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June 1, 2018

WORD OF THE DAY

ENGEL’S LAWS

The relationship between total consumption expenditure and expenditure on a specific item at a point of time across the sample households.

Courtesy: Mint

 

NATIONAL NEWS

  1. Union Home Minister Rajnath Singh launched an Online Analytical Tool
    • To facilitate closer monitoring of the flow and utilisation of foreign contributions received by various organisations registered or permitted under the Foreign Contribution (Regulation) Act (FCRA), 2010.
    • This tool helps decision-makers in different Departments of Government to examine the source of foreign funds and their actual use in India.
  1. PM Narendra Modi launched three Indian digital payment systems – RuPay, BHIM app and UPI by SBI at the ‘Business, Innovation and Community Event’ in Singapore
    • With the launch, India’s RuPay digital payments system was linked up with Singapore’s 33-year old Network for Electronic Transfers (NETS).
    • The move will enable RuPay users to make payments at all of NETS acceptance points across Singapore
    • Network for Electronic Transfers (NETS) is an electronic payment service provider formed in 1985 to spearhead the nation-wide implementation of Electronic Funds Transfer at Point-Of-Sale (EFTPOS) in Singapore
  1. The two-day thematic seminar on Water and Sanitation started in Pune, Maharashtra.
    • This seminar is one among the eight events organized by the Ministry of Finance
    • Discussions were held on efficient water management, drinking water, sanitation infrastructure and waste management, financing, regulatory etc
  1. Ministry of Women and Child Development and Ministry of Home Affairs come up with India’s First Advanced Forensic Lab launched in Chandigarh.
    • The lab is called ‘Sakhi Suraksha Advanced DNA Forensic Laboratory’.
    • The labs are categorized to units:
      1. Sexual Assault and Homicide Unit
      2. Paternity Unit
      3. Human Identification Unit
      4. Mitochondrial Unit.
  • The objective is to address the gap in forensic analysis of pending sexual assault cases in the country
  • 5 other labs would come up in: Mumbai, Chennai, Guwahati, Pune, Bhopal.

 

