Daily GK Update- 21st June, 2022

 

NATIONAL UPDATES:

 

1. Gujarat: PM inaugurates the renovated Shree Kalika Mata temple: Prime Minister Narendra Modi unveiled the renovated Shree Kalika Mata temple at Pavagadh Hill in Gujarat’s Panchmahal district. At the temple, he also conducted Puja with customary customs. A ‘Dhwaja’ was raised at full mast atop the shrine by Mr. Modi. This majestic Mahakali temple’s sanctum sanctorum is composed of gold. It is one of the region’s oldest temples and draws a huge number of pilgrims. Key Points:

a)    The Prime Minister told the crowd that this temple also represents Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayas.

b)    He emphasised the significance of the event, when Dhwaja, the sacred flag, was flown on the temple after five centuries and even 75 years after independence. This ‘Shikhar Dhwaj,’ he explained, is a symbol of the reality that centuries pass, eras pass, yet religion endures.

c)     Mr Modi added that ‘Garvi Gujarat’ is synonymous with India’s pride and glory, and that Pavagadh has been a centre of worldwide harmony with India’s historical variety. This pinnacle flag, according to Mr Modi, is not only a symbol of our faith and spirituality, but it also indicates that the pinnacle of faith is eternal throughout centuries of change.

d)    Surendra Patel, president of the Pavagadh Temple Trust, estimates that almost two crore people visit the temple each year. The temple’s reconstruction was finished at a cost of 125 crore rupees.

e)     He claims that ‘Garvi Gujarat’ is connected with India’s pride and greatness. He stated that Panchmahal and Pavagadh have continued to fight for the pride in our history in the great tradition of the Somnath temple.

 

2. New Delhi to host National summit on cyber security and National security: At Vigyan Bhawan in the national capital, the Ministry of Home Affairs will organise a National Conference on Cyber Safety and National Security (Cyber Apradh Se Azadi, Azadi Ka Amrit Mahotsav). Union Minister Amit Shah will be the conference’s Chief Guest, according to the Ministry of Home Affairs. The seminar is part of the country’s efforts to raise public awareness

The Indian Cyber Crime Coordination Centre (I4C), in collaboration with the Ministry of Culture, Government of India, held functions on Cyber Hygiene, Cyber Crime Prevention, Cyber Safety, and National Security at 75 locations across the country under the banner “Azadi Ka Amrit Mahotsav” from June 8 to 17. The Union Minister for Culture, Tourism, and Development of the North Eastern Region, G Kishan Reddy, the Minister of State for Home Affairs, Ajay Kumar Mishra, and senior officials from the Ministries of Home Affairs, Culture, and States and Union Territories, as well as representatives from various organisations, will all be present at the conference.

Note: Union Minister of Home Affairs: Shri Amit Shah; Minister of Culture: Shri G. Kishan Reddy

 

3. Appointment of new chief justices to five high courts approved: The appointment of new chief justices to five high courts has been approved by the government. The appointment for Uttarakhand, Telangana, Himachal Pradesh, Rajasthan, and Gauhati has been announced by the Ministry of Law and Justice. The Chief Justice of the Uttarakhand High Court will be Justice Vipin Sanghi of the Delhi High Court, while the Chief Justice of the Telangana High Court will be Justice Ujjal Bhuyan of the Telangana High Court.

The Chief Justice of the Himachal Pradesh High Court will be Justice Amjad Ahtesham Sayed of the Bombay High Court, while the Chief Justice of the Rajasthan High Court will be Justice Shinde Sambhaji Shiwaji of the Bombay High Court. The Chief Justice of the Gauhati High Court has been named Justice Rashmin M Chhaya of the Gujarat High Court. Satish Chandra Sharma, Chief Justice of the Telangana High Court, has been appointed to the Delhi High Court, according to the Ministry.

 

INTERNATIONAL UPDATES:

 

1. World’s biggest plant discovered off Australian coast: The world’s largest living plant has been identified in the shallow waters off the coast of Western Australia. The sprawling seagrass, a marine flowering plant known as Posidonia australis, stretches for more than 112 miles (180 kilometers) in Shark Bay, a wilderness area protected as a World Heritage site.

Using genetic testing, scientists have determined a large underwater meadow in Western Australia is in fact one plant. It is believed to have spread from a single seed over at least 4,500 years. The seagrass covers about 200 sq km. The plant is so large because it clones itself, creating genetically identical offshoots. This process is a way of reproducing that is rare in the animal kingdom although it happens in certain environmental conditions and occurs more often among some plants, fungi and bacteria.

Note: Australia Prime minister: Anthony Albanese; Australia Capital: Canberra; Australia Currency: Australian dollar.

 

2. International Day of Yoga: 21st June: International Day of Yoga is celebrated worldwide on 21st June. This year, the 8th edition of the International Day of Yoga will be observed. Yoga is an ancient physical, mental and spiritual practice that originated in India. The word ‘yoga’ derives from Sanskrit and means to join or to unite, symbolizing the union of body and consciousness. International Yoga Day 2022 will be celebrated on 21 June 2022 with the theme ‘Yoga for Humanity’ across the world with great enthusiasm.

