Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 10 August 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.
So, here is the Top News of the Day for 10 August 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.
Current Affairs for Competitive Exam – 10 August 2023
Sanjay Kumar Agarwal takes charge as CBIC Chairman
Why CBIC in news?
IRS officer Sanjay Kumar Agarwal has taken charge as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC). Agarwal takes over for Vivek Johri, who retired as CBIC chairman on May 31. The finance ministry appointed Agarwal, who was in head of CBIC member compliance management, to investigate in an order issued on August 5.
Daily Current Affairs Quiz: August 2023
The CBIC, which deals with policy making in indirect taxes — GST, customs, excise — is headed by a chairman and has six members in the board. The board is assisted by principal chief commissioners/chief commissioners and principal director generals/ director generals.
About the Central Board of Indirect Taxes and Customs (CBIC)
The Central Board of Indirect Taxes and Customs (CBIC) is a statutory body under the Ministry of Finance, Government of India. It is in charge of administering indirect taxes in India, such as customs, central excise, service tax, and goods and services tax (GST). The CBIC is also in charge of combatting tax evasion and smuggling.
- The CBIC was established in 1947, following the independence of India. It was originally called the Central Board of Revenue (CBR). The CBR was responsible for the administration of all taxes in India, including direct taxes and indirect taxes. The CBR was divided into two boards in 2000: the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes (CBIC). The CBIC assumed responsibility for the administration of indirect taxes.
- The CBIC is headed by a Chairman, who is an Indian Revenue Service (IRS) officer of the rank of Additional Secretary to the Government of India. The Chairman is assisted by a number of members, who are also IRS officers. The members are responsible for different areas of work in the CBIC, such as customs, excise, service tax, and GST.
- The CBIC has a number of offices located all over India. The headquarters of the CBIC is located in New Delhi. The CBIC also has regional offices, zonal offices, and field formations.
- The CBIC is a very important organization in the Indian government. It is responsible for collecting a significant amount of revenue for the government. The CBIC also plays a vital role in preventing tax evasion and smuggling.
Here are some of the key functions of the CBIC:
- Administering indirect taxes in India
- Preventing tax evasion and smuggling
- Formulating policy recommendations for indirect taxes
- Implementing laws and regulations related to indirect taxes
- Providing training to officers and staff of the CBIC
- Conducting research on indirect taxes
The CBIC is a dynamic organization that is constantly evolving. It is committed to providing efficient and effective administration of indirect taxes in India. In addition, the CBIC is dedicated to combatting tax evasion and smuggling. The CBIC is critical to India’s economic development.
Important takeaways for all competitive exams:
- CBIC Chairperson: Vivek Johri;
- CBIC Founded: 1 January 1964.
Oscar Winning American Director William Friedkin Passes Away
William Friedkin, the Oscar-winning American director of films such as The Exorcist and The French Connection, died at the age of 87 in Los Angeles(LA), California, United States of America (USA). Friedkin was born in Chicago, Illinois, USA on 29 August 1935.
Daily Current Affairs Quiz: August 2023
About William Friedkin
William Friedkin began his career as a documentary filmmaker in the early 1960s and made his feature directorial debut with “Good Times” in 1967. His 1971 film “The French Connection”, a crime thriller, won 5 Oscars including Best Picture, and Best Director for Friedki at the 44th Oscars(1972).
His 1973 film “The Exorcist”, a horror film based on William Peter Blatty’s novel had won the award for Writing (Screenplay–Based On Material From Another Medium) and for Sound at the 46th Oscars (1974). The Exorcist became the first horror film to be nominated for Best Picture in the Oscar award. His last film, “The Caine Mutiny Court-Martial,” is set to premiere at the the 80th Venice International Film Festival,Venice, Italy in September 2023.
Other Noted works:
- Sorcerer(1977); Cruising (1980), To Live and Die in L.A. (1985), Bug (2006), and Killer Joe(2011)
- He also directed episodes for TV shows as The Twilight Zone, Rebel Highway and CSI: Crime Scene Investigation.
Public sector banks and major private banks collected over ₹35,000 cr in charges
According to a Finance Ministry study, both state-owned banks and major commercial banks have collected more than 21,000 crore in fees, largely from account holders who fail to maintain the minimum balance.
