Weekly CA Quiz: September 2017 1st week

Sri Lankan President Maithripala Sirisena banned plastic bags and other disposable products after one of the country’s biggest dump collapsed in April leading to a disposal crisis.

A large swath of the U.S. Gulf Coast hunkered down as Hurricane Harvey barreled towards Texas and Louisiana of US.

Mumbai based digital payments company and financial exchange Ebix’s ItzCash, has partnered with non life insurance provider HDFC ERGO to offer general insurance products through its physical retail outlets.

Sanjaya Baru on Sep 1 took over as the Secretary General of the apex industry body, the Federation of Indian Chambers of Commerce and Industry (Ficci).

Rajiv Kumar has been appointed as the Vice Chairman of NITI Aayog in place of Arvind Panagariya, who opted to return to teaching in Columbia University in the US.

Rajiv Kumar, has assumed office as the new Secretary, Department of Financial Services, Ministry of Finance.

The National Nutrition Week will be observed throughout the country from 1st to 7th September. The theme of the National Nutrition Week for 2017 is “Optimal Infant & Young Child Feeding Practices: Better Child Health”.

India is the most corrupt Asian country with 69 per cent bribery rates, a report by Transparency International said.

India and China jointly submitted a proposal to the World Trade Organisation (WTO) calling for the elimination – by developed countries – of the most trade-distorting form of farm subsidies, known in WTO parlance as Aggregate Measurement of Support (AMS) or ‘Amber Box’ support as a prerequisite for consideration of other reforms in domestic support negotiations.

Ahmedabad in Gujarat has been formally accorded the status of India’s first World Heritage City. The honour makes the walled city of Ahmedabad the first city in India, and the third in Asia, to be on the list.

According to a new series of gross State domestic product data with 2011-12 as the base year published by the Central Statistics Office, Jammu and Kashmir and Arunachal Pradesh were the fastest expanding State economies in 2015-16. The two States also reported the fastest rise in per capita income in the same year. Arunachal Pradesh’s gross State domestic product (GSDP) expanded 16.5 per cent and that of Jammu and Kashmir 14.7 per cent at constant 2011-12 prices. Top 5 States: Maharashtra remains the largest State economy, with its size estimated at ₹16,59,776.05 crore (₹16.6 lakh crore) at constant 2011-12 prices. Maharashtra is followed by Tamil Nadu, Gujarat, Uttar Pradesh and Karnataka.

Explanation: Prime Minister Narendra Modi inaugurated the annual conference – Rajaswa Gyan Sangam, 2017 in New Delhi. He addressed the tax administrators during the conference.

Explanation: Veteran American actor Richard Anderson has passed away.

Explanation: The United States has announced the name of economic policy maker and expert on India, Kenneth I Juster, as the next US ambassador to India.

Distinguished scientist and Director General of BrahMos missile system division of the DRDO, Dr Sudhir Mishra, said that the country would require various military equipment worth $150 billion in the next 10 years.

According to an SBI Research report, the outlook for India’s economic growth, which plunged below 6 per cent in the first quarter of the current financial year, looks muted with the possibility of GDP going below 6.5 per cent in 2017-18.

In its Annual Report for FY17, the Reserve Bank of India has said that Gross value added (GVA) would grow by a higher rate of 7.3 per cent in the current financial year, against 6.6 per cent a year ago.

The three-day International Hindu Conference began in Kathmandu, Nepal with an aim of reinstating Kathmandu as the global capital of Hinduism. The theme is ‘Emerging spiritualism: Renaissance of Hinduism’

Explanation: Hockey India has sacked national coach Roelant Oltmans after a string of unimpressive outings at the international level.

Explanation: America’s legendary guitarist, bassist and co-writer for the sophisticated, dark-humored band Steely Dan, Walter Becker has passed away.

Explanation: Brazilian Development Bank (BNDES), Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa (DBSA) have signed an agreement to establish credit lines in the national currencies, as well as a memorandum of cooperation on credit ratings.

