Current Affairs Questions & Answers - Feb 27, 2017

ANSWER: Both a and b

Explanation:
The Union Minister of State for Minority Affairs (Independent Charge), Shri Mukhtar Abbas Naqvi has said that India is enriched with talent in art-culture, music and literature.

This rich cultural heritage can become an effective mission of “social and cultural harmony”.

The first meeting of Committee on Cultural Harmony Conclave under “Hamari Dharohar” scheme of Minority Affairs Ministry was held on 26th Feb 2017 under the chairmanship of Shri Mukhtar Abbas Naqvi in New Delhi.

It was attended by several renowned artists, musicians, writers.

“Hamari Dharohar” scheme of Ministry of Minority Affairs aims to be helpful in Cultural Harmony Conclave.

The Minister further said that Ghazals, poems, qawwalis, traditional songs-music can be utilized as an effective and constructive mission to shape, showcase and empower India's cultural harmony and heritage.

All programmes of ghazals, poems, qawwalis, traditional songs-music and dance can be organized in different parts of the country under “Hamari Dharohar” scheme.

A high level committee, constituted in this regard, will chalk out a framework for the entire process including nature of the programme, venues, dates, months and the participant musicians, lyricists, dancers, singers and other artists.

The Ministry has been planning to organize the first programme of cultural harmony conclave at Delhi’s Purana Quila.

ANSWER: 25th Feb 2017

Explanation:
Defence Security Corps (DSC), which was raised on 25 February 1947 as ‘Defence Department Constabulary’, celebrated its 70th Raising Day on 25 February 2017.

DSC troops have been providing security to various sensitive defence and civil installations across the length and breadth of the Country since 1947.

DSC is known for its relentless efforts in guarding sensitive Defence and civil establishments.

DSC has been awarded three Vir Chakras, one Kirti Chakra, four Shaurya Chakras, ten Sena Medals, two Vishisht Seva Medals and fifteen Chief of Army, Air and Naval Staff Commendation Cards.

ANSWER: market cap

Explanation:
Tata Consultancy Services (TCS), which is the country’s largest listed company in terms of market capitalisation, has announced India’s biggest buyback offer till now.

The software major plans to buy back up to 5.61 crore equity shares at INR2,850 per share.

Assuming that 5.61 crore shares - equivalent to 2.85% of the company’s equity - are bought back, the offer size would be pegged at INR 16,000 crore, surpassing Reliance Industries Ltd.’s 2012 share buyback offer of INR 10,400 crore.

The buyback is being made through the tender offer route.

This means the existing shareholders can tender their shares through the stock exchange.

The buyback offer price of INR 2,850 represents a 13.7% premium to INR 2,506.50, the closing price on February 20 when the announcement was made.

Since the buyback announcement, the stock has lost nearly 1% to close at INR 2,481.65 on Thursday (the stock market was shut on Friday on account of Mahasivaratri).

The buyback offer price is at a premium of almost 15% over the current market price.

TCS has a cash pile of more than INR 38,000 crore as on December 31, 2016.

Given the tax rules of India, a buy back is a comparatively better way of rewarding shareholders than doling out hefty dividends.

While there is no additional tax in buyback, dividends come at a cost to the company and the shareholders.

There is a dividend distribution tax of more than 20% on the companies while individuals have to pay 10% tax if dividend received is more than INR 10 lakh.

Buy Backs in IT Space: Know More

• The mega buyback offer and the response to it could lead to more such offers, mostly from the IT space.
• Infosys is seeking shareholder approval for amending its Articles of Association to include the provision of buybacks - as mandated by the new Companies Act.
• Wipro, Tech Mahindra and HCL Technologies might be still some time away from such offers because of the lower levels of cash and a historical trend of inorganic growth.
• The board of NASDAQ-listed Cognizant has also approved a plan to return $3.4 billion to its shareholders over two years through buybacks and dividend.
• The NYSE-listed Accenture Plc has a history of returning all its profits to its shareholders in the form of buybacks and dividend payouts.

ANSWER: Both a and b

Explanation:
Scientists at IIT, Madras have come up with a novel technique where e-waste can be used as a resource not only to treat waste water.

It can also be used to generate electricity simultaneously, making it an important innovation to deal with fast growing menace of such hazardous waste in the country.

Under this technique, scientists use e-waste component like "LED\LCD (liquid crystal coated polaroid) glass" as an electrode material in 'Microbial Fuel Cells' (MFCs).

