Daily Current Affairs July 01

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs July 01. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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July 01 | Daily Current Affairs 2024

Important Days – Daily Current Affairs July 01

1. What is the primary reason for celebrating Chartered Accountants Day on July 1st?
A) To mark the independence of India
B) To celebrate the founding of the Institute of Chartered Accountants of India (ICAI)
C) To honor the financial achievements of the country
D) To celebrate the New Financial Year
E) To commemorate the introduction of GST in India
Answer: B) To celebrate the founding of the Institute of Chartered Accountants of India (ICAI)

Event and Location:

• Event: Chartered Accountants Day 2024
• Location: India
• Date: July 1, 2024

Mandates and Objectives:

• Objective: To celebrate the contributions, achievements, and integrity of Chartered Accountants in India.
• Mandates:
  • Marking the establishment of the ICAI on July 1, 1949.
  • Highlighting the importance of Chartered Accountants in economic stability.
  • Emphasizing continuous professional development and ethical standards.

Important Terms Explained:

• Institute of Chartered Accountants of India (ICAI):
  • Founded in 1949, it is the national professional accounting body of India.
  • Governed by the Chartered Accountants Act, 1949.
• Chartered Accountants Act, 1949:
  • An act passed by the Indian Parliament to regulate the profession of Chartered Accountants.
  • Established ICAI to set educational qualifications and professional conduct standards.
• Registered Accountant:
  • A term used before ICAI’s inception, referring to those listed in the government-maintained ‘Register of Accountants.’

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2. Why is National Doctors Day celebrated on July 1st in India?
A) To honor the birth and death anniversary of Dr. Bidhan Chandra Roy
B) To mark the establishment of the Indian Medical Association
C) To commemorate the contributions of doctors during the COVID-19 pandemic
D) To celebrate the invention of modern medical equipment
E) To recognize the international efforts of Indian doctors
Answer: A) To honor the birth and death anniversary of Dr. Bidhan Chandra Roy

Event and Location:

• Event: National Doctors Day 2024
• Location: India
• Date: July 1, 2024

Mandates and Objectives:

• Objective: To recognize and appreciate the invaluable contributions of doctors to society.
• Mandates:
  • Acknowledge the selfless service and dedication of medical professionals.
  • Highlight the role of doctors in maintaining public health.
  • Advocate for better working conditions and resources for healthcare workers.

Important Terms Explained:

• Dr. Bidhan Chandra Roy:
  • Renowned physician and the second Chief Minister of West Bengal.
  • Celebrated for his contributions to medicine and public welfare.
• Theme “Healing Hands, Caring Hearts”:
  • Emphasizes the compassion and skill of doctors.
  • Reflects the dedication to patient care and the healing process.

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Banking and Finance – Daily Current Affairs July 01

3. What is the primary purpose of the $1.5 billion loan approved by the World Bank for India?
A) To support India’s digital infrastructure development
B) To promote green hydrogen production and renewable energy
C) To fund healthcare and educational initiatives
D) To improve urban transportation systems
E) To enhance agricultural productivity
Answer: B) To promote green hydrogen production and renewable energy

Event and Location:

• Event: World Bank Approves $1.5 Billion Loan
• Location: India

Mandates and Objectives:

• Objective: Accelerate India’s low-carbon energy development.
• Mandates:
  • Promote green hydrogen and electrolysers market.
  • Increase renewable energy penetration.
  • Expand climate finance for low-carbon investments.

Important Terms Explained:

• Green Hydrogen:
  • Hydrogen produced using renewable energy sources.
  • Used as a clean fuel alternative.
• Electrolysers:
  • Devices that use electricity to split water into hydrogen and oxygen.
  • Essential for green hydrogen production.
• National Green Hydrogen Mission:
  • A ₹17,000-crore initiative by India.
  • Promotes manufacturing of electrolysers and green hydrogen.

