Daily GK Updates - 10th August, 2018

NATIONAL UPDATES:

1. Lok Sabha passes bills to amend GST laws : The Lok Sabha passed four bills amending laws relating to the Goods and Services Tax (GST).The Central GST (Amendment) Bill, 2018, Integrated GST (Amendment) Bill, 2018, The Union Territory GST (Amendment) Bill, 2018 and the GST (Compensation to States) Amendment Bill, 2018 got the Lok Sabha’s nod.The provisions will allow taxpayers to amend their tax returns in order to rectify errors

2.Scheme to provide pulses to states for PDS : The Government decided to sell nearly 3.5 million tonnes of pulses to states at Rs 15 per kg lower price than the wholesale rate for distribution under public distribution system (PDS) and other welfare schemes.The decision in this regard was taken by the Cabinet Committee on Economic Affairs.The Centre will provide 3.48 million tonnes of pulses to state governments from its stock.

3. ‘One District one Product’ Summit inaugurated : The President of India, Ram Nath Kovind, inaugurated the ‘One District One Product’ (ODOP) Summit on August 10, 2018 in Lucknow, Uttar Pradesh.The scheme aims at promoting one traditional industry in every district such as lock industry in Aligarh, silk-weaving in Varanasi and biscuit-making in Amethi.Under ODOP, Rs 250 crore loans will be disbursed to start-ups.

4. Jal Bachao, Video Banao, Puraskar Pao Contest : The Ministry of Water Resources, River Development and Ganga Rejuvenation announced the winners for the first fortnight of the ‘Jal Bachao, Video Banao, Puraskar Pao’ contest that was launched on 10th July 2018.The winners will be given prize amount of Rs 25,000/, Rs 15,000/- and Rs 10,000/- respectively.The objective of the contest is to spread awareness about water conservation.

5. NITI Aayog to host Investor Conference : NITI Aayog hosted an investors’ conference to attract investments for the development of eco-tourism on public private partnership basis in Andaman & Nicobar, and Lakshadweep Islands.The conference was inaugurated by NITI Aayog CEO Amitabh Kant.NITI Aayog has been mandated to steer the Holistic Development of Islands program, along with the respective UT administration/ State Governments.

6. Rekha Sharma appointed chairperson of NCW : NCW member Rekha Sharma has been appointed as the chairperson of the National Commission for Women.Rekha Sharma was earlier a member of the Commission and was holding the additional charge of chairperson.The National Commission for Women is the apex national level organisation of India with the mandate of protecting and promoting the interests of women.

INTERNATIONAL UPDATES:

1.Cabinet approves MoU between India and Korea : The Cabinet gave its ex-post facto approval to the Memorandum of Understanding (MoU) between India and Korea on Trade Remedy Cooperation.The MoU was signed in July 2018 during the State visit of President of South Korea to India.The MoU will promote cooperation between the two countries in the area of trade remedies viz. anti-dumping, subsidy and countervailing and safeguard measures

2. Cabinet approves MoU b/w India and Indonesia : The Union Cabinet approved the signing of a Memorandum of Understanding (MoU) between India and Indonesia on health cooperation.The MoU paves way for cooperation in the areas of research and development; active pharmaceutical ingredients and IT-based medical equipment.It also covers human resource development; health services; and any other area as may be mutually agreed upon.

3. World Biofuel day observed on August 10 : World Biofuel Day is observed every year on 10th August.The aim is to create awareness about the importance of non-fossil fuels as an alternative to conventional fossil fuels and to highlight the various efforts made by the Government in the biofuel sector.The World Biofuel Day is being observed by the Ministry of Petroleum & Natural Gas since 2015.

OTHER UPDATES:

BUSINESS/ECONOMY:

1. Ikea Opened its 1st India Store in Hyderabad : Ikea, the Swedish retail giant opened its first Indian store in Hyderabad on 9th August 2018.Ikea’s next store is planned to open in Mumbai in the summer of 2019, followed by another in Bangalore in 2020.The Swedish furniture retailer has already invested 4.5 billion euros ($5.2 billion) into India.

BANKING/FINANCE:

1. PayPal enters into pact with HDFC Bank : PayPal, and HDFC Bank have entered into a partnership.The partnership will result in a safer, faster and more convenient payment experience for HDFC Bank cardholders and help drive incremental digital spend.HDFC cards will be presented as a payment option during enrollment and subsequent payments, with the ability for consumers to easily open PayPal accounts.

2. UAE top source of inward remittances : According to the Reserve Bank of India’s survey of inward remittances for 2016-17, the United Arab Emirates (UAE) has emerged as the top source of inward remittances, while Kerala has received the maximum funds sent from abroad.UAE’s share in total remittances was 26.9%.More than half of remittances received by Indian residents were used for family maintenance, i.e., consumption.

SPORTS:

1. Neeraj Chopra to be India’s flag-bearer : Javelin thrower star Neeraj Chopra will be India’s flag bearer in the opening ceremony of the Asian Games 2018.Chopra, who won the gold medal in Commonwealth Games 2018 event in Gold Coast, will lead India’s contingent in the multi-sport event.The 2018 Asian Games will take place from August 18 to September 2 and will be held in Indonesian cities of Jakarta and Palembang.