Latest Current Affairs For Wednesday 12th April, 2023

I-T dept notifies Cost Inflation Index for current fiscal

The Income Tax Department has notified the Cost Inflation Index (CII) for the current fiscal beginning April 2023, for calculating long-term capital gains arising from the sale of immovable property, securities, and jewelry.

CII is used by taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation.

The Cost Inflation Index for FY 2023-24 relevant to AY 2024-25 stood at 348.

It is notified under the Income-tax Act, 1961 every year. 

SBI to launch new current accounts and savings accounts in FY24

SBI is planning to launch new variants of the current a/c (with balances of ₹50,000 and ₹50 lakh) and the “Parivar” (family) savings a/c in FY24.

Aim: To minimize the gap between deposit growth and credit growth.

Domestic deposits of SBI grew 8.86% year-on-year (y-o-y) by the end of 2022.

While domestic advances were up 16.9% y-o-y.

SBI also expects that it's domestic deposits and domestic advances will grow about 12% and 16% y-o-y, respectively, in FY24.

Sixteenth Finance Commission will be constituted in November 2023

The government official has informed that the union government may set up the 16th finance commission this FY 2023-24.

Aim: To suggest the ratio in which tax is to be divided between the Centre and states for five years, beginning April 1, 2026.

Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations.

The 15th Commission, under NK Singh, had kept the tax devolution ratio at 42%.

World Bank chief raises 2023 global growth outlook

World Bank Group President David Malpass has informed that the lender has revised its 2023 global growth outlook slightly upward to 2% from a January 2023 forecast of 1.7%.

But the slowdown from stronger 2022 growth will increase debt distress for developing countries.

Reason: The upward revision was due to an improved outlook for China's recovery from Covid-19 lockdowns, with growth now pegged at 5.1% this year compared to 4.3%.

David Warner becomes fastest to score 6000 runs in IPL

Delhi Capitals skipper, David Warner became the quickest batter to reach the 6000-run mark in the Indian Premier League (IPL) during a match against Rajasthan Royals at the Barsapara Stadium in Guwahati.

He is the third batter to enter the elite club after Royal Challengers Bangalore’s Virat Kohli and skipper of Punjab Kings, Shikhar Dhawan.

He took 165 innings to reach the mark of 6000 runs, while Kohli had taken 188 and Dhawan 199 to achieve the same.

India releases first edition of Dogri version of Indian Constitution

Union Minister of Law, Kiren Rijiju has released the first edition of the Dogri version of the Constitution of India at the University of Jammu.

During the event, he informed that the government is digitizing about 65,000 words of the legal glossary to frame a core vocabulary for the understanding of all citizens.

About Dogri Language:

It is one of the 22 official languages of India.

It is widely spoken in the Jammu region of J&K, India.

Google fined $32 million in South Korea for anti-competitive behaviour

The Anti-trust regulator of South Korea has fined Alphabet Inc.’s Google 42.1 billion won ($32 million) for blocking its rival from releasing video games.

Korea’s Fair Trade Commission informed that Google is using its clout in the mobile app market to squeeze out a rival.

The Korean regulator has ordered Google LLC, Google Korea, and Google Asia Pacific to cease offering support to mobile game companies in exchange for promises of exclusivity.

EAM Jaishankar launches 'Tulsi Ghat Restoration Project' in Uganda

During External Affairs Minister S Jaishankar's visit to Kampala (Uganda), he has launched the 'Tulsi Ghat Restoration Project' of Varanasi.

He has appreciated the initiatives of Overseas Friends of BJP-Uganda's initiative to contribute to further beautifying the oldest living city in the world.

He has also discussed cooperation in trade and investment, infrastructure, energy, defense, health, digital and agricultural domains.

UIDAI, IIT Bombay join hands to develop touchless biometric capture system

Unique Identification Authority of India (UIDAI) has joined hands with the Indian Institute of Technology, Bombay (IIT-Bombay) to develop a robust touchless biometric capture system.

They will carry out joint research to build a mobile capture system for fingerprints along with a liveness model integrated with the capture system.

The touchless biometric capture system will allow fingerprint authentication from home alike face authentication.

Former IAS officer, Naresh Gupta passes away

A former IAS officer and Chief Electoral Officer (CEO), Naresh Gupta passed away at 72 after a prolonged illness.

He was a native of Lucknow, Uttar Pradesh.

He was the CEO during the DMK regime between 1998 and 2000. Subsequently, late chief minister J Jayalalithaa appointed him as home secretary.

He was again posted as the CEO between 2005 and 2010 and held the post during the 2006 assembly election and 2009 general elections.

ECI recognizes Aam Aadmi Party (AAP) as National Party

The Election Commission of India (ECI) has granted the national party status to Arvind Kejriwal's Aam Aadmi Party (AAP).

AAP was recognized as a state party in the NCT of Delhi.

While ECI has withdrawn the national party status of the Trinamool Congress (TMC) and Communist Party of India (CPI).

Lok Janshakti Party (Ram Vilas) has received recognition as a state party in Nagaland.

Tipra Motha Party got recognition as a state party in Tripura.

State Energy Efficiency Index 2021-22 released

According to the State Energy Efficiency Index (SEEI) report 2021-22, Andhra Pradesh, Karnataka, Kerala, Rajasthan, and Telangana are the front-runners in the SEEI 2021-22.

Achiever category (score between 50-60): Assam, Haryana, Maharashtra, and Punjab. 

Based on their efforts and achievements, states have been classified into four categories: Front runner, Achiever, Contender, and Aspirant.

This report was released by Power Minister R. K. Singh in New Delhi.

Exercise Cope India 23 kicks off in Panagarh, Kalaikunda, and Agra

A bilateral air exercise between the Indian Air Force (IAF) and the United States Air Force (USAF) named Cope India 23 is being started on April 10, 2023.

It is being held at Air Force Stations Arjan Singh (Panagarh), Kalaikunda, and Agra.

Aim: To enhance mutual understanding between the two Air Forces and share their best practices. 

This exercise was started in 2004 as a fighter training exercise held at Air Station Gwalior, India.

PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023

The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023.

Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress

It is presented annually on the occasion of Lokmanya Tilak's death anniversary.

Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh. 

J&K Bank wins award for Best Performance in CASA

Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022.

The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar.

The function was organized by the Indian Chamber of Commerce in Goa.

Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs

According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075.

As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people.

India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.

The labour force participation set to make India the second-largest economy in the world by 2075.

L&T and Spain's Navantia sign agreement for submarine project

L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

P75 (India) Submarine Project is expected to be valued at €4.8 billion.

Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines.

The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy. 

India overtakes China as most attractive emerging market for investing

According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year.

Reason: This is due to its solid demographics, political stability, and proactive regulation. 

Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.

World Population Day 2023: 11 July

World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control.

2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. 

It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop

The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0.

PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021.

SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each. 

AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities. 

Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’

Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda

All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment.

Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

OCA elects Sheikh Talal as the new President

Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA).

He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021.

The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990.

The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023

Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer.

Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly. 

The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.