DAILY GK 6-7 AUG 2024
1. ACC PRESIDENT
·
Pakistan
Cricket Board (PCB) Chairman Mohsin Naqvi is
set to become the next President of the Asian
Cricket Council (ACC) later this year (2024).
·
Jay Shah, the Board of Control for Cricket in India (BCCI) Secretary is the current
ACC president, who got a one-year extension in January 2024 for a
third consecutive term.
·
ACC
is a cricket organisation to promote and develop
the sport of Cricket in Asia, was established in 1983.
2. PM OF VIETNAM VISIT TO INDIA
·
The Prime Minister (PM) of Vietnam H.E.
Pham Minh Chinh paid a State Visit to India
at the invitation of Narendra Modi PM of India to deepen comprehensive strategic partnership and enhance cooperation between
the two countries.
·
This is the first visit of a
Vietnamese leader to India after India and Vietnam established
their comprehensive strategic partnership in September 2016.
·
India and Vietnam agreed on a new
plan of action, which will be implemented over the next five years (2024-2028) to
strengthening bilateral trade and
economic cooperation.
·
In a sign of their growing strategic
partnership, India has extended two Lines of Credit (LoC) amounting
to USD 300 million to Vietnam to bolster the
country’s maritime security.
·
Vietnam: President – To Lam
·
Capital – Hanoi
·
Currency –Vietnamese dong
3. DG OF BSF
·
Daljit Singh Chawdhary, the
Director General (DG) of Sashastra Seema Bal (SSB) took over the additional
charge as the DG of Border Security Force (BSF)
following the repatriation of Nitin Agrawal, the
incumbent DG of BSF.
·
BSF is India’s border guarding
organisation which
is known as the 1st line of defence
and also one of the seven Central Armed
Police Forces (CAPF) of India.
·
BSF Motto – ‘Duty Unto Death’
4. FORTUNE GLOBAL 500 LIST FOR 2024
·
According to the Fortune
Global 500 list for 2024, India’s Reliance Industries
Limited (RIL), led by Mukesh Ambani, has improved
its ranking to 86th (2024) from 88th
(2023) while retaining its position as the highest-ranked
Indian firm for the 21st consecutive year.
·
The United States of America (USA)-based
retail and wholesale company, Walmart
Inc. has topped the list as the largest
company by revenue for the 11th consecutive year.
·
USA based e-commerce company, Amazon.com,
Inc and Chinese state-owned electric utility, State
Grid Corporation of China have secured the 2nd and 3rd positions
respectively.
·
9 Indian companies featured in
the 2024 rankings.
·
5
of them are from the public sector – LIC , SBI,
ONGC, IOCL and Bharat Petroleum Corporation Limited (BPCL)
and the remaining 4 are from private sectors (RIL, Tata Motors, HDFC Bank and Rajesh
exports).
5. NEW SBI CHAIRMAN
·
Appointments Committee of the
Cabinet (ACC) approved the appointment of Challa Sreenivasulu Setty (CS
Setty)(59 years old) as new Chairman of
the State Bank of India (SBI), India’s largest
Public Sector Bank (PSB), for a 3 year term
with effect from the date he assumes office, on or after 28th August
2024.
·
The
ACC has also approved the appointment of Rana Ashutosh Kumar Singh
as the MD of SBI.
·
SBI Headquarters- Mumbai, Maharashtra
·
Tag line–“The Banker to Every Indian”
·
Founded in- 1st July 1955
6. SWFI’S TOP 100 LARGEST CENTRAL BANK
RANKINGS
·
According to the
Sovereign Wealth Find Institute’s (SWFI), Top 100
Largest Central Bank Rankings by Total Assets in the World in 2024,
India’s Central Bank, the Reserve Bank
of India (RBI) ranked 12th globally
with a current total assets of USD 839 Billion.
·
The RBI registered a balance sheet growth
of 11.08% Year-on-Year (Y-o-Y) to Rs 70.47 trillion as of March 2024.
