Daily GK Update 14th February, 2017

 Daily GK Update 14th February, 2017

11th International Aero India 2017 to begin at Yelahanka in Bengaluru

i. The 11th International Aerospace and Defence Exhibition - Aero India 2017 will begin at the Air Force Station, Yelahanka in Bengaluru, Karnataka.
ii. The five-day biennial event is being organized by Defence Exhibition Organisation (DEO). Nearly 270 Indian and 279 foreign companies will take part in the expo. 
iii. Surya Kiran Aerobatics team of the Indian Air Force will display 500th public show since its formation in 1996. Aircraft from different parts of the world and India could be seen at the base, waiting to enthral the crowds.
iv. Fighter aircraft manufacturers like Lockheed Martin, SAAB, Dassault Aviation, BAE and others are setting up stalls where they will showcase their products. 72 aircraft will participate in airshow.

I-T dept issues refunds of Rs 1.42 cr this fiscal; 41.5% higher than last year, 2016

i. The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year, 2016. 
ii. The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current financial year. 
iii. Finance Ministry in a release stated that, 92% of the refunds issued are below 50 thousand rupees, due to the high priority given to expeditious issue of refunds to small taxpayers. It stated that, only 2% of refunds less than 50 thousand rupees remain to be issued. The Ministry said that 92% of all I-T returns were processed within 60 days. 

Thailand seeks India’s partnership in pharma, bio-tech

i. Thailand is seeking India’s cooperation in a number of sectors, such as aerospace, automation, medical devices, pharmaceutical, bio-technology and IT/ITes, as it strives to transform into a value-based economy.
ii. The Thailand Board of Investment, which has invited 2,500 investors from across countries to its mega seminar Opportunity Thailand 2017 this week, is especially interested in investments from India, an official from the thai government has stated.
iii. The India-Thailand Free Trade Agreement being considered by the two countries could play a big role in boosting trade and investments.

India’s first floating elementary school inaugurated on Manipur’s Loktak Lake

i. India’s first floating elementary school particularly for drop outs has been inaugurated on Loktak lake at Langolsabi Leikai of Champu Khangpok floating village in Manipur on the occasion of World Wetlands Day on February 2, 2017.
ii. The school named as Loktak Elementary Floating School has been opened under an  floating elementary schoolinitiative of All Loktak Lake Fishermen’s Union, Manipur (ALLAFUM) with the support of NGO, People’s Resources Development Association (PRDA) under a programme of Action Aid India.

Bill Passed in Karnataka Assembly to allow ‘Kambala’

i. The Karnataka assembly unanimously passed the Prevention of Cruelty to Animals (Karnataka Amendment) Bill, 2017 to legalize the conduct of 'Kambala' and bullock cart races in Karnataka.
ii. The Bill seeks to amend the Prevention of Cruelty to Animals Act, (Central Act 59 of 1960) and exempt the two sports from the ambit of the Act keeping in mind their traditional nature and also to protect native breeds of buffaloes.
iii. The bill states that the traditional sports events of 'Kambala' and 'Bulls race or Bullock cart race' plays significant role in preserving and promoting traditions and culture among the people in the state.

Be friends with condom: AHF on International Condoms Day

i. AIDS Healthcare Foundation (AHF) celebrated its annual International Condoms Day on 13 February 2017 in a unique style to raise awareness about HIV and other sexually transmitted diseases (STDs).
ii. The event themed 'Always in Fashion' gave it a sartorial prominence and promoted the idea that condoms were not some alien rubber, but crucial for safety during sex.A 40-feet inflatable condom-shaped balloon was also installed at Central Park in Connaught Place, on which public was encouraged to sign and endorse condom use

National Career Services (NCS) and Jeevan Praman Facility for EPFO Pensioners Launched in Hyderabad Post Office

i. The Union Minister of State for Labour and Employment Bandaru Dattatreya launched the National Career Service (NCS) for youths and Jeevan Praman facility to EPFO pensioners through Post Offices at DakSadan in Hyderabad.
ii. The Post Offices will serve as an Employment Registration Centres for Unemployed rural youth on behalf of the 'National Career Service' Portal where youths can register themselves for employment in 1,55,000 post offices established across the country for over 3000 occupations offered under 52 sectors in NCS

MEA & Gateway House Co-Hosts 2nd Gateway of India Geoeconomic Dialogue 

i. The Ministry of External Affairs and Gateway House are co-hosting the Second Gateway of India Geoeconomic Dialogue from February 13-14, 2017 in Mumbai.
ii. The theme of the conference is 'Where Geopolitics meets Business'.This is India’s premier geo-economics conference with the focus on building synergies between business and foreign policy

Sachin Tendulkar adopts another village for transformation

i. After transforming the lives of villagers in Puttamraju Kandriga in Andhra Pradesh, Indian cricket icon and Rajya Sabha MP Sachin Tendulkar is now set to adopt Donja in Osmanabad (Maharashtra) under the Sansad Adarsh Gram Yojna.
ii. Tendulkar has sanctioned over Rs 4 crore from his MPLAD fund for development of Donja.

GNFC township becomes India’s first cashless Township

i. India’s first cashless township “Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) township”was inaugurated by Gujarat CM Vijay Rupani. 
ii. Nearly 10,000 residents in GNFC have embraced various digital mode of payments instead of cash.In the township, residents are making cashless payments at shopping centres, schools, colleges, hospital, stadium, laundry and even at tea stalls.

