5th August 2018 Current Affairs


29th GST Council Meeting: Sub Committee formed under MoS Finance Shiv Pratap Shukhla to address MSME woes-

  • On 5th August 2018, the GST Council in its 29th meeting has decided to create a sub-committee headed by MoS Finance Shiv Pratap Shukhla for the Micro, Small, and Medium Enterprise (MSME) Sector.

  • The main objective of the meeting is to address the issues, challenges, and concerns of Micro, Small, and Medium Enterprise.

  • The Committee consists of Manish Sisodia, Sushil Modi, Himanta Biswa Sarma, Thomas Issac, Manpreet Badal.

  • It has also decided to run a pilot to provide cashback for digital transactions.

  • Capped at Rs 100/-, RuPay Debit and UPI Based Transaction will get a cashback of 20% of the GST Paid.

  • For this initiative, the GST has planned to create a software and invited states to implement it.

Japan overtakes China to become world’s second largest stock market: Bloomberg

  • On 5th August 2018, as per the Bloomberg’s Data Japan is the world’s second largest stock market.

  • It has overthrown China as its total equity is $6.17 Trillion and that of China’s is $6.09 Trillion.

  • The United States is the world’s biggest market for stocks, with a total worth of just over $31 Trillion.

  • Earlier China overtook Japan in 2014.

Indian Posts Payments Bank will be launched by PM Modi on 21st August 2018

  • On 5th August 2018, the Central Government announced that PM Modi will launch India Posts Payments Bank on 21st August 2018 with a focus on the rural areas.

  • Around 648 branches will be launched across the country in every district.

  • Government will link 1.55 Lakh Posts Office Branches with IPPB Services.

  • This will create the country’s largest banking network.

Chinese Researchers “create” world’s first single chromosome yeast.

  • Chinese Scientists have created the first single chromosome yeast without affecting the majority of its functions.

  • Brewer’s Yeast consists of 16 Chromosomes. The Chinese Scientists have created a single chromosome yeast which has almost all the genetic material of Brewer’s Yeast.

  • Molecular Biologists at the Centre for Excellence in Molecular Plant Sciences, China used CRISPER- Cas9 Genome- Editing to develop a single- chromosome yeast strain.

  • A paper regarding this has been published in Journal Nature. This finding can help in advancing research related to aging and diseases in humans.

  • It could also lead to the creation of new-man made species in future.

Gaganjeet Bhullar wins the first European Tour Title at Fiji International

  • Gaganjeet Bhullar won the title at the Fiji International with a six under 66 for a four day total of 14-under 274.

  • Australia’s Anthony Quayle was ranked second position and South Africa’s Ernie Els was ranked third position.

  • This is Gaganjeet Bhullar’s 10th Overall Title. Now he has become the most successful Indian Golf Player on Asian Tour.

  • He is the First Indian to win on Australian Tour. He is also the first Indian to win European Tour following Atwal, Jeev Milkha Singh, SSP Chawrasia, and Anirban Lahri.

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The Author

Upasana Pradhan

Hello, my name is Upasana Pradhan, I’m currently working as a Content Writer. I have done my Masters in Electronics and Communication from Delhi Technological University, Delhi. I always had a passion for writing. Apart from that, I love listening music, hanging out with friends, Cooking and Shopping.

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