1. Bhutan ratifies International Solar Alliance Framework Agreement
Tags: International News
Bhutan on 14 September ratified the International Solar Alliance Framework Agreement.
IMPORTANT FACTS -
- Bhutan's Ambassador to India Major General Wetsop Namgyal handed over the ratification document to Secretary ER Dammu Ravi in the presence of DG International Solar Alliance.
International Solar Alliance :
It is a treaty-based intergovernmental organization whose primary function is to promote solar development by reducing the cost of financing and technology.
It is the nodal agency to implement 'One Sun, One World, One Grid'.
It aims to transfer the solar energy generated in a specific region to meet the electricity demand of another region.
It was launched by the Prime Minister of India and the President of France on 30 November 2015 at the Conference of the Parties (COP-21) to the UNFCCC in France (Paris) along with 121 solar resource rich nations.
Its key objectives include achieving a global potential of over 1000 GW of solar power generation capacity and mobilising about $1000 billion to invest in solar energy by 2030.
Member-106 countries have signed this Framework Agreement. 86 out of 106 countries have signed and ratified this Framework Agreement.
Headquarters - Gurugram, India
2. MoU signed between Power PSU and National Sports Development Fund
Tags: Sports National National News
The National Sports Development Fund (NSDF) signed a historic Memorandum of Understanding (MoU) with two Public Sector Undertakings, NTPC (National Thermal Power Corporation) and REC (Rural Electrification Corporation) on 14 September in New Delhi for the development of sports in India.
IMPORTANT FACTS -
- Financial assistance of Rs.115 crore will be provided by NTPC over the next 5 years and this will support Archery in India.
REC Foundation has also committed an amount of Rs 100 crore over 3 years to support women's hockey, athletics and boxing.
NSDF has received this support through Corporate Social Responsibility (CSR).
With this support from NTPC and REC Foundation, there will be grassroots development of sports, training for identified talent, training of elite talent, development of coaches, sports science support, advance training etc.
National Sports Development Fund (NSDF) :
It was established in 1998 under the Charitable Endowment Act 1890.
It was notified by the Government of India in November 1998.
It helps sportspersons to excel by providing various opportunities for training from coaches of international repute, development of infrastructure to promote the sport and providing financial assistance for other activities.
ADDITIONAL INFORMATION -
Union Minister of Youth Affairs and Sports -Anurag Singh Thakur
Union Minister of Power and New & Renewable Energy - R K Singh
3. MoU signed between Power PSU and National Sports Development Fund
Tags: Sports National National News
The National Sports Development Fund (NSDF) signed a historic Memorandum of Understanding (MoU) with two Public Sector Undertakings, NTPC (National Thermal Power Corporation) and REC (Rural Electrification Corporation) on 14 September in New Delhi for the development of sports in India.
IMPORTANT FACTS -
- Financial assistance of Rs.115 crore will be provided by NTPC over the next 5 years and this will support Archery in India.
REC Foundation has also committed an amount of Rs 100 crore over 3 years to support women's hockey, athletics and boxing.
NSDF has received this support through Corporate Social Responsibility (CSR).
With this support from NTPC and REC Foundation, there will be grassroots development of sports, training for identified talent, training of elite talent, development of coaches, sports science support, advance training etc.
National Sports Development Fund (NSDF) :
It was established in 1998 under the Charitable Endowment Act 1890.
It was notified by the Government of India in November 1998.
It helps sportspersons to excel by providing various opportunities for training from coaches of international repute, development of infrastructure to promote the sport and providing financial assistance for other activities.
ADDITIONAL INFORMATION -
Union Minister of Youth Affairs and Sports -Anurag Singh Thakur
Union Minister of Power and New & Renewable Energy - R K Singh
4. President Murmu to attend Queen Elizabeth Funeral
Tags: National Person in news International News
According to a statement released by the Ministry of External Affairs on 14 September 2022, President Droupadi Murmu will represent the government of India at the state funeral of Queen Elizabeth II.
She will be visiting London, United Kingdom on 17-19 September 2022.
The 96 year old Queen Elizabeth II of the United Kingdom died at her remote Highlands residence, Balmoral, in Scotland on 8 September 2022.
5. President Murmu to attend Queen Elizabeth Funeral
Tags: National Person in news International News
According to a statement released by the Ministry of External Affairs on 14 September 2022, President Droupadi Murmu will represent the government of India at the state funeral of Queen Elizabeth II.
She will be visiting London, United Kingdom on 17-19 September 2022.
The 96 year old Queen Elizabeth II of the United Kingdom died at her remote Highlands residence, Balmoral, in Scotland on 8 September 2022.
6. Bhupendra Yadav advocates improving the conditions workers at G20 Labour minister meeting
Tags: place in news Summits International News
Union Minister of Labour and Employment Bhupender Yadav attended the G20 Labour and Employment Ministers’ meeting at Bali, Indonesia. The G-20 Labour and Employment Ministers meeting was held on 13-14 September 2022.
IMPORTANT FACTS -
- Speaking on the occasion the minister emphasized the need to focus on improving the employment conditions of the workers for a strong and resilient economic recovery.
- Indonesia is currently the chairman of the G-20 group and it will host the G-20 summit meeting on 15-16 November 2022 at Bali, Indonesia.
- India will take over the chairmanship of G-20 from Indonesia at the Bali Summit.
- The G20, or Group of Twenty, is an intergovernmental forum of the world’s major developed and developing economies. It comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, USA and the European Union (EU).
