Daily Current Affairs – 2020Topic: For Prelims and Mains
27th Aug 2020
The Reserve Bank of India has recently received Rs1.71 trillion in the third long-term repo operation (LTRO) conducted for an amount of Rs 25,000 crores.
It is a tool under which the central bank provides a one-year to three-year money to banks at the prevailing repo rate.
RBI will conduct LTRO from the fortnight beginning on February 15, at the policy rate.
Topic: For Prelims and Mains
Union Minister of Petroleum & Natural Gas has recently informed about the Demand and Import of Oil in the Lok Sabha.
The consumption of petroleum products in the year 2018-19 was 213.2 MMT.
Indian Strategic Petroleum Reserve Limited is a Government of India Special Purpose Vehicle, has established Strategic Petroleum Reserves (SPR) facilities with a total capacity of 5.33 Million Metric Tonnes (MMT) at 3 locations, namely-
As per the consumption pattern of 2017-18, the total capacity is estimated to provide for about 9.5 days of crude oil requirement.
Finance Minister recently said that two-wheelers are neither a luxury nor sin goods and so, merit a GST rate revision.
Two-wheelers currently attract 28% GST.
Sin goods are goods which consider harmful to society.
Example of sin goods: Alcohol and Tobacco, Candies, Drugs, Soft drinks, Fast foods, Coffee, Sugar, Gambling and Pornography.
It is placed on goods that adversely affect health, most notably tobacco and alcohol.
Three principal arguments are used to justify this type of taxation:
According to the current GST rate structure, some of the sin goods that attract a cess include cigarettes, pan masala and aerated drinks. Apart from sin goods, luxury products like cars also attract a cess.
That excessive consumption of tobacco, alcohol or empty calories heightens health risks such as cancer, heart conditions and obesity, is quite well-documented by now.
Evidence from other countries that have imposed Sin Taxes shows the consumption of cigarettes and soft drinks has fallen significantly, after the new tax.
The huge revenues many State governments in India rake in from liquor sales (and taxes) show that Sin Taxes can mean a bonanza for the State.
It is a new category of awards announced as part of Swachh Survekshan 2021.
The award has a total of five additional sub- categories –
It has been recently launched by Ministry of Human Resource Development as a part of the Atma Nirbhar Bharat Abhiyan.
It aims to monitor and provide psychosocial support to students, teachers and families for Mental Health and Emotional Wellbeing during the conditions like COVID outbreak and beyond.