Daily Current Affairs 01st July 2025 | Latest News | Download Free PDF
Jul 01 2025
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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS
State Bank of India to Celebrate 70 Years of Formation on July 1, 2025
- On July 1, 2025, the State Bank of India (SBI) will complete 70 years since its establishment in its current form.
Key Highlights :
Origins:
- The roots of SBI trace back to the Bank of Calcutta (later renamed Bank of Bengal) set up in June 1806.
- SBI is the result of the Imperial Bank of India being converted into SBI under the State Bank of India Act, 1955, based on the recommendation of the All-India Credit Survey Committee.
Mandate:
- Extend banking facilities to unbanked regions.
- Serve the credit needs of rural India.
- A July 1, 1955 press release stated SBI’s policy as: “to further your interests and those of the entire nation”.
- SBI is described as a banker for one out of every three Indians, highlighting its vast customer base.
Global standing:
- The only Indian bank among the top 50 global banks by assets.
- Among the top 100 global corporations by annual earnings.
- With a consolidated net profit of ₹77,561 crore in FY25.
- The third Indian company after ONGC Ltd and Reliance Industries to enter the top 100 global corporations.
- SBI’s willingness to change and adapt over time is a key theme.
- Its digital platform YONO (“You Only Need One”) was launched in November 2017 as a digital marketplace for financial and lifestyle needs, targeting millennials.
- Over 90% of SBI transactions are digital, with a significant share of new business and fee-based products sold through digital channels.
- SBI is described as running a digital bank within a brick-and-mortar structure.
Growth:
- Between FY18 and FY24, SBI has doubled its balance sheet
- Holds at least 25% market share in the retail loan book (₹15.60 lakh crore) and also in home loans.
About State Bank of India (SBI):
- Founded Year: 1955
- Headquarters: Mumbai, Maharashtra, India
- Chairman: Challa Sreenivasulu Setty
- Slogan: "The Banker to Every Indian"
Reserve Bank of India Study Recommends Daily Financial Conditions Index to Monitor Market Dynamics
- The Reserve Bank of India (RBI) has proposed creating a Financial Conditions Index (FCI) for India with daily frequency to enhance real-time monitoring of the country’s financial health.
- The FCI will be a composite indicator capturing prevailing conditions across key financial segments such as the money market, government securities (G-sec), corporate bonds, equities, and the foreign exchange market.
- The index aims to provide a high-frequency gauge of how tight or easy financial market conditions are compared to their historical average since 2012.
- The FCI is constructed based on 20 financial market indicators measured daily over a long period.
- The index closely tracks turning points in financial conditions during major economic episodes in the sample period.
- A higher positive value of the FCI indicates tighter financial conditions.
Recent News :
- In May 2025, The Reserve Bank of India (RBI)has issued a directive requiring all regulated financial entities to use the PRAVAAH portal for submitting applications related to licences, authorisations, and approvals starting May 1, 2025.
About RBI:
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Sanjay Malhotra
US Senate proposes cutting remittance tax to 1%, provides relief to Non-Resident Indians
- The latest US Senate draft of the One Big Beautiful Bill Act, released on June 27,2025 has reduced the proposed remittance transfer tax from 3.5% to 1%, a significant change from the House version.
- The updated proposal is led by Senate Republicans with a self-imposed deadline of July 4 for the bill’s passage.
- The tax exclusion applies to remittances made via accounts held with designated US banks and financial institutions, or those funded through debit or credit cards issued in the US.
- The tax will only apply to remittances sent through cash, money orders, cashier’s checks, or similar physical instruments.
- Lloyd Pinto, Partner – US Tax, Grant Thornton Bharat, stated this is a relief to the Non-Resident Indian (NRI) community in the US.
- If passed, the remittance transfer tax will come into effect after December 31, 2025.
- The measure is part of a broader Republican-led legislative effort to overhaul fiscal policy and tax enforcement.
