Current Affairs Questions & Answers - Nov 29, 2016

ANSWER: 100

Explanation:
RBI has asked banks to temporarily maintain additional average daily balance to drain out surplus liquidity with them.

This follows the banking system being flooded with liquidity triggered by heavy inflow of deposits, due to ongoing demonetisation exercise.

CRR or slice of deposits that banks have to maintain with the central bank remains at 4 percent of the deposits.

Surfeit of liquidity is on account of the fact that they altogether parked INR 2,27,242 crore in 3 reverse repo auction conducted by the RBI on Nov 26, 2016.

In a circular to banks, RBI said increase in deposits between Sept 16 and Nov 11, scheduled banks will have to maintain incremental CRR of 100 percent beginning Nov 26.

This measure will absorb a part of the surplus liquidity arising from the return of INR 500 and 1000 bank notes, while leaving adequate liquidity with banks to meet credit needs of numerous sectors.

RBI has observed that with the demonetisation decision, there has been an increase in deposits relative to expansion in bank credit leading to large excess liquidity in the system.

It assessed the magnitude of surplus liquidity with the banking system is expected to rise further in coming weeks.

This surplus liquidity will be partly absorbed by applying incremental CRR.

What is Reverse Repo Window?

Reverse repo is a facility provided by the regulator to deposit excess funds by banks for which they earn interest.

ANSWER: All of the above

Explanation:
Sachin Singh on 27^th Nov 2016 became the third Indian boxer to bag the gold medal at the AIBA Youth World Championships.

The tournament was held in St. Petersburg Russia.

Sachin recorded a victory over Cuban national champion Jorge Grinan in the 49 kg weight class.

Sachin defeated his rival 5-0 to record an Indian triumph.

The 16-year-old joined Thokchom Nanano Singh (2008) and Vikas Krishnan (2010) as a winner of this gold medal.

India finished the tournament with one gold and bronze.

Naman Tanwar had settled for a bronze in the 91 kg after losing in the semifinal.

In 2014, India secured just a bronze medal.

BFI or Boxing Federation of India announced cash prizes and incentives for the two winners.

Boxing Federation of India

• President : Ajay Singh, Spicejet’s Chairman and MD
• Secretary General: Jay Kowli, won the post in Sept 2016
• Previous federation Boxing India was dissolved after a revolt by state units

ANSWER: Income Declaration Scheme

Explanation:
With the last date for paying first instalment of due taxes and penalties under one time black money window IDS nearing, banks have been asked to not look for source.

This is to ensure that payments are accepted without any hassle.

The directive comes after a recent CBDT communication to RBI which cited a CBDT communication to RBI saying a declarant had complained about the bank branch refusing to accept tax and penalty as part of IDS.

Scheme stipulates that minimum of 25 percent of tax, surcharge and penalty must be paid by Nov 30, 2016.

The CBDT has also appended the scheme of the IDS which stipulates that a minimum amount of 25 per cent of the tax, surcharge and penalty is to be paid by November 30, 2016.

A further amount of 25 per cent of the tax, surcharge and penalty to be paid by March, 31 next year;

Balance amount to be paid on or before September 30, 2017.

About Income Declaration Scheme/IDS

• IDS is four months in duration
• It was a one-time window beginning in June 2016
• It gave black money holders a chance to come clean by declaring their stash and paying 45 percent tax and penalty
• 64,275 declarants disclosed an amount of INR 65,250 under IDS
• This will yield INR 30,000 crore to the government

ANSWER: All of the above

Explanation:
North Atlantic coral populations supporting a wide variety of sea like are under threat from climate change.

Scientists have warned that changing winter weather conditions may upset fragile marine ecosystems.

Corals permit diverse forms of marine life to thrive by building reef structures that provide protection from predators and safe spaces to reproduce.

A cold water coral called Lophelia pertusa was studied. It grows in deep waters, creating elaborate reefs that are biodiversity hotspots. These populations are maintained by tiny, fragile coral larvae that drift and swim on ocean currents, travelling hundreds of miles between reefs where they attach and begin to grow.

Researchers used computer models to simulate the migration of larvae across vast stretches of ocean.

They wanted to know effect that weather changes could have on the long-term survival of Lophelia pertusa populations in the North Atlantic.

They found the shift in average winter conditions in Western Europe - one of the predicted impacts of climate change - could threaten coral populations.

The team found Scotland's network of Marine Protected Areas (MPAs) appears to be weakly connected, making it vulnerable to the effects of climate change.

A coral population on Rosemary Bank seamount, an undersea mountain off Scotland's west coast, is key to maintaining the network.

ANSWER: Daughter

Explanation:
Iranian film Daughter, directed by Reza Mirkarimi, won the coveted Golden Peacock award at the 47^th International Film Festival of India (IFFI).

The film also won the best actor [male] award for Farhad Aslani, who won the Silver Peacock prize and INR 10 lakh in cash.

The best actor [female] award was bagged by Elina Vasca for her performance in the Latvian film Mellow Mud.

Set in South Iran, Daughter is a family drama bringing out intergenerational conflict between a strict father and a young daughter.

IFFI Winners 2016

• Best director award : Soner Caner and Baris Kaya for Turkish film “Rauf”.
• Special jury award: Lee Joon-ik, South Korean director for the film The Throne.
• The ICFT–Unesco Gandhi medal: Cold of Kalandar, Turkish film, directed by Mustafa Kara.
• Centenary Award for best debut feature film : Rara, directed by Pepa San Martin’s.