Daily news 17-10-2017

1. International Day for the Eradication of Poverty: 17 October

i. International Day for the Eradication of Poverty (IDEP) is observed globally on 17 October. The theme of this year's IDEP is ‘Answering the Call of October 17 to end poverty: A path toward peaceful and inclusive societies’.
ii. This year’s celebration also marks the 25th anniversary of the declaration of the day by the UN General Assembly, which had adopted the resolution on 22 December 1992.

2. 2nd Ayurveda Day: 17 October

i. This year's 2nd Ayurveda Day is celebrated on 17 October in New Delhi by the Ministry of AYUSH. PM Modi was the Chief Guest and had also inaugurated the country's first All India Institute of Ayurveda, Sarita Vihar, New Delhi.
ii. The All India Institute of Ayurveda, set up on a total area of 10.015 acres on a budget of Rs 157 crore, is the first medical institute under the AYUSH ministry to hold the coveted National Accreditation Board for Hospitals and Healthcare Providers (NABH) accreditation.

Important Takeaways from the above News:

Shripad Yasso Naik is the Minister of AYUSH.

3. Dharmendra Pradhan on a Three-Day Visit to Japan

i. Petroleum and Natural Gas Minister Dharmendra Pradhan is on a three-day visit to Japan to participate in the 6th annual LNG Producers Consumer Conference.
ii. The visit is important to enhance the bilateral engagements in the Oil and Gas sectors within the overall framework of India-Japan Energy Dialogue.
iii. Energy Ministers from Qatar, Nigeria, Bangladesh, Japan and other leading hydrocarbon experts will participate in the Conference.

Important Takeaways from Above News-

Tokyo is the Capital of Japan.

Shinzo Abe is the PM of Japan.



4. PM Modi Inaugurates 1st ever All India Institute of Ayurveda

i. Prime Minister Narendra Modi inaugurated the first ever All India Institute of Ayurveda (AIIA) in New Delhi, on the occasion of the 2nd Ayurveda Day.
ii. It is the first institute under the Ministry of AYUSH with a National Accreditation Board for Hospitals and Healthcare Providers (NABH) accreditation. The institute will have separate Yoga, Panchakarma, and Kriya Kalpa units, among others.

Important Takeaways from the above News:

Shripad Yasso Naik is the Minister of AYUSH.

5. Mahindra Launches 'Prerna' Project for Women Farmers

i. Mahindra & Mahindra has launched a program, Prerna, to empower women working in the agriculture sector by promoting efficient and ergonomic farm tools and equipment. The project will be initially launched in the state of Odisha, with the intention to positively impact the lives of over 1,500 families across 30-plus villages.
ii. The first project under Prerna is a collaboration between Mahindra & Mahindra, the Central Institution for Women in Agriculture (CIWA), a department of the Indian Council of Agricultural Research (ICAR).

6. Myntra, Textile Ministry Tie-up to Promote Handloom Industry

i. E-commerce major Myntra launched its CSR initiative in association with the Union Textile Ministry, to work directly with weavers and elevate their economic stature.
ii. With an initiative to uplift the handloom products in India, the company (Myntra) is committing itself along with some of its partner brands to bring artisans and their products online, providing them access to new customers and opportunities.

Important Takeaways from Above News-

Smt. Smriti Zubin Irani is the Minister of Textiles of India.

Flipkart is the Parent Organization of Myntra.



7. Yes Bank Commits Rs 156 cr for Namami Gange Project

i. Private sector Yes Bank has committed Rs 156 crore to fund first Sewage Treatment Plant (STP) to be constructed at Varanasi under Hybrid Annuity-PPP Model.
ii. The bank has signed a deal with Essel Infraprojects for the financial closure of Rs 156 crore that will fund the STP under Namami Gange Project.

Important Takeaways from the above News:

Yes Bank Headquarters in Mumbai.

CEO of Yes Bank is Rana Kapoor.



8. Moody’s Affirms Rating on SBI’s Bond Programs

i. Moody’s Investors Service has affirmed ratings on domestic as well as foreign currency bond programs of the country’s largest lender SBI.
ii. Moody’s has affirmed the Baa3 rating on the bank’s senior unsecured debt (issued via its London branch) and (P)Baa3 rating on its senior unsecured medium-term note (MTN) program. Baa3 denotes the lowest rating in investment grade on long-term corporate obligation, which carries moderate risks.

Important Takeaways from Above News-

SBI headquarters in Mumbai, Maharashtra.

It was established on 1 July 1955.





Rajnish Kumar is the present Chairman of SBI.



9. NIIF Inks Pact Worth $1 billion with Abu Dhabi Investment Authority

i. The National Investment and Infrastructure Fund (NIIF) of India has signed an investment agreement worth $1 billion with Abu Dhabi Investment Authority (ADIA). The government has set up NIIF with the aim to attract investments from both domestic and international sources for infrastructure development in commercially viable projects.
ii. As part of the comprehensive partnership agreement, ADIA will become the first institutional investor in NIIF’s Master Fund and a shareholder in National Investment and Infrastructure Limited, the NIIF’s investment management company.

Important Takeaways from Above News-

Sujoy Bose is the CEO of NIIF.

