10 january 2017

1) In an important step to keep a check on tax dodgers,

 the Union Government on 8 January 2017 directed banks

 to obtain the permanent account number (PAN) from all 

bank account holders by which date? – 28 February 2017

Explanation: According to a notification issued by the Central Board of Direct Taxes (CBDT) on 8 January 2017 all banks shall obtain and link PAN or Form No. 60 (where PAN is not available) for all existing bank accounts by 28 February 2017. For this the pertaining IT rules have been amended.

– However, this rule will not apply to Basic Savings Bank Deposit Accounts (BSBDA), which include zero balance savings accounts such as Jan Dhan. The BSBDA were introduced to take care of simple banking needs of people and come with free ATM card, monthly statement and a cheque book.

– The crackdown has come amid fears that most of the most of the banned 500 and 1000 rupee notes have made their way to bank accounts several of which are ‘benami’ created merely to launder cash.

2) According to media reports of 8 January 2017 Life Insurance Corporation (LIC) of India  has cut its equity investment target for the year ending March 2017 to Rs. 50,000 crore due to adverse market conditions. What was the proposed equity investment target for the group? – Rs. 60,000 crore

Explanation: India’s largest domestic institutional investor and life insurance behemoth LIC of India has decided to invest the surplus money it earned from premiums this year in fixed income papers instead of stocks because of adverse market conditions.

– It has thus cut its equity investment target for the year ending 31 March 2017 to Rs. 50,000 crore from Rs. 60,000 crore.

– Although LIC collected higher new business premium this year (2016-17) as compared to last year (2015-16), due to lack of opportunities in an insipid equity market, it will invest the surplus money earned from premiums in fixed income papers instead of stocks.

– Every financial year, LIC earmarks funds for various markets, including equities. It controls total assets worth about Rs. 21 trillion and manages life insurance for at least 250 million people through 300 million life policies.

3) What is the name of the alumnus of IIT-Kharagpur who during January 2017 was chosen for the Technical Achievement Award, popularly called the ‘Technical Oscar’, awarded by the Academy of Motion Pictures and Sciences? – Parag Havaldar

Explanation: Parag Havaldar, who graduated from IIT-Kharagpur in 1991 with a degree in computer science and engineering, has been chosen for the prestigious Technical Achievement Award (the Scientific & Technical Awards prize) that is awarded by the Academy of Motion Pictures and Sciences. The award is popularly called the ‘Technical Oscar’,

– Havaldar works as a software supervisor at Sony Pictures Imageworks. The technology developed by him and his team has been used to create stylised and realistic character animations. Havaldar’s popular works include Watchmen, Green Lantern, The Amazing Spider-Man and Beowulf.

– He will be awarded a certificate from the Academy at Beverly Hills on 11 February 2017.

4) Who was appointed as the new CEO of Indian retail major Flipkart by replacing co-founder Binny Bansal on 9 January 2017? – Kalyan Krishnamurthy

Explanation: Retail major Flipkart on 9 January 2017 elevated former Tiger Global Management executive Kalyan Krishnamurthy as its new Chief Executive Officer (CEO), replacing co-founder Binny Bansal. Bansal was named as Flipkart’s group Chief Executive.

– With this elevation, Krishnamurthy will be responsible for the Flipkart profit and loss account, the company said. He will report to Binny Bansal. Flipkart’s current chief administrative officer Nitin Seth is being elevated to the role of Chief Operating Officer (COO).

– As part of the new organizational structure, Binny Bansal will oversee functions such as capital allocation across all the group companies, merger and acquisition activities and CEO selection at group companies. Co-founder Sachin Bansal continues to be executive chairman.

5) Akbar Hashemi Rafsanjani, who passed away on 8 January 2017, was a former President of which country? – Iran

Explanation: Akbar Hashemi Rafsanjani, who served two terms as Iran’s president from 1989 to 1997, passed away on 8 January 2017 after suffering a heart attack. He was 82.

– Throughout his political career, Rafsanjani was seen as a conduit for better relations with the West. He was a vocal supporter of current Iranian President Hassan Rouhani.