Current Affairs Questions & Answers - July - 01, 2016

ANSWER: All of the above

Explanation:
Tax department has notified rules for calculating fair market value or FMV of assets of listed companies to be computed on the basis of formula that takes market cap, book value of liabilities and total number of shares into account in case of listed companies.

• In the case of unlisted companies, FMV is determined by a merchant banker or accountant as per internationally accepted valuation methodology.
• As shares are listed on more than one recognised stock exchange, the price would be computed with reference to the recognised stock exchange which records highest volume of trading in shares during the period considered for determining the price.
• As per the IT act, if any share or interest in a foreign company or entity gets its value from assets mostly located in India, the such share or interest is said to be situated in India.
• Any income arising from transfer of share or interest is deemed to accrue or arise in India.
• Share or interest is said to derive its value considerably from assets located in India, if FMV of assets in India is comprising 50 percent of the FMV of total assets of the company or entity
• Any share or interest is to derived from India if FMV of asset is more than INR 10 crore

ANSWER: Cloudera

Explanation:
Well known telco Airtel has deployed analytics platform Cloudera to gain customer insights. The solution will permit Airtel to enhance consumer experience and leverage customer data to execute omnichannel campaigns.

• With over 256 m Indian customers, customer and network data collected has to be analysed and the implications studied
• According to the company, the aim is to improve better decisions and enhance entire customer lifecycle with customised offerings.

ANSWER: Defence Communication Network

Explanation:
HCL Infosystems has developed and designed the Defence Communication Network- the first ti-service communication and IT network of the Indian armed forces.

• The network has been designed and developed in India.
• This is the first ever converged tri-service communication and IT network for the Indian Defence Forces
• Network has been designed and developed in India

ANSWER: Nivaran

Explanation:
The Railway Ministry launched the Nevadan portal which is an online system for redressal of service related grievances of serving and former Rail employees.

• The new system will also be launched in multiple regional languages
• With a 1.3 million workforce, Railways is the largest employer in the nation.
• New system will facilitate employees to lodge grievances and monitor progress on mitigation

ANSWER: AutoDesk

Explanation:
For bridging the employability gaps across the industry, NASSCOM has partnered with 3D Design Technology firm Autodesk to make new standardised courseware for product design engineers for enhancing skilling in the field.

• Courseware will also empower students in India to develop more skill sets and larger competency levels

ANSWER: Boris Johnson

Explanation:
Ex London mayor Boris Johnson who has become the next favourite to be the British PM pulled out of the race in an announcement on 30th June, 2016

• Johnson’s withdrawal makes Theresa May, the interior minister from the Remain camp who is said to be a favourite to succeed Cameron
• May firmly believes that no attempts should be made to join the EU through the backdoor and no second referendum
• Another prominent candidate who joined the race is Justice Secretary Michael Gove

ANSWER: Rodrigo Duterte

Explanation:
Rodrigo Duterte has on 30th June 2016 been sworn in as the President of Philippines.

• The 71 year old former prosecutor and longtime mayor of southern Davao city won a victory in May elections
• “If you destroy my country, I will kill you,” he said in a warning to criminals in a speech during the last flag-raising ceremony he presided as mayor in Davao city this week.
• Vice President Leni Robredo was also sown in
• Duterte is the first president to come from the south, home of the minority Muselin and scenes of decades long Muslim separatist insurgency

ANSWER: Nougat

Explanation:
Google officially announced the nickname of the latest version of Android, namely Android N or Nougat.

• Malayali netizens have been campaigning to have the Android N’s name Neyappam
• Other names in the competition included in nachos, nori, nougat, nectar, nectarine and navy bean

ANSWER: Al Qaida in the Indian Subcontinent

Explanation:
US on 30th June 2016 designated AQIS or Al Qaida in the Indian subcontinent as the regional branch of the global terror network as a foreign terror organisation and added it to chief Asim Umar on the lust of international terrorists

• Announcement by the state department prohibits US citizens to engage in transactions with AQIS and Umar and the freezing of all property and interests in the US
• In a video message in September 2014, al-Qaida leader Ayman al-Zawahiri had announced the formation of AQIS to take the fight to India, Myanmar and Bangladesh.
• The group is led by Umar, a former member of US designated Foreign Terrorist Organisation Harakat ul-Mujahidin.

ANSWER: Alvin Toffler

Explanation:
Alvin Toffler, a guru of the post industrial age whose Future Shock and other books were linked to disruptions and transformations bought about by the rise of digital technology passed away at the age of 87.

• He was known as one of the top futurists in the United States
• "Future Shock", a term he first used in a 1965 magazine article, was how Toffler defined the growing feeling of anxiety brought on by the sense that life was changing at a bewildering and ever-accelerating pace.
• His book combined an understanding tone and page-turning urgency as he diagnosed contemporary trends and headlines, from war protests to the rising divorce rate, as symptoms of a historical cycle overturning every facet of life.

ANSWER: Medium range surface to air missile

Explanation:
India on June 30, 2016 test-fired a medium range surface-to-air missile (MR-SAM) from a mobile launcher in the Integrated Test Range (ITR) at Chandipur off the Odisha coast.