Explanation: India and Nepal have began their joint military exercise in the western part of Nepal, focusing on counter-terrorism and forest fighting operations. The exercise – Surya Kiran – was being participated by around 300 troops each side in Rupandehi district.

Explanation: Heikru Hidongba, the traditional boat race festival of Manipur, was celebrated at the Thangapat (moat) of Shri Bijoy Govindajee, Sagolband, Imphal on September 3.

Explanation: Arunachal Pradesh’s biggest festival ‘Solung’ of the Adi Tribe was celebrated with traditional fervor and in a grand way at Boleng in Siang District on September 3.

Explanation: In commemoration of the first anniversary of her canonisation, the Archdiocese of Calcutta is set to declare Mother Teresa as its co-patron.

Explanation: P R Seshadri has assumed charge as the Managing Director and Chief Executive Officer of Karur Vysya Bank.

Explanation: India’s Konsam Ormila Devi bagged a gold medal in 44kg weight category on the opening day of the Commonwealth Youth (boys & girls) weightlifting championships, held at Gold Coast, Australia.

Explanation: Mercedes Lewis Hamilton has won Italian Grand Prix beating Max Verstappen of Red Bull

Explanation: Former Union minister and sitting Trinamool Congress MP Sultan Ahmed has passed away.

Explanation: Chinese President Xi Jinping has announced $76 million for a BRICS economic and technology cooperation plan and another $4 million to support the projects of the bloc’s New Development Bank at the BRICS summit in Xiamen, China.

Explanation: Mawar, the 16th typhoon of this year, has made landfall in China’s Guangdong province, bringing heavy rains and winds,

Explanation: The Reserve Bank of India (RBI) has announced it has added private lender HDFC Bank to its list of “domestic systemically important banks” (D-SIBs) considered too big to fail.

Explanation: Archaeologists in Andhra Pradesh have discovered an ancient Buddhist site that dates back to the 1st century AD. “We found the Buddhist site atop a hill, locally called Bhairava Gutta. The area was dotted with broken pillars of Silamandapa in front of the dilapidated Venkateswara temple. The structures date back to the Satavahana rule,” a senior archaeologist said.

Explanation: The Vice President, Shri M. Venkaiah Naidu presented the National Award to Teachers – 2016 on the occasion of Teachers’ Day, in New Delhi. Shri Venkaiah Naidu also launched DIKSHA portal, a national digital infrastructure for teachers.

Explanation: The Indian Coast Guard has handed over offshore patrol vessel ICGS Varuna to the Sri Lankan Coast Guard.
ICGS Varuna, named after sea god Varuna, was commissioned in the Indian Coast Guard in February 1988.

Explanation: Making steps towards digital revolution in the schools of Gujarat, Chief Minister Vijay Rupani launched state-wide ‘Gyankunj Project’ on Teachers’ Day. The objective of the project is to produce world-class students.

Explanation: Chinese President Xi Jinping has announced that the 10th edition of the annual BRICS summit will be held in Johannesburg next year.

Explanation: The captain of the Indian basketball team, Amritpal Singh scripted history by becoming the first Indian-born player to be picked up by an Australian NBL team.

Explanation: Public sector and private banks have got a month’s extension to establish Aadhaar enrolment centres within their premises. The Unique Identification Authority of India (UIDAI) said that on the requests of the Banks, it has extended the deadline till September 30, 2017.

Explanation: R A Sankara Narayanan has taken charge as Managing Director and Chief Excecutive Officer of Vijaya Bank. He has taken over the reigns of the bank from Kishore Sansi, who reached superannuation on August 31.

Explanation: Olympic silver medallist Rajyavardhan Rathore replaced Vijay Goel as the new Sports Minister in the latest cabinet reshuffle of the Narendra Modi government. He is the first sportsperson to take charge of Sports Ministry.

Explanation: Senior Kannada journalist and social activist Gauri Lankesh from Karnataka was shot dead by unidentified men at her house in Bengaluru.

