21-23 December 2016 Current Affairs

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23 Dec, 2016

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1) The Union Government on 21 December 2016 approved cadre review and formation of the Indian Enterprise Development Service (IEDS) in the Office of the Development Commissioner, Ministry of Micro, Small and Medium Enterprises (MSME Ministry). What will be the primary function of this proposed service? – To achieve the vision of Startup India, Stand-up India and Make in India

Explanation: The decision to create the new cadre – Indian Enterprise Development Service (IEDS) was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi on 21 December 2016.

The creation of IEDS is expected to not only strengthen the organisation, but will help achieve the vision of Startup India, Stand-up India and Make in India. It is also expected to enhance the capacity and efficiency of the MSME Ministry and also help in achieving growth in the MSME sector through a focussed and dedicated cadre of technical officers.

The IEDS, to start with, will have a cadre strength of 617 officers, 6 of which will be at the level of joint secretaries.

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2) India recently overtook which major country in terms of the size of the economy to emerge as the sixth largest economy in the world as reported on 19 December 2016? – United Kingdom

Explanation: In a major achievement, India has managed to overtake its erstwhile colonial master United Kingdom in terms of the size of the economy – the first time after nearly 150 years. This was mainly due to Britain’s recent Brexit-related problems and India’s rapid economic growth.

Due to nearly 20% decline in the value of the pound over the last 12 months, UK’s 2016 GDP of GBP 1.87 trillion converted to $2.29 trillion at exchange rate of GBP 0.81 per $1, whereas India’s GDP of INR 153 trillion converted to $2.30 trillion at exchange rate of INR 66.6 per $1.

Furthermore, this gap is expected to widen as India grows at 6 to 8 per cent p.a. compared to UK’s growth of 1 2% p.a. until 2020, and likely beyond.

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3) The Reserve Bank of India (RBI) on 21 December 2016 imposed penalty on which 5 foreign banks for violation of its instructions on reporting requirements of the FEMA? – Deutsche Bank, Standard Chartered Bank, Bank of America, Bank of Tokyo Mitsubishi and Royal Bank of Scotland (RBS)

Explanation: The 5 foreign banks – Deutsche Bank, Standard Chartered Bank, Bank of America, Bank of Tokyo Mitsubishi and Royal Bank of Scotland (RBS) were fined by the RBI for violation of its instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA).

Deutsche Bank has been imposed fine of Rs 20,000, while Bank of America, Bank of Tokyo Mitsubishi, Royal Bank of Scotland and Standard Chartered Bank have been fined Rs 10,000 each.

The penalties have been imposed in exercise of the powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA 1999, taking into account, the violations of the instructions/ directions/ guidelines issued by the RBI, from time to time.

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4) Lieutenant Governor of Delhi Najeeb Jung submitted his resignation to the Government of India on 22 December 2016. He has been occupying this post since – July 2013

Explanation: In a surprise move, Delhi’s Lieutenant Governor Najeeb Jung resigned from his post on 22 December. He said he would be returning back to his first love, academics.

He took over as the 20th Lieutenant Governor of Delhi from Tejendra Khanna in July 2013. He had particularly tense relations with Delhi Chief Minister Arvind Kejriwal.

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5) Who became only the third Indian player ever to win the Sir Garfield Sobers Trophy after being named the ICC Cricketer of the Year besides the ICC Test Cricketer of the Year for 2016 on 22 December 2016? – Ravichandran Ashwin

Explanation: Indian off-spiner Ravichandran Ashwin created history as he became just the third Indian cricketer to win the coveted Sir Garfield Sobers Trophy for 2016. He was named for this coveted award after being named the ICC Cricketer of the Year besides the ICC Test Cricketer of the Year.

Ashwin thus followed in the footsteps of Rahul Dravid (2004) and Sachin Tendulkar (2010), while other recipients of the Sir Garfield Sobers Trophy include Andrew Flintoff and Jacques Kallis (joint-winners in 2005), Ricky Ponting (2006 and 2007), Shivnarine Chanderpaul (2008), Mitchell Johnson (2009 and 2014), Jonathan Trott (2011), Kumar Sangakkara (2012), Michael Clarke (2013) and Steve Smith (2015).

He was also adjudged the ICC Test Cricketer of the Year, which has made him only the second India player after Dravid (2004) to bag the two coveted prizes in the same year.

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