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4. What is the primary purpose of the “Union Premier” branches launched by Union Bank of India?
A) To promote digital payments in urban areas
B) To provide high-value customers in RUSU markets with personalized banking services
C) To offer agricultural loans to farmers
D) To support startup businesses in metropolitan cities
E) To enhance international banking services
Answer: B) To provide high-value customers in RUSU markets with personalized banking services

Event and Location:

• Event: Launch of “Union Premier” Branches
• Location: Rural and Semi-Urban (RUSU) markets in India
• Date: June 29, 2024

Mandates and Objectives:

• Objective: To provide high-value customers in rural and semi-urban markets with personalized and efficient banking services.
• Mandates:
  • Offer a wide range of banking products and services under one roof.
  • Ensure a world-class and efficient banking experience.
  • Equip branches with the latest digital technologies for seamless service.

Important Terms Explained:

• Union Premier Branches:
  • Specialized branches by Union Bank of India for high-value customers in rural and semi-urban markets.
  • Provide personalized services and a luxurious banking experience.
• RUSU Markets:
  • Refers to Rural and Semi-Urban markets.
  • Targeted for enhancing banking services to high-value customers in these areas.

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5. What is the primary goal of “Project Nexus” that RBI has joined?
A) To enhance agricultural productivity
B) To promote digital payments in rural areas
C) To enable instant cross-border retail payments
D) To support e-commerce growth
E) To develop new banking software
Answer: C) To enable instant cross-border retail payments

Event and Location:

• Event: RBI joins “Project Nexus”
• Location: Mumbai, India
• Date: July 1, 2024

Mandates and Objectives:

• Objective: Enable instant cross-border retail payments by interlinking domestic Fast Payments Systems (FPSs).
• Mandates:
  • Collaborate with other ASEAN countries’ FPSs for improved efficiency.
  • Achieve connectivity and efficiency in cross-border retail payments by 2026.

Important Terms Explained:

• Project Nexus:
  • A multilateral international initiative conceptualised by the Innovation Hub of the Bank for International Settlements (BIS).
  • Aims to interlink domestic Fast Payments Systems (FPSs) for instant cross-border retail payments.
• Fast Payments Systems (FPSs):
  • Domestic payment systems enabling quick and efficient retail transactions.

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6. What is the main purpose of SBI’s new “MSME-Sahaj” web-based solution?
A) To provide long-term loans for infrastructure projects
B) To offer personal loans to individuals
C) To provide short-term credit for MSMEs’ working capital needs
D) To enhance agricultural productivity
E) To support large corporate investments
Answer: C) To provide short-term credit for MSMEs’ working capital needs

Event and Location:

• Event: Launch of “MSME-Sahaj” web-based digital business loans solution
• Location: Mumbai, India
• Date: July 1, 2024

Mandates and Objectives:

• Objective: Provide “on tap” short-term credit for working capital needs to MSME units.
• Mandates:
  • Finance against GST-registered sales invoices up to ₹1 lakh in less than 15 minutes.
  • Offer an end-to-end digital solution for loan application, documentation, and disbursement.

Important Terms Explained:

• MSME-Sahaj:
  • A web-based digital business loans solution for MSMEs by SBI.
  • Enables quick financing against GST-registered sales invoices.
• Invoice Financing:
  • A type of short-term borrowing where a business can obtain funds against its outstanding invoices.
• GST Identification Number (GSTIN):
  • A unique identifier assigned to a business registered under the GST regime in India.

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7. What is the main objective of the co-lending partnership between Axis Bank and Piramal Finance?
A) To provide loans exclusively to urban borrowers
B) To enhance financial inclusion for underserved segments
C) To promote digital banking solutions in cities
D) To develop new investment products for high-net-worth individuals
E) To expand international banking services
Answer: B) To enhance financial inclusion for underserved segments

Event and Location:

• Event: Partnership between Axis Bank and Piramal Finance for co-lending
• Location: India

Mandates and Objectives:

• Objective: Boost financial inclusion for underserved borrowers and facilitate easier access to credit for MSMEs to foster business growth.
• Mandates:
  • Reach middle and low-income borrowers in rural and semi-urban areas.
  • Extend credit to new or underserved segments.

Important Terms Explained:

• Co-Lending Business:
  • A collaboration between financial institutions to jointly lend to borrowers, leveraging each other’s strengths.
• MSMEs:
  • Micro, Small, and Medium Enterprises, which often face challenges in accessing formal credit.

