RBI makes purchaser’s name on face of payment instruments compulsory

  • The Reserve Bank of India (RBI) has decided that the name of the purchaser must be incorporated on the face of a demand draft, pay order, banker’s cheques, etc., by the issuing bank.
  • The order will come into effect on September 15th, 2018.
  • The RBI order aims to curb the possible misuse of these instruments for money laundering.
  • Dr. S. K. Kar, who is the Chief General Manager, issued the order.

India’s industrial output slips to 7-month low of 3.2% in May 2018

  • India’s Industrial Production (IIP) dropped to a seven-month low of 3.2% in May; it was 4.8% in April.
  • The main reasons for this were slow manufacturing and sluggish performance of the power and FMCG sectors.

TCA Raghavan appointed Director General of ICWA

  • Venkaiah Naidu, the Vice President of India and the President of the ICWA, has appointed Dr. TCA Raghavan as the Director General of the ICWA.
  • Dr. Raghavan is an Indian Foreign Service (IFS) officer, 1982 batch.
  • ICWA stands for Indian Council of World Affairs.
  • Dr. Raghavan has served as India’s High Commissioner to Islamabad and Singapore.      

Govt raises threshold limit for filing appeals in tax cases to reduce litigation

  • The government has decided to hike the threshold monetary limit for the tax department to file appeals in tribunals and courts.
  • With the move, 34% of tax cases pending with the ITAT, 48% with the High Courts and 54% with the Supreme Court are expected to be withdrawn.
  • The tax department will now be allowed to file appeals in ITAT/CESTAT only if the tax amount involved is Rs.2 million (Rs.20 lakh) or more (up from the current Rs.1 million).
  • In High Courts, this threshold is Rs.5 million (Rs.50 lakh), up from Rs 2 million at present.
  • Meanwhile, for appeals in the Supreme Court, the threshold limit has been increased to Rs.100 million, from Rs.2.5 million at present.      

Indian Army and SBI sign MoU on Defence Salary Package

  • The Indian Army and SBI have inked an MoU on the Defence Salary Package.
  • This revised MoU (the first was signed in 2011) is expected to suit the requirements of serving soldiers, pensioners and their families.
  • The additional facilities that have been incorporated in the MoU include free personal accident death cover, free permanent total disablement cover and other accidental benefits to the deceased soldier and their family.
  • The MoU will be valid till January 3, 2019, after which it will have to be renewed.

Hima Das wins gold at IAAF World U20 Championship

  • Hima Das bagged the gold at the IAAF World U20 Championship in the 400m event.
  • She became the first Indian woman to win a gold medal at a track event on the world stage.
  • The 18-year-old sprinter recorded a time of 51.46 seconds in the 400m race.
  • But her personal best is even better. She recorded a time of 51.13 at the National Inter State Championships in Guwahati, which is now the the Indian U20 national record.

Railways launches its 1st consolidated bridge management system

  • The railways has launched its first consolidated Bridge Management System (IR-BMS).
  • The web-enabled IT application will store all important data on the Railways’ 1.5 lakh bridges, such as bridge master data, works data, information regarding inspection/monitoring and maintenance of the bridges.
  • The aim of this system is to allow meaningful assimilation, analysis and dissemination of information related to various activities.

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