Daily Current Affairs – 01 April 2026 | Important Updates for UPSC, SSC, Banking & Government Exams

Introduction

April 1, 2026, marks a transformative shift in India’s governance, economy, and technology landscape with multiple landmark reforms implemented simultaneously. From tax restructuring to digital census and energy transition, these developments are highly relevant for competitive exams.

Today’s Current Affairs One-Liners (Quick Revision)

• Income Tax Act 2025 – Replaces 1961 law; introduces simplified structure and unified “Tax Year”
• Census 2027 Phase I – India begins fully digital census with geo-tagging and mobile data collection
• Caste Enumeration – Included in Census after 1931 for data-driven welfare policies
• Risk-Based Deposit Insurance – RBI links insurance premiums to bank risk levels
• E20 Petrol Mandate – Nationwide rollout of 20% ethanol-blended petrol (RON 95)
• ECMS Tranche IV – 29 electronics projects approved worth ₹7,104 crore
• SEZ Duty Relief – Reduced customs duty for SEZ domestic sales till March 2027
• DGCA–GSV MoU – New aviation maintenance engineering program launched
• Defence Contracts – Deals signed for mountain radars and Tunguska systems
• Artemis II Mission – NASA plans first crewed lunar flyby in 50+ years

Detailed Current Affairs

National

Income Tax Act 2025 Implementation

Why in News:
The Income Tax Act 2025 has come into force replacing the decades-old 1961 Act, marking a major overhaul in India’s taxation system aimed at simplification and digitization.

Key Highlights:

• Reduction of sections from 819 to 536 simplifies legal complexity and improves ease of compliance.
• Introduction of a unified Tax Year eliminates confusion between Financial Year (FY) and Assessment Year (AY).
• Digital-first approach supports faceless assessment and transparency in tax administration.

Important Details:

• Includes Virtual Digital Assets (VDAs) like crypto and NFTs.
• Authorities can access digital platforms during investigations.

Exam Relevance:

• Prelims: Features of new tax system, Tax Year concept.
• Mains: Governance reforms, ease of doing business.

Census 2027 – Digital Transformation

Why in News:
India launched Phase I of Census 2027, the world’s first fully digital population census with advanced technological integration.

Key Highlights:

• Geo-tagging of buildings for spatial mapping.
• Mobile-based enumeration in 16 languages.
• Inclusion of caste enumeration after nearly a century.

Important Details:

• Platforms include HLBC, HLO App, Self-enumeration portal, CMMS dashboard.

Exam Relevance:

• Prelims: Census phases, features.
• Mains: Governance, social justice, data-driven policymaking.

Economy

Risk-Based Deposit Insurance (RBDI)

Why in News:
RBI introduced a new framework linking deposit insurance premiums to bank risk levels.

Key Highlights:

• Replaces flat premium system.
• Uses CAMELS model for risk assessment.
• Incentivizes stronger financial discipline.

Important Details:

• Includes “vintage incentive” for stable banks.

Exam Relevance:

• Prelims: CAMELS framework.
• Mains: Banking sector reforms, financial stability.

SEZ Customs Duty Relief

Why in News:
Temporary duty relief granted to SEZ units to boost domestic sales amid global uncertainties.

Key Highlights:

• Applies to plastics, textiles, chemicals.
• Duty reduced to 5–12.5%.
• Valid till March 31, 2027.

Exam Relevance:

• Prelims: SEZ policies.
• Mains: Export competitiveness and industrial policy.

Science & Technology

Electronics Components Manufacturing Scheme (ECMS)

Why in News:
29 new projects approved to strengthen domestic electronics manufacturing ecosystem.

Key Highlights:

• Investment of ₹7,104 crore.
• Focus on Li-ion cells, rare earth magnets, display modules.
• Boosts Aatmanirbhar Bharat initiative.

Exam Relevance:

• Prelims: ECMS scheme.
• Mains: Tech sovereignty and supply chain resilience.

Environment

E20 Petrol Rollout

Why in News:
Government mandates nationwide use of E20 petrol as part of ethanol blending program.

Key Highlights:

• 20% ethanol blending reduces emissions.
• Minimum RON 95 ensures engine efficiency.
• Reduces crude oil import dependency.

Exam Relevance:

• Prelims: Ethanol blending levels.
• Mains: Climate change and energy security.

Defence

Air Defence Strengthening

Why in News:
India signs contracts for mountain radars and missile systems to enhance security.

Key Highlights:

• BEL to supply mountain radars.
• Tunguska missile systems procured from Russia.
• Improves surveillance in high-altitude regions.

Exam Relevance:

• Prelims: Defence systems.
• Mains: Border security and modernization.

International

Artemis II Mission

Why in News:
NASA targets April 1, 2026, for crewed lunar flyby mission under Artemis program.

Key Highlights:

• First crewed Moon mission since Apollo era.
• Tests deep-space life support systems.
• Diverse crew including first woman and non-US astronaut.

Exam Relevance:

• Prelims: Artemis missions.
• Mains: Space geopolitics.

Important Things to Remember

• Income Tax Act 2025 introduces “Tax Year”.
• Census 2027 is fully digital and includes caste data.
• E20 petrol rollout supports climate goals.
• Risk-based insurance strengthens banking resilience.

Exam Tips

• Focus on comparisons (old vs new systems).
• Revise schemes with data (figures, timelines).
• Link current affairs with GS Paper II & III topics.

Quick Revision (One-Liners)

• Tax Year replaces FY & AY.
• First digital census begins.
• E20 petrol mandatory nationwide.
• RBI introduces risk-based insurance.
• Artemis II marks return to lunar missions.