GK and Current Affairs Updates

Stage is set for showcasing India's hydrocarbon strength and opportunities in this low oil price regime. 
●    The event will be organized under the aegis of Ministry of the Ministry of Petroleum and Natural Gas. 
●    The biennial event is being supported by the Indian Oil and Gas industry.
●    The theme for this year is "Hydrocarbons to fuel the future: Choices and Challenges"
●    It aims to explore areas of growth in petroleum technology, exploration, drilling, production and processing, refining and other related issues.
●    The conference would be a platform for national and international experts from oil and gas industry to exchange views, share knowledge, expertise and experience across various segments.
 

Maharashtra has become the first state in the country to have a cyber-police station in each district to take on cyber criminals. 
●    In this regard, state government is converting 42 state-of-the-art cybercrime labs into cyber police stations simultaneously. 
●    These cyber police stations will also be set up at police commissionerate and Range IG offices. 
●    Any offence related to cybercrime will be registered in these police stations at district level. 
●    Additional cyber police stations will also be set up in some cities. 
●    The cyber-crime wing of Maharashtra government had proposed to set up 51 cyber-crime labs across the state take on cyber criminals. 
●    These included 34 labs at the district level, 7 labs at Inspector General’s offices, 9 labs at Commissioner of Police offices and 1 lab at the state police headquarters. 
 

The first titanium project of India has started its test production Ganjam district of Odisha. 
●    The project has been established by Saraf Group. 
●    This is first of its kind titanium plant and the only one in the country. 
●    During the test run, one of its four furnaces became functional. 
●    After inception, this plant is expected to produce 36,000 tons of titanium slag and 20,000 tons of pig iron per year. 
●    The raw material of the plant ilmenite would be procured from Odisha Sands Complex (OSCOM), a unit of Indian Rare Earths Limited (IREL) in Ganjam district of Odisha as well as a private company which has its unit in Srikakulam in Andhra Pradesh. 
●    Earlier in August 2015, Indian Space Research Organisation (ISRO) had fully commissioned and started commercial production at the first indigenous Titanium Sponge Plant at Chavara in Kerala.  

The Union Government has imposed anti-dumping duty on imports of steel wire rods from China to protect domestic manufacturers from cheap in-bound shipments. 
●    In this regard, the Department of Revenue (DoR) has issued a notification mentioning that dumping duty has been imposed for six months. 
●    The protectionist measures against cheap Chinese imports were taken based on the recommendation of Directorate General of Anti-Dumping and Allied Duties (DGAD). 
●    Anti-dumping duty is an import duty imposed by government on imported products which have prices less than their normal values or domestic price. 
●    Thus, it is protectionist and counter import measure used by a country under the multilateral World Trade Organisation (WTO) regime to protect its domestic producers and market from below-cost/cheap imports. 

Ministry of New and Renewable Energy (MNRE) issued Guidelines for transparent bidding process for implementation of Scheme for setting up of 1000 MW Wind Power Project connected to inter-state transmission system (ISTS).
●    As per Guidelines the Wind Power Projects will be selected through open and transparent competitive bidding followed by e-reverse auction and the capacity may go higher than 1000 MW, if there is demand from Buying Entities. The implementing agency SECI has already floated RfS document for selection of bidders under the Scheme.
●    Discoms of non-windy State and UTs and also the bulk consumers of any State/UTs who intend to buy 10 MW or more can buy wind power under the Scheme.
●    PTC India Ltd, trading company selected by SECI under the scheme, will sign Power Purchase Agreement (PPA) with wind projects at bidded tariff and back-to-back Power Sale Agreement (PSA) with Buying Entities at a pooled price of the total bids selected. The term of PPA and PSA will be 25 years.
●    Bidder can bid for a minimum capacity of 50 MW and maximum up to 250 MW. The selected bidder is required to injected wind power at ISTS interconnection point. Bidder is allowed to install 5% of additional rated capacity that will compensate auxiliary consumption and system losses up to interconnection point.
●    Provision relating to pass through of GST impact, part commissioning, efficiency in generation, performance monitoring have also been stipulated in the guidelines.

