Current Affairs Question - 08 August 2019

Explanation :

• The report of the panel on 'Offshore Rupee Market' headed by former RBI deputy governor Usha Thorat has been made public on 8^th August, 2019.
• The panel was set up by the RBI in February, 2019, to examine the issues related to the offshore rupee markets in depth and recommend appropriate policy measures for incentivizing non-residents to access the onshore foreign exchange market.
• It has recommended that the "competent authorities may examine the issue of taxation" with the objective of overcoming gaps between tax regime in India and other major international financial centres (Singapore, Hong Kong and London) to the extent possible, and thereby incentivising non-residents to hedge in the onshore market.
• Another major suggestion is that the know Your Customer(KYC) registration may be centralised across the financial market with uniform documentation requirement.

Source: Civil Services Chronicle Online

Explanation :

Explanation:

• On 8^th August, 2019, India celebrated the 77^th anniversary of Quit India Movement.
• The Quit India Movement, also known as the August Movement was a Civil Disobedience Movement launched by Gandhi for complete independence from British rule.
• At the Working Committee meeting in Wardha in July 1942, the Congress accepted that the movement must move into an active phase.
• On 8^th August, 1942, the All-India Congress Committee met in Gowalia Tank Maidan (August Kranti Maidan) in Bombay to ratify the Working Committee’s decision, formally launching the movement.
• The most powerful, slogan of the Indian National Movement was “Quit India”, or “Bharat Chhoro” - the call and command that Mahatma Gandhi gave to the British rulers of India 77 years ago.

Source: Civil Services Chronicle Online