How can I exchange old Rs 1000 and Rs 500 notes?

Modi has taken a bold and effective step to curb black money. If you don’t have a black money, it should not bother you much. Your hard earned money will always be yours. You have enough time and opportunities to exchange the old Rs 500 and Rs 1000 notes to legally valid currency notes.

1. You can deposit in your account in any bank or post starting from 10/11/2016 to 30/12/2016. There is no limit for this deposit.
2. Once you deposit your Rs 1000 and Rs 500 notes, you can withdraw in legally valid currency notes up to Rs 10000 per day and Rs 20000 per week from the bank or post offices.
3. One can exchange the notes at banks or head and sub post offices producing identification documents like PAN, EPIC, Adhar, Passport etc. This kind of exchange of notes is capped at Rs 4000 upto 24/11/2016 and Rs 20000 from 25/11/2016 to 30/12/2016.
4. Even if you can not exchange your old Rs 1000 and Rs 500 notes during the given period up to 30/12/2016, you can exchange notes at specified RBI offices with a declaration up to end of this financial year.
5. One can withdraw up to only Rs 2000 at ATMs as of now from 10/11/2016 and it will be increased to Rs 4000 soon.

GK for Bank Exams: Weekly Digest: Oct 30 to Nov 5, 2016

AP tops in energy efficiency

• The World Bank has ranked A.P. as number one in ‘Energy Efficiency Implementation Readiness’ with followed by Rajasthan, Karnataka and Maharashtra
• World bank report titled: ‘India’s State Level Energy Efficiency Implementation Readiness”

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GST Updates: Council fixes 4-level GST rate structure

• Goods and Services Tax (GST) will be levied at multiple rates ranging from 0 per cent to 28 per cent.
• Ultra luxuries, demerit and sin goods, will attract 28 per cent GST
• Two standard rates of 12 per cent and 18 per cent would be applied on the bulk of the goods and services. This includes fast-moving consumer goods.
• Lowest slab of 5 per cent will be for items of common consumption.
• Other necessary items including food will not have any tax.

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Google ties up with ASI for virtual tour of monuments

Google has tied up with the Archaeological Survey of India(ASI) to develop 360 degree virtual tours of 280 monuments across the country

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RBI allows banks to raise funds via masala bonds

• The Reserve Bank of India has allowed Indian banks to raise funds through issuance of rupee-denominated bonds overseas (also called masala bonds)
• Banks can issue perpetual debt instruments qualifying for inclusion as Additional Tier-1 capital under the extant Basel-III capital regulations.
• They can also issue long-term rupee-denominated bonds overseas for financing infrastructure and affordable housing.

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IDFC Bank using micro-ATMs

A micro-ATM at a glance, it looks like a large tablet. It has an attached biometric scanner and thermal printer and is Aadhaar-enabled and interoperable. It can do everything a regular ATM can — and more. Using multiple identifiers — whether it is your mobile number, Aadhaar number, debit card number or bank account number, one can perform all basic banking transaction, do an account opening, deposit cash into any bank account, withdraw money from your account, undertake balance enquiry, get your statements, make funds transfers, remittances, etc

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IPPB to synergie with financial services biz of India Post

• Payments banks can accept demand deposits — current deposits and savings bank deposits from individuals, small businesses and other entities, but with a condition that balances do not exceed Rs. 1 lakh. They can neither accept fixed deposits and NRI deposits nor can they give loans.
• The primary objective of a payment banks is to further the cause of financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low-income households, small businesses.
• The India Post Payments Bank (IPPB) is planning to create a mechanism whereby balances over this limit get automatically transferred to the Post Office Savings Bank (POSB).
• Payments banks are planning to overcome these drawbacks using tie up with other banks. The full-time banks are also interested in marketing their loans and other products through payment banks.
• Reliance Industries and State Bank of India, Kotak Mahindra Bank and Airtel Payments Bank, ICICI Bank and FINO PayTech to foray into the payments bank space as joint ventures.

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Ease of Doing Business Reforms Ranking 2015-16

• Department of Industrial Policy and Promotion (DIPP) and the World Bank conducted the “Ease of Doing Business Reforms Ranking 2015-16.
• Andhra Pradesh and Telangana jointly topped in the ranking. 

GK for Bank Exams: Weekly Digest: Oct 23 to 29

 ‘One India’ concept for ease of doing business

• The Centre is working with State governments to introduce a ‘One India’ concept.
• It is the most ambitious ‘ease of doing business’ initiative so far.
• In ‘One India’ concept investors will need to fill only a single e-form for investing and doing business anywhere in India.
• Currently, firms are mandated to complete multiple forms at the Central and State levels, and it gets more complicated as each State has different requirements and regulations.

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Tata Sons sacks Cyrus Mistry

• The Tata Sons board on Monday sacked Cyrus Mistry from the post of Chairman.
• Mr. Mistry, who had earlier headed the Shapoorji Pallonji Group’s construction business.
• The Shapoorji Pallonji Group, which has 18.4 per cent in Tata Sons.

