Current Affairs 04 July 2018

Current Affairs of July 04, 2018, are as follows:-

1. Rajasthan approves 1 percent reservation for Gujjars:-

  • The Rajasthan government announced 1 percent reservation for five communities– Gujjar, Banjara, Gadia-Lohar, Raika, and Gadariya– under the Most Backward Classes (MBC) category.
  •  The move comes after Gujjar leaders threatened to launch protests during PM Narendra Modi’s upcoming Jaipur visit.
  • The Gujjars were seeking 5 percent reservation within OBC quota.

2. GMCAC opens a terminal at Cebu airport, Philippines:-

  • GMR-Megawide Cebu Airport Corporation (GMCAC) opened a new Terminal T2 at Mactan Cebu International Airport (MCIA) in the Philippines. GMCAC is a joint venture between GMR Infrastructure and Megawide Construction Corporation. 
  • GMR Infrastructure holds 40% stake in GMCAC and the remaining 60% is held by Megawide Construction Corporation.
  •  The international operations of the airport have been moved to the newly opened T2 Terminal of MCIA. The new terminal has increased the capacity of passengers from 4.5 million passengers to 12.5 million passengers.

3. Supreme Court upholds RBI’s ban on Virtual Currencies:-

  • The Supreme Court on July 3, 2018, refused to put a stay on the Reserve Bank of India (RBI) circular prohibiting banks and financial institutions from dealing in virtual currencies, thus upholding the ban on the virtual currencies such as Bitcoin.
  • With this ruling, all virtual currency transactions through banks would be blocked with effect from July 6, 2018, thus, resulting in a ban.
  • A bench comprising Chief Justice Dipak Misra and Justices A.M. Khanwilkar and D.Y. Chandrachud was hearing a petition filed by the Internet and Mobile Association of India (IAMAI).

4. Gujarat govt forms committee to help troubled power plants:-

  •  In a move aimed to boost power projects of companies like Adani Power, Tata Power, and Essar Power, Gujarat government decided to form a high powered committee that will offer solutions for imported coal-fired power plants that are underutilized due to liability issues.
  •  The committee chaired by former Supreme Court judge Justice RK Agrawal will look into the possibility of “contribution by each stakeholder including banks, project developers, and procurers by way of concessions for mitigating hardship”.
  •  Apart from Justice Agarwal, former RBI deputy governor S. S. Mundra and former Central Electricity Regulatory Commission chairman Pramod Deo will also be part of the committee.
  •  The committee will be assisted by SBI Capital Markets Ltd and NTPC Ltd.

5. Epidiolex is the world's first medicine made from marijuana:-

  • The US Food and Drug Administration (FDA) approved the first medical drug made from marijuana named "Epidiolex" which will be used to cure severe forms of epilepsies in children.
  • The drug will be used to cure two severe forms of epilepsy - Lennox-Gastaut syndrome and Dravet syndrome.
  •   Cannabis, also known as marijuana, is a psychoactive (mood-altering) drug from the Cannabis plant used for a medical or recreational purpose.

6. Australia's Fleet Space to launch first 2 satellites with ISRO, SpaceX:-

  • Australian Internet of Things (IoT) startup Fleet Space Technologies has announced launch plans for its first two nanosatellites, Centauri I and IIin the second half of 2018.
  • 10-kg nanosatellite Centauri I will be launched on Indian space agency ISRO’s Polar Satellite Launch Vehicle (PSLV). Centauri II will be launched on SpaceX’s Falcon 9.

7. Allahabad Bank, Punjab National Bank raised the lending rate by up to 10 basis points:-

  •  Kolkata-headquartered Allahabad Bank and Delhi-headquartered PNB (Punjab National Bank) raised their marginal cost of funds-based lending rate (MCLR) by up to 10 basis points, with effect from July 1, 2018. 
  • One basis point equals one-hundredth of a percentage point.
  • For a loan of a six-month tenor, the borrowing rate will be costlier by 0.10 percent to 8.40 percent.
  •  For one-year loan term, the new rates are up by 0.05 percent to 8.45 percent.
  •  For three-year loan term, the rate is 8.60 percent,
  • For five-year loan term, the rate is 8.75 percent.

8. US think tank announces India US Fellows Exchange programme:-

  • New America, a prominent American think tank has announced a fellows exchange programme aimed at enabling India and the US to better harness technology to improve the lives of their citizens.
  •  Funded by the Ford Foundation, the programme by New America will bring fellows from India to the United States, and fellows from the United States to India to devise novel technology-based solutions to policy challenges.
  •  The aim of this program is to enable both countries to better harness technology to improve the lives of their citizens.

Current Affairs Month