- The bill's current language narrows the tax’s application, easing concerns among diaspora communities and cross-border remittance providers.
PhonePe Enters Co-Branded Card Segment with HDFC Bank Credit Card Launch
- PhonePe and HDFC Bank have announced the launch of a co-branded credit card, marking PhonePe’s entry into the co-branded card segment.
- The card is issued on the RuPay network and is called the PhonePe HDFC Bank co-branded RuPay credit card.
- It is designed to meet the evolving financial needs of Indian consumers and offers benefits on UPI spending, especially on the PhonePe platform.
- Consumers can use this card seamlessly across millions of UPI merchants.
- The credit card is available in two variants: 'Ultimo' and 'UNO'.
- These variants offer rewards on popular spending categories such as recharge, bill payments, travel, online shopping, groceries, and cabs.
- PhonePe Limited (formerly PhonePe Private Limited) is one of India’s leading fintech companies.
- The PhonePe app was launched in August 2016.
- As of April 2025, PhonePe has over 61 crore (610 million) registered users.
- It has a digital payments acceptance network spread across over 4 crore (40+ million) merchants in India.
CURRENT AFFAIRS: NATIONAL AND STATE NEWS
Amit Shah Releases Book ‘The Emergency Diaries – Years that Forged a Leader’ on PM Modi’s Role During Emergency
- Union Home Minister Amit Shah released a new book titled ‘The Emergency Diaries – Years that Forged a Leader’ in New Delhi on the occasion of ‘Samvidhan Hatya Diwas’, chronicling Prime Minister Narendra Modi’s contributions during the Emergency (1975–77).
Key Highlights :
- Event Occasion: ‘Samvidhan Hatya Diwas’, held in New Delhi.
- Book Title: The Emergency Diaries – Years that Forged a Leader.
- Released By: Amit Shah, Union Home Minister & Minister of Cooperation.
- Subject of Book: Focuses on PM Modi’s underground role during the 19-month Emergency as a 25-year-old Sangh Pracharak.
- Key Contributions Highlighted:
- Distributed underground newspapers.
- Aided families of detainees under MISA Act.
- Operated in disguise as saint, Sardarji, hippie, incense seller, etc.
- Actively resisted media censorship and dynastic politics.
- Other Dignitaries Present:
- Ashwini Vaishnaw, Union Minister
- Vinai Kumar Saxena, Delhi LG
- Rekha Gupta, Delhi CM
RECENT NEWS
- Union Home Minister Amit Shah inaugurated the Bharatiya Bhasha Anubhag (BBA), or Indian Languages Section, in New Delhi. This initiative is aimed at reducing the dominance of foreign languages, especially English, in India’s administrative functioning and promoting the use of mother tongues in decision-making and official communication.
Uttar Pradesh Approves Two New Rhino Rehabilitation Areas in Dudhwa National Park
- The Uttar Pradesh government has sanctioned the establishment of two new Rhino Rehabilitation Areas (RRA-3 and RRA-4) in Dudhwa National Park, Lakhimpur, with a budget allocation of ₹1.5 crore, under a long-term conservation initiative by the Forest and Wildlife Department.
Key Highlights :
- Location: Dudhwa National Park, Lakhimpur district, Uttar Pradesh.
- Project Objective: Preservation of natural habitats for rhinos and other endangered species in the Terai region.
- New Facilities: Establishment of RRA-3 and RRA-4, modeled after RRA-1 and RRA-2, for semi-wild rhino monitoring.
- Sanctioned Budget: ₹1.5 crore
- ₹1.27 crore for habitat maintenance (natural areas, water bodies, vegetation).
- ₹7 lakh for wildlife medicines and chemicals.
- ₹7 lakh for monitoring devices, machinery, and equipment.
- ₹4.8 lakh for major construction work, ₹3 lakh for minor civil work.
