What was the big news?
GST updates
Updates: Annual turnover limit for exemption from GST is capped at Rs. 20 lakh.
The rollout of the Goods and Services Tax (GST) from April 1, 2017.
India and France enter into contract for supply of Rafale Fighter Jets
- India entered into the contract with France to buy 36 Rafale fighter jets from French defence major Dassault Aviation.
- This is the first such deal on aircraft in last 20 years, hence important.
- The plane is capable of carrying out all combat aviation missions — air defence, interception, ground support, in-depth strikes, reconnaissance, anti-ship strikes and nuclear deterrence.
- The French Air Force will be training three IAF pilots, one engineer and six technicians. IAF personnel will also undergo training by French industrial suppliers Dassault Aviation.
SAARC Development Fund
Ahead of the SAARC 2016 Summit in Islamabad, India was working on SAARC Development Fund.
- Fund’s Secretariat in Thimphu, Bhutan
- Fund’s three funding windows: Social, Economic and Infrastructure
- Economic Window is expected to extend funding to non-infrastructural projects related to areas such as trade and industrial development and agriculture.
- Social window, the Fund is already implementing ten regional projects. The focus of most of these projects is on poverty alleviation, education; health; human resources development; support to the disadvantaged; funding needs of communities, mirco-enterprises and rural infrastructure development.
- Infrastructure Window will finance projects in areas such as energy, power, transportation, telecommunications, environment, tourism and other infrastructure sectors.
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance’s IPO was in the news.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a financial services company based in the United Kingdom.
Centre notifies BS-VI emission standards
Govt. of India notified BS-VI emission standards for two-wheelers and four-wheelers. This will come into force from April 2020 throughout the country.
The union government has decided to skip the BS-V norms and move to the BS-VI norms from BS-IV being followed now.
NAM Summit in Venezuela
- 17th Summit of Non-Aligned Movement (NAM) concluded on Venezuela’s Margarita Island
- NAM membership includes two third of the UN members.
- India is one of the founding members of NAM, which was established to take a neutral stand during the cold war.
IIMs to double the intake for PG Diplomas
Govt. told IIMs to double the intake for PG Diploma Courses.
- IIMs are public, autonomous institutes of management education and research, established first time in 1961 in Kolkata and Ahmedabad on Planning Commission recommendation.
- There are 20 IIMs in India now.
The government appointed three members to the RBI monetary policy committee
- Monetary Policy Committee consisting of six members and headed by RBI Governor to fix the benchmark interest rates and inflation targets.
- Of the six members, three will be nominated by the government while three others will be from the Reserve Bank, including the Governor
- The Monetary Policy Committee will take decision based on the majority vote.
- Each member will have one vote but RBI Governor will get a casting vote in case of equality of votes.
- The government nominees will have a four-year term.
- The three are academics — Chetan Ghate, associate professor at Indian Statistical Institute; Pami Dua, director, Delhi School of Economics; and Ravindra H Dholakia, professor of economics at Indian Institute of Management (IIM), Ahmedabad.
- They will be joined by three Reserve Bank members, making up a total of six, with Governor Urjit Patel having a casting vote.
- The other two members are R Gandhi, deputy governor in charge of monetary policy, and executive director Michael Patra.
Manufacturing slowing in September, reveals SBI Composite Index
News: SBI Composite index revealed manufacturing industry is slowing down in September. The news is not important for IBPS exam, but IBPS may ask you about this news maker.
- The SBI Composite Index is a leading indicator of manufacturing activity in the Indian economy.
- The index will analyze data from both manufacturing and services industries to determine expansion or contraction in the economy.
- SBI publish the indicator on a monthly basis.
- This indicator will track two months in advance the possible trends in official estimates
- The SBI Composite Index will help policy makers, market participants and the like to identify the turning points in the manufacturing cycles in advance.
Mysore - the first city to be free of open defecation
Union ministry of urban development declared Mysuru the first city with 1 million people to be free of open defecation under Swachh Bharat programme.
Earlier, Union Ministry of Drinking Water and Sanitation has adjudged Sikkim the cleanest state in India in terms of sanitation in rural areas as per NSSO survey.
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