Daily Current Affairs 5th July 2017 for Banking/Insurance/SSC and other related exams.
Karnataka offers Rs 400 cr fund to mentor 100 start-ups
Karnataka would provide Rs 400 crore fund to mentor 100 start-ups with idea validation, incubation facilities and expertise in accounting and legal norms
- For this Karnataka government has launched the ‘Elevate 100’ scheme to identify and nurture innovative start-ups. The aim is to identify 100 most innovative start-ups in the state to elevate them to the next level of success.
M’rashtra govt decides to extend state’s forest cover to 33 % in next five years
Maharashtra government has decided to extend the state’s forest cover to 33 % in next five years. Chief Minister Devendra Fadanvis expressed his willingness to achieve the target of planting 50 crore trees throughout the state during tree plantation program.
- He informed that 2 crore saplings are already planted last year and additional 4 crore saplings are being planted this year. More of them will be planted in next three years and the target will be achieved at the earliest.
MERIT app and e-Bidding portal for utilization of domestic coal in IPP Power Stations launched
Union Minister of State for Power, Coal, New & Renewable Energy and Mines, Piyush Goyal has launched the ‘MERIT app (Merit Order Despatch of Electricity for Rejuvenation of Income and Transparency)’ and the e-bidding portal for offering an e-Bidding solution to States.
- The app and the portal would help the states to select Independent Power Producers (IPPs) for procurement of power by transferring their domestic coal under the scheme of flexibility in utilisation of domestic coal.
UDAY covers 97% of discom debt
The Union Ministry of Power has announced that about 97% of the total outstanding debt of all state power distribution companies has been covered under the Ujwal DISCOM Assurance Yojana.
- As on September 2015, the total debt of all state-owned discoms was Rs 3.95 lakh crore.
- The 26 states and 1 UT which have joined the UDAY scheme accounted for total outstanding debt of Rs. 3.82 lakh crore.
Bank unions to observe July 19 as ‘Save public sector banks day’
The United Forum of Bank Unions has decided to observe July 19, the 48th anniversary of nationalisation of major banks, as ‘Save public sector banks’ day.
- All members will wear a commemorative badge on the day, display posters in front of all branches, distribute leaflets and hold rallies/demonstrations at all centres across the country.
India’s TERI ranked second among world’s climate think tanks
The Energy Resources Institute (TERI) has been ranked as the second best climate think tank in the world.
- The rankings were released by the the International Center for Climate Governance, which focuses on the design of climate policy and related governance issues.
- The Energy and Resources Institute (TERI) is a research institute based in New Delhi that conducts research work in the fields of energy, environment and sustainable development.
10th Session of the India- Jordan Trade and Economic Joint Committee (TEJC)
The 10TH India-Jordan Trade and Economic Joint Committee (TEJC) Meeting was held in New Delhi. On this occasion, the two countries emphasized the need for diversification of bilateral trade and deepening their engagements for greater cooperation in investment sector.
India among 5 countries using wastewater for irrigation
According to the study published in the journal Environmental Research Letters, India and four other countries – China, Pakistan, Mexico and Iran — account for the most cropland in the world irrigated by dirty wastewater, putting millions of lives at serious health risks
Srei, Russian development bank to create $200 mn innovation fund
In the latest instance of Indo-Russian cooperation in the area of innovation and information technology (IT), Kolkata-headquartered Srei Infrastructure Finance has signed an MoU with Russia’s Vnesheconombank to create a $200 million IT and Innovation Fund.
- This fund will enable Srei and Vnesheconombank to jointly explore investment opportunities in technology companies in Russia, India and other selected regions.
- This MoU provides for a credit line to Srei of up to $500 million.
India, Israel sign seven agreements
India and Israel have signed seven agreements, including three on space cooperation, following delegation-level talks headed by Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu.
- A Plan of Cooperation was signed between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA) regarding cooperation in atomic clocks.
- Both ISRO and ISA signed a MoU on cooperation in GEO-LEO Optical Link.
- ISRO and ISA signed another MoU on cooperation in electric propulsion for small satellites.
- An MoU was signed between the Department of Science and Technology, India, and the National Technological Innovation Authority, Israel, for setting up an India-Israel Industrial R&D and Technological Innovation Fund (I4F).
- India’s Ministry of Drinking Water and Sanitation signed an MoU with Israel’s Ministry of National Infrastructure, Energy and Water Resources on a national campaign for water conservation in India.
- An MoU on state water utility reform was signed between the Uttar Pradesh Jal Nigam and the Ministry of National Infrastructure, Energy and Water Resources of Israel.
- The two sides also signed the India-Israel Development Cooperation on a three-year work programme in agriculture from 2018 to 2020.
New Israeli flower named after PM Modi
A new fast-growing Israeli flower has been named after Prime Minister Narendra Modi, in a special gesture to mark the first visit of an Indian premier to the Jewish nation. Israeli Chrysanthemum flower will now be called “MODI”.
FINANCE & ECONOMY
CBDT softens cash transaction norms
The Central Board of Direct Taxes (CBDT) has exempted certain cash transactions from the purview of the Rs. 2-lakh restriction introduced in this year’s Budget as part of efforts to promote the digital economy. The Finance Act 2017 banned cash transaction of 2 lakh rupees or above with effect 1st of April this year.
Five categories of transactions have now been kept out of this restriction through an executive order from CBDT. These are:
- money received by a business correspondent on behalf of a bank or cooperative bank;
- receipt by a white label ATM operator from retail outlet sources on behalf of a bank or cooperative bank;
- receipt from an agent by an issuer of prepaid instruments; and
- receipt by a company or institution issuing credit cards against bills raised in respect of one or more credit cards.
- Also, money received on account of an award or reward instituted by Central or State government would now not be covered under the 2-lakh cash transaction limit.
Indus OS, YES Bank to launch OS-integrated UPI payment platform
Domestic android-based mobile operating system Indus OS has announced a partnership with YES Bank to launch an OS-integrated UPI payment platform.
- Indian consumers will be able to use this platform through SMS, dialler interface and third party apps.
- Indus OS is the world’s first regional operating system made for smartphones in India & other emerging markets.
Yes Bank inks pact with Santander
Santander UK plc and Yes Bank has signed a memorandum of understanding to help boost UK-India trade and local business networking opportunities.
- The new partnership will enable Santander to offer its clients access to banking facilities and local support in India through Yes Bank network, while Yes Bank customers will gain access to the range of financial and practical support that Santander offers businesses looking to trade internationally
Pankaj Advani-led India win Asian Team Snooker Championship
Ace Indian cueist Pankaj Advani teamed up with Laxman Rawat has defeated Pakistan in Asian Team Snooker Championship final held in Bishskek, Kyrgyzstan.
- Advani is currently the only player in the world to compete at the world championship level in both billiards and snooker.
Sanjay Kumar appointed new NDRF Chief
Senior IPS officer Sanjay Kumar was appointed as Director General (DG) of National Disaster Response Force (NDRF). He will succeed R K Pachnanda who was has taken charge as DG the Indo-Tibetan Border Police (ITBP).