International News
PM Modi Begins 3-Nation Visit
- He embarked a 2-day visit to France on 22nd August and hold talks with French President Emmanuel Macron. He met the French Prime Minister Edouard Charles Philippe and inaugurated a memorial for Indian Victims of Air Crashes in 1950 and 1966 in Nid D’ Aigle.
- Modi reached UAE capital Abu Dhabi on 23rd and met with the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan.
IMF suggested Rule change on Age Limit
- The top candidate to serve as IMF managing director, Bulgaria's Kristalina Georgieva turned 66 in August 2019 and it makes her too old for the job.
- All 189 member countries of the IMF have to vote on the recommendation for its implementation.
National News
Indian Railways Banned Single-use Plastic Materials
- The Indian Railways has directed the Indian Railway Catering and Tourism Corporation (IRCTC) to set up plastic bottle crushing machines in major railway stations.
- The IRCTC will implement the return of plastic drinking water bottles as a part of Extended Producer Responsibility.
‘San-Sadhan’ Hackathon
- Government has invited applications for tech enthusiasts to participate in ‘San-Sadhan’ hackathon- for Divyangjan accessible toilets.
- It is being organised jointly by the Department of Empowerment of Persons with Disabilities and the Ministry of Jal Shakti in collaboration with Atal Innovation Mission, NITI Aayog.
Kathmandu-Siliguri Bus Service
- The initiative is a part of a Motor Vehicle Agreement for Passenger Traffic which was signed during Prime Minister Narendra Modi's Nepal visit in 2014 to facilitate the movement of people between the countries and also promoting tourism.
- Presently, 13 routes have been approved between India and Nepal for regular bus service and Kathmandu-Siliguri is the 11th route.
EESL plans to invest Rs 180 crore in Super-efficient ACs
- Super-efficient AC programme (SEAP), EESL is planning to sell 50,000 AC in the first phase which will be based on first come first serve basis.
- It is expected to save 27 million kWh of electricity per year. A total investment of Rs 180crore is planned out of which it will be supported by grants from Global Environment facility.
Project SURE Launched by Ministry of Textiles
- SURE stands for 'Sustainable Resolution', that points to a resolution/commitment from the industry for a clean environment.
- The project is a move towards sustainable fashion by setting up a sustainable pathway for the Indian fashion industry.
Mobile application-“Janaushadhi Sugam” Launched
- “Janaushadhi Sugam” will enable people to search and locate the nearby Janaushadhi generic medicines and stores.
- He has also announced to slash the price of “Jan Aushadhi Suvidha Oxo-Biodegradable Sanitary Napkin” from 2 rupees 50 paise earlier to just 1 rupee per piece.
Centre decided to Offer Sugar Export Subsidy
- The Centre has decided to offer Rs10.45 per kg subsidy to incentivise sugar mills to export their surplus stocks.
- The Cabinet Committee on Economic Affairs took the decision, as with record sugar production causing a drop in prices led to cane farmers facing huge arrears in payment.
Bill against conversion by Force Passed by H.P
- The new bill incurs stiffer punishments with a jail term is of 7 years as compared to the Freedom of Religion Act in which punishment was only 3 years.
- As per the new bill, the person willing to convert his/her religion has to file a month’s notice in advance to the district magistrate.
Banking
CBDT’s Clarification to Avail Tax Holiday
- CBDT (Central Board of Direct Taxes) clarified that small start-ups with turnover up to Rs. 25 crores, a condition specified in Section 80-IAC of the Income Tax Act, 1961 will continue to get the promised tax holiday.
- The tax holiday for small startups provides a deduction for 100% of the income of an eligible start-up for 3 years out of 7 years from the year of its incorporation.
Enhanced Surcharge withdrawn by the Government
- To encourage investors in the capital market, the government has withdrawn surcharge on tax payable on the transfer of certain assets.
- Only the Foreign Institutional Investors (FPI) derivatives are treated as capital assets and gains from it are subjected to the special rate of tax as per the provision of section 115AD of Act.
Central Vigilance Commission set up ABBF
- The ABBF has been formed in consultation with the RBI and is constituted to examine bank fraud of over 50 crore rupees and recommend action.
- The board’s jurisdiction is confined to cases of an allegation of fraud involving officers of General Manager Level and above in the PSBs.
Bandhan Bank Tie-up with Standard Chartered Bank
- Bandhan Bank’s growth of the current account and savings account (CASA) over the past 4 years is the deciding factor for the collaboration. CASA accounts for nearly 36% of Bandhan Bank’s total deposit base of about Rs 43,000 crore.
- Standard Chartered Bank has been growing at 15-20% on a y-o-y basis and has 100 branches in India.
RBI will Transfer Rs 1.76 lakh Crore to the GOI
- RBI to transfer Rs1.76 Lakh crore to Government of India under ‘Surplus Distribution Policy’ that include interim dividend of Rs28,000 crores paid on February 2019.
- RBI board accepted all recommendation of the Bimal Jalan Committee.
Cabinet Decision to attract FDI
- The cabinet has relaxed the requirement of 30% by allowing it to be calculated over the first five years of operation.
- The cabinet has decided to allow 100% FDI under the automatic route in contract manufacturing in India which was only for the manufacturing sector earlier.
Govt. announced Mega-Merger of 10 PSBs
- After the merger, the number of public sector banks will crease to 12 banks from 27 banks.
- Among these banks, PNB got the highest share of Rs 16000 crore and Punjab & Sind Bank got the lowest i.e. Rs 750 crore.
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