It also endeavours to deploy best available knowledge and resources international countries that have expertise in river rejuvenation such as Australia, UK, Germany, Finland, Israel etc.

19) The 12th edition of India-Nepal joint military exercise- Surya Kiran XII was held at Nepal Army Battle School (NABS) in Saljhandi, Nepal. The 14 day exercise (from 3 to 16 September 2017) focused on skills required counter-terrorism and counter-terror, forest fighting and natural disaster management operations. Key Facts: In this edition of exercise, Indian Army was represented by troops of Kumaon Scouts and Narayan Dal Battalion participated on behalf of Nepal Army. Both troops focused on the various counter insurgency operations. They also focused on important aspects such as humanitarian assistance and disaster relief (HADR) operations and environmental conservation. The exercise mutually benefited both armies by gaining varied experiences and also strengthened friendly relation between India and Nepal. Background: The Surya Kiran series of bilateral military exercises are conducted bi-annually, alternatively in India and Nepal. It is largest exercise in terms of troop’s participation in series of military training exercises undertaken by India with various countries. It aims at promoting military relations and increasing interoperability armies of neighbouring countries. The 11 edition of the exercise was held in Pithoragarh area of Uttarakhand in March 2017.

20) The Union Government has accepted recommendations of National Anomaly Committee (NAC) to maintain disability pension for defence forces in parity with civilians under 6th Central Pay Commission (CPC). With acceptance of recommendations of NAC, Government will not go ahead with new disability pension parity regime recommended by 7th CPC and continue earlier system of disbursing disability pension. Background: The armed forces were pressing for reverting to percentage-based regime for disability pension and were strongly opposed to slab-based system conceived by 7th CPC. They felt that new slab-based system would result in reduction in amount of disability pension for existing as well as future retirees compared to percentage-based disability pension. They were also upset as civilian pensioners were to be paid pension according to earlier percentage system. To address the issue, Defence Ministry had referred this matter to NAC to decide methodology for calculation of disability element of disability pension under 7th CPC. Complaint and Litigation Reduction Scheme: The Ex-Servicemen Health Contributory Scheme (ECHS) has launched Complaint and Litigation Reduction Scheme (CLRS) for grievance redressal of veterans and their dependents. It will assist Defence Ministry to increase focus on formulation of caring policy and implementation initiatives preserving time and resources of our veterans who have served the nation.

21) The National Teachers Day is observed every year on 5th September in India to commemorate birthday of country’s first Vice President and second President Dr Sarvepalli Radhakrishnan. To celebrate this day, various programmes were organised in schools and colleges throughout the country to honour of teachers who shaped the lives of students and showed them path of success. On this occasion, Environment Ministry launched Prakarti khoj, an environment awareness initiative. It is an online environmental quiz competition conducted at national level. The objective of quiz was to generate interest among school children about the science related to environment. Dr Sarvepalli Radhakrishnan: Dr Sarvepalli Radhakrishnan was born on 5 September 1888 in Thiruttani in then Madras Presidency of British India (now in Tamil Nadu). He was Indian philosopher and statesman and one of best known scholars in field of comparative religion and philosophy in India in 20th century. He had tremendously contributed towards new contemporary Hindu identity in eyes of the ill-informed Westeners. He held great respect for teachers and always believed that teachers are real nation builders and thus should always be the best minds in the country. He was the first Vice President of India (in office from 1952–1962), Second President of India (in office from 1962 to 1967). He was first recipient Bharat Ratna, India’s highest civilian award along with politician C. Rajagopalachari, scientist C. V. Raman. He was also awarded British Royal Order of Merit (1963).

