Daily Current Affairs 05 May 2018

Daily Current Affairs 05 May 2018
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# GST Council simplifies return filing process

The GST Council in its 27th meeting decided on a new, simplifed method of filing GST returns, based on the recommendations of the Group of Ministers on IT simplification.All taxpayers excluding a few exceptions like composition dealer shall file one monthly return.Goods & Services Tax Council is a constitutional body & is chaired by the Union Finance Minister

# California’s economy is world’s 5th biggest

California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest economy.California’s GDP of $2.7 trillion has overtaken the UK’s $2.6 trillion.California’s economic output is now surpassed only by the total GDP of the United States, China, Japan and Germany.All economic sectors except agriculture contributed to California’s higher GDP.

# HRD announces 75 NRC for teachers

Human Resource Development Ministry has launched a major and unique initiative of online professional development of 1.5 million higher education faculty using the Massive Open Online Courses platform SWAYAM.In the 1st phase, 75 discipline-specific National Resource Centres have been identified.NRC are tasked to prepare online training material with a focus on new and emerging trends.

# A new nuclear reactor for space

NASA has developed a new kind of reactor to be used for space exploration missions.NASA’s Kilopower project works to build the kind of technology that could be used for an affordable fission nuclear power system so astronauts can have longer trips to planets.Kilopower is a small, lightweight fission power system that can deliver 10 kilowatts of electrical power.

# RBI asks banks to share data with DRI

The Reserve Bank of India has asked banks authorised to deal in foreign exchange to share data with the Directorate of Revenue Intelligence (DRI).Under the new rules, in the case of inward remittances, the agency can seek information relating to a remittee’s details like name, address etc.In the case of outward remittances, the agency can seek information relating to a remitter’s detail.

# New snake found in Western Ghats

The snake, currently observed only in the forests of the Anaikatty hills in Tamil Nadu’s Coimbatore district, has been named Uropeltis bhupathyi.The reptile belongs to a family of snakes found only in peninsular India and Sri Lanka.They are non-venomous, burrowing and mostly earthworm-eating.

# SEBI proposes changes to public issue norms

SEBI has proposed some changes in public issue norms, including shorter time period for price band announcement & lesser disclosures about group companies at time of IPO.The time period for announcing price band for Initial public offerings (IPO) will be reduced to 2 working days from current 5 days.These proposals are based on suggestions made by SEBI’s Primary Market Advisory Committee.

# Singapore-Kuala Lumpur is busiest air route

The trip between Singapore and the Malaysian capital Kuala Lumpur is the world’s busiest international air route according to the study by air travel intelligence firm OAG.Asia dominated the list of the world’s 20 busiest international air routes.The world’s second busiest air route is between Hong Kong and the Taiwanese capital Taipei & followed by the Jakarta to Singapore air route.

# World’s rarest ape on the edge of extinction

Tapanuli Orangutan – the rarest ape species on the planet – could lose its battle for survival, unless decisive steps are taken to rescue it.Fewer than 800 members of the species survive, and they are under assault from mega-projects, deforestation, road building, and poaching.The ape survives only in areas with virtually no roads.

# RBI announced Rs.10,000 crore bond purchases

The Reserve Bank of India has announced that it would buy Rs. 10,000 crore of government bonds via Open Market Operation (OMO).The move could bring some relief to the bond market which is reeling under the pressure of rising yields despite a slew of regulatory measures.Since the start of 2018, the yield on the 10-year benchmark bond has gained 40 basis points to 7.73%.

# NITI Aayog ropes in IBM to use AI

NITI Aayog has partnered with IBM to develop a crop yield prediction model using artificial intelligence to provide real-time advisory to farmers.The partnership aims to make use of technology to improve crop productivity, soil yield and farmers income.1st phase of the project will focus on developing a model for 10 backward districts branded as “aspirational districts” by NITI Aayog.

# India, Sri lanka agree on information exchange

India & Sri Lanka have agreed on cooperation on exchange of information & other aspects to tackle smuggling of drugs in both countries.The decision was taken at the 3rd bilateral meeting between India’s Narcotics Control Bureau & Sri Lanka’s Police Narcotics Bureau.Use of sea route to smuggle drugs & sharing of best practices & training needs were also a part of the discussion.

# PGCIL Inks Pact With Power Ministry

State-run Power Grid Corporation of India (PGCIL) has inked a pact with the Ministry of Power to incur capital expenditure of Rs.25,000 crore for the current fiscal.The MoU includes various targets to be achieved by Powergrid during 2018-19.Other targets in the MoU inter-alia include parameters related to human resources, project management, research & development.

# Chhattisgarh to recruit transgender in police

To promote gender equality, Chhattisgarh govt has decided to recruit transgender in the police force.Chhattisgarh is the first state to recruit transgenders for police while Tamil Nadu is the first state to hire India’s first transgender police officer.In 2014, Supreme Court declared transgender people as the 3rd gender & ruled that they have equal privilege over the fundamental rights.

# Informal meeting of SAARC FMs held in Manila

The twelfth informal meeting of SAARC Finance Ministers was held in Manila, on the sidelines of the 51st Annual Meeting of Asian Development Bank (ADB).The meeting was chaired by the Finance Minister of Nepal Yuba Raj Khatiwada.The Finance Ministers/Heads of Delegation briefed the meeting about the current status of economic progress achieved by their countries.

# Saina returns to top 10

Commonwealth gold medalist Saina Nehwal climbed up to return into the top-10 of the Badminton World Federation women’s singles rankings.Commonwealth mixed team gold medalist Kidambi Srikanth climbed from fifth to the third spot, while HS Prannoy jumped to a career-best eighth spot.Meanwhile, Rio Olympic silver medalist PV Sindhu retained the third spot.

# Exchanges allowed to extend trading time

Markets regulator SEBI allowed stock exchanges to extend trading in equity derivatives by over 8.5 hours to bring the timings in line with commodity markets.It has allowed exchanges to set trading hours in equity derivatives between 9:00 am and 11:55 pm, effective October 1, 2018.As of now, trading is allowed from 9:15 am till 3:30 pm.

# No Nobel Prize in Literature this year

The Swedish Academy has postponed the 2018 Nobel Prize in Literature following sex-abuse allegations and other issues within its ranks that have tarnished the body’s reputation.The 2018 winner will be presented alongside the 2019 winner next year.It is the first time since wartime 1943 that the prestigious award will not be given.

# Google to set up 25,000 Wi-Fi hotspots in AP

Google India has partnered with Andhra Pradesh State FiberNet Limited to set up Wi-Fi stations in all the Gram Panchayats of the state.It will install 25,000 Wi-Fi hotspots by December 2018.In 2016, Google had installed public Wi-Fi networks at 100 railway stations and is now working to expand the project to as many as 400 stations by 2018 end.

# GST Network to be a government body

The GST Council approved a proposal to make the GST Network (GSTN) a government body.The government will acquire the 51% stake held by private entities and subsequently, the Central Government will own 50% in GSTN and states will collectively hold the remaining 50%.Currently, a 49% stake in GSTN is held by the Government.

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