National News
1.India’s first garbage cafe to be opened in Ambikapur, Chhattisgarh:-
In a unique initiative, the Ambikapur municipal corporation of Chhattisgarh will open a first-of-its-kind ‘Garbage Cafe’ within a few days.This initiative is a step towards making the city plastic-free.In this unique Cafe’ poor people and rag pickers will get free food in exchange for one kilogram of plastic, while breakfast will be provided if half a kilogram of plastic is brought to the cafe.The collected plastic waste would further be turned into granules and will then be used in the construction of roads in the city.Ambikapur is Chhattisgarh’s first dustbin-free city.
Business News:
2.These 10 big changes are going to happen from September 1, know what will be the effect on you:-
A lot is changing in the country from Sunday, September 1, which is related to you and our pocket. These changes will greatly affect everyday life. Banking, traffic rules and Aadhaar PAN related rules are going to change from September. Let’s know what those changes are …
1.TDS on cash withdrawal from bank account
A cash withdrawal of more than one crore in a year from a bank, co-operative bank or post office account will attract 2% TDS levy from September 1. The government has taken this step with a view to discourage the withdrawal of large amounts of cash and promote the Les Cash Economy.
2.Changes in Home and Auto Loans
State Bank of India will link home and auto loans to repo rates for its customers from September 1. The advantage will be that customers will get immediate benefit if RBI cuts the repo rate.
3.KYC update
People using mobile wallets like Paytm PhonePe or GooglePay will have to complete its KYC before 31 August. If not done after September 1, the mobile wallet will stop working. As per the RBI guidelines, the time till August 31 to complete KYC was given.
4.Fixed Deposit Rate Reduction
State Bank of India has reduced the interest rate on retail deposits. Customers with deposits up to Rs 1 lakh will continue to get 3.5 percent interest in the savings account. However, for customers with more than one lakh deposits, this rate will be 3 percent.
5.More TDS on home purchase
Now, if you buy a property, then expenses on other facilities like car parking, electric water supply and club membership will also come under TDS.
6.If PAN is not linked to Aadhaar
The Income Tax Department will issue a new PAN to those who have not yet linked their Aadhaar number with PAN. According to the announcement of the full budget presented in July, if the pen card is not linked to Aadhaar by the scheduled time, it will be considered invalid. This means that if someone’s pen is not valid, it will be treated like the person who does not have a pen card.
7.Kisan Credit Card to be made soon
From September 1, the Kisan Credit Card Bank will now issue a maximum of 15 days. The central government has directed banks to do so.
8.Change in traffic rules
The rules related to traffic will change from September 1. Some provision of the Motor Vehicles (Amendment) Act is being changed. Under which you have to pay heavy penalty for vehicle rule violation.
9.Contractors and professionals on payment
From September 1, if a person or a Hindu undivided family makes a total payment of more than 50 lakhs to contractors or professionals in a year, then TDS will be deducted at the rate of 5 percent.
10.TDS on non-exempt portion of life insurance
If the amount of life insurance maturity you get is taxable, then TDS will be deducted at the rate of 5 percent on the net income portion. Net income is the amount received by subtracting the total insurance premium payment from the total amount received.
3.The five major changes in the income tax rules that will come into effect from September 1:-
The changes related to income tax in the budget are generally applicable from 1 April, but this time these changes will come into effect from 1 September. This time the full budget for the financial year 2019-20 was presented in July after the general election, due to which various changes related to income tax in the budget will come into effect from September 1. The taxpayer must be aware of these changes. Let us know what are the main changes related to income tax.
1.TDS on non-exempt portion of life insurance
If the amount of life insurance maturity you get is taxable, then TDS will be deducted at the rate of 5 percent on the net income portion. Net income is the amount received by subtracting the total insurance premium payment from the total amount received.
2.TDS on cash withdrawal from bank account
TDS levy will be levied on September 1 for a total cash withdrawal of more than one crore in a year from a bank, co-operative bank or post office account. The government has taken this step with a view to discourage the withdrawal of large amounts of cash and promote the Les Cash Economy.
