DAILY CURRENT AFFAIRS : June 22, 2019

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Daily Current Affairs (June 22, 2019) like many other sections is inevitable and this also helps to score in the Banking awareness, Static GK and Financial Awareness sections. Remember, Banking Awareness and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

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NATIONAL NEWS

Fresh bill to ban Triple Talaq to be introduced in Lok Sabha

A fresh bill to ban the practice of instant triple talaq introduced in the Lok Sabha. The Muslim Women (Protection of Rights on Marriage) Bill, 2019 is been listed in the Lok Sabha’s agenda replace an ordinance.
This is issued in February by the previous BJP-led NDA government. The 16th Lok Sabha the previous bill had lapsed pending in the Rajya Sabha. The Bill proposes to make the practice of instant triple talaq (talaq-e-biddat) a penal offence.
The new bill is a copy of the ordinance in force.
Under the Muslim Women (Protection of Rights on Marriage) Ordinance, 2019
The divorcing through instant triple talaq is illegal, void and will attract a jail term of three years for the husband.

GST Council may consider GST cut on EVs

According to officials in the Finance Ministry. GST Council meeting where rate reductions for electric vehicles (EVs) and the extension of the term of the National Anti-Profiteering Authority till November 2020,
Tax experts the Council’s real focus on addressing concerns regarding the new return filing system. The start-up community is asking for the Council to further streamline the input tax credit refund system.
A large portion of their working capital is locked away. Some of the items on the table are a possible rate reduction to 5% for electric vehicles (from the 12% currently) till November 2020.
The official indicated could be a discussion on an electronic invoices system.
The discussion must also focus on the annual return filing form which is due to be filed on June 30.

First Annual Return
This is the first annual return that tax-filers will be filing for GST. It requires a lot of detailed information, things that were not asked either in GSTR-1 or GSTR-3B.
The start-up community previously highlighted to Finance Minister Nirmala Sitharaman the problems faced by the sector with input tax credits being held up.

SEBI sets up panel to review margins on derivatives

Securities and Exchange Board of India (SEBI) decided to review the current framework of margins. The capital markets regulator set up a working group.
It is headed by NSE Clearing Ltd.
Their aim to look into the issue and submit its recommendations to the Secondary Market Advisory Committee. The significance as lower cost of trading preferred to trade in Nifty contracts on SGX at Singapore.
A recent study jointly conducted by Association of National Exchanges Members of India (ANMI) and consultancy firm Ernst & Young (EY) insisted the fact that trading in derivatives in India costs more when compared with most of the other leading markets.

Govt to widen the spectrum of Khelo India Programme: President Ram Nath Kovind

President Ram Nath Kovind highlighted the importance of the government’s flagship ‘Khelo India Programme’. The joint sitting of the two Houses of Parliament in New Delhi.
President the new government decided to widen the spectrum of the ‘Khelo India Programme‘ to cover the entire country. Under this programme, 2,500 talented players have been selected and are being trained. This facility will provided to 2,500 new players every year.
It was important to unearth talents from across the country and their selection process made transparent in order to make India a global sports powerhouse.
It also stressed the importance of strengthening the existing sports infrastructure in the country.

INTERNATIONAL NEWS

Mike Pompeo to pave way for Modi-Trump meet

U.S. Secretary of State Mike Pompeo’s a boost between the political leadership of India and the U.S.A. Mr. Pompeo deliver a major public lecture, addressing the next generation of Indian youth.
He discusses tricky issues like H1B visas for IT workers and Indian plans for data localization. The Secretary of State and External Affairs Minister S. Jaishankar primarily focus on preparations for the Trump-Modi meeting .
He expected on the sidelines of the G-20 summit in Osaka on June 28-29. It is expected to meet with Japanese Prime Minister Shinzo Abe for an India-U,S,-Japan trilateral to discuss Indo-Pacific strategy.

India granted USD15 million to Niger for holding African Union Summit

India has extended USD 15 million assistance to Niger for organising the African Union (AU) summit scheduled to be held in Niamey from July 7-8. The support of grant assistance was in response to a specific request made by the Niger government.
This year, Niger is hosting an AU summit for the first time. In this AU summit, the historic African Continental Free Trade Area (AfCFTA) is likely to be launched.

India and Niger:

Bilateral ties between India and Niger have expanded significantly since the opening of the Indian Resident Diplomatic Mission in Niamey in 2009.

India has provided Lines of Credit worth USD 96.54 million to Niger for projects in transport, electrification, solar energy, and potable drinking water.

India is also establishing the Mahatma Gandhi International Convention Centre (MGICC) in Niamey under grant assistance.

About Niger:

Capital: Niamey
Niger President:- Mohammed Saidil Moctar

DEFENCE NEWS

Indian Navy to build 6 submarines

Indian Navy issued an ‘Expression of Interest’ for shortlisting potential strategic partners. The construction of six P-75 (I) submarines costing nearly ₹45,000 crore. This is the second project being undertaken under the latest Strategic Partnership (SP) Model.
The procurement of 111 naval utility helicopters (NUH) are obtained recently.
They provide a major boost to the indigenous design and construction capability of submarines in India.
The latest submarine design and technologies as part of the project. ‘Make in India’ issued the Expression of Interest(s) for shortlisting of potential Indian Strategic Partners (SPs) for construction of six conventional submarines for P-75(I) project of the Indian Navy on June 20.
The case was approved by the Defence Acquisition Council on January 31.
The Expression of Interest (EoI) for shortlisting of Indian strategic partners been uploaded on the Defence Ministry and Navy websites.

