Current Affairs - July 2019

Latest Current Affairs July, 2019 with Current Affairs, news summary on current events of National and International importance of July, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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RIL becomes highest-ranked Indian company on Fortune Global 500 list

Mukesh Ambani-led Reliance Industries Ltd. (RIL) becomes highest-ranked Indian company on Fortune Global 500 list. It has jumped 42 places and was ranked 106 this year.

Key Highlights

In this year’s list, RIL replaced Indian Oil Corporation (IOC) which ranked 117 as top-ranked Indian company. State-owned IOC had been top-ranked Indian company on list for years and was 1st on Fortune India 500 list which started in 2010. In 2018’s Global 500 list, RIL was ranked 148th and IOC was at 137th place.

RIL’s revenue rose by 32.1% from $62.3 billion in 2018 to$82.3 billion in 2019 while IOC clocked a 17.7% growth in revenue from $65.9 billion to $77.6 billion.

Other Indian companies to feature on list: Oil & Natural Gas Corp (ONGC) was ranked 160th, State Bank of India (SBI) 236th, Tata Motors 265th , Bharat Petroleum Petroleum Corp Ltd (BPCL) 275th and Rajesh Exports 495th.

Top 10 Position:

  1. Walmart: United States (US) retail giant topped list.
  2. Sinopec Group: Chinese state-owned oil and gas company
  3. Royal Dutch Shell: Dutch company
  4. China National Petroleum
  5. State Grid
  6. Saudi Aramco: Saudi oil giant
  7. BP: British multinational oil and gas company
  8. Exxon Mobil
  9. Volkswagen
  10. Toyota Motor

About Fortune Global 500

It is an annual ranking of top 500 corporations worldwide as measured by revenue. It is also known as Global 500.

The list is compiled and published annually by Fortune magazine, an American multinational business magazine.

Factors that push and pull Global 500 rankings- global economy, trade policies, mergers and acquisitions and corporate upheaval.

Analysis: World’s 500 largest companies generated $32.7 trillion in revenues and $2.15 trillion in profits. The companies represented by 34 countries and employ 69.3 million people worldwide.

24 July: CBDT celebrates Aaykar Diwas

On 24 July 2019, Central Board of Direct Taxes (CBDT) and all field offices observed and celebrated 159th Income Tax Day also known as Aaykar Diwas.

About Aaykar Diwas 2019

Background: It was on 24 July in 1860 that Income Tax (IT) was introduced for 1st time in India by Sir James Wilson to compensate for losses incurred by British regime during First War of Independence (also known as Revolt of 1857) against British Rule.

Celebration: An event to mark Income Tax Day held in New Delhi was attended by Union Finance Minister Nirmala Sitharaman. The event included release of departmental publications, e-journal, publicity kit for outreach programmes among other things.

Week preceding Aaykar Diwas: was marked by various activities undertaken by regional offices of department across India. It included-

Several field offices undertook grievance redressal week/fortnight to help redress pending grievances of tax payers.

Some field stations made free legal aid available to tax payers in conjunction with local Tax Bar Association.

Digital kiosk that have interactive as well as informative digital display was also set up in certain stations so as to improve tax payer services.

Several field stations are also holding functions felicitating super senior tax payers for their contribution to nation building, while also recognizing hard work put in by officers and officials of department in various designated areas of work.

Kardaata e-SahyogAbhiyaan was launched by finance department. It is an endeavour to assist and support taxpayers and other stakeholders in enabling them to e-file their returns and discharge other tax related obligations.

Some offices also held street plays/nukkadnataks to promote awareness of taxes, while several others organized Walkathon/Taxathon for a cause i.e. a Walk for Taxes.