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Tag Wise Current Affairs
Tag: Miscellaneous
Cabinet approves creation of Agri-Market infrastructure fund
Tags: Miscellaneous
Published on: 07 February 2019
Government constitutes committee to boost domestic manufacturing of aircraft
Tags: Miscellaneous
Published on: 08 February 2019
Bharat 22 ETF subscribed over 10 times
Tags: Miscellaneous, Public Finance
Published on: 15 February 2019
GeM and GS1 India ink MoU to empower buyers to informed choice
Tags: Miscellaneous
Published on: 18 February 2019
NPPA brings 42 non-scheduled cancer drugs under price control
Tags: Miscellaneous
Published on: 28 February 2019
Unorganized sector generates largest number of jobs in India: Oxfam Report
Tags: Miscellaneous, Industries
Published on: 01 April 2019
India notifies tax info exchange pact with Marshall Islands
Tags: Miscellaneous
Published on: 07 June 2019
India to host 3rd International Sunflower Seed and Oil Conference
Tags: Miscellaneous
Published on: 08 July 2019
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Agri-Market Infrastructure Fund (AMIF)</strong></span></span></p>
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<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It aims at development and up-gradation of agricultural marketing infrastructure in Gramin Agricultural Markets (GrAMs) and Regulated Wholesale Markets.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide State/UT Governments subsidized loan for their proposal for developing marketing infrastructure in 585 Agriculture Produce Market Committees (APMCs) and 10,000 GrAMs. </span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">States can also access this fund for innovative integrated market infrastructure projects including Hub and Spoke mode and in Public Private Partnership (PPP) mode. </span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the disbursal of funds will be dependent on demands and proposals received from the states.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Using this fund physical and basic infrastructure will be strengthened in GrAMs using MGNREGA and other Government Schemes.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The interest subsidy for this fund will be provided by Department of Agriculture Cooperation & Farmers Welfare to NABARD in alignment with annual budget releases during 2018-19 and 2019-20 as well as upto 2024-25. </span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
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<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is one of fastest growing domestic aviation markets in the world and many airlines have embarked on fleet expansion to cater to the rising passenger traffic.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fleet size of domestic airlines is set to increase twofold to 1,100 planes by 2027. This is further expected to increase to 2,359 planes by 2040.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, Hindustan Aeronautics Limited (HAL) is the only entity that produces aircraft and helicopters for military and non-military purposes.</span></span></li>
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<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Measures to boost domestic manufacturing of aircrafts</strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government also has formed separate committee of experts to explore manufacturing of aircraft, helicopters and associated equipment within the country.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government is also planning to manufacture Regional Transport Aircraft (RTA) domestically under National Civil Aircraft Development (NCAD) programme.</span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCAD programme aims at developing of 90-seater aircraft in two phases namely, design and development phase and manufacturing phase.</span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Union Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network. At present about 16,788 Km natural gas pipeline is operational and about 14,239 Km gas pipelines are being developed to increase availability of natural gas across the country.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Background</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">At present share of natural gas in India’s energy mix is just over 6%. Government has set aim to increase its share to 15% for mowing towards gas based economy, while world average is 24%. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">For this, Government is envisaging National Gas Grid focused to increase availability of cleaner cooking fuel such as PNG and transportation fuel (CNG) to all citizens of the country. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">National Gas Grid</span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"> </p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Objectives </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Remove regional gas and green fuel access imbalances within the country with regard to access to natural gas</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Connect gas sources to major demand centres and ensure assured availability of gas to consumers in various sectors. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Develop City Gas Distribution (CGD) Networks in cities to supply compressed natural gas (CNG) and piped natural gas (PNG).</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Implementing Authority</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Petroleum and Natural Gas Regulatory Board (PNGRB) is nodal authority to authorize to grant authorization to entities for development of CGD network in Geographical Areas (GAs) as per PNGRB Act, 2006</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It identifies GAs for authorizing development of CGD network in synchronization with the development of natural gas pipeline connectivity and natural gas availability. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">After completion of 9th CGD Bidding Round, CGD network will be accessible in 178 GAs covering approximately 280 districts spread over 26 States/UTs.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Benefits</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Its expansion will benefit industrial and commercial units by ensuring uninterrupted supply of natural gas. It will also expand potential coverage of gas pipeline network to about 50% of country’s population, spreading over 35% of area. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It will provide better infrastructure for automobiles using gas. It will also aid in renewing of fertilizer sector and also give a boost to power and automotive sector.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Natural gas </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is superior fuel as compared with coal and other liquid fuels, as it is safer, cheaper and environment friendly fuel. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is 60 percent cheaper compared with petrol and around 45 percent cheaper when compared with Diesel. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be used in domestic kitchen, transport sector as well as fuel for industries and commercial units. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be supplied through pipelines and hence, there is no need to store it in cylinders in kitchen, thus saves space. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is environment friendly fuel and it can play significant role in reducing carbon emission.</span></span></span></li>
