Daily GK Updates - 5th July, 2017

NATIONAL UPDATES:

1. Israel names a flower after PM Narendra Modi: A new fast-growing Israeli flower has been named after PM Narendra Modi, in a special gesture to mark the first visit to the Jewish nation Israel. The flower, Crysanthumun, will now be called "Modi".

2. 5% concessional rate on devices for the physically-challenged: The Ministry of Revenue has announced a 5% concessional GST rate on the following assistive devices and rehabilitation aids for physically-challenged person. The concessional 5% GST rate on these devices/equipments would enable their domestic manufacturers to avail of input tax credit of GST paid on their inputs and raw materials. A total of 22 items have the concession.

3. Karnataka launches ‘Elevate 100’ scheme: The Karnataka government has launched the ‘Elevate 100’ scheme to identify and nurture innovative start-ups. The Elevate scheme is the brainchild of the start-up cell, Karnataka Biotechnology and Information Technology Services (KBITS), to help start-ups across the state. The aim is to identify 100 most innovative start-ups in the state to elevate them to the next level of success.

4. TERI ranked second best in the world: The Energy Resources Institute has been ranked as the second best climate think tank in the world. The rankings were released by The International Center for Climate Governance, which focuses on the design of climate policy and related governance issues. TERI conducts research for sustainable development of India and is headquartered in New Delhi.

5. Environment Minister launches plantation drive to mark ‘Van Mahotsav’: The Union Environment Minister Dr. Harsh Vardhan has launched a month-long plantation drive ‘Van Mahotsav’ at Ram Lila Park, C. C Colony, and Model Town early this morning in Delhi. Van Mahotsav is usually observed in the first week of July every year and is celebrated on different days in different parts of India.

6. Western Railway renames 'Elphinstone Road' station as 'Prabhadevi': According to the Western Railways notification, the name of ‘Elphinstone Road station has been changed to ‘Prabhadevi’. Prabhadevi is a local deity, whose temple is located in the vicinity of the railway station.

7. President clears ordinance allowing ‘Kambala’: President ‘Pranab Mukherjee’ has approved promulgation of Prevention of Cruelty to Animals (Karnataka Amendment) Ordinance, 2017. It allows conducting ‘kambala’, an annual buffalo race organized in Karnataka.

8. India’s tallest ATC tower at Delhi Airport: The new 101.9-metre air traffic control tower at the Delhi airport — touted to be the country’s tallest — is likely to start operations by December. The tower, among the tallest structures in Delhi, will give a 360-degree view of the airport to the controllers who will be able to see all the three runways, aprons and taxiways.

9. Sanjay Kumar -  the new NDRF Chief appointed: Himachal Pradesh director general of police Sanjay Kumar has been appointed as the new chief of the National Disaster Response Force.

10. Arunachal Pradesh celebrates 'Dree festival': Today, the most popular ‘Dree festival’ of ‘Apatani community’ is being celebrated across the Arunachal Pradesh with traditional pomp and gaiety. ‘Apatanis’ pray their traditional Gods to bring in a bountiful harvest season along with the defeat of destructive forces in the society through this festival.

INTERNATIONAL UPDATES:

1. Most detailed MRI scan carried out at Cardiff University: An advanced MRI machine has produced the world’s most detailed scan of the human brain that could one day be used to better understand schizophrenia, dementia and epilepsy. The scan was carried out at Cardiff University’s Brain Research Imaging Centre. The images were generated using an advanced MRI machine – one of only three in the world.

OTHER UPDATES:

BUSINESS & ECONOMY:

1. 22nd Asian Athletics Championships inaugurated at Kalinga Stadium: The 22nd Asian Athletics Championships has been inaugurated at Kalinga Stadium in Odisha capital Bhubaneswar. Over 1,200 athletes and officials from 44 countries in Asia will witness the sporting event which will continue until 9th of this month.

2. Ivory Coast International tournament: Ritika Thaker defeated Simran Singhi to win the singles title in the Ivory Coast International badminton tournament at Abidjan. Later, Ritika and Simran paired together to beat the Nigerian duo of Zainab Momohand Peace Orji in the women’s doubles final.

BANKING & FINANCE:

3. RBI ups FPI investment limit in g-secs: Reserve Bank has raised the FPI investment limit in government securities by 4.7% to Rs 2.42 lakh crore for July-September quarter. Likewise, the foreign portfolio investors will be allowed to raise their investment in state development loans by Rs61 billion to Rs331 billion for September quarter. Hence, the overall limit of FPI investment in government securities goes up to Rs 2580 billion

4. Credit card bill payment exempt from cash dealing limit of Rs 2 lakh: According to Revenue Department, restrictions on cash dealings of two lakh rupees or more will not apply to credit card bill payments. 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.

BUSINESS & ECONOMY:

5. Microsoft India inks pact with NISA: Microsoft India has signed an agreement with National Independent Schools Alliance to offer Microsoft Aspire School Program (MASP) Pro Plus to over 55,000 member schools. MASP aims to equip schools with technology and innovative learning solutions, modernise campuses, and prepare future- ready students, among others.

6. $100 million venture fund for start-ups by Nilekani: Infosys co-founder and Aadhaar architect - Nandan Nilekani - along with venture capitalist Sanjeev Aggarwal has launched a $100 million venture fund called Fundamentum to back mid-stage startups. The corpus may be extended to $200 million if the fund sees more opportunities.