Current Affairs Questions & Answers - Jan 10, 2017

ANSWER: GAAR

Explanation:
In the 2016 year end review, CBDT the apex policy making body of the IT dept declared GAAR will kick in from April 2017.

Legislation against tax avoidance, GAAR or General Anti Avoidance Rules is on a long list of CBDT achievements.

Legislations enacted in 2016-2017

• Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016,
• Implementation of The Direct Tax Dispute Resolution Scheme, 2016
• General Anti Avoidance Rules 2017

Regarding GAAR

In May 2016, consultations were started with stakeholders asking clarity for implementation of GAAR. GAAR is part of the 2012-2013 Budget speech of then FM Pranab Mukherjee.

It is a legislation to check tax evasion and avoidance.

GAAR was initially not implemented because of the concerns of foreign investors.

It was originally to be implemented from April 2014. It will come into effect from April 1, 2017 (assessment year 2018-2019).

The Rules contain provisions permitting the government to prospectively tax overseas deals involving local assets.

Foreign investors have objected to GAAR, saying it could be used to target P-notes as indirect investment. This would attract tax rate of 15 percent.

Investor may then have to set up P-Notes to specifically avoid paying taxes. In the Budget 2015, GAAR was deferred by two years.

ANSWER: Advanced Towed Artillery Gun System

Explanation:
Indian Army has carried out user validation trials of indigenous Advanced Towed Artillery Gun System Dhanush in the Himalayas.

This clears the way for induction in the army. Proof firing tests of Dhanush armament systems were carried out using technical trials in 2016.

DRDO in collaboration with private sector companies has developed this gun system– it was designed by DRDO Armament Research and Development Establishment.

This is the nation's first self made, long range artillery gun. The gun system was designed by Gun Carriage Factory in Jabalpur, part of the Ordnance Factory Board.

What is Project 155?

Project 155 has been a code name for Dhanush since Oct 2012. Efforts to upgrade the Bofors gun beyond 30km was not successful.

From 39 to 52 calibre guns, the systems have advanced considerably.

Features of Dhanush

This is a self propelled gun with limited mobility. It is designed to shoot and scoot, to avoid being bombarded by enemy radars.

The gun can cover a distance of 5km in an hour's time. Weighing 12.7 tonnes and INR 13 crore a piece, Dhanush has seen investment of INR 100 crore till date.

81 percent of the 8500 components which make a Dhanush gun coming from indigenous sources. This is a Make in India initiative.

It can fire older as well as next generation charges. Dhanush has improved laying speed and firing accuracies.

It can correct itself using data even when it fires.

Target impact area covered increased by 100% over Bofors.

Dhanush has modified loading trough for all types of charges. Modified double baffle muzzle brake limits stress on the structure. Gun can auto lay and has a fire control computer on board.

From indigenously producing full manual 105mm Light Field Gun with a range of 17km, Dhanush represents a massive change.

Dhanush 155 MM/45 calibre gun is based on the 1980s’ Bofors FH-77B/39 Calibre artillery gun design. It was aided by the transfer of technology (ToT) clause signed with the Swedish company.

This gun system was first unveiled in February 2014.

Dhanush: Know More

• Designer: Ordnance Factories Board/DRDO
• Designed: 2010-2013
• Manufacturer: Ordnance Factories Board
• Unit cost: US$ 2.11 million (INR 14 crore)
• Produced: 2015 onwards
• Number built: 6 (2015) / 414 (by 2020)

ANSWER: Indian youth seeking overseas employment

Explanation:
MEA has announced that Prime Minister Narendra Modi will launch Pravasi Kaushal Vikas Yojana targeted at Indian youth seeking overseas employment.

PKVY is a skill development programme. At current count, more than 31 million Indians live and work outside India.

This was announced at the 14^th edition of the Pravasi Bharatiya Divas which was the largest ever held with 8000 delegates.

India has the potential to play the role of a Vishwa Guru. PVKY is a skill development initiative of the MEA.

MEA and MSDE have signed an MOU for its implementation. The scheme will be implemented by NSDC/National Skill Development Corporation through its training partners in consultation with MEA and MSDE.

Features of PVKY

• The Short Term Training imparted at PMKVY Training Centres (TCs) is for school/college dropouts or unemployed.
• Apart from providing training according to the National Skills Qualification Framework (NSQF), TCs shall also impart training in Soft Skills, Entrepreneurship, Financial and Digital Literacy.
• Individuals with prior learning experience or skills shall be assessed and certified under the Recognition of Prior Learning (RPL) component of the Scheme.
• The Special Projects component of PMKVY envisages the creation of a platform that will facilitate trainings in special areas.
• TPs shall conduct Kaushal and Rozgar Melas every six months with press/media coverage.
• They are also required to participate actively in National Career Service Melas and on-ground
• Placement and monitoring guidelines are in place.