</ul>
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'metatitle' => 'Government to develop National Gas Grid ',
'metakeyword' => 'In National Current Affairs, Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network.',
'metadescription' => 'Union Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network.',
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'tag' => 'Miscellaneous',
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'title' => 'Cabinet hikes MSP of Jute',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister has increased Minimum Support Price (MSP) of Raw Jute for 2019-20 season. This decision was taken based on recommendations of Commission for Agricultural Costs and Prices (CACP). Jute Corporation of India (JCI) will continue to act as central nodal agency to undertake price support operations at the MSP in Jute growing states.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Factors taken into considerations</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">CACP, before recommending MSP hike for raw Jute, has taken into account cost of production, overall demand-supply, inter-crop price parity, domestic and international prices.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also took account terms of trade between agricultural and non-agricultural sectors and likely impact of MSP on user industries and minimum 50% as margin over weighted average cost of production.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact of increased MSP </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is expected to ensure appropriate minimum prices to farmers </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will yield returns of 55.81% over all India weighted average cost of production. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will step up investment in Jute cultivation and thereby production and productivity in the country.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Jute</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is one of the important natural fibers after cotton in terms of cultivation and usage. It is long, soft, shiny vegetable fiber that can be spun into coarse, strong threads.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It grows in plain alluvial soil and standing water. It is rain-fed crop and monsoon climate is most suitable for growing it. Soft water is necessary for jute production</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Ganges Delta account for almost 85% of world’s jute cultivation. India is largest producer or cultivator of jute in the world (accounting for 60%) followed by Bangladesh and China.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s top jute producing states are West Bengal (alone accounts for 50% production) followed by Bihar, Assam and Odisha. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Nearly 40 lakh farmers and 3.7 lakh workers in jute mills are dependent for their livelihood on jute sector.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Government support </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Jute sector in India is predominantly dependent on Government support which purchases jute products more than Rs. 6,500 crores every year.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Government has been making concerted efforts for development of this sector considering dependency large of population for their livelihood on jute sectors. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also has expanded scope of mandatory packaging norms using jute under Jute Packaging Material (JPM) Act, 1987. </span></span></span></li>
</ul>
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'tag' => 'Miscellaneous',
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'title' => 'Bharat 22 ETF subscribed over 10 times',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore. Government has decided to retain approximately Rs. 10,000 Crore as its divestment proceeds. Since its launch in November 2017, Government has raised Rs 22,900 crore through B22ETF in two tranches. </span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Bharat 22 Exchange Traded Fund (B22ETF)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">B22ETF is passively managed fund that tracks S&P BSE Bharat 22 index. ICICI Prudential is its ETF Manager and Asia Index Private Ltd. Is its Index Provider.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was launched by Union Finance Ministry to meet some part of its disinvestment target of Rs. 80,000 Crore in current fiscal. It is second ETF launched by Union Finance Ministry, first was CPSE ETF’s 10. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has total 22 stocks spread across six sectors viz. basic materials, energy, finance, industrials, FMCG and utilities with 20% cap on each sector and 15% cap on each stock. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is well-diversified ETF as it spans across six sectors. Sector wise weightage is basic materials (4.4%), energy (17.5%), finance (20.3%), FMCG (15.2%), and utilities (20%) and industrials (22.6%).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has three stocks of private sector companies viz. Axis Bank, ITC and Larsen & Toubro (L&T), which account for 44% of total investment. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">All other stocks are of public sector entities, including ONGC, IOC, SBI, BPCL, Coal India and Nalco.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The banking segment includes stocks from State Bank of India (SBI), Bank of Baroda (BoB), Axis Bank, Indian Bank, Power Finance Corporation and Rural Electrification Corporation.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The energy segment includes Oil and Natural Gas Corporation (ONGC), Bharat Petroleum (BP), Indian Oil Corporation (IOC) and Coal India Limited (CIL).</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Exchange-traded fund (ETF) </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is essentially index funds that are listed and traded on exchanges like stocks. It is basically basket of securities that are traded, like individual stocks, on an exchange.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Each stock in it is assigned weights that reflects composition of index. It is similar to mutual funds in certain manner but is more liquid as it can be sold quickly on stock exchanges like shares. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its trading value is based on net asset value of underlying stocks that it represents. Its price changes daily as it is traded throughout day. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It owns underlying assets (shares of stock, bonds, foreign currency, etc.) and divides ownership of those assets into shares.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits:</span></strong><span style="font-family:"Quicksand",serif"> Trading through ETF route is considered as safer mode of disinvestment as it shields investors against stock market volatility. Its shareholders are entitled to proportion of profits, such as earned interest or dividends paid. It enables investors to gain broad exposure to entire stock markets or specific sectors with relative ease.</span></span></span></li>
