Daily Current Affairs 6th June, 2018

Daily Current Affairs 6 June 2018 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

Important Cabinet Approvals-June 6, 2018

  • Cabinet approves the joint issue of postage stamp between India and Russia 

The Union Cabinet chaired by Prime Minister Shri Narendra Modi was apprised of the agreement signed in connection with release of Joint Stamps between Department of Posts, India and Russia Post (Joint-Stock Company “MARKA” of Russian Federation) to establish postal cooperation and strive towards mutually beneficial operational excellence in the field of issuance of stamps.

  • Cabinet approves the extension of Memorandum of Understanding (MoU) between India and Netherlands on technical cooperation in the field of Spatial Planning, Water Management and Mobility Management

The objectives of this MoU sihned in April 2018 are to promote and strengthen the collaboration between the signatories in the areas of Spatial Planning, Water Management and Mobility Management on the basis of equivalence, affordable housing, smart city development, geographical information system (GIS) for water supply & sewerage system, waste water reuse and recycle, conservation of fresh water by artificial recharge of aquifer, integrated  solid waste management and heritage conservation and mutual benefit, taking into account the practical needs of both the countries.

  • Cabinet approves Memorandum of Understanding (MoU) between India and Denmark on technical cooperation in the field of Sustainable and Smart Urban Development 

The objective of this MoU is to promote bilateral cooperation in the field of sustainable and smart urban development on the basis of reciprocity and mutual benefit through exchange of knowledge, institutional cooperation, research & development and commercial relations on related issues.

  • Areas of cooperation include smart urban solutions, liveability, sustainable and integrated urban planning, re-development and land use, integrated solid waste management including waste to energy, sustainable transport systems, water and sanitation management, energy efficiency, resource mobilization and other related areas.
  • Cabinet approves Memorandum of Understanding (MoU) between India and United Kingdom on technical cooperation in the field of Sustainable Urban Development 

The objective of this MoU is to facilitate and strengthen India-UK institutional cooperation in the field of sustainable urban development.

  • The areas of cooperation include smart cities development, solid waste management, green affordable housing, waste water management, capacity building of urban institutions, skill development in urban areas, urban mobility, intelligent transport system and transit-oriented development, innovative access to finance and other related areas.
  • Cabinet approves Memorandum of Understanding between India and Oman on Cooperation in the peaceful uses of outer space 

The MoU was signed between India represented by the Indian Space Research Organization (ISRO) and Oman represented by the Ministry of Transport and Communications on Cooperation on February, 2018 at Muscat.

  • The area of areas cooperation includes space science, technology and applications including remote sensing of the earth; satellite based navigation; Space science and planetary exploration; use of spacecraft and space systems and ground system; and application of space technology.
  • Cabinet approves Agreement between India and France on technical cooperation in the field of Sustainable Urban Development. 

The agreement signed between India and France in March, 2018 shall remain in force for a period of five years.

  • The objectives of the Agreement is to promote technical cooperation in the areas of smart cities development, development of urban mass transportation systems, urban settlements and utilities (water supply and sewerage systems), disposal and treatment of solid waste, landfill remediation, management of non-revenue water, water reuse & recycle, technology transfer, conservation of fresh water by artificial recharge of aquifer, circular economy, mass housing, green housing, urban planning, heritage, human resource development, capacity building and other related areas as mutually agreed by the Contracting Parties.
  • Cabinet approves construction of a new 6 – Lane bridge with its approaches across River Ganga at Phaphamau, Allahabad in Uttar Pradesh 

The Cabinet Committee on Economic Affairs has approved the project for construction of 9.9 km long new 6 – lane bridge across river Ganga on NH – 96 at Phaphamau in Allahabad with total capital cost of Rs. 1948.25 crore.

  • The construction period for the project is three years and likely to be completed by December, 2021. The new bridge will resolve the traffic congestion on existing old 2 – lane Phaphamau bridge on NH-96 at Allahabad.
  • Cabinet approves Polar Satellite Launch Vehicle Mark-III Continuation Programme – Phase 6 

The Union Cabinet has approved the Polar Satellite Launch Vehicle (PSLV) Continuation Programme (Phase 6) and funding of thirty PSLV operational flights under the Programme.

  • The Programme will meet the launch requirement of satellites for Earth observation, Navigation and Space Sciences and also ensure the continuity of production in Indian industry.
  • The total fund requirement is Rs. 6131.00 crores.
  • Cabinet approves Continuation Programme for Geosynchronous Satellite Launch Vehicle Mark-III 

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved funding for the Geosynchronous Satellite Launch Vehicle Mark-III (GSLV Mk-III) continuation programme (Phase-I) consisting of ten (10) GSLV (Mk-III) flights.

  • The total estimated cost is Rs. 4338.20  crores. 
  • The operationalisation of GSLV Mk-III will make the country self-reliant in the launching capability of 4 tonne class of communication satellites, and sustain & strengthen the space infrastructure and reduce the dependence on procured launches from foreign countries.

