Daily Current Affairs- 13 July 2016

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 Daily Current Affairs

Daily Current Affairs- 13 July 2016

1. China has no historic rights over South China Sea: Hague Tribunal
1. The Permanent Court of Arbitration (PCA) in Hague, the Netherlands has rejected China’s claims to economic rights across large swathes of South China Sea. Ruling in this regard was given by a five-member tribunal appointed by the Permanent Court of Arbitration in Hague in a case brought by the Philippines. 
2. The ruling came from an arbitration tribunal under the United Nations Convention on the Law of the Sea (UNCLOS) which both China and Philippines have signed. The ruling is binding but the tribunal has no powers for enforcement.

2. SBI inks MoU with IIT Bombay to promote fintech start-ups
1. State Bank of India (SBI) in the second week of July 2016 signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Society for Innovation and Entrepreneurship (SINE).
2. The MoU was signed to promote innovation by start-ups in the financial sector.The deal also aims to help evaluate start-ups operating out of SINE or those being promoted by SINE for early stage funding within the bank’s norms.
SINE is IIT Bombay’s technology business incubator.
3. Key highlights of the MoU
• Both the parties will identify FinTech start-ups that have products or applications to cater to the financial sector and can help SBI explore opportunities to enhance the synergy for their banking services.
• SBI will provide a platform for testing/piloting such products/applications.

3. India and Bangladesh sign deal for construction of coal fired power plant
1. India and Bangladesh on 12 July 2016 signed a landmark deal for the construction of Rampal Power Station, a 1320 megawatt coal fired power plant.
The Rampal Power Station is the biggest project under bilateral cooperation.
2. Key highlights of the agreement
• The Bangladesh-India Friendship Power Company Limited (BIFPCL), the joint venture enterprise, signed the deal with Bharat Heavy Electricals Limited (BHEL).
• BHEL was chosen under an open international tender for constructing the super thermal plant at Bangladesh's southwestern Rampal near the Sundarbans.
• India's Exim Bank will provide 1.49 billion US dollars for the project.
• The project is scheduled to start generating power in 2019.

4. Chief of Naval Staff Admiral Sunil Lanba commissions Marine Commandos’ base INS Karna
1. Chief of Naval Staff Admiral Sunil Lanba on 12 July 2016 commissioned INS Karna in Vishakhapatnam.
2. INS Karma is a dedicated base for Marine Commandos (MARCOS), which is a Special Operation Forces of Indian Navy.
INS Karna is located on the premises of INS Kalinga near Bhimili.
Captain Varun Singh will be the Commanding Officer of INS Karna.

5. Ringside With Vijender authored by Rudraneil Sengupta released
1. The book titled Ringside With Vijender authored by Rudraneil Sengupta released on 8 July 2016.
2. The book, published by Juggernaut Books, throws light on the Beijing Olympics bronze medallist boxer Vijender Singh's life post his transition to the world of pro boxing.
3. The book also deals with the boxer’s sudden decision to turn pro just an year ahead of the Rio Olympics. It also offers an insight into his struggles, changes in his boxing style, training and his personal life.

6. Union Government notifies AADHAR Act giving UIDAI legal basis
1. The Union Government has notified the UIDAI (Terms and Conditions of Service of Chairperson and Members) Rules, 2016 to give legal status to Unique Identification Authority of India (UIDAI). These rules have been framed as per provisions of Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. 
2. These rules have detail provisions for appointment of its chairperson and members. The chairperson of UIDAI will be selected on the recommendation of a search-cum-selection committee headed by the Cabinet Secretary. Besides, Secretaries of Department of Personnel and Training, Finance and Department of Electronics and Information Technology (DEITY) and two experts will be its members.

7. Cabinet approves 15% disinvestment in NBCC
1. The Cabinet Committee on Economic Affairs on Wednesday approved the disinvestment of 15 per cent paid-up equity in NBCC India Ltd out of Government’s 90 per cent shareholding.
2. The divestment, which is expected to raise ₹1,706 crore, will be through the Offer For Sale (OFS) route.
3. It has also been decided to allot additional shares to the eligible and willing NBCC employees at a discount of 5 per cent to the issue/discovered (lowest cut off) price of OFS.
4. The issue and subscribed equity capital of the company as on March 31, 2016 was ₹120 crore.
5. NBCC India is under the administrative control of the Ministry of Urban Development and has interests in construction, engineering and project management consultancy services.

8. Pokhara-New Delhi direct bus service launched 
1. The first direct bus service between Pokhara (Nepal) and New Delhi (India) was launched to connect South Asia’s two important cities. The bus service was flagged off by Nepal Home Minister Shakti Bahadur Basnet and India’s ambassador to Nepal Ranjit Rae from Pokhara (Nepal’s famous tourist spot).
2. The bus service was launched as per the Motor Vehicle Agreement (MVA) signed between both countries. The agreement was signed during Prime Minister Narendra Modi’s Nepal visit in 2014. The new bus service between Pokhara and New Delhi was proposed by the Uttar Pradesh State Road transport Corporation (UPSRTC) as per decision taken in MVA.

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