RECENT NEWS
- Uttar Pradesh Cabinet on June 3, 2025, approved a proposal granting 20% horizontal reservation to former Agniveers in direct recruitment for posts in the Uttar Pradesh Police, including roles such as Constable, PAC, Mounted Constable, and Fireman.
New Model Rules Released to Simplify Tree-Felling in Agricultural Lands & Promote Agroforestry
- The Ministry of Environment, Forest and Climate Change (MoEFCC) has issued the ‘Model Rules for Felling of Trees in Agricultural Lands’ to cut red tape, spur agroforestry, and launch a digital National Timber Management System (NTMS) portal for transparent approvals.
Key Highlights :
- Main Goal: Remove procedural barriers so farmers can integrate trees with crops, boosting rural incomes and domestic timber supply.
- Digital NTMS Portal: Mandatory online registration of plantations, geo-tagged images, KML land files, and e-permissions for tree felling.
- State-Level Committees (per WBI Guidelines 2016): Oversee implementation, while Divisional Forest Officers (DFOs) monitor empanelled verification agencies.
- Verification Mechanism: Registered agencies inspect plantations; reports uploaded to NTMS for swift approval or rejection.
- Ecological Benefits: Supports soil health, water conservation, biodiversity, and climate resilience by encouraging tree cover on farms.
- Economic Impact: Reduces dependence on natural forests and offers farmers an alternative revenue stream through legal timber harvests.
India Imposes Port Entry Restrictions on Jute Imports from Bangladesh to Safeguard Domestic Sector
- India has enforced new trade restrictions on jute and allied product imports from Bangladesh, effective June 27, 2025, allowing entry only through Nhava Sheva port in Mumbai, to protect its domestic jute industry from unfair trade practices.
Key Highlights :
- Restriction Effective From: June 27, 2025; applicable to all land and sea ports, except Nhava Sheva (Mumbai).
- Reason for Action: To counter dumping and subsidized jute imports from Bangladesh that harm Indian producers.
- Primary Objective: Protect livelihoods of nearly 4 lakh workers in India’s jute sector and ensure fair trade practices.
- Products Covered: Flax tow and waste, jute textile fibers, jute single yarn, woven and unbleached jute fabrics.
- Geographical Impact: Major jute-producing states like West Bengal, Bihar, Assam, Odisha, Andhra Pradesh, Tripura, and Meghalaya.
- Affected Sectors: Organized jute mills, jute farmers, and value-added product units.
- Background: Despite existing anti-dumping duties, Bangladesh continued subsidizing exports, leading to underutilized Indian mill capacity and rural unemployment.
- Recent Precedent: Follows a similar restriction on apparel imports via land ports imposed on May 17, 2025.
Amit Shah Inaugurates National Turmeric Board Headquarters in Nizamabad, Telangana
- The Union Home Minister’s launch of the National Turmeric Board’s headquarters marks a major push to empower turmeric farmers, enhance research, and scale up exports.
Key Highlights :
- Location – Nizamabad, Telangana: a leading turmeric-growing belt now hosts the board’s HQ, fulfilling a long-standing farmer demand.
- Funding – ₹200 crore: earmarked for R&D, quality improvement, and farmer welfare, ensuring better crop standards.
- Export Target – US $1 billion by 2030: the board will steer branding, packaging, and global marketing to reach this goal.
- Farmer Benefit: focus on remunerative prices and value-addition will strengthen the rural economy.
- Political Significance: launch delivers on the 2019 BJP poll promise and underscores the Centre’s commitment to the spice sector.
- National Context: India remains the world’s largest producer & exporter of turmeric, with Nizamabad contributing a significant share.
RECENT NEWS
- The Government of Telangana has officially notified the Kawal-Tadoba tiger corridor as the Kumram Bheem Conservation Reserve. Spanning nearly 1,493 sq. km, this newly declared reserve strengthens efforts to protect India’s big cat population and other critical biodiversity in the central Indian landscape
CURRENT AFFAIRS: AWARDS AND HONOURS
Radhanath Swami Honoured by New York City for Spiritual Leadership and Interfaith Contributions
- Renowned ISKCON leader Radhanath Swami was honoured by New York City at a special interfaith event, for his lifelong dedication to spiritual service, humanitarian outreach, and promoting religious harmony.