</ul>
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'metatitle' => 'Bharat 22 ETF subscribed over 10 times | Study IQ',
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'metadescription' => 'The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore.',
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(int) 5 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 190,
'title' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to enable GeM's buyers and vendors to provide rich, accurate and standardized information on attributes of products across various categories. This will help in empowering them to take more informed decisions.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Under this MoU</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GeM will access product data from GS1 India's DataKart, the National repository of information on attributes of millions of retail products in the country. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Every data of products on GeM will be subject to validity checks based on globally accepted GS1 standards. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">GS1 India</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is government-industry-ledstandards body registered under Societies Registration Act 1860. <em>It is affiliated with GS1, a not for profit global standards organisation.</em></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established by Ministry of Commerce and Industry, CII, FICCI, ASSOCHAM, FIEO, IMC, APEDA, Spices Board, IIP and BIS. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It aims to improve efficiency, safety and visibility of supply chains across physical and digital channels through use of global GS1 standards.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These standards help in strengthening consumer trust and confidence in products they buy by providing them access to trusted product data and empower them to make informed choices.</span></span></span></li>
</ul>
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'metatitle' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ',
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(int) 6 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
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'title' => 'IWAI launches LADIS portal ',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI) launched LADIS (Least Available Depth Information System) portal to provide real-time information on available depth on stretches of National Waterways (NWs). Information provided through this portal will help better planning for movement of vessels and ensure optimum use of NWs.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">LADIS Portal </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is hosted on IWAI’s website (<a href="http://www.iwai.nic.in" style="color:#0563c1; text-decoration:underline">www.iwai.nic.in</a>) and has been developed in-house. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide details of least available depths (LAD) obtained from respective surveyors and regional incharge deputed with IWAI survey vessels which constantly move on NWs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Initially, it will provide information only for NW-1, NW-2, Indo-Bagladesh Protocol route and NW-3, along with date of survey. Later it will be expanded to other NWs also.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will facilitate day to day operations of inland vessels plying on NWs and to avoid any hindrance in service and operation. </span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of LADIS Portal </span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will ensure that real-time data on LAD is disseminated for ship/barge and cargo owners so that they can undertake transportation on NWs in more planned way. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help transporters by guiding them on suitability of time of movement as it will provide assured depth of waterway required for seamless movement of vessels.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable vessel operators and cargo owners to prepare their sailing plans strictly as per applicable waterways related information (hydrographic survey reports, river Notices etc.).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enhance credibility and efficiency of information sharing to achieve seamless operations on NWs, besides pre-empting problems that may occur during movement of vessels.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is nodal body in charge of development and regulation of inland waterways for shipping and navigation. It functions under Union Ministry of Shipping.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is statutory body established under Inland Waterways Authority of India Act, 1985. It was established in October 1986. It is headquartered in Noida, Uttar Pradesh.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Functions:</span></strong><span style="font-family:"Quicksand",serif"> Build necessary infrastructure in inland waterways, survey economic feasibility of new projects and carry out administration and regulations of these waterways. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Undertake projects for development and maintenance of inland waterways transportation infrastructure on national waterways.</span></span></span></li>
</ul>
