7 may 2016 current affair for competition exams

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On 5 May 2016 Senior IPS officer Kumar Rajesh Chandra was appointed as the Chief of Bureau of Civil Aviation Security (BCAS). His appointment was cleared by the Appointments Committee of the Cabinet (ACC). About BCAS; BCAS acts as regulatory authority for civil aviation security. The main responsibility of BCAS is to lay down standards and measures in respect of security of civil flights at international and domestic airports in India. In January 1978, the BCAS was established as a department of the Directorate General of Civil Aviation. As a result of the 1985 bombing of Air India Flight 182, the BCAS became an independent agency of the Ministry of Civil Aviation on 1 April 1987.

7th May, 2016 Appointment Kumar Rajesh Chandra appointed as Chief of

Bureau of Civil Aviation Security

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On 4 May 2016 President Pranab Mukherjee conferred the 15th set of Federation of Indian Export Organisations (FIEO) Niryat Shree and Niryat Bandhu Awards in New Delhi. The awards were presented at the Golden Jubilee celebrations of FIEO. The awards were conferred to the companies from various sectors of exports besides service providers, banks, and various facilitating agencies which are promoting exports during the year 2015-16. The president also unveiled the brand new FIEO Logo representing growth, vibrancy, innovation and entrepreneurship. About FIEO; It was set up in 1965 under the aegis of Union Ministry of Commerce and Industry.

7th May, 2016 Awards/Honors President Pranab Mukherjee confers Niryat Shree

and Niryat Bandhu Awards



In the first week of May 2016 Indian Parashar Kulkarni won the Commonwealth Short Story Prize for 2016, for the Asia region. He was awarded for his politically grounded unpublished short fiction 'Cow and Company'. The story 'Cow and Company' narrates the story of four men in search of a cow. He will receive a cash prize of 2500 pounds. About Commonwealth short story prize; It was set up in 2012 to inspire and connect writers and storytellers across the world. Commonwealth Writers is the cultural initiative of the Commonwealth Foundation.

7th May, 2016 Awards/Honors

2016 Commonwealth Short Story Regional Prize



On 5 May 2016 Vice Admiral Sunil Lanba was appointed as the next Chief of the Naval Staff. He will assume the charge on 31 May 2016 as the 23rd chief of Indian Navy and 21st as an Indian. Lanba (58) will have a full three-year-term in office till 31 May 2019.

7th May, 2016 Appointment

Vice Admiral Sunil Lanba appointed as Chief of

the Naval Staff



On 5 May 2016 the Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016. The bill is being seen as a transformational legislation that will help in improving India’s ranking in the World Bank’s ‘Ease of Doing Business’ index. The Bill is based on the recommendations of the Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 chaired by Bhupender Yadav. As per the Bill; • The Code creates time-bound processes for insolvency resolution of companies and individuals. • The resolution processes will be conducted by licensed Insolvency Professionals (IPs). • Information utilities (IUs) will be established to collect, collate and disseminate financial information to facilitate insolvency resolution. • The National Company Law Tribunal (NCLT) will adjudicate insolvency resolution for companies. • The Debt Recovery Tribunal (DRT) will adjudicate insolvency resolution for individuals. • The Insolvency and Bankruptcy Board of India will be set up to regulate functioning of IPs, IPAs and IUs.

7th May, 2016 Policies/Initiatives Insolvency and Bankruptcy Code Bill 2016



On 5 May 2016 Goa Shipyard Limited (GSL), launched Indian Coast Guard Ship (ICGS) Shaurya at Vasco. This is the fifth ship of a series of six off-shore patrol vessels (OPVs) that the Indian Coast Guard had tasked the Vasco defence public sector undertaking to build. This 105-metre new generation OPV that was launched by the Governor of Goa, Mridula Sinha will be delivered to the Coast Guard after sea trials are completed. The ICGS Shaurya will be commissioned into service in early 2017.

7th May, 2016 Defence

Offshore patrol vessel ICGS Shaurya launched



On 5 May 2016 National Association of Software and Services Companies (NASSCOM) signed a partnership agreement with Facebook to build a product design initiative in India. The agreement focus on assisting the innovation ecosystem by helping product based companies to build solutions in key sectors where technology can play a transformational role. This initiative is aimed towards encouraging Indian entrepreneurs to become problem solvers and develop solutions based on innovation and design thinking. It is a Nasscom’s country-wide initiative with an aim to offer focused programmes to build awareness in product design and mentorship.

7th May, 2016 Economics

NASSCOM inks MoU with Facebook



On 28 April 2016 Union inter-ministerial Board of Approval (BoA) approved the proposal of Infosys to set up an IT/ITeS special economic zone (SEZ) in Bengaluru in an area spread over 4 hectares. The Board also granted more time to 20 developers to complete their projects. Those that got additional time include Mayar Infrastructure Development for a biotechnology SEZ in Haryana, Wipro for IT SEZ in Karnataka and Vedanta for its sector-specific SEZ for manufacturing and exports of aluminium in Odisha. The board has also approved application of Unitech Realty Project. About SEZs; SEZs are export hubs that contribute about 23 per cent to the India’s total exports. It is a specifically delineated duty-free enclave and deemed to be foreign territory for the purposes of trade operations and duties and tariffs.

7th May, 2016 Economics Union government approves proposal of Infosys

to set up IT SEZ



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