Current Affair of 07 July 2018. Read Important Current Affairs for UPSC/SSC/Bank and other state exam

Current Affairs 07 July 2018

NATIONAL

Uttarakhand HC declares animals to be ‘legal persons’

Uttarakhand High Court on Wednesday accorded the status of “legal person or entity” to animals in the State, saying “they have a distinct persona with corresponding rights, duties and liabilities of a living person.”

The entire animal kingdom, including avian and aquatic ones, are declared as legal entities having a distinct persona with corresponding rights, duties and liabilities of a living person. All the citizens throughout the State of Uttarakhand are hereby declared persons in loco parentis as the human face for the welfare/protection of animals.

In common law jurisprudence, there are two types of persons — natural persons or human beings and artificial person, which are also known as juristic persons, juridical entity or a legal person other than a natural person.

YES Bank Gets SEBI Nod To Launch Mutual Fund Business

Yes Bank it has received approval from capital markets regulator SEBI to start mutual fund business.

This approval is subsequent to the Reserve Bank of India’s (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by SEBI’s in-principle approval received subsequently, the bank said in a statement today.

“Yes Asset Management (India) Limited (YAMIL) will leverage YES BANK’s Knowledge Banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelise their assets in equity and debt capital markets,”

  • Yes Asset Management will launch fund offerings across the spectrum of both debt and equity markets over the next 6-12 months.
  • WB announces ‘one person, one car’ policy

    The state government announced the rates of lifetime tax that will allow car owners to pay the tax just once when purchasing the vehicle. The tax will be valid as long as the car lasts. Owners of cars already registered will also have the option to pay “lifetime tax”.

    The initiative is meant to help the cash-starved government mop up additional resources. But dealers fear it will lead to a drop in sales of small cars with prospective buyers postponing their decision since down payment will go up significantly.

    INTERNATIONAL

    25 Countries In Global Banks’ ‘High Risk’ List

    China, UAE, Cyprus and significantly, Mauritius, along with 21other countries have been tagged as “high-risk jurisdictions” by global banks acting as custodians for foreign funds which comprise the largest group of investors in the Indian stock market.

    Large investors and beneficial owners of these funds entering India through these high-risk jurisdictions will face close scrutiny while non-resident Indians and persons of Indian origin will run into new hurdles in participating in funds set up in these countries for trading on Indian exchanges.

    India to operate “world’s emptiest airport” in Sri Lanka

    India would operate Sri Lanka’s loss-making Mattala Rajapaksa International Airport in Hambantota, the Civil Aviation Minister has told Sri Lankan Parliament in Colombo.

    The $210 million facility, 241km south-east of Colombo, is dubbed the “world’s emptiest airport” due to a lack of flights.

    India would operate the airport as a Sri Lanka-India joint venture. The joint venture would see India gain a major stake of the airport, Minister of Civil Aviation Nimal Siripala de Silva told the Parliament.

    Mattala airport, named after former president Mahinda Rajapaksa, was one of the major infrastructure projects of Mr. Rajapaksa’s nearly a decade-long rule. The project was funded through high interest Chinese commercial loans. The airport, built with the capacity to handle one million passengers a year, was officially opened in March 2013.

    POLITY

    Once again, Supreme Court upholds Chief Justice of India as 'Master of Roster'

    The 'Chief Justice of India' (CJI) is an individual judge and not the powerful collective of five senior-most judges of the Supreme Court called the 'Collegium'.

    And it is this exclusive authority of this individual judge, who is the "spokesperson of the court", to allocate cases to fellow judges as the 'Master of Roster', a Bench of Justices A.K. Sikri and Ashok Bhushan declared in their separate but concurring opinions.

    The judgment is based on a petition filed by former Union Law Minister Shanti Bhushan to have a collegium of Supreme Court judges collectively allocate cases rather than leave the entire power in the hands of the CJI in his administrative capacity as the 'Master of Roster'.

    CJI is not the Collegium: Both Justices Sikri and Bhushan concurred that neither Article 145 (rules of court) and the Supreme Court Rules say the 'Chief Justice of India' as the Collegium.

    CJI only first among equals: Justice Sikri wrote that the CJI is only 'first among equals' in his judicial functions on the Bench. The opinion of the CJI on the Bench carries the same weight as any other member of the Bench. This way, the CJI may hold the minority view in a case while the majority opinion on the Bench becomes the law.

    Law Commission recommends legalising sports betting in India

    The Law Commission of India, in its 276th report, has recommended legalisation of regulated betting and gambling activities, while asserting that a complete ban has not been returning the desired results.

    The report titled, “Legal Framework: Gambling and Sports Betting including in Cricket in India” read that having discussed both pros and cons of legalising regulated gambling and betting activities, it would be apt to say that the arguments in favour of the same far outweigh the arguments alluding to the immorality of these activities.

  • The report acknowledges the fact that with the advent of online gambling and the anonymity that it ensures, it has become extremely challenging for countries to monitor or curb gambling activities.
  • Science and Technology

    ISRO Successfully Carries Out Flight Tests For Crew Escape System

    The Indian Space Research Organisation successfully carried out a flight test for a newly-designed Crew Escape System, meant for saving lives of astronauts in an exigency. The space agency said it was the first in a series of tests to ascertain the trustworthiness and efficiency of the Crew Escape System.

    The system is an emergency measure designed to quickly pull away the crew module along with the astronauts to a safe distance from the launch vehicle if the mission gets aborted. The first ‘Pad Abort Test’ demonstrated the safe recovery of the crew module in case of any exigency at the launch pad, the Indian Space Research Organisation said in a release.

  • Nearly 300 sensors recorded various mission performance parameters during the test flight.
  • Three boats are being readied to retrieve the module as part of the recovery protocol.
  • Nasscom unveiled new Center for Data and AI

    The National Association of Software and Services Companies (Nasscom), India’s premier software lobby, on Thursday opened a Center of Excellence (CoE) for Data Science and Artificial Intelligence here.

    Nasscom also signed a MoU with NITI Aayog to collaboratively foster applied research, accelerating adoption and ethics, privacy and security.

    With the aim to strengthen the country’s AI ecosystem, the CoE and MoU, both aim to serve as a platform for intelligence-sharing and technology collaboration between stakeholders to build collective capabilities for the industry and country in the cutting-edge areas artificial intelligence.

    Nasscom has partnered with Intel and IBM as its founding members and technology advisors for augmenting and accelerating the data science and artificial Intelligence ecosystem in the country.

    LIFE

    First BS-VI engine certificate

    • International Centre for Automotive Technology (ICAT) releases first Bharat Stage -VI engine certificate for a heavy-duty engine model.
    • It is much ahead of the implementation date of 1st April 2020 for rolling out of Bharat Stage-VI norms in the country.
    • Thus, it gives sufficient time for product stabilization in terms of making it more robust and cost competitive for the end consumers.
    • ICAT is the first of new world class centers established under the National Automotive Testing and R&D Infrastructure Project (NATRiP).
    • It is under the administrative control of Ministry of Heavy Industries & Public Enterprises.
    • Its main objective is to carry out Research & Development in the field of Automotive Engineering.