This is primarily a technology used for only waste water treatment.

Use of e-waste as an electrode, however, helps it to generate electricity and recover metals for reuse.

Use of waste to study waste and generate electricity is a novel concept.

Technologies available in the country at present are generally meant for only recovering and recycling components like glass, plastic, printed circuit board, hard drives, batteries and valuable metals.

But this new technology, the scientists claim, can use LED\LCD glass component of e-waste for the twin jobs–waste water treatment and electricity production.

IIT Madras: Know More

• Director: Bhaskar Ramamurthy
• Founded: 1959
• Chairperson: Pawan Kumar Goenka
• Motto: Sanskrit:सिद्धिर्भवति कर्मजा/ (English:Siddhirbhavati Karmaja)

ANSWER: 0.56°C

Explanation:
The average heat index in India is increasing significantly per decade at the rate of 0.56°C and 0.32°C in summer and monsoon respectively.

This is as per a recent research by India Meteorological Department and Indian Institute of Tropical Meteorology.

Heat index is a measure of the stress placed on humans by increased levels of temperature and moisture.

The higher the heat index, the hotter the weather one feels, since sweat does not readily evaporate and cools the skin.

Of 25 mega cities analysed, 17, including Mumbai, Pune, Kolkata and Ahmedabad, have long-term average summer heat index in 'very hot category'.

The study found that Mumbai and Pune from west India are in the 'hot category' of the index in monsoon.

Most mega cities in north India, including Delhi and Amritsar, are in hot category of the heat index during the summer season and in 'very hot category' in monsoon.

'Very hot' category is considered dangerous, with health effects such as heat cramps, exhaustion and heatstroke with prolonged exposure or physical activity.

The 'hot category' requires people exposed to it to take extreme caution. The study found that 10 mega cities show significant increasing trends in monsoon heat index, including Mumbai and New Delhi.

The stilling of winds is an interesting phenomenon taking place, even as Indian megacities become unlivable.

The study used monthly average maximum temperature and relative humidity records to analyse heat index during summer and monsoon from 1951 to 2010 for 60 years.

Indian Institute of Tropical Meteorology

• The Indian Institute of Tropical Meteorology or IITM is a scientific institution based in India for expanding research in meteorology of the tropics.
• Addressing this in general with special reference to monsoon meteorology of India, IITM is based in Pune.
• Address: Dr. Homi Bhabha Road, Pashan, Panchawati, Pune, Maharashtra 411008
• Founded: 1962

ANSWER: Germany

Explanation:
India and Germany on Friday ratified a comprehensive Social Security Agreement (SSA), to come into effect from May.

The SSA aims to improve investment flows between the two countries.

The agreement, signed on October 12, 2011, and of which instruments of ratification were exchanged on 24^th Feb 2017, is expected to reduce the operational costs of Indian and German companies operating in either of the countries.

The SSA establishes the rights and obligations of nationals of both countries and provides for their equal treatment and unrestricted payment of pensions even in case of residence in the other contracting state (benefits export principle).

The requirements to be entitled to a pension can be met by aggregating the periods of insurance completed in India and Germany, whereby each country pays only the pension for the insurance periods covered by its laws.

The period of posting will be up to 48 calendar months.

The two countries signed an Agreement on Social Insurance on October 8, 2008, which came into force on October 1, 2009.

As per the Agreement, detached workers of the two countries were exempted from making social security contributions in either country, in case they made such contributions in their native countries.

Subsequently, on October 12, 2011, the two countries signed a comprehensive Agreement on Social Security, which included totalisation of social benefits.

Till date, India has signed and operationalised similar agreements with 18 countries, including Australia, Canada, France, Germany and Japan.

Germany: Know More

• Capital: Berlin
• Code: +49
• President: Joachim Gauck
• Destinations: Berlin, Munich, Frankfurt, Hamburg, Cologne, more
• Official language: German

ANSWER: Both of the above

Explanation:
Belgium captain John-John Dohmen and Netherlands’ Naomi Van were named as male and female International Hockey Federation’s (FIH) Player of the Year (2016) awards respectively.

The Olympic silver medallists Dohmen and Naomi were handed these awards at a ceremony hosted in Chandigarh.

FIH Hockey Stars Awards 2016 were conferred on 23 February 2017 in Chandigarh.

This marks the first time in the history of the sport that the ceremony was held to honour the best players, rising stars, goalkeepers, umpires and coaches.

