Current Affairs This Week (18th - 25th Jun)

INDIA

Slow Monsoon creates drought-like conditions, food inflation might go up

  

June to September is usually Monsoon in India. However, the Monsoon has advanced very little in the last 10 days leaving agricultural lands dry and arid. Unless Monsoon advances rapidly, the country will have to deal with rising food prices and a weak rural demand. The rainfall deficit in the country is 37% and the June rainfall is among the lowest in the country. 

India extends ban on import of milk and milk products from China by 1 year

Till June 2015, India has extended the six year old ban on import of milk and milk products including chocolates from China. The ban was first imposed in 2008 on account of presence of melamine, used for making fertilizers and plastics.

World 

ISIS seizes control of Iraq’s main border crossing with Jordan

Militants of the Islamic State of Iraq and Syria (ISIS) have seized control of Iraq’s main border crossing with Jordan, Turabil, late Sunday, putting the militants within easy reach of Jordan and Saudi Arabia, U.S. allies in the region. The latest conquests also give the Sunni insurgents control to hundreds of miles of territory spanning the Iraq-Syria border, thereby advancing their goal of establishing a pan-Islamic state, modeled along the lines of the 7th-century Islamic caliphate.

US says it is ready to repair ties and work with Egypt under President el-Sisi

US Secretary of State John Kerry, during his recent visit to Egypt, has said that the United States was ready to work in mutual cooperation with the new government of Egypt under President Abdel Fattah el-Sisi. Sisi had led last year’s military takeover against Egypt’s first democratically elected President Mohamed Morsi. 

After US and Japan, India most affected by online banking malware: Report

According to a Trend Micro Q1, 2014 threat roundup, India is the third most affected country by online banking malware. The report also revealed that since law enforcement activities against online theft are slowly being improved, cyber criminals have now started to add more layers to ensure anonymity in order to protect their identities and avoid getting arrested.

Economy

RBI hikes amount that could be carried overseas from Rs. 10, 000 to Rs. 25, 000 

The Reserve Bank of India has increased the amount that could be carried overseas from Rs. 10000 to Rs. 25000. Any person residing in India can take up to Rs. 25,000 in Indian currency notes on overseas travels and return with the same amount after the temporary visit.

TARC accepts key BCIC recommendations for tax reforms

The Tax Administration Reform Commission (TARC) has accepted the recommendation of the Bangalore Chamber of Industry and Commerce (BCIC) regarding the realignment of the Central Board of Excise and Customs (CBEC) and the Central Board of Direct Taxes (CBDT) for a more unified management structure.

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