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Haji Ali gives women access to sanctum sanctorum

Haji Ali Dargah Trust on Monday conceded before the Supreme Court that it has resolved to allow women to enter the sanctum sanctorum of the famed dargah in Mumbai on a “par with men”

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Deposit Insurance and Credit Guarantee Corporation of India

• Less than a third of all bank deposits in value terms in the country is insured by the RBI arm Deposit Insurance and Credit Guarantee Corporation of India (DICGC).
• DICGC insurance is available at Rs. 1 lakh for both principal and interest per depositor, per bank.
• Deposit insurance in India covers all commercial banks, local area banks, regional rural banks and co-operative banks.
• The deposit insurance coverage limit is applied separately to deposits in each bank.
• If a bank goes belly up, then the DICGC pays the insured amount to the depositor

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New Zealand Prime Minister John Key’s visit to India

• New Zealand Prime Minister John Key visited India.
• Capital of New Zealand  is Wellington
• Largest city is Auckland
• Currency is New Zealand dollar

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National Ayurveda Day

• National Ayurveda Day to be celebrated throughout the Country on 28th October
• The Government of India has decided to celebrate National Ayurveda Day every year on the occasion of Dhanwantari Jayanti.

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Urja Ganga

Urja Ganga is the gas pipeline project aims to provide piped cooking gas to residents of Varanasi 

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Ease of doing business rankings

• India is at the 130th position in the World Bank’s ‘ease of doing business’ ranking for 2017.
• The index was released as part of the World Bank’s annual report Doing Business 2017.
• Performance of BRICS nations: Russia-40, South Africa-74 and China-78, Brazil-123.

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Man Booker Prize 2016

Paul Beatty has become the first US author to win the Man Booker Prize for his novel “The Sellout”

GK for Bank Exams: Weekly Digest: Oct 16 to 22

Banknotes of the denomination of Rs. 2,000 will be in circulation soon.

• The Reserve Bank of India has very nearly completed preparations for introducing new high-value currency of Rs 2,000
• The notes have already been printed, and their dispatch from the currency printing press in Mysuru has commenced.
• Bharatiya Reserve Bank Note Mudran Private Limited, a subsidiary of RBI prints the notes and has 4 printing press: Mysore (Karnataka), Salboni(West Bengal), Nasik (Maharashtra), Dewas (Madhya Pradesh).
• The highest denomination note printed by the RBI was the Rs. 10,000 note in 1938 and in 1954. They were demonetised in 1946 and 1978, respectively.
• There has been no official word on the introduction of new notes either from the RBI or the government hence the news is not authenticated.
• Rs. 500 and Rs. 1,000 notes together accounted for 86.4 per cent of the total value of notes in circulation.
• It costs a little over Rs. 3 to produce a Rs. 1,000 note, the lowest in terms printing costs as a proportion of value.
• As of March 2016, the value of banknotes in circulation was Rs. 16,41,500 lakh crore, an increase of 14.9 percent over the previous year.

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Regional air connectivity (RCS) scheme or UDAN

• The Government kick-started the regional air connectivity scheme (RCS) in the name of "Ude Desh ka Aam nagrik" or UDAN.
• The government has invited proposals from operators to fly to airports which do not have regular flights.
• This is a plan to connect small towns by flights whose fares will be capped at Rs 2,500 for a one-hour flight
• This scheme will be funded by levying a fee on aircraft landing at bigger airports.
• For helicopters, half-an-hour ride under the scheme would cost Rs 2,500 and for over one-hour duration, the cap would be Rs 5,000.
• On each RCS route, the minimum frequency of flights would be 3 and a maximum of 7 in a week.

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FinMin announces fresh tranche of gold bonds

• SGB- Sovereign Gold Bonds are government securities denominated in grams of gold. They are substitutes for holding physical gold.
• Eligible investors include individuals, HUFs, trusts, universities, charitable institutions, etc.
• Minimum investment in the Bond shall be one gram with a maximum buying limit of 500 grams per person per fiscal year (April – March).
• The Bonds bear interest at the rate of 2.75 per cent per annum on the amount of initial investment.
• Interest will be credited semi-annually (Half yearly) to the bank account of the investor.
• The price of a bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average price for gold of 999 purity published by the India Bullion and Jewellers’ Association Ltd.
• The issue price will be disseminated by the Reserve Bank of India.
• Though the tenor of the bond is 8 years, early encashment/redemption of the bond is allowed after the fifth year from the date of issue on coupon payment dates.
•  The bond will be tradable on Exchanges if held in demat form.

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Ashok Leyland unveils India-made e-bus

The Hinduja flagship Ashok Leyland has launched its first locally designed, engineered and produced battery electric bus series called Circuit. (Battery for these buses will be imported from the US).

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HDFC raises Rs.500 crore via masala bonds

News: HDFC said it has raised Rs.500 crore through rupee-denominated bonds from overseas investors (Junk)

What are Masala Bonds? They are simply rupee-denominated bonds by Indian companies sold to overseas investors say in USA or Europe to raise money. (Remember for exam)

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Duterte declares Philippines’ ‘separation from the U.S.’

