Daily Current affairs - October 10th, 2017 for all competitive exams
World Mental Health Day is observed on 10 October every year, with the overall objective of raising awareness of mental health issues around the world and mobilizing efforts in support of mental health.
No deadline extension for July GSTR-1
The Centre said that there would be no further extension of the deadline for the filing of GSTR-1 for July from the current date of October 10.
- Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto populated.
- If a taxpayer did not file the GSTR-1 by October 10, then their buyer may not be able to avail input tax credits for tax paid on supplies.
Sovereign Gold Bond Scheme–Series-III launched
The government has launched the Sovereign Gold Bond Scheme 2017-18 – Series-III, which will be issued by the Reserve Bank India on behalf of the Government of India.
- The sovereign gold bond was introduced by the Government in 2015. While the Government introduced these bonds to help reduce India’s over dependence on gold imports, the move was also aimed at changing the habits of Indians from saving in physical form of gold to a paper form with Sovereign backing.
- The bonds will be restricted for sale to resident Indian entities, including individuals, HUFs, trusts, universities and charitable institutions.
- The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor will be for a period of 8 years with exit option from the 5th year to be exercised on the interest payment dates.
Group of Ministers set up to make GST composition scheme more attractive
The GST Council, chaired by finance minister Arun Jaitley and consisting of his state counterparts, has constituted a group of ministers or GoM under Assam finance minister Himanta Biswa Sarma to make the composition scheme more attractive and to revisit the goods and services tax rates on restaurants.
- Businesses with turnover of up to Rs 1 crore can opt for the composition scheme and they can pay taxes in the range of 1-5% and file returns quarterly. However, only 15.5 lakh of the total 98 lakh businesses have registered under the GST regime opting for the composition scheme.
- The GoM has been tasked with revisiting tax structure of different categories of restaurants with a view to rationalising or reducing the rates. Currently, GST is levied at 12% on non-AC restaurants while it is 18% in case of airconditioned ones.
World Bank Reduces India GDP Growth Forecast to 7% for 2017-18
In the June quarter of 2017-18, the Indian economy decelerated to 5.7%, lowest since the economy grew at 5.3% in the March quarter of 2013-14. In its South Asia Economic Focus (Fall 2017), the World Bank reduced India’s GDP growth forecast to 7% for 2017-18 from 7.2% estimated earlier.
- Both the Asian Development Bank as well as the Organisation for Economic Cooperation and Development (OECD) have also cut their growth projections for India to 7% and 6.7%, respectively, for fiscal 2017-18.
Rs. 2 lakh aid for widow remarriage in MP
Madhya Pradesh Chief Minister Shivraj Singh Chouhan has announced a slew of measures for women in the State, including a financial assistance of Rs. 2 lakh for remarriage of widows.
- Speaking at his monthly radio broadcast ‘Dil Se’ on Sunday, Mr. Chouhan appealed to people to come forward to encourage remarriage of widows and root out social evils like dowry and child marriages.
Website launched to collect reservation data
The Haryana Backward Classes Commission has launched a website to collect data on reservation of backward classes.
- The Punjab and Haryana High Court had directed the Commission to submit its report to the Haryana government by March 31 next year, the Commission’s Chairman, Justice (retd) S. N. Aggarwal.
Uttarakhand Government Launched 'Solar Briefcase' to Provide Electricity in Remote Areas
Uttarakhand State Government and a charitable funding agency named Swan Cultural Center and Foundation launched ‘Solar Briefcase’ in Kedarnath Dham.
- The initiative was taken to provide electricity to far-flung areas in the hill state.
SC bans sale of crackers in Delhi
The Supreme Court has suspended the sale of firecrackers in Delhi and NCR till November 1, 2017 in a bid to test whether a Deepavali without firecrackers this year will have a “positive effect” on the health of citizens and a steadily deteriorating air quality.
- There are evidences of deterioration of air quality at alarming levels in Delhi. Burning of these firecrackers during Deepavali in 2016 had shot up pm [particulate matter] levels by three times, making Delhi the worst city in the world, insofar as air pollution is concerned. Direct and immediate cause thereof was burning of crackers during Deepavali.
SC lays stress on safety norms for schools
The Supreme Court stressed the need for safety guidelines for children in schools across India which makes authorities accountable and result in adverse consequences upon them in cases of violation.
