The Daily Brief – 1st July, 2017


The Daily Briefs are a comprehensive update of current affairs for the day. If you’d like to receive updates for current affairs every day, you’ll need to subscribe by entering your email address at the right side of this page. The previous Briefs can be accessed at the archives here. You can thank Sayan Bhattacharya in the comments below for this brief! Also, check out our test series!

  • The Goods and Services Tax Bill was finally rolled out after 17 years of debate in the parliament. With effect from July 1st, 2017, GST is set to completely change the indirect taxation regime under both Central and State levies. The GST, which unifies more than a dozen central and state levies like excise duty, service tax and VAT.
  • The National Biopharma Mission was launched by the Union Government which is set to see an investment of USD 250 million and USD 125 million as loan from World Bank. It is aimed to promote entrepreneurship and indigenous manufacture in the sector.
  • Carrie Lam Cheng Yuet-ngor was sworn in as the chief executive of Hong Kong administrative region. She became the Hong Kong’s fifth chief executive since 1997 and the first female to hold the post.

    Kottayan Katankot Venugopal
  • China unearthed the oldest mummified remains of a man along the Silk Road in a less frequented section of China’s Qinghai-Tibet plateau. The mummy is said to be 1700 year old.
  • The UNICEF in June 2017 contended that more than 6 million children are vulnerable to waterborne diseases as rainy season hits areas affected by Lake Chad crisis. Due to violence from Boko Haram militants in the area more than 2.3 million people are displaced from their homes with no access to basic amenities like food, water, health services and toilets.
  • The Asian Development Bank has pledged USD 10 billion support for infrastructure building and immediate needs of the lesser developed states. These include states like UP, Bihar, Jharkhand, Odisha and Chhattisgarh.
  • Senior advocate and constitutional expert KK Venugopal Rao was appointed as the 15th Attorney General of India.
  • The government has lowered interest rate on small saving schemes by1 percentfor the July- September quarter. The move will prompt banks to lower deposit rates. The rates of small saving schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi have been lowered across the board compared to the April-June quarter.
  • India has contributed $500,000to the UN Peacebuilding Fund, expressing hope that more funding by nations will boost efforts by the world body to build and sustain peace. India has been a member of the Peacebuilding Commission since its inception in December 2005 and has so far contributed $5 million to the Peacebuilding Fund. The fresh contribution of $500,000 to the fund will be affected over the coming days.  The fund was launched to support activities, actions, programmes and organisations that seek to build a lasting peace in countries emerging from conflict.
  • Bharat Heavy Electricals Ltdhas entered into a technology collaboration agreement with Kawasaki Heavy Industries Ltd (KHI) of Japan for manufacturing of stainless steel coaches and bogies for metros.
  • Election Commission (EC) has launched the nation wide month long special drive from 01st July 2017 for maximisation of registration of eligible electors with the focus on left out eligible young citizens in the age group of 18-19. During the drive, the EC will remove names of registered dead electors, if any, from electoral rolls.
  • Two Indian-Americans, Adobe Chief Shantanu Narayen and former US Surgeon General Vivek Murthy are among 38 immigrants to be honoured this year for their role in helping advance the country’s society, culture and economy. They will receive the Great Immigrants Award.
  • The government’s information dispensation arm, Press Information Bureau has launched a special page for the Goods and Services Tax. The web page on GST is a one-stop platform for all information on the new tax regime. It contains press releases issued till date on the Goods and Services Tax (GST)

    Today’s Quiz

    1. Which international organisation is investing in the National Biopharma Mission 2017?

    2. Who was recently sworn in as the chief executive of the Hong Kong administrative region?

    3. Which international bank pledged investment of 10 billion USD for lesser developed Indian states?

    4. Who became the 15th Attorney General of India recently?

    5. The government has lowered interest rate on small saving schemes by?


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