DAILY GK 1-2 JULY 2024
1.
INTEREST RATE
ON SMALL SAVINGS SCHEMES FOR Q2FY25
·
Department of Economic Affairs (DEA-Budget Division), Ministry of Finance (MoF), Government of India(GoI)
has kept the interest rate on small
savings scheme unchanged for its 2nd Quarter of 2024-25( Q2FY25) i.e. from 1st June 2024 to
30th September, 2024 from those notified for Q1FY25.
·
In December 2023, the Government of India (GoI) increased the interest rates of
some of the small savings scheme such as: Sukanya Samriddhi Yojana
and 3-year Time Deposit, were increased by 20 basis points (bps) for Q4FY24.
·
The Public Provident Fund (PPF) rates has remain
unchanged for last 3 years. It was last changed in April-June 2020, when it was
declined from 7.9% to 7.1%.
·
Interest Rates
Q2FY25 -Kisan Vikas Patra (KVP)-
7.5% (will mature in 115 months)
·
Public Provident Fund (PPF)- 7.1%
·
Sukanya Samriddhi Yojana (SSY)- 8.2%
·
National Savings Certificate (NSC)- 7.7%
·
Senior Citizens’ Savings Scheme(SCSS)- 8.2%
·
These are savings
instruments managed by the GoI to encourage citizens to save
regularly.
·
These SSCs are broadly classified into 3 categories: savings deposits, social security schemes, and monthly income plan.
·
Interest rates for SSCs are notified on a quarterly basis by the GoI.
·
The methodology to determine the interest rates for SSCs
was recommended by Shyamala Gopinath Committee
in January 2023.
2.
BORNEAN
ELEPHANTS CLASSIFIED AS ENDANGERED ON THE IUCN RED LIST
·
The Bornean elephant(Elephas
maximus borneensis), the smallest
Asian elephant subspecies has been assessed as ‘Endangered’ by the International
Union for Conservation of Nature (IUCN) Red List of Threatened Species, due to threats from human
activities.
·
The Bornean elephants has been assessed on the IUCN Red List for the 1st time as a distinct subspecies of Asian
elephants.
·
The assessment confirms that there are approximately 1,000 Bornean elephants left
in the wild, with about 400 being breeding adults.
·
They are mainly found in the Malaysian state of Sabah,
with a small population in the Indonesian state
of Kalimantan.
·
Borneo has the
distinction of being the only
island in the world that is shared
by 3 countries: Malaysia, Indonesia, and Brunei.
·
IUCN Director
General– Dr Grethel Aguilar
·
Headquarters– Gland,
Switzerland
·
Established– 5th
October 1948
3.
SEBI RAISED
BASIC SERVICE DEMAT ACCOUNT (BSDA) LIMIT TO RS 10 LAKH
·
Securities and Exchange Board of India (SEBI) has raised the threshold of
Basic Service Demat Account (BSDA) from existing limit of Rs 2 lakh to Rs 10 lakh.
·
It aims to encourage small investors to participate in
the stock market and promote their financial access.
·
A BSDA is simple form of a standard demat account.
·
It was introduced
for the 1st time by the SEBI in 2012 to reduce the demat charges for investors holding small
portfolios and to promote wider financial inclusion.
·
As per new regulations, in order to be eligible for BSDA,
an individual is required to have only
one demat account where the person is the sole or 1st holder across
all depositories and the value of securities in the account should not exceed Rs 10 lakh for both debt and
non-debt securities at any time.
·
As per SEBI circular, the annual maintenance charges for
a BSDA will be nil for
portfolio up to Rs 4 lakh and for portfolio up to Rs 10 lakh, the annual
charges will be Rs 100.
·
If portfolio value is more than Rs 10 lakh then BSDA will be automatically converted
into a regular demat account.
·
According to the new regulations, no service charges will
be levied on electronic statements for
BSDA accounts but, physical statements can be charged at Rs 25 per statement.
4.
SEBI REVISED
ELIGIBILITY CRITERIA FOR ENTRY, EXIT OF STOCKS IN DERIVATIVES MARKET
·
Board of Securities and Exchange Board of India (SEBI) has revised the eligibility criteria for entry and
exit of stocks in the derivatives segment of exchanges.
·
As per new rules, the eligibility criteria for exit will be applicable to only those
stocks that have been in the derivative segment
for minimum 6 months.
·
Whereas, the exit
criteria for existing stocks in the derivatives segment will be based on
their performance and will be applicable 3 months after the date of issuance of circular.
·
SEBI has increased the stock’s Median Quarter Sigma Order Size (MQSOS) over the last 6 months, on a rolling basis, from
minimum Rs 25 lakh to at least Rs
75 lakh.
·
The stock’s Market
Wide Position Limit (MWPL) on a
rolling basis should be minimum Rs
15, 00 crore.