Awardees for 2016-2017

• Hockey Stars 2016 female Goalkeeper of the Year: Won by Great Britain’s Olympic gold medallist Maddie Hinch.
• Hockey Stars 2016 male Goalkeeper of the Year: won by Ireland’s David Harte. He won the award for the second year in a row.
• Male Rising Star of the Year (2016): Belgium’s Arthur Van Doren
• Female Rising Star of the Year (2016): Argentina’s Maria Granatto
• Coach of Year awards male: Great Britain’s Danny Kerry
• Coach of Year awards female: Great Britain’s Karen Brown
• Umpire of the Year award male: Germany’s Christian Blasch
• Umpire of the Year award female: Belgium’s Laurine Delforge

ANSWER: International Shooting Sports Federation World Cup

Explanation:
India’s Pooja Ghatkar won bronze in the women’s 10-metre air rifle on the opening day of the International Shooting Sports Federation World Cup at the Dr Karni Singh Shooting Ranges.

Pooja finished third with a total of 228.8 in the 10m Air Rifle final behind China’s Mengyao Shi, who won a gold medal with 252.1 in final.

Dong Lijie won the silver medal.

ISSF: Know More

- Sport: Shooting sport

- Jurisdiction: International

- Abbreviation: ISSF

- Founded: 1907

- Headquarters: Munich, Germany

- President: Olegario Vázquez Raña

ANSWER: Bet Dwarka Darshan Circuit

Explanation:
Ministry of Urban Development has approved development of 6 km long Bet Dwarka Darshan Circuit in Gujarat at a cost of INR.16.27 cr under the Central Scheme HRIDAY.

Heritage City Development and Augmentation Yojana or HRIDAY national empowered committee chaired by Shri Rajiv Gauba, Secretary (UD) has approved the circuit.

This circuit is connecting the famous Dwarkadish Haveli and Hanuman Dandi, the only temple housing Hanumanji and his son Makardhwaj, in Dwarka district of Gujarat.

There are two important water bodies along the circuit namely, Ranchod Talav and Shankhudhar Lake.

Dwarka: Know More

• Dwarka is a municipality of Devbhoomi Dwarka district.
• This is in the state of Gujarat in northwestern India.
• It is located on the western shore of the Okhamandal Peninsula on the right bank of the Gomti River.
• In 2011, it had a population of 38,873

ANSWER: CBEC

Explanation:
The Central Board of Excise and Customs (CBEC) celebrated 74th Central Excise Day on 24th February in New Delhi.

CBEC is the single largest contributor to the national exchequer with the collection of INR.8,50,000 crore per year.

Olympic silver medalist, P.V. Sindhu was the guest of honour.

The history of Central Excise day dates back to 1944 when Central Excise Act helped in levying the Central Excise Duty.

Justice Satish Chandra, President, Customs, Central Excise and Service Tax Appellate Tribunal (CESTAT) presided as the chief guest.

CBEC: Know More

• Formed: 26 Jan 1944
• Employees: 19,137 (Gazetted Officers) & 53,754(Non Gazetted Officers)
• Chairman: Mr. Najib Shah
• Branches: 91

ANSWER: Indian Hotels Company Ltd

Explanation:
Tata Group hospitality arm Indian Hotels Company Ltd has said N Chandrasekaran has been elected as the Chairman of its board of directors.

He was initially appointed as a Member of the board on January 27, 2017.

Chandrashekaran had taken over as Chairman of Tata Sons on February 21, becoming the first non - Parsi Chairman of the USD 103 billion Tata Group after heading its leading company TCS for years.

Indian Hotels: Know More

- CEO: Rakesh Sarna (1 Sep 2014)

- Headquarters: Mumbai

- Founder: Jamsetji Tata

- Parent organization: Tata Group

ANSWER: Venezuela, Libya

Explanation:
Venezuela, Libya were suspended from voting in UNGA for the 2016-17 session for not paying dues to the world body.

This is for the second time in two years both countries have been suspended.

Venezuela was to make a minimum $24 million payment under the two-year threshold to get its voting rights restored. While, Libya was to pay minimum payment of $6.5 million.

Besides them other four other countries Papua New Guinea, Sudan, Vanuatu and Cabo Verde also may lose their voting rights for not paying their in past two years .

Libya: Know More

• Capital: Tripoli
• Code: +218
• Currency: Libyan dinar
• Population: 6.202 million (2013) World Bank
• Official language: Arabic