Current Affairs Questions & Answers - Apr 15, 2017

ANSWER: France

Explanation:
The French Minister of State for Transport, Marine Affairs and Fisheries Alain Vidalies signed an agreement with Railway Minister Suresh Prabhu.

This is for collaboration in areas such as high-speed and semi-high speed rail, modernisation of current operations and infrastructure, station renovation and operations, suburban trains and safety systems, operations and security.

On semi-high-speed, the parties had decided in 2015 to carry out a technical and execution study for upgrading the speed of passengers trains on the current rail corridor between Delhi and Chandigarh (244 km) up to 200 kmph.

Important Facts: France

• France PM is Bernard Cazeneuve
• The capital of France is Paris and its Currency is Euro
• French Minister of State for Transport is Alain Vidalies.

ANSWER: China

Explanation:
Nepal and China will hold the first-ever joint military exercise from April 17 with a special focus on combating terror and disaster management.

The 10-day-long military drill that will last till April 26 is being organised by the two countries as part of their preparedness against terrorism that has posed as a serious security threat globally.

The military exercise named ‘Sagarmatha Friendship-2017’ will also focus on common interests like disaster management.

Sagarmatha is the Nepali name of Mount Everest, the world’s highest peak, that is bordering between Nepal and China.

Mount Everest: Know More

• Elevation: 8,848 metres (29,029 ft)
• Ranked: 1s
• Listing in Professional Mountain Climbing: Seven Summits, Eight-thousander
• Country's high point

ANSWER: FRBM

Explanation:
The committee report on the Fiscal Responsibility and Budget Management (FRBM) law’s recommendation for a new fiscal council to monitor implementation comes after studying the examples of 40 other countries, advanced and emerging.

The panel, whose report was made public, has proposed the Council as an autonomous body but under the finance ministry.

The proposal is part of its draft Debt Management and Fiscal Responsibility law, meant to replace the existing FRBM Act.

MF: Know More

• Formed: 29 October 1946
• Jurisdiction: Government of India
• Headquarters: North Block, Cabinet Secretariat, Raisina Hill, New Delhi - 110 001
• Cabinet minister: Arun Jaitley
• Minister of state: Santosh Gangwar, Arjun Ram Meghwal
• Key Programs: Pradhan Mantri Jan Dhan Yojana
• Key Departments: Department of Economic Affairs.

ANSWER: Governance, Reward and Accountability Framework

Explanation:
To prime public sector banks (PSBs) to hold their own against nifty private sector rivals and also prepare them for possible mergers in the future, GRAF has been proposed.

The Bank Boards Bureau (BBB) has drawn up an elaborate Governance, Reward and Accountability Framework (GRAF).

The GRAF seeks to ensure that corporate governance at PSBs is in keeping with various pieces of legislation, including the Companies Act, 2013, Banking Regulation Act, 1949, and Securities and Exchange Board of India (listing obligations and disclosure requirements) Regulations, 2015.

RBI issues provisions: Know More

• The Reserve Bank of India (RBI) has issued a new set of enabling provisions to resolve the problem of banks’ mounting non-performing assets (NPAs), or bad loans.
• Through the notification titled “Revised Prompt Corrective Action (PCA) framework for banks. The new set of provisions, effective from April 1, override the existing PCA framework, and are based on the financials of each bank as of March 2017.
• The new framework will be reviewed after three years.

ANSWER: Insurance intermediaries

Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has launched a web portal for insurers that will allow them to register and sell policies online.

The portal - isnp.irda.gov.in - is also open to intermediaries in insurance business.

IRDAI had issued guidelines on e-commerce for insurance sector.

IRDAI indicated insurance companies, brokers and corporate agents can sell and service insurance policies through this platform.

Insurers and intermediaries can create a login credential for registration and submit ISNP application form on the portal.

In its guidelines issued in March, IRDAI allowed that companies may offer discounts to customers if their policies are sold through e-commerce websites.

