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  • Current Affairs 1st September 2015

    Updated : 01-Sep-2015

    Current Affairs 1st September 2015 - Important Points

    Current Affairs 1st September 2015 - Details

    Who is appointed as Union Finance Secretary - Ratan P Watal

    Among the important appointments, On 31st August 2015, Ratan P Watal was appointed as the Union Finance Secretary. Earlier to this appointment, he was the secretary of the Department of Expenditure of the Finance Ministry.

    Watal is a IAS officer of 1978-batch Andhra Pradesh cadre.

    Do You Know :

    • Union Ministry of Finance consists five departments namely Department of Disinvestments, Department of Expenditure, Department of Financial Services, Department of Revenue and Department of Economic Affairs.
    • In the Union Ministry of Finance, Finance Secretary is the senior-most IAS officer. He coordinates the working of various departments under the Ministry of Finance.

    Smart National Common Mobility Card model for seamless travel across India was approved by - Union Government

    Among the important National Current Affairs, On 1st September 2015, The Union Ministry of Urban Development gave approval for Smart National Common Mobility Card (NCMC) model for seamless travel across India.

    Features of Smart National Common Mobility Card (NCMC)

    • It is based on EMV Open Loop Card system with stored value model.
    • It meets travel needs based on stored value of money and can be used for travelling by any means of transport and also enables account based retail applications.
    • It is an improved version of nationwide common card prevalent in Singapore.
    • Standards and hardware for Metro gates/validators along with related ecosystems will be developed by the Centre for Development of Advanced Computing (C-DAC).
    • For the development o the model, ministry has approved a funnd of 4.47 crore.

    30 Women in Power: Their Voices, Their Stories was written by - Naina Lal Kidwai

    In August 2015, The book 30 Women in Power: Their Voices, Their Stories written and edited by Naina Lal Kidwai was released.

    The book is a collection of description on modern Indian women who have been pioneers and led large organizations - in banking, law, the media, advertising, government services, health care, consulting, the fast-moving consumer goods sector and the not-for-profit space.

    About Naina Lal Kidwai

    • She is the chairman of HSBC India and an executive director on the board of HSBC Asia-Pacific.
    • She is the first woman president of the Federation of Indian Chambers of Commerce and Industry (FICCI) and also a non-executive director of Nestle SA.

    Who is appointed as CMD of India Trade Promotion Organisation - L C Goyal

    Among the important appointments, On 31st August 2015, he appointment of L C Goyal as the Chairman and Managing Director (CMD) of the Indian Trade Promotion Organization (ITPO) was approved by Prime Minister Narendra Modi.

    About ITPO

    • It was established in April 1977 and is headquarted at Pragati Bhawan, New Delhi.
    • Under the aegis of Ministry of Commerce and Industry for promoting country's external trade, ITPO is the nodal agency of the Union Government.
    • Holding of international trade fairs in India is approved by ITPO only and to avoid any duplication of efforts while ensuring proper timing it also regulates holding of various expositions in India.
    • It has been given a status of a Mini-Ratna Category-1 Central Public Sector Enterprise (CPSE) with 100% shareholding of Government of India.

    Estimates of GDP for April-June quarter of 2015-16 was released by - CSO

    Among the important National Current Affairs, On 31st August 2015, Central Statistical Office (CSO) released the estimates of Gross Domestic Product (GDP) for the April-June quarter of 2015.

    A growth o 7% is noticed during the first quarter of the 2015-16 financial year, as per the estimates. With this, India, for a second straight quarter, remained the fastest growing major economy of the world.

    In the January-March quarter, India had overtaken China as the world’s fastest growing major economy.

    Highlights of the CSO estimates

    • Growth in other areas: agriculture, forestry and fishing (1.9), mining and quarrying (4.0), electricity, gas, water supply & other utility services (3.2), construction and public administration, defence (6.9) and other services (2.7).
    • Gross Capital Formation (GCF) rate, a barometer for investments, continued to decline. It was down to 27.8 per cent from 29.2 per cent in April–June 2014.
    • The economic activities which registered growth of over 7 percent in Q1 of 2015-16 over Q1 of 2014-15 are manufacturing, trade, hotels and transport & communication and services related to broadcasting and financial, insurance, real estate and professional services.
    • GDP at constant (2011-12) prices in Q1 of 2015-16 is estimated at 27.13 lakh crore rupees as against 25.35 lakh crore rupees in Q1 of 2014-15, showing a growth rate of 7.0 percent. In terms of GVA it is 7.1 percent.