Maharashtra announces financial aid for tur farmers

Maharashtra government has announced to provide financial grant of Rs 1,000 per quintal to those farmers whose tur and gram could not be purchased by the administration before the May 31 deadline.

  • The state government had set up tur procurement target of 44.6 lakh quintals.
  • The government will also give a financial aid of 160 crore rupees to farmers whose crops got damaged due to unseasonal rain or hailstorm.
  • The chief minister has also announced a special subsidy for milk producers.

Bihar govt launches new crop insurance scheme with effect from Kharif (monsoon) 2018

The Bihar government has launched a new crop insurance scheme “Bihar State Crop Assistance Scheme” with effect from Kharif (monsoon) this year. The new scheme replaces the existing system of crop insurance.

  • As per the new scheme, farmers would be paid a compensation of Rs 7,500 per hectare if less than 20 percent of the standing crop is damaged with maximum support amounting to Rs 15,000.
  • Similarly, Rs 10,000 per hectare would be provided in case damage is more than 20 percent and maximum support of Rs 20,000.
  • Farmers do not have to pay any premium as per the scheme.
  • The purpose of the scheme is to ensure that farmers have enough money for the next crop cycle if their current crop has been affected by a natural calamity. It will also ensure continuity in income of farmers.

Baba Kalyani heads group to study SEZ Policy 

The Government of India has constituted a group of eminent persons led by Baba Kalyani, chairman, Bharat Forge, to study the Special Economic Zones (SEZ) Policy of India.

  • The group will evaluate the SEZ policy, suggest measures to cater to the needs of exporters in the present economic scenario and make the SEZ policy WTO compatible, suggest course correction in SEZ policy, make comparative analysis of the SEZ scheme and dovetail the SEZ policy with other similar schemes.
  • The SEZ Policy was implemented from 01st April, 2000. Subsequently the Special Economic Zones Act, 2005 was passed by Parliament in May, 2005 and received Presidential assent on the 23rd of June, 2005 and the Special Economic ZoneAct was enacted. The SEZ Act, 2005, supported by SEZ Rules, came into effect on 10thFebruary, 2006.

Madhya Pradesh Announces Outstanding Power Bill Waiver Scheme

The Madhya Pradesh government headed by Chief Minister Shivraj Singh Chouhan has announced an outstanding power bill waiver scheme “Bijli Bill Mafi Yojana 2018 (Power Bill Waiver Scheme)” for labourers and poor families.

  • Under the subsidised power scheme, registered labourers of the unorganised sector and Below Poverty Line (BPL) families would be provided electricity at a cost of Rs 200 per month.
  • The state cabinet also approved Mukhyamantri Jan Kalyan (Sambal) Yojana 2018 (a scheme to provide subsidised power).
  • Power connection under the Mukhyamantri Jan Kalyan (Sambal) Yojana would be provided free of cost to the beneficiaries.


INTERNATIONAL NEWS

Nepal’s Chief of Army Staff on six-day visit to India

Nepal’s Chief of the Army Staff (COAS) General Rajendra Chhetri is on six-day visit to India beginning June 6 on the invitation of his Indian counterpart General Bipin Rawat.

  • During General Chhetri visit to India, Purna Chandra Thapa will be Nepal’s caretaker Army Chief.
  • General Chhetri is scheduled to return to Nepal on June 11.
  • General Chhetri’s visit will further strengthen the relations between the two Armies.


BANKING/FINANCE

RBI increases repo rate by 25 basis points to 6.25 percent

In its second bi-monthly monetary policy review, the six member Monetary Policy Committee headed by RBI Governor Urjit Patel unanimously hiked the policy repo rate by 25 basis points to 6.25 percent to curb inflationary pressure from rising crude prices.

  • This is the first time since January 2014 that RBI has announced a rate hike.

Current Rates

Repo Rate 6.25%
Reverse Repo Rate 6.00%
Marginal Standing Facility (MSF) 6.50%
Bank Rate 6.50%
CRR 4%
SLR 19.5%

World Bank approves Rs. 6,000 crore Atal Bhujal Yojana 

The World Bank has approved Rs.6000 crore Central Sector Scheme “Atal Bhujal Yojana (ABHY)” of the Ministry of Water Resources, River Development  and Ganga Rejuvenation.

  • The scheme is  to be implemented over a period of five years from 2018-19 to 2022-23, with World Bank assistance.
  • Atal Bhujal Yojana has been formulated by the Ministry to address the  criticality of ground water resources in a major part of the country and  improve ground water management in priority areas in the country through community participation.


SPORTS

Virat Kohli among world’s highest-paid athletes; no women in top 100: Forbes

India cricket team captain Virat Kohli is among the world’s highest-paid athletes, according to Forbes.

  • Kohli is the only sportsperson from India to be featured in the list topped by American boxing champion Floyd Mayweather.
  • The Indian skipper is ranked 83rd with earnings of USD 24 million, according to the website.
  • Surprisingly, the ‘World’s Highest-Paid Athletes 2018’ compilation is an all-male affair with no women being featured in the list.


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