ANSWER: Meryl Streep

Explanation:
74th Annual Golden Globe Awards ceremony was conducted at Beverly Hills California in the US on 8th Jan 2016.

These are annual awards to honour the best Motion Pictures and American Television actors and productions.

This year (2016), romantic musical comedy La La Land won in 7 categories including top award of best musical or comedy.

Veteran actress Meryl Streep won the Cecil B. DeMille Lifetime Achievement Award.

La La Land featuring Emma Stone and Ryan Goslin won in every category it was nominated for- Best musical

• Best comedy
• Best director
• Best screenplay
• Best score
• Best song

Moonlight was named the best drama film while Casey Affeck and Isabelle Hupper won the other prizes. British actors enjoyed a golden night in TV categories. Two British series The Night Manager and The Crown won the awards.

Affleck was named best actor in film drama for his role in Manchester By The Sea. French star Huppert beat contenders Natalie Portman who played Jackie Kennedy in Jackie. Hupper won the award for the performance in thriller Elle.

Viola Davis was named best supporting film actress for a role she played in Broadway six years back.

British actor Aaron Taylor-Johnson was named as best supporting actor for role in Nocturnal Animals.

Zootopia was named best animated feature film at the ceremony on 8th Jan 2016.

The Golden Globe Awards are run by the Hollywood Foreign Press Association. They honour the best in TV and film from the past year.

ANSWER: None of the above

Explanation:
The International Kite festival started in Ahmedabad at Sabarmati River Front in Ahmedabad.

It was launched by Gujarat CM Vijay Rupani. Close to 51 kite fliers from 8 different states took part in the event.

More than 100 kite fliers from 31 countries are participating in the event including Israel, italy, Germany, Canada, UK and the US.

The theme was “Tourist Destinations of Gujarat.” The festival involved kite workshops, craft stalls to display local art and food stalls with local delicacies.

International kite fliers will also visit Vadodara, Palanpur, Rajkot, Pavagadh, Valasad and Gandhidham in Gujarat as part of the festival.

ANSWER: Kalyan Krishnamurthy

Explanation:
Former Tiger Global executive Kalyan Krishnamurthy has been named the new CEO of Flipkart following managerial restructuring.

Binny Bansal has been moved to the newly created position of Group CEO. Krishnamurthy joined Flipkart in June 2016 as head of commerce unit.

Tiger Global is the largest shareholder and investor in the Bengaluru based company. Binny Bansal took over as CEO previously from co-founder Sachin Bansal who was named executive chairman for the group.

The newly formed organisation will focus on creating future value through a portfolio of new, high growth businesses, managing capital allocation across group companies.

Krishnamurthy will report to Binny Nansal along with Myntra Jabong CEO Ananth Narayanan, while Nithin Seth will be COO for Flipkart. Current Ekart CEO Saikiran Krishnamurthy will move to a new role.

Know More About Flipkart

• Type of site: E-commerce
• Founded: 2007
• Headquarters: Bangalore, Karnataka, India
• Area served: India
• Founder: Sachin Bansal, Binny Bansal
• Key people: Sachin Bansal (Chairman), Kalyan Krishnamurthy (CEO)
• Industry: Internet
• Services: Online shopping
• Employees: 35,000 (2015)
• Subsidiaries: Myntra, Jabong.com, PhonePe
• Website: www.flipkart.com

ANSWER: Axis Bank

Explanation:
Private sector lender Axis Bank became the third in the country to announce usage of blockchain solutions for operations. This follows ICICI and Yes Bank.

Axis Bank is led by Shikha Sharma. It will use the upcoming technology for remittances across border.

Blockchain technology will offer real time, reasonably priced money transfers.

Blockchain solutions is a distributed database maintaining list of ordered records called blocks.

It reduces turnaround time and is transparent. It also ensures zero errors.

Axis Bank has tied up with fintech firm Ripple to offer the solution.

As against 5 days to transfer money, blockchain can do it instantly.

Singapore is also set to launch blockchain-based electronic payment system soon

Second largest lender ICICI Bank was the first to announce block chain solutions in October 2016. This was followed by Yes Bank which announced in Dec 2016 that it will use the technology for vendor financing.

ANSWER: Babur

Explanation:
Pakistan on 9th Jan 2016 launched its first submarine launched cruise missile capable of carrying nuclear warheads up to 450 kms called Babur-3.

It gives Pakistan credible second strike capability. The missile was fired from an underwater, mobile platform.

