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Today GK Updates : 15th May Daily Current Affairs

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Today GK Updates : 15th May Daily Current Affairs

1. Govt announces 25% cut in TDS and TCS rates till 31st of March 2021

– In a major announcement by Finance Minister Nirmala Sitharaman, Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) have been reduced by 25 per cent till 31st March of next year. This decision will increase cash flow of over 50 thousand crore rupees benefitting common people.

– The date for filing Income Tax return for the last financial year has also been extended till 30th November, while the last date for filing tax audits has been extended from 30th September to 31st October.

– The FM also announced reduction of statutory provident fund contribution by both employers and employees to 10 percent of basic wages from the existing 12 per cent for the next 3 months.


2. Power distribution companies to get emergency liquidity infusion of Rs 90,000 crore

– In a relief to Power Distribution companies, Finance Minister Nirmala Sitharaman announced a liquidity flow of 90 thousand crore rupees to the PFCs and RECs.

India’s power distribution sector is passing through a turbulent phase on the back of large accumulated dues to be paid to generators, liquidity issues due to restricted cash flow.

– Discom payables to power generation and transmission companies currently stand at Rs 94,000 crore. The commercial and industrial sector in India consumes around 52 per cent of electricity, followed by 24 per cent by domestic households and 18 per cent by agriculture sector.


3. WPI food inflation declines in April to 3.60 per cent

– As per the data released by the Commerce and Industry Ministry, Wholesale Price Index (WPI) deflation in primary articles was 0.79 per cent in April, as against an inflation of 3.72 per cent in March.

– The fuel and power basket saw a deflation of 10.12 per cent in April, against 1.76 per cent deflation in the previous month.

– The rate of inflation based on WPI Food Index decreased from 5.49 per cent in March, 2020 to 3.60 per cent in April, 2020.

– An official statement said, all commodities WPI could not be computed for April-2020 due to non-availability of manufactured product group index.


4. India up at 74th place on WEF’s global energy transition index

– According to the World Economic Forum (WEF), India has moved up two positions to rank 74th on global ‘Energy Transition Index’ with improvements on all key parameters of economic growth, energy security and environmental sustainability. India is one of the few countries in the world to have made consistent year-on-year progress since 2015.

– The WEF study measures readiness for clean energy transition in 115 economies showed that 94 have made progress since 2015, but environmental sustainability continues to lag.

– Sweden has topped the Energy Transition Index (ETI) for the third consecutive year and is followed by Switzerland and Finland.

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The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
Headquarters: Switzerland


5. Guidelines issued for ‘Work from home’ in govt offices post lockdown

– The personnel ministry has come up with a draft framework for ‘work from home’ policy for the central govt employees post lockdown.

– With an assertion that government employees may have to work with variable hours and staggered even post lockdown, the DoPT may provide an option of work from home to the eligible officers/staff for 15 days in a year as a policy.

– Presently there are 48.34 lakh central government employees. The personnel ministry stated that due to the ongoing pandemic, it has become necessary for many ministries to operate from home to maintain social distancing.


6. V. Vidyavathi becomes new DG of Archaeological Survey of India

– IAS officer V. Vidyavathi has been appointed as the new Director-General of Archaeological Survey of India (ASI).
She is a 1991 batch Karnataka cadre officer.

– Vidyavathi will be serving in the rank of Additional Secretary to the Government of India.

– Her appointment is confirmed by the order of the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.