Daily Current Affairs 4th May, 2018

Daily Current Affairs 4 May 2018 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

India doing extremely well on Electrification: World Bank

According to the latest report of the World Bank, India is doing “extremely well” on electrification with nearly 85% of the country’s population having access to electricity.

• Between 2010 and 2016, India providing electricity to 30 million people each year, more than any other country.

Finance Minister Arun Jaitley chairs 27th GST council meeting through video conferencing

Finance Minister Arun Jaitley chaired the 27th GST (Goods and Services Tax) Council meeting through video conferencing in New Delhi on May 4.

• The  Council approved a simpler tax return filing system that would require a taxpayer to file only one return every month compared to three a month under the earlier process. The new monthly return filing system will come into force within six months.
• The GST Council also decided to convert GSTN into a government-owned company, with the centre and states holding a 50% stake each. At present, 51% stake is held by private entities, valued at Rs5.1 crore, with the centre and the states holding 24.5% each.
• The council has recommended for setting up of a Group of Ministers from State Governments to look into the proposal of imposition of cess on sugar over and above 5% GST and also the reduction in GST rate on ethanol.
• The council also recommended for setting up of a Group of Ministers from State Governments to look into the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B2C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of Rs. 100 per transaction, so as to incentivise promotion of digital payment.

R K Singh lays the foundation stone of the Underground Cabling Project in the Kumbh area of Haridwar

Shri R K Singh, Minister of State (IC) for Power and New & Renewable Energy, Government of India, laid the foundation stone of the Underground Cabling Project in the Kumbh area of Haridwar.

• This project will be implemented in Haridwar under the Government’s flagship scheme ‘Integrated Power Development Scheme’ (IPDS).
• The project is very significant as Haridwar is one of the most important pilgrimage sites in India and a large number of devotees visit this holy city round the year.

NWIC setup as a single window source of updated data on water resources

Ministry of Water Resources, River Development and Ganga Rejuvenation has recently set up National Water Informatics Centre (NWIC) in New Delhi.

• NWIC would be a repository of nation-wide water resources data and would work as a Subordinate Office under the Ministry of Water Resources, River Development and Ganga Rejuvenation.
• The centre would be headed by a Joint Secretary level officer.

Jio launches Digital Champions programme for undergraduate students

Reliance Jio has introduced `Digital Champions`, a five-week student learning programme aimed at empowering today`s youth with the knowledge of leveraging digital technologies for businesses in the digital age.

• The Digital Champions programme aims to share knowledge about digital solutions with the youth of the nation, build them as digital champions and contribute to their development.

UP government to use plastic waste for constructing ‘sugarcane roads’

The sugarcane department in Uttar Pradesh, the country’s largest sugarcane and sugar producer, is soon to make use of plastic waste for construction of ‘sugarcane roads’ for cutting costs and promoting green technology.

• ‘Sugarcane road’ is the name given to a road constructed by the UP sugarcane department linking cane fields to the nearest mill or highways for faster movement of the cash crop.

INTERNATIONAL NEWS

12th informal meeting of SAARC Finance Ministers held in Manila

The 12th informal meeting of SAARC Finance Ministers was held in Manila on the sidelines of the 51st Annual Meeting of Asian Development Bank (ADB).

• The meeting was chaired by Finance Minister of Nepal Yuba Raj Khatiwada.

No Nobel Prize on Literature this year: Swedish Academy

The Nobel Prize in Literature, the world’s most prestigious accolade for writing, will not be awarded this year, for the first time since 1949 in the wake of a sexual and financial misconduct scandal.

• The Swedish Academy, that decides the Nobel Prize for Literature, will now announce the 2018 winner along with the 2019 winner next year.

BANKING

India requests $4 bn assistance from ADB to expand sovereign operations

India has requested the Asian Development Bank (ADB) to expand its sovereign and non-sovereign operations in the country by providing financial assistance worth $4 billion a year and support its sustainable growth.

MoU/AGREEMENTS

NITI Aayog to collaborate with IBM to develop Precision Agriculture using Artificial Intelligence

NITI Aayog and IBM signed a Statement of Intent (SoI) to develop a crop yield prediction model using Artificial Intelligence (AI) to provide real time advisory to farmers in Aspirational Districts.

• The partnership aims to work together towards use of technology to provide insights to farmers to improve crop productivity, soil yield, control agricultural inputs with the overarching goal of improving farmers’ incomes.

India, Sri Lanka agree on information exchange for drug control

India and Sri Lanka has agreed on cooperation on exchange of information and other aspects to tackle smuggling of drugs in both countries.

• A decision was taken at the third bilateral meeting on narcotics, drugs and psychotropic substances and related matter in New Delhi between delegations from India’s Narcotics Control Bureau (NCB) and Sri Lanka’s Police Narcotics Bureau (PNB).

PGCIL inks pact with power ministry for Rs 25,000 crore capex

State-run Power Grid Corporation of India (PGCIL) has inked a pact with the Ministry of Power to incur capital expenditure of Rs.25,000 crore for the current fiscal.

APPOINTMENTS

Justice A K Mittal appointed acting chief justice of Punjab and Haryana HC

Justice Ajay Kumar Mittal has been appointed as the acting chief justice of the Punjab and Haryana  High Court with effect from May 4.

• The appointment comes soon after incumbent chief justice Shivax Jal Vazifdar demitted office at midnight upon his retirement.

Manish Raniga joins low fare carrier Go Air

Manish Raniga, former vice-president for commercial strategy with Jet Airways, has joined low fare carrier GoAir as its Chief Commercial Officer. 

Click here to read Current Affairs in English

Click here to read Current Affairs in Hindi