We are here for you to provide the important Current Affairs October 4 2018, which have unique updates of all daily events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, India Today, Indian Express, Business Standard, all Government official websites.
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Cabinet Approvals on October 3, 2018
i. Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the redevelopment of Railway Stations.
ii. Union Cabinet, chaired by the Prime Minister Shri Narendra Modi approved the implementation of Indore Metro Rail Project.
iii. On October 4, 2018, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi approved implementation of Bhopal Metro Rail Project comprising two corridors of total length 27.87 Km.
iii. Cabinet approves establishment of National Institute of Mental Health Rehabilitation in Sehore District instead of Bhopal
iv. Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi approved budgetary support to Nepa Limited for the Revival and Mill Development Plan.
v. On October 4, 2018, the Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi approved the increase in the Minimum Support Prices (MSPs) for all Rabi crops for 2018-19 to be marketed in 2019-20 season…………………………..Click here to Read more
Cabinet Approvals with Foreign Countries on October 3, 2018
i. Cabinet chaired by Prime Minister Shri Narendra Modi approved the Memorandum of Understanding (MoU) between India and Russia on bilateral cooperation in the Road Transport and Road Industry.
ii. Cabinet approves MoU between India and Russiaon cooperation in the field of Micro, Small and Medium Enterprises
iii. Cabinet chaired by Prime Minister Shri Narendra Modi approved to the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore…………………………Click here to Read more
Government cuts excise duty on fuel by Rs 2.50, appeals States to lower VAT
On 4th October 2018, the Government cut excise duty on petrol and diesel by Rs 2.50.
i. The government and oil companies will absorb the price cut by Rs 1.50 and Rs 1 respectively.
ii. Union Finance Minister Arun Jaitley has also urged the state governments to reduce Value Added Tax (VAT) on fuel by another Rs 2.50.
Assam Assembly passes GST (Amendment) Bill
On October 4, 2018, the Assam state assembly passed an amendment in the Assam Goods and Services Tax (Amendment) Act 2018.
i. According to the amendments,
- GST registration for companies having up to 20 lakh rupees(earlier Rs. 10 lakh) turnover per annum has been exempted,
- The limit of turnover from Rs 75 lakh to Rs 1.5 crorehas been increased for businesses to be eligible for filing one per cent composite tax.
ii. The trading community will have to pay a lumpsum of 1 percent for turnover of up to 1.5 crore rupees and manufacturers to pay lumpsum of 2 percent of normal GST.
♦ Capital: Dispur.
♦ Chief Minister: Sarbananda Sonowal.
♦ Governor: Jagdish Mukhi.
♦ National Parks: Kaziranga National Park, Manas National Park (UNESCO Natural World Herigate Site), Orang National Park, Dibru-Saikhowa National Park.
♦ Airports: Lokpriya Gopinath Bordoloi International Airport, Dibrugarh Airport, Jorhat Airport, Tezpur Airport, Silchar Airport.
India ranked 28th among 73 countries in govt e-payment adoption: 2018 Visa Survey
On October 4, 2018, in the 2018 Government E-Payments Adoption Ranking (GEAR), compiled by The Economist Intelligence Unit commissioned by payments company Visa ranked India as 28th country to progress in the digital transformation journey.
i. The survey is a 73-country ranking survey with Norway leading the pack followed by France and Denmark.
ii. India moved up to 28th in 2018, from 36th in 2011.
iii. It holds the top ranking on B2G and G2B, and comes third on C2G jointly with Argentina.
iv. India leads the B2G category, along with other countries like Australia, Singapore and South Korea.
v. India ranks third in the C2G category, along with four other countries, while France and the UAE top the list.
vi. India ranks 25th in the G2C category.
vii. India is at the 58th place for digital infrastructure and 60th among the 73 countries surveyed on socio-economic development.
viii. On political context on protecting intellectual property rights, India ranks 40th.
♦ The B2G category evaluates the ease with which businesses can calculate and make their tax payments, register for the first time, as well as renew their registrations online and digitally calculate their pension fund contributions, thereby making those payments on a periodic basis.
♦ The C2G category evaluates the extent to which citizens can complete various transactions electronically.
♦ The G2C category captures the extent to which various government transfers like tax refunds, pension and welfare benefits and unemployment benefits can be accessed electronically.
♦ Headquarters: California, USA.
First Global Guidelines on Sanitation and Health launched by WHO
On October 1, 2018, to bring successful changes in sanitation by 2030, World Health Organization (WHO) launched its first Global Guidelines on Sanitation and Health.
i. According to estimation, for every US$ 1 invested in sanitation a nearly six-fold return can be expected.
ii. Thus, by adopting the guidelines, countries can reduce the 829 000 annual diarrhoeal deaths due to unsafe water, sanitation and hygiene.
iii. The new guidelines are based on four principal recommendations. They are:
- Accessible toilets, for entire communities, that safely contain excreta, through Sanitation interventions.
- Local health risk assessments to protect individuals and communities from exposure to excreta.
- Integration of sanitation into regular local government-led planning and service provision
- The health sector should invest more and play a coordinating role in sanitation planning to protect public health.
iv. These guidelines were made to ensure the achievement of health goals by the timeline.
