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🔆 Goods and Services Tax (GST) :

✅ Introduced - 101st Constitution Amendment Act, 2016
✅ Slogan -  ‘One Nation One Tax’.
✅ Legislative Basis :
🔸️In India, GST Bill was first introduced in 2014 as The Constitution (122nd Amendment) Bill.
🔸️This got an approval in 2016 and was renumbered in the statute by Rajya Sabha as The Constitution (101 Amendment) Act, 2016.
✅ Subsumed Indirect Taxes - Excise duty, Value Added Tax (VAT), Service tax, Luxury tax etc.
✅ 4-Tier Tax Structure - 5%, 12%, 18% and 28%.
✅ Components 4️⃣ : Central GST (CGST), State GST (SGST), Union Territories GST (UTGST), and Integrated GST (IGST).

⭕️ The Goods and Services Tax Council :

✅️ Constitutional body , Article 279A
✅️ Secretariat - New Delhi
✅️ Chairperson - The Union Finance Minister
✅️ Members :
🔸The Union Minister of State in charge of Revenue or Finance
🔸The Minister in charge of Finance or Taxation or any other Minister nominated by each state government
✅️ Vice -Chairperson - Council from the States have to choose one amongst themselves as the Vice-Chairperson of the Council.

#prelims_facts

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🔆 CENTRAL WATER COMMISSION (CWC) :
✅ Premier Technical Organization of India in the field of Water Resources
✅ Attached Office of the Ministry of Jal Shakti
✅ Under Department of Water Resources, River Development, and Ganga Rejuvenation
✅ Headquarters - New Delhi
✅ Background - Previously known as the Central Waterways, Irrigation, and Navigation Commission (CWINC)
✅ Formed - 1945 , On The Recommendation of Dr. B.R. Ambedkar
✅ Chairman - Ex-Officio Secretary to the Government of India.
✅ Constitutes : 3️⃣ Wings
🔸️ Designs and Research (D&R) Wing
🔸️ River Management (RM) Wing 
🔸️ Water Planning and Projects (WP&P) Wing
✅ Function - Responsible for the management & Utilization of water resources in the country. This includes creating and coordinating strategies for the use, conservation, and regulation of water resources. 

#prelims_facts

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🔆Goa Maritime Symposium 2024

✅The Indian Navy is hosting the fifth edition of the Goa Maritime Symposium at Naval War College, Goa.

✅It is a forum for fostering collaborative thinking, cooperation, and mutual understanding between India and key maritime nations of the Indian Ocean Region.

✅Theme: The theme for the event is Common Maritime Security Challenges in the Indian Ocean Region: Progressing Lines of Efforts to Mitigate Dynamic Threats such as illegal and unregulated fishing and other illegal maritime activities.

✅It will be participated by the representatives from 12 Indian Ocean Littoral countries- Bangladesh, Comoros, Indonesia, Madagascar, Malaysia, Maldives, Mauritius, Myanmar, Seychelles, Singapore, Sri Lanka and Thailand. Observers from Kenya and Tanzania

#gs3
#economy

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🔆 Liquidity Adjustment Facility (LAF)
✅ LIQUIDITY : Readily Available Cash (Banking System)
✅ A Monetary Policy Tool Used In India By The RBI
✅ Introduced : Outcome of the Narasimham Committee on Banking Sector Reforms of 1998.
✅ Components - 2️⃣ :
🔸️Repo (Repurchase Agreement) - This is the rate at which banks can borrow funds from the central bank by selling eligible securities (such as government bonds) with an agreement to repurchase them at a later date.
🔸️ Reverse Repo - This is the rate at which the central bank borrows funds from commercial banks. It serves as a tool for the central bank to absorb excess liquidity from the banking system
✅ Monetary Policy of RBI :
🔸 Decreases the repo rate - Increases Liquidity
🔸 Increases the repo rate - Reduce Liquidity
✅ Significance :
🔸Monetary Policy Implementation
🔸Liquidity Management
🔸Interest Rate Transmission
🔸Financial Market Stability
🔸Crisis Management
➡️ REPO RATE : R%
➡️ REVERSE REPO RATE : R -1%

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🔆Project Akashteer

It is a cutting-edge initiative designed to automate air defense control and reporting processes by digitizing them.

It is developed by Bharat Electronics Limited (BEL) as part of the 'Atmanirbhar Bharat' initiative.

It aims to deliver an unprecedented level of situational awareness and control for the force to ensure the safety of friendly aircraft and engage hostile aircraft in contested airspace.

It will enable monitoring of low level airspace over the battle areas of Indian Army and effectively control the Ground Based Air Defence Weapon Systems.

📍Sarang systems:

It is an advanced Electronic Support Measure system for helicopters of the Indian Navy.
It is designed and developed indigenously by Defence Electronics Research Laboratory, Hyderabad under the programme Samudrika.

From the book : The kaoboys of R&AW

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