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News in Short

News in Short - 18-October-2019

Italy introduces web tax

Date: 18 October 2019 Tags: Miscellaneous
  • Italy has approved a new tax on digital companies, including U.S. tech giants, as part of its 2020 budget, which is expected to draw threats of retaliation from Washington.
  • Companies such as Facebook, Google and Amazon have to pay a 3% levy on internet transactions according to the planned rule.
  • Italy and other European Union members have long complained about the way web giants collect huge profits in their countries but pay only a few million euros in taxes each year.

India’s fuel demand dips

Date: 18 October 2019 Tags: Reports & Indices
  • India's fuel demand slipped to its lowest in over two years in September after a fall in diesel and industrial fuel consumption.
  • Consumption of petroleum products in September dropped to 16.01 million tonnes, its lowest since July 2017, from 16.06 million tonnes in the same month last year.
  • Diesel, the most used fuel in the country, saw demand drop by 3.2% , while naphtha sales were down by a quarter.
  • Bitumen, used in road construction, too saw consumption drop by 7.3% .
  • However the sale of petrol surged to 6% and LPG by 6.2% due to various factors.

Individual wealth creation slows down

Date: 18 October 2019 Tags: Reports & Indices
  • Individual wealth in India grew by 9.62% in FY 19 to ?430 lakh crores,down from the 13.45% growth reported in FY 18, according to Karvy India wealth report.
  • The report also noted the shift in the composition of savings towards financial assets, which have grown their share from 57.25% to 60.95% over the past 5 years.
  • The report has pointed that direct equity is the biggest component of financial wealth, which accounts for a 19.88% share of financial assets. 

Rajasthan government stops emergency pension

Date: 18 October 2019 Tags: Miscellaneous
  • The Rajasthan government has decided to withdraw the allowances being given to those detained under MISA during the Emergency imposed by Indira Gandhi.
  • The government has stated that this was only a political provision and the individuals are not considered freedom fighters.
  • The MISA detainees were getting a pension of  20,000 per month, which was increased from 12,000 to 20,000 per month by the previous government.

Two wheeler, school vehicles get exemption under odd-even scheme

Date: 18 October 2019 Tags: Environment
  • The Delhi government has said that private vehicles ferrying schoolchildren in uniformalong with all two wheelers, will be exempted from the odd-even road-rationing scheme.
  • The president, vice president, prime minister, Lok Sabha speaker, deputy chairman of the Rajya Sabha, governors, chief justices and judges of the Supreme Court and the Delhi High Court are also exempted from the rule.
  • The chief minister and other State government ministers are liable to follow the scheme.