ANSWER: Haryana

Explanation:
Similar to that of Uttar Pradesh’s ‘Anti-Romeo Squad’, the Haryana government has launched ‘Operation Durga’ to ensure women safety in the state.

Under this operation, the ‘Flying Squad’ is patrolling those areas where anti-social elements are committing crimes against women.

The team is formed by Chief Minister of Haryana Mr. Manohar Lal Khattar. The teams visited public places such as schools, colleges, bus stands and railway stations and nabbed persons indulging in crimes against women, including eve teasing.

Haryana: Know More

• Area: 44,212 km^²
• Capital: Chandigarh
• Population: 27.76 million (2016)
• Chief minister: Manohar Lal Khattar

ANSWER: Uttar Pradesh

Explanation:
The Uttar Pradesh government has signed an MoU with the Centre to ensure 24/7 power supply by Oct, 2018.

The surcharge waiver would cost the state exchequer around INR 3,500 crore.

Also, in a first, the UP government has decided to purchase potatoes directly from farmers to cut wastage of the crop due to shortage of cold storages.

Centre approved procurement of 1 lakh metric tonne (MT) of potatoes+ in the state under the Market Intervention Scheme (MIS) during 2016-17 crop year (July-June).

The approval is in tune with the UP cabinet's decision to procure potatoes so that the farmers are not forced to sell it at throwaway prices in summer.

The purchase will be made at Rs 4,870 per MT. The agriculture ministry will provide an additional Rs 1,217.50 per MT for overhead expenses.

This follows loan waiver for farmers and speed up wheat procurement drive at MSP in the state.

With this, Uttar Pradesh which was the only state in the country which had not signed the agreement has finally come on board the central government scheme.

The chief minister chose Ambedkar Jayanti as the occasion to sign the ambitious 24×7 Power For All scheme of the Centre, as he said it was a tribute to Ambedkar, who stood for equality for all, irrespective of caste.

ANSWER: Operation Clean Money

Explanation:
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.

This operation was launched today with an aim to detect black money generation post-demonetisation.

The Central Board of Direct Taxes (CBDT), policy-making body of the department, has detected undisclosed income over INR 9,334 crore between the period of November 9, 2016 till February 28 this year.

Note bans were announced by PM Modi in Nov 2016. More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period.

More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations (under Operation Clean Money II).

Advanced data analytics has been used to identify suspect cash deposits before launching the latest edition of the operation.

As part of the first phase of the 'Operation Clean Money', launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded to the department.

Under Operation Clean Money, the initial communication to the 60,000 will be via online queries.

Tax officials will also undertake searches and surveys and seek physical documents from the assessee.

It will also probe government or public sector employees who made “large cash deposits” as well as people who made high-value purchases, “layered” or laundered funds by using shell companies and who did not respond to queries under the first phase of the operation.

ANSWER: HP

Explanation:
In a major boost to Himachal Pradesh’s Congress government, Prime Minister Narendra Modi on Saturday conferred ‘Krishi Karman Award.”

This is for its landmark achievement in showing highest production of food grains in year 2014-15, despite adverse weather conditions and rain-fed farming in the state.

The award was received by Agriculture Minister Sujan Singh Pathania, who led a team of senior officers including Additional Chief Secretary (Agri) Upma Chawdhry.

The award consists a trophy, citation and cash amount of rupees one crore.

The Union Ministry of Agriculture had selected Himachal Pradesh for the award under total food grains category-II of the Krishi Karman Award.

During last three years, total food grains production had increased to from 15.41 lakh in 2011-12 to 16.73 lakh tonnes in 2014-15.

The department had also done commendable work in promoting poly-house cultivation, micro-irrigation, organic farming and soil health management.

This feat has been achieved due to dedicated efforts of Agriculture Department in extending technological inputs and services to the farmers.

Himachal Pradesh: Know More

• Area: 55,673 km^²
• Capital: Shimla
• Population: 6.856 million (2012)
• Chief minister: Virbhadra Singh
• Language: Hindi