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'title' => 'NPPA brings 42 non-scheduled cancer drugs under price control',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Drug price regulator National Pharmaceutical Pricing Authority (NPPA) has brought 42 non-scheduled anti-cancer drugs under price control through trade margin rationalisation. In this regard it has invoked extraordinary powers in public interest, under Para 19 of Drugs (Prices Control) Order, 2013.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">NPPA order</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Trade margin of these 42 non-scheduled anti-cancer drugs under price control has been capped up to 30% on selling price (MRP).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It directs manufacturers to fix their retail price based on price at first point of sale of product of these non-scheduled formulations containing any of 42 drugs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These 42 non-scheduled anti-cancer drugs would cover 72 formulations and 355 brands. The revised prices will come into effect from March 8, 2019. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This decision will reduce retail prices of these drugs by up to 85% and entail minimum savings of Rs. 105 crores to consumers. Currently, 57 anti-cancer drugs are under price control as scheduled formulations.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About National Pharmaceutical Pricing Authority (NPPA)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is independent regulatory body under Department of Pharmaceuticals, Union Ministry of Chemicals and Fertilizers. It was set up in 1997. It is headquartered in New Delhi.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Mandate:</span></strong><span style="font-family:"Quicksand",serif"> (i) Fix/revise controlled bulk drugs prices and formulations placed in National List of Essential Medicines (NLEM) under Schedule-I of DPCO. (ii) Enforce prices and availability of medicines under DPCO, 2013. (iii) Monitor prices of decontrolled drugs in order to keep them at reasonable levels. (iv) Implements and enforces provisions of DPCO. (v) Recover amounts overcharged by manufacturers for controlled drugs from consumers.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">So far, around 1,000 drugs have been brought under price control under initiative. Non-scheduled drugs are allowed an increase of up to 10% in prices every year, which is monitored by the NPPA.</span></span></span></li>
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'title' => 'India, US ink pact to check tax evasion by MNCs',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India and United States (US) signed Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports (local filing) to check tax evasion by Multi National Cooperations (MNCs). The agreement aims to ensure that all tax authorities have access to same information about MNC’s value chain and resulting tax consequences. India already has signed Multilateral Competent Authority Agreement (MCAA) for Exchange of CbC Reports with 62 countries/jurisdictions.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> </strong><span style="font-family:"Quicksand",serif">Features of agreement</span></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both countries to automatically exchange CbC Reports filed by parent entities of MNCs in the respective jurisdictions with effect from January 1, 2016.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also reduce compliance burden by obviating need for Indian subsidiary companies of US MNCs to do local filing of CbC Reports.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is part of base erosion and profit shifting (BEPS) action plan incorporated in Income Tax (IT) Act.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under IT Act, it is mandatory for Indian subsidiaries of MNCs to provide details of key financial statements from other jurisdictions where they operate.<strong> </strong></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides Income Tax (IT) department with better operational view of such companies, primarily with regards to revenue and income tax payment.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Country-by-Country (CbC) Report</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Template for it has been provided in BEPS Action 13 report (Transfer Pricing Documentation and Country-by-Country Reporting).</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It mandates MNCs to report annually and for each tax jurisdiction in which they do business information wrt to revenue and taxation<strong>. </strong>This report is called Country-by-Country (CbC) Report.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This CbC report contains aggregated country-by-country information relating to global allocation of income, taxes paid, and certain other indicators of MNCs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also contains list of all constituent entities of MNC operating in particular jurisdiction and nature of main business activity of each constituent entity. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The information provided in CbC report enables enhanced level of assessment of tax risk by both tax administrations.</span></span></span></li>
</ul>
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(int) 9 => object(Cake\ORM\Entity) {
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'title' => 'Unorganized sector generates largest number of jobs in India: Oxfam Report',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector. The report also highlights that lack of quality jobs and increasing wage disparity are key markers of inequality in the Indian labour market</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Highlights of report</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Largest number of jobs were generated in the unorganized sector, which highlights questions over India's growth data and not being reflected in the growth of jobs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Women’s participation:</span></strong><span style="font-family:"Quicksand",serif"> Regressive social norms continue to hamper women's participation in the workforce. On an average, women are paid 34% less than similarly qualified male workers for performing the same tasks. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Women are being left out of economic growth narrative as a consequence of poor policy choices and lack of investment in social security and infrastructure.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Demonitisation:</span></strong><span style="font-family:"Quicksand",serif"> Job generation was adversely impacted after demonetization and hit the women workforce most. There is decline in rural jobs.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Post-demonetisation period also saw drop in households with two or more persons being employed.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Between January and October 2016, 34.8% households saw two or more persons employed. Post-demonetisation, this dropped to 31.8% with women workers becoming the first casualties of job losses.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Social realities:</span></strong><span style="font-family:"Quicksand",serif"> Class and caste still continue to play crucial roles in determining employment for men and women, especially in stigmatised vocations like sanitation, jobs in the leather industry and rag-picking. Discrimination also exists in terms of market participation</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Policy interventions:</span></strong><span style="font-family:"Quicksand",serif"> Economic factors can be improved by way of policy interventions. There is need shift in development focus towards labour intensive sectors to create more jobs and pushes for better work conditions to make jobs more inclusive.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">There is need for higher investments in health and education to improve productivity. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Disparities in education system:</span></strong><span style="font-family:"Quicksand",serif"> Students from state education boards do considerably worse than those of independent national boards that cater to richer, better schools. </span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Within public education system, there are also glaring inequalities in educational investment.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif"><input alt="" src="https://www.mediafire.com/convkey/a604/tnef4an55i9za3m6g.jpg?size_id=5" style="height:534px; width:632px" type="image" /></span></span></span></li>