Daily Current Affairs Quiz: August 2023
Charges amounting to over ₹35,000 crore have been amassed since 2018 due to reasons such as non-compliance with minimum balance requirements, additional ATM transactions, and SMS services.
Breakdown of Charges
- The report highlighted that a significant portion of the collected charges, totaling over ₹21,000 crore, resulted from customers failing to maintain the minimum balance required in their accounts.
- Furthermore, a substantial sum of ₹8,000 crore was accrued from transactions conducted through ATMs beyond the stipulated number of free transactions.
- Another noteworthy contributor to the collected charges is SMS services, generating over ₹6,000 crore. Banks charge consumers for sending SMS warnings, and the Reserve Bank of India (RBI) has recommended banks to ensure that such costs are reasonable and based on actual usage.
Monthly Average Balance and ATM Transaction Charges
This monthly average balance (MAB) or average monthly balance (AMB) varies by geography, ranging from 3,000 to 10,000 in metro areas, 2,000 to 5,000 in urban areas, and 500 to 1,000 in rural areas. Failure to meet this balance criterion leads to penalties, which can range from ₹400 to ₹500, depending on the bank.
The charges for each subsequent ATM transaction are capped at ₹21 per transaction, as of January 1, 2022. This policy aims to encourage prudent ATM usage while minimizing undue financial strain on customers. Customers are usually entitled to five free transactions per month at their own bank’s ATMs, as well as a set number of free transactions at other banks’ ATMs.
RBI’s Role and Regulations
The RBI is critical in managing and regulating these banking fees. The RBI circular allows banks to levy penalties for failing to maintain a minimum amount in savings accounts, as long as the penalties are consistent with the bank’s board-approved rules.
The RBI emphasizes that these charges should be reasonable and in line with the average cost of providing services. Moreover, the central bank has urged financial institutions to ensure fairness and equity in the fees associated with sending SMS alerts to customers.
Key Points for Competitive Examinations
- Minister of State in the Finance Ministry: Bhagwat Karad
Over 5.25 crore subscribers enrolled in Atal Pension Yojana
The Atal Pension Yojana (APY) scheme has completed eight years of successful execution, with an impressive enrollment of more over 5.25 crore subscribers.
Daily Current Affairs Quiz: August 2023
Atal Pension Yojana (APY): Vision and Purpose
Launched in the year 2015, the APY was devised as a potent tool to ensure old age income security for every Indian citizen, with a special focus on those who toil in the unorganized sector. Its design aimed to cast a protective net of financial stability, allowing individuals to embrace their golden years without the imminent presence of financial uncertainty.
Atal Pension Yojana (APY): A Nationwide Impact
Expanding its reach across the entire nation, the APY has seamlessly became an integral part of the Indian society. Enrollments have shown a consistent upward trajectory since its inception, signifying the resonance of its objectives among the populace.
Notably, new enrollments increased by 20% in fiscal year 2022-23 compared to the prior year. This growth echoes the trend observed in FY 2021-22, which witnessed a robust 25% increase over FY 2020-21.
Atal Pension Yojana (APY): Fruitful Returns
The APY has generated an impressive investment return of 8.92%, a testament to its ability to yield consistent results. The APY framework’s cumulative assets under administration have already crossed a significant Rs. 28,434 crore, reinforcing its status as a cornerstone of fiscal responsibility.
Atal Pension Yojana (APY): Accessible and Inclusive
Open to every Indian citizen aged between 18 and 40 years, not subject to income taxation, and equipped with a savings bank account, the APY welcomes individuals from diverse walks of life. As a tangible reward for their forethought, subscribers are guaranteed a permanent minimum pension ranging from Rs. 1000 to Rs. 5000 per month upon reaching the age of 60.
Pension Fund Regulatory and Development Authority (PFRDA): Nurturing a Pensioned Society
The Pension Fund Regulatory and Development Authority (PFRDA) remains committed to evolve the country into a society with a strong pension framework. As the APY embarks on its remarkable eight-year journey, it strengthens the determination to introduce an era characterized by financial security and respect for the elderly within India’s populace.
About The Pension Fund Regulatory and Development Authority (PFRDA)
The Pension Fund Regulatory and Development Authority (PFRDA) functions as the central body entrusted with the comprehensive supervision and regulation of pension systems in India. It was established in 2003 as part of the Indian National Pension Scheme under the supervision of the Ministry of Finance.
