July 2, 2018




  1. India has moved up to 73rd place in terms of money parked by its citizens and companies with Swiss banks in 2017.
    • The list has been topped by UK.
    • The latest data from the Swiss National Bank (SNB) shows an increase of over 50 percent during 2017 to CHF 1.01 billion (about Rs 7,000 crore).
    • Pakistan is at 72nd position.
    • While others in the top-ten included West Indies, France, Hong Kong, Bahamas, Germany, Guernsey, Luxembourg and Cayman Islands.
    • China at 20th place, Russia at 23d, Brazil 61st, South Africa 67th.
    • Those ranked below India were Mauritius (77th place), Bangladesh (95th), Sri Lanka (108th), Nepal (112th).
  1. The government will “very soon” come out with a definition for Shell companies,
    • Generally, shell companies exist only on paper and are often used by fraudsters for carrying out their illegal activities.
    • A shell corporation is a corporation without active business operations or significant assets.
  1. National Financial Reporting Authority-
    • India approved the draft rules for establishing a new body to oversee auditing and accounting standards.
    • It will render the Institute of Chartered Accountants of India (ICAI) ineffective as the new watchdog will require auditors to register with it before taking up auditing work.
    • NFRA will have powers to cancel registration of the auditors in case of a violations.
    • NFRA will have power to review, inspect, investigate, oversee the quality of service of professionals and will also cooperate with the National and International Organizations to ensure compliance with accounting standards.
    • NFRA can recommend penal against auditors if they are found non-compliant or there are lapses in their duties.
  1. Interest Subvention scheme for small drug makers who wish to upgrade their infrastructure and technology.
    • Under this scheme, government will bear burden of 6% interest on loans up to Rs 4 Crore for a period of three years.
    • The scheme is aimed at small and medium pharmaceuticals companies for procurement of new machinery.
    • The financial institution extending the loan must ensure that the beneficiary SME obtains WHO-GMP certification within Two years from the disbursement of the loan.
  2. Facts about GST
    • Goods and Services Tax (GST) is an indirect tax which has been implemented in India on 1 July 2017.
    • The main objective behind the implementation of this tax is to make a uniform tax system in the country.
    • The Goods and Services Tax (GST) was first implemented in France.
    • India’s GST is based on the Canadian model.
    • GST in India was made on the recommendation of Vijay Kelkar Committee.
    • There are total of four rates excluding 0% rate- 5%, 12%, 18% and 28%.
    • Only four countries other than India—Italy, Luxembourg, Pakistan and Ghana—have four rates.
    • The latest “India Development Update” of the World Bank, for example, noted that the 28% rate, applicable on a set of goods, is the second highest among the 115 countries sampled: 49 countries have a single rate and 28 have two rates.
  1. The government has set up a 13-member Committee to upgrade the norms for computation of economic data at states and districts level.
    • It has been formed in the backdrop of plans to revise the base year for National Accounts or GDP calculation.
    • The Ministry of Statistics and Programme Implementation (MOSPI) will change the base year to 2017-18 for the calculation of GDP and IIP numbers from the current 2011-12 with an aim to capture changes in the economy.
    • The Committee for Sub-National Accounts will be headed by Ravindra H Dholakia.
  1. Bolivia, known to have the largest reserves of Lithium, has offered the metal to
    • It is used in making batteries of electric vehicles, laptops and smart phones.
  1. The 216-Foot tall statue of the Bhakti saint will be the world’s second tallest when unveiled.
    • It is known as the Statue of Equality in Telangana.
    • It is the status of Vaishnavite saint Sri Ramanujacharya.
    • The Statue of Unity is a monument under construction dedicated to Indian independence movement leader Vallabhbhai Patel.
      1. After completion it will be 597 feet and would be the world’s tallest statue when completed.
  1. More than 19,500 languages or dialects are spoken in India as mother tongues, according to the latest analysis of a 2011 Census released.
