National

National

Piyush Goyal launches ‘CMSMS’ & ‘Khan Prahari’ App

The Union Minister Shri Piyush Goyal has launched the CMSMS and Mobile Application ‘Khan Prahari’ at a ceremony in New Delhi.

The objective of CMSMS (Coal Mine Surveillance & Management System) is reporting, monitoring and taking suitable action on unauthorized coal mining activities.

The CMSMS is a web-based GIS application through which location of sites for unauthorized mining can be detected.

Khan Prahari is a tool for reporting any activity taking place related to illegal coal mining like rat-hole mining, pilferage etc.

One can upload geo-tagged photographs of the incident along with textual information directly to the system.

 

MP govt launches an outstanding power bill waiver scheme ‘Sambal’

The Madhya Pradesh government has launched an outstanding power bill waiver scheme and subsidized power scheme ‘Sambal’ for laborers and poor families.

Under the scheme, the Below Poverty Line (BPL) families would be provided

electricity at a cost of 200 rupees per month, while Power connection would

be provided free of cost to the beneficiaries.

 

Agartala Airport to be named after Maharaja Bir Bikram Kishor Manikya Bahadur

According to Tripura Chief Minister Biplab Kumar Deb, Agartala Airport will be named after Maharaja Bir Bikram Kishor Manika Bahadur.

Maharaja Bir Bikaram Kishor Manikya Bahadur sowed the seeds for the development of a modern Tripura.

 

Bengaluru Gets India’s 1st E-Waste Plant

The Centre has announced a state-of-the-art e-waste recycling unit for Bengaluru, India’s technology capital which produces an estimated one lakh tonne of electronic waste a year.  The Chemicals and Fertilizers Ministry is setting up the facility.

The Central Institute of Plastics Engineering and Technology (CIPET), a research institute that comes under the ministry, will set up the unit in the next four months

International

International

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.

 

Air India removes ‘Taiwan’ from its website due to China’s pressure:

Air India has changed its reference to Taiwan on its website to ‘Chinese Taipei’ after pressure from China, which does not recognize Taiwan as a separate country.

Global airlines including British Airways, Lufthansa and Qantas now refer to Taiwan as a part of China on their websites. Air India was given an extension till July 25 to make the necessary changes.

Sports

Sports

Sports Authority of India set to be renamed as Sports India

According to the Union Sports Minister Rajyavardhan Singh Rathore, The Sports Authority of India (SAI) is set to be renamed as Sports India.

The sports body Sports Authority of India established in 1984.

The Sports Authority of India (SAI) is an apex National Sports body established in 1984 by the Ministry of Youth Affairs and Sports of Government of India for the development of sport in India.

 

Major General Vikram Dogra Completes Ironman Triathlon

Major General VD Dogra became the first serving Indian Army officer and the only General across the world to have completed a gruelling ‘Ironman’ competition held in Austria.

The Ironman is an international triathlon consisting of three consecutive events- 3.8 km of swimming, 180 km cycling and 42.2 km of running a full marathon. It is considered the toughest one day sporting event in the world

Finance

Economy and Finance

Bank of China gets RBI license to launch operations in India

The Reserve Bank of India (RBI) has issued the license to Bank of China to launch operations in India.

This will be the second Chinese bank (frst Industrial & Commercial Bank of China Ltd) to be operating in the country.

Bank of China was founded in 1912 by the Republican government to replace the Daqing Bank.

Bank of China is one of the four biggest state-owned commercial banks (the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China) in China.

 

Sunil Mehta Committee Recommended For Project ‘Sashakt’

The Sunil Mehta committee which was formed with a view to tackle Non-Performing Assets (NPAs) and creating credit capacity submitted its report with recommendations to Finance Minister Piyush Goyal.

The Sunil Mehta panel presented project ‘Sashakt’ and has recommended a five-pronged strategy to deal with stressed assets.

The committee will ensure a robust Governance and credit architecture is put in place to prevent similar build up of non performing loans in the future.