• Philippines’ President Rodrigo Duterte declared his separation from long-standing ally the United States
• The Philippines is a South-east Asian country in the Western Pacific, comprising more than 7,000 islands
• Its capital is Manila
• The Philippine Peso is the currency of Philippines

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Meeting on Mahadayi

• Mahadayi river dispute is between Goa, Maharastra and Karnataka.
• The river flows in Goa and Karnataka only, Maharashtra is simply a neighbour.
• The river originates in the Western Ghats in the Belgaum district of Karnataka
• The Mandovi flows through Goa pouring into the Arabian Sea
• The sharing of the waters of this river is a cause of dispute between the governments of Karnataka and Goa
• Karnataka government proposes to divert some water from the Mahadayi river to the Malaprabha river and Goa opposes for that.
• The Mahadayi Water Tribunal has to decide on the sharing of this

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BRICS meet declaration pledges to fight terror

• 8th BRICS summit Goa ended with Declaration which pledged opposition to terrorism.
• BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
• They meet once a year in a summit to discuss the major issues. The summit is being held in the countries in order BRICS, i.e next summit in 2017 would be in China.

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New Development Bank

• The New Development Bank (NDB), formerly referred to as the BRICS Development Bank is a multilateral development bank operated by the BRICS nations.
• The bank's primary focus of lending will be infrastructure projects.
• President- K.V. Kamath (Former head of ICICI Bank).
• Headquarters of the bank is in Shanghai, China.

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BRICS agrees to set up credit rating agency

• BRICS agreed to set up an independent rating agency.
• Why they want a separate rating agency? New Development Bank president K.V. Kamath had expressed concerns over methodologies of the three global agencies (S&P, Fitch, Moody’s) saying that these constrain growth in emerging nations.
• Rating of multilateral banks like the BRICS-promoted NDB by these global agencies were affected by the parent countries’ ratings, despite having deep capital buffers

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Experts say Saraswati did exist

• An expert committee of geologists, archaeologists and hydrologists say they have found evidence of the course of the river Saraswati, a mythological river mentioned in the Rigveda.
• The seven-member committee, headed by Professor K.S. Valdiya of the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR).
• The Yamuna, Sutlet and Ghagghar were all once part of the Saraswati, the shrinking of which is linked to the decline of the Harrapan civilisation.
• Saraswati originated from Adibadri in the Himalaya to culminate in the Arabian Sea through the Rann of Kutch.

GK for Bank Exams: Weekly Digest: Oct 9 to 15

Anti Dumping duty on narrow woven fabric from China

• The Finance Ministry has imposed anti-dumping duty on narrow woven fabric (hook and loop Velcro tapes) from China.
• An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. Dumping is a process where a company exports a product at a price lower than the price it normally charges on its own home market.

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Brazil Wins Inaugural Brics U – 17 Football Tournament

• Brazil has lifted the 1st BRICS U-17 Football Tournament 2016 held at Goa. In the Finals they defeated South Africa 5-1. 
• The BRICS U-17 Football Cup is a U-17 Football tournament to be played among teams of five BRICS countries - economic block formed by Brazil, Russia, India, China and South Africa. The 1st historic edition was played in Goa, India.

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ICICI Bank executes remittance transactions using blockchain technology

• ICICI has successfully executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD.
• ICICI is the first bank in the country and among the first few globally to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance, among others, electronically on blockchain in real time.

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Death of Thailand’s King

• King Bhumibol Adulyadej of Thailand, one of the longest-reigning monarchs in history, died at age 88.
• Bhumibol ascended to the throne 70 years ago, making him the world's longest-reigning monarch before his death.
• Also known as Rama IX -- a reference to his lineage stretching from Rama I, the founder of the Chakri dynasty -- Bhumibol commanded great love and respect within Thailand.
• Crown Prince Maha Vajiralongkorn is the king's appointed successor.
  

GK for Bank Exams: Weekly Digest: Oct 2 to 8

SBI chairperson gets one-year extension

• The government has extended the term of Arundhati Bhattacharya, chairperson, State Bank of India (SBI) by one year. 
• This will help in the continuity of the chairmanship during the crucial stage of  the merger of State Banks of Bikaner & Jaipur (SBBJ), Travancore (SBT), Patiala (SBP), Hyderabad (SBH) and Mysore (SBM), and Bhartiya Mahila Bank(BMB) with State Bank of India. 

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Rs. 65,250 cr. black money declared

• Central Board of Direct Taxes (CBDT) had received total disclosures of Rs. 65,250 crore under the Income Disclosure Scheme, 2016 in the form of cash and other assets by 64,275 declarations. 
• The scheme had provided a one-time opportunity to black money holders who had not paid full taxes in the past to come clean by declaring their domestic undisclosed income and assets by paying tax plus penalty at the rate of 45 per cent. 

