Daily Current Affairs Digest – May 3

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Daily Current Affairs Digest

Daily Current Affairs Digest has been specially been compiled by us to help you stay aware of all the events that happen around you and the world. Our daily current affairs digest will help you immensely while revising for the general awareness sections of all major competitive examinations.

Daily Current Affairs Digest

Here are the top 5 events that made their place in our daily current affairs digest.

1. India cuts oil import plans from Iran by a quarter over gas field row
2. Odisha’s Sualgiri, Swalgiri communities notified as scheduled castes
3. Madhya Pradesh becomes First State to Shift Financial Year to Jan-Dec Format
4. $770 billion Worth of Black Money entered into India during 2005-2014: GFI
5. India drop to No. 4 in ICC T20 rankings

 


India cuts oil import plans from Iran by a quarter over gas field row

  • India plans to cut oil imports from Iran by about 25%.
  • India is Iran’s top oil client after China, and last year imported about 510,000 bpd of crude from the country, according to shipping data in Thomson Reuters Eikon.
  • India’s move comes over fight on rights to develop Iran’s huge Farzad B natural gas fiel
  • However, some private refiners have no plan to scale back orders from Iran

 

Odisha’s Sualgiri, Swalgiri communities notified as scheduled castes

  • Odisha’s Sualgiri and Swalgiri communities have been notified as Scheduled Castes following President Pranab Mukherjee’s assent to a new law
  • The Rajya Sabha had last month passed the bill on it after it was cleared by the Lok Sabha in March
  • The President gave the nod to the Constitution (Scheduled Castes) Order (Amendment) Act, 2017, on Friday, officials said on Tuesday.

 

$770 billion Worth of Black Money entered into India during 2005-2014: GFI

  • US-based think tank Global Financial Integrity (GFI) in its report titled ‘Illicit Financial Flows to and from Developing Countries: 2005-2014’, has estimated that $770 billion worth of black money entered India during 2005-2014.
  • During the same time period, the think tank estimates the exit of $165 billion in illicit money out of the country.
  • It translates into 3% of India’s total trade of $5500.744 billion between the time period 2005-2014. This is the first global study that has placed equal emphasis on illicit outflows and inflows.

 

Madhya Pradesh becomes First State to Shift Financial Year to Jan-Dec Format

  • Madhya Pradesh has become the first state in the country to shift its financial year from the present April-March cycle to January-December.
  • Shifting of the financial year format to January-December would require shifting of the tax assessment year. It also necessitates changes to be made in infrastructure especially at the level of companies.
  • The state’s budget session for the next financial year would be held in December-January. Hence, the state government plans to finish the current budget proceedings by December this year.

 

India drop to No. 4 in ICC T20 rankings

  • Having dropped 6 points, India are now on 118 points, 3 behind second placed England and third placed Pakistan.
  • England climbed up 3 places after gaining 7 points but are still 4 points behind table-topper NZ.
  • South Africa lost 2 places to be at fifth spot after conceding 6 points, but are a point ahead of Australia.

 

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The above daily current affairs digest has been compiled by Sagrika Mehta