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Daily G.K. - Top Stories

02 Jan 2018

INTERNATIONAL AFFAIRS

China Develops Surveillance Network to Locate Indian Ocean Targets

China has developed a new underwater surveillance network to help its submarines get a stronger lock on targets while protecting the nation’s interests along the maritime Silk Road, which includes the Indian Ocean. The system, which has already been launched, works by gathering information about the underwater environment, particularly water temperature and salinity, which the navy can then use to more accurately track target vessels as well as improve navigation and positioning. The project, led by the South China Sea Institute of Oceanology under the Chinese Academy of Sciences (CAS), is part of an unprecedented military expansion fuelled by Beijing’s desire to challenge the US in the world’s oceans. 

‘Secret Meeting’ Between India and Pakistan Held in Thailand

National security advisors of India and Pakistan held a “secret” meeting in Thailand. The meeting between Pakistan’s National Security Advisor retired Lt Gen Nasser Khan Janjua and India’s National Security Advisor Ajit Doval took place on December 27.  The meeting came after Indian death-row prisoner Kulbhushan Jadhav met with his family on December 25 in Islamabad.

Saudi Arabia and UAE Introduces Value-Added Tax

Saudi Arabia and the United Arab Emirates introduced value-added tax from Monday, a first for the Gulf which has long prided itself on its tax-free, cradle-to-grave welfare system. Saudi Arabia compounded the New Year blow for motorists with an unannounced hike of up to 127 percent in petrol prices with immediate effect from midnight. They are the latest in a series of measures introduced by Gulf oil producers over the past two years to boost revenues and cut spending as a persistent slump in world prices has led to ballooning budget deficits.

The other four Gulf states -Bahrain, Kuwait, Oman and Qatar -- are also committed to introducing VAT but have delayed the move until early 2019.None of the Gulf states levy any personal income tax and none have any plans to do so.
 
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BUSINESS AND ECONOMY

Finance Ministry Closes Subscription to 8% Government Bonds

The Finance Ministry said it would close  subscription to 8 percent Government Savings (Taxable) Bonds, 2003. These bonds shall cease for subscription with effect from the close of banking business on January 2, 2018. The decision to discontinue the bond comes in the backdrop of declining interest rate in other savings instruments, especially the Post Office savings schemes. 

Norms Eased for Rectification of GST Returns

The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns- GSTR-3B- and adjust tax liability, a move that will help them file correct returns without fear of penalty. This relaxation will give an opportunity to businesses to claim tax credit correctly by rectifying the mistakes made initially while computing GST liability. 

Bandhan Bank Files for IPO

Kolkata-based private sector lender Bandhan Bank filed draft papers with market Regulator SEBI for its initial public offer (IPO) to raise an estimated amount of over Rs. 25,00 crore. The initial public offering, which is touted as the biggest banking sector IPO to date, is expected to raise over Rs. 25,00 crore. The equity shares are proposed to be listed on BSE and the NSE. Bandhan Bank is the first instance in India when a micro-finance entity is transforming into a universal bank. 

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SCIENCE & TECHNOLOGY

Google Develops Text to Speech AI system

Google has developed a text-to-speech artificial intelligence (AI) system that can reportedly confuse you with its human-like articulation. The text-to-speech system, called ‘Tacotron 2’, delivers an AI-generated computer speech in a voice that almost sounds like a human’s. The team claims that Tacotron 2 can detect from context the difference between the noun “desert” and the verb “desert”, as well as the noun and verb forms of “present”, and apply the proper inflection when asking a question rather than making a statement. 

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SPORTS

Vidarbha Wins their Maiden Ranji Trophy

Vidarbha scripted a new chapter in the region’s cricket history by winning their maiden Ranji Trophy, comfortably defeating Delhi by nine wickets in the final. Vidarbha finished the task in just five overs at the Holkar stadium. Opting to field first, Vidarbha bowled out Delhi for 295 in the first innings with Man of the Match Rajneesh Gurbani picking up six wickets. 

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NATIONAL AFFAIRS

Gokhale Appointed as Foreign Secretary

The Appointments Committee of the Cabinet approved senior diplomat Vijay Keshav Gokhale to be appointed as the next Foreign Secretary, replacing S. Jaishankar. Gokhale, who served as ambassador to China before his current assignment of Secretary, Economic Relations, has been appointed for a fixed term of two-years. 

Mound in Bihar Village Yields Info on 3,000-Years Old Potsherds

A mound spotted by Bihar Chief Minister Nitish Kumar at a village in Sheikhpura district has yielded potsherds, perhaps dating back to 1000 BC. Potsherds are pieces of broken ceramic pot or other earthenware that have archaeological significance. Black slip wares and black and red wares found at the site appear to be of a period around 1000 BC. Some red furnished ware found could take back to the Neolithic period. 

A team of archaeologists conducted preliminary explorations at Pharpar village in Ariyari block after getting a call from Chief Secretary Anjani Kumar Singh. The village is about 120 km from the state capital. The archaeologists also found some fragmented sculptures of Buddha, Lord Vishnu and some female deities. 

IIMs to Award Degrees Instead of Diplomas

The Indian Institute of Management (IIMs) in the country have got more autonomy in their functioning with restricted government role in their functioning and power to award degrees instead of diplomas to their graduates. President Ramnath Kovind has given assent to the Indian Institute of Management Bill, 2017, and it has now become a law. The new law grants statutory powers to IIMs in their running, including the appointment of directors, and faculty members. The Indian Institute of Management Act, 2017, gives the IIMs powers to award degrees instead of postgraduate diplomas. 

As per the provisions of the Act, the Board of Governors of each institute shall be the Principal Executive body comprising up to 19 members. The Board of Governors will appoint the director of each IIM, who will be the CEO of the institute. 
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