Daily Current Affairs 1st July, 2018

Daily Current Affairs 1 July 2018 for Banking/Insurance/SSC and other related exams.


Indian economy to touch $5 trillion by 2025: President Kovind

President Ram Nath Kovind said the Indian economy is set for a surge in the next decade with the Gross Domestic Product (GDP) size doubling to 5 trillion US dollars probably by 2025.

  • “The growth in financial and business transactions will mean more work for chartered accountants and place a greater responsibility on you,” he added.

CRPF launches ‘Madadgaar helpline’ in J-K

The Central Reserve Police Force launched ‘Madadgaar Helpline’, a distress helpline for the people of Jammu and Kashmir, with the aim of providing immediate assistance to locals.

  • Kashmiris across the valley are reaping the benefits of the scheme and lauded the CRPF for their assistance.

Naidu releases commemorative coin on Mahalanobis

Vice President M Venkaiah Naidu released a commemorative coin of Rs 125 denomination to celebrate the 125th birth anniversary of scientist Prasanta Chandra Mahalanobis and 12th Statistics Day.

  • Describing Mahalanobis as the architect of the National Sample Survey Organisation, he said the coin was a fitting tribute to a “great soul and genius statistician”.

PAN-Aadhaar linking deadline extended till March 2019

Deadline for the PAN-Aadhaar linking has been extended till March 31, 2019, by Central Board of Direct Taxes (CBDT). The CBDT previously extended the deadline till March this year for individuals to link their Permanent Account Number to biometric ID Aadhaar.

Aadhaar Virtual ID now operational: UIDAI

The Aadhaar issuing authority Unique Identification Authority of India (UIDAI) has made Virtual ID (VID) system operational with its Authentication User Agencies (AUAs) which have migrated to VID and UID Token.

  • The Virtual ID is a 16-digit random number mapped with the Aadhaar number.
  • Meanwhile, UIDAI has also classified its AUAs in ‘Global’ and ‘Local’ categories for providing authentication facility for VID through UID Token and Limited KYC.

Odisha, RIMES sign MoU for effective disaster management

The Odisha government signed a Memorandum of Understanding (MoU) with the Regional Integrated Multi-Hazard Early Warning System (RIMES) for effective management of disasters.

  • RIMES-Thailand, is a UN registered international and inter-governmental institution, owned and managed by its 48 members and collaborating states for building capacities in the generation and application of user-relevant early warning information.

Jharkhand to set up country’s first Khadi mall: CM

Jharkhand Chief Minister Raghubar Das announced that the first ‘Khadi Mall’ of the country will be opened soon in Ranchi. It will bring a changes in their lives and the government will also provide markets to them, he added.

Maha govt announces ‘Kanya Van Samruddhi Yojana’

The Maharashtra government announced a new scheme called ‘Kanya Van Samruddhi Yojana‘, wherein farmers families where girl children are born, will be given saplings for plantation. The scheme is aimed at empowering women and promoting tree plantation.

  • A farmer family blessed with a girl child between April 1 and March 31 can make an application with the gram panchayat after which they will get 10 saplings free of cost from the forest department.


Asia’s first patent arbitration centre to open in Tokyo

Asia’s first arbitration centre specialised in intellectual property is slated to open in Tokyo, Japan in September to resolve the growing number of disputes in the region.

  • The International Arbitration Centre in Tokyo (IACT) is set to have around a dozen arbitrators from around the world, who would try to resolve disputes within a period of one year.

Nigeria Replaces India To Become World’s Largest Poor Population: Brookings Report

With the persistent decline in poverty, India is no longer a nation having the largest number of poor people in the world, according to a study published by the US-based think tank, Brookings.

  • The study, titled ‘The start of a new poverty narrative’ and published in the Brookings’ blog, is authored by Homi Kharas, Kristofer Hamel and Martin Hofer. According to the study, Nigeria has already overtaken India as the country with the largest number of extreme poor in early 2018, and the Democratic Republic of the Congo could soon take over the number 2 spot.


18 % increase in direct tax collections after GST: Arun Jaitley

Union Minister Arun Jaitley said that after the implementation of the Goods and Service Tax (GST), there was an increase of 18% in Direct tax collections.

  • Jaitley termed the GST as a monumental economic reform and said the need for its roll-out was important as earlier indirect tax regime was complicated.


Australia beat India to retain Hockey Champions Trophy

Australian men’s hockey team defeated India 3-1 in the shootout after a 1-1 draw to clinch the Rabobank Men’s Hockey Champions Trophy Breda 2018 held in Breda, Netherlands.

  • India’s PR Sreejesh was awarded the goalkeeper of the tournament.

Indian football teams not to participate at 2018 Asian Games

Indian Football Teams faced a major setback as the Indian Olympic Association (IOA) has decided against sending its senior teams to the Asian Games.

  • The IOA chose not to clear Indian men’s and women’s Football Teams since they have deemed them “incompetent” to win any medals.
  • The decision comes as a massive setback to the All India Football Federation (AIFF), who were hoping to use the Asian Games as one of the key tournaments in the build-up to next year’s Asian Cup.


Former SBI MD Sriram takes charge of IDBI Bank

State Bank of India’s former Managing Director B. Sriram took charge as the MD and CEO of financially troubled IDBI Bank. Sriram was recently appointed as the chief of financially troubled IDBI Bank for a period of three months.

Gehlot elected IKF chief for next four years

India’s Janardan Singh Gehlot, an Indian sports administrator, has been elected as the president of the International Kabaddi Federation (IKF) for the next four years.


Artist Anjolie Ela Menon conferred the Kalidas Award

Noted artist Anjolie Ela Menon, 78 received the National Kalidas Samman for visual arts from the Madhya Pradesh government. The award was conferred in recognition of her insightful and sensitive portrayal of the identity and spirit of women through her meaningful paintings in a variety of media.

  • Artist A. Ramachandran was also conferred with the Kalidas Award.


Goods and Services Tax Day: 1 July

The government of India celebrated July 1, 2018, as ‘GST Day’ to mark the first anniversary of the new indirect tax regime.

  • Goods and Services Tax (GST) was rolled out in the intervening night of June 30 and July 1, last year, in a ceremony held in the Central Hall of Parliament.
  • The inter-state GST e-way bill system was introduced on 1 April 1 while the intrastate e-way bill was rolled out in phases from 15 April. A transporter of goods worth over Rs 50,000 has to generate an e-way bill and show it to a GST inspector, if asked.

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