26 February 2017 Current Affairs : East Coast Economic Corridor, TN MGREGS, Sylhet, Arctic Seed Vault

///26 February 2017 Current Affairs : East Coast Economic Corridor, TN MGREGS, Sylhet, Arctic Seed Vault

All important current affair for pdf download covering national, international, economics, sports daily news that can be asked in UPSC, State PSC exams is selected from today’s newspapers below.


National Important Current Affair – 26 February 2017

■  Centre has given permission for increasing the number of workdays under the Mahatma Gandhi Rural Employment Guarantee scheme in Tamil Nadu from the existing 100 days to 150 days. The state government in Chennai said that the rise in workdays is aimed at helping rural labourers, who are staring at job loss, as the state is affected by severe drought. In Tamil Nadu, the rural job scheme is being implemented in 12,524 villages.

■  The Election Commission has asked political parties to observe self-imposed restraint while campaigning. The EC has noted that inflammatory statements are being made by some leaders with underlying object of mixing religion with election campaign.

■  The Labour Ministry has proposed that factories with up to 500 workers be allowed to lay off workers or shut shop without seeking government permission, in order to give firms flexibility in hiring and firing employees.

  • The Ministry is set to discuss the proposed Labour Code on Industrial Relations at the next meeting of the Group of Ministers (GoM).
  • Presently, factories with up to 100 workers are allowed to go in for retrenchment, lay-off or closure without seeking government permission, according to the Industrial Disputes Act, 1947.
  • There has been demand from the industry to increase the threshold limit for factories to seek permission for retrenchment from 100 workers to 500 workers.


■  The Delhi government has approved around 37% hike in the minimum wages for unskilled, semi-skilled and skilled persons. As per the decision, the minimum wage for unskilled labour will be Rs 13,350 per month, and for semi-skilled and skilled persons will be Rs 14,698 and Rs 16,182 respectively.


International Today’s Current Affairs – 26 February 2017

■  India has signed MoU with Bangladesh for the sustainable development of Sylhet, a north-eastern Bangladeshi city. Under the Memorandum of Understanding (MoU), three development projects will be taken up in Sylhet.

  • Sylhet is an ancient city and a historically vibrant city.
  • It had been a part of the former Assam province of India.
  • It has been a focal point for 1971 Liberation War.


■  Nearly 10 years after a seed vault opened on an Arctic island, some 50,000 new samples from seed collections around the world, including India, have been deposited in the world’s largest repository built to safeguard against wars or natural disasters wiping out global food crops.

  • The latest specimens sent to the bank included more than 15,000 reconstituted samples from an international research centre focussing on improving agriculture in dry zones.
  • The specimens consisted of seed samples for some of the world’s most vital food sources like potato, sorghum, rice, barley, chickpea, lentil and wheat.
  • The newly deposited 50,000 samples were from seed collections in Benin, India, Pakistan, Lebanon, Morocco, Netherlands, the US, Mexico, Bosnia and Herzegovina, Belarus and Britain.

The Svalbard Global Seed Vault,  is a gene bank built underground on the isolated Norwegian island in a permafrost zone some 1,000 kilometres from the North Pole, was opened in 2008 as a master backup to the world’s other seed banks, in case their deposits are lost. It is located on the Svalbard archipelago between mainland Norway and the North Pole.


■ The Trade Facilitation Agreement (TFA) in Goods of World Trade Organisation (WTO) came into effect with its ratification by two-thirds members of WTO including India. It aims to streamline, simplify, standardise and ease customs procedures and norms. It will help to cut trade costs around the world.

■  US President Donald Trump has signed an executive order to curb regulations and help businesses. The measure directs federal agencies to create “regulatory reform” task forces which will evaluate federal rules and recommend whether to keep, repeal or change them.


Economics Current Affairs Today – 26 February 2017

■  India and ADB have signed USD 375 million pact for loans and grants to develop 800 km Visakhapatnam—Chennai Industrial Corridor, which is the first phase of a planned 2,500-km East Coast Economic Corridor.

  • ADB had last September approved USD 631 million in loans and grants for the industrial corridor, to build key infrastructure in the four main centers along the corridor — Visakhapatnam, Kakinada, Amaravati, and Yerpedu—Srikalahasti in Andhra Pradesh.
East Coast Economic Corridor:

It is India’s first coastal economic corridor along its eastern coast, stretching about 2,500 kilometers from Kolkata in the north to Kanyakumari in the south.

ECEC’s strategically located ports allow multiple international gateways to connect India with global value chains (GVCs) in East and Southeast Asia.

ECEC supports the Make in India campaign, facilitating the establishment of manufacturing hubs.

ECEC also aligns with port-led industrialization under the Sagar Mala initiative and the Act East Policy by linking domestic companies with the vibrant global production networks of East and Southeast Asia.


■  As a relief to smaller companies and firms, the Central Board of Direct Taxes (CBDT) has clarified that place of effective management (PoEM) regulations won’t apply to companies and firms that have a turnover or gross receipts of less than Rs 50 crore per annum.

What is PoEM?

PoEM is a tax framework to determine the tax liability of any foreign company that for all purposes is managed from India but do not pay tax domestically. The PoEM is mainly used to determine whether a company, subsidiary or a firm really has a base in India and if all the decisions regarding the running of the company are taken from India.

The regulations are mainly aimed at companies which for all purposes have a base in India but as part of tax planning have holding companies registered outside India.

■ The Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax (GST) to inform the taxpayers of the latest updates on GST. This app has been launched inline Union Government’s flagship Digital India initiative.  It enables taxpayers to be well informed of the latest updates on GST.


Sports Current Affair News – 26 February 2017

■  South Africa’s AB de Villiers scored his 9,000th ODI run in his 205th innings, breaking an all-time record of least matches played to reach the milestone. He broke former Indian captain Sourav Ganguly’s record of 228 innings, set in 2004.


We hope this compilation was useful for going through today’s important current affair. Please share your comments with us. Have a Good Day!

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