22) The Indian Computer Emergency Response Team (CERT-In) has issued an alert about spread of new ransomware (malicious software) ‘Locky’ that can lock computers and demand ransom for unlocking them. Ransomware is basically type of malicious software designed to block access to computer system until sum of money is paid. Locky Ransomware: Locky ransomware is being circulated through massive spam campaign in which spam emails with common subject lines target computers by locking them and demanding ransom for restoring access to users. It first had surfaced in 2016. It encrypts files on victims’ PCs and adds a .locky file extension. The attackers then demand ransom in Bitcoin payment to unlock the files. It is demanding ransom of half bitcoin, which at present rate is equivalent to over Rs 1.5 lakh. So far, it has extorted more than $7.8 million in payments, according to a recent study. However, its impact on Indian systems is not clear so far. Comment: The Locky Ransomware cyberattack is third major ransomware attack this year after Wannacry and Petya which had crippled thousands of computers, including those of multinational corporations. According to an Assocham PWC study, India was third worst affected country in list of over 100 countries hit by Wannacry in May 2017. CERT-In: CERT-In is nodal agency for information technology security under aegis of Department of Information Technology, Ministry of Electronics and IT. It was established in 2004. Its mandate is to protect Indian cyberspace and software infrastructure against destructive and hacking activities. It also responds to computer security incidents, report on vulnerabilities and promote effective IT security practices throughout country. It also issue guidelines, vulnerability notes, advisories, and whitepapers regarding to information security practices, prevention.

23) Five banks of BRICS Interbank Cooperation Mechanism (ICM) have agreed to establish local currency credit lines and develop cooperation on credit ratings. In this regard, they have signed agreement ahead of 9th BRICS summit to be held in Xiamen, China. These five banks are Brazilian Development Bank, Russia’s Vnesheconombank, Export-Import Bank of India (EXIM), China Development Bank and Development Bank of South Africa. Key Facts: The agreement will allow these five banks to establish framework mechanism to extend credit lines in local currencies to BRICS ICM members and BRICS companies against guarantees of signatory banks. The use of local currencies will help to promote mutually beneficial economic cooperation, increase trade, mitigate currency risks and facilitate companies in accessing BRICS markets. Moreover, the agreement on credit ratings will allow ICM members to share information about internal credit ratings assigned to clients, as well as assignment methodologies and rating assessment. Information under it will be provided at request and on a confidential basis. BRICS Interbank Cooperation Mechanism (ICM): BRICS (Brazil, Russia, India, China and South Africa) nations had established the BRICS ICM to enhance trade and economic relations amongst BRICS countries, and enterprises.

24) Breakthrough Listen project has detected 15 fast radio bursts (FRBs) coming from a dwarf galaxy about 3 million light years away from earth. The new detection was made with help of Green Bank Telescope (GBT) in West Virginia. It was emitted from FRB 121102, a mysterious source associated with galaxy in the distant universe. This detection brings the total of known FRBs from this strange object to more than 150. The first known radio burst from FRB 121102 was detected on November 2, 2012 (hence the object’s name). Two more bursts were detected in May 2015 and eight more in June 2015. It is being speculated, among other things, that this detected FRB is an energy source used by extra-terrestrial (ET) civilisations to power spacecraft. Fast radio bursts (FRB): FRB is brief, bright pulse of radio emission from distant galaxies. It was first detected in 2007 with help of Parkes Telescope in Australia. It is a high-energy astrophysical phenomenon of unknown origin manifested as transient radio pulse lasting only a few milliseconds. Breakthrough Listen Project (BLP): BLP is US$100-million global astronomical initiative launched in 2015 by Internet investor Yuri Milner and cosmologist Stephen Hawking. It has teams from around the world to find signs of intelligent life in universe. The 10-year programme aims to survey 1,000,000 closest stars to Earth by scanning entire galactic plane of Milky Way. It will listen for messages from the 100 closest galaxies at 10 billion different frequencies originated beyond our galaxy.

