1. Finance Minister inaugurates New Bank Note Paper Line in Madhya Pradesh

(i) The Minister of Finance and Information and Broadcasting Arun Jaitely inaugurated the New Bank Note Paper Line of 6000 MT capacity at Hoshangabad in Madhya Pradesh. This establishment of this unit is a part of the indigenisation,of the Bank Note paper, under taken by Security Printing and Minting Corporation of India Limited (SPMCIL).

(ii) SPMCIL has also set-up another Joint Venture Company called Bank Note Paper Mill India Pvt. Ltd. at Mysore with 12,000 MT capacity, which is targeted to be commissioned by the end of this year.

(iii) The combined production from the new paper line at Hoshangabad and the joint venture company at Mysore is to meet the major requirement of Bank Note Paper indigenously as against the major requirement being imported at present. The combined savings of foreign exchange from these two Bank Note projects will be about Rs.1,500 crore in the years to come.

2. Agreement on Coastal Shipping between India and Bangladesh gets Cabinet Approval

(i) Union cabinet, chaired by Prime Minister Narendra Modi has approved to the agreement on coastal shipping between India and Bangladesh permitting coastal movements of goods between the two nations.

(ii) This move is expected to reduce the freight charges for exporters and importers in both the countries, decongest roads especially land custom/stations/integrated check points on the Indo- Bangladesh border.

(iii) At present there is no significant cargo movement between the sea ports of both the nations as it not considered profitable by big ocean going vessels to operate between the ports of the two countries. A lower but reasonbale standard of vessel known as Rievr Sea vessel 9RSV) has been prescribed for shipping between India and Bangladesh for now.

3. Veena Jain appointed as the new Director General of Doordarshan (News)

(i) The information and Broadcasting Ministry appointed Veena Jaun as the new Director General of the public broadcaster DD (news) replacing the former DG Akshat Rout.

(ii) In addition to this position, Jain is expected to be in charge of overseeing the ministry’s new media wing and social media cell.

(iii) Doordarshan and All India Radio (AIR) are two significant wings of the public broadcast in India, functioning under Prasar Bharati.

4.The new service tax of 14% to be applicable from 1st June

(i) The new service tax rate of 14 per cent, which was announced by the Finance Minister Arun Jaitley in his Budget for 2015-16, is to come into effect from 1st June, 2015.

(ii) Previously the service tax levied by the Government was at the rate of 12.36 per cent including education cess.

(iii) Service tax is levied on most of services availed by the consumers, the hike in same is expected to increase prices of commodities, expensive bills among others things.

5. Gurpreet Singh became India’s fifth shooter to qualify for the 2016 Rio Olympics games

(i) Gurpreet Singh, the former commonwealth Games gold medalist, finished fourth in the 10m Air Pistol category at the ISSF World Cup Rifle/Pistol event held in Munich by securing 154.6 points at the finals.

(ii) He is the second shooter from AMU ( Army Marksmanship unit) and fifth shooter from the country to have secured the Rio Olympics quota.

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