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'title' => '5,000 millionaires left India in 2018: Report',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to Global Wealth Migration Review 2019, about 5,000 Indian high net worth individuals (HNWIs) or 2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's super rich migrated to other countries in 2018. It was released by Mauritius based AFRASIA Bank.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Report Highlights</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global migration of HNWIs trend picked up over the last few years. China, Russia and India rank are top three countries seeing exodus of HNWIs worldwide, followed by UK and France. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Australia attracted major chunk of super rich immigrant, beating United States to 2nd place. Over 12,000 HNIs moved to Australia since 2008, against 10,000 to USA and 4000 to Canada. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In the last 10 years, China has been best performing country in terms of wealth creation, growing by 130</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, while India was ranked 4th with 96</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">. Mauritius and Ethiopia were ranked number 2 and 3. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India related facts:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> is among world's top countries in wealth creation since 2008. But it is also losing HNWIs through migration.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">As per projections, India will be 4th largest wealth market by 2028, after US, China and Japan and ahead of UK and Germany.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">But interms of equitable distribution of wealth, 48</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's wealth is concentrated in the hands of HNIs, against a global average of 36</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li>
</ul>
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'title' => 'India notifies tax info exchange pact with Marshall Islands',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information and allow officials of one country to undertake tax examinations in the other. TIEA between India and Marshall Islands for exchange of information with respect to taxes was signed in 2016 at Majuro, the Capital of the Marshall Islands. It was notified by India on May 21, 2019.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will enhance mutual cooperation between India and the Marshall Islands. It will provide effective framework for exchange of information on tax matters which will help curb tax evasion and tax avoidance.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Tax information exchange agreement (TIEA) </span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is based on international standards of tax transparency and exchange of information. It enables sharing of information on request. It enables bilateral sharing of information, including banking and ownership information for tax purposes. It also allows officials of one country to undertake tax examinations in the other.</span></span></span></span></p>
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'title' => 'India to host 3rd International Sunflower Seed and Oil Conference',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India will be hosting the 3rd edition of International Sunflower Seed and Oil Conference (ISSOC) 2019 in Maharashtra, Mumbai from July 19 to 20, 2019. The aim of the conference is to encourage better communications among sunflower oil producers, industry groups, academic researchers and local governments.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">ISSOC 2019</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is being organized by International Sunflower Oil Association (ISOA) and hosted by the Solvent Extractors’ Association of India (SEA).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will see the participation of around 300 delegates from across the world with interests in sunflower seed, oil, and meal.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> The first edition of this conference was held in 2015 at Shanghai, China and 2nd edition in 2017 at Odessa, Ukraine.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s consumption of sunflower oil</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sunflower seed is seen as healthy table-seed and culinary seed having wide applications in variety of food preparations including cakes and pastries. In 2018-19, globally sunflower seed production was at 51.41 million tonnes, sunflower oil at 19.45 million tonnes and sunflower meal at 20.90 million tonnes.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India is the largest importer of sunflower oil with imports of about 2.8 million tonnes. The global imports of sunflower oil is around 9.6 million tonnes. This shows significance of India in global sunflower seed and oil market as every producer or exporting country in the world looks to India for a market.</span></span></span></span></p>
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'title' => '7th Economic Census begins from Tripura',
'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura. The census will be conducted by Ministry of Statistics and Programme Implementation (MoSPI) and is being conducted this year after a gap of five years. MoSPI haspartnered with CSC e-Governance services India Ltd (CSC SPV), , a Special Purpose Vehicle (SPV) under Union Ministry of Electronics and Information Technology as the implementing agency to conduct the census. It will be launched in other states/union territories in August and September.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">7th Economic Census</span></span></strong></span></span></p>
<ul>
<li style="text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will undertake complete count of all establishment located within the geographical boundary of the country. It will help to put in place threshold turnover in monetary terms for households/ establishments for inclusion in the coverage of the Census. </span></span></span></span></li>