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Centre constitutes Insolvency and Bankruptcy Board of India

• The Centre has constituted a four-member Insolvency and Bankruptcy Board of India (IBBI) under the Chairmanship of  Madhusoodan Sahoo (M S Sahoo).
• Bankruptcy Board of India (IBBI) is constituted as per the ‘Insolvency and Bankruptcy Code, 2016’. 
• The Code also outlines separate insolvency resolution processes for individuals, companies and partnership firms.
• The process may be initiated by either the debtor or the creditors; hence this is an important code for the banking industry.

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India chose the Abu Dhabi crown prince as its Republic Day chief guest

• Mohammed bin Zayed bin Sultan Al-Nahyan, the crown prince of Abu Dhabi and deputy supreme commander of the UAE armed forces will visit India during this republic day as the chief guest.
• Abu Dhabi is the capital and the second most populous city in the United Arab Emirates (the most populous being Dubai). 
• Head of the country is called Sheikh and present Sheikh is Khalifa bin Zayed.
• The currency of UAE- Dirham.

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China's Yuan joins elite club of IMF reserve currencies

• China's yuan joins the International Monetary Fund's basket of reserve currencies.
• This makes Chinese Yuan the fifth reserve currency after 1)US dollar, 2)Euro, 3)British pound sterling and 4)Japanese Yen.
• The yuan joins the IMF's special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans.
• China’s Yuan is also known as the renminbi, or "people's money".
• (Don’t get confused it with Yen, which is the currency of Japan.)

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Delhi tops most polluted megacity list

• According to WHO, Delhi’s air is the worst among world megacities.
• WHO report is based on the fine particulate matters in the air. 
• Delhi recorded a PM10 level of 229 µg/m³, followed by Cairo with 179 µg/m³ and Dhaka

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Nobel Prize in Medicine awarded to Yoshinori Ohsumi

The 2016 Nobel Prize in Physiology or Medicine has been awarded to Yoshinori Ohsumi “for his discoveries of mechanisms his discoveries on how cells recycle their content, a process known as autophagy, a Greek term for “self-eating.”.

He got Nobel for experiments with yeast which exposed a key mechanism in the body’s defences where cells degrade and recycle their components.

During starvation, cells break down proteins and nonessential components and reuse them for energy. Cells also use autophagy to destroy invading viruses and bacteria, sending them off for recycling. And cells use autophagy to get rid of damaged structures. The process is thought to go awry in cancer, infectious diseases, immunological diseases and neurodegenerative disorders. Disruptions in autophagy are also thought to play a role in ageing.

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Experts in Strange Matter Win Nobel Prize in Physics

Researchers David Thouless, Duncan Haldane and Michael Kosterlitz won the 2016 Nobel Prize for Physics for their studies of unusual states of matter, which may open up new applications in electronics.

Their discoveries, using advanced mathematics, had boosted research in condensed matter physics and raised hopes for uses in new generations of electronics and superconductors or future quantum computers.

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Arundhati Roy’s second novel coming next year

• Arundhati Roy’s second novel “The Ministry of Utmost Happiness”, is set to be published in 2017.
• Arundhati Roy won the 1997 Booker prize for her debut novel The God of Small Things.

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The Indian Bridge Management System (IBMS) has been launched

• IBMS is developed to create an inventory of all bridges in the country and rate their structural condition so that timely repair and rehabilitation work can be carried out. 
• Each bridge is assigned a unique identification number. 
• The precise location of the bridge in terms of latitude-longitude is collected through GPS and based on this, the bridge is assigned a Bridge Location Number. 
• Engineering characteristics like the design, materials, type of bridge, its age, loading, traffic lane, length, width etc are collected and are used to assign a Bridge Classification Number.
• Based on this inventory IBMS will analyse data and identify bridges that need attention.

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SBI branch in Myanmar

• State Bank of India on opened its branch in Yangon, Myanmar. This is the 54th foreign branch of India’s largest bank.
• With this, SBI became the first domestic bank of India to open a branch in Myanmar.
• The launch of this branch has extended the global presence of SBI in 37 countries through 198 offices.

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Foreign dignitaries visit

• Singapore Prime Minister Lee Hsien Loong arrived in New Delhi on 3^rd Oct 2016 for five days visit
• Sri Lankan Prime Minister Ranil Wickramasinghe arrived in New Delhi 4^th October 2016 on a three-day visit.

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Nobel Prize in Chemistry goes to developers of the world’s smallest machines

• The Nobel Prize in Chemistry 2016 is awarded to Jean-Pierre Sauvage, Sir J. Fraser Stoddart and Bernard L. Feringa for their design and production of molecular machines.
• They have developed molecules with controllable movements, which can perform a task when energy is added.
• These molecular machines will most likely be used in the development of things such as new materials, sensors and energy storage systems.

GK for Bank Exams: Weekly Digest: Sep 25 to Oct 1

500 Meter telescope goes live in China

Five-hundred-meter Aperture Spherical Telescope (FAST for short), the most advanced radio telescope and the largest in the world became operational in China.
 FAST has a 500-meter diameter dish.

