Daily Current Affairs 13 August 2020 for Banking/Insurance/SSC and other related exams.
PM Modi launches platform for ‘Transparent Taxation-Honoring the Honest’
Prime Minister Narendra Modi launched the platform for ‘Transparent Taxation — Honoring the Honest’ as the government goes ahead with its tax reform journey.
- The platform is aimed to honor India’s taxpayers who have been sincere with taxes.
- A major step in this regard was the introduction of Document Identification Number (DIN) wherein every communication of the department would carry a computer generated unique document identification number.
- Three main features of the platform are faceless assessment, faceless appeal and tax payers’ charter, PM Modi announced.
Govt releases Rs 6,195 Crore to 14 States as Post Devolution Revenue Deficit Grant
The Centre released Rs 6,195 crore to 14 states as monthly instalment as the fifth equated monthly instalment of the Post Devolution Revenue Deficit Grant as recommended by the 15th Finance Commission.
- The 14 states are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.
Over One Lakh loans sanctioned under PM SVANIDHI scheme
The number of applications received under PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) scheme has crossed the five lakh mark within 41 days of commencement of lending process.
- The number of loans sanctioned under the scheme has crossed one lakh.
- The scheme was launched under the ambit of ‘Atmanirbhar Bharat Abhiyan’. It aims at facilitating collateral free working capital loans upto 10 thousand rupees of one year tenure, to about 50 lakh street vendors in the urban areas, including those from the surrounding peri-urban/ rural areas.
Microwave device ‘Atulya’ to disintegrate novel Coronavirus unveiled by Nitin Gadkari
A microwave device named ‘Atulya’ that can disinfect any premises in just 30 seconds, disintegrating COVID-19 virus was unveiled by Union Minister for Road Transport and Highways and Micro, Small and Medium Enterprises Nitin Gadkari in Nagpur.
- The ‘Atulya’ microwave like device can be used to disinfect any premises up to five metres area, besides surface areas, home and office furniture, beds, new boxes and even the contents of the boxes. This equipment can be hand handled as its weight is mere three kilograms.
- The device disintegrates the COVID-19 virus with the help of differential heating in the range of 56 to 60 degrees Celsius temperatures.
HP govt launches Nutritional Immunity Boosting ‘Him Haldi Dudh’
Himachal Pradesh state government launched Nutritional Immunity Boosting ‘Him Haldi Dudh(Turmeric Latte)’ manufactured by MILKFED.
- Him Haldi Dudh has been developed by the Bio Technology Department of Punjabi University Patiala and has been patented.
- This drink is a Detox drink which has anti-hangover, anti-oxidant, anti-inflammatory and immunity booster contents in it.
Studds to set up Asia’s Largest Helmet Manufacturing Plant in Haryana
Leading helmet manufacturing company Studds Accessories said it has commissioned two new facilities at Faridabad in Haryana entailing a total investment of Rs 200 crore.
- Spread across an area of over 5.5 acres, the company has made an initial investment of over Rs 160 crore to set up the largest helmet manufacturing facility in Asia.
Mumbai becomes first city in India to have female icons on traffic signals
Mumbai’s Dadar has become the first city in India to have women symbols on traffic signals and signage.
- Brihanmumbai Municipal Corporation (BMC) has installed traffic signals that display female icons sporting triangular frock, a shift from the default representation of men.
Gujarat Launches New Scheme To Compensate Farmers For Crop Loss
The Gujarat government launched a new scheme under which farmers facing crop losses due to drought, excess or unseasonal rain will get compensation without collection of any premium from them.
- The new scheme Mukhya Mantri Kisan Sahay Yojana will replace the Pradhan Mantri Fasal Bima.
- Unlike the Centre’s crop insurance coverage scheme, farmers will not be required to pay any premium beneath this new State authorities’s scheme to get safety in opposition to pure dangers like drought, extra or unseasonal rain this kharif season.
Rajasthan government, SIDBI to ink MoU for cluster-based development of MSMEs
The Rajasthan government and the Small Industrial Development Bank of India (SIDBI) will soon ink an agreement to create newer avenues and growth opportunities for MSME units in the State.
- For upcoming and existing MSME units in the State, SIDBI will identify clusters and create a plan to reach out to small entrepreneurs and provide consultation, business solutions and guidance for availing benefits under current schemes.
- A project management unit (PMU) will be set up by SIDBI in Rajasthan to provide assistance to certain sectors which are cluster-based such as textiles in Bhilwara and handicrafts in Jodhpur.
IIT Kanpur develops indigenous seed balls BEEG for farmers
In Uttar Pradesh, IIT Kanpur has developed indigenous seed balls named BEEG (Bio -compost Enriched Eco-friendly Globule) which will help people and farmers in plantation with safety in Corona times and will also provide employment to people.
- The Seed Balls are comprised of indigenous variety of seeds, compost, and clay. There is no need for digging pits for planting saplings . These seed walls are to be thrown at aimed places and they will germinate when come into contact with water.
- The BEEG is developed in collaboration with Agnys Waste Management Private Limited.
India’s Skyroot Aerospace completes test of its upper stage rocket engine – Raman, capable of multiple restarts
Aerospace startup Skyroot Aerospace has successfully test fired an upper-stage rocket engine, becoming the first Indian private company to demonstrate the capability to build a homegrown rocket engine.
- The 3-D printed rocket engine – Raman, named after Nobel laureate CV Raman – has fewer moving parts and weighs less than half of conventional rocket engines with a similar capacity.
- The first rocket, which can hurl satellites of 250-700 kgs into a lower earth orbit, is expected to be launched by end-2021.