Explanation: Arunachal Pradesh Health and Family Welfare Minister Jomde Kena has passed away after prolonged illness.

Explanation: The Thirteenth Edition of the IDRBT Banking Technology Excellence Awards was held on 1st of September, 2017. Shri S. Ganesh Kumar and Shri Sudarshan Sen, Executive Directors, Reserve Bank of India, presided over the function. Best Bank Award for Use of Technology for Financial Inclusion Among Large Banks – State Bank of India Best Bank Award for Use of Technology for Financial Inclusion Among Mid-Size Banks – Vijaya Bank Best Bank Award for Use of Technology for Financial Inclusion Among Small Banks – Karnataka Bank Ltd.

Explanation: India and Myanmar have signed eight Memorandum of Understanding (MoU) and three agreements in Nay Pyi Taw, Myanmar to strengthen the multifaceted partnership between the two countries. The MoUs are: MoU on Maritime Security Cooperation Cultural Exchange Programme for the year 2017-2020. MoU on Enhancing the Cooperation of the Upgradation of the Women’s Police Training Centre at Yamethin, Myanmar.

Explanation: Government think-tank Niti Aayog has come out with the National Nutrition Strategy, seeking to put nutrition at the forefront of the narrative of the National Development Agenda. It aims at ensuring every child, adolescent girl and woman attains optimal nutritional status by 2022.

Explanation: The Chinese government has banned initial coin offerings, a new fundraising phenomenon that has taken the Internet by storm. The People’s Bank of China ruled that these unregulated sales violated Chinese law and must stop immediately.

Explanation: The World Health Organisation (WHO) said that it needs to pump in over $800 million to eliminate measles from five developing economies of South East Asia (SEA) — Bangladesh, India, Indonesia, Myanmar and Timor Leste — by 2020.

Explanation: State-owned Bharat Sanchar Nigam Limited (BSNL) has entered into an agreement with US-based networking solutions provider Coriant to chart the path to 5G and Internet of Things (IoT) in India.

Explanation: India has bagged a Gold and two Silver medals in the Men’s Double trap event at the ISSF World Shotgun Championship in Moscow. India won the Gold in the Junior team section of the event with a combined score of 401. Ankur Mittal won the Silver in the senior event, while 17-year-old Ahvar Rizvi finished second in the junior section.

Explanation: Australia has roped in Bollywood actress Parineeti Chopra to be its first Indian woman Ambassador to encourage Indians to visit the country.

Explanation: India will host the 2019 edition of the Commonwealth (Youth, Junior and Senior) Weightlifting Championships.

Explanation:. Energy Efficiency Services Limited ( EESL) , under Ministry of Power, Government of India has launched UJALA (Unnat Jyoti by Affordable Lighting for All) Scheme in the State of Melaka, Malaysia.

Explanation: Prime Minister Narendra Modi has announced that India will grant gratis visa to Myanmarese citizens wanting to visit the country

Explanation: Indian Navy and Sri Lankan Navy on 7 September 2017 began the 2017 Sri Lanka-India Exercise (SLINEX) at Visakhapatnam, Andhra Pradesh. The exercise will conclude on till 14 September 2017.

Explanation: The Andhra Pradesh government has signed an MoU with the US-based Hyperloop Transportation Technologies to build India’s first Hyperloop system. The planned project is aimed at connecting cities Amaravati and Vijayawada in Andhra Pradesh, supposedly covering the distance of over 35 km in just five minutes.

Explanation: NITI Aayog has constituted an Expert Task Force to provide a major thrust to job creation by enhancing India’s exports. It will be headed by NITI Aayog Vice Chairman Dr. Rajiv Kumar.

Explanation: Ujjivan Small Finance Bank has said that it will bring down its cost of funds by up to 150 basis points during the current financial year by replacing 75% of its bank loans with borrowings using money market instruments including certificate of deposits.