·
The new norms has also increased the minimum amount
required for the stock’s Average Daily Delivery Value (ADDV) in the cash market
in the previous 6 months on a rolling basis, from Rs 10 crore to Rs 35 crore.
5.
NEW PRESIDENT
OF THE EUROPEAN COUNCIL
·
Antonio Costa, the
Portuguese politician who served as the Prime Minister (PM) of Portugal from
2015 to 2024, was elected as the New President
of the European Council.
·
European
Council is the informal forum for discussion between heads of state
or government of the European Union EU leaders met in Brussels, Belgium in June 2024 for the European Council and
discussed the high-level EU-level roles in the upcoming institutional cycle.
·
Ursula von
der Leyen of Germany was nominated for a second 5-year term
as President of the European
Commission, the executive body of EU.
·
Kaja Kallas, the first
woman PM of Estonia, has been
chosen as the candidate for High
Representative of the Union for Foreign Affairs and Security Policy.
·
The European
Council defines the general political direction and priorities of the European
Union.
·
It was
established in 1974 as an informal forum, gained formal status in 1992 under
the Treaty of Maastricht and became
one of the seven EU institutions in 2009.
·
President– Charles
Michel
·
Location– Brussels,
Belgium.
·
Members– Heads of
state or government of EU countries, European Council President, European
Commission President
6.
INDIAN NAVY
DE-INDUCTED UH-3H HELICOPTER
·
The Indian
Navy bid farewell to the UH-3H
helicopter after 17 years
of service. Vice Admiral Sameer Saxena, Chief of Staff (COS), Eastern Naval
Command (ENC) presided the de-induction ceremony held at INS Dega, the naval air station, in Visakhapatnam,
Andhra Pradesh(AP)
·
The UH-3H
helicopter will be replaced by
the Sea King 42C helicopter in
the Indian Naval Air Squadron (INAS) 350, to continue and deliver operational
power and capability.
·
One UH-3H will be permanently displayed at prominent
location in ‘City of Destiny’, Visakhapatnam, AP.
·
The UH-3H was brought
to India in 2007 along
with the Indian Naval Ship (INS) Jalashwa and
inducted into INAS 350 christened
“Saaras”
on 24 March 2009.
·
The mighty ‘Saaras’ enhances the squadron crest embodying the motto “Strength, Valour and Perseverance.”
7.
“MANOJ
BAJPAYEE: THE DEFINITIVE BIOGRAPHY”
·
“Manoj Bajpayee:
The Definitive Biography” is the biography of the National
award-winning bollywood actor Manoj Bajpayee, authored by
journalist Piyush Pandey.
·
The Book originally written in Hindi titled “Manoj
Bajpayee: KuchPaane Ki Zid” has been translated into English by the journalist Rachit Vats.
8.
MOSPI CONSTITUTED
ADVISORY PANEL TO REVISE BASE YEAR FOR GDP
·
The Ministry of Statistics and Programme
Implementation (MoSPI) has
constituted 26-member Advisory Committee on National
Accounts Statistics (ACNAS) to revise the base year for Gross
Domestic Product (GDP) data.
·
The new committee will be headed by Biswanath Goldar, former Professor
of Institute of Economic Growth (IEG), as chairman.
·
The committee will also have representation from RBI, NITI Aayog,Ministry of Agriculture and Farmers Welfare(MoA&FW),
GST Network, Ministry of Commerce
and Industry (MoCI) and Department for Promotion of Industry and Internal Trade
(DPIIT).
9.
6TH &
FINAL FATF PLENARY HELD IN SINGAPORE
·
The 6th and
final Plenary of the Financial
Action Task Force (FATF) was held under the Presidency of T. Raja Kumar of Singapore held in
June 2024 in Singapore.
·
The FATF discussed and adopted the joint
FATF/APG/EAG Mutual Evaluation
Report(MER) of India which places India in the ‘regular
follow-up’ category along with four other G20 (group
of 20) countries: Russia, France, Italy, and the United Kingdom(UK).
·
The FATF President met with Chairs of nine FATF-Style
Regional Bodies (FSRBs) to
strengthen partnership and set Global Network priorities.
·
The Women in
FATF and Global Network (WFGN) initiative was launched under Singapore
Presidency, featuring multi-cultural pilot mentoring programme involving 15
mentor-mentee pairs from diverse cultures and backgrounds.
·
An e-book “Breaking
Barriers: Inspiring the Next Generation of Women Leaders” on women
leaders was also launched during the event.
·
The suspension
of the Russian Federation‘s membership remains in effect.
·
Mexico assumes
the FATF Presidency from 1 July 2024 to 30 June 2026 under Elisa de Anda Madrazo.
·
FATF is an intergovernmental organisation established
in 1989.