3.TDS on additional payments made while purchasing immovable property
Now, if you buy a property, then expenses on other facilities like car parking, electric water supply and club membership will also come under TDS.
4.Contractors and professionals on payment
From September 1, if a person or a Hindu undivided family makes a total payment of more than 50 lakhs to contractors or professionals in a year, then TDS will be deducted at the rate of 5 percent.
5.If PAN is not linked to Aadhaar
According to the announcement of the full budget presented in July, if the pen card is not linked to Aadhaar by the scheduled time, it will be considered invalid. This means that if someone’s pen is not valid, it will be treated like the same person who does not have a pen card card.
4.Bank Merger: The board of public sector banks will get more rights:-
Along with empowering the public sector banks through the merger, the government has also announced several measures towards improving the functioning. Along with this, steps have been taken to give more powers to the bank’s board and to make them autonomous. Now the bank board will be able to decide the payment amount of independent directors and can also appoint the chief risk officer from outside the bank.
Union Finance Minister Nirmala Sitharaman, while announcing the merger of banks as well as reforms in the functioning, said, “To make the management of banks more accountable to the board, the Board Committee of Public Banks is now assessing the performance of the General Manager and above. Will do. These officers will also include managing directors of banks.
After the merger, banks will also have the right to create the post of Chief General Manager as per their business needs.
The Finance Minister said that by giving an exemption to appoint a Chief Risk Officer from outside the bank, banks will be able to attract better talent. The Board’s powers have also been made flexible in deciding the salaries of these officers. Along with this, the process of succession in banks is also being given importance. Now the board will be able to put in place a system whereby senior officers are already prepared for appointment to more responsible posts. Not only this, the board will also have the right to ensure a tenure of two years for officers of the bank’s general manager and above.
In addition, the period of appointment of directors in the Management Committee of the Board (MCB) in banks will be kept long so that they can contribute more effectively to the performance of the bank.
Also, the loan sanctioning capacity of MCB will also be increased by up to 100%. The number of executive directors in big banks can also be increased to four.
Sports News
5.Deepa Malik honoured with Rajiv Gandhi Khel Ratna Award:-
President Ram Nath Kovind gave away the National Sports at a special function held at Rashtrapati Bhavan in New Delhi, on the occasion of National Sports Day.Para-athlete Deepa Malik and Bajrang Punia were conferred with Rajiv Gandhi Khel Ratna Award.Fourteen sports persons were conferred with Arjuna Awards for the year 2019.They include cricketer Poonam Yadav, athlete Swapna Barman, wrestler Pooja Dhanda, footballer Gurpreet Singh Sandhu, bodybuilder S. Bhaskaran, boxer Sonia Lather, kabaddi player Ajay Thakur, table tennis player Harmeet Rajul Desai and badminton player Bhamidipati Sai Praneeth.Dronacharya Awards in the regular category were given to Sandeep Gupta in Table tennis and Vimal Kumar in badminton. Dronacharya Awards in lifetime category were given to Sanjay Bhardwaj in Cricket, Rambir Singh Khokar in Kabaddi and Merzban Patel in Hockey.Dhyan Chand Awards were given to Manoj Kumar in Wrestling, C Lalremsanga in Archery, Arup Basak in Table Tennis, Nitten Kirrtane in Tennis and Manuel Fredricks in Hockey.
6.India’s Elavenil claims maiden World Cup gold medal in shooting:-
In shooting, India’s Elavenil Valarivan claimed her maiden senior World Cup gold medal in the women’s 10m air rifle competition at Rio de Janeiro.With this, Valarivan became the third Indian to achieve the feat.In her debut year at the senior level, Elavenil shot 251.7 in the finals to help India extend their new-found dominance in the event.India has now won three out of the four World Cup gold medals in the women’s 10m air rifle this year.