The significance of Yoga Day can be seen in the light of spreading awareness on the issue of mental and physical well-being. The International Day of Yoga also aims to inculcate a habit of meditation for the peace of mind and the self-awareness which is necessary to survive in a stress-free environment.

International Yoga Day History: The United Nations General Assembly had declared June 21 as the International Day of Yoga in 2014 at the initiative of India with the support of 177 countries. The idea of International Day of Yoga was first proposed by Indian Prime Minister Narendra Modi during his speech at United Nations General Assembly (UNGA) on 27th September 2014.

 

3. World Music Day: 21st June: World Music Day is celebrated every year on June 21. The day gives respect to the art form of music that binds people across culture, region, language and religion. Music also gives a channel to various emotions like love, grief, loss, and is cathartic in nature. It is a massive cultural exchange and also brings society closer. The theme for World Music Day 2022 is “Music on the intersections”.

World Music Day History: Music Day was first celebrated in the year 1982 on the Summer Solstice in France, when the former French minister of art and culture, Jack Lange, along with Maurice Fleuret started the Fête de la Musique in Paris. That is also why World Music Day is alternatively known as Fête de la Musique as well.

 

4. International Day of the Celebration of the Solstice: 21st June: International Day of the Celebration of the Solstice is observed globally on 21st June. This day bring awareness about solstices and equinoxes and their significance for several religions and ethnic cultures. The Summer Solstice is the day of the year when the sun reaches its highest point in the sky. It happens on June 21st this year.

There are a number of things that happen on the Summer Solstice. First, the sun reaches its highest point in the sky during the day. This is called summer solstice sunrise. Second, the sun sets at its lowest point in the sky during the day. This is called summer solstice sunset. Finally, there is a shift in Earth’s rotational axis, which means that Earth’s north pole moves towards the sun for a few weeks during the Summer Solstice.

 

OTHER UPDATES:

 

SPORTS

 

1. Olympic champion Neeraj Chopra wins gold at Kuortane Games in Finland: Olympic champion Neeraj Chopra clinched his first top podium finish of the season by winning the javelin throw event at the Kuortane Games in Finland, beating reigning world champion Anderson Peters of Grenada. The 24-year-old Chopra’s opening throw of 86.69m turned out to be the winning distance. Trinidad and Tobago’s 2012 Olympics champion Keshorn Walcott was second with a first round throw of 86.64m. Peters was third with a best throw of 84.75m, which also came in the opening round.

 

2. Neeraj Chopra to lead 37-member athletics team for CWG 2022: Neeraj Chopra will be leading a 37-member Indian athletics team at the upcoming Commonwealth Games, the Athletics Federation of India announced. The Tokyo Olympics gold medallist will be the flag bearer in Birmingham as star sprinters like Hima Das and Dutee Chand booked their berth for the Games that will be held from July 28 – August 8. The selection committee picked up all the expected athletes for CWG with zero surprises. Out of 37 members, 18 are women.

List of Athletics

Men: Avinash Sable (3000m Steeplechase); Nitender Rawat (Marathon); M Sreeshankar and Muhammed Anees Yahiya (Long Jump); Abdulla Aboobacker, Praveen Chithravel, and Eldhose Paul (Triple Jump); Tajinderpal Singh Toor (Shot Put); Neeraj Chopra, DP Manu and Rohit Yadav (Javelin Throw); Sandeep Kumar and Amit Khatri (Race Walking); Amoj Jacob, Noah Nirmal Tom, Arokia Rajiv, Muhammed Ajmal, Naganathan Pandi and Rajesh Ramesh (4x400m Relay).

Women: S Dhanalakshmi (100m and 4x100m relay); Jyothi Yarraji (100m Hurdles); Aishwarya B (Long Jump and Triple Jump) and Ancy Sojan (Long Jump); Manpreet Kaur (Shot Put); Navjeet Kaur Dhillon and Seema Antil Punia (Discus Throw); Annu Rani and Shilpa Rani (Javelin Throw); Manju Bala Singh and Sarita Romit Singh (Hammer Throw); Bhawna Jat and Priyanka Goswami (Race Walking); Hima Das, Dutee Chand, Srabani Nanda, MV Jilna and NS Simi (4x100m relay).

 

BANKING AND FINANCE

 

1. RBI’s ‘Payments Vision 2025’ aims for a three-fold increase in digital payments: In light of rising geopolitical threats, the RBI released its Payments Vision 2025 document, which discusses ring-fencing domestic payment networks, as well as the necessity to enforce domestic processing of payment transactions. Key Points:

a)      One of the most important forward-looking initiatives is the internationalisation of UPI, RTGS, NEFT, and RuPay cards, where bilateral treaties with countries, particularly those covering the USD, GBP, and Euro, will greatly benefit Indian residents and their counterparts abroad with online realisation at lower costs.

b)      With a steady push from the government and the rise of rural fintechs, Dilip Modi, founder of Spice Money, noted that while the epidemic raged over the country, India was on its way to realising its payments vision, and digital payments grew dramatically in volume and popularity.

c)       According to the RBI, overall digital payments surged by 216 percent in volume and 10% in value in March 2022 compared to March 2019.

d)      Paper instrument usage, on the other hand, has decreased dramatically during the same time period, with its proportion of total retail payments falling from 3.83 percent to 0.88 percent in volume and from 19.62 percent to 11.47 percent in value.

e)      The central bank said in a statement that the document, titled Payments Vision 2025, was created after considering input from various stakeholders as well as recommendations from the RBI’s Board for Regulation and Supervision of Payment and Settlement Systems.

