Current Affairs: Daily GK Update 06th and 07th August 2017

Dear Readers,

1. 7th August: National Handloom Day being celebrated

i. National Handloom Day is being celebrated today to give an impetus to the sector and encourage the use of handmade loom. 7th of August was chosen to celebrate the day due to its special significance in India’s history. It was on this day that the Swadeshi Movement was launched in 1905. The movement involved the revival of domestic products and production processes.

ii. In Assam, the main event of the National Handloom Day is being celebrated in Guwahati. Chief Minister Sarbanand Sonowal, Minister of State for Textiles Ajay Tamta attended the program. 

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2. PNB customers to pay higher charges for non-credit services

i. Come September, PNB customers will have to pay charges for depositing cash above Rs. 5,000 in a non-base branch even if it is located in the same city. Currently, the customers of Punjab National Bank have levied charges only for depositing cash over Rs. 25,000 at a non-base branch within the same city.

ii. It has been decided to revise the non-credit related charges (exclusive of GST) with effect from September 1, 2017, for cash deposit above Rs. 5,000 at other than base branch within the same city.

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3. Justice Srikrishna committee on Institutionalization of Arbitration Mechanism

i. A High-Level Committee set up to review the Institutionalization of Arbitration Mechanism in India has submitted its report to the Union Law Ministry. It was headed by Justice (retired) BN Srikrishna.

ii. The Union Government is committed to the speedy resolution of commercial disputes and to make India an international hub of Arbitration. So the government has decided to look into the recommendations and amended laws according to need.

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4. Economist Rajiv Kumar to be new Vice Chairman of NITI Aayog

i. Noted economist Rajiv Kumar will be the next Vice-Chairman of NITI Aayog, which is a think-tank that replaced the Planning Commission. He will succeed Arvind Panagariya, who had recently quit as Vice Chairman of Niti Aayog.

ii. Meanwhile, the Centre has also appointed Vinod Paul, a Paediatrician at AIIMS, as a member of NITI Aayog.

Important Takeaways from Above News-

5. Vijender beats Zulpikar to win WBO Oriental Super Middleweight title

i. Indian professional boxer Vijender Singh outslugged his Chinese opponent Zulpikar Maimaitiali to retain the WBO Asia Pacific Super Middleweight title and win the WBO Oriental Super Middleweight title. 

ii. In the pro boxing bout, termed as ‘Battleground Asia’, at Mumbai, Vijender recorded a unanimous decision win over his Chinese opponent and continued his undefeated streak. It was Beijing Olympic bronze medallist’s ninth successive win in his professional career.