Current Affairs Current Affairs July 2018

ASI Lifts Ban On Photography At Protected Monuments

The Archaeological Survey of India decided to allow photography within the premises of all centrally protected monuments/sites. However, the 3 monuments/sites in which the photography would not be permitted are Ajanta Caves and Leh Palace having paintings, and Mausoleum of Taj Mahal, Agra.

Source- Press Information Bureau (PIB)

Catgeory: Miscellaneous

Haryana Top State In Per Capita Revenue Collection Under GST

Haryana has topped other states in per capita revenue collection under GST and is also the fourth highest generator of e-way bills in the country. The Finance Minister of Haryana Capt. Abhimanyu claimed Haryana has widened the tax base by 82.22% and logged 19% hike in revenue collections. About 1.12 crore e-way bills were generated in Haryana between April 1, 2018 and June 30, 2018, catapulting the state to the position of 4th highest generator of e-way bills in the country. The compliance percentage of assessees in the state is 5-7% higher than the national average and revenue collection under commercial taxes has registered double-digit growth.

Source- The Times of India

Catgeory: Ranks & Reports

TCA Raghavan Appointed Director-General Of ICWA

The Vice President of India and the President of Indian Council of World Affairs (ICWA), M. Venkaiah Naidu has appointed Dr. T.C.A. Raghavan as the Director General, ex officio Member-Secretary of the Council, ICWA. The decision was taken in the meetings of the Governing Body and Governing Council of the ICWA. Dr. T.C.A. Raghavan has served as India’s High Commissioner to Islamabad and Singapore and has served in our missions at London, Thimphu and Kuwait.

Source- Press Information Bureau (PIB)

Catgeory: Appointments

UN Secretary-General Constitutes High-Level Panel On Digital Cooperation

The United Nations Secretary-General Antonio Guterres constituted a High-Level Panel on Digital Cooperation. The panel will be co-chaired by Melinda Gates, Co-Chairman of the Bill & Melinda Gates Foundation, and Jack Ma, Executive Chairman of Alibaba Group. The Panel has a total of 20 members, representing a cross-section of expertise from Government, private industry, civil society, academia and the technical community. The Panel will hold its first in-person meeting in September 2018.

Source- The Guardian

Catgeory: Government Schemes

Industrial Production Growth Slips 3.2% In May, Retail Inflation Rises To 5% In June

Industrial production growth slipped to a seven-month low of 3.2% in May mainly due to sluggish performance of manufacturing and power sectors and other reasons, according to the data released by theCentral Statistics Office. The manufacturing sector, which constitutes 77.63% of the index, grew by just 2.8% in May, marginally up from 2.6% in the corresponding period last year. The mining sector output recorded an impressive growth of 5.7% in May as against 0.3% in May 2017. The FMCG sector was the worst performer among the user based goods segment.

Source- The Economic Times

Catgeory: Economy & Banking

RBI Made Purchaser’s Name On Face Of Payment Instrumentalities Compulsory

The Reserve Bank of India (RBI) has made it compulsory to incorporate purchaser’s name on the face of payment instrumentalities like demand draft, pay order, banker’s cheques and other instruments to prevent money laundering. It has been done in order to address the concerns arising out of the anonymity and to prevent money laundering. The RBI issued a notification in Mumbai to this effect to the banks. This directive will come into effect from 15th of September 2018.

Source- The Quint

Catgeory: Economy & Banking

Government sets up task force on ways to reduce import

The Union Government constituted a high-level task force under Chairmanship of Cabinet Secretary PK Sinha to identify various items and policy interventions to reduce dependence on imports. It will suggest ways to cut import of those items which can be manufactured or explored in the country. The task force includes secretaries from Departments of Commerce, Industrial Policy and Promotion (DIPP), Revenue, Skill Development, Defence Production, Petroleum, Steel, Electronics and Telecommunications.

Background

The move holds significance as India is heavily dependent on imports of several items such as oil, machinery, electronic hardware, pharmaceuticals ingredients including (active pharmaceuticals ingredients), gold and chemicals. On an average, India’s imports stand at around US $450 billion per year. In financial year 2017-18, the inbound shipments grew about 20% to US $460 billion. India’s oil imports during same fiscal had risen by 25.47% to US $109.11 billion. Though increase in imports of intermediates and raw materials reflects boost in economic activities, but the inbound shipments of final goods impact domestic manufacturers. Earlier, concerns were raised over high dependence on pharmaceutical ingredients from China by trade experts.

Catgeory: National

Government raises threshold monetary limit for filling appeals relating to tax cases

Union Finance Ministry has hiked threshold monetary limit for tax departments to file appeals all three levels of appeal — Appellate Tribunals, High Courts, and Supreme Court. The move is aimed at significantly decreasing taxpayer greivances and litigation burden of tax departments in courts and tribunals across the country.

