Current Affairs: Daily GK Update 22nd March, 2017

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World water day observed globally

i. World Water Day is held annually on 22 March as a means of focusing attention on the importance of freshwater and advocating for the sustainable management of freshwater resources.

ii. In 2017, the theme for World Water Day is 'Wastewater'.

Rs 2 lakh is the cash transaction limit, Aadhaar mandatory for I-T returns

i. The Rs 3-lakh limit proposed for cash payments in the Budget for 2017-18 will be brought down to Rs 2 lakh as part of an unprecedented 40 amendments to the Finance Bill.

ii. Finance Minister Arun Jaitley announced the amendments in the lower House. This is aimed at tightening the noose on those dealing in cash.

iii. Most other amendments are making Aadhaar mandatory for filing tax returns, applying for permanent account numbers (PAN) and allowing payments by only non-cash modes such as cheques, bank drafts or electronic transfers for electoral trusts are also aimed at curbing black money.

RBI proposes to fix upper limit in PPIs at Rs 1 Lakh

i. The RBI proposed to fix the upper limit for Pre-paid Payment Instruments (PPIs) at Rs 1 lakh in view of growing usage of PPIs for a purchase of goods and services.

ii. The central bank has sought comments on draft circular on Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India till March 31, 2017.

iii. As per the draft, the amount in a PPI should not exceed Rs 1 lakh at any point of time if the customer provides full KYC and Rs 20,000 if the customer provides minimum KYC details to the PPI issuing entity.

Assam Government approves recommendation of 7th Pay Commission

i. The Assam state cabinet has decided to implement the recommendation of the Seventh Pay Commission.

ii. The implementation will make state exchequer bear an additional burden of over Rs. 3000 Crore in the next financial year and the proposed pay structure would come into effect from 1 April 2016.

Second India-UAE conference on globalization to be held in Dubai

i. The second India-UAE conference on globalization held at Dubai with an aim to promote cooperation between the two countries, organized by All India Management Association (AIMA).

ii. Health care innovation will be among the subjects discussed during the conference themed as ‘Resetting Globalisation: Collaborating in a Fast Changing World'.

Russia’s VTB bank to shut India office

i. Russian bank VTB has decided to close its only office in New Delhi, India to cut costs but will continue to work in India.

ii. The decision to shut the branch in India was taken as part of a strategy of VTB Group aimed at optimizing costs and will continue to work on the Indian market expanding its cooperation with local partners.

Madhabi Puri Buch appointed as SEBI whole time member

i. The government has announced Madhabi Puri Buch as new whole time member of Securities and Exchange Board of India (SEBI) for the period of three years.

ii. She is currently serving in the New Development Bank, Shanghai.

ABB India bags award for restoring 1,035 MW Sharavathi plant in Karnataka

i. ABB India has restored and modernized the critical 1,035 MW Sharavathi hydropower plant in Karnataka that accounts for 25% of Karnataka Power Corporation’s generation.

ii. For restoring the crucial power infrastructure, the ABB has bagged 'the India Smart Grid Foundation (ISGF) innovation award'.

ISRO commissions two major facilities at VSSC

i. Indian Space Research Organization (ISRO) commissioned two major facilities a Hypersonic Wind Tunnel and Shock Tunnel at the Vikram Sarabhai Space Centre at Thiruvananthapuram.

ii. Commissioning of such facilities would provide adequate data for design and development of current and future space transportation systems in the country.

Majuli all set to become India’s 1st carbon neutral district

i. Assam Chief Minister Sarbananda Sonowal launched initiatives to develop Majuli, world biggest river island, as India’s first carbon neutral district and as a biodiversity heritage- yet not officially released.

ii. He launched “Forests are Lives” campaign to celebrate the importance of Assam’s rich forest and biodiversity.

Shri Upendra Tripathy Appointed as Full Time Interim Director General of ISA

i. Shri Piyush Goyal, Union Minister for Power, Coal, New and Renewable Energy and Mines and Ms. Ségolène Royal, Minister for Environment, Energy and Marine Affairs Government of France jointly decided to appoint Mr. Upendra Tripathy, as the Interim Director General (IDG) of the International Solar Alliance (ISA) on a full time basis.

ii. Mr. Upendra Tripathy was the Former Secretary, Ministry of New and Renewable Energy.

ICMR head named to UN group on antimicrobial resistance

i. The Indian Council of Medical Research (ICMR) Director Soumya Swaminathan has been named to a high-level group set up by UN Secretary General Antonio Guterres to provide expertise on and coordinate the global fight against antimicrobial resistance.

4 Indian cities among cheapest globally: EIU

i. Four Indian cities are among the cheapest to live in globally, while Singapore (last in the list) has been ranked as the most expensive for the fourth consecutive year, according to a 'Worldwide Cost of Living 2017' report by Economist Intelligence Unit (EIU).

ii. Bengaluru (3rd place), Chennai (6th), Mumbai (7th) and New Delhi (10th) have been ranked by EIU among the 10 cheapest cities in the world.

iii. Almaty has been ranked as the cheapest city in the world.

Major Rohit Suri awarded Kirti Chakra

i. Major Rohit Suri, from the Parachute Regiment who led the army team that carried out a surgical strike in PoK last year, was presented the second highest peacetime gallantry award Kirti Chakra by President Pranab Mukherjee.

ii. Corporal Gursevak Singh of Indian Air Force was posthumously conferred the Shaurya Chakra for putting up a valiant fight against terrorists who had attacked the frontline Pathankot air base.

K T Irfan Wins Bronze in Asian Racewalking Championships