• The MR-SAM was co-developed by the Defence Research Development Laboratory (DRDL) of DRDO in partnership with Israel Aerospace Industries (IAI).
• Apart from the missile, the system includes a Multi Functional Surveillance and Threat Alert Radar (MF STAR) for detection, tracking and guidance of the missile.
• The missile, along with MF—STAR, will provide the users with the capability to neutralise any aerial threats.
• The missile will be produced at the Bharat Dynamics Limited (BDL) in Hyderabad.

ANSWER: Argentina

Explanation:
The Argentina women’s team on 27th June 2016 won the 2016 Champions Trophy Hockey title. To win the title, Argentina defeated the reigning World and Olympic champions the Netherlands 2-1.

• The final match was held at the Lee Valley Hockey and Tennis Centre in London, the UK.
• For Argentina, it was the 3rd consecutive title and the 7th title overall.

ANSWER: Tashkent

Explanation:
Shanghai Cooperation Organisation summit concluded on 24 June 2016 in Tashkent, Uzbekistan. The 2-day meeting was conducted under the presidency of Uzbekistan.

• India and Pakistan signed the Memorandum of Obligations on 24 June 2016.
• The signing of Memorandum of Obligations by India and Pakistan started the formal process of joining the SCO as a full member. They are expected to become full members by the next meeting at Astana in 2017.
• It was founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.

ANSWER: Blockchain

Explanation:
RBI Governor HR Khan on 24th June 2016 announced the establishment of a committee to study blockchain technology

• The technology will be used to reduce the use of paper currency.
• The Blockchain database consists of blocks that hold time-stamped batches of valid transactions.
• Then, digital records are put together into blocks and then leaped together cryptographically and chronologically into a chain using complex mathematical algorithms. The encryption process is termed as ‘hashing’.
• The linked blocks form a chain, with each additional block reinforcing those before it, thus giving the technology its name.

ANSWER: Both a and b

Explanation:
Union Government on 28th June 2016 revised the financial limits of departments and ministers for appraisal and approval of Non-Plan Schemes or Projects by competent authorities.

• With this, appraisal and approval process in the Central Government Ministries and Departments will be expedited.
• As per the revised delegation, the Committee on Non-Plan Expenditure (CNE) will now appraise proposals involving expenditure of 300 crore rupees and above. The earlier limit for this was 75 crore rupees.

ANSWER: My Stamp

Explanation:
Indian Post in June 2016 opened up the ongoing scheme of customised printing of My Stam for individuals and corporates

• As part of the scheme, individual and corporate entity can get photo or logo printed inside the postage stamp at INR 12 lakhs
• As per the reports, there will be 5000 sheets comprising 60,000 postage stamps which can be used for general postal mail.
• Earlier India Post only permitted printing of photo or design next to postage stamp on an INR 300 My Stamp Sheet
• The scheme was first introduced ducring INDIPEX- 2011
• It is available in select post officers and philatelic bureaux

ANSWER: Second Shijian series

Explanation:
China on 29th June 2016 launched the second Shijian 16 series satellite carried by Long March-4B rocket from the Jiuquan Satellite Launch Center in northwest China.

• The Shijian-16 satellite will be used for space environment measurements, radiations and technology testing
• The first in the series of satellites was launched in October 2013

ANSWER: Babu Harihar Singh

Explanation:
Babu Harihar Singh dies on 30th June 2016 at the age of 98. He was the former ASI of CID Bihar who interrogated Nathuram Godse, who was the killer of Mahatma Gandhi, the Father of the Nation.

• Singh retired in 1977 with numerous accolades for a brilliant career
• He succumbed to prostrate cancer

ANSWER: None of the above

Explanation:
ZSI on 29th June 2016 started the project to monitor animal species and impact on climate change.

• The project is funded by the Union Ministry for climate change, forest and environment
• As per the project, ZSI will monitor indicators in species like fish, butterflies, bees and other insects to see how climate change has funded distribution of species
• Currently there are 94515 species in the country

ANSWER: Prashikshak

Explanation:
Prashikshak was launched to strengthen District Institutes of Education and Training (DIETs) and bring quality teachers into the Indian school education system.

• ‘Prashikshak’ was launched through Video Conference with DIET Principals across 6 States
• This is the first initiative of its kind in India

ANSWER: All of the above

Explanation:
The President of India, Shri Pranab Mukherjee has extended his greetings and felicitations to the Government and people of the Republic of Burundi , Canada and Somalia on the eve of their National Day (July 01, 2016).

• Mr. Pierre Nkurunziza, the President of the Republic of Burundi, and Mr. Hassan Sheikh Mohamud, the President of the Federal Republic of Somalia, were also congratulated by the President
• Right Honourable David Johnston, the Governor-General of Canada was also congratulated

ANSWER: Follow On Water Jet Fast Attack

Explanation:
The fourth in the series of Follow-on Water Jet Fast Attack Craft (FO-WJFAC) for the Indian Navy was launched on 30 Jun 16 at a ceremony at Garden Reach Shipbuilders & Engineers Ltd (GRSE), Kolkata which also designed the craft.

• It is called INS Tarasa after an Andaman and Nicobar island.
• These Follow-on Water Jet Fast Attack Craft are powered by the latest MTU engines, along with an advanced machinery control system and water jets and can attain a maximum speed of up to 35 Knots.
• The indigenous CRN 91 Gun with Optronic Pedestal gives the ships the requisite firepower to undertake its role of patrolling at sea effectively.