Home Daily Updates IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 02 - DECEMBER - 2016
IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 02 - DECEMBER - 2016
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Monday, 12 December 2016 05:32

 

 

 



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DAILY NEWS UPDATES

02- DECEMBER - 2016

 

:: NATIONAL ::

NITI AAYOG, CMS MEET OVER DIGITAL PAYMENTS

  • NITI Aayog held the first meeting of the Committee of Chief Ministers formed to prepare a road map to be implemented in one year for rapid expansion and adoption of the digital payments methods such as debit/credit cards, e-wallets, UPI etc.
  • The 13-member panel includes Chief Ministers of Andhra Pradesh, Madhya Pradesh, Maharashtra, Puducherry, Odisha and Sikkim, along with the NITI Aayog Vice-Chairman and NITI Aayog CEO, besides industry experts.
  • During the meeting, M.P. Chief Minister Shivraj Chouhan suggested use of streetplays as well as social media to promote awareness about digital payment methods.

:: INTERNATIONAL ::

THAI CROWN PRINCE PROCLAIMED NEW KING

  • Crown Prince Maha Vajiralongkorn became the king of Thailand, opening a new chapter for the powerful monarchy in a country still mourning the death of his father.
  • The 64-year-old inherits one of the world’s richest monarchies as well as a politically febrile nation, and was proclaimed king 50 days after King Bhumibol Adulyadej’s death.
  • After weeks of complex palace protocols the prince was invited by the head of the National Legislative Assembly (NLA) to ascend the throne in an event broadcast on all Thai television channels.
  • He becomes Rama X of Thailand’s Chakri dynasty, but will not formally be crowned until after his father's cremation, which is expected next year.

COLOMBIA’S LEGISLATURE RATIFIES PEACE DEAL

  • Colombia’s Congress has given its stamp of approval to a peace accord aimed at ending a 52-year-old armed conflict with FARC guerrillas — Latin America’s longest — but experts say implementing it will not be easy.
  • The lower house of the Congress approved the accord with the Revolutionary Armed Forces of Colombia, or FARC, by a unanimous vote, clearing one of the last legal hurdles for it to go into effect.
  • President Juan Manuel Santos hailed the deal’s passage on Twitter, expressing “gratitude to Congress for historic backing for Colombians’ hopes for peace”.
  • Despite the unanimous approval in the House of Representatives and in the Senate, members of the Opposition Democratic Center party of former President Alvaro Uribe walked out in protest before the votes were cast.

:: BUSINESS AND ECONOMY ::

TAXATION BILL

  • Leaders of 16 Opposition parties, led by Congress vice-president Rahul Gandhi, called on President Pranab Mukherjee to request him to withhold his assent to The Taxation Laws (Second Amendment) Bill 2016, as the government introduced the legislation without giving previous notice to the Lok Sabha, and the Rajya Sabha will have role in its passage as it has been framed as a Money Bill.
  • The parties that went included the Congress, the CPI (M), the CPI, the Trinamool Congress, the Samajwadi Party, the Bahujan Samaj Party, the Janata Dal (United), the Rashtriya Janata Dal and the Dravida Munnetra Kazhagham.
  • The amendments that had been brought into the taxation Bill were brought in by the government in the wake of its demonetisation move: under the scheme, taxpayers may declare undisclosed income possessed in the form of cash or deposited in banks, post offices or Reserve Bank of India before a notified date.
  • In such cases, taxes and penalties will be levied, to the extent of 50 per cent, 25 per cent will be returned and another 25 per cent will be deposited with the government for four years — the interest earned on that will fund the Pradhan Mantri Garib Kalyan Yojana, 2016.

:: IMPORTANT DETAILED NEWS ::

LOK SABHA PASSES TAXATION LAWS (SECOND AMENDMENT) BILL, 2016

The Lok Sabha passed the Taxation Laws (Second Amendment) Bill, 2016 to amend the Income Tax Act, 1961 and Finance Act, 2016. 
The Bill was introduced in Lok Sabha on 28 November 2016. It imposes a higher rate of tax and penalty in respect of undisclosed incomes.

The Bill proposes to introduce the Pradhan Mantri Garib Kalyan (PMGK) Yojana, 2016.  Under the scheme, taxpayers will be required to declare their undisclosed income possessed in the form of cash or deposited in banks, post offices or Reserve Bank of India before a notified date.

The money from PMGK will be used for projects in irrigation, infrastructure, primary education, primary health, housing, toilets and livelihood.

Provisions of the Bill

• The cess will be known as the Pradhan Mantri Garib Kalyan Cess and will be used for welfare of weaker sections.

• The taxpayer has to deposit 25 percent of the undisclosed income into the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposit will not earn any interest and can be withdrawn only after four years from the date of deposit.

• People, who will declare their undisclosed wealth in denominations of banned Rs 1000 and Rs 500 currency notes under the PMGKY scheme, will have to pay a tax at the rate of 30 percent of the undisclosed income.

• Additionally, 10 percent penalty and PMGK Cess at the rate of 33 percent of tax will be levied on the undisclosed income.