Key Highlights :
- Award Venue: Bhakti Centre, New York; event themed "Foundation of Future".
- Presented By: Dilip Chauhan, Deputy Commissioner of International Affairs, on behalf of NYC Mayor Eric Adams.
- Reason for Recognition: Decades of community service, interfaith dialogue, and spiritual leadership.
- Background: Born Richard Slavin in Chicago (1950); joined ISKCON in 1970; initiated by A.C. Bhaktivedanta Swami Prabhupada; took sannyasa in 1982 as Radhanath Swami.
- Global Role: Recognized as a Bhakti Yoga ambassador, spiritual teacher, and advocate of peaceful coexistence.
- Impact: Acknowledges ISKCON’s role in promoting interreligious respect and cultural unity in New York and globally.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Parag Jain Named New R&AW Chief for Fixed Two-Year Tenure
- The Union Government appointed Parag Jain, a senior Indian Police Service (IPS) officer, as the new chief of the Research and Analysis Wing (R&AW) on June 28, 2025.
- Parag Jain is a 1989-batch IPS officer from the Punjab cadre.
- He will succeed the incumbent R&AW chief Ravi Sinha, who is set to retire on June 30, 2025.
- Jain will assume office on July 1, 2025, for a fixed two-year term.
- Currently, he heads the Aviation Research Centre (ARC), a key wing of R&AW.
- He played a pivotal role in Operation Sindoor by providing intelligence inputs that led to precision missile strikes on terrorist hideouts in Pakistan.
- His previous roles include serving as Senior Superintendent of Police (SSP) and Deputy Inspector General (DIG) in Punjab during the terrorism crisis.
- He held significant responsibilities on the Pakistan desk of R&AW.
- He was posted in Jammu and Kashmir during the abrogation of Article 370 in 2019.
- He has had diplomatic and intelligence assignments in Sri Lanka and Canada, focusing on monitoring Khalistani terror modules
- Throughout his career, he has held several sensitive posts related to national security and foreign intelligence.
Cabinet Approves Re-appointment of Ravi Agrawal as Central Board of Direct Taxes Chairman
- The Appointments Committee of the Cabinet has approved the re-appointment of Ravi Agrawal as Chairman of the Central Board of Direct Taxes (CBDT).
- His re-appointment is on a contract basis for one year, effective from July 1, 2025, to June 30, 2026, or until further orders, whichever is earlier.
- Ravi Agrawal is a 1988-batch Indian Revenue Service (IRS) officer from the Income Tax cadre.
- Prior to becoming Chairman, he served as Member, CBDT (Administration) since July 2023.
- He succeeded Nitin Gupta, a 1986-batch IRS officer (IT), as CBDT Chairman in June 2024.
About CBDT :
- The Central Board of Direct Taxes (CBDT) is the apex policy-making body of the Income Tax Department.
- CBDT is a statutory body under the Department of Revenue, Ministry of Finance, Government of India.
- It oversees the administration of direct taxes, including Income Tax and Corporate Tax, through the Income Tax Department.
- The CBDT was formed on 1 January 1964.
CURRENT AFFAIRS : APPS & PORTALS
Government Upgrades Sugamya Bharat App to Enhance Accessibility for Divyangjan and Senior Citizens
- The Sugamya Bharat App (SBA) is a flagship initiative of the Government of India focused on enhancing accessibility for divyangjan (persons with disabilities) and elderly citizens.
- SBA was launched in 2021 by the Department of Empowerment of Persons with Disabilities (DEPwD), under the Union Ministry of Social Justice and Empowerment.
- The app was recently revamped to offer a more user-friendly and impactful experience.