    • There are 121 languages which are spoken by 10,000 or more people in India, which has a population of 121 crore.
    • The 121 languages are presented in two parts — languages included in the Eighth Schedule of the Indian Constitution, comprising 22 languages and languages not included in the Eighth Schedule, comprising of 99 languages plus the category “total of other languages”.
    • The Eighth Schedule of the Constitution consists of the following 22 languages –Assamese, Bengali, Gujarati, Hindi, Kannada, Kashmiri, Konkani, Malayalam, Manipuri, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Sindhi, Tamil, Telugu, Urdu, Bodo, Santhali, Maithili and Dogri.
    • Of these languages, 14 were initially included in the Constitution. Sindhi language was added in 1967.
    • Konkani, Manipuri and Nepali were included in 1992.
    • Bodo, Dogri, Maithili and Santhali were added in 2004.
  1. The Income Tax Department has launched an ‘instant’ Aadhaar-based PAN allotment service for individuals seeking the unique identity for the first time.
    • This facility is free of cost and instant allotment of e-PAN is available for a limited period on a first-come, first-served basis for valid Aadhaar holders.
  1. Pakistan handed over a list of 471 Indian prisoners lodged in Pakistani jails to the Indian High Commission.
    • The list was consistent with the provisions of the Consular Access Agreement between Pakistan and India signed on May 21, 2008.
    • Under the agreement, both countries are required to exchange lists of their nationals in each other’s custody twice a year, on January 1 and July 1, respectively
    • The list included 418 fishermen and 53 other prisoners arrested for illegally entering Pakistani waters
  1. At the 42nd session of the World Heritage Committee of UNESCO at Manama in Bahrain, India’s nomination of the “Victorian and Art Deco Ensembles of Mumbai ” was inscribed on UNESCO’s World Heritage list.
    • India now has overall 37 World Heritage Inscriptions with 29 Cultural, 07 Natural and 01 Mixed sites.
  1. The Odisha government signed a Memorandum of Understanding (MoU) with the Regional Integrated Multi-Hazard Early Warning System (RIMES)for effective management of disasters.
  2. The Central Reserve Police Forcelaunched ‘Madadgaar Helpline’, a distress helpline for the people of Jammu and Kashmir.
    • The helpline number is : 
    • This is the first one of a kind helpline and mainly focuses to serve and protect children and women of the region from any harassment or assault being faced by them.
  1. Bhitarkanika National Park in Odisha has become the largest habitat of the endangered estuarine crocodilesin India with a record number of 101 nesting sites.
  1. Chhatrapati Shivaji International Airport in Mumbai, the second busiest in India, has been ranked as the fifth least punctual airport securing 509th position in the world, among the surveyed 513 airports, as per a study conducted by OAG, a global leader in providing flight information.
    • The Indira Gandhi International Airport in Delhi, the 16th busiest in the world, ranked poorly in flight punctuality, securing the 451st position.
    • Port Blair airport in the Andaman and Nicobar Islands got the worldwide rank of 65, thanks to its punctuality rate of 84.6%.
    • The Hyderabad airport ranked 246, Bengaluru airport 262 and Kolkata
    • Nagoya Komaki Airport in Japan has topped the global ranking list being most punctual.
  2. Tata Steel agreed to a 50-50 joint venture with Germany’s Thyssenkrupp to create Europe’s second-largest steel company after Lakshmi Mittal’s ArcelorMittal.




  1. Alka Tiwari has been appointed as Secretary in Anti-Corruption watchdog Central Vigilance Commissioner (CVC).
  2. The Democratic National Committee (DNC) of United States has appointed Indian American Seema Nanda as its new CEO.





  1. On 1st July 2018, National Doctors’ Day was celebrated throughout India.
    • The Indian Medical Association (IMA) has declared the theme for Doctors’ Day 2018 as: ‘zero tolerance to violence against doctors and clinical establishment’.
  2. On 1st July 2018, International Joke Day was celebrated all over the world.
  3. Indian Government celebrated the 1st Anniversary of the Goods and Services Tax (GST) as GST day – July 1.