Daily Current Affairs 1 May 2019 for Banking/Insurance/SSC and other related exams.
Delhi High Court issues notice to Jet Airways
The Delhi High Court has issued notice to Jet Airways on a plea seeking direction to the Civil Aviation Ministry and DGCA to ensure refunds or provide alternative travel mode for passengers who have booked tickets with the airlines. The Jet Airways had last month announced a temporary suspension of its operations after it failed to receive emergency funds from lenders.
- A bench, headed by Chief Justice Rajendra Menon, sought a response from Jet Airways and also asked the Directorate General of Civil Aviation (DGCA) to file an affidavit on the issue.
Indian And French Navies Conduct Varuna 19.1 Bilateral Exercise
The first part of the Indo-French joint naval exercise, Varuna 19.1 is being held off the Goa coast from 1 to 10 May 2019. The exercise is being conducted in two phases. The harbour phase at Goa would include cross-visits, professional interactions and discussions and sports events. The sea phase would comprise various exercises across the spectrum of maritime operations.
- Varuna 19.2, the second part of the exercise, is scheduled to be held in May end in Djibouti. The bilateral naval exercise which was started in 1983 and christened as ‘Varuna’ in 2001, form a vital part of the Indo-French strategic partnership.
- Extra info.:
France Capital: Paris
President: Emmanuel Macron
Big diplomatic win for India; Masood Azhar designated global terrorist by UNSC
India scores a big diplomatic victory Jaish-e-Mohammed (JeM) Chief Masood Azhar designated as a global terrorist at the UN after China lifts its technical hold on the proposal at 1267 Al Qaeda Sanctions Committee of UNSC; Proposal was moved by US, UK and France after the Pulwama terror attack in February; Prime Minister hails the move as a big success for India in the fight against terrorism; France too welcomes the move.
- In its listing, UNSC has found Masood Azhar as being associated with Al Qaida by participating in the financing, planning and facilitating of its terror activities as well as recruiting for it. It has been established that Azhar’s terror outfit Jaish e Mohammed also has associations with Al Qaida. UNSC has already listed JeM as a terrorist organization in Oct 2001.
- Extra info.:
UNSC Headquarters: New York
Zakir Naik’s Peace TV banned in Sri Lanka in wake of bombings
Sri Lankan government has issued orders preventing any person from preaching religious, extremist or radical ideologies who encourages or glorifies terrorism. The order also banned any foreigner from preaching any such ideology and few persons involved in it have been deported.
- As part of it, Peace TV owned by Muslim cleric Zakir Naik has been banned and taken off the air by all cable and satellite networks. The channel is already banned in several countries including India.
- Extra info.:
SL Capitals: Colombo, Sri Jayawardenepura Kotte
Currency: Sri Lankan rupee
BANKING & FINANCE
State Bank of India links interest rates to RBI’s repo rate
India’s largest bank State Bank of India has moved to a new interest rate regime on large savings account deposits as well as short-term loans. In March, SBI had announced that it will link its interest rate on savings account with balance above Rs. 1 lakh and short-term loans like overdraft and cash credit facility to Reserve Bank of India’s repo rate, effective 1 May 2019.
- The interest rates on large SBI savings account deposits and interest rate on some short-term loans will automatically change as and when RBI changes its repo rate. This will help in better transmission of RBI’s policy rates into the banking system.
BUSINESS & ECONOMY
Iraq remains top oil supplier to India
Iraq has become India’s top crude oil supplier for the second consecutive year, meeting more than one-fifth of the country’s oil needs in the 2018-19 fiscal year.
- According to data collected by the Directorate General of Commercial Intelligence and Statistics, Iraq sold 46.61 million tonne of crude oil to India during April 2018 and March 2019. This is two per cent more than 45.74 million tonne it had supplied in 2017-18 fiscal.
- Extra info.:
Iraq Capital: Baghdad
Currency: Iraqi dinar
Goods and Services Tax collection at all-time high
Goods and Services Tax (GST) collection scales record high of Rs 1.13 lakh crore in April, highest ever collection since GST implementation. The GST collections in April jumped to its highest level of Rs 1,13,865 crore since its roll out in 2017.
- While collections have been gradually increasing since August, they hit a record high last month of Rs 1.06 lakh crore, up from Rs 97,247 crore in the previous month, on the back of high compliance and increased number of returns. The total number of GSTR 3B Returns filed for the month of March up to 30th April, 2019 is 72.13 lakh.
Bharti AXA General to sell two-wheeler policies via WhatsApp
Bharti AXA General Insurance said it will sell policies through social media messaging platform WhatsApp and has tied up with web aggregator Wishfin Insurance for speedy delivery of two-wheeler cover.
- Bharti AXA General Insurance, a joint venture between Bharti Enterprises and global insurance firm AXA, will sell the policies on the website of Wishfin’s insurance arm Wishpolicy.
- Extra info.:
Bharti AXA General Insurance Headquarters: Mumbai
India Ratings & Research Lowers Growth Forecast For 2019-20 To 7.3%
India Ratings and Research marginally lowered country’s GDP growth projection for 2019-20 fiscal to 7.3 per cent mainly due to below normal monsoon prediction and loss of momentum in industrial output. The Fitch group company had earlier projected India’s gross domestic product (GDP) growth at 7.5 per cent.
- The key reasons for the downward revision are the prediction of lower-than-normal monsoon for 2019 and continued agrarian distress, and the loss of momentum in the industrial output growth, especially manufacturing and electricity.
BFI set to launch inaugural Indian Boxing League
Boxing Federation of India will be launching the Indian Boxing League (IBL) this year in the month of July or August. The announcement was made by BFI president Ajay Singh during an event in New Delhi. Indian boxers’ stupendous Asian Championship medal haul has prompted the national federation to think of some fresh ways to aid their Olympic preparations.
- The Indian boxers logged in their best performance at the tournament, fetching 13 medals including two gold, four silver and seven bronze. The men picked up seven medals, while the women managed six.
Japan rings in new era as Naruhito becomes emperor
Japan’s new emperor, Naruhito, has formally ascended to the Chrysanthemum Throne, replacing his father, Akihito, who had abdicated recently. The sun came out for a morning ceremony at the Imperial Palace in Tokyo, as Naruhito became the 126th Emperor of Japan, the latest in an unbroken line that stretches back 14 centuries.
- Stepping down of Emperor Akihito brings his “Heisei” era to an end and beginning of new “Reiwa” era with Naruhito’s accession. The term “Reiwa” means “Beautiful Harmony”.
International Labour Day
International Workers’ Day, also known as Workers’ Day, Labour Day in some countries and often referred to as May Day is a celebration of labourers and the working classes that is promoted by the international labour movement which occurs every year on 1 May.
- The day is a celebration of laborers and the working class that is promoted by the international labor movement, socialists, and labour organisations to give a fresh call to labour rights. The theme of International Labour Day this year is “Sustainable Pension for all: The Role of Social Partners”.
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