• If taxpayer does not admit his undisclosed income, he will be levied with flat 60 percent penalty plus a cess of 25 percent of tax, which will amount a levy of 75 percent tax in total.

Levies on undisclosed income as proposed by the Bill

Levy

Rate

Tax

30% on undisclosed income

Cess

33% on the tax levied

Penalty

10% on undisclosed income

The bill provides for three possible scenarios:

Voluntary declaration of black money: The declarant shall be required to pay tax at 30 percent of the undisclosed income and penalty at 10 percent of the undisclosed income. A PMGK cess at 33 percent of tax will be levied on the income. In addition, declarant shall have to deposit 25 percent of undisclosed income for a period of 4 years in welfare schemes.

Non-declaration of black money: Those who continue to hold onto undisclosed cash and are caught, will be levied with flat rate of 60 percent plus a surcharge of 25 percent of tax will be charged. Besides, an additional 10 percent penalty can also be levied.

Black-money unearthed during a search and seizure: 30 percent penalty will be charged above taxes if an admission is made and this will be doubled to 60 percent in any other case.

The disclosures in PMGKY scheme will ensure that no questions will be asked about the source of fund. It will ensure immunity from wealth tax, civil laws and other taxation laws. But there is no immunity from FEMA, PMLA, Narcotics and Black Money Act.

ASIA’S FIRST AND LONGEST CYCLE HIGHWAY INAUGURATED IN UTTAR PRADESH

Asia’s first and longest cycle highway was inaugurated in Uttar Pradesh by UP Chief Minister Akhilesh Yadav. It is also India’s first cycle highway.

This 207 kms cycle highway connects the Taj City Agra and the Lion Safari at Etawah.

Highlights of the cycle highway

• This 7-feet-wide cycle highway was constructed by the UP public works department.

• It runs parallel to the main highway, but is separated by a divider which ensures the safety of cyclists.

• The track begins from the lion safari in Etawah and passes through 92 villages across the two districts.

• It also crosses the natural beauty of the Chambal and Yamuna rivers on its way.

• It has tourist destinations like Naugava ka Quila, Raja Bhoj ki Haveli and Bateshwarnath Temple.

UNITED NATIONS LAUNCHES STRATEGY TO MINIMISE ENVIRONMENTAL FOOTPRINT OF ITS PEACE OPERATIONS

The United Nations Department of Field Support (DFS) launched a new strategy to maximize its peace operations' efficiency in the use of natural resources. The strategy will also help in minimizing peace operations' risk to people, societies and ecosystems.

The step was taken to highlight the significance of environmental protection and management in the work of peacekeeping missions.

Key highlights of the strategy

The strategy's aim is to reduce overall demand through increased efficiency, increase the proportion of energy from renewable sources such as solar arrays and reduce the level of pollution.

Also, the scheme aims at conserving water and reducing the level of risk to personnel, local communities and ecosystems from wastewater management practices.

The six-year long strategy is in line with the UN Sustainable Development Goals (SDGs).

It identifies challenges and objectives based on five pillars. These pillars are energy, water and wastewater, solid waste, wider impact and environmental management systems. It also includes key performance indicators for these areas.

The first phase of the strategy will be implemented through July 2020. It will focus on improving environmental analytics to effectively monitor progress. The five pillars of the strategy will then be reviewed. Thereafter, specific targets will be set for the second phase of strategy implementation to conclude in June 2023.

About Department of Field Support

The United Nations Department of Field Support is dedicated to the support of peacekeeping field missions and political field missions.

The aim of the DFS is “Protecting and nurturing a fragile peace is a critical role of the United Nations”.

The DFS has been headed by Atul Khare since 2 March 2015.

COMPETITION COMMISSION OF INDIA APPROVES MERGER OF BHARATIYA MAHILA BANK WITH SBI

The Competition Commission (CCI) approved the merger of Bharatiya Mahila Bank Ltd (BMBL) with the country's largest lender State Bank of India (SBI).

Summary of the deal

The combination is in the form of amalgamation whereby the business of BMBL, including its assets and liabilities, will be acquired by SBI.

While SBI has global presence, including offices in 37 countries, BMBL is a nascent bank set up in November 2013.

In the case of BMBL, 44231510 shares of SBI would be swapped for every 100 crore shares of face value of Rs. 10 each.

Post merger of the six entities, including BMBL, the consolidated entity will add Rs. 8 lakh crore to SBI's assets.

Background

On 17 May 2016, the SBI had informed the Bombay Stock Exchange that it is seeking in-principle sanction of the Union Government to enter into negotiation with its 5 subsidiaries and Bharatiya Mahila Bank for acquisition.

The five subsidiaries are :

1. State Bank of Bikaner and Jaipur

2. State Bank of Hyderabad

3. State Bank of Mysore

4. State Bank of Patiala

5. State Bank of Travancore

SBI first merged associate State Bank of Saurashtra with itself in 2008. Two years later, in 2010, State Bank of Indore was merged.

The board of SBI had cleared the merger of BMBL and that of five associate lenders with itself in August 2016.

 

 

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Last Updated on Monday, 12 December 2016 09:09
 

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