GK Eduwrap – 7th May 2015

National:

1. Bollywood actor Salman Khan was sentenced to five years imprisonment by Mumbai Sessions Court. He was sentenced for his 28th September 2002 hit and run case in which one pavement dweller was killed and four others were injured.

Salman Khan’s, Toyota Land Cruiser on 28th September 2002 hit a bakery in the Bandra area of Mumbai after which the vehicle ran over five people sleeping on the street. In the accident, a 38-year-old Nurullah Mehboob Sharif was killed and four others were injured.

2. Lok Sabha passed the Goods and Services Tax Bill, 2014. The bill also called Constitution (122nd Amendment) Bill seeks to introduce GST regime in India.

The bill will transform India into a common market, harmonising myriads of state and central levies into a national goods and services tax which is expected to boost manufacturing and reduce corruption. It proposes an additional tax on supply of goods, not exceeding one percent, in the course of inter-State trade will be levied and collected by the Union for a period of two years and apportioned to the States.

3. Save the Children’s 16th annual State of the World’s Mothers (SOWM) report titled The Urban Disadvantage released by the Union Minister for Minority Affairs Najma Heptulla in New Delhi. The report’s special focus is on the struggle of poorest mothers and children in rapidly urbanizing world.

It presents the Mothers’ Index for 179 countries. The 10 countries showing the greatest survival divide between wealthy and poor urban children are: Rwanda, Cambodia, Kenya, Vietnam, Peru, India, Madagascar, Ghana, Bangladesh and Nigeria.

4. Union Finance Ministry made Permanent Account Number (PAN) mandatory for private firms seeking Central Excise Registration. In this regard, the Ministry issued an order mentioning that applicants seeking registration will mandatorily have to quote PAN of the proprietor or the legal entity being registered in the application form.

The new laws say that the PAN registration will be given within two days of filing online applications to improve the ease in doing business in manufacturing. While, the government departments has been exempted from the requirement of quoting PAN in their online application.

5. Madhya Pradesh Chief Minister Shivraj Singh Chouhan will launch three Central schemes – an accidental cover, a life insurance and a pension scheme, in the state. The Pradhan Mantri Suraksha Bima Yojna provides risk cover for accidental death and full disability. It will be available to people in the age group of 18 to 70 years with savings bank account.

International:

1. The French Parliament approved a surveillance law that strengthens the intelligence services of the country. The aim behind approving the law is to prevent terrorist attacks.

Sports:

1. The Indian Army team emerged as champions in the 19th Federation Cup National Senior Athletic Championships. The team scored 123.5 points at the end of the four-day event at the Mangala Stadium in Mangaluru, Karnataka. The Tamil Nadu team notched the second position by securing 114 points.

Economics:

1. The term Algorithmic Trading or Algo-Trading or Black-Box Trading triggered the two major stock indices Bombay Stock Exchange (BSE) Sensex and National Stock Exchange (NSE) Nifty to close at lowest levels since December 2014.

Algorithmic Trading: Usage of Computers to execute trades based on pre-defined instructions.

Science & Technology:

1. The National Aeronautics and Space Administration (NASA) successfully developed and flight tested the prototype of a ten-engine electric plane Greased Lightning (GL) – 10. It was revealed by the US space agency on its website.

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