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Important Current Affairs 6th May 2019

NATIONAL:

DPIIT recommends relaxation in Income Tax rules to facilitate fundraising by start-ups.

• The Department for Promotion of Industry and Internal Trade (DPIIT) brought relaxation in the income tax rules related to residential properties’ sale and carry-forward of losses, in order to facilitate fundraising by start-ups.

• The relaxation laws are part of the ‘Startup India Vision 2024‘ that’s been prepared by the DPIIT.

• The DPIIT recommended amendments in Section 54GB of the Income Tax Act, that is, capital gain on transfer of residential property not to be charged in certain cases and Section 79 that states, carry forward and set off of losses would be done for specific companies.

• The DPIIT has proposed to reduce shareholding requirements of founders from 50% to 20% and compulsory tenure from 5 years to 3 years.

• Start-up promoters need to hold 100% shares for carrying forward of losses.

Startup India, launched in January 2016 is the flagship initiative of the government.

It intends to build a strong ecosystem for the growth of start-up businesses for driving sustainable economic growth and increase employment opportunities.

Bandana sets Guinness World Records on Longest Dancing Marathon by an Individual.

• An 18-year old girl from Nepal named Bandana set a Guinness World Records on'Longest Dancing Marathon by an Individual'. She danced exclusively to Nepalese music continuously for 126 hours (over five days).

• She broke the record set by India's Kalamandalam Hemlatha, who danced continuously for 123 hours and 15 minutes in 2011.

She performed classical dance form Mohiniyattam and set the record at age of 37.

BigBasket receives $150 million in funding, becomes the newest unicorn.

• Supermarket Grocery, which runs and operates the online grocery brand BigBasket, has received $150 million in a financing round led by South Korea’s Mirae Asset- Naver Asia Growth Fund, UK’s CDC Group, and existing investor Alibaba, said the company on Monday.

• This round has boosted the company’s valuation to over $1 billion, pushing it to the coveted ‘unicorn’ club.

INTERNATIONAL:

US to hike tariffs on USD 200 bn of Chinese goods.

• President Donald Trump announced on 5th May that the U.S. would raise tariffs on $200 billion of Chinese goods to 25% from 10th May because trade talks are moving too slowly, as they attempt to renegotiate. Mr.Trump’s action came ahead of the arrival of a major Chinese delegation to Washington for the latest round of talks around, it is believed, could possibly lead to a deal.

• For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. 10% will go up to 25%. The two sides have imposed tariffs on $360 billion in two-way trade since 2018. But Mr.Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation.

• The two sides have imposed tariffs on USD 360 billion in two-way trade since 2018. But Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation. Trump said that he wants to reduce the huge US trade deficit with China, which in 2018 totalled $378.73 billion if trade in services is included.

• Besides a greater opening of the Chinese market to US goods, Trump is pressing for structural changes such as Beijing ending its practice of forcing US companies that operate in China to share their technology. Trump is also demanding that China halt theft of intellectual property and subsidies to state-owned companies.

Oil tumbles, China stocks plunge over 4% after Trump vows tariff hike.

• Global financial markets tumbled on Monday after US President Donald Trump unexpectedly jacked up pressure on China to reach a trade deal, saying he would hike US tariffs on Chinese goods this week.

• Equity markets, which had been largely expecting a trade accord, fell sharply across export-reliant Asia as further talks were thrown into doubt.

• Chinese shares plunged more than 4% at one point, while US stock market futures fell close to 2 %. Oil prices plunged and the Chinese yuan tumbled.

BANKS AND ECONOMICS:

Yes Bank slips 3 notches to 10th spot as most valued bank.

• Private lender YES Bank Ltd has slipped three notches to 10th spot, in terms of market valuation, for the first time, as its shares slumped over 30% in the last four sessions after the bank reported a surprise net loss in its March quarter earnings.

• YES BANK is now the 10th most valued bank from seventh earlier, slipping below market valuation of state-run lenders - Bank of Baroda and Punjab National Bank.

Vimal Kumar 1 Months ago
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