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- Which of the following points is/are “Incorrect” with respect to the Tax Collection at Source (TCS), as of June 2023?
A) The Ministry of Finance announced that there will be no changes in the rate of TCS for all purposes under Liberalised Remittance Scheme (LRS) and for overseas travel tour packages, regardless of the mode of payment, for amounts up to Rs 7 lakh per individual per annum.
B) Beyond the Rs 7 Lakh threshold, TCS shall be 0.5% for remittance for education financed by education loan; 5% for remittance for education or medical treatment and 20% for others.
C) The changes in the TCS rates which were set to be implemented with effect from 1st July 2023 will now come into effect from 1st December 2023 with the above-mentioned modifications.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & CAnswer-3) Only C
Explanation:
On 28th June 2023, the Ministry of Finance announced that there will be no changes in the rate of Tax Collection at Source (TCS) for all purposes under Liberalised Remittance Scheme (LRS) and for overseas travel tour packages, regardless of the mode of payment, for amounts up to Rs 7 lakh per individual per annum.
• It was also announced that more time will be provided for the implementation of the revised TCS rates and also for the inclusion of credit card payments in LRS.
i. The government has postponed the implementation of its 16th May 2023 e-gazette notification which brought credit card expenses under LRS.
ii. The changes in the TCS rates which were set to be implemented with effect from 1st July 2023 will now come into effect from 1st October 2023 with the above-mentioned modifications.
Overview of Changes in TCS Rates:Nature of Payment Rates before Finance Act 2023 New rates wef 1st October 2023 LRS for education financed by a loan Nil upto Rs 7 lakh Nil upto Rs 7 lakh 0.5% above Rs 7 Lakh 0.5% above Rs 7 Lakh LRS for Medical treatment/ education (other than financed by loan) Nil upto Rs 7 lakh Nil upto Rs 7 lakh 5% above Rs 7 Lakh 5% above Rs 7 Lakh LRS for other purposes Nil upto Rs 7 lakh Nil upto Rs 7 lakh 5% above Rs 7 Lakh 20% above Rs 7 Lakh Purchase of Overseas tour program package 5% (without threshold) 5% till Rs 7 Lakh, 20% thereafter - According to the Export data released by GoI for FY23 released in June 2023, which state has become India’s leading exporter of Electronic goods in FY23 with the export worth USD 5.37 billion?
1) Tamil Nadu
2) Karnataka
3) Uttar Pradesh
4) Maharashtra
5) Andhra PradeshAnswer-1) Tamil Nadu
Explanation:
According to the Export data released by the government of India for FY23 (financial year ended in March 2023), Tamil Nadu (TN) becomes India’s leading exporter of Electronic goods in FY23, with exports reaching USD5.37 billion (bn), nearly triple the export of FY22 (USD 1.86 bn).
• Tamil Nadu is followed by Uttar Pradesh (UP) in the 2nd place with exports worth USD 4.90 bn and Karnataka in 3rd place with USD 4.52 bn.
• For the 1st time, TN has overtaken UP, Karnataka and Maharashtra to top the list as India’s leading exporter of electronic goods.
• Production from the companies like Tata Electronics and Pegatron helped TN to climb the top spot from the 4th spot in FY22 in the electronics sector.
• In FY 2022-23 India’s export of electronic goods were recorded at USD 23.57 bn, the share of TN in the total export is 22.83%. - In which state/UT, the two-day Hemis Tsechu Festival was recently (in June ‘23) celebrated by Hemis Gompa (monastery) to commemorate the birth anniversary of Guru Padmasambhava?
1) Jammu and Kashmir
2) Assam
3) Ladakh
4) Sikkim
5) Arunachal PradeshAnswer-3) Ladakh
Explanation:
The annual two day Hemis Tsechu Festival is celebrated by Hemis Gompa (monastery) from 28th June to 29th June 2023 in Leh, Ladakh on the birth anniversary of Guru Padmasambhava to commemorate his life and works, who is referred to as Guru Rinpoche.
i. Hemis Tsechu Festival celebrating Guru Padmasambhava, in which monks wear masks and dance to the rhythm of cymbals and long horns.
ii. This festival also marks the opening of Guru Padmasambhava’s silk thangka (Tibetan painting) on the occasion of Monkey Year in the Tibetan Calendar, which falls every 12 years.
