DAILY GK 1-2 JULY 2024

 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 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 (IUCNRed 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 countriesMalaysiaIndonesia, 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 (INAS350, 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 (INSJalashwa 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 biographof 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-membeAdvisory 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 MalaysiaPhilippinesSingaporeThailand, 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.