Current Affairs Quiz - April, 2021

Notes:
The Union Finance ministry has notified rules for winding up of the Settlement Commission, handling income tax and wealth tax disputes.
The Settlement Commission (IT/WT) was constituted in 1976 under Income-tax Act, 1961 and the Wealth Tax Act, 1957. The new dispute resolution system will be available to assessees with taxable income up to ₹50 lakh where disputed income is up to ₹10 lakh.

Notes:
The Union Minister of Finance has notified that business entities with turnover of more than Rs 5 crore will have to furnish six-digit HSN – Harmonised System of Nomenclature on the invoices issued for supplies.
HSN is an internationally standardized system of names and numbers to classify traded products which came into effect in 1988.

Notes:
Haryana has recently amended several provisions under its Rules of Procedure and Conduct of Business in the Legislative Assembly of the state.
The new provisions include mandating presence of at least two ministers and preventing the members from tearing off documents in the House in protest. This is expected to maintain the decorum of the house.

Notes:
As per a recent release by FIS (leading provider of financial technology solutions to banks and merchants), the number of real-time financial transactions in India has grown to 41 million transactions per day. This number is more than double that of the last year.
In terms of growth rate of real time financial transactions, the list is topped by Bahrain with 657% growth.

Notes:
The 1.3-kilometre-long Chenab Bridge is being constructed in the UT of Jammu and Kashmir. It is being placed 359 metres above the bed of the Chenab river and is considered the world’s highest railway bridge.
Recently, construction of the arch of the bridge has been completed, which is termed as a milestone achievement by the Northern Railways zone of Indian Railways.

Notes:
The Barakah nuclear power plant in the United Arab Emirates is the first nuclear power station in the Arab world.
The nuclear power plant located in Abu Dhabi started commercial operations recently. As per the country’s leaders, the first megawatt from the nuclear plant has entered the national power grid. It was opened in the year 2019.

Notes:
Under the Pradhan Mantri Awas Yojana – Gramin (PMAY-G), 92% target of completion has been achieved in the 1st phase of the scheme.
A target of 1 crore houses was set for completion in the 1st phase of the scheme- from 2016-17 to 2018-19. It aims constructing 2.95 crore PMAY-G houses with all basic amenities by the year 2021-22.

Notes:
The Ministry of External Affairs has launched the first online Pre-Departure Orientation Training (PDOT) Programme for migrant workers.
It has associated with Protector of Emigrants (POE) Mumbai and other POEs for the online session, to supplement physical training being held in PDOT Centres. The programme aims to train maximum number of prospective migrants before their departure.

Notes:
The Reserve Bank of India has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh.
The announcement in this matter was made by RBI Governor Shaktikanta Das after the meeting of the Monetary Policy Committee. As per the current norms, the payment banks can hold a maximum balance of Rs 1 lakh per customer. This expansion will help them to serve more MSMEs.

Notes:
As per the Fiscal Affairs Department of the Internatioanl Monetary Fund, India’s debt to GDP ratio increased from 74 per cent to 90 per cent during the COVID-19 pandemic.
IMF also expects that the ratiop would drop down to 80 per cent as a result of the country’s economic recovery.