Daily Current GK Update
02 February, 2019
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- No tax on income up to 5 lakh, proposes government
Finance Minister Piyush Goyal has proposed zero tax for individual taxpayers having an annual taxable income of up to 5,00,000. Around 3 crore middleclass taxpayers are expected to benefit from this, he said. Goyal has also proposed to increase the standard deduction for salaried taxpayers from 340,000 to 350,000 during the Interim Budget 2019-20 speech.
Source: – Hindustan Times
- Small farmers to get 6,000/year directly in their bank accounts
Delivering the Interim Budget 2019-20, Finance Minister Piyush Goyal announced the ‘PM Kisan Samman Nidhi’ scheme under which farmers owning up to 2 hectares of land will get 36,000 per year as income support. The money will be transferred directly to farmers’ bank accounts in three equal instalments. Around 12 crore farmer families are expected to benefit from the scheme.
Source: – Hindustan Times
- Government Renames DIPP as Department for Promotion of Industry and Internal Trade
The Department of Industrial Policy and Promotion (DIPP) has been renamed as the Department for Promotion of Industry and Internal Trade (DPIIT) with a mandate to deal with matters related to start-ups, facilitating ease of doing business among others.
The newly-named department under the Ministry of Commerce and Industry will look into matters related to promotion of internal trade, including retail trade, welfare of traders and their employees, facilitating ease of doing business and start-ups. The order has been approved by President Ram Nath Kovind.
Source: – Business Standard
- Govt announces highest ever defence budget of over 3 lakh crore
While delivering the Interim Budget 2019-20, Finance Minister Piyush Goyal announced that the defence budget has been enhanced beyond 33 lakh crore for the first time. Goyal further said that if necessary, additional funds will also be provided for defence, adding that “our soldiers, who protect our borders in tough conditions, are our pride and honour”.
Source: -Hindustan Times
- 2019 announced as the International Year of The Periodic Table
The United Nations announced 2019 as the International Year of the Periodic Table of the Chemical Elements to highlight its first publication in 1869. The periodic table was first designed by the Russian scientist Dmitri Ivanovich Mendeleev.
The announcement by the United Nations will help to raise the profile of how chemistry can provide solutions to global challenges in agriculture, education, energy and health. This year marks the 150th anniversary of the first publication of the periodic table by Mendeleev.
Source: – The Hindu
- US suspends Cold War-era nuclear arms treaty with Russia
The US has suspended its obligations under the Intermediate-Range Nuclear Forces (INF) Treaty with Russia effective February 2, US State Secretary Mike Pompeo announced on Friday. The US has accused Russia of violating the Cold War-era pact by deploying a ground-based cruise missile. The INF treaty required the elimination of both US and Russia’s land-based nuclear missiles from Europe.
- DAC Approves Indigenous Construction of 6 Submarines Worth Rs. 40000 cr
The Defence Acquisitions Council (DAC) chaired by Defence Minister Nirmala Sitharaman approved indigenous construction of six submarines worth 40 thousand crore rupees. It is the second project under the Ministry’s ambitious strategic partnership model aiming to boost the government’s Make in India’ program.
The first project to get the government’s nod for implementation under the new model was the acquisition of 111 utility helicopters for the Navy at a cost of over 21 thousand crore rupees in August last year. DAC has also approved the acquisition of about five thousand MILAN Anti Tank Guided Missiles for the Army.
Source: – DD News
- Anil Ambani’s RCom moves bankruptcy court to resolve debt burden
Reliance Communications on Friday said it will seek fast track resolution through National Company Law Tribunal in Mumbai for its debt crisis. The Anil Ambani-controlled company owed banks $7 billion as of March 2017, when it last made its debts public. Last September, Anil Ambani had announced that RCom would shut its telecom business to focus on real estate.
Source: – Reuters