Note- Guru Padmasambhava lived in the late 8th century, introducing tantric Buddhism to the Himalayan kingdom. He preached to people with his famous eight avatars. - Which of the following points is/are “correct” with respect to the ASK Private Wealth Hurun India Future Unicorn Index 2023 released by Hurun Research Institute in June 2023?
A) In 2023, India added only three unicorn start-ups having a valuation of over USD 1 billion compared to 24 (turned Unicorns from the list) in 2022 pointed at a distinct slowdown.
B) The total number of Unicorns in India in 2023 is 83, and there were 51 gazelles, and 96 cheetahs, as against 84 unicorns, 51 gazelles, and 71 cheetahs in the 2022 index.
C) Mumbai, Maharashtra continues to be the start-up capital of India by being home to 53 probable unicorns.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & CAnswer-2) Only A & B
Explanation:
The Hurun Research Institute released the ASK Private Wealth Hurun India Future Unicorn Index 2023, a ranking of India’s start-up ecosystems worth at least USD 200 million, and the new additions in the unicorn list reveals a significant decline in 2023, indicating a slowdown in the Indian start-up ecosystem. The cut-off date was 31 May 2023.
• In 2023, India added only three unicorn start-ups having a valuation of over USD 1 billion compared to 24 (turned Unicorns from the list) in 2022 pointed at a distinct slowdown.
• In 2023, Hurun Research found 147 (122 in 2022) Indian future Unicorns from 25 cities and they were set up on average in 2015.
• The total number of Unicorns in India in 2023 is 83, and there were 51 gazelles, and 96 cheetahs, as against 84 unicorns, 51 gazelles, and 71 cheetahs in the 2022 index.
• Bengaluru (Karnataka) continues to be the start-up capital of India by being home to 53 probable unicorns.
• Note- To feature in the ASK Private Wealth Hurun India Future Unicorn Index 2023, the start-up is required to have a minimum valuation of USD 200 million (Rs.1,650 crore). - Name the life insurance company that has recently (in June ‘23) introduced Industry’s 1st digital payments via WhatsApp and Unified Payment Interfaces (UPI).
1) Tata AIA Life Insurance
2) ICICI Prudential Life Insurance
3) Max Life Insurance
4) Bajaj Allianz Life Insurance
5) HDFC Life InsuranceAnswer-1) Tata AIA Life Insurance
Explanation:
Tata AIA, the life insurance arm backed by Tata Group, has introduced a first of its kind feature in the insurance industry by enabling digital payments through WhatsApp and Unified Payment Interfaces (UPI).
i. This allows policyholders to make instant premium payments using these popular platforms, providing a hassle-free experience. This move showcases Tata AIA’s commitment to leveraging technology and enhancing customer satisfaction.
ii. The new feature ensures that both tech-savvy and non-tech-savvy consumers can easily pay their premiums digitally and receive quick confirmation and acknowledgment.
iii. The collaboration with WhatsApp and PayU has resulted in the development of an in-house intelligent platform, significantly enhancing the consumer experience and transactional ease. - Name the bank that has recently (in June ‘23) partnered with the National Payments Corporation of India (NPCI) to introduce the facility of linking its RuPay Credit Card to a Unified Payments Interface (UPI).
1) YES Bank
2) ICICI Bank
3) HDFC Bank
4) IDBI Bank
5) Kotak Mahindra BankAnswer-5) Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank Limited (KMBL/Kotak) partnered with the National Payments Corporation of India (NPCI) to introduce the facility of linking its RuPay Credit Card to a Unified Payments Interface (UPI) with UPI-enabled apps.
i. The Kotak RuPay Credit Card will be linked to Virtual Payment Address (VPA), a UPI ID, to enable safe and secure payment transactions. With this, Customers are no longer needed to carry their physical credit cards.
ii. The linkage will also provide customers with a reward and an interest-free credit period of up to 50 days. - Which company has recently (in June ‘23) partnered with Shriram Finance to increase digital Financial Services?