<li style="margin-left: 0in; margin-right: 0in; text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The data will be collected through door to door survey of each household and commercial establishment as per the provisions of Collection of Statistics Act, 2008.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Coverage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will cover all establishments including household enterprises, engaged in production or distribution of goods or services in the non-farm agricultural and non-agricultural sector will be counted. It will also identify villages with no economic activity for policy purposes.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Implementing agencies:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union Ministry of Statistics and Programme Implementation (MoSPI) and CSC e-Governance Services India Limited.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Digital Support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will be carried out through an IT-based digital platform for data capture, validation, report generation and dissemination.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Business Register:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Economic Census will help to prepare a National Business Register which can be linked with existing databases at the central and state government levels. It will list of all establishments, tagged by geographical location up to village/ward level for local level planning purposes and provide information on number of workers working in establishments (which are under operation), activity-wise and area-wise.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Technical modalities:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Task group comprising representatives from NCAER, EPIC-India, Department of Industrial Policy and Promotion, labour and employment ministry, GST Network, Reserve Bank of India and NITI Aayog, will look at technical modalities related to the conduct of the census.</span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Economic Censuses </span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was launched in 1976 as a plan scheme. It undertakes complete count of all establishments located within the geographical boundary of the country.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also provides detailed information on operational and other characteristics such as number of establishments, source of finance, type of ownership, number of persons employed etc.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It covers all entrepreneurial units in the country involved in any economic activities of either agricultural or non-agricultural sector and engaged in production and distribution of goods and or services not for own consumption.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Information gather from this census is used for micro level/ decentralized planning and to assess contribution of various sectors of the economy in the gross domestic product (GDP).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">So far total Six Economic Censuses (EC) have been conducted till date. The first in 1977, second in 1980, third in 1990, fourth in 1998, fifth in 2005 and sixth edition in 2013.</span></span></span></span></li>
</ul>
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'tag' => 'Miscellaneous',
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'id' => (int) 1967,
'title' => 'INX media scam',
'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""> Former Finance Minister P Chidambaram was arrested by the Central Bureau of Investigation in relation to the INX Media case. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"> </p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The CBI has registered an FIR alleging irregularities in Foreign Investment Promotion Board (FIPB) clearance given to INX media for receiving funds from abroad to the tune of Rs 305 crores.</span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">It is alleged that Chidambaram received kick backs and tweaked FDI rules to allow excessive flow of foreign investments into INX media firm.</span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">According to ED, INX Media was granted permission by the FIPB for FDI inflow amounting to Rs 4.62 crore from three Mauritian companies into INX Media.</span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Instead of the approved Rs 4.62 crore FDI, INX Media brought in a much larger sum of </span></span></span><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Rs 305 crores.</span></span> <span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">It then went a step further and even brought in downstream investments, clearly violating rules. </span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">To facilitate changes, a bribe of $1 Million was transferred to Karti Chidambaram, son of P.Chidambaram through various foreign banks. The bribe amount was then used to buy various benami properties abroad.</span></span></span></span></span></li>
</ul>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Foreign Investment Promotion Board (FIPB)</span></span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">The Foreign Investment Promotion Board (FIPB) was a national agency of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Government of India<span style="color:#222222">, with the remit to consider and recommend </span>foreign direct investment<span style="color:#222222"> (FDI) which does not come under the automatic route.</span></span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222"> It was housed in the Department of Economic Affairs, Ministry of Finance. FIPB was abolished on 24 May 2017.</span></span></span></span></span></li>
</ul>
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(int) 15 => object(Cake\ORM\Entity) {
'tag' => 'Miscellaneous',
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'title' => 'GST collection up by 4.5% in August',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The gross GST collection in August, 2019 stood at 98,202 crore, up 4.51% compared to 93,960 crore in the same month last year</span></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The GST collection, although higher on year-on-year basis, is still lower than government's expectations of 1 lakh crores.</span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST collection is a significant part of government’s revenue collection which is estimated to be around Rs 1 lakh crore every month to meet targets.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The on going slowdown has reduced the revenue amount from target of Rs 1 lakh crores to Rs 98,202 crores.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total number of summary returns in GSTR 3B forms filed in the month of July upto 31 August was 75.8 lakhs</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indirect tax collection in the month of August is generally subdued due to seasonality factor and hence may not be considered a reflection of consumption slowdown.</span></span></li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Effects</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A lower GST mop-up is set to strain government finances and make it difficult to meet fiscal target.