Weekly CA Quiz: July 1st week (1 July – 7 July)

The Goods and Services Tax (GST) was first proposed 17 years ago, when the then Prime Minister Atal Bihari Vajpayee formed a GST committee.

GST Council has reduced the tax rate on fertiliser to 5 per cent from previously decided 12 per cent.

The webpage on GST is a one-stop platform for all information on the new tax regime. It contains press releases issued till date on the Goods and Services Tax (GST) in both Hindi and English.
The webpage can be accessed on http://pib.nic.in/gst

During the Special enrolment Drive, which will be completed by 31st July 2017, special attention would be given on following two activities by election officials in all States –
Receiving Form 6 for enrolment of new electors,
Removal of names of registered dead electors, if found any.

Science and Technology Minister Harsh Vardhan has launched the National Biopharma Mission aimed at accelerating biopharmaceutical development in the country.
The programme is named Innovate in India (i3).

The programme named Innovate in India (i3) will witness an investment of USD 250 million with USD 125 million as a loan from World Bank.

In order to mark the positioning of an annual textile trade event in India that is a part of the annual global calendar of the trade, a mega international event – Textile India 2017, is being organised by the Ministry of Textiles, Government of India, from June 30-July 2, at Mahatma Mandir, Gandhi Nagar, Gujarat.

The Andhra Pradesh government has launched the AP MSME Development Corporation with a corpus fund of Rs 100 crore to promote micro small and medium enterprises (MSME) in the State.

Reliance Jio has launched AAE-1, world’s longest 100Gbps submarine cable system

Mid-sized microfinance institution Svatantra Microfin, has launched an end-to-end cashless solution called Saathi, for an entire spectrum of operations in areas such as loan originating system, loan management system and collections.

Writer Preeti Shenoy was honoured with the Indian of the Year award. Shenoy, who is one of India’s top five highest selling women authors, was awarded by Brands Academy, one of the most reputed branding companies in India to recognise the achievements of personalities who have contributed towards building up the reputation of the country.

The assembly’s powerful budget committee agreed to a $7.3 billion budget for 14 peacekeeping missions for the year starting July 1, a $570 million cut from the current budget of $7.87 billion.

India’s share is 0.474 per cent of the peacekeeping budget. US foots 28 per cent of the peacekeeping budget.

India has contributed $500,000 to the UN Peacebuilding Fund, expressing hope that more funding by nations will boost efforts by the world body to build and sustain peace.

Simone Veil, who was the first woman elected to lead the European Parliament in 1979 has passed away.

Uttarakhand has banned begging, making it one of the twenty states and two union territories to have banned the practice.

According to a statement from Press Information Bureau (PIB), an amount of Rs. 23, 000 crore is to be disbursed to the State farmers by the RBI. As an immediate measure, Rs. 1700 crore will be released now.

Police forces across Britain has celebrated 80th anniversary of World’s oldest emergency phone line since the introduction of the world’s first emergency call telephone number 80 years ago.

Veteran journalist Ravinder Randev, who was active in journalism in Himachal Pradesh for over four decades has passed away.

The programme named Innovate in India (i3) will witness an investment of USD 250 million with USD 125 million as a loan from World Bank.

PM Modi had chosen to adopt Kakrahia under the Sansad Adarsh Gram Yojana. In the past two years, PM Modi has adopted Jayapur and Nagepur in his Lok Sabha constituency of Varanasi.
Other two are – Jayapur and Nagepur

The Delhi High Court has launched a first-of-its-kind dedicated helpline number 1888 to provide litigants easy access to justice.

1. Kerala Chief Minister Pinarayi Vijayan has launched G-Ride, a digital ride sharing platform designed and deployed for the IT industry by the Group of Technology Companies (GTech), the industry body of IT companies in the state.

Odisha Chief Minister Naveen Patnaik has inaugurated computerisation of PACS and launched RuPay Kisan Credit cards in the state.
Primary Agricultural Cooperative Societies (PACS)

The Assam government is going to raise a new Special Rhino Protection Force (SRPF) for better protection of the one-horned rhinos in Assam

Prime Minister Narendra Modi has inaugurated ‘The Arena’ in Ahmedabad, Gujarat one of the most advanced integrated multi-purpose stadiums.
It is a public-private partnership between the government of Gujarat and TransStadia

Union Minister of State for Skill Development and Entrepreneurship Rajeev Pratap Rudi and Madhya Pradesh Chief Minister Shivraj Singh Chouhan have laid the foundation stone of the country’s biggest Global Skill Park in Bhopal, Madhya Pradesh.

A 14-day joint military training exercise “Maitree 2017” between India and Thailand has started in Chamba district of Himachal Pradesh.

The World Health Organisation has declared an end of the most recent outbreak of Ebola virus disease (EVD) in the Democratic Republic of Congo (DRC).

The Asian Development Bank (ADB) and the Government of India today signed a $220 million loan for improving connectivity as well as transport efficiency and safety on State Highways of Rajasthan.

National Multi Commodity Exchange (NMCE) will merge with Indian Commodity Exchange (ICEX) creating the country’s third biggest commodity exchange.

Germany has won the maiden FIFA Confederation Cup Football title by defeating Copa America Champion Chile by 1-0 goals in the final match held at St Petersburg, Russia.

Jehan Daruvala has become the first Indian driver to win in the FIA Formula 3 European Championship, claiming victory in Race 3 at the Nuremberg circuit.

The Narendra Modi govt has appointed Election Commissioner Achal Kumar Jyoti as Chief Election Commissioner. He will succeed Syed Nasim Ahmad Zaidi.

Mahesh Muralidhar Bhagwat, an IPS officer from Telangana currently Rachakonda police Commissioner, has been conferred with the 2017 Trafficking in Persons (TIP) Report Heroes Award by the US State Department for his fight against human trafficking in India.

