18 May2026 - "Daily Current Affairs" Updates

GS Paper 3 – Economy

Withholding Tax

📰 Why in News

• To attract greater overseas investment, the Government of India is considering

reducing the withholding tax rate from 20% to 5%.

📘 What is Withholding Tax?

📌 Definition

• Withholding tax is a tax deducted at the source on income earned by foreign

investors from Indian financial assets such as bonds.

• The tax is collected before the payment is transferred to the recipient.

⚙ How Does Withholding Tax Work?

🔄 Mechanism

• Instead of collecting taxes at the end of the financial year, the government

requires the payer to deduct a portion of income in advance.

• The deducted amount is then deposited directly with government authorities.

📑 Applicability of Withholding Tax

💼 Income Sources Covered

Withholding tax may apply to income earned through:

• Employment income

• Investments

• Royalties

• Other specified sources of income

GS Paper 3 – Environment & Biodiversity

Common Bronzeback (Dendrelaphis tristis)

📰 Why in News

• A rare snake species known as the Common Bronzeback was recently sighted in the

Belrayan range of the Dudhwa Tiger Reserve in Lakhimpur Kheri district of Uttar Pradesh.

📘 About the Species

📌 Definition

• The Common Bronzeback is a non-venomous tree snake found across South

and Southeast Asia.

🌍 Distribution

The species is found in several countries, including:

• Sri Lanka

• India

• Bangladesh

• Pakistan

• Nepal

• Myanmar

• Bhutan

🌳 Preferred Habitat

🌲 Natural Habitat

• These snakes inhabit dry forests, wet montane forests, and Himalayan foothill

regions.

GS Paper 3 – Internal Security & Cyber Security

ABHAY System

📰 Why in News

• The Central Bureau of Investigation recently launched an AI-based help to

called the ABHAY System for verification and authentication of CBI notices.

📘 About ABHAY System

📌 Definition

• ABHAY stands for “AI-Based Helpbot for Authentication of Your Notice.”

• It is an artificial intelligence-powered platform introduced by the Central

Bureau of Investigation for verifying official notices.

🎯 Purpose of the System

🛡 Protection Against Fraud

• The system has been developed to help citizens identify fake CBI notices.

• It also aims to protect people from rising cases of “digital arrest” scams and

cyber-enabled fraud.

⭐ Key Significance

💻 Real-Time Verification Platform

• ABHAY is India’s first real-time notice verification platform specifically designed

to combat impersonation scams and cyber fraud.

🔐 Strengthening Cyber Safety

• The platform improves public trust by enabling quick authentication of official

law-enforcement communications.