CURRENT AFFAIRS 5th JULY, 2014

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1. Centre has not accepted the economist's suggestion to implement inheritance tax, also called as estate duty for the year 2014-15. Government is struggling to increase the revenue stream for the year and is in the process of pre-budget planning.

2. Ministry of Civil Aviation and ministry of tourism is planning to develop low cost airports along tourist circuits. The fund for developing is to be raised through tax free bonds. It will improve connectivity to remote and regional areas.

3. Idea of Reverse SEZ is being mooted by Ministry of chemicals and Fertilisers to utilise the chemicals raw material availability in Myanmar and Iran for the Indian chemicals manufacturing industry. It will provide basic infrastructure for chemical clusters and ethanol blending.

4. In Odisha, State Level Bankers' Committee (SLBC) has prepared an action plan to provide banking services in all the 4,597 unbanked gram panchayats. Odisha had directed banks to open branches in the unbanked gram panchayats (GPs) by March 2017. SLBC has sought to extend the timeline to five years for covering the unbanked GPs due to infrastructure constraints.

5. Bihar Governor D Y Patil took oath as Governor of West Bengal on additional charge after incumbent M K Narayanan resigned office earlier. he will hold the post as interim arrangement. Besides Narayanan, Nagaland Governor Ashwani Kumar, Uttar Pradesh Governor B L Joshi and Chhattisgarh Governor Shekhar Dutt have resigned since the new government took over at the Centre.

6. According to latest estimates by a PricewaterhouseCoopers (PwC) report, India will become third largest economy by 2030. At present, it is the tenth largest economy and by 2030 it will become third by pushing UK to sixth position. China has ranked above Japan for a decade as the world's second-biggest economy.