  1. The Ministry of Culture launched a new scheme called ‘Seva Bhoj Yojana’
    • It has been launched to lessen the financial burden of Charitable Religious Institutions.
    • The scheme envisages to reimburse the Central Government share of Central Goods and Services Tax (CGST) and Integrated Goods and Service Tax (IGST) on purchase of raw items such as ghee, edible oil, atta/maida/rava/flour, rice pulses, sugar, Burra/jaggery etc which go into preparation of food/Prasad/langar/bhandara offered free of cost by religious institutions.
    • They should serve at least 5000people in a month and is under Societies Registration Act and under Income Tax Act
    • The eligible institutions must be registered with the Darpan Portal.
  1. The government of Andhra Pradesh announced that it will give an allowance of Rs.1000 on monthly basis to the state’s unemployed graduate youth.
  1. Andhra Pradesh Chief Minister Nara Chandrababu Naidu launched the 3rd year of Chandranna Bima Yojana, in Amaravati, Andhra Pradesh.
    • It was launched on October 2, 2016
    • Aam Admi Bima Yojana, Pradhana Manthri Jeevana Jyothi Bima Yojana, Pradhana Mantri Suraksha Bima Yojana and the Individual Accident Bima Policy of the State government are a part of this insurance scheme.
    • The total policy amount will be paid by Andhra Pradesh government. The beneficiaries need to pay only Rs. 15 per year.
  1. The government of Odisha launched a health insurance scheme for journalists – “Gopabandhu Sambadika Swasthya Bima Yojana”
    • This scheme provides 2 Lakh per annum health insurance cover to all working journalists of the state.
    • The scheme would initially cover 3200 journalists and their family members
  1. The government of Haryana has launched 15 new One-Stop centres for women affected by violence in all its districts.
    • The Seven districts which already have the OSCs are Karnal, Bhiwani, Gurugram, Faridabad, Hisar, Rewari and Narnual.
  1. India ranked 113 out of 175 countries in the Save the Children’s “ End of Childhood Index 2018”.
    • The index is a part of a report: ‘The Many faces of Exclusion’.
    • US ranked 36th
    • Russia ranked 37th
    • China ranked 40th
    • Singapore and Slovenia are at the top of the chart sharing 1st place.
    • Niger is at the bottom
  1. Indian Railways Catering and Tourism Corporation (IRCTC) has revised the VIKALP scheme, enabling wait-listed passengers who booked tickets from counters to choose the alternate train accommodation scheme.
    • VIKALP or Alternate Train Accommodation Scheme (ATAS) was launched in 2015. This scheme was introduced only for tickets booked online.
    • If passengers avail VIKALP scheme, he/she should mark his/her choice of alternate train departing within 12 hours, 24 hours, 48 hours. 
  1. India’s first superfast train, Deccan Queen Express from Mumbai to Punemarked 88 years of service.
    • Also known as Queen of Deccan.
  1. The Income Tax Department issued revised Income Tax Informants Reward Scheme 2018.
    • It has been done to increase public participation with the IT department to unearth black money and reduce tax evasion.
    • This has replaced the reward scheme issued in 
    • Under this scheme a person upon giving specific information about tax evasion to the Investigation Directorate of the IT department can be rewarded up to  Rs. 50 lakhs.
    • A reward of up to  Rs.5 crore would be given to people who would provide precise information about the black money tugged away in the foreign countries
  1. A new reward scheme named “Benami Transactions Informants Reward Scheme, 2018” has been introduced by the Income Tax Department.
    • A person can receive reward up to Rs. 1 crore for offering specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department.
  1. The co-founder of Citrus, Satyen Kothari has launched his new venture of an app that can sweep funds between bank A/Cs and Mutual Funds named Cube Wealth.
    • Customers can retrieve money to their bank A/Cs during emergencies, however, this feature is only available to those whose initial amount of transaction is Rs. 50000.
  1. India successfully performed the first test its new surface-to-air missile with nozzle less booster powered by Solid Fuel Ducted Ramjet (SFDR)technology, from launching complex-III of the Integrated Test Range (ITR) off Odisha coast.
    • Designed and developed by DRDO
  1. The government is planning to set up a venture capital fund of Rs 1,500 crore, with Rs 500 crore of the government’s money, under the FAME-II (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) scheme to invest in the electric vehicles sector.
  1. The Indian Institute of Science (IISc) in Bengaluru has made it to the top 100 universities in the Times Higher Education (THE)’s World Reputation Rankings 2018
    • Becoming the only Indian institution to make it to the prestigious list this year.

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BANKING AND ECONOMY

  1. India’s economy accelerated to 7% in the three months ended 31 March, the fastest pace in seven quarters
  1. Kolkata-based United Bank of India, which has a gross non-performing assets (NPA) ratio of 1% has capped the amount of corporate loans to a single borrower at ₹150 crore
    • UBI Bank is under the Prompt Corrective Action of RBI along with 10 other banks
    • The 11 banks under Prompt Corrective Action (PCA) are Dena Bank, Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce and Bank of Maharashtra
    • Under the PCA, banks face restrictions on distributing dividends and remitting profits.
    • The owner may be asked to infuse capital into the lender. Besides, the lenders are stopped from expanding their branch networks and need to maintain higher provisions. Management compensation and directors fees are also capped.
  2. Punjab National Bank (PNB) reported a record net quarterly loss of 13,417 crore in the quarter ended March 2018

 

APPOINTMENTS

  1. The Indian Super League (ISL) club FC Pune City appointed Brazilian Marcos Paqueta as their head coach.

 

IMPORTANT DAYS

  1. On 1st June 2018, Global Day of Parents was observed all over the world

 

AWARDS

  1. Space scientist A S Kiran Kumar, Chairman of Indian Space Research Organisation (ISRO) and Kailash Satyarthi received Santokbaa Humanitarian Award.

 

MISCELLANEOUS

  1. Timothy Pereira, former football player passed away

 

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