The GST council on 3 November 2016 approved four tier tax structure of 5, 12, 18 and 28 percent under the proposed Goods and Services Tax (GST).
●    There will be two standard tax rates- 12 percent and 18 percent under the GST. 
●    Under the tax structure of 5, 12, 18 and 28 percent, the lower rates will be applicable for essential items and the highest for luxury and de-merits goods that will also attract an additional cess.
●    The lowest rate of 5 percent will be for common use items while there will be two standard rates of 12 and 18 percent under the Goods and Services Tax (GST) regime.
●    Most white goods like washing machines, air conditioners, refrigerators, shampoo, shaving stuff and soap will be taxed at 28 percent (with riders).
●    The highest tax slab will be applicable to items which are currently taxed at 30-31 percent (excise duty plus VAT).
●    There has been no consensus yet on tax rate for gold.
●    The cess will be lapsable after five years.

India and Japan are likely to sign a civil nuclear cooperation agreement during Prime Minister Narendra Modi's two-day visit to Japan next week as the two sides completed the internal procedures for the much-awaited agreement.
●    The two countries had sealed a broad agreement for cooperation in civil nuclear energy during Japanese Prime Minister Shiozo Abe's visit to New Delhi last December.
●    External Affairs Ministry Spokesperson Vikas Swarup said both the countries have completed the internal procedures including legal and technical aspects of the text of the pact.
●    Japan is a major player in the nuclear energy market and an atomic deal with it will also make it easier for US-based nuclear plant makers Westinghouse Electric Corporation and GE Energy Inc to set up atomic plants in India as both these conglomerates have Japanese investments.
●    During his visit, Prime Minister Modi will have an audience with the Emperor of Japan and hold the annual summit meeting with Japanese Prime Minister Shinzo Abe.

Lebanese President Michel Aoun has asked Saad al-Hariri, a prominent Sunni politician, to form a new government as prime minister after he secured the support of a majority of MPs, according to a presidential statement.
●    Hariri was endorsed by 110 members of the 127-seat parliament on Thursday, with only Hezbollah, the Syrian Social National Party and the Lebanese Baath party - all supporters of Syria's government - declining to back him as prime minister.
●    Hezbollah is an armed Shia group which also has representation in parliament.
●    But his return was assured as part of the deal he struck to throw his support behind former general Michel Aoun, a Hezbollah ally.
●    Nabih Berri, the parliament speaker, indicated on Thursday that he was ready to cooperate in efforts to set up a new government led by Hariri, softening earlier objections that threatened to hold up its formation.

Indian banks can raise Tier I, Tier II and funds for lending to the infrastructure sector by issuing rupee denominated masala bonds within the Rs 2.44 lakh crore foreign investment ceiling for corporate bonds, Reserve Bank of India said in a notification on Thursday. 
●    Banks can raise perpetual debt which qualifies as Tier I capital through rupee denominated bonds overseas. 
●    They can also raise long term funds to finance infrastructure and affordable housing projects in India, the central bank said. 
●    Tier I capital is the core capital of the bank is used to gauge a bank’s capability of absorbing losses. 
●    On Thursday, RBI just notified the measures announced for the bond market in August which included allowing banks to issue masala bonds. 
●    Until now these bonds could only be issued by companies and NBFCs. 
●    These bonds are different from other overseas instruments because the currency risk is borne by the investor. 

Google has tied up with Archaeological Survey of India (ASI) for 360 degree virtual tour of 280-odd monuments across the country, an official of the tech giant said.
●    ASI had given the permission to Google for creating the virtual tour, which would be available in the maps.
●    Some of the major monuments are Taj Mahal, Victoria Memorial and the ruins of Hampi, he said, adding eight were from Kolkata.
●    Google has launched an array of products in India like offline view of maps, live traffic alerts and inclusion of unknown places on the maps by local guides.
●    Mr Gupta said one billion people across the globe were using Google maps and India was among the top five.