25) According to international team of astronomers, earth-sized planets orbiting ultracool TRAPPIST-1 dwarf star may have substantial amounts of water and could be habitable. They had used Hubble Space Telescope (HST), a joint project of European Space Agency (ESA) and NASA to estimate whether there is water on seven planets orbiting in TRAPPIST-1 planetary system. Key Facts: Astronomers had examined amount of ultraviolet radiation (UV) received by individual planets of system to detect presence of water. UV radiation is important factor in atmospheric evolution of planets as it can break water vapour in atmospheres of planets into hydrogen and oxygen in process called photodissociation. UV rays with more energy and X-rays heat upper atmosphere of planet, which allows hydrogen and oxygen, products of photodissociation to escape. Hydrogen gas escaped from exoplanets’ atmospheres was dectected by HST indicating it as a possible indicator of atmospheric water vapour. The results suggest that outer planets of TRAPPIST-1 planetary system may harbour substantial amounts of water. This includes three planets within habitable zone (Goldilocks zone) of star, lending further weight to the possibility that they may indeed be habitable and support alien life. The observed amount of UV radiation emitted by TRAPPIST-1 suggests that planets could have lost gigantic amounts of water over course of their history. The inner planets (TRAPPIST-1b, 1c, 1d) could have lost water worth more than 20 Earth- oceans- during the last eight billion years. However, outer planets of system (e, f and g) which are in habitable zone might have lost much less water, suggesting that they could have retained some on their surfaces. TRAPPIST-1: The seven Earth-sized planets (named TRAPPIST-1b, c, d, e, f, g and h) orbiting ultracool dwarf star TRAPPIST-1 were discovered by astronomers in February 2017. The TRAPPIST-1 planetary system is 40 light-years away from Earth. Its dwarf star Trappist-1 is at least 500 million years old and is marginally larger than Jupiter. It has temperature of 2550K and shines with a feeble light about 2,000 times fainter than Earth’s sun.

26) Nine new members were inducted into Council of Ministers of NDA Government led by Prime Minister Narendra Modi in recent reshuffle. The aim of reshuffle was to reinforce 4Ps — passion, proficiency, professional and political acumen in Government. 9 new members inducted are: Hardeep Singh Puri: Minister of State (Independent Charge) Ministry of Housing and Urban Affairs. Satya Pal Singh: MoS Human Resource Development and MoS Water Resources, River Development and Ganga Rejuvenation. Shiv Pratap Shukla: MoS Finance Ministry. Alphons Kannanthanam: MoS (Independent Charge) of the Ministry of Tourism; and MoS in Ministry of Electronics and Information Technology. Raj Kumar Singh: MoS (Independent Charge) of Ministry of Power; and MoS (Independent Charge) of Ministry of New and Renewable Energy. Virendra Kumar: MoS in Ministry of Women and Child Development; and MoS in Ministry of Minority Affairs. Anantkumar Hegde: MoS in Ministry of Skill Development and Entrepreneurship. Besides, four senior ministers were elevated to the cabinet rank. They are- Piyush Goyal: Railway Ministry. Nirmala Sitharaman: Defence Ministry. Mukhtar Abbas Naqvi: Minority Affairs Ministry. Dharmendra Pradhan: Skill Development and Entrepreneurship Ministry.

27) Nirmala Sitharaman (58) became first full time woman Defence Minister of India after she was promoted to the Union Cabinet. She takes charge of the crucial ministry from Union Finacne Minister Arun Jaitley. Ms Sitharaman is second woman to become Defence Minister of India. First was former Prime Minister Indira Gandhi, who was holding additional portfolio as Defence Minister from 1980-82. Nirmala Sitharaman: Nirmala Sitharaman was born 18 August 1959 in Madurai, Tamil Nadu. Currently, she is Rajya Sabha MP representing Karnataka. She hails from Andhra Pradesh. She had obtained BA degree from Seethalakshmi Ramaswamy College, Tiruchirappalli and MA degree in economics from Jawaharlal Nehru University followed by Ph.D in Indo-European textile trade within GATT framework and MPhil. She has served at Pricewaterhouse Coopers as a Senior Manager and later for the BBC World Service. Before her elevation to Union Cabinet in NDA Government led by Prime Minister Narendra Modi, she was Minister of State (MoS) for Finance and Corporate Affairs and Minister for Commerce and Industry with independent charge. Before that she was national spokesperson for Bharatiya Janata Party (BJP). She was member of National Commission for Women (NCW) from 2003-05. She is founder member of Pranava School in Hyderabad.