Key Points for Competitive Examinations
- Chairman of Pension Fund Regulatory and Development Authority (PFRDA): Deepak Mohanty
World Steelpan Day 2023: Date, Significance and History
World Steelpan Day 2023, Introduction
A key move is expected on July 24th, as the United Nations prepares to adopt a draught resolution. This resolution will establish August 11th as World Steelpan Day, which will be observed annually on the UN calendar. Let’s delve into the fascinating history and cultural importance of the steelpan, an instrument that emerged from the heart of Trinidad and Tobago.
Daily Current Affairs Quiz: August 2023
On August 11th, the world will resonate with the joyful notes of the steelpan, echoing the vibrant history of Trinidad and Tobago. World Steelpan Day stands not only as a celebration of music but also as a tribute to the resilient spirit of cultural diversity and sustainable development.
World Steelpan Day 2023, Origins and Evolution:
August 11th, now known as World Steelpan Day, has its roots in Trinidad and Tobago’s history. When French planters arrived in the 1700s, they brought the carnival tradition with them. Enslaved people devised a new festival in order to express their own celebrations. The steel pan, made from everyday metal things such as car components, oil drums, and biscuit tins, was invented in the 1930s. Skilled hands meticulously hammered dents into these objects, transforming them into instruments that produced different notes based on size and placement. Despite attempts to ban it by the British government, this instrument, born from industrial waste, has become an iconic symbol of Trinidadian culture.
World Steelpan Day 2023, The Vibrant Steelpan:
The steelpan, sometimes known as a steel drum or just “pan,” is a musical marvel from Trinidad and Tobago. Musicians play it using straight sticks tipped with various types of rubber, each producing a unique sound. Some artists employ four pansticks, two in each hand, a tradition that emerged from the islands’ early 20th-century Carnival percussion groups.
World Steelpan Day 2023, Steelpan and Sustainable Development:
The steelpan carries profound cultural and historical significance, aligning harmoniously with the principles of sustainable development. As we work towards the 2030 Agenda’s Sustainable Development Goals, the steelpan serves as a beacon of cultural diversity and enrichment. Its application spans sectors like tourism, culture, education, and even STEM (science, technology, engineering, arts, and mathematics), contributing to a well-rounded and holistic approach to development.
World Steelpan Day 2023, Embracing Inclusivity and Empowerment:
Recognizing the steelpan’s ability to foster inclusive societies, thriving communities, and a robust creative economy, its positive impacts on mental health, gender equality, and youth empowerment shine through. As a result, the General Assembly has declared August 11th to be World Steelpan Day.
World Steelpan Day 2023, Join the Celebration
The global community is invited to partake in the observance of World Steelpan Day through engaging activities. These endeavors aim to raise awareness about the steelpan’s rich cultural heritage and its profound ties to sustainable development. As we celebrate the melodious legacy of the steelpan, we embrace unity, creativity, and progress.
Ali Lamine as Niger’s new interim prime minister
On August 08, 2023, The economist Ali Lamine Zeine has been elected as the country’s interim prime minister due to strong opposition among the world countries in the situation where the military junta has been ruling for some time in Niger.
Daily Current Affairs Quiz: August 2023
Ali Lamine Zene is an economist. He was made the new prime minister by General Abdourahmane Tchiani, who is the self-declared head of the transitional government.
Zene (58) has served as finance minister under Mamadou Tandja.
The Boomi organization appointed Sean Wechter as its chief information officer
Advanced connectivity and automation industry leader Boomi has appointed “Chief Information Officer (CIO) Sean Wechter” responsible for overseeing security, IT infrastructure, data science, and enterprise systems.
Daily Current Affairs Quiz: August 2023
“A strong IT team is paramount to ensuring our customers, partners, and team members can innovate seamlessly every day,” said Steve Lucas, CEO at Boomi. “Since becoming independent, Boomi has been on a transformational journey to accelerate our growth while helping our customers achieve unprecedented business outcomes. With Sean’s world-class expertise in creating and operating business-critical IT infrastructure, we’ll be able to further drive our excellent growth trajectory to new heights.”
“As Boomi grows globally, continuous innovation in its IT infrastructure will enable the company to adopt new processes that improve productivity and efficiency in-house, as well as deliver exceptional experiences for customers, partners, and team members,” said Wechter. “The Boomi leadership team is passionate about radically simplifying IT complexity and breaking down data silos to drive innovation, and I’m looking forward to working with this stellar team to do just that.”