New features include:
- A more intuitive user interface
- AI-powered chatbot support for real-time assistance
- Circulars and notifications about accessibility-related initiatives
- Integration of government schemes and resources for persons with disabilities
As of 25 June 2025, the app has:
- 14,358 registered users
- 83,791 total downloads (82,291 on Android, 1,500 on iOS)
- The app is available on Google Play Store (Android) and Apple App Store (iOS).
- SBA allows users to upload geo-tagged photos of locations with accessibility barriers, enabling authorities to take prompt corrective action.
- Since inception, the app received 2,705 complaints, of which 1,897 have been resolved, showing the government’s commitment to an inclusive environment.
About Ministry of Social Justice & Empowerment :
- Cabinet Minister : Virendra Kumar Khatik
- Minister of State :Ramdas Athawale,B. L. Verma
National Sample Survey Office (NSO), under Ministry of Statistics and Programme Implementation Launches GoIStats Mobile App on Statistics Day 2025
- The National Sample Survey Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), launched the GoIStats mobile application on Statistics Day 2025.
- The GoIStats app aims to make official statistics more accessible and user-centric for all citizens.
- The app aligns with NSO's vision of building an inclusive data ecosystem, allowing stakeholders to access government data on the go.
- It features an interactive "Key Trends" dashboard with dynamic visualizations of vital socio-economic indicators such as GDP, inflation, and employment data.
- The app is designed to empower citizens and promote public engagement with government data, contributing to the vision of a Viksit Bharat.
- The 19th Statistics Day was celebrated on 29th June 2025 at Ambedkar International Centre, New Delhi.
- Statistics Day (29th June 2025) is observed every year to commemorate the birth anniversary of Professor Prasanta Chandra Mahalanobis, a pioneer in statistics and economic planning.
- Statistics Day has been celebrated since 2007, each year with a theme of national relevance.
- The theme for 2025 is “75 Years of National Sample Survey”, celebrating the NSS's contribution to providing reliable and timely statistical data.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Mazagon Dock Shipbuilders to Acquire Majority Stake in Colombo Dockyard
- Mazagon Dock Shipbuilders Limited (MDL), a state-run company, is set to acquire a controlling stake in Sri Lanka’s Colombo Dockyard PLC (CDPLC) under a $52.96 million (₹450 crore) deal.
- This move will deepen India’s strategic presence in Sri Lanka’s port logistics infrastructure, especially in the Indian Ocean region.
- The acquisition marks MDL’s first international venture, signaling its transformation from a domestic shipbuilder to a regional maritime player with global aspirations.
- Colombo Dockyard PLC is located at the Port of Colombo, providing MDL a strategic foothold in a key maritime corridor.
- This is the second Indian investment in Sri Lanka’s port logistics sector in recent months.
- In April 2025, Adani Ports and Special Economic Zone Ltd. (APSEZ) began operations at the Colombo West International Terminal (CWIT).
- Colombo Dockyard PLC is the flagship of Sri Lanka’s maritime industry and is listed on the Colombo Stock Exchange.
- CDPLC serves a broad client base across Asia, the Middle East, and Africa, including both commercial and governmental clients.
CURRENT AFFAIRS : DEFENCE NEWS
Defence Research and Development Organisation Plans Agni-V ICBM Upgrade into Air Burst and Bunker Buster Versions with 7.5-Tonne Conventional Warhead
- India is developing a new version of the Agni missile carrying a massive 7.5-tonne conventional (non-nuclear) warhead.
- This missile is designed for precise deep strikes inside enemy territory without using nuclear weapons, marking a major shift in India’s defence strategy.
- It is believed to be a modified version of Agni-V, India’s longest-range ballistic missile, but intended for tactical, non-nuclear roles.
- The missile will likely have a shorter range (around 2,000 to 2,500 km) compared to the original Agni-V’s 5,000+ km, due to the heavier conventional warhead.
