Current Affairs One - Liner : 27th August 2024

• National:
• Amrit Lal Meena, the Coal Secretary, reviewed the National Coal Mines Safety Report Portal on August 24, 2024. The portal features an Accident Module for real-time accident reporting and a Safety Audit Module to enhance safety audits. This initiative aims to achieve “Zero Accident, Fail-Proof Safety” in coal mines.

• Maharashtra has become the first state to adopt the Unified Pension Scheme (UPS) for its employees. This scheme, approved by the central government, ensures a fixed pension amounting to 50% of the average salary from the last 12 months of service. It aims to provide better financial security for state employees after retirement.
• The Ministry of Education has defined ‘literacy’ as the ability to read, write, and compute with comprehension, including essential life skills like digital and financial literacy. ‘Full literacy’ is achieved when a State or Union Territory reaches 95% literacy, considered equivalent to 100%. This is part of the New India Literacy Programme (NILP), which focuses on adult education for non-literates aged 15 and above, especially targeting females and educationally backward states.
• Over the past decade, India’s space sector has contributed ₹20,000 crore to the GDP, supporting 96,000 jobs. With an investment of $13 billion, India is now the eighth-largest space economy globally. The sector includes 700 companies, with 200 startups, highlighting its growth and diversification.
• The Indian government announced the creation of five new districts in Ladakh on August 26, 2024. These districts are Zanskar, Drass, Sham, Nubra, and Changthang. This move aims to bolster governance and create abundant opportunities for the people of Ladakh, following the 2019 abrogation of Article 370. Before 2019, Ladakh was part of the former state of Jammu and Kashmir.
• International:
• Pakistan’s central bank will test a new polymer plastic currency note later this year to enhance durability and security. If successful, this could lead to a redesign of all denominations with improved security features. This initiative aims to combat counterfeiting and extend the lifespan of the currency.
• Banking:
• The Maharashtra Authority for Advance Rulings (MAAR) recently ruled that the Reserve Bank of India (RBI) will not have to pay Goods and Services Tax (GST) on fines, penalties, late fees, or penal interest collected from its regulated institutions. This decision clarifies that such penalties are not considered a taxable supply of services, thus exempting them from GST.
• India’s LNG imports hit a four-year high from May to July 2024, averaging 2.57 million tonnes per month. An intense heatwave drove this increase and record high temperatures, leading to higher electricity consumption and a greater need for gas-fired power generation.
• Tata Power Solar Systems Limited (TPSSL) has partnered with ICICI Bank to offer solar loans. This collaboration provides financing options up to ₹90 lakh with flexible repayment terms, making solar energy more accessible and affordable. The initiative supports India’s transition to sustainable energy.
• MoUs:
• The Department of Posts (DoP) and the National Remote Sensing Centre (NRSC) of the Indian Space Research Organisation (ISRO) signed a Memorandum of Understanding (MoU) on August 22, 2024. This collaboration aims to create a standardized, geo-coded addressing system in India by integrating NRSC’s satellite data and remote sensing technologies with DoP’s infrastructure.
• Flipkart’s Supply Chain Operations Academy (SCOA) and the Ministry of Skill Development and Entrepreneurship (MSDE) signed an MoU on August 22, 2024 during the Samarth event in New Delhi. The partnership aims to upskill employable youth across India under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0.
• Rashtriya Ispat Nigam Limited (RINL), a government-owned steelmaking company in India, and Indian Oil Corporation Limited (IOCL), India's largest oil and gas refining and marketing company, signed a 5-year MoU on August 27, 2024 in new Delhi. This partnership will ensure a consistent supply of hydraulic and lubricating oils & greases to RINL, benefiting both companies. RINL will gain a reliable supplier, while IOCL will secure a significant customer.
• Science & Technology:
• Planet Labs recently launched its first hyperspectral satellite, Tanager-1, along with 36 SuperDoves (Flock 4BE) on August 16, 2024. This launch was part of the Transporter-11 Rideshare mission with SpaceX. Tanager-1 is designed to detect and track methane and CO2 super-emitters, contributing to atmospheric warming.
• The mithun (Bos frontalis) was officially recorded for the first time in Assam on August 21, 2024. This significant discovery occurred in the Dima Hasao district, where scientists spotted the animal in remote villages. The mithun is known for its cultural and economic importance in the region.
• Sports:
• Indian shuttler Tanvi Patri triumphed at the Badminton Asia U-17 & U-15 Championships 2024, winning the U-15 girls’ singles title on August 25, 2024. She won in Chengdu, China, by defeating Thi Thu Huyen Nguyen of Vietnam in straight games. This win marks a significant achievement in her budding career.
• Defence:
• The Indian Army has transferred the technologies for Xploder and Agniastra to the private sector for mass production. Xploder is an advanced UGV for reconnaissance and IED disposal, while Agniastra is a multi-target portable detonation system. This move aims to enhance operational capabilities and support India’s self-reliance in defense production.
• North Korean leader Kim Jong Un recently revealed new exploding “suicide drones” during military drills. These drones, equipped with X-shaped wings, fly directly into their targets to destroy them. The tests involved various drone types designed to hit enemy targets on land and sea.
• Important Days:
• World Water Week 2024 is taking place from 25 to 29 August both online and in Stockholm, Sweden. This year’s theme is "Bridging Borders: Water for a Peaceful and Sustainable Future". The event focuses on the importance of water cooperation for peace and security, highlighting the interconnectedness of communities and nations.
• Appointments:
• Sindhu Gangadharan was appointed as the chairperson of Nasscom on August 26, 2024. She is the first woman to hold this position, bringing her extensive experience in technology and leadership to the role. Nasscom, under her guidance, aims to drive innovation and growth in India’s IT sector.
• On August 23, 2024, Arun Agarwal was appointed as the chair of the Texas Economic Development Corporation Board of Directors. Governor Greg Abbott made this announcement, and Arun Agarwal, the CEO of Nextt, will lead the Corporation in promoting Texas as an ideal state for business both domestically and globally.

Questions:

1 What did the Maharashtra Authority for Advance Rulings (MAAR) rule regarding the Reserve Bank of India (RBI) and Goods and Services Tax (GST)?

• A) RBI does not need to pay GST on fines, penalties, late fees, or penal interest
• B) RBI must pay GST on all services, including fines and penalties
• C) RBI must pay GST on penal interest only
• D) RBI is exempt from paying GST on all its transactions

Answer: A) RBI does not need to pay GST on fines, penalties, late fees, or penal interest Explanation: MAAR clarified that fines, penalties, late fees, and penal interest collected by RBI from its regulated institutions are not considered a taxable supply of services and are therefore exempt from GST.

2 Which state became the first in India to adopt the Unified Pension Scheme (UPS) for its employees?

• A) Gujarat
• B) Maharashtra
• C) Tamil Nadu
• D) Karnataka

Answer: B) Maharashtra is the first state to adopt the Unified Pension Scheme (UPS) for its employees, aiming to provide better financial security after retirement.