• This is the world's largest filled-aperture radio telescope
• FAST will be used to study dark matter, gravitational waves, pulsars, and fast radio bursts.
• This will also be useful to study extraterrestrial lives.
• The telescope is placed deep in the mountains of south-west China's Guizhou Province.
• This is nicknamed Tianyan which means "The Eye of Heaven"
• The basic design of FAST is similar to the Arecibo Observatory radio telescope.

FAST Telescope

Arecibo Observatory

• The Arecibo Observatory is a radio telescope in the municipality of Arecibo, Puerto Rico, United States of America.
• 1,000-foot (305-metre) radio telescope is the second largest single-aperture telescope.
• This has made attempts to communicate with potential extraterrestrial life, Search for Extra-Terrestrial Intelligence (SETI), Messaging to Extra-Terrestrial Intelligence (METI) with active search by transmitting messages.

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Ratification of the Paris Agreement by India

COP21 - CMP11

The 2015 United Nations Climate Change Conference, COP 21 or CMP 11 (What are these code words? - check out at the end of this topic) was held in Paris, France, from 30 November to 12 December 2015.

• India was a signatory this agreement. 
• India announces to ratify the Paris Climate Agreement on 2 October, on Mahatma Gandhi’s Jayanti.
• The Paris Agreement is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gases emissions mitigation, adaptation and finance for reducing greenhouse gases.
• The Paris Agreement was made at the 21st Conference of the Parties of the UNFCCC in Paris and adopted by consensus on 12 December 2015
• It was opened for signature on 22 April 2016 (Earth Day)
• The agreement will only enter into force provided that 55 countries that produce at least 55% of the world's greenhouse gas emissions ratify, accept, approve or accede to the agreement. As India is the third highest greenhouse gas contributor after USA and China, ratification by India will boost the process of making the agreement enters into force.

It was the 21st yearly session of the Conference of the Parties (COP) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC), hence COP 21 and the 11th session of the Meeting of the Parties to the 1997 Kyoto Protocol, hence CMP11.

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War between Lodha Panel and Indian board

The Lodha committee was formed by the Supreme Court on January 22, 2015; after the Mudgal committee, appointed as an investigator into the IPL 2013 scandal, submitted its report.The committee, comprising retired Chief Justice of India, R M Lodha, and others.

It had three main tasks to perform:

• Determine appropriate punishments for Gurunath, Kundra and their respective franchises, Chennai Super Kings and Rajasthan Royals, following on from the Mudgal report.
• Examine the role of Sundar Raman, the IPL chief operating officer, in the IPL 2013 scandal.
• Suggest amendments to the processes followed by the BCCI with a view to preventing frauds in cricket and conflict of interests, and also streamline the board's working.

Now it is news as the Lodha Panel is angry over meeting conducted by BCCI office bearers and advocating for superseding of the board, which is not all important for the bank exams.

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India climbs to 39^th rank on Global Competitiveness Index

• India has climbed 16 places to the 39th rank on the Global Competitiveness Index- 2016-17 prepared by the World Economic Forum.
• Switzerland as the most competitive economy whereas Singapore and the US are at the second and third positions, respectively.
• India is also the second-most competitive among BRICS nations behind neighbouring China, which is ranked at the 28th position.

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Shimon Peres: Israel's warrior for peace dies

• Shimon Peres was an Israeli statesman and the ninth President of Israel, recognised and well-respected in Israel and across the globe.
• He was honoured with Nobel Peace Prize along with Yasser Arafat's PLO organisation for his effort to bring peace in the region.

Israel is a country in the Middle East, on the southeastern shore of the Mediterranean Sea and the northern shore of the Red Sea.

• Capital and largest city- Jerusalem
• Currency- New shekel

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Obama Nominates First Ambassador to Cuba in Over 50 Years

Cuba is located in the northern Caribbean where the Caribbean Sea, the Gulf of Mexico, and the Atlantic Ocean meet.

• Havana is the largest city and capital.
• Currency- Peso.
• It had a close relationship with the Soviet Union in the Cold War.
• Cuba is a Marxist–Leninist one-party republic.
• The USA had a bitter relationship with Cuba till recently and both the countries are now negotiating towards building a good relationship.
• Fidel Castro is the well-known revolutionary leader of Cuba.

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Volkswagen fails emission test

• The news - Volkswagen fails emission tests. (Not an important news for us)
• Volkswagen is a German automobile maker
• The testing agency found the company’s diesel models to be emitting more than expected nitrogen oxide (NOx).
• What is important for us is the few brands the Volkswagen owns: Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT and Skoda

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Saksham project for CBEC’s GST integration

• After the roll out of GST law, all importers/exporters/taxpayers administered by the CBEC (Central Board of Excise and Customs) will go over 65 lakhs from the existing figure of about 36 lakhs.
• Saksham will integrate tax systems of the CBEC with the Goods and Services Tax Network (GSTN) for a smooth roll out of the new indirect tax regime from April 1, 2017
• The project will help in the implementation of GST, extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and other taxpayer-friendly initiatives under Digital India.
• It will link with the Central Board of Excise and Customs’ internal system directly, and enable a uniform way of collecting taxes, pan-India.