Key Highlights :
- The Defence Research and Development Organisation (DRDO) is developing two specialized warhead types for this missile:
- Airburst Warhead: Explodes in air, scattering fragments to destroy surface targets like airfields, radar stations, missile sites, fuel depots, and troop camps.
- Bunker Buster Warhead: Penetrates 80–100 meters underground to destroy hardened targets such as bunkers, enemy HQs, and WMD storage sites
- This missile fits with India’s ‘No First Use’ nuclear policy, providing a powerful conventional alternative that avoids nuclear escalation.
- Key advantages include:Stronger deterrence without nuclear use, Ability to conduct fast, deep strikes with high precision, More cost-effective and politically practical than nuclear weapons, Greater flexibility with different warhead types for varied targets.
- The missile development aligns India with other global powers like the US, China, and Russia, which are modernizing missile forces for flexible battlefield readiness.
- This weapon enhances India’s capability to strike deep into Pakistan or China without escalating to nuclear war.
- Reflects a change in India’s defence posture from pure retaliation to proactive, flexible responses — influenced by events like the Balakot airstrike in 2019.
- The missile fills a critical gap between conventional military actions and nuclear warfare, strengthening India’s strategic options.
Recent News :
- The Defence Research and Development Organisation (DRDO)successfully carried out the maiden flight-trials of the Stratospheric Airship Platform on May 03, 2025.
About DRDO:
- Founded: 1958
- Headquarters: New Delhi, India
- Parent Ministry: Ministry of Defence, Government of India
- Chairman: Dr. Samir V. Kamat
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Zomato Founder Deepinder Goyal Ventures into Aviation with LAT Aerospace
- Deepinder Goyal, co-founder of the food delivery platform Zomato, is now venturing into regional air travel with the aerospace startup LAT Aerospace.
- The venture aims to redefine regional air travel in India, which is currently nascent and underdeveloped.
- Key challenges facing regional air travel in India include regulatory clearance issues, technological capability, and public adoption.
- India has over 450 airstrips, but only around 150 support commercial flights, meaning two-thirds of aviation potential is unused.
- Millions of people in Tier 2 and Tier 3 cities spend significant time traveling by road or rail due to lack of regional air connectivity.
- LAT Aerospace envisions "buses in the sky" — affordable, high-frequency flights connecting places overlooked by traditional airlines.
- The aircraft will use compact "air-stops" — small facilities no larger than a parking lot, located close to where people live.
- The model aims to provide seamless travel without chaos or security lines, enabling passengers to "just walk in and fly".
CURRENT AFFAIRS : OBITUARIES
Ex-England Cricketer Wayne Larkins Passed away
- Wayne Larkins, former England and Northamptonshire batsman, died on June 28, 2025, aged 71 after a short illness.
- Nicknamed "Ned", he played 13 Tests and 25 One Day Internationals (ODIs) for England between 1979 and 1991.
- His second England appearance was in the 1979 World Cup final, batting at 7 and bowling two overs.
- His most notable moment was scoring the winning runs at Sabina Park during the 1989-90 West Indies tour, giving England a 1-0 lead in the series.
- Larkins’ Test appearances were interrupted by a three-year ban due to his involvement in the 1982 rebel tour of South Africa.
- He played the majority of his career for Northamptonshire, appearing in over 700 games for the club.
- Known for his strokeplay and vibrant personality, he later moved to Durham where he retired.
- Larkins scored a total of 40,000 runs and 85 centuries in his career.
- He scored over 1,000 first-class runs each season from 1978 to 1985.
- His purple patch in 1983 included scores of 236 against Derbyshire and 252 against Glamorgan within seven weeks, a performance that might have earned him a Test recall if not for the ban.
CURRENT AFFAIRS: IMPORTANT DAYS
World Social Media Day 2025 - June 30
- World Social Media Day, celebrated annually on June 30, honours the transformative impact of social media on communication, creativity, and community-building.