 

2. Equitas Small Finance Bank set to launch “ENJOI” kid’s savings account: Equitas Small Finance Bank is set to launch kids’ savings account called ENJOI, on Father’s Day. The SFB announced that this account introduces “young kids” to the financial world, encouraging them to develop an early habit of saving. Features of ENJOI saving Accounts:

a)      ENJOI will allow kids of 0-18 years to open savings accounts under the supervision of their parents. Minors aged 10 and above will also get the option for a personalised debit card.

b)      To promote higher growth in savings, the account will offer 7 per cent interest for savings balances between Rs 5 lakh to Rs 2 crore. Upon written consent from parents, minors aged 10 and above can also avail of self-operating accounts with limited transaction limits.

Benefits of the account:

a)      Focussed on the theme of education and literacy, financial or otherwise, ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers.

b)      The ENJOI account will offer flexibility to choose the mode of savings, either as a Savings Account with balance starting as low as Rs 1,000, RD (Recurring Deposit) for Rs 500 monthly; or FD (Fixed Deposit) for Rs 10,000.

Note: Equitas Small Finance Bank Ltd Founded: 2016; Equitas Small Finance Bank Ltd Headquarters: Chennai, Tamil Nadu; Equitas Small Finance Bank Ltd MD & CEO: Vasudevan Pathangi Narasimhan; Equitas Small Finance Bank Ltd Tagline: It’s Fun Banking.

 

BUSINESS AND ECONOMY

 

1. Since 1980s, world’s central banks launch their most hawkish campaign: Central bankers around the world are enacting what could be the most dramatic tightening of monetary policy since the 1980s, risking recessions and upsetting financial markets as they try to deal with an unexpected spike in inflation. The week began with a surprise move on Wall Street to price in a Federal Reserve rate hike of 75 basis points. Chairman Jerome Powell declared himself fully committed to bringing inflation back down, the greatest step by the US central bank since 1994.

Key Points:

a)      Switzerland surprisingly boosted rates, while the Bank of England raised rates for the fifth time, this time by 25 basis points, and indicated that it will soon double the rate.

b)      The bond market’s reaction to the coordinated removal of stimulus was so ferocious that the European Central Bank called an emergency meeting on Wednesday to address rising yields in some euro-zone countries.

c)       Borrowing costs have risen in emerging markets from Brazil to Taiwan to Hungary, with Australia, South Korea, India, New Zealand, and Canada among those planning further action.

d)      Only the Bank of Japan defied the trend, keeping its ultra-easy monetary policy despite intense market pressure to jump on board the global bandwagon.

e)      Expectations of higher inflation in the United States boosted 75 basis points. The Federal Reserve is raising interest rates.

f)        China is an exception, but traders around the world are ready for a series of rate hikes that many will have never seen before in their lives.

g)      The Federal Reserve expects to raise its benchmark rate to 3.8 percent by the end of 2023, up from the 1.5 percent to 2% range it reached last week, and numerous Wall Street firms predict an even higher peak.

 

2. Bhagwat Karad: Govt to take additional efforts to reduce inflation if required: Bhagwat Kishanrao Karad, India’s state minister for finance, stated that the Finance Ministry will take additional efforts to reduce inflation if necessary. Inflation is a worldwide phenomena, and India is better off than other countries. The government is keeping a close eye on inflation and doing everything it can to keep it under control. According to the minister of state, the Russia-Ukraine conflict has had a significant impact on India’s inflation. Key Points:

a)      The Finance ministry has already reduced excise duty in order to decrease the retail impact of gasoline inflation on customers.

b)      The price of crude oil has been rising steadily over the world. Following the reduction in excise duty by the federal government, some states reduced their fuel VAT.

c)       To mitigate the impact of rising world prices on farmers, India has boosted the fertiliser subsidy for the Kharif season.

d)      Wheat exports were also prohibited by the government in order to prevent domestic inflation.

e)      Sugar shipments were capped at 100 LMT by the food ministry in anticipation of a scarcity in October and November.

 

AWARDS AND HONOURS

 

1. Hamad International Airport named World’s Best Airport 2022: Qatar’s Hamad International Airport has been named the World’s Best Airport for the second year running. The announcement took place at the Skytrax 2022 World Airport Awards, held at Passenger Terminal EXPO in Paris, France. Other major winners include:

a)      Kempegowda International Airport, Bengaluru (BLR Airport) was named the finest regional airport in India and South Asia. Customers voted for the airport with the greatest customer service every year in a global study, and BLR Airport received this honour.

b)      Singapore Changi Airport (World’s Best Airport Staff Service and World’s Best Airport Dining).

c)       Istanbul Airport (World’s Best Airport Shopping and Most Family-Friendly Airport).

d)      Tokyo Haneda Airport won awards as the World’s Cleanest Airport, the World’s Best Domestic Airport, the Best Airport in Asia, and the Best Airport PRM & Accessible Facilities.

e)      King Khalid International Airport in Riyadh secured the award as the World’s Most Improved Airport.

f)        Nagoya’s Chubu Centrair International Airport was named the World’s Best Regional Airport.

g)      Copenhagen Airport won the World’s Best Airport Immigration Processing award.

h)      Zurich Airport repeated its success by winning the World’s Best Airport Security Processing award.

