Top GKToday’s News Headlines-2 June 2020

INDIA

• IMD announces onset of southwest monsoon (June -September) in the country; rainfall would be 102% of its LPA (long period average)
• DRDO develops Ultra Swachh disinfection unit for sanitisation of Personal Protective Equipment (PPEs) and other materials
• Two visa assistants of the High Commission of Pakistan in New Delhi nabbed by Delhi Police for spying; asked to leave the country within 24 hours
• Former Union Minister and three-time Congress MP from Ladakh, P Namgyal, dies at 83
• Singer-composer Wajid Khan of music director duo Sajid-Wajid, dies at 42
• R. Sreelekha becomes first woman DGP in Kerala

MSMEs: NEW DEFINITIONS

• MSMEs with an investment of Rs one crore and turnover of Rs 5 cr will be classified as micro-units
• Units with an investment of Rs 10 crore and turnover of Rs 50 crore will be recognised as small units
• Units with an investment of Rs 50 crore and turnover of Rs 250 crore will be classified as medium units
• Exports will not be excluded from the turnover cap

ECONOMY & CORPORATE

• Income-tax return (ITR) forms for assessment year (AY) 2020-21 to captures information on cash deposits exceeding ₹1 crore, expenditure on foreign travel exceeding ₹2 lakh and electricity expenses exceeding ₹1 lakh
• Govt unveils PM SVANIDHI (Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi) scheme to provide loans upto Rs. 10,000 to street vendors
• PM launches technology platform CHAMPIONS (Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength.) for boosting growth in MSME sector
• Govt approves MSP for 14 Kharif crops for the 2020-21 crop year based on recommendations of CACP (Commission for Agricultural Costs and Prices)
• Moody’s Investors Service downgrades India’s sovereign rating to Baa3 from Baa2; maintains negative outlook
• Indian Energy Exchange launches Real-Time Electricity Market (RTM) on its platform from June 1

WORLD

• Global Day of Parents observed on June 1
• US: Curfew imposed in 40 cities over violent protests against death of African-American man George Floyd (46) in police custody on May 25