 

IIFL: India’s No.1 Banker For Equity Issuances For Private Sector Companies In FY17

According to Prime Database Investment Bankers League table for FY 2017-18, IIFL is India’s top investment bank for equity issuances by private sector companies.

IIFL Holdings Ltd. (IIFL) is a category I Merchant Banker and a part of leading diversified financial services group. I

IIFL is a publicly listed company and is engaged in Investment Banking, Securities dealing, Wealth & Asset Management and Loans & Mortgages.

 

Reliance Industries Launches Jio GigaFiber Broadband Services

The Reliance Industries has unveiled ‘Jio GigaFiber’, the much-awaited fibre-to-the-home (FTTH) broadband service.

The company claimed it will be the largest greenfield fixed-line broadband rollout anywhere in the world, with a rollout in 1,100 cities simultaneously.

Jio GigaFiber broadband will come with a set top box for TV and will have enabled voice command feature for TV. Besides, it will have a TV calling feature.

Miscellaneous

Miscellaneous

Vishwas Patel appointed Payments Council of India Chairman

Payments Council of India (PCI) has appointed Vishwas Patel (CEO of

In􀂡beam Avenues) as its new chairman.

The Payments Council of India (PCI) was formed under the aegis of IAMAI in the year 2013 catering to the needs of the digital payment industry.

PCI works closely with Reserve Bank of India (RBI), Finance Ministry and any similar government, departments, bodies or Institution to make ‘India a less cash society’.

 

ISRO’s First ‘Pad Abort’ Test Successful

The first ‘pad abort’ test critical for a future human space mission was conducted successfully.

The test was conducted at the Satish Dhawan Space Centre, Sriharikota.

The Crew Escape System is an emergency escape measure to quickly pull the crew module, the astronaut cabin — along with astronauts out to a safe distance from the launch vehicle in the event of a launch abort.

ISRO Chairman: K.Sivan

 

Things to be Remembered

About the various schemes:

1) 15-year public provident fund scheme

i. Public provident funds (PPF) are a long-term investment option which offer you the benefit of exempt, exempt, exempt or EEE on income tax. EEE means that PPF returns are exempt from income tax, the maturity amount is tax-free and the main investment is qualifies for a deduction under section 80C of the Income Tax Act. PPF accounts can be opened in banks and post offices.
ii. The interest on PPF accounts is compounded yearly.

 

2) National Savings Certificates (NSC)

i. NSC certificates can be purchased from post offices. The investment tenure of NSCs is for 5 to 10 years. NSC is a low-risk, secure investment option. NSCs offer you benefits under Section 80C of the Income Tax Act.
ii.The interest is compounded annually but paid on maturity.

 

3) Senior Citizen Savings Schemes (SCSS)


i. This saving scheme is meant for people above 60 years of age. People who take voluntary retirement can also invest in this scheme. Only one deposit, not exceeding Rs. 15 lakh, is allowed in this scheme. The maturity period is five years. Investment under this scheme qualifies for benefit under Section 80C of the Income Tax Act, 1961. This account can be opened in banks and post offices.

ii. It is payable from the date of deposit of March 31/ September 30/ December 31 in the first instance and thereafter, interest is payable on March 31, June 30, September 30 and December 31.

 

4) Kisan Vikas Patra (KVP)


i. KVP is also a long-term savings plan. KVP certificates can be purchased from post offices. The certificate can be encashed after two-and-a-half years from the date of issue.

ii. The interest on KVP is compounded annually. The amount invested doubles in 118 months (9 years and 10 months).

 

5) Sukanya Samriddhi Account


A legal guardian/ natural guardian, on behalf of a girl child, can open this account in post offices or banks. This account matures in 21 years after you deposit money for 15 years. This scheme gives a triple income tax benefit i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn. It is compounded and calculated on a yearly basis.

Thought of the Day

“Do not wait to strike till the iron is hot; but make it hot by striking”

Current Affairs Quiz based on the Current Affairs of  5th July

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