- He has over 20 years of experience in IT operations.
- He served as CIO at Benefitfocus.
Famous Filmmaker Siddique passed away at the age of 63
Malayalam director and screenwriter Siddique, well-known for directing Salman Khan and Kareena Kapoor Khan-starrer ‘Bodyguard’ in 2011, passed away on Tuesday at Amrita Hospital in Kochi. He was 63.
Daily Current Affairs Quiz: August 2023
His journey in the world of Malayalam cinema began with his directorial debut, “Ramji Rao Speaking” along with his friend Lal.
The duo created some of the Malayalam film industry’s biggest comedy blockbusters, including “In Harihar Nagar,” “Godfather,” “Vietnam Colony,” “Ramji Rao Speaking,” and “Friends,” among others. He also directed films in Tamil, Telugu, and Hindi.
Indian Oil chairman Shrikant Madhav Vaidya’s tenure extended by a year
The Appointments Committee of the Cabinet (ACC) approved the proposal of the Ministry of Petroleum and Natural Gas for re-employment on a contract basis of Shrikant Madhav Vaidya, Chairman, Indian Oil Corporation Limited for a period of one year.
Daily Current Affairs Quiz: August 2023
This is one of the very rare occasions when a director on the board of a PSU has been given an extension of service beyond his retirement age.
No chairman of a Maharatna PSU has been given an extension beyond 60 years.
India to support clean water project at school in Tuvalu with 700,000 USD
India will contribute 700,000 USD from the India-UN Development Partnership Fund to the Tuvalu project in August 2023.
Daily Current Affairs Quiz: August 2023
Notably, the only public school in Tuvalu is called “Motufoua Secondary School.” With a 760 metric cube capacity, the proposed concrete water cistern will store and supply clean water to students, teachers, and school staff, fostering good hygiene and lowering the incidence of water-borne illnesses.
Aim: To store and supply clean water to students, teachers, and school staff, fostering good hygiene and lowering the incidence of water-borne illnesses.
In May 2023, PM Narendra Modi announced the “Sagar Amrut Scholarship” scheme for the Pacific Island countries, at the Summit of the Forum for India–Pacific Islands Cooperation. He had also announced a 12-point action plan focusing on health, wellness and community development sectors as per priorities of the Pacific island countries. The water cistern project in Tuvalu is in pursuance of these initiatives focused on the importance of high-impact community development projects in areas of choice by the Pacific countries.
Bajaj Finance partnered with ICICI Lombard General Insurance
ICICI Lombard General Insurance and Bajaj Finance have joined forces to offer car and two-wheeler insurance plans through the Bajaj Finance Insurance Mall platform inn August 2023.
Daily Current Affairs Quiz: August 2023
Customers can easily purchase these policies on the platform, enjoying a fully digital and smooth customer experience.
The ICICI Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage, including third-party cover and various add-on benefits to vehicle owners.
PM Modi Launched ‘Bhartiya Vastra Evam Shilp Kosh’ E-Portalp
Prime Minister Narendra Modi launched the e-portal of ‘Bhartiya Vastra evam Shilp Kosh’ – a Repository of Textiles and Crafts developed by the National Institute of Fashion Technology (NIFT) in collaboration with the Ministry of Textiles in Delhi (August 2023).
Aims: To create a comprehensive catalogue of India’s diverse clothing on a single platform.
Daily Current Affairs Quiz: August 2023
It has a craft atlas, a cultural artefact display, and a visual museum, among other things.
The launch was held on 9th National Handloom Day celebration at Bharat Mandapam, Pragati Maidan, Delhi. The programme was attended by over 3000 handloom and khadi weavers, artisans, and stakeholders from the textile and MSME sectors. It brought together handloom clusters across India, NIFT campuses, Weaver Service Centres, Indian Institute of Handloom Technology campuses, National Handloom Development Corporation, Handloom Export Promotion Council, KVIC institutions, and various State Handloom Departments.
The Government started celebrating National Handloom Day in 2015, with the first celebration held on the 7 of August that year. The date was specifically chosen as an ode to the Swadeshi Movement, which was launched on 7 August 1905 and encouraged indigenous industries and, in particular, handloom weavers.