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India, Bangladesh and Afghanistan boycotts SAARC Summit 

SAARC Member Nations

• SAARC stands for South Asian Association for Regional Cooperation.
• SAARC was founded in Dhaka in 1985. Its secretariat is based in Kathmandu.
• Its member countries include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka. (total- 8)
• The organisation promotes the development of economic and regional integration.
• It launched the South Asian Free Trade Area in 2006

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Indus Water Treaty

Indus Waters Treaty was signed on September 19, 1960, by India and Pakistan; was brokered by the World Bank.

• The treaty administers how river Indus and its tributaries that flow in both the countries will be utilised.
• Beas, Ravi and Sutlej are to be governed by India, while, Indus, Chenab and Jhelum are to be taken care by Pakistan
• Since Indus flows from India, the country is allowed to use 20 percent of its water for irrigation, power generation and transport purposes.
• A Permanent Indus Commission was set up as a bilateral commission to implement and manage the Treaty. The Commission solves disputes arising over water sharing
• The treaty also provides arbitration mechanism to solve disputes amicably.
• Though Indus originates from Tibet, China has been kept out of the Treaty. If China decides to stop or change the flow of the river, it will affect both India and Pakistan.

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Surgical strikes: India crosses LoC

In a stunning reprisal for the Uri terror attack that breached decades of self-imposed restraint, India conducted “surgical strikes” across the Line of Control (LoC) in Pakistan-occupied Kashmir.

• Line of Control (LoC) refers to the military control line between the Indian and Pakistani-controlled parts of state of Kashmir and Jammu
• It does not constitute a legally recognised international boundary but is the de facto border.
• Originally known as the Cease-fire Line, it was redesignated as the "Line of Control" following the Simla Agreement.
• Another ceasefire line separates the Indian-controlled state of Jammu and Kashmir from the Chinese-controlled area known as Aksai Chin.
• Lying further to the east, it is known as the Line of Actual Control (LAC) and has been referred to as one of the most dangerous places in the world.

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India, Afghanistan and Iran discuss ways to take Chabahar pact further

A Trilateral meeting was held between India, Afghanistan and Iran to discuss the agreement on Establishment of International Transport and Transit Corridor i.e. Chabahar Agreement.

• The Chabahar Agreement was signed by them on 23rd May 2016 in Tehran, Iran.
• The agreement allows Indian goods to reach Afghanistan through Iran. It links ports in the western coast of India to the Chabahar port in Iran and covers the road and rail links between Chabahar and the Afghan border.

GK for Bank Exams: Weekly Digest: 18 to 24 September 2016

What was the big news? 

Angelina Jolie files for divorce from Brad Pitt was the most viewed news of the week worldwide. Sorry, IBPS is not interested in it.

GST updates

Updates: Annual turnover limit for exemption from GST is capped at Rs. 20 lakh.

The rollout of the Goods and Services Tax (GST) from April 1, 2017.

India and France enter into contract for supply of Rafale Fighter Jets

• India entered into the contract with France to buy 36 Rafale fighter jets from French defence major Dassault Aviation.
• This is the first such deal on aircraft in last 20 years, hence important.
• The plane is capable of carrying out all combat aviation missions — air defence, interception, ground support, in-depth strikes, reconnaissance, anti-ship strikes and nuclear deterrence.
• The French Air Force will be training three IAF pilots, one engineer and six technicians. IAF personnel will also undergo training by French industrial suppliers Dassault Aviation.

SAARC Development Fund

Ahead of the SAARC 2016 Summit in Islamabad, India was working on SAARC Development Fund.

• Fund’s Secretariat in Thimphu, Bhutan
• Fund’s three funding windows: Social, Economic and Infrastructure
• Economic Window is expected to extend funding to non-infrastructural projects related to areas such as trade and industrial development and agriculture.
• Social window, the Fund is already implementing ten regional projects. The focus of most of these projects is on poverty alleviation, education; health; human resources development; support to the disadvantaged; funding needs of communities, mirco-enterprises and rural infrastructure development.
• Infrastructure Window will finance projects in areas such as energy, power, transportation, telecommunications, environment, tourism and other infrastructure sectors.

ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance’s IPO was in the news.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a financial services company based in the United Kingdom.

Centre notifies BS-VI emission standards

Govt. of India notified BS-VI emission standards for two-wheelers and four-wheelers. This will come into force from April 2020 throughout the country.

The union government has decided to skip the BS-V norms and move to the BS-VI norms from BS-IV being followed now.

NAM Summit in Venezuela

• 17^th Summit of Non-Aligned Movement (NAM) concluded on Venezuela’s Margarita Island
• NAM membership includes two third of the UN members.
• India is one of the founding members of NAM, which was established to take a neutral stand during the cold war.

IIMs to double the intake for PG Diplomas

Govt. told IIMs to double the intake for PG Diploma Courses.

