Current Affairs 1st May 2016

Current Affairs 1st May 2016 - Important Points

• From May 1 which Act came into force - Real Estate Act
• Reliance Defence signed agreements with - 3 Ukranian companies
• Which state High Court terms reservation in promotions in the State as unconstitutional - Madhya Pradesh
• SIDBI inks MoU with - SAARC Development Fund
• South India’s first underground metro services flagged off in – Bengaluru
• On 30 April 2016 which day is observed globally - International Jazz Day

Current Affairs 1st May 2016 - Details

From May 1 which Act came into force - Real Estate Act

Among Important National Current Affairs, On 1 May 2016, Real Estate (Regulation and Development) Act came into force. This much awaited and widely acclaimed Act sets up in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers.

The Act is all set to promote the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects.  

Know About Real Estate (Regulation and Development) Act – 

• The Real Estate (Regulation and Development) Act, 2016, which is an Act of the Parliament of India is seeks to protect home-buyers as well as help boost investments in the real estate industry.

• On 10 March 2016, the bill was passed by the Rajya Sabha and by the Lok Sabha it was passed on 15 March 2016.

Reliance Defence signed agreements with - 3 Ukranian companies

Among Important National Current Affairs, few days back on 29 April 2016, Reliance Defence signed strategic partnership agreement with three Ukranian state- owned firms. 

Now, this agreement will allow them to collaborate on a range of military products including transport aircraft, upgrade of armoured vehicles, maritime gas turbines and unmanned aerial vehicles.

During the meeting between Reliance Group Chairman Anil Ambani and Ukranian President Petro Poroshenko, the agreements were signed in Ukraine.

Do You Know – 

• During the meeting, the two leaders discussed issues of strategic interest between the Indian and Ukrainian Defence and Aerospace Industry.

• Reliance Defence is a wholly owned subsidiary of Reliance Infrastructure.

Which state High Court terms reservation in promotions in the State as unconstitutional - Madhya Pradesh

As unconstitutional, the Madhya Pradesh High Court has termed reservation in promotions in the state. By HC division bench chaired by Chief Justice A M Khanwilkar was given ruling in this regard, on the petitions filed several employee associations and social organisations. 

However, Petitioners had challenged the rules of the state government which provided reservation in promotion for Scheduled Castes and Schedule Tribes.

Do You Know – 

According to High Court Ruling, the reservation to underprivileged during appointments is logical but reservations in promotions frustrate talented people. Giving priority to reserved categories over general classes in promotions is not justice.

SIDBI inks MoU with - SAARC Development Fund

SIDBI, which is known as The Small Industries Development Bank of India has inked MoU with SAARC Development Fund (SDF) for mutual cooperation and collaboration. 

By SIDBI Deputy Managing Director A K Kapur and SDF CEO Sunil Motiwal the MoU was signed. MoU envisages SDF and SIDBI to work together in co-funding of projects in Indian MSMEs on risk sharing basis in identified sectors. Development of suitable financial products for SME financing for MSMEs of other Saarc states, the Finance Ministry said in a statement.

Know About SIDBI – 

• Small Industries Development Bank of India (SIDBI) is an independent financial institution which aimed to aid the growth and development of micro, small and medium-scale enterprises MS was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.

• However, in present the ownership is held by 34 Government of India owned / controlled institutions.

South India’s first underground metro services flagged off in – Bengaluru

Among Important National Current Affairs, In Bengaluru, South India’s first underground metro services flagged of at East-West corridor (Purple Line) of BMRCL (Bangalore Metro Rail Corporation Limited). 

This underground metro corridor has been named as Namma Metro and was flagged off Dr BR Ambedkar station by the Union Urban Development Minister Venkaiah Naidu and Karnataka Chief Minister Siddaramaiah. 

The newly inaugurated metro station has 28-km metro line has 5.12-km underground stretch and connects Cubbon Park to the City Railway station.

Know About Namma Metro – 

• Namma Metro which is also known as Bangalore Metro, is a metro system for the city of Bangalore, Karnataka, India. 

• Bangalore Metro Rail Corporation Ltd (BMRCL), is a joint venture of the Government of India and the Government of Karnataka.

On 30 April 2016 which day is observed globally - International Jazz Day

On 30 April 2016, The International Jazz Day was observed across the world.

This year in 2016, UNESCO celebrated the day at Washington, DC.

The aim of this day is to raise awareness in the international community of the virtues of jazz as an educational tool, and a force for peace, unity, dialogue and enhanced cooperation among people.

Know About International Jazz Day – 

• Organized by UNESCO, International Jazz Day is a yearly event to celebrate “the virtues of jazz as an educational tool, and a force for peace, unity, dialogue and enhanced cooperation among people.”

• This Day was proclaimed during the UNESCO General Conference in November 2011. The first annual International Jazz Day was kicked off in Paris by UNESCO Director-General Irina Bokova and UNESCO Goodwill Ambassador Herbie Hancock.