Current Affairs: 8th July

DRI unearths Rs. 2,240 cr. banking-hawala scam
News is hawala transcations…not imp for competition. What is imp is.
Ministry of Finance has 5 departments (Economic Affairs, Disinvestment, Financial Services, Revenue & Expenditure). Now, Department of Revenue has following (TWO) Investigation Agencies

  • DRI: Directorate of Revenue Intelligence
    • Functions with the Central Board of Excise and customs (CBEC), in the Ministry of Finance, Department of Revenue.
  • Enforcement Directorate:
    • Enforcement of two key Acts: the Foreign Exchange Management Act 1999 (FEMA) and the Prevention of Money Laundering Act 2002 (PMLA)
  • FIU-IND (Financial Intelligence Unit – India)
    • Looks into money laundering, terrorism financing and other economic offences
    • Independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister
  • Serious Fraud Investigation Office (SFIO)
    • Under Ministry of Corporate Affairs.
    • Mostly, cases of fraud received from Department of Company Affairs
  • Trivia:
    • Department of Economic affairs, is responsible for preparing Union Budget.
    • Pradhan Mantri jan Dhan Yojna is launched & taken care by Department of Financial Services.

NSCN has not given up on sovereignty, says Muivah

  • GOI & NSCN(IM) signed Peace Accord last year.
  • Why NSCN(IM) (National Socialist Council of Nagalim (Isak-Muivah): Because they are largest group representing nagas.
  • NSCN(IM) demands separate naga country with Nagaland+ parts from Assam, Arunachal Pradesh, Manipur & also Myanmar.

Putin signs controversial
Big Brother’ law:

  • Law: Companies need to keep record of calls, messages, photographs and videos & government can access them for security.
  • Three astronauts blasted off into the early morning sky in an upgraded Soyuz spacecraft from Russia’s Baikonur cosmodrome on Thursday, heading towards the International Space Station.

For the first time ever, astronomers have sighted a planet orbiting a triple star system (3-sun), using the Very Large Telescope in Chile.

Namami Gange Project launched at 100 places

  • Objective: Cleaning of Ganga and its tributaries – National Mission for Clean Ganga
  • No. of States: 7 (Uttarakhand, Uttar Pradesh, Jharkhand, Bihar and West Bengal + Haryana+Delhi)
  • Projects: Consisting of ETP(Effluent treatment plant)- Industrial wastage & STP (Sewage treatment plant)- Municipal Wastage.

The annual Rath Yatra (Chariot Festival) of Lord Jagannath began different parts of the country. The festival is celebrated on second day of Sukla Paksha i.e. the day in bright fortnight of Ashadha month.

  • Most famous: Puri, Odisha
    • Image of Jaggannath: Wooden (ceremonially replaced12/19 years).
    • Temple temple was built in the 12th century atop its ruins by king of the Eastern Ganga dynasty, King Anantavarman Chodaganga Deva.
    • Architecture: Kalinga Style – Vimana – Rekha deula.

Union Government has constituted Shankar Acharya Committee to examine desirability and feasibility of new financial year.
India was placed at 91st position, in the recently released 2016 Networked Readiness Index (NRI) by the Geneva-based World Economic Forum (WEF).

has become the first state in the country to introduce minimum wages for part time workers.

  • Now part time workers in the state now come under the Minimum Wages Act 1948.
  • Need to pay pay 50% of the prescribed a day minimum wage to a person who works for less than four hours in a day.

China inducted its largest indigenously-built transport military aircraft named as Y-20,

  • India (from USA): Beoing C-17 Globemaster


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