• IIMs are public, autonomous institutes of management education and research, established first time in 1961 in Kolkata and Ahmedabad on Planning Commission recommendation.
• There are 20 IIMs in India now.

The government appointed three members to the RBI monetary policy committee 

• Monetary Policy Committee consisting of six members and headed by RBI Governor to fix the benchmark interest rates and inflation targets.
• Of the six members, three will be nominated by the government while three others will be from the Reserve Bank, including the Governor
• The Monetary Policy Committee will take decision based on the majority vote.
• Each member will have one vote but RBI Governor will get a casting vote in case of equality of votes.
• The government nominees will have a four-year term.
• The three are academics — Chetan Ghate, associate professor at Indian Statistical Institute; Pami Dua, director, Delhi School of Economics; and Ravindra H Dholakia, professor of economics at Indian Institute of Management (IIM), Ahmedabad.
• They will be joined by three Reserve Bank members, making up a total of six, with Governor Urjit Patel having a casting vote.
• The other two members are R Gandhi, deputy governor in charge of monetary policy, and executive director Michael Patra.

Manufacturing slowing in September, reveals SBI Composite Index

News: SBI Composite index revealed manufacturing industry is slowing down in September. The news is not important for IBPS exam, but IBPS may ask you about this news maker.

• The SBI Composite Index is a leading indicator of manufacturing activity in the Indian economy.
• The index will analyze data from both manufacturing and services industries to determine expansion or contraction in the economy.
• SBI publish the indicator on a monthly basis.
• This indicator will track two months in advance the possible trends in official estimates
• The SBI Composite Index will help policy makers, market participants and the like to identify the turning points in the manufacturing cycles in advance.

Mysore - the first city to be free of open defecation

Union ministry of urban development declared Mysuru the first city with 1 million people to be free of open defecation under Swachh Bharat programme.

Earlier, Union Ministry of Drinking Water and Sanitation has adjudged Sikkim the cleanest state in India in terms of sanitation in rural areas as per NSSO survey.  

GK for Bank Exams: Weekly Digest: 11 to 17 September 2016

Talgo train

What was the news? Talgo train completed its final trial between Delhi and Mumbai in less than 12-hours at a maximum speed of 150 km per hour while Rajdhani Express train takes around 16 hours to cover the distance.

Talgo train comprising lightweight aluminium coaches with tilting technology.

Talgo trains are supplied by Spanish firm Talgo from Spain.  It is not a made in India train. 

Indian athletes in Paralympics

Indian athletes won a total of four medals, including two golds, a silver and a bronze each.

Indians won Paralympic Medals in Rio 2016

Mariyappan Thangavelu and Varun Singh Bhati had won Gold and bronze respectively in the men's high jump.

Deepa Malik won silver in the women's shot-put.

Devendra Jhajharia won the Gold medal in the men’s javelin throw.

Government notifies GST Council

The Constitution (One Hundred and Twenty-second -122-Amendment) Bill, 2016, for introduction of Goods and Services Tax (GST) in the country was accorded assent by the President and the same has been notified as the Constitution (One Hundred and First – 101 -Amendment) Act, 2016. (Don’t get confused -21 bills fail to become act!)

• As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. So the government obeyed.
• GST Council will be a joint forum of the Centre and the States

This Council shall consist of the following members namely: -

1. Union Finance Minister-Chairperson
2. The Union Minister of State, in-charge of Revenue of finance- Member
3. The Minister In-charge of finance or taxation or any other Minister nominated by each State Government- Members
4. The Chairperson of Central Board of Excise and Customs (CBEC) will attend all the meetings but he does not have voting powers.

GST Council will decide on the tax rate, exempted goods and the threshold under the new taxation regime.

Pradhan Mantri Ujjwala Yojana launched

No exam will question you URL, but the Ujjwala Yojana is in News

• Ujjwala Yojana  is to provide LPG connections to BPL households in the country in the name of women.
• It is aimed at replacing the unclean cooking fuels mostly used in the rural India with the clean and more efficient LPG (Liquefied Petroleum Gas)

India Declares itself Free from Avian Influenza (H5N1)

Department of Animal Husbandry, Dairying and Fisheries in the Ministry of Agriculture and Farmers welfare has declared India free from Avian Influenza (H5N1) from 5th September 2016.

Avian influenza (H5N1) is popularly known as bird flu.

Last outbreak was on May 9 at Humnabad, Bidar in Karnataka.

Mangalajodi to be developed into ecotourism destination

It is the second largest hotspot for birds on the northern banks of Chilika Lake in Odisha

Chilika Lake - Asia's largest brackish water lagoon and second-largest in the world after

Chilika was designated as a Ramsar site in 1981 to afford better protection and India’s 1^st wetland to be declared as Ramsar site.

The Ramsar Convention is an international treaty for the conservation and sustainable use of wetlands. It is also known as the Convention on Wetlands. Such sites are called as Ramsar Site.

National Company Law Tribunal

NCLT President Justice M M Kumar has said something good on NCLT obviously, NCLT is in news.