RANKING & INDEX

QS World University Ranking 2020: IIT Bombay tops among Indian institutions

MIT (Massachusetts Institute of Technology) has made a history by topping the 2020 QS World University Rankings for the eighth consecutive year.
Stanford University, Harvard University and California Institute of Technology (Caltech) — all retain their positions at second, third and fourth in the world, respectively.
Only three Indian institutes — IIT-Bombay, IIT-Delhi and IISc-Bangalore making it to top 200 in 2020 QS World University Rankings.
The Indian Institute of Technology, Bombay (IIT-Bombay), has emerged as India’s best institution in the Quacquarelli Symonds (QS) World University Ranking 2020.
IIT Bombay which was at 162nd rank last year has moved up to 152nd rank.
IIT-Delhi has bagged 182th position and IISc Bangalore has secured 184th rank.

BANKING & FINANCE

IndusInd Bank to merge with Bharat Financial Inclusion on July 4

Private sector lender IndusInd Bank and Bharat Financial Inclusion Ltd (BFIL) announced their merger which will be effective from July 4.
The National Company Law Tribunal on June 10, 2019 approved the Scheme of Arrangement among BFIL, IndusInd Bank and Induslnd Financial Inclusion and their respective shareholders and creditors.
BFIL’s current CEO MR Rao will take charge as CEO of IndusInd Financial Inclusion, which will house the Business Correspondent undertaking of BFIL.

About IndusInd Bank:

Headquarters: Mumbai
CEO: Romesh Sobti

About BFIL:

Bharat Financial Inclusion Limited (BFIL) is a non-banking finance company, licensed by the Reserve Bank of India.
Founder: Vikram Akula
Headquarters: Hyderabad

BUSINESS & ECONOMY

Govt plans to raise income tax limit to Rs 3 lakh, hike 80C deduction limit

Nirmala Sitharaman may increase the personal income tax exemption limit to Rs 3 lakh of the annual income from the existing Rs 2.5 lakh for salaried class in the upcoming Budget 2019-20.
At present, income up to Rs 2.5 lakh is exempt from personal income tax. However, income between Rs 2.5 to 5 lakh attracts 5 per cent tax plus 4 per cent cess, while that between Rs 5 to 10 lakh is levied with 20 per cent tax plus Rs 12,500 plus four per cent cess.
Income above Rs 10 lakh is taxed at 30 per cent. Government is also planning to increase the tax exemption limit for savings and investments made under Section 80C of the Income Tax Act. Currently, the ceiling is Rs 1.5 lakh.

IIIDEM (ECI) organises Capacity Building Program On Electoral Technology

India International Institute of Democracy and Election Management (IIIDEM) (ECI) organized a five-day training program.
The program on Use of Technology in Elections for Election Officials of Union Election Commission of Myanmar. The Capacity Building Programs on Electoral technology is the 7th program of 09 programs scheduled across 2018-2019.
Election Commissioner of India Sushil Chandra shared the need of sharing best practices of Elections among Election Management Bodies. Their aim is to strengthen the democracy around the world and create transparency.

AGREEMENTS & MOU

Tech Mahindra signs contract with Airbus

Tech Mahindra signed a multi-year contract with Airbus for cabin and cargo design engineering.
The main aim to capitalize on the specialized skills and competencies in the growing cabin engineering business over the next few years.

About Tech Mahindra

Founder Anand Mahindra
Headquarters Pune, Maharashtra, India

SPORTS NEWS

Bronze for India in the 58th Ostrava Golden Spike Athletics meet

Annu Rani won the women’s javelin bronze in the 58th Ostrava Golden Spike athletics meet, Croatia’s Sara Kolak took the gold and Slovenia’s Martina Ratej bagged the silver. Annu Rani is a Javelin thrower from Uttar Pradesh.

PU Chitra and Sreeshankar strikes Gold & Johnson wins silver at Folksam Grand Prix 2019

Asian champion PU Chitra of India won a gold medal in women’s 1500m at Folksam Grand Prix 2019. The event held in Sollentuna, Sweden. She did her clocking 4 minutes 12.65 seconds (4:12.659).
She defeated Mercy Cherono of Kenya who finished a former IAAF World Cross Country champion. She is a silver medallist at the 2013 World Championships.
2018 Asian Games gold medallist Jinson Johnson from India won a silver medal in men’s 1500m at Folksam Grand Prix by clocking 3:39.69
She finished behind Sweden’s Andreas Almgren (3:39.68s).

Women’s cricket nominated for inclusion at 2022 Commonwealth Games

Commonwealth Games Federation (CGF) nominated the inclusion of women’s cricket in the 2022 Commonwealth Games, which is scheduled to be held in Birmingham, United Kingdom.
International Cricket Council (ICC) in partnership with the England and Wales Cricket Board (ECB) presented the compelling case for women’s cricket to become part of the Commonwealth Games programme.
Beach Volleyball and Para table tennis were also nominated for inclusion in the 2022 edition. ICC Chief Executive:- Manu Sawhney

About Commonwealth Games:

2022 Venue: Birmingham, United Kingdom
Nations participating: 73
2018 Commonwealth Games was held in Gold Coast, Australia.
The first official Commonwealth Games were held in 1930 in Hamilton, Canada.

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