Daily GK Update- 20th June, 2022

 

NATIONAL UPDATES:

 

1. Education Minister Dharmendra Pradhan inaugurates National Yoga Olympiad 2022: Education Minister Dharmendra Pradhan has inaugurated National Yoga Olympiad 2022 and quiz competition in New Delhi. The National Yoga Olympiad is being organised jointly by the Ministry of Education and the National Council of Educational Research and Training. This year about six hundred students from 26 states and UTs and Demonstration Multipurpose Schools of Regional Institutions of Education will be participating in the forthcoming National Yoga Olympiad. Speaking on the occasion:

a)      Mr. Pradhan highlighted that to encourage healthier choices and bring people closer, Prime Minister Narendra Modi has suitably chosen this year’s theme as Yoga For Humanity. The Minister said, Yoga is uniting the world in the pursuit of good health and wellness.

b)      The Minister stressed that NEP 2020 lays special emphasis on the physical and emotional well-being of both students and teachers. Mr. Pradhan suggested that NCERT include the ancient wisdom of Yoga in the school curriculum. Minister of State for Education Subhas Sarkar said that yoga has to be popularised as a part of the National Education Policy 2020.

 

2. Purana Qila, New Delhi: Ministry of Culture and ASI hosts ‘Yoga Mahotsa’: Yoga Mahotsav was organised by the Ministry of Culture in partnership with the Archaeological Survey of India (ASI) at Purana Qila in the national capital. The event was held as part of the celebrations for the International Day of Yoga 2022. According to the Ministry of Culture, the purpose of the event was to instil the everlasting value of cultural wellbeing among the people. Key Points:

a)      Arjun Ram Meghwal, Minister of State for Culture and Parliamentary Affairs, and Meenakashi Lekhi, Minister of State for Culture and External Affairs, both attended the ceremony.

b)      The event drew around 500 participants, including officials from the Union Culture Ministry and foreign representatives from over 40 nations.

c)       The event began with the Saraswati Vandana being recited, followed by a yoga session led by instructors from the Morarji Desai National Institute of Yoga.

d)      Meenakashi Lekhi, speaking at the event, stated that Yoga is the key to living a healthy and active life. She further stated that thanks to Prime Minister Narendra Modi’s efforts, yoga has spread far and wide, even globally.

e)      She emphasised how yoga promotes body, mind, ethos, and thought flexibility.

 

3. Piyush Goyal: After several years, India able to win favourable WTO outcome: Despite a strong global campaign against Indian farmers and fishermen, India was able to secure a favourable outcome at the WTO after many years, commerce and industry minister Piyush Goyal told the media after the conclusion of the 12th ministerial conference — the WTO (World Trade Organisation)‘s highest decision-making body. Key Points put forward by Piyush Goyal:

a)      Piyush Goyal described the conference as a ‘outcome-oriented success’, saying the Indian team, led by Prime Minister Narendra Modi, was “100% successful” in expressing the top concerns for India and the developing nations to the world.

b)      Piyush Goyal also stated that a few countries try to launch a bogus campaign, claiming that India is recalcitrant, preventing progress.

c)       The concerns presented by India, on which the Prime Minister had urged to focus, are now recognised by the entire world as the correct agenda, with India playing a key role in achieving all answers.

d)      The world order has not been shattered because to India’s attempts to bring members together to debate concerns regardless of the prevailing geopolitical order. There have been no fishing restrictions that will constrain India’s artisanal and traditional fishermen in the future.

e)      India has been a complete success; no conditions or limits have been imposed on India or the government; rather, we have been effective in imposing controls on illicit fishing, under-reporting, and outside regulation.

 

4. PM releases Ram Bahadur Rai’s book ‘Bhartiya Samvidhan: Ankahi Kahani’: The Prime Minister Narendra Modi released Ram Bahadur Rai’s book ‘Bhartiya Samvidhan: Ankahi Kahani’. Prime Minister noted Shri Ram Bahadur Rai’s life-long quest for searching for new ideas and desire to bring something new before the society. He expressed the hope that the book that was released today will present the Constitution in a comprehensive manner.

The book by Shri Rai will be in the tradition of New India’s effort to remember the forgotten thoughts to ensure that in the India of the future, consciousness of the past remains strong. The book, along with the history of independence and the untold chapters of our constitution will give a new thinking to the youth of the country.