Globally, 2.3 billion people lack basic sanitation (with almost half forced to defecate in the open). They are among the 4.5 billion are without access to safely managed sanitation services.
♦ Headquarters: Geneva, Switzerland.
♦ Director-General: Tedros Adhanom.
BANKING & FINANCE
$100 Million Loan was signed by Government of India and the Asian Development Bank (ADB) to expand Sewerage and Drainage Coverage in Kolkata
On October 3, 2018, Asian Development Bank (ADB) signed a $100 million loan agreement with India for continuation of sewage and water treatment in Kolkata.
i. This was a 3rd and final tranche loan under the $400 Million Multi Tranche facility, Kolkata Environmental Improvement Investment Program.
ii. This will be implemented under Kolkata Municipal Corporation (KMC).
iii. Under this program,
- Sewage and drainage system will be expanded to at least 3,000 additional households,
- Sewage treatment will be provide to at least 100,000 households,
- Construction of 43 km of additional sewer drain pipes,
- 4 pumping stations, 13 km of pumping mains, and three sewage treatment plants will be done.
The Kolkata Environmental Improvement Investment Program aims to restore water production capacity to 1,478 million liters per day and ensure leaks on 700 kilometers of water pipes are repaired by 2023.
Approved in 2014.
♦ Chief Minister: Mamata Banerjee.
♦ Governor: Kesari Nath Tripathi.
♦ National Parks: Jaldapara National Park, Sunderbans National Park, Gorumara National Park, Neora Valley National Park, Singalila National Park, Buxa Tiger Reserve, Raiganj Wildlife Sanctuary.
♦ Airports: Netaji Subhash Chandra Bose International Airport, Cooch Behar Airport, Bagdogra Airport, Kazi Nazrul Islam Airport.
State Bank of Mauritius’ India operations hit by cyber fraud
On October 4, 2018, State Bank of Mauritius’ India operations was hit by cyber fraud.
i. The total loss incurred in the process amounts to USD 14 million.
State Bank of Mauritius:
♦ It is a part of State Bank of Mauritius and got approval to operate as a subsidiary in India on August 2, 2018 from RBI.
♦ Headquarters: Port Luis, Mauritius.
♦ Tagline: Bank of the Future.
‘Boost’: MobiKwik’s new product to offer instant loan within 90 seconds
On October 3, 2018, MobiKwik launched an instant loan approval and disbursal product called ‘Boost’.
i. As per the offer, loans of upto Rs 60,000 can be sanctioned as well as disbursed in a matter of 90 seconds.
ii. The approval time for the loan would be 30 seconds based on an innovative risk scoring model called ‘Mobiscore’.
iii. The minimum amount of loans that can be approved is for Rs. 5000 and the users will have the option to transfer the amount in their bank accounts.
iv. They can pay the loan in easy monthly installments of 6-9 months.
v. It is the first-of-its-kind of credit disbursal product that disburses loan amount in the user’s mobile wallet.
MobiKwik has already crossed a portfolio of 100 thousand loans
♦ Headquarters: Gurugram.
♦ Co-founder & Director: Upasana Taku.
♦ CEO & Founder: Bipin Preet Singh.
AWARDS & RECOGNITION
Nobel Chemistry Prize for Evolution Research: Frances Arnold, George Smith and Gregory Winter
On 3rd October 2018, US scientists Frances Arnold and George Smith and British researcher Gregory Winter won the Nobel Chemistry Prize.
i. They were awarded the Nobel Chemistry Prize for applying the principles of evolution to develop enzymes used to make various items from biofuels to pharmaceuticals.
ii. Frances Arnold is the 5th woman to win the Nobel Chemistry Prize. She received half of the 9 million Swedish kronor (nearly USD 1.01 million) award. George Smith and Gregory Winter shared the other half.
iii. The three scientists used the same principles of evolution: genetic change and selection, to develop proteins.
Forbes India Rich List 2018: Mukesh Ambani is the richest Indian for 11th consecutive year with $47.3 billion
Mukesh Ambani has been named the richest Indian for the 11th consecutive year with a net worth of $47.3 billion, as per the ‘Forbes India Rich List 2018’.
i. Reliance Industries’ Chairman Mukesh Ambani is also the biggest gainer of the year, with a gain of $9.3 billion to his wealth.
ii. Wipro Chairman Azim Premji has secured the 2nd position, with a wealth of $21 billion.
iii. ArcelorMittal Chairman and CEO Lakshmi Mittal is in 3rd spot with a net worth of $18.3 billion.
iv. Hinduja brothers occupy 4th position with net worth of $18 billion and Pallonji Mistry is at 5th spot with $15.7 billion.
v. Others in the top 10 list are: Shiv Nadar ($14.6 billion), Godrej family ($14 billion), Dilip Shanghvi ($12.6 billion), Kumar Birla ($12.5 billion) and Gautam Adani ($11.9 billion).
vi. Kiran Mazumdar-Shaw is the biggest percentage gainer of the year, with increase in net worth by 66.7 % to $3.6 billion.
