Current Affairs Questions & Answers - Dec 08, 2016

ANSWER: Resourcesat-2A

Explanation:
Resourcesat-2A on 7th Dec 2016 was launched by ISRO. This is its own earth observation satellite. The observation satellite Resourcesat-2A was launched with PSLV C36 from Satish Dhawan Space Centre in Sri Harikota, Andhra Pradesh.

The PSLV-XL variant rocket standing 44.4m tall and weighing 321 tonne was launched.

Resourcesat-2A is a remote sensing satellite intended for resource monitoring. It weighs 1235 kgs and was injected into the 817 km polar Sun Synchronous Orbit. It is a follow up on Resourcesat-1 and Resourcesat-2, launched in 2003 and 2011. This satellite carries three payloads which are similar to those of the Resourcesat.

The satellite aims to continue remote sensing data services to international users provided by its predecessors. The mission will provide inputs in avionic science.

It carries two solid state recorders with a capacity of 200GB each to store the image taken by its cameras. These images can be read out to ground stations.

PSLV-C36 is the 38th flight of the ISRO PSLV. The flight used the XL version of PSLV with six solid strap-on motors.

GSLV MK 3 D1; the heaviest form of the satellite will be launched by 20 January 2017.

12 more satellites will be launched in 2017 and work has been stepped up to launch Chandrayaan 2.

Know More About PSLV

• PSLV stands for Polar Satellite Launch Vehicle. It is a 4 stage engine rocket powered by solid and liquid fuel alternatively.

PSLV is an ISRO versatile launch vehicle used for launch of numerous satellites in:


• Polar SSOs
• GTO/Geosynchronous Transfer Orbit
• LEO/Low Earth Orbits
• Sub GTO
• Since 1994, PSLV has launched 121 satellites. 79 out of these were foreign satellites while 42 were Indian.

ANSWER: LinkedIn

Explanation:
EU on 6th Dec 2016 approved Microsoft’s USD 26 billion acquisition of LinkedIn. Executive arm of the European Commission stated it was clearing the deal.

The deal has been cleared on the condition that post-merger, Microsoft will allow other professional networking sites access to programming commands for its Office applications for 5 years.

It will also allow cloud-computing services for the next five years.

The EU also said that the Microsoft must also grant computer manufacturers the option not to install the LinkedIn shortcut on desktop devices.

EU approval was the final hurdle after approvals from the US, Canada, Brazil and South Africa.

Microsoft Corporation

• Founder: Bill Gates and Paul Allen
• Date Founded: 4th April 1975
• American multinational technology company.
• Headquarters: Redmond, Washington.
• The company develops, manufactures, licenses, supports and sells computer software, consumer electronics and personal computers and services.
• Best Known Products: Microsoft Office, Internet Explorer

LinkedIn


• A business oriented social networking site.
• Founded on: 14th Dec 2002
• Launched on: 5th May 2003
• Software Giant Microsoft will acquire this company for USD 196 per share.
• LinkedIn will retain its distinct brand, culture and independence.

ANSWER: Cho Ramaswamy

Explanation:
Veteran journalist, political analyst and comedian Cho S Ramaswamy passed away on 7th Dec 2016.

This is following a prolonged illness in Chennai at the age of 82. He is survived by his wife, a son and a daughter.

He was the first to propose Narendra Modi as PM candidate. He was also close to J Jayalalitha, late CM of TN.

A law graduate, he was a playwriter, stage actor, movie director and screen play writer. He practiced in Madras HC and served as a legal adviser to TTK & Group

He was a member of the BRC cricket club and was nominated to the RS under the previous NDA government in 1999.

He has acted in over 180 movies, scripted 14 and directed 4.

He also founded and edited political magazine Thuglak.

ANSWER: Mumbai

Explanation:
A Joint Communique was also issued at the conclusion of the two-day BRICS meeting of Revenue heads and Tax experts at Mumbai, India. The meeting was held from 5-6 December 2016.

Its primary objective was to discuss potential areas of cooperation in tax matters. It aimed to initiate an exchange of ideas, opinions, relevant knowledge and experience regarding the same.

All heads vowed to continue their support to all actions and international initiatives taken towards achieving a universally transparent tax system.

They also reasserted their commitment towards actions taken to ensure fairness of the same system, especially in the case of prevention of base erosion, shifting of profits, and exchange of tax information and capacity building of the developing countries.