·
The Federal
Reserve System (FRS), the central bank of the United
States of America (USA) topped the list, boasting assets worth USD
7.84 trillion.
·
It is followed by China’s People’s
Bank of China (PBC) in the 2nd place,
with USD 6 trillion, and Japan’s Bank of Japan (BOJ)
in the 3rd, with USD 5.54 trillion.
·
The assets of central banks are often
measured by their foreign exchange reserves, including monetary gold, foreign exchange funds,
Special Drawing Rights (SDRs), and reserve positions in the International
Monetary Fund (IMF).
·
European central banks dominate the top 10 positions,
holding a combined USD 11.09 trillion.
7. TUNISIAN PRIME MINISTER
·
Kais Saied, President of
Tunisia, has appointed Kamel Madouri as the
New Prime Minister (PM) of Tunisia
·
Succeeding Ahmed
Hachani, who was dismissed by the President without explanation
on 7th August 2024.
·
Tunisia Capital- Tunis
·
Currency- Tunisian Dinar (TND)
8. INDIA NEEDS 75 YRS TO REACH
QUARTER OF US PER CAPITA GDP: WDR 2024
·
The World Bank (WB) has released its
report titled ‘World Development Report(WDR) 2024: The Middle
Income Trap‘, highlighting the challenges faced by middle-income
countries in achieving high-income status.
·
As per the report, India would
take nearly 75 years to reach one-quarter of the
United States of America (USA) income per capita, while China would take more than 10 years,
and Indonesia nearly 70 years.
·
The
report finds that as countries grow
wealthier, they usually hit a ‘trap’
at about 10% of annual the USA’s GDP (Gross Domestic Product) per person,
which is equivalent to USD 8,000 today.
·
At
the end of 2023, there are 108 middle-income countries with
annual GDP per capita between USD 1,136
and USD13,845, responsible for 40%
of the world’s total economic output, nearly two-thirds of global carbon
emissions, and three-quarters of the global population.
·
These countries are home to 6
billion people – 75% of the global population – and 2 out of
every three people living in extreme poverty.
·
Only 34 middle-income
economies have transitioned to high-income status since 1990,
with most being either the European Union (EU) beneficiaries or having
previously undiscovered oil.
·
In India, Peru, and Mexico,
around 90% of firms have fewer than five employees, with only a small fraction having 10 or more.
·
The
report proposes a “3i strategy” for countries to
reach high-income status.
·
1i phase-Investment :
Low-Income Countries(LIC) can focus to increase investment.
·
2i phase-Infusion: Lower
Middle Income Countries (LMIC) can start to adopting technologies from abroad
and spreading them across the economy.
·
3i phase-Innovation. Upper Middle
Income Countries (UMIC) no longer merely borrow ideas from the global frontiers
of technology, they push the frontier.
9.
GOVERNMENT INTRODUCES
RELIEF MEASURE FOR LONG-TERM CAPITAL GAINS TAX ON PROPERTY
·
The Finance Minister, Nirmala
Sitharaman, proposed reducing the long-term capital gains (LTCG) tax on
property from 20% to 12.5% while removing the indexation benefit.
·
The Indian government has proposed an
amendment allowing taxpayers to choose between two methods of
calculating long-term capital gains (LTCG) tax on properties acquired before
July 23, 2024.
·
Amendment in Finance Bill 2024: In
response to public outcry and feedback from real estate stakeholders, the Union
government is amending the LTCG tax
provisions.
·
Two Taxation Options:Option 1: Homeowners
can opt for the new rule, which imposes
a 12.5% tax on capital gains without the benefit of indexation.
·
Option 2: Alternatively, they
can choose the old rule, which imposes a
20% tax with the benefit of indexation.
·
This choice is available to those who have acquired property before July 23, 2024.
10.
