Current Affairs Daily Digest – February 24 2017


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  1. N Chandrasekaran elected chairman of Indian Hotels

Tata Group hospitality arm Indian Hotels Company Ltd has said N Chandrasekaran has been elected as the Chairman of its board of directors. He was initially appointed as a Member of the board on January 27, 2017.Chandrasekaran had taken over as Chairman of Tata Sons on February 21, becoming the first non—Parsi Chairman of the USD 103 billion Tata Group after heading its crown jewel TCS for years.

  1. PM Modi unveils 112-foot tall Shiva statue in Coimbatore

Prime Minister Narendra Modi has unveiled a 112-foot tall bust of Adiyogi Shiva at the Isha Foundation at the foothills of Velliangiri Mountains. The bust, made of steel, weighs 500 tonnes and it took 2.5 years to design it and in eight months to build it.

This is the tallest bust in the planet, recognising the first yogi’s unparalleled contribution to humanity. The iconic bust symbolises liberation, representing the 112 ways in which one can attain to one’s ultimate through the science of yoga.

  1. Govt launches app to provide GST updates to taxpayers

The Finance Ministry has launched a mobile app for Goods and Services Tax so as to provide updates to taxpayers on the new tax regime which is to be rolled out from July 1. Minister of State for Finance Santosh Gangwar said the Centre and states are in the final lap of discussions for the implementation of GST which will usher in ‘one-nation one-tax’ regime.

  1. Visa-AP sign MoU to make Vizag India’s first ‘less cash’ city

Global payments network Visa has signed a memorandum of understanding (MoU) with the Andhra Pradesh government to help transform Vishakhapatnam into India’s first ‘less cash’ city. This initiative is designed to provide the foundation for the city to emerge as India’s ‘Fintech Valley’. Another focus area of Visa will be to provide support to FinTech start-ups by providing access to Visa’s APIs, providing subject matter expertise, and participating in boot camps and hackathons.

  1. 74th Central Excise Day celebrated by CBEC

The Central Board of Excise and Customs (CBEC) celebrated 74th Central Excise Day on 24th February in New Delhi.CBEC is the single largest contributor to the national exchequer with the collection of Rs.8,50,000 crore a year.

  • Olympic silver medalist, P.V. Sindhu was the guest of honor. The history of Central Excise day dates back to 1944 when Central Excise Act helped in levying the Central Excise Duty.
  • Justice Satish Chandra, President, Customs, Central Excise and Service Tax Appellate Tribunal (CESTAT) was the chief guest.
  1. Maneka Gandhi announces compensation fund for child abuse victims

Women and Child Development Minister Maneka Gandhi has announced the setting up of a compensation fund under Nirbhaya scheme to provide financial help to children who are victims of sexual crimes. The money for this fund will be drawn from Nirbhaya Scheme and will be monitored directly by the Women and Child Development Ministry.

  1. Tata Power Renewable commissions 15 MW solar plant in Telangana

Tata Power Renewable Energy Ltd, a wholly-owned subsidiary of Tata Power, has synchronised its 15 MW solar plant at Bellampally in Telangana, thereby taking the Tata Power’s total installed operating capacity past 10, 500 MW mark. The company has won the project in the Phase 1 bidding process in Telangana, and its commissioning is in keeping with the conditions and timelines in the PPA.

  1. Bet Dwarka Darshan Circuit in Gujarat to be developed under HRIDAY

Ministry of Urban Development has approved development of 6 km long Bet Dwarka Darshan Circuit in Gujarat at a cost of Rs.16.27 cr under the Central Scheme Heritage City Development and Augmentation Yojana (HRIDAY).

HRIDAY National Empowered Committee chaired by Shri Rajiv Gauba, Secretary (UD) has approved the circuit connecting the famous Dwarkadish Haveli and Hanuman Dandi, the only temple housing Hanumanji and his son Makardhwaj, in Dwarka district of Gujarat. There are two important water bodies along the circuit viz., Ranchod Talav and Shankhudhar Lake.

  1. Sikkim becomes 22nd State to join UDAY

Sikkim has become the 22nd state to join UDAY — the scheme designed to nurse debt-laden electricity distribution companies back to health — which will in turn hand it an overall benefit of Rs 356 crore.

The Government of India and Sikkim signed a memorandum of understanding (MoU) under the Scheme Ujwal Discom Assurance Yojana (UDAY), for operational improvement of the state’s Power Distribution Department.

  1. 9th BRICS Summit to be held in China’s Xiamen city

The ninth BRICS Summit will be held in China’s Xiamen city from September 3-5. The theme of this year’s event is ‘BRICS: Stronger Partnership for a Brighter Future. China expects the Xiamen BRICS summit will promote members strengthening solidarity and collaboration, and improving global governance, deepening pragmatic cooperation to achieve mutual benefit, increasing people-to-people exchanges, and enhancing public support, and strengthening institutional mechanism and improving cooperation platform, which are the four objectives

  1. Oriental Bank Ties Up With Chola MS To Sell Insurance Products

Haryana based Oriental Bank of Commerce has signed a corporate agency agreement with Chennai based general insurance provider Cholamandalam General Insurance Company for distribution of insurance products. The partnership will benefit our customers and through this ties up. The insurance products include motor, health, home and travel.

  1. India and Japan ink pact on rail safety

India signed an agreement with Japan on enhancing railway safety in the Indian Railways with focus on railway track and rolling stock safety. The Memorandum of Cooperation was signed between Railway Board Chairman A.K.Mittal and Ministry of Land, Infrastructure, Transport and Tourism of Japan Vice-Minister Hiroshi Tabata.

  1. India’s Pooja Ghatkar wins bronze at Shooting World Cup

India’s Pooja Ghatkar won bronze in the women’s 10-metre air rifle on the opening day of the International Shooting Sports Federation World Cup at the Dr Karni Singh Shooting Ranges. Pooja finished third with a total of 228.8 in the 10m Air Rifle final behind China’s Mengyao Shi, who won a gold medal with 252.1 in final and Dong Lijie, who won the silver medal.

  1. Nobel-Winning Economist Kenneth J. Arrow Dies At 95

Kenneth J. Arrow, the youngest-ever winner of a Nobel prize for economics, whose theories on risk, innovation and the basic mathematics of markets have influenced thinking on everything from voting to health insurance to high finance, has died. He was 95.Arrow, who taught at Stanford and Harvard, received the National Medal of Science in 2004.


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