The leaders expressed extra concern on the process of erosion of the tax base due to aggressive tax practices including incomplete disclosure of information and committed to eliminate the concern by working in solidarity with each other.

They reaffirmed their support for the global Common Reporting Standard for automatic exchange of information and set 2018 as the deadline for its implementation.

The heads jointly declared their continued commitment towards the promotion of closer cooperation on issues of mutual concern and interest.

ANSWER: SBI

Explanation:
PSU company MMTC will tie up with State Bank of India to sell government minted Indian gold coin.

The state-run bullion trader which has tied up with half a dozen banks so far, has sold 1 lakh pieces of Indian gold coin and set the target of 5 lakh units in the next few years.

A similar agreement will be entered with the country’s largest lender, adding the coin is also available at 383 outlets of the PSU.

The coin is the first ever sovereign gold offering by India.

It is the only one to be hallmarked by the Bureau of Indian standards for purity.

Coin manufactured by Security Printing and Minting Corp is made from yellow metal collected under Gold Monetisation Scheme of the central government.

About the Coin

• The coin is available in denominations of 5gm, 10gm and 20 gm bar.
• Prime Minister Narendra Modi launched the coin on November 5, 2015.
• Govt has tied up with seven banks to sell it. They include:
1. Indian Overseas Bank,
2. Vijaya Bank,
3. Federal Bank,
4. Yes Bank,
5. Andhra Bank,
6. ICICI Bank and
7. HDFC Bank.
• Coin is also being sold to customers through 400 designated branches across the nation.

ANSWER: 300 billion FDI

Explanation:
India crossed the $300 billion foreign direct investment (FDI) milestone between April 2000 and September 2016.

• It has succeeded in firmly establishing its credentials as a safe investment destination in the world. Thirty-three per cent of the FDI came through the Mauritius route.

This is because the investors wanted to take advantage of India’s double taxation avoidance treaty with the island nation.

India received $101.76 billion from Mauritius between April 2000 and September 2016.

The cumulative FDI inflows during the period amounted to $310.26 billion.

The inflows in the first half of the current financial year were $21.62 billion, according to data compiled by the Department of Industrial Policy and Promotion.

• The other big investors have been from Singapore, the US, UK and the Netherlands.
• According to the World Investment Report 2016, global FDI flows rose by 38 per cent to $1.76 trillion, the highest level since the global economic and financial crisis began in 2008.

About Indian economy FDI Flows


• Liberalisation of the FDI policy framework has benefitted India.

Major national development programmes that made India the destination for foreign funds include:


• Start Up India
• Stand Up India
• Make in India
• Digital India
• Skill India
• Besides increasing competitiveness, it has boosted investment.
• India last crossed the $300 billion mark at a time when the global economic slowdown has had a dampening impact on FDI flows.

ANSWER: 11

Explanation:
In the Petrotech-2016, 11 memorandum of Understanding were signed.

This includes a consortium agreement between IOCL, BPCL and HPCL, intending to set up India’s biggest oil refinery cum petrochemical complex with a ~60 MMTPA capacity in the State of Maharashtra.

It was also for setting up 5 2G ethanol plants in various parts of the country.

Other MoUs were between:

• MoU with IIT, Guwahati for supporting OIL’s start up initiative
• MoU with IIT, Mumbai for supporting ONGC’s Start-Up Initiative
• MoU between ONGC and Halliburton
• MoU between ONGC and Schlumberger
• Binding MOU (Cost sharing Agreement) for development of Ligno-Cellulosic Ethanol Plants
• Binding MOU (Cost sharing Agreement) for development of Ligno-Cellulosic Ethanol Plants.
• MoU between BPCL and Institute of Chemical Technology
• MoU for Technology Transfer for setting up of 2G Biomass Ethanol Bio-refinery at Bina, M.P.
• MoU for Technology Transfer for setting up of 2G Biomass Ethanol Bio-refinery at Bargarh, Odisha
• MoU for setting up 2nd Generation Ethanol Bio-refinery
• MoU with Technology provider for 2nd Generation Ethanol Bio-refinery

ANSWER: Temporary 100 percent CRR

Explanation:
Reserve Bank of India (RBI) on 7th Dec 2016 kept its key lending - the repo rate - unchanged at 6.25 percent.

This move ended hopes of lower borrowing costs to arrest the demonetisation-induced slide in spending and investment.

