Daily Updates 24th June

1. Tennis legend Steffi Graf was appointed the Ayurveda brand ambassador of Kerala. The Kerala tourism department was given sanction to sign an agreement with Graf to become Ayurveda brand ambassador as part of the department's 'Visit Kerala' Scheme. Germany's former world number one tennis player, Graf bagged 22 Grand slam single titles and retired in 1999.

2. In the 20th USIC- Tennis (World Railways) Championship held at Nuremberg, Germany, Indian Railway Team defeated France by a margin of 3-1 in the finals and won USIC Tennis Championship 2015. In another event, in 20th USIC –Volleyball (World Railways) Championship held at Gomel, Belarus, Indian Railway Team defeated Russian team in the finals and won USIC Volleyball Championship 2015.

3. Noted DRDO scientist Narayana Murthy has been conferred with the Astronautical Society of India's Rocket and Related Technologies Award in recognition of his research, innovations, sustained contributions and leadership. Murthy is associate director, Research Centre Imarat, DRDO, Hyderabad.

4. Karnataka Bank has entered into a Memorandum of Understanding (MoU) with Edelweiss Integrated Commodity Ltd (EICML) for extending storage facilities to farmers and finance against the warehouse receipts (WHR). EICML is one of the leading collateral management service providers with a pan-India presence. The finance to farmers will be extended under Krishik Bhandar scheme of the bank.

5. A project in West Bengal’s Nadia district for improving health by providing sanitary toilets and promoting their use has won first place in UN award for innovative public services. Announcing the award to the 'Sabar Shouchagar' (Toilets for All) project, the UN department said that it is a unique model developed to generate awareness, improve access to sanitary toilets, and bring substantial health improvement through improved sanitation.

6. Keeping in with the spirit of 'Make in India' drive of GOI, the Small Industries Development Bank of India (SIDBI) has set up a Rs.1000 crore 'Make in India' fund for MSMEs. The objective is to make country's MSMEs class manufacturing hub. Under the fund, concessional finance will be provided to the identified MSME sectors. Under this scheme 25 sectors have already been identified.

7. Star shot putter Inderjeet Singh and half-miler Jinson Johnson bagged a gold each as Indians won eight medals at the first leg of the Asian Athletics Grand Prix Series 2015 organised in Bangkok, Thailand. Inderjeet heaved the iron ball to a distance of 19.83m to easily win the gold in men's shot put. Johnson was the other Indian gold medal winner as he clocked 48.52 seconds to finish first in men's 800m final race.

8. James Horner, the prolific composer known for his heart-tugging scores for 'Titanic', 'Braveheart' and 'Avatar', for which he won two Academy Awards, died in a plane crash. He was 61. For his work on Titanic, directed by James Cameron, Horner captured the Oscar for original dramatic score, and he nabbed another Academy Award for original song for “My Heart Will Go On”.

9. Japan's SoftBank Corp, Bharti Enterprises Limited and Taiwan-based electronics supplier Foxconn Technology Group formed a Joint Venture (JV) named SBG Cleantech Limited. This JV is aimed at promoting the adoption of clean and safe energy in India. SBG Cleantech will be a harbinger of solar and wind energy. SBG Cleantech will be committed to contribute to Union Government's mission of 24x7 power for all and achieving 100GW solar and 60GW wind target by 2022.

10. Rajasthan topped the list of states commissioning grid connected solar power projects in the country with an installed capacity of 1147 megawatt. The list was released by the Union ministry of New and Renewable Energy. Gujarat, which remained the undisputed leader in solar energy generation till 2014, came second with an installed capacity of 1000MW.

 11. 5. EPFO makes UAN mandatory for all employers under its purview
i)Employee Provident Fund Organisation (EPFO) has notified an order to make Universal Account Number (UAN) mandatory for all its employers. It will be mandatory for all employers covered under the Employees Provident Funds and Miscellaneous Provisions Act, 1952.
ii)The UAN facility was launched by Prime Minister Narendra Modi in October 2014. It is portable throughout the lifetime of an employee and removes the need for employees to apply for PF transfer claims while changing jobs
iii) EPFO is a statutory body of Union Government under the aegis of Ministry of Labour and Employment.its headquarter Headquarters New Delhi.





Comments

Post a Comment

Popular posts from this blog

Cheque & Types

Image
Cheque:  Section 6 of the Negotiable Instruments Acts, 1881, states "A cheque is a bill of exchange drawn on a specified banker, and not expressed to be payable otherwise than on demand." So, a cheque is a written instruction to a bank (also called the drawee bank) asking it to pay a specific sum of money to the person/company whose name is written on it. The person issuing the cheque is called the drawer and the one to whom it is issued is called the payee. Types of cheques  cheques are of basically four types Open cheque: A person holding an open cheque can  i. Receive payment over the counter at the bank ii. Deposit the cheque into his account iii. Pass it to another person by endorsing the cheque on the reverse side Crossed Cheque: Payment of a crossed cheque cannot be made over the counter at a bank; it can only be credited into the payee's account. Cheques can be crossed by drawing two parallel lines across the top left corner. Bearer Cheque: A be
Read more

Non Performing Assets

Image
Non-Performing Asset   Loans and advances given by the banks to its customers are an Asset to the bank. Just for the sake of simplicity, we can understand that a loan (an asset for the bank) turns as NPA when the EMI, principal or interest component for the loan is not paid within 90 days from the due date. Thus a Bad Loan is a n asset that ceases to generate any income for the bank . As per RBI guidelines, NPA is defined as under: Non performing asset (NPA) is a loan or an advance where; i.     interest and/ or installment of principal remain overdue for a period of more than 90 days in  respect of a term loan, ii.    the account remains‘out of order’ in respect of an Overdraft/Cash Credit (OD/CC), iii.   the bill remains overdue for a period of more than 90 days in the case of bills purchased and  discounted, iv.   the instalment of principal or interest there on remains overdue for two crop seasons for short  duration crops, v .   the instalment of principal or interest
Read more

Government introduces “Place of effective management” (POEM) in IT Act

Image
Shell companies are the companies located abroad but controlled from India, to evade taxes. Government aims to curb them by introducing “Place of effective management” (POEM) in IT Act. Thereby, such offshore companies will be taxable in India, if key Management decisions are taken from India. Shell companies based abroad would have to pay taxes on their global income for a year if their  place of effective management (POEM)  is India. According to the Union Budget 2015-16, shell companies would be considered tax resident of India if their POEM is India, even for one day in a financial year. The key companies likely to be impacted are the Indian groups that have overseas subsidiaries that lack substance. Many Indian companies have subsidiaries in tax havens abroad which, in turn, do businesses in other countries. With this amendment — proposed to be made effective from the next financial year — all these companies will be bought under the Local tax jurisdiction. The requir
Read more