28) Swedish defence and security company SAAB and Indian conglomerate Adani Group have announced collaboration in defence manufacturing entailing billions of dollars of investment. The partnership was announced mainly for design, development and production of single engine Gripen fighter jets under ‘Make in India’ if they win government contract to equip Indian Air Force (IAF) with new jets. They will compete with collaboration of US aircraft major Lockheed Martin and Tata Advanced Systems Limited (TASL) which are planning to manufacture F-16 fighter aircrafts in India. Key Facts: The $12 billion Adani Group has interests in energy, real estate, logistics and fast-moving consumer goods (FMCGs), among others. It has no presence in the defence sector and nor does have experience in manufacturing space either. SAAB is manufacturer of Gripen, a single-engine multi-role fighter aircraft featuring state-of-the-art technology, including advanced data links and sensors. Background: IAF is expected to begin process for procuring 100 plus single engine fighter jets to replace ageing fleet of Russian Mig-21s and Mig-27s in service. The procurement will be under recently promulgated Strategic Partnership (SP) model of Defence Procurement Procedure (DPP). The deal is estimated to be worth over Rs. 60,000 crore. Under this deal, first 18 aircraft will be brought to India in a flyaway mode and rest will be manufactured in India by Indian private company with technology transfer from foreign manufacturer. Only two aircrafts are available in global market to meet IAF’s requirement criteria viz, F-16 and Gripen. Need for new aircrafts: The IAF needs minimum strength of 42 fighter squadrons to dominate and tackle two-front collusive threat simultaneously from China and Pakistan. Currently, IAF has 32 fighter squadrons. Further due to retirement of old aircraft, numbers will further go down by 2021. By then, 11 squadrons of Mig-21 and Mig-27, which are 35 to 45 years old, will be retiring from service. So to mitigate the shortfall, IAF is procuring new advance single engine fighter aircrafts.
29) India and European Free Trade Association (EFTA) will meet shortly in an attempt to conclude their long pending negotiations on Free Trade Agreement (FTA). So far, 16 rounds of negotiations have taken place which had started in 2008. Both sides had resumed talks on the agreement in January 2017 after a gap of three years. Key Facts: The proposed FTA between India and EFTA covers trade in goods and services, investments, IRPR protection, trade facilitation, customs cooperation and public procurement. The early conclusion of the proposed FTA between India and EFTA as well as an investment protection framework will boost economic ties between the two sides. The India-EFTA bilateral trade was worth $19 billion in 2016-17 from $21.5 billion in 2015-16. The trade balance was in favour of EFTA members. European Free Trade Association (EFTA): EFTA is regional trade organisation and free trade area consisting of four European states, Iceland, Norway, Switzerland and Liechtenstein. It operates in parallel with European Union (EU), and all four member states participate in the European single market. It was established in May 1960 thorough Stockholm Convention to serve as an alternative trade bloc for those European states that were unable or unwilling to join then European Economic Community (EEC) (which subsequently became European Union). EFTA is not a customs union and member states have full rights to enter into bilateral trade arrangements with third-country. Moreover, it does not envisage for political integration nor issue legislation. Its secretariat is headquartered in Geneva, Switzerland.

30) The 2017 Rajaswa Gyan Sangam, a two-day annual conference of senior tax administrators was held at Vigyan Bhawan, New Delhi. It was inaugurated Prime Minister Narendra Modi. The conference was jointly organised by Central Board of Direct Taxes (CBDT) and Central Board of Excise & Customs (CBEC). Key Facts: The objective Rajaswa Gyan Sangam 2017 was to enable two-way communication between policy-makers and senior officers in field offices with view to increase revenue collection and facilitate effective implementation of law and policies in key result areas. The conference was attended by senior officers of CBDT and CBEC. The senior officers of Finance Department of the States and Union Territories for first time also had attended conference. Various joint sessions, separate Technical Sessions of each Board were held during two-day Conference. Issues arising in implementation of policies and strategies to achieve targets in core functional areas were discussed. Such issues discussed included HR issues, Strategies for Revenue Maximisation, Litigation Management, Taxpayer Services, Tax Evasion, GST and Customs Reforms and Modernisation.

Previous Week ———————— Next Week

All Weekly Round-ups

Our own publications are available at our webstore (click here).

For Guidance of WBCS (Exe.) Etc. Preliminary , Main Exam and Interview, Study Mat, Mock Test, Guided by WBCS Gr A Officers , Online and Classroom, Call 9674493673, or mail us at – mailus@wbcsmadeeasy.in
Please subscribe here to get all future updates on this post/page/category/website