10. Footwear Design & Development Institute Act 2017 Comes into Force

i. Footwear Design & Development Institute (FDDI) has been declared an ‘Institute of National Importance’ under Ministry of Commerce & Industry, Government of India. The FDDI bill was passed by the Parliament in July 2017.
ii. The Provisions of FDDI Act 2017 have come into force. Presently FDDI is imparting skill based graduate and postgraduate courses in the fields of footwear, leather goods, retail, and management to around 2,500 students across eight campuses spread over India.

Important Takeaways from Above News-

FDDI was established in 1986.

The Headquarters of FDDI is located in Noida, Uttar Pradesh.



11. Eminent Poet Prabha Varma Chosen for Padma Prabha Puraskaram

i. Eminent poet, lyricist and journalist Prabha Varma has been selected for the Padma Prabha Puraskaram for 2017. The announcement was made by the chairman-cum-managing director of ‘Mathrubhumi’ daily, M P Veerendra Kumar.
ii. A jury headed by ace novelist M Mukundan chose Varma for the prestigious award, considering his contribution to Malayalam literature. The award, carrying a cash prize of Rs 75,000, a plaque and a citation, was instituted by the Padma Prabha Memorial Trust.

12. Hema Malini's Biography 'Hema Malini: Beyond the Dream Girl' Launched

i. Actress Deepika Padukone launched Hema Malini's biography 'Hema Malini: Beyond the Dream Girl' on the occasion of Hema's 69th birthday.
ii. The biography has been penned by journalist turned writer Ram Kamal Mukherjee and also contains a short foreword written by Prime Minister Narendra Modi.

13. Legendary Brazilian Sailor Robert Scheidt Retires from Olympics

i. Atlanta 1996 and Athens 2004 gold medal-winning sailor Robert Scheidt (44 years old) has announced his retirement from Olympic competition, ending a career that spanned a quarter of a century.
ii. He would continue to participate in non-Olympic events and support Brazil's elite sailors as they prepare for the 2020 Tokyo Games. Scheidt won Olympic gold in the laser class in 1996 and 2004.

Important Takeaways from Above News-

Robert Scheidt claimed bronze in London in 2012 and finished fourth in Rio 2016.

14. Meet Kavita Devi, India’s First Woman Wrestler to Sign for WWE

i. Kavita Devi, a former competitive powerlifter, has become the first ever Indian woman to be signed by the World Wrestling Entertainment (WWE).
ii. Hailing from Haryana, Kavita underwent training to be a professional wrestler under the guidance of The Great Khali (Dalip Singh Rana) at his Punjab based wrestling promotion and training academy.  She also won a gold medal at the 2016 South Asian Games.

Important Takeaways from Above News-

Kavita Devi also has the distinction of being the first Indian woman to compete in a WWE ring, as she was a featured participant in the Mae Young Classic women’s tournament.

15. Shamsher Khan, India's First Olympic Swimmer Passes Away

i. India's first Olympic swimmer Shamsher Khan passed away in Andhra Pradesh's Guntur district. He was 87. Mr. Khan had represented India in 1956 Melbourne Olympics. He was the first swimmer to represent India in Olympics.
ii. He narrowly missed a medal, finishing fourth in 200-meter butterfly and breaststroke events in Melbourne Games.

Important Takeaways from Above News-

 Shamsher Khan took part in the 1962 war against China and the 1971 war against Pakistan.

Happy birthday picture

GST gets simpler for small businesses and exporters

NEW DELHI: The GST Council tweaked rules on Friday to make life simpler for small businesses and exporters and also cut rates on 27 products+ , including man-made yarn, which was a key demand of the textiles sector, in a bid to mollify those complaining about the new tax regime.

While the main focus was on reducing the compliance burden for a majority of taxpayers+ who contribute a minuscule part of the revenue, the move to reduce the rate on man-made fibre was meant to comfort businessmen in states such as Gujarat, where assembly elections are due later this year.

Similarly, the tax rate on rotis and khakra was cut along with savouries and ayurvedic and homoeopathic medicines.

GST Council's decision to help small, medium businesses: PM

Prime Minister Narendra Modi, who had promised on Wednesday to remove all impediments, was quick to comment that the council's decisions would immensely help small and medium businesses, which have been complaining the most. "Good and simple tax becomes even simpler. Today's recommendations will immensely help small and medium business... GST is in line with our constant endeavour to ensure interests of our citizens are safeguarded and India's economy grows," he tweeted hours after finance minister Arun Jaitley announced the changes at a press conference.

After day-long deliberations, the Centre and the states agreed to put in place a new mechanism that will allow those with a turnover of up to Rs 1.5 crore — which make up for over 90% of the base but only 5% of the tax collections — to file returns every quarter.

At the same time, Jaitley promised that none of the large businesses, which will have to file monthly returns, will be denied credit for the taxes paid by their smaller vendors.
In addition, the government has allowed traders, manufacturers and restaurants with turnover of up to Rs 1 crore, instead of the Rs 75-lakh cap earlier, to opt for the composition scheme that will reduce their compliance burden by paying a flat rate of tax ranging between 1% and 5%. In addition, the deadline for the reverse charge mechanism was also extended.

"If you look at the GST pattern, the large players provide substantial taxation. SMEs pay nil or nominal tax but have high compliance pressures," Jaitley said.

As a result, the GST Council has decided to exempt those covered by the advance authorisation scheme, export promotion capital goods or 100% export-oriented units from paying taxes on inputs till March. Merchant exporters will pay 0.1% GST for purchases from domestic players.
In Video: Govt reduces GST rates on 27 items; relief for small traders and exporters