Doctors day celebrated on July 1, 2019
National Doctors’ Day was celebrated throughout India on July 1, 2019. It aims to raise awareness about the importance of doctors and the crucial role they play in our day to day lives.
The theme of National Doctor’s day 2019 is
“Zero tolerance to violence against doctors and clinical establishment”.
It is meant to raise awareness about violence happening with doctors across India.
i. This day marks the birth and death anniversary of the most famous physician of India Dr. Bidhan Chandra Roy (Dr. B C Roy), who had played a crucial role in the formation of the Indian Medical Association in 1928 and also in the formation of the Medical Council of India (MCI).
On July 1, 2019, The Government of India celebrated the 2nd anniversary of GST(Goods and Services Tax).
The Finance Ministry, Government of India introduced the new return system on a trial basis on this day, which will come into force from 1st of October,2019.
i. First GST Day was celebrated on 1 July 2018.
ii. New GST return system: Sahaj and Sugam returns for small taxpayers are proposed by the Finance ministry.
iii. Single Cash Ledger: Rationalisation of Cash Ledger in such a manner that earlier 20 heads are merged into 5 major heads. There is only one Cash Ledger for Tax, interest, penalty, fee & others.
iv. Single Refund Disbursing: The Central or State Government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST, and Cess.
v. Threshold limit for goods: Threshold Limit of Rs 40 Lacs is offered of suppliers of goods as per the choice of States.
vi. Composition Scheme for Services: Composition Scheme for small service providers up to annual turnover of Rs 50 lacs with a tax rate of 6 %.
vii. E-invoicing system: Electronic invoicing system in a phase-wise manner for B2B (Business to Business) transactions is proposed to be introduced.
viii. GSTAT: GST Appellate Tribunals are being established at various State Headquarters and area benches also.
‘One Nation One Ration Card’ scheme will be available across the country from July 1, 2020
The central government’s ambitious project of ‘One Nation One Card’, under which beneficiaries can buy subsidized foodgrains from any ration shop in the country will begin on 1 July 2020.
The Centre has given states and Union Territories time till June 30, 2020, to use point of sale (PoS) machines in the ration shops and roll out the scheme.
FSSAI plans red color-coding label for sugary and salty foods
As per the draft regulation issued by the Food Safety and Standards Authority(FSSAI) (Labelling and Display regulation) of India Packaged food companies will be required to label high fat, sugar and salt content levels on the front side of the package with “red-color-coding”.
Tamil Nadu declared its state butterfly
‘Tamil Yeoman’, a kind of butterfly found in Western Ghats declared as Tamilnadu state butterfly.It is also called as ‘Tamil Maravan’.
Tamil Nadu has became the fifth state in the country to announce its state butterfly‘Tamil Yeoman’ or ‘Tamil Maravan’.
‘Tamil Yeoman’ is one of 30 butterfly species which found in the Western Ghats. These butterflies are known to migrate from one place to another. These butterflies are yellow and dark brown in color.
1)Maharashtra was the first state that declared Blue Mormon as its state butterfly
2) Utarakhand (Common peacock)
3)Karnataka (Southern bird wings)
4) Kerala (Malabar banded peacock)
5)TamilNadu (‘Tamil Yeoman’)
The State Government of Goa cleared amendments to Factories Act,1948 allowing women to work legally during night hours (between 7 pm to 6 am )in factories in the state.
It would bring about equality at the workplace and give trouble-free space to women to excel in their career.
( The section 66 of the Factories Act, 1948 prohibit women to work during night hours.)
Government lowers interest rates on Small saving schemes by 0.1% for September quarter
The Union Finance Ministry, Government of India reduced the interest rate on small savings schemes by 0.1 per cent (10 basis points) for the July-September quarter.
Small saving schemes Key points:
i. The schemes include Public provident fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra(KVP), Sukanya Samriddhi Account, Senior Citizens Savings Scheme (SCSS).
ii. PPF&NSC: For the July-September quarter, PPF and National Savings Certificate will fetch an annual interest rate of 7.9% as compared to 8% earlier.
iii. KVP: Kisan Vikas Patra will yield 7.6 percent with a maturity of 113 months. At present, the interest rate on KVP is 7.7 percent and maturity is 112 months.
iv. The girl child savings scheme: Sukanya Samriddhi Account will offer 8.4 percent from 8.5 percent.
v. SCSS: Senior Citizens Savings Scheme will offer 8.6 percent from 8.7percent.
vi. Term deposits of 1- 3 years will offer an interest rate of 6.9 percent will be paid quarterly, while the five-year quarterly pegged at 7.7 percent and for recurring 7.2 percent from the existing rate of 7.3 percent.
RBI relaxed the leverage ratio (LR) for banks to help banks expand lending
The RBI (Reserve Bank of India) relaxed the leverage ratio (LR) for banks in a bid to help them expand their lending activities. The leverage ratio (LR) reduced to 4% for Domestic Systemically Important Banks (DSIBs) and 3.5% for other banks with effective from October 1, 2019.
i. The relaxation was done for financial stability with a view to moving further towards harmonization with Basel III standards and could help some of the banks currently under Prompt Corrective Action(PCA) comply with the leverage framework.
ii. The leverage ratio, as defined under Basel-III norms, is Tier-I capital as a percentage of the bank’s exposures.
iii. The Basel Committee on Banking Supervision (BCBS) designed the Basel III Leverage Ratio as a simple, transparent, and non-risk-based measure to reduce the excessive leverage risk.