Daily GK Potion – 4th December 2014

  1. RBI issues norms for trading platform for MSME receivables
    • To help and promote micro, small and medium enterprises (MSMEs), the Reserve Bank of India permitted setting up of an exchange-based trading platform to facilitate financing of bills raised by such small entities to corporate and other buyers, including government departments and PSUs.
    • RBI said the Trade Receivables Discounting System (TReDS) should have a minimum paid up equity capital of Rs 25 crore and non-promoters would not hold over 10 per cent of the equity capital of TReDS.
  2. Justice V. R. Krishna Iyer passed away

    • Eminent jurist and former Supreme Court judge, Justice V. R. Krishna Iyer, passed away at a private hospital in Kochi. He died due to renal and cardiac failure.
    • Justice Iyer was sworn in as the judge of the Supreme Court on July 17, 1973 and retired at the age of 65 on November14, 1980.
  3. East Zone beaten West Zone to clinche Deodhar Trophy of cricket
    • Deodhar Trophy is the a cricket tournament contested by the five zonal teams of India: Central Zone, East Zone, North Zone, South Zone and West Zone.
  4. Sikh woman elected as council member in California
    • Preet Didbal, a Sikh woman has been elected for the first time as a council member of California’s Yuba City.
    • She is correctional health care services manager in the California Department of Corrections.
    • She holds an associate degree in nutrition, a bachelor’s degree in physical education and a master’s in public administration.
  5. Corruption Perceptions Index 2014 released, India ranked less corrupt than China
    • For the first time in 18 years, Indian has been ranked as less corrupt than China in the annual global corruption perceptions survey.
    • India also managed to jump 9 places from 94 in 2013 to be placed at 85 in 2014.
    • China slipped 20 places down to 100.
    • The global corruption perceptions survey is conducted annual by Transparency International (TI).
  6. Virender Sehwag, Yuvraj Singh, Gautam Gambhir out of Cricket World Cup 2015 list
    1. Senior Indian players, Virender Sehwag, Gautam Gambhir, Yuvraj Singh, Harbhajan Singh and Zaheer Khan have been ignored by the selectors from India’s list of 30 World Cup probable.
    2. Yuvraj was the Player of the Tournament in world cup 2011.
    3. 30 World Cup Probables: MS Dhoni, Shikhar Dhawan, Rohit Sharma, Ajinkya Rahane, Robin Uthappa, Virat Kohli, Suresh Raina, Ambati Rayudu, Kedar Jadhav, Manoj Tiwary, Manish Pandey, Wriddhiman Saha, Sanju Samson, R Ashwin, Parvez Rasool, Karn Sharma, Amit Mishra, Ravindra Jadeja, Axar Patel, Ishant Sharma, Bhuvneshwar Kumar, Mohammad Shami, Umesh Yadav, Varun Aaron, Dhawal Kulkarni, Stuart Binny, Mohit Sharma, Ashok Dinda, Kuldeep Yadav and Murali Vijay.
  7. Finance Ministry Sets Up Panel to Hear Industry’s Tax Issues
    • The Finance Ministry on Wednesday set up a high level committee (HLC) to interact with trade and industry on tax-related issues on a regular basis and ascertain areas where clarity in tax laws is required.
    • The HLC will give recommendations to the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues
    • The high level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri.
    • Other two members of the committee are Sidhartha Pradhan, retired member of the Settlement Commission (Income Tax and Wealth Tax), and Gautam Ray, retired DG (Audit) of the Customs and Central Excise
  8. Prince of Gujarat: The Extraordinary Story of Prince Gopaldas Desai released
    • The book is on Gopaldas Ambaidas Desai also called Darbar Gopaldas Desai.
    • He was a former prince and later ruler of the State of Dhasa in Saurashtra and a noted Gandhian political and social activist.