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Daily Current Affairs 2nd February 2019

1. US says to withdraw from INF missile treaty with Russia
The United States is suspending its compliance with the Intermediate-Range Nuclear Forces Treaty (INF) with Russia.
  • The treaty, signed during the Cold War in 1987, bans ground-launched missiles with a range of 500-5,500 km.
  • It was key to ending the arms race between the two superpowers and helped protect the U.S.’s NATO allies in Europe from Soviet missile attacks.
  • The administration will provide formal notice to Russia that the US is withdrawing from the INF in six months
2. Individuals with Rs 5 lakh income exempted from income tax
The Finance Minister, Piyush Goyal announced relief for the common man in the middle income group.
  • He proposed that individuals having an income of upto five lakh rupees will have not have to pay any tax.
  • There will be no change in the existing rates or slabs of Income Tax for the financial year 2019-20.
  • Even persons having a gross income upto 6.5 lakh rupees may not be required to pay any income tax if they make investments in Provident Funds and specified savings and insurance.
  • Gratuity limit has also been increased to 30 lakh rupees.
3. Government proposes to launch mega pension yojana 'Pradhan Mantri Shram-Yogi Maandhan
The Government proposes to launch a mega pension yojana namely 'Pradhan Mantri Shram-Yogi Maandhan' for the unorganised sector workers with monthly income upto Rs. 15,000.
  • This pension yojana shall provide them an assured monthly pension of Rs. 3,000 from the age of 60 years.
  • It will be provided on a monthly contribution of a small affordable amount during their working age.
  • An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs. 100 per month till the age of 60 years.
  • A worker joining the pension yojana at 18 years, will have to contribute as little as Rs. 55 per month only.
  • The Government will deposit equal matching share in the pension account of the worker every month.
4. Fiscal deficit pegged at 3.4% of GDP for 2019-20
The Interim Budget 2019-20 has pegged the fiscal deficit for the year 2019-20 at 3.4% of GDP.
  • The fiscal deficit for the current fiscal has been revised upward to 3.4 per cent from the Budgeted target of 3.3 per cent in previous year.
  • Fiscal deficit for FY21 has been pegged at 3 per cent.
  • The government has also set up a disinvestment target of Rs. 90,000 Crore for 2019-20.
5. Highlights Of Interim Budget 2019-20 I
12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per annum under PM-KISAN.
  • Rashtriya Kamdhenu Ayog  to be setup for sustainable genetic up-gradation of the Cow resources.
  • Income upto Rs. 5 lakh exempted from Income Tax.
  • Arunachal Pradesh has come on the air map recently and Meghalaya, Tripura and Mizoram have come on India's rail map for the first time.
6. Highlights Of Interim Budget 2019-20 II
Government allocates Rs.64,587 Crore for Railways in 2019-20.
  • Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget.
  • 22nd AIIMS to be setup in Rewari, Haryana.
  • Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers
7. RBI Lifts PCA Framework on Three Public Sector Banks
The Reserve Bank of India lifted lending curbs on three out of 11 weak public sector banks (PSBs).
  • Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) are now out of the Prompt Corrective Action (PCA) Framework
  • The government had announced a capital infusion of Rs 10,000 crore for Bank of India, Rs 5,500 crore for Oriental Bank of Commerce and Rs 4,500 crore for Bank of Maharashtra, which helped the banks coming out of the framework.
  • Eight public sector banks -- Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Central Bank of India, Indian Overseas Bank and Dena Bank -- still remain under PCA framework.
8. Yes Bank appoints Ajai Kumar as interim MD and CEO
Yes Bank has appointed Ajai Kumar as the interim Managing Director (MD) and Chief Executive Officer (CEO)
  • Bank has appointed him as Rana Kapoor demits office on January 31.
  • Kumar has been the non-executive and non-independent director of the bank since January 2016.
  • He will hold the position of interim MD and CEO until Ravneet Gill assumes office as the MD and CEO on March 1, 2019.

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