 

INTERNATIONAL UPDATES:

 

1. Japan to participate in NATO summit for the first time: Japanese Prime Minister, Fumio Kishida will attend this month’s NATO summit in Madrid, becoming the country’s first leader to join a top meeting of the transatlantic alliance. The June 28-30 gathering is seen as a crunch moment for the 30 North Atlantic Treaty Organization allies, four months into Russia’s war in Ukraine. Japan, a key U.S. ally and not a NATO member, has delivered defensive supplies to Ukraine and imposed tough sanctions on Russia in tandem with the other Group of Seven countries.  Sweden and Finland, which have applied to join NATO, are sending delegations to the summit, and South Korea’s new President Yoon Suk-yeol will also be the first leader from his country to attend.

Note: NATO Formation: 4 April 1949; NATO Headquarters: Brussels, Belgium; NATO Secretary General: Jens Stoltenberg; NATO Total Member: 30; NATO Last member of NATO: North Macedonia.

 

2. Hamza Abdi Barre appointed as PM of Somalia: Somalia’s President Hassan Sheikh Mohamud has appointed a former chairman of the Jubbaland state election commission, Hamza Abdi Barre as the Prime Minister. The 48-year-old Hamza Abdi Barre from the semi-autonomous state of Jubaland replaced Mohamed Hussein Roble. Barre served in a number of public and political roles and from 2011 to 2017 was secretary-general of the Peace and Development Party (PDP), the precursor to the Union for Peace and Development (UDP) now led by Mohamud.

Mohamud won the presidency for the second time in May, having previously served from 2012 to 2017, after a long-delayed election that took place against a backdrop of the worst drought in 40 years and a bloody armed rebellion.

Note: Somalia Capital: Mogadishu; Somalia Currency: Somali Shilling; Somalia President: Hassan Sheikh Mohamud.

 

3. World Refugee Day: 20th June: World Refugee Day is celebrated every year on 20 June. World Refugee Day was designated as an International Day by the UN (United Nations). The day is being celebrated to honour the refugees around the world. Refugees are people who are being forced to leave their homeland due to terror, conflicts, wars, prosecutions, or any other crises.

World Refugee Day History: The United Nations General Assembly had decided on the date – June 20 to observe World Refugee Day, while adopting Resolution 55/76, on December 4, 2000. For the first time in history, on June 20, 2001, World Refugee Day was celebrated. In 2001, the event marked the 50th anniversary of the 1951 Refugee Convention which talks about the protection of refugees.

 

OTHER UPDATES:

 

SPORTS

 

1. PM Modi launches torch relay for 44th Chess Olympiad: Prime Minister Narendra Modi has launched the historic torch relay for the 44th Chess Olympiad at Indira Gandhi Stadium in New Delhi. This year, for the very first time, International Chess Federation, FIDE, has instituted the Chess Olympiad Torch, a part of the Olympic tradition. India is the first country to have the Chess Olympiad Torch Relay.

FIDE President Arkady Dvorkovich handed over the torch to Prime Minister, who in turn handed it over to Grandmaster Vishwanathan Anand. This torch will be taken to 75 cities in a span of 40 days before the final culmination at Mahabalipuram near Chennai. At every location, chess grandmasters of the state will receive the torch. The 44th Chess Olympiad will be held in Chennai from 28th July to 10th August, 2022.

 

BANKING AND FINANCE

 

1. RBI raises limit of e-mandates for transactions up to Rs 15,000: The Reserve Bank of India (RBI) has raised the Additional Factor of Authentication (AFA) limit from Rs 5,000 to Rs 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and Unified Payments Interface (UPI) for recurring transactions. It implies, additional authentication will not be need for payment of Rs 15,000 per transaction.

The Reserve Bank of India (RBI) has, over the past decade, put in place various safety and security measures for card payments, including the requirement of AFA, especially for ‘card-not-present’ transactions. Under e-mandate, an individual can give standing instruction to the bank to debit a specific amount automatically on recurring basis.

 

2. Canara HSBC Life rebrands due to PNB exit: Canara HSBC OBC Life has renamed itself as Canara HSBC Life following its third partner Punjab National Bank’s (PNB’s) decision to exit. PNB had acquired a stake in the company following the amalgamation of Oriental Bank of Commerce (OBC). Currently, Canara Bank holds 51% in the insurance arm, HSBC holds 26% and PNB 23%. Following PNB’s decision to exit, the stake is likely to be acquired by existing shareholders.

Announcing the rebranding of the company, Canara HSBC Life MD Anuj Mathur said that the company has turned in a profit despite Rs 500 crore of additional claims due to Covid-19. The strategy was to diversify business beyond bancassurance.

 

BUSINESS AND ECONOMY

 

1. Ministerial meeting on GST rationalisation fails to reach agreement: According to insiders, a group of state ministers working on GST rate rationalisation was unable to achieve an agreement because some members were opposed to modifications to tax slabs and rates. They stated that the Group of Ministers will provide a status report to the GST Council on the consensus reached at the Group of Minister’s previous meeting on November 20, 2021.