- The action plan should highlight accountability and the visitation of adverse consequences.
- The court was hearing a petition filed by the father of Pradyuman, who was found brutally murdered on the premises of Gurugram's Ryan International School.
India Slips to 8th Rank in Valuable Nation Brand List
India is ranked the eighth most valuable nation brand while the United States retained its top position and China took the second spot in the league of nations according to Brand Finance’s Nation Brands 2017.
- India went down one spot over the previous year because the economy grew at its slowest pace. India switched places with Canada and its brand value dropped by one percentage point while that of Canada’s rose 14 percent. China, the fastest growing nation brand in 2017, saw valuation grow 44 percent.
Device boosts power of ground-based telescopes
Scientists have developed a low-cost attachment to telescopes that allows previously unachievable precision in ground-based observation of exoplanets.
- With the new tool, ground-based telescopes can offer measurements of light intensity that rival the quality of photometric observations from space.
IIT Kharagpur Signs MoU with Samsung for Digital Academy
IIT-Kharagpur has signed a Memorandum of Understanding (MoU) with Samsung India for the setting up of a digital academy on the institute’s campus.
- The Department of Computer Science and Engineering in the institute will host the Samsung Innovation Lab and train students on the Internet of Things (IoT) through Tizen-based operating systems, commonly used by the company for its mobile phones and home appliances.
Microsoft finally killing off Windows smartphones
Microsoft has finally admitted that it will no longer develop new features or hardware for Windows 10 mobile phones.
- The decision has taken after struggling to sell Windows smartphones as Google’s Android and Apple iOS Operating Systems (OS) surged ahead.
- Microsoft co-founder Bill Gates has already stopped using the Windows phone.
- According to market research firm Kantar, Windows phones account for just 1.3% of the market — down from 2.4% last year — in the U.S.
PNB MetLife appoints Ashish Srivastava as MD and CEO
PNB MetLife India Insurance appointed a new MD and CEO in Ashish Srivastava.
PNB MetLife India Insurance appointed a new MD and CEO in Ashish Srivastava.
- He will be responsible for leading all aspects of the business in the country. Prior to this elevation, Srivastava was an interim CEO at PNB MetLife.
- Srivastava had joined PNB MetLife in 2013 as the Head of HR for the India business, and moved to Dubai in 2015 joining the MetLife Middle East & Africa (MEA) management team. Effective January 2017, he has been in India managing the India business.
- Prior to joining PNB MetLife, Srivastava was Board member at Canara HSBC Oriental Life Insurance Company.
Uday Kotak Committee suggests changes in corporate governance rules
A corporate governance comittee was formed by the Sebi in June 2017, under the chairmanship of Uday Kotak, MD, Kotak Mahindra Bank, with a view to enhance the standards of this regime of listed entities in India. The committee recently submitted its report.
- In an attempt to support and enable sustainable growth of enterprise, while safeguarding interests of various stakeholders, the committee has come out with various recommendations.
- Minimum number of board of directors: The Committee has proposed that now board of directors shall comprise not less than six directors. Also board of directors shall have an optimum combination of executive and non-executive directors with at least one woman as an independent director and not less than 50% of the board of directors shall comprise of non-executive directors.
Richard Thaler won Nobel Economics Prize
US economist Richard Thaler won the 2017 Nobel Economics Prize for his contributions in the field of behavioural economics.
- The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel’s 1895 will.
- Behavioral economics provides a framework to understand when and how people make errors.
PepsiCo India Chairman and CEO D Shivakumar Resigns
PepsiCo India Holdings Pvt. Ltd’s Chairman and Chief Executive officer D. Shivakumar has resigned. He will be joining Aditya Birla Group as president (corporate strategy and business development).
- Ahmed El Sheikh, currently senior vice-president and general manager for PepsiCo Egypt and Jordan, will succeed Shivakumar as PepsiCo India CEO.
Star-crossed Don Quixote actor Rochefort is dead
Jean Rochefort, the French actor who played a key role in one of the most cursed movie sagas in Hollywood history, has died aged 87
- Rochefort was a French national treasure when he was cast to play Don Quixote in 1998 by the former Monty Python member Terry Gilliam, who dreamed of bringing Cervantes’ “unfilmable” novel to the big screen.
