Current Affairs Questions & Answers - May 13, 2016

ANSWER: All of the above

Explanation:
RBI has issued norms for branch offices from Pakistan, China, Bangladesh and 4 other regions to require prior approval for establishing a foreign branch office project in India. Other countries and regions are as follows: Sri Lanka, Iran, Afghanistan and Hong Kong/Macau. RBI has also released guidelines for foreign officers to open branch or liaison office or project office in India.

• Permission of the same will have to be granted for all three in J&K, NE region and Andaman and Nicobar islands.
• Approval is also required if the principal business of the applicant falls in four sectors- defence, telecom, private security and information & broadcasting.
• Approval is also required for NGO, NPO or Body/Agency/Department of foreign governments.
• Applications from persons residing in other countries will be judged by the bank as per guidelines.

ANSWER: Payment and Settlement Systems Act

Explanation:
RBI issued a guideline for voluntary surrender of license by payment system operators under the Payments & Settlements Systems Act. As per the PSS Act 2007, RBI must authorities the PSO to operator or commence a payment system in the country.

• RBI also said the option of voluntary surrender of Certificate of Authorisation is only available to entities not commencing payment system operations or discontinuing these operations
• Those entities which have not commenced operations, relevant documents have to be submitted to RIBI
• Guidelines for voluntary surrender of COA is applicable to Payment System Operators, PPI Issuers, MTS Overseas Principal.

ANSWER: Abu Dhabi

Explanation:
The Union Cabinet approved the signing of a pact between SEBI and Financial Services Regulatory Authority, Abu Dhabi for mutual cooperation and technical assistance

• The SEBI pact will promote development of economic links and cooperation between he tow signatories
• Securities and Exchange Board of India (SEBI) has signed bilateral pacts with a number of countries.
• Besides, it is a signatory to global market regulators' grouping IOSCO's MoU (Multilateral Memorandum of Understanding).

ANSWER: Large

Explanation:
RBI released a discussion paper on the framework for enhancing credit supply to large borrowers which will mitigate risks for banks lending to a unitary corporate.

• Guidelines will ideally reduce the risk for the banking sector from exposure to highly leveraged accounts
• This will encourage alternative funding for the corporates

ANSWER: 3

Explanation:

• Canada, Iceland, India, Israel, New Zealand and PRC have signed a agreement for boosting transparency by MNEs through the Multilateral Competent Authority agreement for the automatic change of country to country reports.
• The total number of signatories is now 29
• Other countries which have signed the pact include Australia, France and Germany.

ANSWER: Both of the above

Explanation:
Several Parliamentarians and celebrities on May 12 launched the `No More 50' campaign in order to press for stronger animal rights law so that the culprits do not get away by merely paying Rs 50 for their unlawful action under the prevailing Act.

• The campaign includes a series of videos from Indian celebrities, including Usha Uthup, Sudesh Bhosle, Anup Jalota, Tara Sharma, Arman Mallik and others.
• They are urging the Ministry of Environment to increase punishment for animal cruelty in the Prevention of Cruelty to Animals Act, 1960.
• #NoMore50 is a campaign from Humane Society International/India and People for Animals.
• Film stars Nagarjuna and his wife Amala also joined the movement along with others.

ANSWER: Ofcom

Explanation:
Britain’s government proposed major changes to how the BBC is run to keep it “at the very heart of British life’, watering down more radical plans that had raised fears for the broadcaster’s future.

• Unveiling the proposals in Parliament, media secretary John Whittingdale said the public broadcaster should not simply compete for ratings with its domestic commercial rivals.
• Under the plans, the British Broadcasting Corporation will be regulated by an external organisation, the independent media agency for monitoring,Ofcom for the first time in its 90-year history.
• It would also have a new board to run day-to-day matters, although the BBC would name at least half the 14 members and the government no more than six.

ANSWER: Western

Explanation:
In a new study published on PLOS ONE website, it has been revealed that the Bene Israel community in the western part of India carries genetic proof of the Jewish roots.

• The community too has identified itself as Jewish. According to their oral history, the Bene Israel people descended from 14 Jewish survivors of a shipwreck on India's Konkan shore.
• The exact timing of this event and the origin and identity of the Jewish visitors are unknown. Some date the event to around 2,000 years ago. Others estimate that it took place in 175 BC .But others still believe their Jewish ancestors arrived as early as the 8th century BC.

ANSWER: LeEco

Explanation:
The advertising partnership will provide access to campaign-based analytics and custom research, strategic advertiser tools and resources, and first-to-market advertiser innovation. With Twitter tie-up, LeEco will be the first Chinese brand to get access to First View, a new video-based advertising product from Twitter.

• Twitter’s new First View helps marketers boost audience reach with exclusive ownership of Twitter's advertising real estate for a 24-hour period.
• This means, whenever a Twitter user opens app or logs in to twitter.com, they will see the company's ad at the top in their timelines.

ANSWER: Uday Kotak

Explanation:
The list comprises of 40 most powerful peoples in the financial world.The only Indian who finds mention in the list is Uday Kotak, the CEO of the Kotak Mahindra Bank.

• He is ranked 33rd in the list with a net worth of 7.1 billion dollars and oversees assets worth 34.6 billion dollars.
• The list has been topped by Stephen Schwarzman of Blackstone Group followed by David Tepper of Appaloosa Management and Jamie Dimon of JP Morgan Chase & Co.

ANSWER: Praveen Rashtrapal

Explanation:
Indian National Congress (INC) member of Rajya Sabha Praveen Rashtrapal died on 11 May 2016 after suffering a massive heart attack at 76. He was elected to the 13th Lok Sabha (1999-2004) on behalf of Congress (INC) party from Patan Lok Sabha constituency.
He was a member from the Upper House from April 2006 to April 2012 and was re-elected in April 2012 from the state of Gujarat.

ANSWER: Tony Cozier

Explanation:
Famous West Indian cricket writer, commentator and journalist Tony Cozier passed away on 11 May 2016 in Barbados. He was 75 and he became the editor of the Barbados Daily News where he worked with retired cricketer Everton Weekes during the 1990s. He was a member of the BBC commentary team nd covered every Wisden Trophy except one.

ANSWER: Rajendra Agriculture University PUSA Samastipur

Explanation:
Union Agriculture and Farmer’s Welfare Minister Shri Radha Mohan Singh, on May 12 said that the Rajendra Agriculture University, PUSA, Samastipur has been given the status of Central University. He added that with this, long pending demand of the people of Bihar has been fulfilled.

• Parliament cleared Dr. Rajendra Prasad Central Agriculture University Bill-2015, yesterday. First, Rajya Sabha and then Lok Sabha, passed the Bill, unanimously. Subsequently Hon’ble President Shri Pranab Mukharjee signed on it, yesterday.
• This is the first Central Agriculture University of the State and the second Central Agriculture University of the country.

ANSWER: 35

Explanation:
President of India Shri Pranab Mukherjee conferred the Florence Nightingale Awards to 35 nurses from across the country on the occasion of International Nurses Day at the Rashrapati Bhavan

• The Health Ministry also spoke of several initiatives for strengthening the nursing cadre namely Upgradation of institutions from School of Nursing to College of Nursing, Training of Nurses, and Development of Nurse Practitioner Courses for Critical Care and Primary Healthcare services.