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The burden would increase on the Centre for compensating states for revenue shortfall. The pressure on the revenue department could also go up to meet the targets which in turn may result in coercive actions against trade and businesses.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lower revenue is expected to hamper infrastructural and social reforms intended by the government.</span></span></li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Way Forward</span></strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To boost sales and initiate growth the government is expected to resort to rate cuts in some sector such as automobile and consumer goods like biscuits.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">By plugging the leakages the government hopes to increase the revenue amount.</span></span></li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="color:#212121">GST</span></span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax. It is collected from point of consumption and not point of origin like previous taxes.</span></span></p>
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'metatitle' => 'GST collection up by 4.5% in August',
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2113,
'title' => 'India among top 10 countries with Gold reserves',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India has overtaken the Netherlands to move into the list of top ten countries in terms of total gold reserves.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the World Gold Council, India has gold reserves totalling 618.2 tonnes, which is marginally higher than the Netherlands’ reserves of 612.5 tonnes.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s gold reserves have grown substantially in the past couple of decades from 357.8 tonnes in the first quarter of 2000 to the current 618.2 tonnes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Demand is concentrated among emerging market central banks with diversification being the key driver in the face of ongoing geopolitical and economic uncertainty.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the latest release by the World Gold Council, U.S. leads the country list with total gold reserves of 8,133.5 tonnes followed by Germany with 3,366.8 tonnes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the IMF is ranked third with a holding of 2,451.8 tonnes, it is followed by countries such as Italy (2,451.8 tonnes), France (2,436.1 tonnes), Russia (2,219.2 tonnes), China (1,936.5 tonnes), Switzerland (1,040 tonnes) and Japan (765.2 tonnes) before India at the 10th spot.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Significance</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most central banks are raising their gold holdings as the dollar is strengthening, as they feel the need to diversify their reserves. </span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold is seen as a better hedge against the dollar than any other currency<span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:black">.</span></span></span></span></span></span></p>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2176,
'title' => 'Exports to handle economic slowdown',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Slowdown in domestic manufacturing could be negated by fast-tracking exports. As trade windows open due to trade tensions between the U.S. and China, an opportunity is created for Indian exports to the U.S. market.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahead of the Union Commerce and Industries Minister’s meeting with exporters and importers on September 11 to discuss trade policy instruments, exporters have flagged certain concerns, saying the government should help build large capacity for exports instead of announcing measures only for the MSME sector.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The CII has said that the exporters were at the mercy of foreign shipping lines in the absence of a national shipping line due to which their profits eroded significantly. A national shipping regulatory body should also be formed to determine freight rates.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Remedial measures are needed to protect the huge employment and investments made in SEZs where many units were finding it difficult to carry on their businesses due to some mid-term policy changes. There is also a suggestion for the government to give a one time I-T exemption.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Measures to boost exports includes “full reimbursement “ of various imposts on exports and relaxed lending norms to improve credit flow to reverse a slide in the growth of outbound shipments.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For Indian exporters to become competitive, the government needs to ensure that transaction costs are cut drastically, embedded taxes are fully offset, raw materials are made available at reasonable prices and credit is extended at cheaper rates.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Land acquisition needs to be made easier and companies must not be dragged into unnecessary legal hurdles.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2214,
'title' => 'Aadhar authentication for GST',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To keep fake traders at bay, Aadhaar authentication or physical verification will be made mandatory for new traders coming under the Goods and Services Tax regime from January 2020.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the new rule, those who do not prefer Aadhaar authentication, can go for physical verification, which will be carried out in three days. Currently, Aadhaar authentication is optional and no physical verification is required.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST network is trying to make returns system more simple compared to the earlier one. All types of taxpayers will get a new system under three formats: <strong>Sahaj</strong>, <strong>Sugam </strong>and <strong>Normal.</strong></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Refunding will be made online to bring more transparency and convenience for traders and exporters.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GST Network</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization. It will manage the entire IT system of the GST portal, which is the mother database for everything GST.</span></span></p>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2242,
