Daily Current Affairs 7 August 2017: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 7 August 2017. It includes all Major National, International, Business and Sports related current affairs of 7 August 2017. A brief explanation of every current affair is provided to further enhance your general knowledge. Once you have gone through these current affairs we would recommend to you to try 7August 2017 Current affairs test.

National News

1.ISRO made navigation system to rely on Indian atomic clocks.

  • ISRO’s regional positioning system NavIC will now rely on high-precision atomic clocks developed by Delhi based National Physics Laboratory.
  • The move, which will end ISRO’s dependence on US built GPS, comes after seven of 21 clocks onboard ISRO’s satellite failed, rendering one satellite useless.

2.Gadkari met Hassan Rouhani, discussed bilateral issues.

  • India and Iran remain committed to the Chabahar port project, said the government after a meeting between Iranian President Hassan Rouhani and Minister of Road Transport, Highways and Shipping Nitin Gadkari, who met on the sidelines of the inauguration ceremony of Mr. Rouhani in Teheran to discuss bilateral issues..
  • At political front this visit is very crucial as Iran’s Supreme Leader Ayatollah Ali Khamenei statements comparing the violence in Kashmir to that in Palestine suggested Iran’s unhappiness over PM Modi’s visit to Israel, and Mr. Gadkari’s visit is seen as a bid by both sides to reset the relationship.

3.National Handloom day being celebrated.

  • National handloom Day is being celebrated today to give an impetus to the sector and encourage
  • 7th of August was chosen to celebrate the day because of its importance in history. It was on this day in 1905, Swadeshi Movement was launch.

4. Demonetisation prompted a 25% rise in I-T Returns filed this year, says CBDT

  • “The growth in returns filed by individuals is 25.3%,” the CBDT said, adding that they had received more than 2.79 crore returns till August 5,
  • The department attributed this increase to the demonetisation drive, claiming it had curbed the circulation of black money.

International News

1.North Korea dismisses South’s talks offer as lacking sincerity.

  • North Korea dismissed offers of talks from the South during a rare exchange between the two rivals’ Foreign Ministers, this comes after the United Nations imposed a new round of sanctions on nuclear-armed Pyongyang.
  • It was the first time cabinet-level officials from the two Koreas had met since Mr. Moon — who urges engagement with the North as well as sanctions to bring it to the negotiating table — took power in May.

2.UK agrees to pay $47billion to leave EU.

  • Britain is prepared to pay up to €40 billion (USD47 billion dollars) as part of a deal to leave the European Union.
  • If Britain cannot conclude an exit deal, trade relations would be governed by World Trade Organization rules, which would allow both parties to impose tariffs and customs checks and leave many other issues unsettled.

3.Pressure on Nepal over Doklam standoff.

  • Nepal will face greater pressure in the coming days to take sides as the Doklam standoff between India and China continues.
  • The upcoming visit of Prime Minister Sher Bahadur Deuba to Delhi is likely to highlight Nepal’s position on bilateral issues between India and China.
  • The Nepali Prime Minister’s visit will be preceded by a visit of External Affairs Minister Sushma Swaraj who will visit Kathmandu to participate in the 15th meeting of foreign ministers of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) on August 10.

Business News

1. Mobikwik to raise USD100million dollars.

  • Mobile wallet company MobiKwik is looking at raising over USD 100 million dollars from investors this year to fuel its expansion.
  • MobiKwik recently inked an agreement with Bajaj Finance under which the latter invested 225crore (about USD 35 million dollars) in the digital payments company for a 10.83% stake.

2. Britania to set up largest plant in Maharashtra.

  • Leading Indian FMCG brand Britania is going to set up its largest plant in Maharashtra in a food park at Ranjangaon, Pune told chairman of Britannia Industries Nusli Wadia to
    Shareholders at the company’s AGM
  • Over the last three years, the company had been able to increase market share. The net profit in first quarter had risen despite a tough year due to demonetization.

3. Luxury cars to cost more as GST council recommends car cess hike from 10% to 25%.

  • Sport Utility Vechicles, mid-sized, large, and luxury cars will cost more as the GST (Goods and Services Tax) Council has approved a proposal to hike cess on them to 25% from 15%.
  • The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of the States by implementing the GST.

4. Internet services disrupted for 38hours across Pakistan.

  • Internet services were disrupted across Pakistan for about 38 hours due to a fault in the India-Middle East-Western Europe submarine cable, affecting flight services and other activities.
  • The Internet services were restored across the country after the disruption caused by the fault in the undersea internet cable, a Pakistan Telecommunication Company Limited (PTCL) spokesman said.

Sports News
1.Kerala High Court lifts lifetime cricket ban on Sreesanth.

  • The Kerala High Court lifted BCCI’s lifetime ban imposed on cricketer S Sreesanth from the sport over the IPL2013 spot-fixing case.
  • The pacer, who last played for India in 2011, filed petition challenging the ban in March.

2. India wins bronze in wheelchair basketball world meet.

  • The Indian men and women’s wheelchair basketball teams won Bronze at the 4th Bali Cup International Tournament for Wheelchair Basketball.
  • Bothe teams defeated respective Indonesia teams to win Bronze medal.

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