3rd January Current Affairs 2018 1. Pankaj Jain assumes charge as IIFCL Managing Director ● Pankaj Jain, Joint Secretary in the Department of Financial Services (DFS), has assumed charge as the Managing Director of India Infrastructure Finance Company Ltd (IIFCL). ● He will be holding additional charge of IIFCL along with his present position as Joint Secretary at DFS. IIFCL is a state-owned company focused on infrastructure financing and development.
2. Pakistan approves Chinese yuan for bilateral trade, investment activities ● Pakistan’s central bank has allowed the Chinese yuan to be used for bilateral trade and investment activities, ensuring that imports, exports and financing transactions can be denominated in the Chinese currency. ● The State Bank of Pakistan (SBP) stated that the Chinese yuan was an approved foreign currency for denominating foreign currency transactions in Pakistan. ●
“SBP has already put in place the required regulatory framework which facilitates use of yuan in trade and investment transactions”.
Important Point: Pakistan ➢ Capital: Islamabad ➢ Prime minister: Shahid Khaqan Abbasi ➢ President: Mamnoon Hussain ➢ Currency: Pakistani rupee
China ➢ Capital: Beijing ➢ Currency: Yuan Renminbi ➢ President: Xi Jinping
3. Saudi Arabia and United Arab Emirates introduce VAT for first time ● Value Added Tax (VAT) has been introduced in Saudi Arabia and the United Arab Emirates for the first time. ● The 5% levy is being applied to the majority of goods and services. ● Gulf states have long attracted foreign workers with the promise of tax-free living. ●
But governments want to increase revenue in the face of lower oil prices.
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The tax kicked in on 1 January in both countries.
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The UAE estimates that in the first year, VAT income will be around 12 billion dirhams (£2.4bn; $3.3bn).
Important Points; Saudi Arabia ➢ Capital: Riyadh ➢ Currency: Saudi riyal ➢ King: Salman of Saudi Arabia United Arab Emirates ➢ Capital: Abu Dhabi ➢ Currency: United Arab Emirates dirham ➢ President: Khalifa bin Zayed Al Nahyan
4. Cruise tourists with e-visa exempted from biometric enrolment ● With a view to promoting cruise tourism in India, cruise tourists with e-visa will now be exempted from the requirement of biometric enrolment till December 31, 2020. ● This will make immigration clearance of such passengers faster, leaving them with more time to spend on shore. ●
The step assumes significance as based on the schedule of arrivals of cruise ships for season 2017-18 and 2019-20, many of the cruise ships coming to India are mega ships with 2,000 -4,000 passengers on board.
5. Sathiyan becomes India’s highest-ranked player in latest ITTF rankings ● G Sathiyan has become India’s highest- ranked player in the latest International Table Tennis Federation (ITTF) rankings. ● He surpasses his compatriot the legendary Sharath Kamal. Sathiyan, who was nowhere near the top-100 bracket until a few months ago, is the leader at world No. 49, pushing Kamal to the second spot at 51. ●
As for the women, Manika Batra is topping the world chart among Indians at 62, while Mouma Das is ranked 74th and Madhurika Patkar is ranked 81st.
Important points: International Table Tennis Federation (ITTF) ➢ Headquarters: Lausanne, Switzerland ➢ President: Thomas Weikert ➢ CEO: Judit Farago ➢ Founded: 1926
6. 171st Araadhanai Music Festival begins in Tamilnadu ● The 171st Araadhanai Music Festival of one of the Trinities of Carnatic music Saint Thyagaraja begins in Thiruvaiyaru, Tamil Nadu. The festival will be inaugurated by Governor Banwarilal Purohit. ● The main function of the festival – the choral singing of Thyagaraja’s five kritis in Ghana ragas. ●
Over 1,000 musicians from all over the world are expected to pay homage to Saint Thyagaraja during the course of the five-day festival.
Important points: Tamil Nadu ➢ Capital: Chennai ➢ Chief Minister: Edappadi K. Palaniswami ➢ Governor: Banwarilal Purohit.
7. 8% GoI savings bond scheme replaced by one paying 7.75% ● The government replaced its GOI Savings Bonds, 2003, scheme earning eight percent interest per annum by another which has a lower rate of interest at 7.75 percent. ● The government had announced that its GOI Savings Bonds, 2003, will cease subscription from the close of the banking business. ●
“The 8 percent Savings Bonds Scheme, also known as RBI Bonds Scheme, is not being closed. 8 percent Scheme is being replaced by 7.75 percent Savings Bonds Scheme”.
8. UNESCO enters Turkey’s endangered ‘bird language’ in Intangible Cultural Heritage list ● The unusual and very efficient whistle language used as a means of communication by villagers in remote northern Turkey entered the UNESCO list of Intangible Cultural Heritage. ● UNESCO has accepted the “bird language” of Black Sea villagers as an endangered part of world heritage in need of urgent protection. Important points: Turkey ➢ Capital: Ankara ➢ Currency: Turkish lira ➢ President: Recep Tayyip Erdoğan