1) PhonePe
2) BharatPe
3) Freecharge
4) Paytm
5) RazorpayAnswer-4) Paytm
Explanation:
Paytm announced a strategic partnership with Shriram Finance, a non-banking finance company (NBFC) of the Chennai (Tamil Nadu)-based Shriram group, to extend financial services to its users, including loan products. Under this partnership, Shriram Finance products will be made available on Paytm’s platform digitally.
i. This partnership combines Paytm’s wide reach and technology framework with Shriram Finance’s lending expertise as the largest retail NBFC in rural areas of India. - Which organisation has recently (in June ‘23) signed an MoU with the MIDAS (Manchester’s Inward Investment Agency) and MAG (Manchester Airports Group) to set up the 1st launch pad in the UK for Indian tech Small and medium-sized enterprises (SMEs)?
1) Associated Chambers of Commerce and Industry of India
2) Federation of Indian Chambers of Commerce & Industry
3) National Association of Software and Service Companies
4) Indian Economic Trade Organization
5) Confederation of Indian IndustryAnswer-3) National Association of Software and Service Companies
Explanation:
The National Association of Software and Service Companies (NASSCOM), the leading organisation representing India’s technology industry, has signed a Memorandum of Understanding (MoU) with MIDAS (Manchester’s Inward Investment Agency) and MAG (Manchester Airports Group) to establish first NASSCOM launch pad in the United Kingdom (UK) to promote innovation, investment, and technological exchange between Greater Manchester (UK), and India.
i. Under this MoU, Small and medium-sized enterprises (SMEs) Indian tech companies seeking to establish their presence in Greater Manchester (the UK) will have the opportunity to access 180 days of rent-free office space within Manchester Airport’s premises. - Name the personality who has been recently (in June ‘23) honoured with the India Global Forum (IGF) United Kingdom (UK) Special Award: Global Indian Icon of the Year award (2023) at the 5th annual UK -India Awards (2023).
1) Mary Kom
2) PV Sindhu
3) Lovlina Borgohain
4) Neeraj Chopra
5) Shubman GillAnswer-1) Mary Kom
Explanation:
On 29th June 2023, Former Rajya Sabha member and India’s first-ever Olympic medallist in women’s boxing, Mary Kom (40 years old) has been honoured with the India Global Forum (IGF) United Kingdom (UK) Special Award: Global Indian Icon of the Year award (2023) at the 5th annual UK -India Awards (2023) held in Fairmont Windsor Park, Windsor, UK.
i. She received the award from Indian High Commissioner to the UK Vikram Doraiswami and shared her remarkable 20-year journey filled with dedication and unwavering commitment to the sport of boxing.
ii. The event was organised by India Global Forum (IGF) as a part of the UK-India Week 2023 held from 26th to 30th June 2023. - When was the United Nations (UN) International Asteroid Day 2023 observed across the globe?
1) 30th June 2023
2) 29th June 2023
3) 28th June 2023
4) 27th June 2023
5) 26th June 2023Answer-1) 30th June 2023
Explanation:
The United Nations (UN)’s International Asteroid Day 2023 was observed across the world on 30th June 2023 to raise public awareness about the asteroid impact hazard and to inform the public about the crisis communication actions to be taken at the global level in case of a credible Near-Earth Object (NEO) threat.
i. The first-ever International Asteroid Day was observed on 30th June 2017.
ii. 30th June marks the anniversary of the Earth’s largest asteroid impact in recorded history, the Siberia Tunguska event, which occurred on 30th June 1908.
Note- Asteroids are small, rocky objects that orbit the Sun. Although asteroids orbit the Sun like planets, they are much smaller than planets.
- Which of the following points is/are “Incorrect” with respect to the Tax Collection at Source (TCS), as of June 2023?
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