25 November 2016 Current Affairs

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25 Nov, 2016

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rich-indians-2016

1) According to the latest data on global wealth from Credit Suisse, the richest 1% Indians own how much share in country’s wealth? – 58.4%

Explanation: The richest 1% of Indians now own 58.4% of the country’s wealth. This was revealed in the latest data on global wealth from Credit Suisse Group AG, the financial services company based in Zurich (Switzerland).

The share of the top 1% is up from 53% last year. In the last two years, the share of the top 1% has increased at a cracking pace, from 49% in 2014 to 58.4% in 2016.

It is worth mentioning that the share of the top 1% in the country’s total wealth improved from 40.3% in 2010 to 49% in 2014. In sharp contrast, the bottom half of the Indian people own a mere 2.1% of the country’s wealth.

This proves that India is one of the most unequal societies in the world. But the highest un-equality was reported in Russia where top 1% own 74.5% of the nation’s wealth. On the other had the top 1% in China own 43.8%, in Indonesia they own 49.3%, in Brazil 47.9%, in South Africa 41.9%.

(Photo Courtesy: DnaIndia)

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2) Indian currency rupee on 24 November 2016 collapsed to a new life-time low of Rs. 68.86 against the dollar amid sustained foreign capital outflows. Prior to this fall, when rupee had recorded its lowest value? – 28 August 2013

Explanation: The rupee hit an all-time intra-day low of Rs. 68.86 (against the dollar) on 24 November 2016. This happened amid sustained foreign capital outflows with investors being inclined towards US dollar, hoping protectionist measures by U.S. President-elect Donald Trump.

The rupee had previously hit its all-time intra-day low of 68.85 on 28 August 2013.

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ppis-2016

3) What is the new limit for Prepaid Payment Instruments (PPIs) to facilitate digital transactions after the Reserve Bank of India (RBI) raised it on 22 November 2016? – Rs. 20,000

Explanation:  In view of the ongoing cash crunch the RBI on 22 November 2016 doubled the limit of semi-closed Prepaid Payment Instruments (PPIs) to Rs 20,000 to facilitate digital transactions.

While balance in such PPIs cannot exceed Rs 20,000 at any point of time, the merchants can transfer funds from such PPIs to their own linked bank accounts up to Rs 50,000 per month, without any limit per transaction.

Full KYC PPIs with balance up to Rs 1,00,000 can continue to be made available by authorised PPI issuers. The measures will be effective from 21 November to 30 December 2016.

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4) In a major breakthrough for India, during November 2016 China agreed to import which agricultural commodity from India as part of efforts to ensure market access for Indian products in that country? – Rice

Explanation: China has agreed to import rice, non-basmati and basmati varieties, from 17 registered mills in India. This development was seen as a major breakthrough for India.

China is the world’s largest rice importer. However, it had so far not granted market access to India’s non-basmati rice claiming that the item had failed to meet Chinese norms on quality, health and safety.

After numerous requests from the Indian side, Chinese officials visited India in September 2016 to inspect 19 rice mills registered with the National Plant Protection Organization (NPPO). These mills are in Punjab, Haryana, Uttar Pradesh and Madhya Pradesh. After this visit China agreed to import non-basmati and basmati varieties of rice from 17 registered mills.

It is worth mentioning that India had repeatedly sought market access for items including non-basmati rice, pharmaceuticals and many fruits and vegetables among others, citing the country’s widening goods trade deficit with China.

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5) Anil Ambani-led Reliance Capital will sell 49% stake in its radio business and its entire TV business to which group, as was announced on 23 November 2016? – Zee Group

Explanation: According to the announcement made on 23 November 2016, Reliance Broadcast Network Ltd (RBNL), part of the Anil Ambani group, has signed definitive and binding agreements with Zee Media Corp. Ltd to sell its 49% stake in its radio broadcast business.

RBNL runs a network of FM Radio channels in India under the brand name of 92.7 Big FM that reaches out to 45 cities, 1,200 towns and over 200 million people. Big FM was launched in 2006.

While Zee Entertainment Enterprises Ltd, a separate entity under Zee Group, will acquire entire TV business of Reliance’s General Entertainment. The general entertainment TV broadcasting business currently comprises of two channels – Big Magic and Big Ganga.

The stake sales are expected to reduce Reliance Capital’s debt by approximately Rs.1,900 crore.

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6) Who will be the Chief Guest at the 14th Pravasi Bharatiya Divas (PBD) Convention to be held in Bengaluru during January 2017? – Antonio Costa (Portuguese Prime Minister)

Explanation: Portuguese Prime Minister Antonio Costa will be the Chief Guest at the 14th Pravasi Bharatiya Divas (PBD) Convention to be held from 7 January to 9 January 2017 in Bengaluru.

While PM Costa will be the Chief Guest, Surinam Vice president Michael Ashwin Satyandre Adhin will be the Special Guest at the Convention.

PBD is celebrated on January 9 every year to mark the contribution of overseas Indian community in the development of India.

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The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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