1) How DBT system for fertilizer subsidy is different?
The DBT in fertilizer sector being implemented is slightly different from the normal DBT implemented in LPG subsidy. Under it, the subsidy will be released to the fertilizer companies instead of the beneficiaries, after the sale is made by the retailers to the beneficiaries.
The subsidy will be released on submission of claims generated in the web-based online Integrated Fertilizer Monitoring System (iFMS) by fertilizer companies.
Potential benefits:-
It will reduce diversion and smuggling of fertilizers to a large extent.
Thus, it will help Government to save subsidy to the some extent.
The fertilizers will be available to all on ‘no denial’ basis and
release fertilizer subsidy to fertilizer companies has no direct relation with landholding of the farmers.
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2) The Evasion of taxes deprives the nation of critical resources which could enable Government to undertake development and anti-poverty programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage.
The Taxation Laws (Second Amendment) Bill, 2016 seeks to remove existing redundant provisions of the IT Act, 1961 which can possibly be used for concealing black money.
It also ensures that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision.
Key features of Bill:_
The advisory committee on services: It will be headed by educationist Mohandas Pai
The advisory committee on corporate insolvency and liquidation: It will be headed by noted banker Uday Kotak.
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The DBT in fertilizer sector being implemented is slightly different from the normal DBT implemented in LPG subsidy. Under it, the subsidy will be released to the fertilizer companies instead of the beneficiaries, after the sale is made by the retailers to the beneficiaries.
The subsidy will be released on submission of claims generated in the web-based online Integrated Fertilizer Monitoring System (iFMS) by fertilizer companies.
Potential benefits:-
It will reduce diversion and smuggling of fertilizers to a large extent.
Thus, it will help Government to save subsidy to the some extent.
The fertilizers will be available to all on ‘no denial’ basis and
release fertilizer subsidy to fertilizer companies has no direct relation with landholding of the farmers.
↠↠↠↠↠↠↠↠↠↠↠↠↠↠↠↠↠↠↠↠↠⇼⇼⇼⇼⇼⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽⇽
2) The Evasion of taxes deprives the nation of critical resources which could enable Government to undertake development and anti-poverty programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage.
The Taxation Laws (Second Amendment) Bill, 2016 seeks to remove existing redundant provisions of the IT Act, 1961 which can possibly be used for concealing black money.
It also ensures that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision.
Mandatory for black money declarants to deposit 25% of amount disclosed in Pradhan Mantri Garibi Kalyan Yojana (PMGKY) 2016 for a 4 year lock-in period without interest.
Those who choose to declare their ill-gotten wealth stashed till now in banned Rs. 1,000 and Rs. 500 currency notes under the PMGKY scheme will have to pay a tax at the rate of 30% of the undisclosed income.
Additionally, 10% penalty will be levied on the undisclosed income and PMGK Cess (surcharge) at the rate of 33% of tax (33% of 30%).
Further, the declarants will have to deposit 25% of the undisclosed income in a scheme to be notified by the government in consultation with the Reserve Bank of India (RBI).
The money from PMGK will be used for projects in irrigation, infrastructure, primary education, primary health, housing, toilets and livelihood so that there is justice and equality.
For those who continue to hold onto undisclosed cash and are caught they will be levied with flat 60% tax plus a surcharge of 25% of tax (15%), which will amount a levy of 75%. Besides, if the assessing officer can charge a 10% penalty in addition to the 75% tax.
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3) Prime Minister Narendra Modi recently had launched the ‘Indian Police at Your Call’ mobile app at a national police conference held in Hyderabad.
It was organised by the Intelligence Bureau (IB).
The app is a GIS Map based interface for the citizens to locate police stations near to their current location so that they can easily reach the police station in case of emergency.
The app was developed by Nation Information Centre (NIC).
It has been developed on Android and iOS platforms.
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4) WHO is a specialized agency of the United Nations that is concerned with international public health.
It was established on 7 April 1948. It is headquartered in Geneva, Switzerland.
It settles longstanding India, EU medicine dispute and battle about labelling of drugs.
It settles longstanding India, EU medicine dispute and battle about labelling of drugs.
It is considered as a significant victory for the global access to medicines campaign.
What is the issue?
The above mentioned terms were used interchangeably to confiscate Indian made cheap generic drugs exported to other countries by showing that they were in violation of Intellectual Property Rights (IPR).
It was also alleged that big pharmaceutical companies were using term ‘counterfeit’ to describe generic medicines and disrupting trade of generic medicines especially from India.
Even the European Union Free Trade Agreement (EU FTA) was derailed after affordable, safe-to-use generic drugs made in India were confiscated as ‘illegal’ and ‘counterfeit.’
Between 2008 and 2009, nearly 20 shipments of generic drugs were detained while in transit from India to several developing countries via Europe.
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5) The Insolvency and Bankruptcy Board of India (IBBI) has set up two high-level advisory committees to gather inputs from experts, including on service providers and corporate liquidation.
The advisory committee on services: It will be headed by educationist Mohandas Pai
The advisory committee on corporate insolvency and liquidation: It will be headed by noted banker Uday Kotak.
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6)
India hosted the golden jubilee (50th anniversary) celebrations of United Nations Commission on International Trade Law (UNCITRAL) in New Delhi.
About United Nations Commission on International Trade Law (UNCITRAL) UNCITRAL was established by the UN General Assembly (UNGA) in 1966 to promote the progressive unification and harmon
India hosted the golden jubilee (50th anniversary) celebrations of United Nations Commission on International Trade Law (UNCITRAL) in New Delhi.
About United Nations Commission on International Trade Law (UNCITRAL) UNCITRAL was established by the UN General Assembly (UNGA) in 1966 to promote the progressive unification and harmon
isation of international trade law. It is the core legal body of the UN system in the field of international trade law. It specialises in reforms in commercial law worldwide for a period of over 40 years.
India is a founding member of UNCITRAL. India is only one of eight countries which have been a member of UNCITRAL since its inception. IT has a membership of 60 States selected from among States Members of the UN. In 2015, India was re-elected for a term of six years (2016-2022). Out of total 60 members, 14 are Asian states, 14 are African, 10 Latin American & Caribbean states, 8 Eastern European and 14 Western European and other States.
These member states are selected to ensure the representation of various geographic, principal economic and legal systems of the world7)
