Current Affairs: July 28, 2020

Notes:
Reserve Bank of India releases a bi annual report called the financial stability report (FSR). The latest edition was released recently.
RBI has estimated that the gross non performing asset (GNPA) ratio of all banks may increase from 8.5% in March 2020 to 12.5% by March 2021. GNPA ratio of public sector banks will increase to 15.2% in March 2021. The main reason for this dip is the slowdown in the economy due to the Covid-19 induced lock-down.

Notes:
Union Minister of Agriculture and Farmers’ Welfare Narendra Singh Tomar has virtually inaugurated a world-class Honey Testing Laboratory.
The state of Art laboratory has been established by National Dairy Development Board (NDDB) with support of National Bee Board (NBB), in Anand, Gujarat. Department of Agriculture, Cooperation & Farmers’ Welfare has approved the National Bee Keeping and Honey Mission (NBHM) for a period of 2 years.

Notes:
Aaykar Diwas or Income Tax Day is celebrated on July 24 by the Central Board of Direct Taxes (CBDT) and all field offices.
On the same day in the year 1860, Income tax was originally introduced in India by Sir James Wilson, to compensate for the losses incurred during the first war of independence. This is the 160th anniversary of Income Tax Day.

Notes:
National Intelligence Grid “NATGRID” is an attached office under the Union Ministry of Home Affairs. It aims to allow investigation and law enforcement agencies to access real-time information.
Central Board of Direct Taxes (CBDT) is to partner with the NATGRID to share the financial details of any entity with 10 agencies including the CBI, Enforcement Directorate and the NIA. This information-sharing mechanism is done under the NATGRID platform.

Notes:
Union Shipping Ministry has announced that it has waived off waterway usage charges for a period of three years.
This decision has been taken to promote inland waterways as a cheaper mode of transport. Water usage charge was previously applicable on use of all national waterways by vessels. This waiver is estimated to increase the inland waterway traffic movement to 110 million metric tonne (MMT) in 2022-23.