Ministry of Railways wins ‘Swachchta Hi Seva’ award
On 2nd October 2018, Ministry of Railways was named the best department for its contribution to “Swachchta Pakhwada” under the “Swachchta Hi Seva” category of awards.
i. This was declared in an inter-ministry initiative organised by the Ministry of Drinking Water and Sanitation to encourage cleanliness in government offices and health facilities.
ii. The award was presented to the Railway Ministry on the 4th anniversary of the Swachh Bharat Mission (October 2).
iii. ‘Swachchta Hi Seva’ campaign was launched in 2017 to promote the public to involve in building toilets and cleaning public places.
About Ministry of Railways:
♦ Minister of Railways – Piyush Goyal
♦ Ministers of state for Railways – Manoj Sinha, Rajen Gohain
APPOINTMENTS & RESIGNS
Supreme Court judge Madan Bhimarao Lokur appointed Executive Chairman of NALSA
On 3rd October 2018, Madan Bhimarao Lokur took charge as the Executive Chairman of the National Legal Services Authority of India (NALSA).
i. Madan Bhimarao Lokur was appointed to the post by President Ram Nath Kovind. He replaces Justice Ranjan Gogoi.
ii. Madan Bhimarao Lokur is a senior judge of the Supreme Court. He is 64 years old.
iii. He was the Additional Solicitor General of India from July 1998 to February 1999. He became an Additional Judge of Delhi High Court in February 1999.
iv. He was also Chief Justice of Gauhati High Court and Andhra Pradesh High Court. He became a Judge of the Supreme Court in 2012.
About National Legal Services Authority of India (NALSA):
Objective – speedy disposal of cases, reducing the burden of the judiciary, providing free legal services to marginalised and disadvantaged, organise Lok Adalats, etc.
Ramon Laguarta succeeds Pepsico’s Indian-origin CEO Indra Nooyi
On 3rd October 2018, Ramon Laguarta took charge as the chief executive officer (CEO) of PepsiCo.
i. Ramon Laguarta succeeds India-born Indra Nooyi, who was the CEO of PepsiCo for 12 years. Indra Nooyi will be chairman of PepsiCo till early 2019.
ii. Ramon Laguarta has served as President of PepsiCo since 2017. He has also been elected to PepsiCo’s Board of Directors with effect from October 3, 2018.
Justice Surya Kant named Himachal Pradesh High Court Chief Justice
On 3rd October 2018, Justice Surya Kant was appointed as the Chief Justice of Himachal Pradesh High Court.
i. Justice Surya Kant was a judge in the Punjab and Haryana High Court. The post of Chief Justice in Himachal Pradesh High Court has been vacant since April 2017.
Chanda Kochhar resigns as ICICI CEO, Sandeep Bakhshi to take over
On 4th October 2018, ICICI Bank MD and CEO (Managing Director & Chief Executive Officer) Chanda Kochhar resigned from the post.
Resignation of Chanda Kochhar:
i. Sandeep Bakhshi has been appointed as the new MD and CEO of ICICI Bank for a period of 5 years till October 3, 2023.
ii. Chanda Kochhar was on leave and is being investigated over alleged conflict of interest in deals with several customers of the bank including the Videocon Group.
iii. She joined ICICI Limited in 1984. In 2006-07, she led ICICI Bank’s corporate and international banking businesses.
iv. From 2007 to 2009, she was Joint Managing Director and Chief Financial Officer of ICICI Bank.
v. In 2009, she became MD and CEO of ICICI Bank. In 2011, she was awarded Padma Bhushan.
About ICICI Bank:
♦ Headquarters – Mumbai
♦ Tag line – Hum Hai Na, Khyal Apka
ACQUISITIONS & MERGERS
Bharti Airtel acquires Bengaluru-Based AI Start-Up AuthMe
On 3rd October 2018, Bharti Airtel acquired artificial intelligence (AI) service provider AuthMe ID Services.
i. Bharti Airtel has not revealed the size of the deal. As part of the acquihire deal, the core team of AuthMe will join Airtel and will be part of Airtel X Labs in Bengaluru.
ii. Airtel has also acquired the intellectual property rights for two flagship solutions developed by AuthMe named “Callup AI” and “Fintech Optical Character Recognition”.
iii. Airtel X Labs were developed by Airtel to encourage innovation in AI, Internet of Things, Augmented Reality and Virtual Reality.
About Bharti Airtel:
♦ Chairman – Sunil Bharti Mittal
♦ MD & CEO (India and South Asia) – Mr. Gopal Vittal
SCIENCE & TECHNOLOGY
First known exomoon may have been discovered
Astronomers have made a discovery, which might be the first exomoon i.e. the first known moon outside our Solar System.
i. This exomoon was detected by NASA’s Kepler spacecraft and was observed using the Hubble telescope around exoplanet Kepler 1625b.
ii. The exomoon was found orbiting Kepler 1625b, a gaseous planet 8,000 light-years away. The findings have been published in the journal Science Advances.
iii. The exomoon is gaseous and is the size of Neptune and orbits Kepler 1625b, which is the size of Jupiter.