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8. What is the new air accidental insurance coverage amount for Indian Army personnel under the PNB Rakshak Plus scheme?
A) ₹1 crore
B) ₹1.5 crore
C) ₹2 crore
D) ₹50 lakh
E) ₹1.25 crore
Answer: B) ₹1.5 crore

Event and Location:

• Event: Enhancement of PNB Rakshak Plus scheme
• Location: India

Mandates and Objectives:

• Objective: To provide enhanced insurance coverage and benefits for Indian Army personnel and other defense forces.
• Mandates:
  • Increase air accidental insurance coverage to ₹1.5 crore.
  • Provide personal accidental insurance and disability coverage up to ₹1 crore.
  • Offer additional covers for death during operations, imported medicines, and air ambulance costs.

Important Terms Explained:

• PNB Rakshak Plus Scheme:
  • A salary account scheme by Punjab National Bank for defense and police personnel.
  • Offers enhanced insurance coverage and additional benefits.
• SPARSH/CPPC:
  • Systems for pension disbursement for defense and police pensioners.

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Business and Economy – Daily Current Affairs July 01

9. What is the new GST collection for June 2024, as reported by the Finance Ministry?
A) ₹1.65 lakh crore
B) ₹1.70 lakh crore
C) ₹1.73 lakh crore
D) ₹1.74 lakh crore
E) ₹1.80 lakh crore
Answer: D) ₹1.74 lakh crore

Event and Location:

• Event: GST Collection Update
• Location: New Delhi, India
• Date: July 1, 2024

Mandates and Objectives:

• Objective: To report GST collection and highlight changes in data release practices.
• Mandates:
  • GST collection for June reached ₹1.74 lakh crore.
  • Discontinue the practice of releasing detailed GST data on the first day of every month.
  • Highlight the benefits and achievements of the GST system over seven years.

Important Terms Explained:

• Goods and Services Tax (GST):
  • A unified tax system that subsumed 17 taxes and 13 cesses.
  • Implemented to simplify the tax structure and improve compliance.
• Central Board of Indirect Taxes and Customs (CBIC):
  • Governing body for indirect taxes in India.
  • Responsible for administering GST.

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Books and Authors – Daily Current Affairs July 01

10. Which three types of books were released by PM Modi on Venkaiah Naidu’s life?
A) A biography, a novel, and a photo album
B) A photo chronicle, a documentary, and a biography
C) A biography, a photo chronicle, and a pictorial biography
D) A diary, a biography, and a travelogue
E) A novel, a pictorial biography, and a memoir
Answer: C) A biography, a photo chronicle, and a pictorial biography

Event and Location:

• Event: Release of three books on Venkaiah Naidu
• Location: New Delhi (ceremony) and Hyderabad (event attendance)

Mandates and Objectives:

• Objective: To inspire readers and guide them towards the path of national service through the life and journey of Venkaiah Naidu.
• Mandates:
  • Celebrate Naidu’s 75th birthday with the release of the books.
  • Highlight Naidu’s contributions to India’s development and politics.
  • Provide insights and inspiration from Naidu’s life experiences.

Important Terms Explained:

• Venkaiah Naidu:
  • Former Vice President of India.
  • Known for his contributions to politics and public service.
• Books Released:
  • “Venkaiah Naidu – Life in Service” (Biography)
  • “Celebrating Bharat – The Mission and Message of Shri M Venkaiah Naidu as 13th Vice President of India” (Photo chronicle)
  • “Mahaneta – Life and Journey of Shri M Venkaiah Naidu” (Pictorial biography in Telugu)

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Appointments – Daily Current Affairs July 01

11. Who has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT)?
A) Pragya Sahay Saksena
B) HBS Gill
C) Pravin Kumar
D) Ravi Agrawal
E) Sanjay Kumar Verma
Answer: D) Ravi Agrawal

Event and Location:

• Event: Appointment of new CBDT Chief
• Location: India

Mandates and Objectives:

• Objective: To provide continuity in the framing of direct tax policies and undertake two upcoming budgets.
• Mandates:
  • Ravi Agrawal to lead the CBDT till June 2025.
  • Ensure smooth functioning and administration of the Income Tax Department.
  • Oversee direct tax policy formulation and implementation.

Important Terms Explained:

• Central Board of Direct Taxes (CBDT):
  • Administrative body for the Income Tax Department in India.
  • Headed by a chairman and can have six members.
• Appointments Committee of the Cabinet (ACC):
  • Responsible for appointments to high-level positions in the government.