European Union to Give €1.65 Million to Support Victims of Floods in South Asia
The European Union said it is providing 1.65 million euro in humanitarian aid in response to severe flooding that has affected South Asia most notably Bangladesh, India and Nepal.
- The funding comes on top of the 1.8 million euro announced earlier this year to support families affected by a series of disasters, including Cyclone Amphan that ravaged India and Bangladesh in May.
- A further 500,000 euro will be used in India to provide food and livelihood assistance, emergency relief supplies, and water and sanitation services.
BUSINESS & ECONOMY
RBI announces ‘positive pay’ feature to enhance safety of cheque payments
The Reserve Bank of India (RBI) said it has decided to introduce a mechanism of ‘Positive Pay’ for all cheques of value Rs 50,000 and above.
- This will cover approximately 20 percent and 80 percent of total cheques by volume and value, respectively.
- Under the ‘positive pay’ system, a customer who issues the cheque clicks a picture of the cheque before handing it over to the beneficiary and uploads the same on the bank’s mobile application.
Reliance Industries breaks into Top 100 Global Companies on Fortune Global 500 List
Billionaire Mukesh Ambani’s Reliance Industries has jumped 10 places to break into the world’s top 100 companies on the Fortune Global 500 list. The oil-to-telecom conglomerate is ranked 96th in the 2020 ranking released by Fortune.
- This is the highest any Indian company has been ranked on the Fortune Global 500 list.
- State-owned Indian Oil Corp (IOC) slipped 34 positions to rank 151st on the 2020 ranking while Oil and Natural Gas Corp (ONGC) is ranked 190th, 30 notches lower than its last year’s ranking. The country’s top lender State Bank of India (SBI) has risen 15 ranks to 221st position.
- Other Indian firms on the list include Bharat Petroleum Corp Ltd (BPCL) at rank 309th, Tata Motors at 337, and Rajesh Exports at 462.
BSE signs MoU with Akola-based bullion associations
The Bombay Stock Exchange has signed a Memorandum of Understanding with Akola, Maharashtra-based bullion trade and industry associations, Akola Sarafa Association and Akola Sarafa Va Suvarnakar Yuva Sangh.
- The associations represent members engaged in the retail sale and trade of bullion.
- The MoU aims to facilitate cooperation between the BSE and physical markets represented by the two trade bodies in areas such as knowledge sharing, education and training, events and explore areas of mutual interests.
Paytm launches India’s first pocket Android POS device for contactless ordering & payments
Paytm has launched its first pocket Android PoS device for contactless ordering and making payments, for SMEs. This comes at an introductory price of ₹499 per month on a rental basis and is designed like a phone.
- Styled like a mobile phone for accepting orders and payments on the go, this is the first such Android-based device to be introduced in India and is much more powerful than the portable Linux based POS devices presently available in the country.
- This device enables delivery personnel logistic players, Kirana stores, and small shopkeepers to accept digital payments on the go.
Mahindra Manulife MF launches arbitrage fund NFO
Mahindra Manulife Mutual Fund has launched a new open ended arbitrage opportunities fund that will invest in equity, derivatives and debt markets.
- The new fund offer of Mahindra Manulife Arbitrage Yojana will be open for investment between August 12 and 19. The scheme will reopen for continuous sale and repurchase from August 25.
- The fund is suitable for investors who are looking for short-term investment options with relatively low risk, tax efficient returns, and looking to park money in a scheme relatively less impacted by market volatility.
Razorpay launches payment gateway ‘Button’ to digitise freelancers, NGOs
Payment gateway startup Razorpay has introduced a feature that allows micro-entrepreneurs and freelancers to instantaneously accept digital payments online.
- The feature called the ‘Payment Button’ will enable businesses and freelancers to add a single line of code on a website or blog and go live with a payment gateway “within a few minutes.
Nitin Sethi and Shiv Sahay Singh win ACJ”s journalism awards
Nitin Sethi and Shiv Sahay Singh have been declared winners of the Asian College of Journalism’s award for investigative journalism and the K P Narayana Kumar Memorial Award for social impact journalism respectively.
- Sethi won in the investigative journalism category for his six-part series titled “Paisa Politics” published by The Huffington Post India. Singh won the inaugural social impact journalism award for his story titled “Death by digital exclusion: On faculty public distribution system in Jharkhand” published in The Hindu.
Another book by Dalai Lama on climate change to release in November
The Tibetan spiritual leader, the Dalai Lama, will release a new book on climate change with German environmental journalist Franz Alt in November,2020.
- The book has been titled “Our Only Home: A Climate Appeal to the World”.
- The Dalai Lama in the book calls on political decision makers to fight against deadlock and ignorance on the issue of climate change and to stand up for a different, more climate-friendly world and for the younger generation to assert their right to regain its future.
Veteran lyricist P.K. Muthusamy passes away
Lyricist P.K. Muthusamy died at his residence near Rasipuram in Tamil Nadu due to age- related ailments. He was 100 years.
- He had penned memorable Tamil film lyrics like ‘Mannukku Maram Baaramaa ?’ – which means ‘are the trees a burden on the earth?’.His other famous songs composed by Muthusami include ‘Mapilai vandar’ and ‘Chinna Chinna nadai nadandu’ etc.
Tamil Film Producer V Swaminathan passes away
Tamil film producer V Swaminathan of Lakshmi Movie Makers passed away due to COVID-19. He was 62.
- V Swaminathan is one of the owners of the production house, Lakshmi Movie Makers. He along with K Muralidharan and G Venugopal stared his production house.
- He has been in the industry for more than 2 decades and has backed many films starring Karthik, Ajith, Vijay, Kamal Haasan and Suriya.