NCLT was constituted last month, August 2016, replacing Company Law Board (CLB) under the Companies Act, 2013,

NCLT will resolve insolvency cases of companies

The Decisions of the NCLT may be appealed to the National Company Law Appellate Tribunal.

Mormugao: Indian Navy's new 'indigenous' missile destroyer

It is a made in India missile destroyer warship built by Mazagon Dock Shipbuilders Limited (MDL)

Mormugao is the second destroyer, first destroyer, INS Visakhapatnam, was launched in 2015.

Mormugao will have Barak-8 long-range missiles, high-tech surveillance systems, which have been jointly developed by Israel and India

GK for Bank Exams: Weekly Digest: 4 to 10 September 2016

G20 summit- Hangzhou (China)

Why is G20 in the News?

• Hangzhou (China) summit on 4^th and 5^th Sep 2016, Chaired by Xi Jinping (Who is he? President of China)

What is G20 or Group of Twenty?

• It is an international forum for the governments and central bank governors from 20 major economies. It was founded in 1999.

Why did they found G20?

• G 20 founded for studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. (Here is the catch, this is why it is important for banking exams)
• The members include 19 individual countries along with the European Union

Where G20 leaders going for group tour next time?

• 2017 G20 summit is in Hamburg, Germany

That is enough; banks won’t expect you to mug up the member nations. Still, if you want here it is:

Panel on changing Indian Financial Year

Sri Arun Jaitley, union Finance minister told in some press conference something on this. It came in news.

• Present Financial Year structure in India: 1^st April to 31^st March
• Proposed structure: Panel yet to report
• Who is heading the Panel? Former Chief Economic Advisor Shankar, Acharya
• Why the changes? The different financial year periods in the different part of the world and international agencies is making data comparison difficult.

 Kaveri River water dispute

It is news due to the Supreme Court direction to Karnataka to release water to Tamil Nadu and ongoing unrest in Southern Karnataka.

• The dispute is mainly between Karnataka and Tamil Nadu.
• Is there a tribunal? Yes, Apart from Karnataka and Tamil Nadu, Puducherry and Kerala are also having the interest in the Kaveri River water.

 Sauni Yojana

Saurashtra Narmada Avtaran Irrigation Yojana (Sauni Yojana)

PM Narendra Modi inaugurated SAUNI Yojana in Rajkot.

This plan is to divert the over flowing flood water of Narmada to Saurashtra Region distributing to 115 reservoirs of eleven districts of Saurashtra

(Saurashtra - Arabian Sea coast of Gujarat state consisting of 11 districts including Rajkot District)

ASEAN

Why is it in the news?

Obama, Modi and other world leaders went to Laos for ASEAN tour after finishing their G20 – Group tour in Hangzhou, China

• Full Form: Association of Southeast Asian Nations
• Founder members:  Indonesia, Malaysia, the Philippines, Singapore, and Thailand
• Membership expanded to include Brunei, Cambodia, Laos, Myanmar (Burma), and Vietnam
• India is not a member of ASEAN
• Secretariat of ASEAN at Jakarta, Indonesia 

Assam's Majuli

It is the largest river island in the world, now declared as a district by Assam Cabinet. Majuli became the first island district of India.

Next big news in GST bill became Law. After ratification by the required states(50%), the President signed the bill to make it law. Let us have important points on GST in banking examination view separately.

If you find any important news of this week is omitted, kindly comment below.  

No change in Small Saving Schemes interest rates for Q2 FY 2016-17

Government had decided to set the interest rate of Small Saving Schemes every quarter from FY 2016-17. Accordingly the interest rate of Small Saving Schemes for quarter 2 of FY 2016-17 is now announced. There is no change interest rates for the quarter 2 of financial year 2016-17. Sukanya Samriddhi and Senior Citizen Saving Schemes will fetch the highest rate of interest at 8.6% per annum followed by 5 year National Saving Certificates and Public Providend Funds at 8.1% per annum.

Instrument	Rate of interest w.e.f. 01.04.2016 to 30.6.2016	Rate of interest w.e.f. 01.07.2016 to 30.9.2016	Compounding frequency
Savings Deposit	4.0	4.0	Annual
1 Year Time Deposit	7.1	7.1	Quarterly
2 Year Time Deposit	7.2	7.2	Quarterly
3 Year Time Deposit	7.4	7.4	Quarterly
5 Year Time Deposit	7.9	7.9	Quarterly
5 Year Recurring Deposit	7.4	7.4	Quarterly
5 Year Senior Citizens Savings Scheme	8.6	8.6	Quarterly and paid
5 year Monthly Income Account Scheme	7.8	7.8	Monthly and paid
5 Year National Savings Certificate	8.1	8.1	Annual
Public Provident Fund Scheme	8.1	8.1	Annual
KisanVikasPatra	7.8 (will mature in 110 months)	7.8 (will mature in 110 months)	Annual
SukanyaSamriddhi Account Scheme	8.6	8.6	Annual