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- In June 2024, the Goods and Services Tax (GST) Council informed that a uniform rate of __________ Integrated Goods and Services Tax (IGST) will be implemented for imports of all ‘Parts, components, testing equipment, tools and toolkits of aircraft.
1) 12%
2) 18%
3) 5%
4) 28%
5) 0%Answer- 3) 5%
Explanation:
The 53rd Goods and Services Tax (GST) Council meeting headed by Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) and Ministry of Corporate Affairs(MoCA) was held on 22nd June 2024 in New Delhi, Delhi.
In the exercise of the powers conferred by section 164 of the Central Goods and Services Tax (CGST) Act, 2017 (12 of 2017), the Government of India (GoI) amended the CGST Rules, 2017 which will now be called CGST (fifth amendment) Rules, 2024.
i.The GST council informed that a uniform rate of 5% Integrated Goods and Services Tax (IGST) will be implemented for imports of all ‘Parts, components, testing equipment, tools and toolkits of aircraft.
ii.The council has recommended rolling out biometric-based Aadhaar authentication on an all-India basis in a phased manner. - Name the organisation that recently (in July ’24) published a report titled “Electronics: Powering India’s Participation in Global Value Chains”, stating that India’s electronic goods exports are approximately USD 25 billion annually.
1) World Economic Forum
2) Nasscom
3) United Nations Conference on Trade and Development
4) NITI Aayog
5) World Trade OrganizationAnswer-4) NITI Aayog
Explanation:
On July 18, 2024, the National Institution for Transforming India (NITI) Aayog released the report titled “Electronics: Powering India’s Participation in Global Value Chains(GVC)“. This report provides an in-depth analysis of India’s electronics sector, highlighting its potential and challenges, and outlines a roadmap for India to become a global manufacturing hub in electronics.
Market Size: The global electronics market is valued at USD 4.3 trillion, dominated by China, Taiwan, the USA (United States of America), South Korea, Vietnam, and Malaysia.
India’s Share: Despite a 4% share in global demand, India’s exports are approximately USD 25 billion annually, representing less than 1% of the global market share.
Ambitious Target: India should aims for USD 500 billion in electronics manufacturing by FY30, creating 5.5 to 6 million jobs, with electronics exports expected to hit USD 240 billion and domestic value addition exceeding 35%.
In FY23, India’s electronics sector contributed 5.32% to the country’s total merchandise exports, showcasing its competitiveness and international demand.
As of FY23, India’s electronics production stands at USD 101 billion, with USD 86 billion from finished goods and USD 15 billion from components manufacturing. - In which country did Union External Affairs Minister Dr. Subrahmanyam Jaishankar recently (in July ‘24) inaugurate India’s 1st overseas Jan Aushadhi Kendra?
1) Paraguay
2) Nepal
3) Zimbabwe
4) Kenya
5) MauritiusAnswer-5) Mauritius
Explanation:
Union Minister Dr. Subrahmanyam Jaishankar, Ministry of External Affairs (MEA), Government of India (GoI), was on a 2-day official visit to the Republic of Mauritius from 16th to 17th July 2024.
EAM S. Jai Shankar also held a bilateral meeting with Pravind Kumar Jugnauth, Prime Minister (PM) of Mauritius.
On 17th July 2024, EAM Dr. S. Jaishankar along with Mauritius PM Pravind Jugnauth inaugurated India’s 1st overseas Jan Aushadhi Kendra in Mauritius.
EAM Dr. S. Jaishankar inaugurated the India-Mauritius “Maitree Udyan” and planted a tree in Port Louis, Mauritius. He was accompanied by Maneesh Gobin, Minister of Foreign Affairs, Regional Integration and Internal Trade, Mauritius.
EAM S. Jaishankar reaffirmed India’s support to Mauritius on the issue of Chagos Archipelago, a gesture which was swiftly appreciated by the island nation in the Indian Ocean. - Which organisation was recently (in July ‘24) recognised by SEBI to act as a supervisory body for Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB) for a 5-year period?
1) International Financial Services Centres Authority
2) BSE Limited
3) National Payments Corporation of India
4) Competition Commission of India
5) National Stock Exchange of India LimitedAnswer- 2) BSE Limited
Explanation:
The Securities and Exchange Board of India (SEBI) has recognized BSE Limited (formerly Bombay Stock Exchange) as a supervisory body for Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB) to oversee their management and administration for a period of 5 years w.e.f. July 25, 2024.
This recognition has been under regulation 14 of the SEBI ( Research Analyst (RA)) Regulations, 2014 and SEBI (Investment Adviser (IA)) Regulations, 2013.
This information is provided by SEBI in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992 read with regulation 14 of RA Regulations and IA Regulations.
BSE will develop Bye-Laws, Standard Operating Procedures (SOPs), And Frequently Asked Questions (FAQs) to assist RAs and IAs in smoothly adopting the frameworks established by the RAASB and the IAASB. - Which company has recently (in July ‘24) received the National Payments Corporation of India (NPCI) certification to operate as a UPI-based payment infrastructure provider for banks and fintech companies?
1) Perfios
2) CCAvenue
3) TechFini
4) Onionlife
5) CredAnswer-3) TechFini
Explanation:
Mumbai (Maharashtra)-based Fintech Startup TechFini has received the certification from the National Payments Corporation of India (NPCI) to operate as a Unified Payments Interface (UPI)-based payment infrastructure provider for banks and fintech companies.
The NPCI certifications validate TechFini’s commitment to innovation in payments technology and serve as a source of authentication to its customers and partners striving to access secure, reliable, and trustworthy solutions.