Key Points:

a)      They added that the GoM will seek an extension to deliver its final report, and that tax rate problems will be discussed at the forthcoming Council meeting later this month.

b)      The GST Council, which is chaired by Finance Minister Smt. Nirmala Sitharaman, will meet in Srinagar on June 28 and 29.

c)       Last year, the Council convened a seven-member council of state ministers, led by Karnataka Chief Minister Shri Basavaraj Bommai, to recommend measures to increase revenue by lowering tax rates.

d)      The GoM has been tasked with reviewing items with an inverted duty structure in order to reduce rebate payouts and reviewing the GST exempt list in order to broaden the tax base and avoid ITC chain breaks.

e)      A four-tier structure under GST exempts or taxes basic commodities at a low rate of 5%, while autos and demerit goods are taxed at a peak rate of 28%. The other two tax brackets are 12 and 18 percent.

 

2. 47th meeting of GST Council to be held in Srinagar: The 47th meeting of the GST Council will be held on June 28 and 29, 2022 in Srinagar. The GST Council is chaired by Finance Minister Nirmala Sitharaman. This is the second time that the GST Council meeting is being held in Srinagar. Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Coun cil was held on May 18 and 19 in the city. The Council had last year set up a seven-member panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates. The GoM had last met in November 2021. Key points to be discuss in the meeting:

a)      The 47th GST Council meeting assumes significance as it is expected to discuss the report of the panel of state ministers on rate rationalisation and also the tax rate on casinos, race courses and online gaming.

b)      The Group of Ministers (GoM) is likely to discuss possible changes in tax slabs, the sources said, adding that the final report of the panel would take some more time.

c)       The Council may also consider some modification in summary return and monthly tax payment form GSTR-3B with a view to check fake input tax credit claims and expedite settlement of genuine ones.

d)      According to sources, the modified form will provide clarity with regard to gross input tax credit due to taxpayer, the amount claimed in a particular month and the net amount left in the taxpayer’s ledger.

 

3. Zomato tie-up with Jio-bp to accelerate EV adoption: Zomato and Jio-bp have entered into an agreement to support Zomato’s commitment towards “The Climate Group’s EV100 initiative of 100 per cent EV fleet by 2030.” The collaboration is poised to accelerate EV adoption in the rapidly growing Indian delivery and transportation segment. Jio-bp, the fuel and mobility joint venture between Reliance Industries Ltd and bp, will provide EV mobility services to Zomato and access to ‘Jio-bp pulse’ battery swapping stations for last-mile delivery.

As per reports, Jio-bp constructed and launched India’s two largest EV charging hubs last year. The company has been teaming up with construction firms and EV companies to enhance the battery charging ecosystem, as per reports. Its pulse mobile app enables customers to find nearby charging stations and charge their EVs.

Note: Headquarters of Zomato: Gurugram, Haryana; CEO of Zomato: Deepinder Goyal.

Daily GK Update- 19th June, 2022

 

NATIONAL UPDATES:

 

1. Govt establishes 10% quota for Agniveers, alters upper age limit: Following widespread opposition to the Agnipath plan, the Centre announced a 10% reservation for Agniveers in the Central Armed Police Forces (CAPF) and Assam Rifles recruitment. The Ministry of Home Affairs also decided to grant a three-year age relaxation to Agniveers in the CAPFs and Assam Rifles who are between the ages of 17.5 and 21. Notably, the initial class of recruits will be given a five-year extension on the maximum age limit. Key Points:

a)      The Agnipath short-term recruitment strategy for the armed forces was previously announced by the Centre. The plan, which is intended to be a reformative step, attempts to infuse more fresh blood into the three services.

b)      The Agnipath programme will allow young people aged 17.5 to 21 to be inducted into one of the Army’s three services as agniveers for a four-year period.

c)       Agnipath has sparked protests in a number of states. During violent demonstrations by candidates, the central government increased the upper age limit for the scheme from 21 to 23 years in a one-time waiver.

d)      Defence job candidates have expressed concern over their next step, as just 25% of soldiers recruited through the scheme will be kept to complete a full term after four years. The youth who were recruited through the Agnipath initiative but were not integrated would be released from their obligations without receiving pension benefits.

 

2. Pramod K Mittal named as chairperson of COAI for 2022-23: Industry body Cellular Operators’ Association of India (COAI) named Pramod K Mittal, President of Reliance Jio Infocomm, as the new Chairperson of the association for 2022-23. Mittal was previously the Vice-Chairperson of the COAI, whose members include Reliance Jio, Bharti Airtel, and Vodafone Idea (VIL). Mittal will replace Ajai Puri as the COAI Chairperson.

Other appointment: P Balaji, Chief Regulatory and Corporate Affairs Officer of Vodafone Idea (VIL), will be the Vice-Chairperson of the association for 2022-23. Balaji is also the Chairman of Assocham National Digital Communications Council, and a Member of the National Council of apex industry chambers CII, Ficci, Assocham and All India Management Association.

Note: Cellular Operators’ Association of India Founded: 1995; Cellular Operators’ Association of India Headquarters: New Delhi; Cellular Operators’ Association of India Director-General: Dr. S.P. Kochhar.

 

3. B S Patil sworn in as Lokayukta of Karnataka: Former Karnataka High Court judge, Bhimanagouda Sanganagouda Patil was sworn in as the Lokayukta of Karnataka. Governor Thaawarchand Gehlot administered the oath of office to Justice Patil. Karnataka Chief Minister Basavaraj Bommai, Leader of Opposition Siddaramaiah, ministers in the State Government and legislators attended the programme, and greeted Justice Patil.