·
India became a member of FATF in 2010.
·
Members– 40
·
Headquarters– Paris, France
10.
INDIA RECEIVED
USD120BN IN REMITTANCES IN 2023: WORLD BANK
·
World Bank (WB)
released a report titled ‘Migration and Development Brief 40 June 2024: Remittances Slowed in 2023,Expected to Grow Faster in 2024‘.
·
As per it, India received USD 120 billion in remittances in 2023, a 7.5% increase.
·
The reason behind this increase is lower inflation and strong labor markets in the United States of
America (USA) and Europe.
·
Remittances to India are forecasted to grow 3.7% to USD 124 billion in 2024 and 4% to USD 129
billion in 2025.
·
Remittances from the United
Arab Emirates (UAE), accounted for 18% of India’s remittances, the second-largest source of India’s
remittances after the US.
11.
CHAIRMAN OF CBDT
·
Ravi Agrawal has been
appointed as the new Chairman of
the Central Board of Direct Taxes (CBDT),
the administrative body for the Income Tax Department.
·
He succeeded Nitin
Gupta, whose extended tenure ended on June 30, 2024.
·
Appointments
Committee of the Cabinet (ACC) issued that his appointment will
be on contract basis until June 30 2025, while his scheduled retirement is in
September 2024.
·
The CBDT, headed by a chairman and can have six
members of special secretary rank.
12.
30TH CHIEF OF
THE ARMY STAFF
·
Lieutenant General Upendra Dwivedi, the
former Vice Chief of Army Staff (VCOAS) took charge as the 30th Chief of the Army Staff (COAS)
of the Indian Army (IA).
·
He succeeded General Manoj Pande, who
took charge as COAS in May 2022.
·
Manoj Pande was superannuated
on June 30 2024, after completing four decades of distinguished service in
the IA.
·
General Upendra Dwivedi, an
accomplished military leader joined the prestigious National Defence Academy (NDA) in January 1981 and was
commissioned into the 18th
Battalion of Jammu & Kashmir (J&K) Rifles on 15 December 1984.
·
Lieutenant
General NS Raja Subramani took charge as the new Vice Chief of Army Staff (VCOAS)
of the IA.
·
Lieutenant General Anindya Sengupta took
charge as the new General Officer Commander-in-Chief (GOC-in-C) Central Command succeeding General NS Raja Subramani, who was
appointed as GOC-in-C on March 1 2023.
·
Indian Army
(IA) Theme of the year 2024 – ‘Year of Technology Absorption’
13.
AUSTRIAN GRAND
PRIX
·
Mercedes’
George Russell, a British racing driver, won the Austrian Grand Prix (GP),
officially known as the Formula
1(F1) Qatar Airways Austrian Grand Prix 2024, at the Red Bull Ring circuit
in Spielberg, Austria.
·
McLaren’s
Oscar Piastri, an Australian racing
driver, finished 2nd, and Scuderia Ferrari’s Carlos Sainz,
a Spanish racing driver,
finished 3rd.
14. INTERNATIONAL
DAY OF PARLIAMENTARISM 2024 – JUNE 30
·
This Day marks the anniversary of the foundation of
the Inter-Parliamentary Union (IPU), the 1st political
multilateral organisation in the world, in 1889 in
Paris, France.
·
The 2024 observance aims to communicate with the 148th IPU Assembly’s
final declaration, “Geneva Declaration: Parliamentary diplomacy:
Building bridges for peace and understanding.”
·
30 June 2024 marks the 135th anniversary of
the IPU.
·
Inter-Parliamentary Union (IPU)-President–
Dr. Tulia Ackson
·
Secretary General– Martin Chungong Headquarters–
Geneva, Switzerland
·
Members– 180 Member Parliaments; 15 Associate
Members
·
Slogan– For Democracy. For everyone
15.
RBI JOINS
PROJECT NEXUS TO ENABLE INSTANT CROSS-BORDER RETAIL PAYMENTS
·
Reserve Bank of India (RBI) has joined Project
Nexus, a multilateral international
initiative aimed at facilitating
instant cross-border retail payments by interlinking domestic Fast Payments Systems (FPSs) through a unified platform.
·
Project Nexus is
conceptualized by the Innovation
Hub of the Basel,
Switzerland-based Bank for
International Settlements (BIS) to streamline and standardize the
connection between domestic Instant Payment Systems (IPS) worldwide.
·
It aims to connect the FPSs of Malaysia, Philippines, Singapore, Thailand, and India as
the founding members, and first mover countries of the platform.
·
An agreement for the same was signed by the BIS and the
Central Banks of the founding countries viz. Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS),
and the RBI on June 30, 2024, in Basel, Switzerland.
·
Indonesia, will be
involved as a special observer.