- The day was founded by Mashable in 2010 to recognize its growing role in everyday life.
Key Highlights :
- Observed On: June 30 every year.
- Started By: Mashable in 2010 to celebrate social media’s influence on global connectivity.
- Theme for 2025: ‘Empowering Voices and Building Communities’.
- Historical Fact: SixDegrees (launched in 1997) was the first social networking site, allowing users to connect and interact, laying the foundation for platforms like Facebook, Instagram, and Twitter.
- Significance: Celebrates how social media helps people express themselves, collaborate, and form global communities, shaping modern communication and innovation.
International Day of Parliamentarism - 30 June
- The International Day of Parliamentarism is observed annually on 30 June, marking the founding of the Inter-Parliamentary Union (IPU) in 1889.
- Established by the UN General Assembly in 2018 (Resolution A/RES/72/278), the day highlights the vital role of parliaments in upholding democracy.
Key Highlights :
- Observed On: 30 June, commemorating the founding of IPU in 1889.
- Purpose: To reaffirm the importance of strong, transparent, accountable, and representative parliaments for a thriving democracy.
- Current Relevance: Comes at a time when trust in democratic institutions is declining due to rising populism and nationalism.
- UN Recognition: Acknowledges the role of parliaments in national strategies, enhancing transparency and accountability at both national and global levels.
National Doctor’s Day 2025: July 1
- National Doctor’s Day every year on July 1st nationally as Special Day in July 2025 India to mark the birth and honor the contributions of renowned physician and former West Bengal chief minister Dr. Bidhan Chandra Roy.
- This year's theme, "Behind the Mask: Who Heals the Healers?" highlights the emotional and mental struggles faced by healthcare professionals.
History
- In 1882, Bidhan Chandra Roy was born in Patna Bengal Presidency, British India, on July 1st.
- In 1901, Roy enrolled at the Calcutta Medical College and, upon graduating, left for England for further studies.
- In 1925, Dr. Roy became the Chief Minister of West Bengal following India’s newly gained Independence.
- In 1926, Dr. Roy established The Chittaranjan Seva Sadan, a special hospital for women and children.
- In 1961, Dr. Roy was awarded the Bharat Ratna, the highest civilian award of the Republic of India, a year before his death.
- In 1991, The first-ever Doctor’s Day is celebrated in India in honor of Dr. Bidhan Chandra Roy.
Chartered Accountants Day 2025: July 1
- On July 1st Chartered Accountants Day 2025 is held every year in India.
- This day is marked to commemorate the foundation of the Institute of Chartered Accountants of India (ICAI) on July 1, 1949.
History
- The Chartered Accountants Day 2025 was created on July 1st, 1949, as a statutory body by the Indian Parliament under the Chartered Accountants Act.
- During British rule, all the institutions kept a solid record of their accounts under the Companies Act.
- Certified auditors, who have completed a Diploma in Accounts course, are used to maintain books of accounts.
- In India, the accounting profession remained unregulated till 1948. However, in 1949 an expert committee suggested the formation of an autonomous body, and the Chartered Accountants Act and ICAI were established on 1 July 1949.
- Chartered Accountants Day 2025 is aimed at acknowledging the contribution of chartered accountants in nation-building.
- Chartered Accountants Day 2025's purpose was to regulate the accounting laws in India.
GST Day 2025: July 1
- Every year on July 1st, Goods and Services Tax Day is observed to commemorate the implementation of the GST regime in the country.
- GST is a comprehensive indirect tax imposed on the supply of goods and services nationwide.
- the theme of the GST Day: “GST – Simplifying Taxes: Empowering Citizens.”
History
- GST was first implemented in India on July 1, 2017, marking a significant milestone in the country's economic history.
- The idea of a Goods and Services Tax (GST) in India was first proposed in the early 2000s, with the formation of the Kelkar Task Force on indirect taxes in 2003.
- The introduction of GST marked a significant milestone in the country’s economic reforms.