PSB COLLECTED
APPROXIMATELY RS8,500 CRORE IN PENALTIES FOR MINIMUM BALANCE VIOLATIONS
·
According to the Ministry of
Finance, public sector banks (PSBs) have seen greater
than a 34% increase in the amount collected for such penalties
over the past five years.
·
From
FY 2020 to FY 2024, PSBs collected approximately Rs8,
500 crore in penalties for not maintaining minimum balance in
accounts.
·
Information was provided by the Minister
of State for Finance, Pankaj Chaudhary, in a written
response to an unstarred question in the Lok Sabha.
·
11
PSBs levy penalties for not maintaining the minimum balance.
·
Punjab National Bank (PNB) collected
highest Rs 633 crore in penalties.
11.
GOVERNMENT EXTENDS MINIMUM
PUBLIC SHAREHOLDING DEADLINE FOR PSUS TO AUGUST 2026
·
The government has extended the deadline
for central public sector enterprises (CPSEs) and public
sector financial institutions to meet the minimum
public shareholding (MPS) norm until August 2026.
·
According to the Finance
Ministry memorandum, CPSEs, public sector banks, and financial institutions are
allowed until August 1, 2026, to increase their public shareholding to at
least 25%.
12.
RBI REPORTS 97.92% OF RS
2,000 BANKNOTES IN CIRCULATION RETURNED BY JULY 31,
2024
·
The Reserve Bank of India
(RBI) reported that 97.92% of Rs 2,000 banknotes in
circulation as of May 19, 2023, have been returned by July 31, 2024.
·
The total value of Rs2,000 notes in
circulation reduced from Rs3.56 lakh crore on May 19, 2023, to
Rs7,409 crore by July 31, 2024.
·
Despite the withdrawal, Rs 2,000 banknotes
continue to be legal tender.
·
The withdrawal was due to the infrequent
use of Rs 2,000 notes for transactions.
·
Clean Note Policy: The withdrawal is
part of the RBI's “Clean Note Policy”.
13.
ADB TO PROVIDE $200
MILLION LOAN TO INDIA FOR SOLID WASTE MANAGEMENT IN 100
CITIES
·
The Asian Development Bank
(ADB) and the Government of India have
signed a $200 million (approximately Rs 1,700 crore) loan for solid
waste management and sanitation improvements in 100
cities across 8 states in India.
·
The loan agreement was signed by Juhi
Mukherjee, Joint Secretary, Finance Ministry, and Mio Oka,
Country Director for ADB’s India Resident Mission.
·
The initiative is part of
the Swachh Bharat Mission 2.0 - Comprehensive Municipal Waste
Management in Indian Cities Program.
14.
PSB COLLECTED
APPROXIMATELY RS8,500 CRORE IN PENALTIES FOR MINIMUM BALANCE VIOLATIONS
·
According to the Ministry of
Finance, public sector banks (PSBs) have seen greater
than a 34% increase in the amount collected for such penalties over
the past five years.
·
From
FY 2020 to FY 2024, PSBs collected approximately Rs8,
500 crore in penalties for not maintaining minimum balance in
accounts.
·
Information was provided by the Minister
of State for Finance, Pankaj Chaudhary, in a written
response to an unstarred question in the Lok Sabha.
·
11
PSBs levy penalties for not maintaining the minimum balance.
·
Punjab National Bank (PNB) collected
highest Rs 633 crore in penalties.
15.
INDIA RETAINS EIGHTH
POSITION IN GLOBAL AGRICULTURE EXPORTS IN 2023: WTO
·
In 2023, India remained a
leading global exporter of agricultural products despite a decline in its
export value, maintaining its position as the eighth-largest
exporter.
·
Total Exports: $51 billion in
2023, down from $55 billion in 2022.
·
European Union: Maintained the top
position with $836 billion in exports, up from $799 billion in 2022.
·
United States: Second-largest
exporter with $198 billion, down from $222 billion in 2022.