It is the sea based variant of Ground Launched Cruise Missile (GLCM) Babur-2, which was successfully tested earlier in December, 2016.

Babur-3 SLCM incorporated state of the art technologies including underwater controlled propulsion and advanced guidance and navigation features.

It can evade hostile radars and air defenses. In land attack mode, it can deliver numerous types of payloads.

Know More On Babur cruise missile/Hatf VII

• Type: Medium-range subsonic cruise missile
• Place of origin: Pakistan
• Manufacturer: National Defence Complex (NDC)
• Weight : <1,500 kg (payload >300 kg)
• Length: 6.25 m (7 m with booster)
• Diameter: 0.52 m
• Warhead: Conventional or nuclear
• Engine : Turbofan
• Wingspan: 2.67 m
• Propellant: Solid fuel (booster rocket); Liquid fuel (jet engine)
• Operational range: 700 km
• Speed: 880 km/h or 550 mph (Mach 0.8)

ANSWER: GIFT city, Gandhinagar

Explanation:
PM Modi launched India's first international exchange India INX at IFSC/International Financial Services Center in GIFT city Gandhinagar.

GIFT stands for Gujarat International Financial Tech City. INX is a wholly-owned subsidiary of the Bombay Stock Exchange (BSE).

The global bourse, will start trading initially in equity derivatives, currency derivatives, commodity derivatives including Index and Stocks.

Subsequently, depository receipts and bonds would be offered once the required infrastructure is ready.

INX will work for 22 hours in a day working from sunrise to sunset. It will start when Japan exchanges begin and close when US markets end.

Although the international exchange was inaugurated on January 9, the trading operations are scheduled to begin on January 16.

It is one of the most advanced tech platforms with turn around time of 4 seconds.

It will facilitate international investors and NRIs to trade from anywhere in the world.

The international exchange inauguration was held as part of Vibrant Gujarat Global Summit- 2017.

BSE is also going to sign a memorandum of understanding (MoU) at the Vibrant Summit proposing INR 500 crore for its international exchange, clearing corporation and other activities.

IFSC provides advantages through tax structure and supportive regulatory framework.

About INX

INX is set to have 250 trading members including commodity and overseas brokers.

It benefits in terms of waiver of:

• Security transaction tax
• Commodity transaction tax
• Dividend distribution tax
• Long term capital gain tax
• Income tax

ANSWER: Cristiano Ronaldo

Explanation:
Ronaldo won the honour at the inaugural Best Fifa Football Awards in Zurich.

Real Madrid and Portugal forward Ronaldo, beat Barcelona's Lionel Messi and Atletico Madrid's Antoine Griezmann to win the prize.

31-year-old Ronaldo also won the Ballon d'Or in December 2016.

Both are recognition for success in the Champions League with Real and Euro 2016 with Portugal.

Carli Lloyd of the United States was named the world's best female player.

Leicester's Claudio Ranieri was named best men's coach, ex-Germany boss Silvia Neid won the female coach award.

Penang's Mohd Faiz Subri received the Puskas award for the best goal of 2016.

FIFA has ended its association with Ballon d'Or awards in 2015 and introduced the Best FIFA Football Awards with Ronaldo as its first recipient.

Voting for the player and coach categories was by national team captains and managers, selected journalists and, for the first time, an online poll of fans.

The fan award went to supporters of Liverpool and German club Borussia Dortmund. Colombian side Atletico Nacional were given the fair play award.

Records by Ronaldo

• 44 games, 42 goals, 14 assists.
• The third best minutes-per-goal rate (83.68) of anyone scoring a minimum of 10 goals across Europe's top five leagues during 2016.
• Finishing top scorer in the Champions League in 2015-16 with 16 goals.
• Ronaldo and Messi have a history of not voting for each other for major awards.

ANSWER: Jared Kushner

Explanation:
President elect Donald Trump appointed his influential son-in-law Jared Kushner as a White House senior adviser on 9^th Jan 2017.

This puts estate executive Kushner in position to exert broad sway over both domestic and foreign policy.

It will influence particularly Middle East issues and trade negotiations.

Kushner is married to Trump's daughter Ivanka. She will not be taking a formal White House position.

Mr. Kushner’s own eligibility for the White House could be challenged, given a 1967 law meant to bar government officials from hiring relatives.

Mr. Kushner will resign as CEO of his family’s real estate company and as publisher of the New York Observer.

The anti-nepotism law had appeared to be the main obstacle to Mr. Kushner joining the White House.

Know More About Jared Kushner

• Born: January 10, 1981 (age 35),
• Place of Birth: Livingston, New Jersey, United States
• Spouse: Ivanka Trump (since 2009)
• Education: Harvard University (2003), Frisch School.