- It aimed to streamline the taxation system, promote ease of doing business, eliminate tax cascading, and create a unified market for goods and services across India.
Daily CA One- Liner: July 1st
- Union Home Minister Amit Shah released a new book titled ‘The Emergency Diaries – Years that Forged a Leader’ in New Delhi on the occasion of ‘Samvidhan Hatya Diwas’, chronicling Prime Minister Narendra Modi’s contributions during the Emergency (1975–77).
- The Uttar Pradesh government has sanctioned the establishment of two new Rhino Rehabilitation Areas (RRA-3 and RRA-4) in Dudhwa National Park, Lakhimpur, with a budget allocation of ₹1.5 crore, under a long-term conservation initiative by the Forest and Wildlife Department.
- The Ministry of Environment, Forest and Climate Change (MoEFCC) has issued the ‘Model Rules for Felling of Trees in Agricultural Lands’ to cut red tape, spur agroforestry, and launch a digital National Timber Management System (NTMS) portal for transparent approvals
- India has enforced new trade restrictions on jute and allied product imports from Bangladesh, effective June 27, 2025, allowing entry only through Nhava Sheva port in Mumbai, to protect its domestic jute industry from unfair trade practices
- The Union Home Minister’s launch of the National Turmeric Board’s headquarters marks a major push to empower turmeric farmers, enhance research, and scale up exports
- Renowned ISKCON leader Radhanath Swami was honoured by New York City at a special interfaith event, for his lifelong dedication to spiritual service, humanitarian outreach, and promoting religious harmony
- World Social Media Day, celebrated annually on June 30, honours the transformative impact of social media on communication, creativity, and community-building
- The International Day of Parliamentarism is observed annually on 30 June, marking the founding of the Inter-Parliamentary Union (IPU) in 1889
- National Doctor’s Day every year on July 1st nationally as Special Day in July 2025 India to mark the birth and honor the contributions of renowned physician and former West Bengal chief minister Dr. Bidhan Chandra Roy
- On July 1stChartered Accountants Day 2025 is held every year in India.
- Every year on July 1st, Goods and Services Tax Day is observed to commemorate the implementation of the GST regime in the country.
- On July 1, 2025, the State Bank of India (SBI) will complete 70 years since its establishment in its current form.
- The Reserve Bank of India (RBI) has proposed creating a Financial Conditions Index (FCI) for India with daily frequency to enhance real-time monitoring of the country’s financial health.
- The latest US Senate draft of the One Big Beautiful Bill Act, released on June 27,2025 has reduced the proposed remittance transfer tax from 3.5% to 1%, a significant change from the House version.
- PhonePe and HDFC Bank have announced the launch of a co-branded credit card, marking PhonePe’s entry into the co-branded card segment.
- The Union Government appointed Parag Jain, a senior Indian Police Service (IPS) officer, as the new chief of the Research and Analysis Wing (R&AW) on June 28, 2025.
- The Appointments Committee of the Cabinet has approved the re-appointment of Ravi Agrawal as Chairman of the Central Board of Direct Taxes (CBDT).
- The Sugamya Bharat App (SBA) is a flagship initiative of the Government of India focused on enhancing accessibility for divyangjan (persons with disabilities) and elderly citizens.
- The National Sample Survey Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), launched the GoIStats mobile application on Statistics Day 2025.
- Mazagon Dock Shipbuilders Limited (MDL), a state-run company, is set to acquire a controlling stake in Sri Lanka’s Colombo Dockyard PLC (CDPLC) under a $52.96 million (₹450 crore) deal.
- India is developing a new version of the Agni missile carrying a massive 7.5-tonne conventional (non-nuclear) warhead.
- Deepinder Goyal, co-founder of the food delivery platform Zomato, is now venturing into regional air travel with the aerospace startup LAT Aerospace.
- Wayne Larkins, former England and Northamptonshire batsman, died on June 28, 2025, aged 71 after a short illness.
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