7. No TDS on one time settlement of loans: CBDT
Tags: National Economy/Finance
The Central Board of Direct Tax (CBDT) has clarified in a circular issued on 13 September 2022 that the banks are not required to deduct 10 per cent Tax Deduction at Source (TDS) on one-time settlement (OTS) or loan waivers.
- The CBDT said OTS on loan waiver by a bank will not be treated as a benefit or a perquisite and not face Tax Deduction at Source (TDS) as they would have to bear the additional cost of tax deduction along with the haircut.
IMPORTANT FACTS -
Who will benefit ?
- This exemption from TDS includes public financial institutions, scheduled banks, cooperative banks, rural development banks, state financial corporations, and state industrial investment corporations.
Others who are exempted from TDS :
- The CBDT also clarified that the TDS provisions will not apply to the issuance of bonus/rights shares issued by a company ,where bonus/rights shares are issued to all shareholders of such a company.
Concept clearing :
One time Settlement :
- It is a scheme which is offered to the defaulters who are unable to repay their loans and does not seem in foreseeable future to generate enough resources to pay back the loans.
- In these types of loan settlements banks often take Haircuts on the loan.
Haircut on loan settlement :
- Haircut simply means that banks are willing to accept less than what is their due. For example if the person owes Rs 100 to the bank the bank accepts Rs 80 from the borrower and closes the loan. Here the bank is taking a haircut of 20%.
Tax Deduction at Source (TDS) :
- It was introduced under the Income Tax Act 1961 to stop tax evasion. The concept of TDS was introduced with an aim to collect tax from the very source of income.
- As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.
- The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS for TDS certificate issued by the deductor.
- For example a person opens a fixed deposit with a bank and deposits an amount. If the interest income on the deposit is more than Rs 5000 per year then the bank will deduct 10% TDS on the interest amount. So if the interest income is Rs 6000 per year then the bank will deduct 1000x10%= Rs 100.
- Here the bank is the deductor while the depositor is the deductee.
The TDS rates are different for different financial transactions.
Bonus issues :
- When a company issues new shares of the company to its existing shareholder in the form of dividend then it is called as Bonus issues.
Right Issue :
- When a company issues new shares to its existing shareholders at a price, it is called Right Issues.
ADDITIONAL INFORMATION -
Central Board of Direct Taxes (CBDT) :
- The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963.
- The CBDT is a part of the Department of Revenue in the Ministry of Finance.
- On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India, at the same time it is also responsible for administration of direct tax laws through the Income Tax Department.
- Chairperson: Nitin Gupta
8. Health Minister Dr Mansukh Mandaviya to launch Raktdaan Amrit Mahotsav
Tags: Government Schemes Science and Technology National News
The Union Ministry of Health and Family Welfare will launch Raktdaan Amrit Mahotsav, a countrywide mega drive for voluntary blood donation from 17th September to 1st October this year. 1st October is observed as the National Voluntary Blood Donation Day.
According to the Union Health Minister Dr Mansukh Mandaviya, Government plans to set up a database of eligible voluntary blood donors in the country through the nationwide voluntary blood donation drive.
IMPORTANT FACTS -
Aim of the Raktdaan Amrit Mahotsav :
- According to the Minister the campaign is aimed at increasing awareness about the need for regular non-remunerated voluntary blood donations.
- It would also ensure that different components of blood including packed red cells, plasma and platelets are available, accessible, affordable and safe.
- Along with filling the current capacity of blood banks in the country, the campaign would also help create a repository of blood donors in the country,
- As per the government, in the year 2021, India had 1.25 crore units of blood against the demand of 1.46 crore units. One unit comprises 350 millilitre of blood.
9. Chinese President Xi Jinping on a first trip outside China in over two years
Tags: place in news Person in news International News
China has announced that the Chinese President Xi Jinping will be on an official visit to Kazakhstan and Uzbekistan from Sep 14 - 16 and attend the summit meeting of Shanghai Cooperation Organization (SCO) in the Uzbek city of Samarkand.
IMPORTANT FACTS -
- India will take over the SCO Presidency from Uzbekistan at the summit.
- It is for the first time that President Xi is leaving China for abroad in the last two years since the onset of covid in China.
- It is not clear whether he will meet Indian Prime Minister Narendra Modi. Prime Minister Narendra Modi will visit Uzbekistan on September 15-16 to attend the SCO Summit.
- Samarkand Summit would be the first in-person SCO summit since 2019.
Shanghai Cooperation Organization (SCO) :
- The Shanghai Cooperation Organization came into existence on June 15, 2001 after the expansion of the 'Shanghai Five'.
- The Shanghai Five was formed in 1996 by Russia, China, Kazakhstan, Kyrgyzstan and Tajikistan.
- After the entry of Uzbekistan into the organization in the year 2001, 'Shanghai-5' was named SCO.
- In the year 2017, India and Pakistan got the status of its member.
- SCO has four observer states ;Iran, Mongolia, Belarus and Afghanistan
- It has six dialogue partner states; Armenia, Azerbaijan, Cambodia, Nepal, Turkey and Sri Lanka.
Full From :
SCO : Shanghai Cooperation Organization
10. Defence Ministry issues themes for the Republic Day Tableaux 2023
The Union Ministry of Defence which is responsible for organising the Republic Day ceremony in New Delhi has proposed three specific themes for 2023 Republic Day Parade tableaux.
They are India@75, International Year of Millets and Nari Shakti.
IMPORTANT FACTS -
- In a letter from the defence ministry, various state governments, Central ministries and departments have been invited to participate in the Republic Day Parade on January 26 by creating a tableaux choosing any of these three themes or a combination of the three.
- The theme of the 2022 Republic day was India @75.
