Daily Current Affairs 16/15 - Sep - 24

Daily Current Affairs (16/15 – Sep – 24)

The National Payments Corporation of India (NPCI) has increased the transaction limits for tax payments using UPI (Unified Payment Interface), by allowing people to send 5 lakh in a single transaction.
Acquiring entities must ensure that the classification of their merchants within MCC-9311 strictly adheres to the tax payments only. Merchants shall ensure UPI as a payment mode is enabled for the increased limit for the tax payments category.
Earlier, the transaction limit for UPI was Rs 1 lakh except for certain categories of payments which have higher transaction limits.
It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction.
This will further ease tax payments by consumers through UPI.

Categories of Payment

Turkey has officially applied to join BRICS, a group of emerging economies that originally included Brazil, Russia, India, China, and South Africa. The country is waiting for approval of its membership, with Turkish officials confirming the application is under Russia’s President Vladimir Putin has openly supported Turkey’s interest in joining.
BRICS is a coalition of major emerging economies that work together primarily on trade and economic cooperation. Unlike the European Union (EU), BRICS does not have unified security or foreign policies.
Instead, it focuses on boosting economic growth and development for its members. Recently, BRICS has expanded to include countries like Egypt, Ethiopia, Iran, and the UAE, and over 20 other countries have expressed interest in joining.

The fourth edition of Global Bio-India 2024 successfully concluded in New Delhi, organized by the Department of Biotechnology and BIRAC from September 12-14, 2024.
The event highlighted India’s potential in ‘Biotech Innovation’ and ‘Bio-manufacturing,’ featuring the unveiling of 11 new products by Indian biotech startups.
Jitendra Singh inaugurated the event.

The GST Council has constituted a 13-member Group of Ministers (GoM) to review and suggest GST rates on health and life insurance premiums. The report is due by October 30, 2024, and Bihar Deputy CM Samrat Choudhary leads the group.
The decision was made during the 54th GST Council meeting on September 9, 2024. A final decision will be made in November based on the GoM’s recommendations.

Key Objectives of the GoM-

Review GST rates on health and life insurance, including premiums for individual, group, and family plans.
Examine tax rates on specialized categories such as senior citizens and those with mental illness.
Review rates on term insurance, life insurance with investment plans, and reinsurance.
Currently, a GST rate of 18% applies to health and life insurance premiums. Some opposition-ruled states like West Bengal have called for complete exemption, while others advocate reducing the rate to 5%.

In 1994, the United Nations General Assembly proclaimed September 16 as the International Day for the Preservation of the Ozone Layer, commemorating the signing date of the Montreal Protocol in 1987.
On October 15, 2016, at the 28th Meeting of the Parties in Kigali, Rwanda, an agreement was reached to phase down hydrofluorocarbons (HFCs). This amendment represents the latest step in the ongoing efforts to protect the ozone layer and address climate change.

Impacts and Benefits

The phaseout of controlled ozone-depleting substances has resulted in significant positive outcomes:
Protection of the ozone layer for current and future generations
Substantial contribution to global efforts to address climate change
Protection of human health and ecosystems by limiting harmful ultraviolet radiation

Daily Current Affairs 16/15 – Sep – 24