Daily Current affairs - August 7th, 2017 for all competitive exams
National Handloom Day was observed on August 7 across the country to honour
the handloom weavers.
- August 7 was declared as the National Handloom Day
in 2015 to mark the 1905 Swadeshi movement.
- It was on August 7, 1905 that the formal
proclamation of the Swadeshi Movement was made in a meeting at the
Calcutta Town hall. The movement involved boycotting British products and
the revival of domestic products and production processes.
Justice Srikrishna committee
on Institutionalization of Arbitration Mechanism
A High-Level
Committee set up to review the Institutionalization of Arbitration
Mechanism in India has submitted its report to the Union Law Ministry. It was
headed by Justice (retired) BN Srikrishna.
- The Union Government is committed to the speedy
resolution of commercial disputes and to make India an international hub
of Arbitration. So the government has decided to look into the
recommendations and amended laws according to need.
Venkaiah Naidu becomes 15th Vice-President of India
Former Union Minister M Venkaiah Naidu has been
elected as the 15th Vice-President of India. Naidu will be administered
the oath of office by President Ram Nath Kovind.
- The election for the Vice President is conducted through
a secret ballot where the members of
Electoral College consisting of Members of the both Houses of Parliament
including, the nominated members of Lok Sabha and the Rajya Sabha vote.
ASEAN and China adopt framework for crafting code on
South China Sea
Foreign ministers of Southeast Asia and China have adopted a negotiating
framework for a code of conduct in the South China Sea, a move they hailed as
progress but seen by critics as tactic to buy China time to consolidate its
maritime power.
- The framework seeks to advance a 2002 Declaration of
Conduct (DOC) of Parties in the South China Sea, which has mostly been
ignored by claimant states, particularly China, which has built seven
man-made islands in disputed waters, three of which are equipped with runways,
surface-to-air missiles and radars.
- All parties say the framework is only an outline for
how the code will be established but critics say the failure to outline as
an initial objective the need to make the code legally binding and
enforceable, or have a dispute resolution mechanism, raises doubts about
how effective the pact will be.
Japan marks 72 years since Hiroshima atomic bomb
Japan, on August 6th, marked 72 years since the world’s first nuclear
attack on Hiroshima, with the nation’s traditional contradictions
over atomic weapons again coming into focus.
- Japan suffered two nuclear attacks at the end of the
World War II by the United States — in Hiroshima on August 6, 1945 and in
Nagasaki three days later.
- The bombings claimed the lives of 140,000 people in
Hiroshima and 74,000 people in Nagasaki. Some died immediately while
others succumbed to injuries or radiation-related illnesses weeks, months
and years later. Japan announced its surrender in World War II on August
15, 1945.
China’s RCEP push veils grand plan
China is pushing for the early signing of a mega-regional Free Trade
Agreement (FTA), known as RCEP, among 16 Asia-Pacific nations, including China
and India.
- The Regional Comprehensive Economic Partnership
(RCEP), the proposed FTA, aims to boost goods trade by eliminating most
tariff and non-tariff barriers — a move that is expected to provide the
region’s consumers greater choice of quality products at affordable
rates.
- It also seeks to liberalise investment norms and do
away with services trade restrictions. The RCEP is billed as an FTA
between the 10-member ASEAN bloc and its six FTA partners — India, China,
Japan, South Korea, Australia and New Zealand.
TFA implementation: Govt formulates action plan with
timelines
The government has formulated a detailed action plan with timelines for
smooth implementation of WTOs trade facilitation agreement (TFA).
- Members of the World Trade Organisation (WTO)
including India has ratified TFA, which aims at easing customs procedures,
expediting movement, release and clearance of consignments. For the
implementation of the pact, the government has last year set up Cabinet
Secretary-headed National Committee on Trade Facilitation (NCTF).
- Implementation of the plan, which also includes
suggestions of the private sector, have been divided into short term (0-6
months), medium term (6-18 months) and long term (18-36 months).
- The short term action plan includes augmentation of
storage infrastructure for perishable goods and clearance of such goods
within 12 hours of landing for import and 8 hours for export.
PNB customers to pay higher
charges for non-credit services
Come September, PNB
customers will have to pay charges for depositing cash above Rs.
5,000 in a non-base branch even if it is located in the same city.
Currently, the customers of Punjab National Bank have levied charges only for
depositing cash over Rs. 25,000 at a non-base branch within the same
city.
- It has been decided to revise the non-credit related
charges (exclusive of GST) with effect from September 1, 2017, for cash
deposit above Rs. 5,000 at other than base branch within the
same city.
Economist Rajiv Kumar to be
new Vice Chairman of NITI Aayog
Noted economist Rajiv
Kumar will be the next Vice-Chairman of NITI Aayog, which is a think-tank
that replaced the Planning Commission. He will succeed Arvind
Panagariya, who had recently quit as Vice Chairman of Niti Aayog.
- Meanwhile, the Centre has also appointed Vinod
Paul, a Paediatrician at AIIMS, as a member of NITI Aayog.
Vijender beats Zulpikar to win
WBO Oriental Super Middleweight title
Indian professional
boxer Vijender Singh outslugged his Chinese opponent Zulpikar
Maimaitiali to retain the WBO Asia Pacific Super Middleweight title and
win the WBO Oriental Super Middleweight title.
- In the pro boxing bout, termed as 'Battleground
Asia', at Mumbai, Vijender recorded a unanimous decision win
over his Chinese opponent and continued his undefeated streak. It was
Beijing Olympic bronze medallist's ninth successive win in his
professional career.
