UPSC EXAM QUIZ 01.08.2024

Explanation:

• The revenue impact of tax deductions availed by corporates, firms and individuals on account of donations to political parties was an estimated Rs 3,967.54 crore in FY 2022-23, according to projections made by the Finance Ministry in the Union Budget 2024-25.

Tax Concessions on Political Donations

• A tax concession is a reduction in the amount of tax that a particular group or organisation has to pay, or a change in the tax system that benefits them.
• In India, tax concessions on political donations are provided under the Income Tax Act, 1961.
• Section 80GGB, of Income Tax Act, 1961 allows Indian companies to claim deductions for contributions made to political parties or electoral trusts. However, donations made in cash are not eligible for deductions.
• Section 80GGC, of Income Tax Act, 1961 applies to individuals, firms, and other non-corporate entities. Similar to Section 80GGB, it allows deductions for contributions to political parties or electoral trusts, excluding cash donations.
• Deductions apply to donations made via cheques, account transfers, or electoral bonds.

Explanation:

• Ministry of Education is celebrating the fourth anniversary of the National Education Policy 2020 with a week-long initiative called “Shiksha Saptah.”

Initiatives under Shiksha Saptah

Vidyanjali Program

• Launched in 2021, it is an initiative by the Department of School Education and Literacy, that connects community members and volunteers with government and government-aided schools through an online portal.
• The Vidyanjali portal enables alumni, teachers, scientists, and others to contribute services, materials, or expertise to schools across India, enhancing the learning environment by integrating schools, volunteers, and the community in line with NEP 2020 objectives.

Explanation:

• A contingent of the Indian Army has left for Mongolia to participate in the Multinational Military Exercise Khan Quest 2024.
• The 21st Multinational Khan Quest exercise will be held in Ulaanbaatar, the capital of Mongolia from 27 July 2024 to 9 August 2024.
• Khan Quest is an annual multinational military exercise, co-sponsored by the US Indo-Pacific Command and conducted annually by the Mongolian Armed Forces to promote regional peace and security in the region.
• The aim of the Khan Quest exercise is to promote cooperation between the armies of different countries and strengthen peacekeeping capabilities. During this joint military exercise, the armies of different countries will work together and collectively share military skills and strategic capabilities.
• The last edition of Exercise Khan Quest was held in Mongolia from 19 June to 2 July 2023, and after its successful completion, this time also it is being organized at a place called Ulaanbaatar in Mongolia.

Explanation:

• Covrzy, an Insurtech startup based in Bengaluru, Karnataka, has received a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI).
• Founded in 2023 by Ankit Kamra, who previously founded Karbon Cards and Veera Thota, and has experience with PayPal, Razorpay, and Amazon.
• Raised $400,000 in May 2023 from Antler and Shastra VC (formerly Veda VC).
• Covrzy's platform helps manage the entire insurance cycle, including product discovery, purchase, servicing, and claims.

Growth and Milestones

• Covrzy has onboarded over 500 clients, including Redcliffe Labs, Orange Labs, Karbon Card, and Schbang.
• The startup aims to onboard and assist over 10,000 customers within the next 12 to 18 months.
• Plans to secure over one million businesses in the coming years.

Insurance Offerings

• Partners with renowned insurers like ICICI Lombard, Bajaj Allianz, and IFFCO Tokio.
• Provides a range of insurance products including commercial general liability, fire and theft insurance, product liability, cyber insurance, stock insurance, and asset insurance.

Explanation:

• Zimbabwe, a Southern African country, has joined the Convention on the Protection and Use of Transboundary Watercourses and International Lakes (UN Water Convention).
• This accession showcases Zimbabwe's political will for cross-border water cooperation.
• Zimbabwe became the 54th Party to the UN Water Convention and the 11th African nation to join the treaty.
• The Convention provides a global legal and intergovernmental framework for sustainable transboundary water management, supported by the UN Economic Commission for Europe (UNECE).
• Along with Zimbabwe, Namibia (which became the first Party in the Southern African region in 2023), Zambia, Botswana, and Tanzania are in the accession process.
• Zimbabwe's accession will be celebrated at the 10th session of the Meeting of the Parties (MOP) to the Water Convention in Ljubljana, Slovenia, from October 23-25, 2024, further promoting global water cooperation.
• The UN Water Convention was adopted in Helsinki, Finland, in 1992 and came into force in 1996.