    Who is named as Australian of the Day by Commonwealth Bank - Tejinder Pal Singh

    Among the important International Current Affairs, On 31st August 2015, An Indian-origin driver in Australia Tejinder Pal Singh was acredited as Australian of the Day by Commonwealth Bank of Australia for feeding the homeless in Darwin for last three years.

    From the past 3 years, he has dedicated every last Sunday of each month to feed the poor and homeless after his night shift as a cabbie in northern Darwin. He cooked around 30 kg of Indian food to feed the homeless. The free lunch comprises chickpeas, rice and vegetarian curry.

    His van itself carries the sign Free Indian food for hungry and needy people, Provide Sikh family.

    Do You Know :

    For over 35 years, the Commonwealth Bank has been sponsoring the Australian of the Day campaign. The campaign recognises the extraordinary Australians who have made a big difference to the country.

    Name the banks which have been declared as Domestic Systemically Important Banks by RBI - SBI and ICICI Bank

    On 31st August 2015, The Reserve Bank of India (RBI) declared State Bank of India (SBI) and ICICI Bank as Domestic Systemically Important Banks (D-SIBs) in line with the D-SIB Framework released by the RBI on 22nd July 2014.

    These banks have been given the status of D-SIBs based on the methodology provided in the D-SIB Framework and data collected from banks.

    Further, these banks have been put under associated bucket structure as required under the D-SIB Framework and each bucket corresponds to the higher loss absorbency requirements that they would be required to hold from January 2016.

    As a result, SBI has been put under Bucket 3 with additional Common Equity Tier 1 (CET1) requirements as a percentage of Risk Weighted Assets (RWAs) placed at 0.6% and ICICI Bank has been put under Bucket 1 with additional CET1 requirements as a percentage of RWAs placed at 0.2%.

    Highest mountain of North America Mt McKinley renamed as - Denali

    Among the important International Current Affairs, On 28th August 2015, The highest mountain of North America Mt McKinley was renamed as Denali by US President Barack Obama to recognize the sacred status of Denali to generations of Alaska Natives.

    In January 2015, Republican Senate Lisa Murkowski of Alaska introduced legislation that sought to officially call the mountain what Alaskans and indigenous people called it Denali or The High One.

    It is the latest bid by the President Barack Obama to fulfill his 2008 campaign promise to improve relations between the federal government and the nation’s Native American tribes.

    Do You Know :

    In 1896, after a gold prospector exploring the region heard that Ohioan William McKinley, a champion of the gold standard, had won the Republican nomination for president, the peak was named as Mount McKinley.

    Report on Death Penalty was submitted by - Law Commission of India

    On 31st August 2015, The Law Commission of India submitted its report on the Death penalty to the Union Government by Chairman of Law commission Justice (retd) AP Shah.

    In its 272-page draft report, the commission favoured speedy abolition of the death penalty from the statute books of India not serve the penological goal of deterrence any more than life imprisonment.

    However, the capital punishment should not be abolished in cases where the accused is convicted of involvement in a terror case or waging war against the nation.

    It further said that, the administration of death penalty, even within the restrictive environment of ‘rarest of rare doctraine’ was constitutionally unsustainable. Continued administration of death penalty raises constitutional questions related to the miscarriage of justice, errors, as well as the plight of the poor in the criminal justice system.

    Main Highlights of the report

    • The voices of victims and witnesses are often silenced by threats and other coercive techniques employed by powerful accused persons. Hence, it is essential that a witness protection scheme shall also be established.
    • The mercy petition system provided for under the Constitution was questioned by the commission. The exercise of mercy powers under Articles 72 and 161 of Indian Constitution have failed in acting as the final safeguard against miscarriage of justice in the imposition of the death sentence.
    • It is essential that the state establish effective compensation schemes to rehabilitate victims of crime. At the same time it is also essential that courts use the power granted to them under the Code of Criminal Procedure, 1973 to grant appropriate compensation to victims in suitable cases.
    • The need for police reforms for better and more effective investigation and prosecution has also been universally felt for some time now and measures regarding the same need to be taken on a priority basis.
    • The report stated that from 26 January 1950 till date, successive Presidents have accepted 306 mercy petitions and rejected 131.
    • In focusing on death penalty, as the ultimate measure of justice to victims, the restorative and rehabilitative aspects of justice are lost sight of. Reliance on the death penalty diverts attention from other problems ailing the criminal justice system such as poor investigation and crime prevention.