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DAILY GK DOSE 25th  JULY -2024 CURRENT AFFAIRS

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DAILY DOSE 25th  JULY -2024 CURRENT AFFAIRS

1) Angel Tax : Union Budget 2024-2025

  • The Union Minister for Finance proposed to abolish ‘angel tax’ for all classes of investors, while presenting the Union Budget 2024-25 in Parliament.
  • Angel Tax was levied on the capital raised via the issue of shares by unlisted companiesfrom an Indian investor if the share price of issued shares is seen in excess of the fair market value of the company.
  • The excess funds raised at prices above fair value are treated as income, on which tax is levied.
  • It derives its genesis from section 56(2) (viib) of the Income Tax Act, 1961.
  • It was first time introduced in 2012to prevent black money laundering through share sales.
  • It was levied at a rate of 30.9% on net investments in excess of the fair market value.

 

2) Clarion-Clipperton Zone:

  • India will apply for licences from International Seabed Authority (ISA) to explore for deep-sea minerals in the Pacific Ocean especially plans to focus on the Clarion-Clipperton Zone.
  • Clarion-Clipperton Zone (CCZ) is a vast plain in the North Pacific Ocean between Hawaii and Mexico.
  • It is known to hold large volumes of polymetallic nodules containing minerals used in electric vehicles and solar panels including manganese, nickel, copper, and cobalt.
  • First discovered by British sailors in 1873, the potato-shaped nodules take millions of years to form.
  • Up to 30 cetacean populations, including globally endangered species like blue whales, can be found in the CCZ, where 17 exploratory deep-sea mining licenses have been granted.

 

3) Climate Finance Taxonomy:

  • Presenting the Union Budget for 2024-25, the Finance Minister announced that the government would develop a ‘climate finance taxonomy’.
  • Climate Finance Taxonomy is a system that classifies which parts of the economy may be marketed as sustainable investments.
  • It helps guide investors and banks in directing trillions toward impactful investments to tackle climate change.
  • Taxonomies are frequently used to set standards for classifying climate-related financial instruments (e.g., green bonds), but, increasingly, they serve other use cases where the benchmarking feature is viewed as beneficial, including in the areas of climate risk management, net-zero transition planning and climate disclosure.

 

4) Electric Mobility Promotion Scheme:

  • The central government said that the Electric Mobility Promotion Scheme (EMPS) 2024 will provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing ecosystem in the country.
  • Electric Mobility Promotion Scheme aims to further accelerate the adoption of Electric Vehicles in the country.
  • It is a fund limited scheme with a total outlay of Rs. 500 crore for the period of 4 months.
  • It is for faster adoption of electric two-wheeler (e-2W) and three-wheeler (e-3W)to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing ecosystem in the country.
  • The Scheme duration is 4 months i.e. April 01, 2024 till July 31, 2024.

 

5) Vishnupad Temple And Mahabodhi Temple

  • Finance Minister announced during her Union Budget speech that corridor projects will be built for the Vishnupad Temple at Gaya and the Mahabodhi Temple at Bodh Gaya in Bihar.
  • Vishnupad Temple is in the state of Bihar and dedicated to Lord Vishu.
  • It was built in 1787 on the orders of Queen Ahilyabai Holkar of Ahmadnagar.
  • It is located on the banks of the Falgu river.
  • Architecturally, the temple is around 100 feet tall and has 44 pillars.
  • Devotees visit the temple during pitra paksh, a period in the Hindu calendar when people take part in rituals to remember their ancestors.

 

 

6) INS Brahmaputra:

  • The Indian Navy’s INS Brahmaputra warship, docked at Mumbai Dockyard for refitting, overturned under mysterious circumstances after a fire broke out, leading to significant damage, and one sailor reported missing.
  • INS Brahmaputra is the first of the indigenously built ‘Brahmaputra’ class-guided missile frigates.
  • The Brahmaputra class, which replaces the Talwar class, is an indigenous upgrade on the Godavari class of frigates.
  • The class’s next two ships, INS Betwa and INS Beas, were similarly given river names; INS Brahmaputra is the class lead ship.

 

7) Chandrashekhar Azad Birth Anniversary

  • The Prime Minister recently paid tributes to Chandra Shekhar Azad on his birth anniversary.
  • Chandrashekhar Azad was a great Indian freedom fighter.
  • Chandra Shekhar Tiwari on July 23, 1906, in the small village of Bhavra in Madhya Pradesh, Azad was a beacon of revolutionary fervor from a very young age.
  • His resolve to fight for India’s independence was ignited early, and by the age of 15, he had already joined the Non-Cooperation Movement initiated by Mahatma Gandhi.
  • Azad was disappointed by Gandhi’s suspension of the noncooperation movement in February 1922, after several policemen had been murdered by a revolutionary mob at Chauri Chaura.

 

8) Lal Dora-Free Haryana:

  • All villages of Haryana have been made Lal Dora-free. The state government launched a scheme to make villages “Lal Dora-free” on Good Governance Day on 25th December 2019.
  • It is a reformative step towards the establishment of clear ownership of property in rural inhabited areas by mapping land parcels using drone technology and providing a ‘Record of Rights’ to village household owners with the issuance of legal ownership cards.
  • Field verification of rural and residential areas was conducted in every village, and the mapping of every property falling under ‘Lal Dora’ was closely inspected.
  • In some states, the inhabited areas of villages, known as “lal dora” land in Punjab and Haryana and “abadi” in some, were mostly excluded from such surveys.
  • Many Indian village communities lacked documented land rights, relying instead on actual possession to claim ownership of land in residential areas.

 

9) 2024 UNAIDS Global AIDS Update:

  • The 2024 UNAIDS Global AIDS Update, titled “The Urgency of Now: AIDS at a Crossroads”, presented a critical overview of the current state of the HIV/AIDS epidemic and the global response to it.
  • The report underscores the potential to end AIDS as a public health threat by 2030, emphasising the necessity of addressing inequalities, increasing access to prevention and treatment, and ensuring sustainable resources.
  • There has been a 39% reduction in new HIV infections globally since 2010, with sub-Saharan Africa achieving the steepest decline (56%).
  • In 2023, fewer people acquired HIV than at any point since the late 1980s, and almost 31 million people were receiving antiretroviral therapy (ART).
  • AIDS-related deaths have decreased to their lowest level since the peak in 2004, largely due to increased access to ART.

 

10)  NPS Vatsalya Scheme:

  • The finance minister recently made the announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya.
  • NPS Vatsalya Scheme is a scheme under the National Pension Scheme (NPS).
  • It is designed to help parents and guardians plan for their children’s future financial needs.
  • Under this scheme, parents or guardians can open an account for their minor children and make contributions towards their retirement savings.
  • The funds will accumulate until the child turns 18.

 

 

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