Wednesday, 5 July 2017

Current Affairs July 05, 2017

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Govt asks manufacturers to place advertisements in at least two newspapers if prices are increased due to GST

current affairs, current affairs today, general awareness,gstGovernment is closely monitoring price and supply situation of commodities following implementation of GST. Briefing media in New Delhi, Consumer Affairs Secretary Avinash Srivastava said, if the rates of commodities have gone up following the imposition of GST then they will have to display the revised and previous rates on packets and publish it in two newspapers. He said, if the price decreases then they need not publish it in newspapers but they will have to display the old and revised rates on packets. Mr Srivastava also said that the government has allowed manufacturers, traders and importers to clear their stock lying with them prior to 1st of July by 30th of September. He added that the government has allowed revised rate stickers on unsold items till 30th of September.

Achal Kumar Joti appointed as Chief Election Commissioner     

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President Pranab Mukherjee has appointed election commissioner Achal Kumar Joti as the next Chief Election Commissioner (CEC). He will be the 21st CEC and shall succeed Nasim Zaidi. He will continue as CEC till 17 January 2018. He had joined the three-member election commission as an election commissioner in May, 2015.

Foundation stone of country’s biggest Global Skill Park laid in Bhopal

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The foundation stone of the country’s biggest Global Skill Park was laid in Bhopal jointly by Union Minister of State for Skill Development and Entrepreneurship Rajeev Pratap Rudi and Madhya Pradesh Chief Minister Shivraj Singh Chouhan. The park will come up on 37 acre land allotted in Narela Shankari area of Bhopal. It will be established with the support of Singapore’s Institute of Technical Education and Education Services.

EU warns of additional sanctions against North Korea after missile test     

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The European Union warned it may consider additional sanctions against North Korea after it carried out an intercontinental ballistic missile test. Last month, the EU expanded its sanctions blacklist after North Korea launched a volley of surface-to-ship cruise missiles off its east coast. The EU's external affairs arm said in a statement yesterday that the bloc expected North Korea to abide by UN resolutions and halt all work on its nuclear and missile programmes. 

India placed 88th in money hoarded in Swiss banks 

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As per analysis of the latest figures compiled by the Zurich based SNB (Swiss National Bank) as on 2016-end, India has slipped to the 88th place in terms of money parked by its citizens with Swiss banks. The analysis shows that the money officially held by Indians with banks in Switzerland now accounts for a meagre 0.04% of the total funds kept by all foreign clients in the Swiss banking system. The latest data from the SNB comes ahead of a new framework for automatic exchange of information signed between Switzerland and India to help check the black money menace. The funds mentioned are the official figures and do not indicate the quantum of black money.

Credit card bill payment exempt from cash dealing limit of 2 lakh

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Revenue department has said that restrictions on cash dealings of two lakh rupees or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments. The Finance Act 2017 banned cash transaction of 2 lakh rupees or above with effect 1st of April this year. The move to ban cash transaction above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy. However, some exceptions were made. Through a notification, the Income Tax Department has exempted five entities from the purview of this Section.

Jyoti Structures 1st to face bankruptcy proceedings under new law    

current affairs, current affairs today, general awareness,gstThe National Company Law Tribunal (NCLT) has given the go-ahead to a consortium of banks led by State Bank of India to initiate bankruptcy proceedings against Jyoti Structures. The company is thus the first company to face such proceedings under the new bankruptcy law. The Reserve Bank of India (RBI) had identified 12 large stressed accounts, including Essar Steel, Bhushan Steel, Monnet Ispat, Alok Industries, Lanco Infratech, and ABG Shipyard, against which banks will move under the new Insolvency and Bankruptcy Code in a bid to recover dues amounting to about Rs. 7,000 crore. With these large accounts getting referred to the NCLT, the RBIs internal advisory committee now wants banks to focus on other large stressed accounts. It is believed to have prepared a list of 33 large accounts with debt aggregating about Rs. 2.61 lakh crore, for reference to the Tribunal by September 2017.

June quarter records highest ever FPI inflows into Indian debt  

current affairs, current affairs today, general awareness,gstThe first quarter of this fiscal that ended last week has been robust in terms of the foreign money inflows into the country. Foreign Portfolio Investors (FPIs) poured a record 10.1 billion into the Indian debt segment in this quarter (April-June), the highest ever for any quarter on record since 2002. This has surpassed the earlier record inflow of 9.2 billion witnessed in 2014 for the quarter ending in September (July-September). Also, the 14.57 billion inflow seen in the first half of this calendar year is the best beginning seen in any year since 2002. Additionally, the 3.9 billion inflow for the month of June is the highest ever since December 2011.

Subsidised LPG price rises by up to 32, post GST     

current affairs, current affairs today, general awareness,gstDomestic cooking gas (LPG) price has been hiked by up to ` 32 per cylinder the steepest increase in six years following implementation of the Goods and Services Tax (GST). Subsidised LPG rates have been increased to ` 477.46 per 14.2 kg cylinder from ` 446.65 in Delhi after GST was implemented from July 1. In the previous indirect tax regime where separate factory-gate duty and sales tax were levied, LPG attracted a zero or nil excise duty all over the country. VAT or sales tax was nil in Delhi as well as Chandigarh, Haryana, Jammu and Kashmir, Rajasthan, Tamil Nadu, Uttar Pradesh, West Bengal and some northeastern states. It ranged from 1 per cent to 5 per cent in other states. 
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