6-7 July 2017 Current Affairs

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07 Jul, 2017

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1) Prime Minister Narendra Modi’s historic 3-day visit of Israel concluded on 6 July 2017. Seven agreements were signed between the two countries during this visit, which was the first one by an Indian Prime Minister. Who was the first-ever Israeli Prime Minister to visit India? – Ariel Sharon (in 2003)

Explanation: India-Israel relations have been topsy-turvy since the formation of Israel on 14 May 1948. India was initially reluctant to recognize it but gave it formal recognition on 17 September 1950. But its relations remained informal in nature. India’s opposition to official diplomatic relations with Israel stemmed from both domestic and foreign considerations. This was due to India’s concerns for Palestine and Muslims.

Ezer Weizman became the first Israeli President to visit India in 1997 while L.K Advani became the first Indian minister to visit Israel in 2000. In 2003, Ariel Sharon was the first Israeli Prime Minister to visit India. However, this visit was condemned in leftist and Muslim circles.

Pranab Mukherjee became the first Indian President to visit Israel from 13 to 15 October 2015.

On 4 July 2017, Narendra Modi became the first ever Indian Prime Minister to visit Israel. But breaking from convention, Prime Minister Modi did not visit Palestine during this. With the sole exception of Union Minister Rajnath Singh, previous trips by Indian ministers and President Mukherjee included visits to both Israel and Palestine.

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2) The RBI on 6 July 2017 fixed the customer liability for unauthorized transactions and said there will be zero liability in the case of third-party breach where the deficiency lies neither with the bank nor with the customer. According to the RBI a customer has to notify the bank within how many days to not to suffer any loss arising out of an unauthorized transaction? – 3 days

Explanation: According to guidelines issued by the Reserve Bank of India (RBI) on 6 July 2017, bank customers will not suffer any loss if unauthorised online banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days.

These guidelines were issued under the revised directions on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’. The revised directions were issued amidst recent surge in customer grievances relating to unauthorised transactions resulting in debits to their accounts/cards.

In case the third party fraud is reported with a delay of four to seven working days, a customer will face maximum liability of up to Rs. 25,000. However, in cases where the loss is due to negligence by the account holder (such as sharing of payment credentials) the customer will bear the entire loss until the unauthorised transaction is reported to the bank.

Any loss occurring after reporting of the unauthorised transaction will be borne by the bank.

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3) Who took over as the 21st Chief Election Commissioner (CEC) of India on 6 July 2017? – Achal Kumar Joti

Explanation: Achal Kumar Joti, who had joined the three-member Election Commission of India as an Election Commissioner during May 2015, took over as the 21st Chief Election Commissioner (CEC) of India on 6 July 2017. He took over from Nasim Zaidi, who demitted office a day earlier on 5 July 2017.

64-year-old Joti was the Chief Secretary of Gujarat when Prime Minister Narendra Modi was the Chief Minister of the state. He is a 1975-batch Indian Administrative Service (IAS) officer and would be in office till January 2018.

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4) On 5 July 2017 retirement fund manager Employees Provident Fund Organisation (EPFO) for the first-time joined hands with a group of four private banks to expand its service offerings and reduce transaction. Which are these 4 private sector banks? – ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Axis Bank

Explanation: For 60 years, State Bank of India was EPFO’s sole banking partner. In December 2016, EPFO roped in four more nationalized banks: Punjab National Bank, Allahabad Bank, Union Bank and Indian Bank. On 5 July 2017 EPFO tied up with 4 private sector banks – ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Axis Bank. Apart from these 4 banks, state-run Bank of Baroda was also included as banking partner.

With 10 banks as its banking partners, EPFO expects its transaction costs to be reduced by Rs. 300 crore annually. The banks have agreed to offer zero cost transactions to EPFO and thus helping it save money.

EPFO has now asked seven more banks to come on board. Once these banks join in, the EPFO will save another Rs. 40-45 crore annually, lowering its annual transaction cost to less than Rs.10 crore from nearly Rs. 350 crore a year.

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5) Which state on 5 July 2017 became the last state to adopt a resolution to implement the GST in the state, thus paving the way towards a truly “one India, one tax system”? – Jammu & Kashmir

Explanation: The Jammu & Kashmir (J&K) legislative assembly on 5 July 2017 adopted the resolution to implement the Goods and Services Tax (GST) in the state. The resolution was moved by state finance minister Haseeb Drabu and passed by voice vote despite resistance from the opposition.

Thus, J&K became the last state to adopt GST which was rolled-out nationwide on 1 July 2017.

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