Key Facts

Tax departments, Central Board of Direct Taxes (CBDT) files appeals in ITAT (Income Tax Appellate Tribunal) while Central Board of Indirect Taxes and Customs (CBIC) files appeals in CESTAT (Customs, Excise and Service Tax Appellate Tribunal) and also in High Courts and Supreme Courts. Under new limits tax departments CBDT and CBIC can file appeals in ITAT/CESTAT only if the tax amount involved is Rs 20 lakh or more, up from Rs 10 lakh at present. Moreover, appeals can be filed in High Courts if tax amount involved in litigation is Rs 50 lakh (up from Rs 20 lakh at present). For appeals in Supreme Court, the threshold limit has been hiked to Rs 1 crore (from Rs 25 lakh at present). The new threshold limits will result in 41% reduction litigation from CBDT’s side, including 34% cases in ITAT, 48% of cases in case of High Courts and 54% of cases in case of Supreme Court. Similarly, in case of CBIC, it will result in reduction in 18% of cases as 16% of cases will be withdrawn in CESTAT, 22% in High Courts, and 21% in Supreme Court. This decision will give relief to taxpayers. It is also based on premise that the cost of litigation is sometimes more than the recovery sought. It will also create trust in tax administration and give relief to honest, small and mid-sized taxpayers. It will promote tax friendly environment and help to promote ease of doing business.

Background

More than 66% of cases are stuck in litigation involve 1.8% in value. In many cases, cost of litigation is higher than the recovery. As per Economic Survey 2017-18, even though success rate of tax department at all three levels of appeal — Appellate Tribunals, High Courts, and the Supreme Court is under 30% for both direct and indirect tax litigation, it remains undeterred and persists in pursuing litigation at every level of the judicial hierarchy making it the largest litigant in India. The tax department unambiguously loses 65% of its cases. Over period of time, the success rate of tax departments has only been declining, while that of assessees has been increasing.

Catgeory: National

South Korean President Moon Jae-In's Visit To India: Complete Highlights

South Korean President Moon Jae-in was in India on a four-day visit from July 8 to July 11, 2018. This was his first visit to India. He was accompanied by First Lady Kim Jung-sook.

Here are the main events that took place during the visit:

President Moon attended the India-Korea business forum: Korean President Moon Jae-in spoke at the India-Korea Business Forum. This was organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Inaugurated World's Largest Mobile Factory In Noida: PM Narendra Modi and South Korean President Moon Jae-in visited Noida and inaugurated the New Mobile Manufacturing Plant of Samsung at Noida. Notably, it is the world's largest mobile factory. Samsung has Invested close to 5,000 Crore Rupees in this plant and aims to Manufacture 12 Crore Mobile Handsets annually which will result in massive job creation.

India & South Korea Signed 5 MoUs In Field Of Science and Technology: India and South Korea have signed five MoUs in the field of Science and Technology in New Delhi. Science and Technology Minister, Dr Harsh Vardhan and his South Korean counterpart You Young Min signed three MoUs which are Programme of Cooperation 2018-21, Establishment of Future Strategy Group and Cooperation in Biotechnology and Bio-economy.

India, South Korea Ink 11 MoUs: India and South Korea signed 11 MOUs during South Korean President Moon Jae-in's visit to India. The MoUs signed between the two countries are: i. Upgraded Comprehensive Economic Partnership Agreement (CEPA) was signed to facilitate ongoing negotiations on upgrading the India-RoK (Republic of Korea) CEPA by identifying key areas for trade liberalization (including shrimp, molluscs and processed fish). ii. An MoU on trade remedies was signed for cooperation in the area of trade remedies such as anti-dumping, subsidy, countervailing and safeguard measures through consultations and exchange of information.

India-Korea Technology Exchange Centre Inaugurated: The India-Korea Technology Exchange Centre was inaugurated by the Minister of State (I/C) MSME Giriraj Singh and Minister of SMEs and Start-ups of Republic of Korea, Hong Jong- hak in New Delhi. The purpose of the Technology Exchange Centre is to create a platform for micro, small and medium enterprises of India and Korea where they can be assisted to identify and exchange latest technologies, share management expertise, product development and technology applications for product development.

Catgeory: National

Telecom Commission Of India Approves Net Neutrality

The Telecom Commission has approved the Telecom Regulatory Authority of India's (TRAI) net neutrality recommendations that bar service providers from discriminating against internet content and services by blocking, throttling or granting them higher speed access. The decision that aims to ensure open and free Internet in the country was taken at a meeting of the Commission, the highest decision-making body in the Department of Telecommunication in New Delhi.

What is Net Neutrality?

Net neutrality is a principle that requires the Internet service providers to treat all content on the Internet equally without favouring or withholding access to certain websites, services or apps or charging differently based on the user, content, website or platform. The rules aim to give consumers equal access to web content and prevent broadband providers from favouring their own content.

Source- The Times of India

Catgeory: National

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