Current Affairs - July 24, 2024 Current Affairs

The angel tax, introduced in 2012 under Section 56(2)(vii B) of the Income Tax Act, 1961, was designed to curb black money laundering through inflated share sales by taxing excess funds raised above fair market value at a rate of 30.9%. Recently, in the Union Budget 2024-25, the Union Minister for Finance proposed to abolish the angel tax for all classes of investors. This decision aims to boost investment in startups and simplify the tax landscape for emerging businesses.

NTPC Vidyut Vyapar Nigam Ltd. is establishing two waste-to-charcoal plants in Haryana, specifically in the districts of Gurugram and Faridabad. These plants, costing ₹500 crore each, will convert 1,500 tonnes of daily waste into charcoal using indigenous technology. This initiative aims to support the Swachh Bharat campaign, enhance urban cleanliness, and promote environmental sustainability. The green coal plants will be the largest in India, surpassing the current facility in Varanasi, and are expected to be completed in about 30 months.

The Forest Survey of India (FSI) conducts a biennial assessment of the country's forest cover. According to the India State of Forest Report (ISFR) 2021, the total forest cover is 7,13,789 square kilometres, which constitutes 21.71% of India's geographical area. This statistic highlights the extent of forested regions in the country, reflecting efforts towards forest conservation and management. Understanding these figures is crucial for environmental planning and policy-making aimed at maintaining and increasing forest cover to ensure ecological balance and sustainability.

Azerbaijan's COP29 has announced the Climate Finance Action Fund (CFAF) to support green projects in developing countries, specifically aiming to help member nations achieve the 1.5°C temperature target. This target is crucial for mitigating the severe impacts of climate change and aligns with international climate agreements. The CFAF, funded by contributions from fossil fuel producers and other sources, will focus on financing clean energy technology and enhancing climate resilience. This initiative highlights the urgent need for collective action to limit global temperature rise and safeguard the planet's future.

Mumbai, India's bustling financial capital, is preparing to launch its first underground metro, known as the Aqua Line, to enhance its urban transit system. The Aqua Line, also referred to as Mumbai Metro 3, will span 33.5 kilometres and feature 27 stations, connecting significant areas from Aarey Colony to Cuffe Parade. This new metro line aims to alleviate congestion on Mumbai's crowded streets, providing a more efficient and quicker transportation alternative. The project's phased implementation will begin on July 24, 2024, with full completion expected by the end of December 2024.

The Ministry of Panchayati Raj is set to launch the 'Gramoday Sankalp' magazine, aiming to highlight the theme “Viksit Bharat and Role of Panchayats.” This initiative seeks to disseminate best practices and innovative grassroots approaches, with support from the Ministry of Information and Broadcasting’s Policy Planning Cell.

Haryana has made all its villages Lal Dora-free, a reformative step launched on Good Governance Day, 25th December 2019. This initiative involved mapping land parcels using drone technology and providing legal ownership cards to village household owners, ensuring clear property ownership. The effort included field verification and mapping of properties within 'Lal Dora' areas, which were previously excluded from official surveys in many states. This reform enables rural property owners to use their properties as financial assets to obtain loans from banks, fostering economic development.

Telangana launched Project Swasthya Nagaram in Hyderabad, targeting TB-free municipalities such as Peerzadiguda, Boduppal, and Pocharam. The project aims to reduce TB incidence and mortality by one-third over three years through comprehensive surveillance, prevention, and quality TB care, with support from multi-stakeholders including WHO India and USAID.

Taiwan's Ministry of National Defence has assured its readiness for Typhoon Gaemi, which is set to make landfall. Despite the impending storm, the nation will continue with its annual "Han Kuang" military exercises, including live-fire drills, while some air and sea exercises are cancelled. Thousands of reservists have reported for duty for these large-scale military exercises.

National Income Tax Day in India is a notable occasion in the country's fiscal calendar. It highlights the importance of income tax as a key revenue source for the government. This day, observed on July 24, commemorates the introduction and significance of income tax, which plays a vital role in funding public services and infrastructure. The selection of this specific date marks an acknowledgement of income tax's role in shaping India's economic policies and governance. Observing this day underscores the ongoing efforts to enhance tax compliance and awareness among citizens.

Yellowstone National Park, established on March 1, 1872, is recognized as the first national park in the United States and the world. Located primarily in Wyoming, with parts in Montana and Idaho, it is renowned for its geothermal features, such as the iconic Old Faithful geyser, and its diverse wildlife, including grizzly bears, wolves, and bison. The establishment of Yellowstone marked the beginning of the national park system and the global conservation movement, highlighting the importance of preserving natural landscapes and biodiversity.

The World Heritage Committee Meeting 2024 is taking place in New Delhi, India, from 21 to 31 July at Bharat Mandapam. This marks the first time India is hosting the event. The committee meets annually to manage World Heritage matters and decide on new sites for the World Heritage list. The 46th session will examine 27 nominations from various categories, including India's Moidams, the mound-burial system of the Ahom Dynasty, under Cultural Property. Hosting this prestigious event highlights India's role in global heritage conservation efforts.

CMA Bibhuti Bhusan Nayak, a seasoned Cost Accountant with over three decades of experience, has been unanimously elected as the 67th President of the Institute of Cost Accountants of India (ICMAI) for the 2024-2025 term. Nayak's extensive background includes serving as Deputy General Manager (Finance) at Odisha Power Transmission Corporation Limited (OPTCL) and holding various leadership roles within ICMAI. His election marks a significant achievement for both Nayak and the ICMAI community, particularly in Odisha, where he is the third Cost Accountant to achieve this prestigious position.

India holds the 82nd position in the Henley Passport Index for 2024, allowing visa-free entry to 58 countries. The Henley Passport Index ranks passports based on the number of destinations their holders can access without a prior visa. Singapore leads the 2024 index, offering visa-free access to 195 destinations. India shares its 82nd rank with Senegal and Tajikistan, highlighting its moderate global mobility compared to other nations. This ranking reflects changes in visa policies and international relations, impacting the travel freedom of passport holders.