Following is the 5 May 2018 Current Affairs For Government Exam
1. GST Council simplifies return filing process.
The GST Council in its 27th meeting decided on a new, simplifed method of filing GST returns, based on the recommendations of the Group of Ministers on IT simplification.
All taxpayers excluding a few exceptions like composition dealer shall file one monthly return.
Goods & Services Tax Council is a constitutional body & is chaired by the Union Finance Minister.
2. GST Network to be a government body.
The GST Council approved a proposal to make the GST Network (GSTN) a government body.
The government will acquire the 51% stake held by private entities and subsequently, the Central Government will own 50% in GSTN and states will collectively hold the remaining 50%.
Currently, a 49% stake in GSTN is held by the Government.
3. Chhattisgarh to recruit transgender in police.
To promote gender equality, Chhattisgarh govt has decided to recruit transgender in the police force.
Chhattisgarh is the first state to recruit transgenders for police while Tamil Nadu is the first state to hire India’s first transgender police officer.
In 2014, Supreme Court declared transgender people as the 3rd gender & ruled that they have equal privilege over the fundamental rights.
4. Google to set up 25,000 Wi-Fi hotspots in Andhra Pradesh State.
Google India has partnered with Andhra Pradesh State FiberNet Limited to set up Wi-Fi stations in all the Gram Panchayats of the state.
It will install 25,000 Wi-Fi hotspots by December 2018.
In 2016, Google had installed public Wi-Fi networks at 100 railway stations and is now working to expand the project to as many as 400 stations by 2018 end.
5. Exchanges allowed to extend trading time.
Markets regulator SEBI allowed stock exchanges to extend trading in equity derivatives by over 8.5 hours to bring the timings in line with commodity markets.
It has allowed exchanges to set trading hours in equity derivatives between 9:00 am and 11:55 pm, effective October 1, 2018.
As of now, trading is allowed from 9:15 am till 3:30 pm.
6. NITI Aayog ropes in IBM to use AI.
NITI Aayog has partnered with IBM to develop a crop yield prediction model using artificial intelligence to provide real-time advisory to farmers.
The partnership aims to make use of technology to improve crop productivity, soil yield and farmers income.
First phase of the project will focus on developing a model for 10 backward districts branded as “aspirational districts” by NITI Aayog.
7. India, Sri lanka agree on information exchange.
India & Sri Lanka have agreed on cooperation on exchange of information & other aspects to tackle smuggling of drugs in both countries.
The decision was taken at the 3rd bilateral meeting between India’s Narcotics Control Bureau & Sri Lanka’s Police Narcotics Bureau.
Use of sea route to smuggle drugs & sharing of best practices & training needs were also a part of the discussion.
8. Informal meeting of SAARC FMs held in Manila.
The twelfth informal meeting of SAARC Finance Ministers was held in Manila, on the sidelines of the 51st Annual Meeting of Asian Development Bank (ADB).
The meeting was chaired by the Finance Minister of Nepal Yuba Raj Khatiwada.
The Finance Ministers/Heads of Delegation briefed the meeting about the current status of economic progress achieved by their countries.
9. California surpasses UK to become World’s 5th largest economy.
US state California’s economy has surpassed that of the UK to become the world’s fifth largest.
Reports are according to new federal data released.
With a GDP of $2.7 trillion, California is now only behind the US, China, Japan and Germany.
The UK and India are next on the list, followed by France, Brazil and Italy respectively.
10. Singapore-Kuala Lumpur is busiest air route.
The trip between Singapore and the Malaysian capital Kuala Lumpur is the world’s busiest international air route according to the study by air travel intelligence firm OAG.
Asia dominated the list of the world’s 20 busiest international air routes.
The world’s second busiest air route is between Hong Kong and the Taiwanese capital Taipei & followed by the Jakarta to Singapore air route.
11. Oscars Academy expels Bill Cosby and Roman Polanski.
Bill Cosby and Roman Polanski have been expelled from the US Academy of Motion Picture Arts and Sciences.
In Polanski’s case, the expulsion comes more than 40 years after he was accused of raping a 13-year-old girl.
12. No Nobel Prize in Literature this year.
The Swedish Academy has decided to postpone the 2018 Nobel Prize in Literature, with the intention of awarding it in 2019.
For the first time since 1949, the secretive jury will not unveil a winner this autumn.
13. A new nuclear reactor for space exploration missions.
NASA has developed a new kind of reactor to be used for space exploration missions.
NASA’s Kilopower project works to build the kind of technology that could be used for an affordable fission nuclear power system so astronauts can have longer trips to planets.
Kilopower is a small, lightweight fission power system that can deliver 10 kilowatts of electrical power.
14. World’s rarest ape on the edge of extinction.
Tapanuli Orangutan – the rarest ape species on the planet – could lose its battle for survival, unless decisive steps are taken to rescue it.
Fewer than 800 members of the species survive, and they are under assault from mega-projects, deforestation, road building, and poaching.
The ape survives only in areas with virtually no roads.
15. Indian-American woman appointed Interim Civil court judge in US.
Indian-American Deepa Ambekar has been appointed as interim judge to the civil court of New York City, becoming the second Indian-American woman judge in the city after Chennai-born Raja Rajeswari.
16. RBI announced Rs.10,000 crore bond purchases.
The Reserve Bank of India has announced that it would buy Rs. 10,000 crore of government bonds via Open Market Operation (OMO).
The move could bring some relief to the bond market which is reeling under the pressure of rising yields despite a slew of regulatory measures.
Since the start of 2018, the yield on the 10-year benchmark bond has gained 40 basis points to 7.73%.
17. SEBI proposes changes to public issue norms.
SEBI has proposed some changes in public issue norms, including shorter time period for price band announcement & lesser disclosures about group companies at time of IPO.
The time period for announcing price band for Initial public offerings (IPO) will be reduced to 2 working days from current 5 days.
These proposals are based on suggestions made by SEBI’s Primary Market Advisory Committee.
18. Power Grid Corporation of India (PGCIL) Inks Pact With Power Ministry.
State-run Power Grid Corporation of India (PGCIL) has inked a pact with the Ministry of Power to incur capital expenditure of Rs.25,000 crore for the current fiscal.
The MoU includes various targets to be achieved by Powergrid during 2018-19.
Other targets in the MoU inter-alia include parameters related to human resources, project management, research & development.
19. Freedom fighter Keyur Bhushan passed away.
Well-known Gandhian, freedom fighter & writer Keyur Bhushan passed away.
Bhushan took part in the 1942 Quit India movement as a student in Raipur and was incarcerated.
He penned novels, collections of short stories and poems.
He also edited ‘Sapthahik Chhattisgarh’ and ‘Antyoday’.
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