Telangana would have a separate budget for agriculture from the next year. In a meeting, Chief Minister K Chandrasekhar Rao decided to substantially enhance funds for the agriculture sector and present a separate agriculture budget.

The new ATC tower at Delhi’s Indira Gandhi International Airport will be the tallest (101.9-metre) structure in Delhi. It will be the seventh tallest ATC tower in the world.

The Reserve Bank of India (RBI) has raised the foreign portfolio investment (FPI) limit in government securities by 4.7% to Rs2.42 billion for July-September quarter, mainly to increase foreign capital inflows. Earlier, the limit was Rs2.31 billion.

ICICI Bank has announced that its joint venture agreement with Canada-based investment firm Fairfax Financial Holdings has been terminated.

The report submitted by FSB listed India as a

1..‘compliant’ jurisdiction with regard to the Basel III reforms in area of risk-based capital and as

2. ‘largely compliant’ on liquidity coverage ratio.

India has slipped to the 88th place in terms of money parked by its citizens with Swiss banks, while the U.K. remains on the top.

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.

Karnataka would provide Rs 400 crore fund to mentor 100 start-ups with idea validation, incubation facilities and expertise in accounting and legal norms

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.

1. 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.

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.

The Energy Resources Institute (TERI) has been ranked as the second best climate think tank in the world.

The 10TH India-Jordan Trade and Economic Joint Committee (TEJC) Meeting was held in New Delhi.

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

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.

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 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 Crysanthumun flower will now be called “MODI”.

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).

Ace Indian cueist Pankaj Advani teamed up with Laxman Rawat has defeated Pakistan in Asian Team Snooker Championship final held in Bishskek, Kyrgyzstan.

Domestic android-based mobile operating system Indus OS has announced a partnership with YES Bank to launch an OS-integrated UPI payment platform.

Santander UK plc and Yes Bank has signed a memorandum of understanding to help boost UK-India trade and local business networking opportunities.

The government has set a target of constructing 57 thousand kilometers of roads under Pradhan Mantri Gram Sadak Yojana (PMGSY) during 2017-18. According to the Rural Development Ministry, the roads will be constructed at an average rate of 156 kilometers per day.

Samsung India has partnered with the Tamil Nadu government to offer healthcare solutions with the effective use of technology to patients from the economically and socially weaker sections of society.

According to a report by BMI Research, Indian economy is expected to recover in the coming quarters and the country is expected to clock a real GDP growth of 6.9 per cent in this financial year.

A Bangalore based man, Nilanjan Ray who is a wildlife photographer has spotted a rather pale tiger, at the Nilgiri Biosphere Reserve located in the Western Ghats.

Meeting of BRICS Ministers of Education was held on 5th July, 2017 at Beijing, China. The Indian delegation was led by Shri Prakash Javadekar, Minister of Human Resource Development, India.

Rome signed the UN Convention Against Torture in 1984 but had never transferred it into national legislation.

The world’s most detailed scan of the brain’s internal wiring has been produced by scientists at Cardiff University, UK. The scanning was done in Cardiff, Nottingham, Cambridge and Stockport, as well as London England and London Ontario.

China-led Asian Infrastructure Investment Bank (AIIB) has approved $329 million loan to build access roads to 4,000 villages in Gujarat.

Private life insurance company Canara HSBC Oriental Bank of Commerce Life Insurance, has entered into an alliance with Dhanlaxmi Bank. All the life insurance products of Canara HSBC Oriental Bank of Commerce Life Insurance would be made available to customers of Dhanlaxmi Bank and would be sold by the licensed staff of the bank.

South Indian Bank has tied up with PFG Forex for remittance facility for the benefit of Indian expatriates from Australia. The new facility will leverage the bank to reach the Indian diaspora.

From January 1, 2018, the price of a packaged good would no longer depend on where you bought it — be it a local kirana store, a mall, a five-star hotel or an airport.

The customers report to the banks regarding the loss they suffer through online banking transactions within three days, then the amount involved will be credited to their accounts within a time period of 10 days.

The customers report to the banks regarding the loss they suffer through online banking transactions within three days, then the amount involved will be credited to their accounts within a time period of 10 days.

Pakistan has successfully test-fired short-range surface-to-surface ballistic missile ‘Nasr’. NASR is a high-precision weapon system with the ability to be deployed quickly.

India will be the base to the economic pole of global growth over the coming decade, remaining ahead of China, according to a Harvard University research.

Nalco, in collaboration with Odisha Industrial Infrastructure Development Corporation, is setting up the first of its kind Aluminium Park in Angul.

According to Global Cybersecurity Index (GCI), released by the UN telecommunications agency International Telecommunication Union (ITU), India is ranked a high 23rd out of 165 nations with a score of 0.683 and has been listed in the “maturing” category in a global index that measures the commitment of nations across the world to cybersecurity.

The index has been topped by Singapore with a 0.925 score.

India has declared itself free from highly pathogenic Avian Influenza (H5N1 and H5N8) after surveillance in the states showed no evidence of its presence.

Smt. Sumitra Mahajan, Speaker of the 16th Lok Sabha inaugurated the 4th National Summit on Good, Replicable Practices and Innovations in Public Health Care Systems at Indore, Madhya Pradesh.

The US remains on the top, investing in 577 projects in the UK, with China (including Hong Kong) remaining in second place with 160 projects.

India has slipped by one spot to become the fourth-largest foreign investor into the UK.

The UNESCO World Heritage Committee acting on a proposal brought by Palestine has put the West Bank city of Hebron (al-Khalil) on its list of world heritage in danger.

21st India-Myanmar National Level Meeting took place at Nay Pyi Taw, Myanmar on July 5-6, 2017.