Government to launch Indradhanush 2.0 for Recapitalization of PSBs

i. Union Government has decided to launch ‘Indradhanush 2.0’ for recapitalisation of public sector lenders so that the banks remain solvent and fully comply with the global capital adequacy norms namely Basel-III.
ii. The Indradhanush 2.0 programme will be finalised by Reserve Bank of India (RBI) after completion of Asset Quality Review (AQR) being undertaken and is likely to be completed by end of March 2017.Asset Quality Review is being undertaken to recognize the top defaulting accounts as Non-Performing Assets (NPA) and make adequate provisions for them as they have negative impact on banks and their stocks.
iii. Post AQR, revised programme of capitalisation will be also issued as part of ‘Indradhanush 2.0.Earlier in 2015, under Indradhanush roadmap, the government had announced to infuse Rs 70,000 crore for recapitalization in state-run banks over four years while the banks had to raise a further Rs 1.1 lakh crore from the markets to meet their capital requirement in line with global risk norms known as Basel-III.

INS Sarvekshak Becomes India’s First Ship to be Installed with Solar Power System

i. Indian Navy’s survey class vessel INS Sarvekshak has become the first ship in India to be fitted with solar power system on board.
ii. The ship has been equipped with 18 sheets of solar panel of 300 Watt which is capable of generating 5.4 kW power.

Reliance Defence Signs Master Ship Repair Agreement with US Navy

i. The Reliance Defence and Engineering Ltd (RDEL) has signed a Master Ship Repair Agreement (MSRA) with US Navy  to perform repair and alteration services for US Navy’s Seventh Fleet vessels.The Reliance Infrastructure Ltd (RInfra) controlled RDEL will perform complex repair and alternation services for the US Navy’s Seventh Fleet vessels operating in the Western Pacific and Indian Ocean.
ii. The Reliance Shipyard was qualified by US Navy as an approved contractor to perform complex repair for the US Navy’s Seventh Fleet vessels in January 2017.Reliance Shipyard at Pipavav, Gujarat is the first shipyard in India to have received MSRA Certification to undertake servicing and repairing works for the vessels of Seventh Fleet.

L&T and MBDA Missile Systems Forms JV to Develop Missiles in India

i. Larsen & Toubro Limited (L&T), an Engineering and construction major has entered into a Joint Venture with European defence major MBDA Missile Systems.
ii. The main aim of the JV is development of missiles in India under the Make in India initiative while procuring the missile systems from abroad.As per the agreement, L&T will own 51 percent stake in the JV named L&T MBDA Missile Systems while the rest 49% the European partner.L&T is targeting an annual turnover of Rs 10,000 crore from the JV by 2021.

Ruchi Soya ties up with Patanjali

i. India's leading agri and FMCG company Ruchi Soya Industries Ltd has signed an agreement with Baba Ramdev-promoted Patanjali Ayurved Ltd for physical refining and packaging of edible oils. 
ii. The agreement is valid initially for three years. As per the agreement, Ruchi Soya Industries would process the crude oil provided by Patanjali Ayurved and pack the refined oil as per their specifications.

New bird species found in Nepal

i. A Rufous-tailed Rock Thrush has been spotted in the high mountainous region of Nepal by Friends of Nature (FoN) reasearchers and then confirmed by the bird experts Carol Inskipp and Hem Sagar Baral.
ii. Rufous-tailed Rock Thrush is considered an autumn passage migrant bird species in Pakistan and India.With this the total number of avian species in the Himalayan country to 866. 

Longest elevated cycle path in the world opens in China

i. The world’s longest elevated cycle path has been opened in Xiamen, China which can handle about 2,023 cyclists with a speed limit of 15 miles per hour.
ii. The path is five miles long and 16 feet wide having 11 entrances and connects to 11 bus stops and two underground rail stations.
iii. The architecture firm responsible is Copenhagen-based firm Dissing + Weitling, known for the creation of the Danish Bicycle Snake cycle route.

Frank Walter Steinmeier Elected New President of Germany

i. Germany’s former Foreign Minister, Frank-Walter Steinmeier has been elected as the new President of Germany.The 61-year old won by 931 votes out of 1,239 valid votes cast by the members of the Federal Assembly.
ii. He is due to take office as the 12th Federal President of Germany on 19 March 2017.Steinmeier, a member of the Social Democratic party will succeed incumbent President Joachim Gauck who will step down on March 18, 2017 at the age of 77.

US National Security Adviser Michael Flynn resigns over his contacts with Russia

In the United States, National Security Adviser Michael Flynn has resigned over his contacts with Russia. Mr Flynn is alleged to have discussed US sanctions with the Russian Ambassador before President Donald Trump took office.

Maiden ITTF World Tour event in India to kick of in New Delhi

i. The first ever ITTF World Tour event in India will begin at the Thyagaraj Sports Complex in New Delhi. The 1.5 lakh US dollar India Open also happens to be the biggest ever ITTF event in terms of prize money. 
ii. But despite the rewards on offer, a majority of the top international table tennis stars have given the competition a miss. Overall, 80 players have confirmed their participation, 52 in the men's section and 28 in the women's section.

Dutch Women Germaine De Randamie crowned first UFC Women’s Featherweight Champion

i. Netherland native Germaine de Randamie defeated Holly Holm (7-3) to claim the UFC Women’s Featherweight Champion at the UFC 208 in Brooklyn, New York .
ii. The featherweight division was newly introduced by the Ultimate Fighting Championship (UFC) in 2016.

Joe Root Becomes New Test Captain of England 

i. The England and Wales Cricket Board named Joe Root as England’s Test captain who will take over Alastair Cook.
ii. Durham all-rounder Ben Stokes has been named as the vice-captain.Alastair Cook resigned on February 6, 2017 after captaining England for four and a half years in 59 Tests.