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12. Who are the newly appointed Executive Directors (EDs) of the Reserve Bank of India?
A) Charulatha S Kar and Arnab Kumar Chowdhury
B) A. Manimekhalai and Nitin Gupta
C) Venkaiah Naidu and Ravi Agrawal
D) Pragya Sahay Saksena and HBS Gill
E) Sanjay Kumar and Pravin Kumar
Answer: A) Charulatha S Kar and Arnab Kumar Chowdhury

Event and Location:

• Event: Promotion of Executive Directors at RBI
• Location: Mumbai, India
• Date: July 1 and July 3, 2024

Mandates and Objectives:

• Objective: To strengthen the leadership team of the Reserve Bank of India.
• Mandates:
  • Promote Charulatha S Kar and Arnab Kumar Chowdhury to the positions of Executive Directors.
  • Enhance the operational and strategic capabilities of the RBI.

Important Terms Explained:

• Executive Director (ED):
  • A senior position within the Reserve Bank of India responsible for overseeing various functions and departments.
• Reserve Bank of India (RBI):
  • The central banking institution of India that regulates the issuance and supply of the Indian rupee and manages the country’s main payment systems.

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Awards – Daily Current Affairs July 01

13. Which prestigious medals has Lieutenant General NS Raja Subramani been awarded for his distinguished service?
A) Param Vishisht Seva Medal, Ashok Chakra, Sena Medal, Vishisht Seva Medal
B) Param Vishisht Seva Medal, Ati Vishisht Seva Medal, Sena Medal, Vishisht Seva Medal
C) Param Vishisht Seva Medal, Shaurya Chakra, Sena Medal, Vishisht Seva Medal
D) Param Vishisht Seva Medal, Ati Vishisht Seva Medal, Kirti Chakra, Vishisht Seva Medal
E) Param Vishisht Seva Medal, Ati Vishisht Seva Medal, Sena Medal, Shaurya Chakra
Answer: B) Param Vishisht Seva Medal, Ati Vishisht Seva Medal, Sena Medal, Vishisht Seva Medal

Event and Location:

• Event: Appointment of Lieutenant General NS Raja Subramani as Vice Chief of Army Staff
• Location: New Delhi, India
• Date: July 1, 2024

Mandates and Objectives:

• Objective: To assume the role of Vice Chief of Army Staff.
• Mandates:
  • Oversee the operations and administration of the Indian Army.
  • Utilize his extensive experience and knowledge to enhance operational efficiency.

Important Terms Explained:

• Vice Chief of Army Staff (VCOAS):
  • The second-highest-ranking officer in the Indian Army, responsible for assisting the Chief of Army Staff in various functions.
• National Defence Academy (NDA):
  • A premier joint services training institution for training cadets of the Army, Navy, and Air Force.
• Param Vishisht Seva Medal (PVSM):
  • A military award given for distinguished service of the most exceptional order.

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National Affairs – Daily Current Affairs July 01

14. What is the primary objective of the eSankhyiki Portal launched by MoSPI?
A) To provide online medical services
B) To establish a comprehensive data management and sharing system
C) To promote digital payments in rural areas
D) To enhance agricultural productivity
E) To support e-commerce growth
Answer: B) To establish a comprehensive data management and sharing system

Event and Location:

• Event: Launch of eSankhyiki Portal
• Location: Delhi, India
• Date: June 29, 2024

Mandates and Objectives:

• Objective: To establish a comprehensive data management and sharing system for ease of dissemination of official statistics in the country.
• Mandates:
  • Enhance user experience and data accessibility using cutting-edge technologies.
  • Provide real-time inputs for planners, policymakers, researchers, and the public.
  • Facilitate the use and reuse of information for impact creation through value addition and analysis.

Important Terms Explained:

eSankhyiki Portal:

• A data portal launched by MoSPI to provide easy access to official statistics.
• Includes two modules: Data Catalogue and Macro Indicators.

Data Catalogue Module:

• Catalogues major data assets of the Ministry for easy access.
• Contains 2291 datasets with metadata and visualization.

Macro Indicators Module:

• Offers time series data of key macro indicators.
• Includes data products such as National Accounts Statistics, Consumer Price Index, Index of Industrial Production, and Annual Survey of Industries.

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Over All Review

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