Justice Patil, who served as the Upalokayukta of Karnataka, was elevated to the post of Lokayukta on June 14. The post of the head of the anti-corruption ombudsman in Karnataka was vacant after the end of the tenure of Justice P. Vishwanath Shetty in January 2022, served in the post for five years.

Note: Karnataka Capital: Bengaluru; Karnataka Chief Minister: Basavaraj S Bommai; Karnataka Governor: Thawar Chand Gehlot.

 

4. Justice Ranjana Prakash Desai as New PCI Chief: Former Supreme Court judge Justice Ranjana Prakash Desai is believed to have been chosen as the next head of the Press Council of India (PCI). Justice Desai recently served as the chairman of the Delimitation Commission on Jammu and Kashmir, which was established to redesign the Union Territory’s assembly constituencies.

Since Justice Chandramauli Kumar Prasad (retd) completed his tenure as PCI chairperson and demitted office in November of last year, the position has been empty. The appointment of Justice Ranjana Prakash Desai as PCI chairwoman was accepted by a committee that included Vice President M. Venkaiah Naidu, Lok Sabha Speaker Om Birla, and PCI member Prakash Dubey.

 

INTERNATIONAL UPDATES:

 

1. IMD’s World Competitiveness Index 2022: India ranked 37th: India has seen the sharpest growth among the Asian economies, with a six-position jump from 43rd to 37th rank on the annual World Competitiveness Index 2022. The Index has been compiled by the Institute for Management Development (IMD). Meanwhile, the top-performing Asian economies are Singapore (3rd), Hong Kong (5th), Taiwan (7th), China (17th) and Australia (19th).

World Competitiveness Index 2022: Globally Denmark has moved to the top of the 63-nation list from the third position last year, while Switzerland slipped from the top ranking to the second position and Singapore regained the third spot from fifth, a global study showed.

Others in the top 10 include Sweden at the fourth position, followed by Hong Kong SAR (5th), the Netherlands (6th), Taiwan (7th), Finland (8th), Norway (9th) and the USA (10th).

 

2. 8th Global Conference of Young Parliamentarians hosted in Egypt: The Eighth Global Conference of Young Parliamentarians has been started in Sharm El Sheikh, Egypt to address climate change. The two-day conference is being jointly organized by the House of Representatives and the Inter-Parliamentary Union (IPU). Nagaland’s first woman elected as Member of Parliament to Rajya Sabha, S. Phangon Konyak is representing India at the Conference. She, along with two other young Lok Sabha MPs from India, will be sharing her thoughts on the ‘Young MPs for Climate Actions’.

About the Conference:

a)      The 8th Global Conference of Young Parliamentarians provides a platform for young MPs from across the world to exchange learn and define common and innovative strategies to advance youth empowerment.

b)      This year in Egypt, around 200 young MPs, from 60 countries are participating to discuss strategies to mitigate the impact of climate change and ensure that global warming does not exceed 1.5 degrees Celsius in line with the Paris Agreement.

c)       According to official information shared by IPU, there are 35,177 Parliamentary seats globally but just 2.66 per cent of these are held by young MPs.

Note: Egypt Capital: Cairo; Egypt Currency: Egyptian pound; Egypt President: Abdel Fattah el-Sisi; Egypt Prime Minister: Moustafa Madbouly.

 

3. International Day for the Elimination of Sexual Violence in Conflict: 19th June: The International Day for the Elimination of Sexual Violence in Conflict is an international event conducted by the United Nations (UN) on June 19 each year. The day is celebrated to raise the awareness about conflict-related sexual violence. The theme for this year’s observance of International Day for the Elimination of Sexual Violence in Conflict is ‘Prevention as Protection: Enhancing structural and operational prevention of conflict-related sexual violence.’ The event is a ‘Permanent Mission of the Argentine Republic, United Nations.’

International Day for the Elimination of Sexual Violence in Conflict History: On June 19, 2008, the 15-member United Nations Security Council adopted resolution 1820, to condemn sexual violence and rape during wars as crimes against humanity and war crimes, equated with genocide. The date was declared International Day for the Elimination of Sexual Violence in Conflict.

 

OTHER UPDATES:

 

SPORTS

 

1. ICC retains Nitin Menon in Elite Panel: India’s Nitin Menon has retained his place in the ICC Elite Panel and is set to make his maiden appearance as a neutral umpire in Sri Lanka later this month. A BCCI official told PTI that Menon has got a one-year extension from the International Cricket Council. The 38-year-old from Indore remains the only Indian in the 11-member Elite Panel of Umpires. Menon was promoted to the Elite Panel at the start of the COVID-19 pandemic in 2020, becoming the third Indian to enter the club after S Venkataraghavan and S Ravi. However, Menon was limited to officiating international matches only within India with the ICC allowing local umpires due to the travel restrictions in place.

Other umpire’s in the panel: There is no change in the Elite Panel and besides Menon, it includes Aleem Dar from Pakistan, Chris Gaffaney from New Zealand, Kumara Dharmasena from Sri Lanka, Marais Erasmus from South Africa, Michael Gough, Richard Illingworth and Richard Kettleborough (all three from England), Paul Reiffel and Rod Tucker from Australia and Joel Wilson from the West Indies.