The Monetary Policy Committee felt that the assessment is clouded by the still unfolding effects of the withdrawal of specified bank notes (SBNs).

It also lowered its growth forecast for 2016-17 to 7.1 percent from 7.6 percent earlier.

The MPC also decided to restore the cash reserve ratio (CRR) - the proportion of deposits banks are required to park with the RBI - at 4 percent.

The surge in post-demonetisation liquidity had prompted the RBI to temporarily ask banks to park the entire mountain of additional cash as 100 percent cash reserve ratio (CRR) with the central bank.

RBI revised the ceiling on issuance of securities under the market tabilization scheme (MSS) to INR 6 lakh crore, from the previous limit of INR 30,000 crore for financial year 2016-17.

Banks were not in favour of a higher CRR, as parking funds with the RBI in this window does not fetch any returns, and works against lowering lending rates for final individual and corporate borrowers.

India’s Repo Rate

• Stands for: Repurchase Option.
• Since January 2015, the RBI has cut the repo rate six times. India’s retail inflation has touched 4.20 percent in October, triggering hopes of a rate cut.
• The RBI and the government have set a retail inflation target of 4 per cent for the next five years with an upper tolerance level of 6 percent and lower limit of 2 per cent.
• Household spending accounts for more than half of India’s GDP.
• The slowdown in household spending could push back investment growth.

ANSWER: Alibaba

Explanation:
Chinese e-commerce giant Alibaba and the country's biggest phone carrier, China Mobile, announced a partnership on 7th Dec to develop internet-related services as web users migrate to mobile devices.

Chinese internet and telecoms companies are rushing to keep up as activity shifts to mobile phones and tablets.

China has 710 million internet users, more than 90 percent of whom use wireless devices to go online, according to government data.

Alibaba Group and China Mobile Ltd. said they will work on:

• Information infrastructure,
• Cloud computing,
• Smart devices and other technologies.
• Collaboration on e-payment and mobile services is already on.

ANSWER: IFC

Explanation:
Digital payments platform FreeCharge on 7th Dec 2016 partnered with International Finance Corporation (IFC), a member of World Bank Group, to help women entrepreneurs sell their products on its parent Snapdeal's website.

The partnership will support startups and early-stage women entrepreneurs to join the e-commerce platform for the first time, a statement from Freecharge said.

FreeCharge and IFC will combine together to promote women entrepreneurship and improve their financial access through technology and digital payments.

The programme will also address their non-financial needs through skills and capacity building, the statement added.

The aim is to boost cashless transactions and a cashless economy.

ANSWER: UGC

Explanation:
The University Grants Commission (UGC) in one of the important decisions has said that a college principal can get one more term after completion of his/her five-year tenure.

This was following the constitution of the external peer review committee. The framework of the external peer review shall be specified by the UGC.

UGC regulations on (Minimum qualifications for appointment of teachers and other academic staff in universities and colleges and measures for the maintenance of standards in higher education) Regulations, 2010 dated June 30, 2010, were notified on September 18, 2010. It said that clauses 5.6.1 (d) of these regulations have been amended.

UGC

• Stands for University Grants Commission.
• Secretary: Jaspal Sandhu
• Location: UDSC, Benito Juarez Road, Delhi.
• Formed: 1956
• Statutory body set up by GOI.

ANSWER: Donald Trump

Explanation:
Time magazine on Dec 7, 2016 named President - elect Donald Trump its Person of the Year. Time editor Nancy Gibbs indicated Democrat Hillary Clinton was the No. 2 finalist.

Gibbs said the choice of Trump this year was “straightforward”.

The Time cover reads, “Donald Trump - President of the Divided States of America” and the cover image features a photograph of the President-elect sitting in his private residence at Trump Tower.

Gibbs said Time gives the title to the person who has had the greatest influence on events “for better or worse”.

The No.3 finalist for the Person of the Year was “The Hackers,” which Gibbs said referred to “a new cyber security threat we saw this year of state-sponsored hackers looking to delegitimise an American election”.

This isn't the first time TIME has chosen a polarising figure for its world-famous annual profile. Stalin, Hitler and Khomeini were previous choices.

This year, Trump beat out five other contenders, including his election rival Hillary Clinton, musician Beyonce, and Turkish President Recep Tayyip Erdogan, to be named "the person who had the greatest influence, for better or worse, on the events of the year.”

Prime Minister Narendra Modi won the readers' poll for the second time this year.