It enables the startup to operate as an UPI Issuer 2.0, UPI Acquirer 2.0, Issuer of Credit Line on UPI, Acquirer of Credit Line on UPI, and Enabler of RuPay Credit Card and Recurring Mandate on UPI.
It has also been certified for UPI Unified Dispute and Issue Resolution (UDIR) which makes the startup one of the platforms to serve as a game-changer in addressing the complexity of dispute resolution. - Which bank has recently(in July ‘24) entered into a bancassurance agreement with the Life Insurance Corporation of India (LIC)?
1) Karnataka Bank
2) Bank of India
3) Canara Bank
4) Bank of Baroda
5) IDFC First BankAnswer-5) IDFC First Bank
Explanation:
The Life Insurance Corporation of India (LIC) has partnered with IDFC First Bank Limited, under Corporate Agency Arrangement to enhance bancassurance and to provide life insurance coverage to all by 2047.
It will benefit more than 1 crore IDFC First Bank customers, who will now be able to purchase LIC policies through the bank.
The agreement will offer IDFC First Bank’s digitally savvy customers a diverse range of attractive LIC insurance products. - According to the recently (in July ‘24) released Federation of Indian Chambers of Commerce & Industry’s (FICCI) Economic Outlook Survey, India’s projected annual median Gross Domestic Product (GDP) growth is _______ for the fiscal year 2024–25 (FY25).
1) 6.6%
2) 7%
3) 6.7%
4) 8%
5) 7.2%Answer-2) 7%
Explanation:
The Federation of Indian Chambers of Commerce & Industry (FICCI)’s Economic Outlook Survey released in July 2024 has projected a 7% annual median Gross Domestic Product (GDP) growth for India in the fiscal year 2024-25(FY25). This forecast presents a growth estimate range from 6.6% to 7.5%.
The median GDP growth is estimated at 6.8% in first quarter (Q1) (April-June) FY25 and 7.2% in second quarter (Q2) (July-September) of FY25.
The median forecast for Consumer Price Index (CPI) based inflation has been put at 4.5 per cent for 2023-24, with a minimum and maximum range of 4.4 per cent and 5.0 per cent respectively.
The survey forecasts exports to reach USD 455 billion and imports to hit USD 725.0 billion for 2024-25. - Name the company that has recently (in July ‘24) signed an agreement worth Rs. 839.55 crore with the National Centre for Polar and Ocean Research (NCPOR) to build an Ocean Research Vessel (ORV).
1) Mazagon Dock Shipbuilders Limited
2) Cochin Shipyard Limited
3) Garden Reach Shipbuilders and Engineers Limited
4) Goa Shipyard Limited
5) Shipping Corporation of IndiaAnswer-3) Garden Reach Shipbuilders and Engineers Limited
Explanation:
Indian Defence Public Sector Unit (PSU), Garden Reach Shipbuilders and Engineers Limited (GRSE) signed an agreement worth Rs. 839.55 Crores. with the National Centre for Polar and Ocean Research (NCPOR) for the construction of the Ocean Research Vessel (ORV) in 36 months.
It will have a maximum of 14 knots and operate depths of 6,000 m. The vessel will have all-weather capability and capacity to carry 34 scientists at a time and is expected to serve India for the next 30 years.
The state-of-the-art oceanographic vessel having 89.5 meter (m) long, 18.8 m wide ship with a depth of 12.5 m and gross weightage of 5,900 tonnes.
It will be the largest research vessel to be built in an Indian shipyard meant for deep sea exploration. - Which bank has recently (in July ‘24) received the nod from the RBI for the re-appointment of Kadambelil Paul Thomas as Managing Director (MD) and Chief Executive Officer (CEO) of the bank for the next 3 years?
1) Dhanlaxmi Bank
2) IDFC First Bank
3) ESAF Small Finance Bank
4) HDFC Bank
5) Ujjivan Small Finance BankAnswer-3) ESAF Small Finance Bank
Explanation:
On 17th July 2024, ESAF Small Finance Bank(ESAF SFB) announced that it has received the approval from the Reserve Bank of India (RBI) for the re-appointment of Kadambelil Paul Thomas as Managing Director (MD) and Chief Executive Officer (CEO) of the bank for next 3 years.
This final approval was communicated through RBI’s letter dated on 16th May 2024, which was granted under the Banking Regulation Act, 1949.
In June 2024, K. Paul Thomas was elected the chairman of the Board of Sa-Dhan, the association of microfinance and impact finance institutions - Name the new species of plant that was recently(in July 2024) discovered from the Itanagar Wildlife Sanctuary in Arunachal Pradesh.
1) Ablennes joseberchmansis
2) Ablennes gracalii
3) Phlogacanthus Sudhansusekharii
4) Dendrophthoe longensis
5) Oedocladium sahyadricumAnswer-3) Phlogacanthus Sudhansusekharii
Explanation:
Researchers from the Botanical Survey of India (BSI) have discovered a new plant species named ‘Phlogacanthus Sudhansusekharii’ in the Itanagar Wildlife Sanctuary, in Papum Pare district, Arunachal Pradesh (AR).
The new plant species has been named after Dr Sudhansu Sekhar Dash, a Scientist at the BSI, in recognition of his significant contribution to plant and ecological research in the Indian Himalayan region.
The detailed research findings were published by authors Samrat Goswami and Rohan Maity in the Indian Journal of Forestry.
Phlogacanthus Sudhansusekharii belongs to the family ‘Acanthaceae’ and the genus ‘Phlogacanthus’.
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