Note: ICC Founded: 15 June 1909; ICC Chairman: Greg Barclay; ICC CEO: Geoff Allardice; ICC Headquarters: Dubai, United Arab Emirates.

 

BANKING AND FINANCE

 

1. RBI lifted the restrictions on Mastercard 2022: The Reserve Bank of India (RBI) relaxed the limitations placed on Mastercard Asia/Pacific Pte Ltd on onboarding new domestic clients. For non-compliance with RBI standards for data storage in India, Mastercard has been barred from onboarding new domestic users (debit, credit, or prepaid) onto its card network as of July 22, 2021. The RBI had given Mastercard almost three years to comply with the regulatory directives, but it was unable to do so. About the Terms and Conditions imposed by the RBI:

a)      All system providers were directed to ensure that the entire data (full end-to-end transaction details, information collected, carried, or processed as part of the message or payment instruction) relating to payment systems operated by them is stored in a system only in India by the RBI circular on Storage of Payment System Data dated April 6, 2018.

b)      They were also expected to notify the RBI of their compliance and submit a board-approved system audit report done by a CERT-In empanelled auditor within the prescribed time frames.

c)       The Reserve Bank of India had mandated that data be stored only in India, with no copies — or mirroring — stored in other countries.

d)      The Reserve Bank of India has decided to allow non-bank entities such as Prepaid Payment Instrument (PPI) issuers, card networks, White Label ATM (WLA) operators, and Trade Receivables Discounting System (TReDS) platforms to join the centralised payment system (CPS) and conduct RTGS and NEFT transactions.

 

2. France signs agreement to accept UPI payments and RuPay cards from India: Union Communication Minister Ashwini Vaishnaw said that UPI and Rupay card services will be available in France soon, giving a huge boost to the Unified Payments Interface (UPI) and Rupay cards. The overseas branch of India’s National Payments Corporation (NPCI) has inked a Memorandum of Understanding (MoU) with France’s Lyra Network for the acceptance of UPI and Rupay in the country. Key Points:

a)      So far, countries such as Singapore, the United Arab Emirates, Bhutan, and Nepal have adopted India’s UPI payment system.

b)      The NPCI International is in discussions to expand UPI services in the United States, Europe, and West Asia.

c)       Indian travellers will be able to make smooth payments throughout their trip to France thanks to an agreement between NPCI International and Lyra Network.

d)      Jawed Ashraf, an Indian ambassador in France, spoke about his experience with a seamless and transparent digital payment system and how beneficial it may be in France.

 

BUSINESS AND ECONOMY

 

1. Google announced a startup accelerator program for women founders: Google announced a startup accelerator program for women founders. The program will help them address challenges such as fundraising and hiring. Google for Startups Accelerator India – Women Founders will run from Jul-2022 to Sep-2022. The program is part of a larger effort by Google towards improving the representation of women across different sections of India’s digitally-trained workforce — be it entrepreneurship, professionals looking to upskill or young graduates seeking a headstart on their career. Key points of the program:

a)      The inaugural batch of the ‘Google for Startups Accelerator – India Women Founders’ will accept up to 20 women-founded / co-founded startups in the country, and support them through a three-month program.

b)      The program will place special focus on areas like access to networks, capital, hiring challenges, mentorship, and other areas which, for a variety of social reasons and low representation, prove challenging for female founders.

c)       The selected Startups will receive mentorship and support around AI/ML, Cloud, UX, Android, Web, Product Strategy and Growth. In addition to mentorship and technical project support, the accelerator includes deep dives and workshops focused on product design, customer acquisition, and founders’ leadership development.

Note: Google CEO: Sundar Pichai; Google Founded: 4 September 1998; Google Headquarters: Mountain View, California, United States.

 

2. LinkedIn tie-up with UN Women to create employment opportunities for women: LinkedIn, the world’s largest professional network, will invest USD 5,00,000 (Rs 3.88 crore) in partnership with United Nation’s Women to advance women’s economic empowerment. The project will launch a pilot in Maharashtra to cultivate the digital, soft and employability skills of 2,000 women and present them with a range of career-building opportunities through job fairs, mentoring sessions and peer-to-peer networks. The three-year regional collaboration will digitally upskill women, providing them greater access to jobs and equipping them to fully participate in the formal economy. About the collaboration:

a)      The partnership will be guided by the Women’s Empowerment Principles (WEPs), a set of effective, actionable principles that guide businesses on how to promote gender equality and women’s empowerment in the workplace, marketplace and community.

b)      UN Women and LinkedIn will leverage the online platform and institutional expertise to convene partners to support women’s economic empowerment.

c)       Together, they will hold joint advocacy campaigns and events, as well as convene key partners from their respective networks to achieve broadly equal opportunities and outcomes for women and men in the workplace.

Note: LinkedIn Corporation Founded: 5th May 2003; LinkedIn Corporation Headquarters: California, United States (US); LinkedIn Corporation CEO: Ryan Roslansky.