'title' => 'India and GSP',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> A group of 44 influential lawmakers has urged the Trump administration to reinstate India’s designation as a beneficiary developing nation under the key GSP trade programme as part of a potential trade deal between the two countries.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Trump administration had terminated India’s designation as a beneficiary developing nation under the Generalized System of Preferences (GSP), which had reduced India’s exports to the US significantly. India was the largest beneficiary of the programme in 2017 with USD 5.7 billion in imports to the US given duty-free status .</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">American businesses and workers have suffered most from GSP termination to date instead of the foreign beneficial country it is alleged.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite facing higher tariffs due to lost GSP, imports from India of (previously) GSP-eligible products increased over 40 per cent in June/July 2019 compared to a year earlier. This may be the result of companies shifting sourcing away from China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Latest data also shows that loss of GSP for India cost American companies about USD 30 million in July.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GSP</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by Congress.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
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'title' => 'India- USA trade deal fails',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The India-US limited trade agreement that was intended to be signed to prevent on going escalations in tariff war has failed to get through.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The announcement of an agreement was expected to coincide with bilateral meeting between Prime Minister Narendra Modi and President Donald Trump. Trump had announced that a bigger trade deal would be coming into place soon.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sources have cliamed that the prospects of an agreement faltered due to the failure to reach an agreement on Information and communications technology (ICT) products.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. has wanted India to eliminate tariffs (20%) on ICT products, but India is concerned that this could open up the market to flooding by Chinese technology.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. wanted greater access to Indian markets for medical devices, such as stents and knee implants, ICT and dairy products and sought the removal of price caps.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India wanted the reinstatement of preferential market access to U.S. markets under the Generalized System of Preferences (GSP) program, which was revoked in early June.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It had also wanted facilitation of processes in agricultural product markets where it already had access such as easier certification of food product irradiation facilities and greater access in some agricultural markets like table grapes, pomegranates for instance.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other Issues</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some of the larger issues for the U.S. include digital trade like for instance regulations around data localization and FDI in e-commerce.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India also continued to appear on U.S.’s “Priority Watch List” this year along with 10 other countries.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The annual list identifies countries which, according to the U.S., pose challenges to American intellectual property rights.</span></span></p>
</li>
</ul>
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'title' => 'India set to lose WTO case',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A WTO dispute settlement panel has upheld a US complaint that export subsidy programmes provided by the Indian government violated provisions of the trade body’s subsidies and countervailing measures (SCM) pact.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2018, the US complained that India’s export-related programmes violated Article 3.1(a) of WTO’s SCM agreement. Under Article 3.1, developing countries with gross per capita of $1,000 per annum are not entitled to provide export subsidies that are contingent upon export performance.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member dispute settlement panel has struck down Indian export promotion schemes on the grounds that India is not entitled to provide such subsidies because its per capita gross national product (GNP) has crossed $1,000 per annum.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India will have a month to challenge the ruling before an appellate body, the highest court for global trade disputes. If the appellate body upholds the panel’s ruling, India will be required to discontinue the existing export promotion schemes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ruling comes at an opportune time for US, which is piling pressure on New Delhi to open the Indian market for medical products, particularly heart stents and knee implants, dairy items and other products, as part of an interim trade deal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India had announced it would discontinue export subsidies soon. Despite these pronouncements, the government has continued with export subsidies.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The programmes that could be affected are export-oriented units scheme, electronics hardware technology parks scheme, bio-technology parks scheme, merchandise exports from India scheme, export promotion capital goods scheme, special economic zones and duty-free imports for exporters.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Export subsidies</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic <a href="https://en.wikipedia.org/wiki/Market_(economics)" title="Market (economics)">market</a> through direct payments, low-cost <a href="https://en.wikipedia.org/wiki/Loans" title="Loans">loans</a>, tax relief for exporters, or government-financed international advertising.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An export subsidy reduces the price paid by foreign importers, which means <a href="https://en.wikipedia.org/wiki/Domestic_market" title="Domestic market">domestic</a> consumers pay more than foreign consumers. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <a href="https://en.wikipedia.org/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> (WTO) prohibits most subsidies directly linked to the volume of <a href="https://en.wikipedia.org/wiki/Exports" title="Exports">exports</a>, except for <a href="https://en.wikipedia.org/wiki/Least_Developed_Countries" title="Least Developed Countries">LDCs</a>.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2416,
'title' => 'GST collection drops',
'description' => '<p><strong>Issue</strong></p>
<p>The revenue collected through GST has dropped for the second consecutive month in September to a 19-month low of Rs. 91,916 crore.</p>
<p><strong>Background</strong></p>
<p>The lower collection of GST has been attributed to lower growth in GDP numbers in the current quarter. This slowdown has impacted consumption pattern of the public and has resulted in lower revenue collection.</p>
<p> </p>
<p><strong>Details</strong></p>
<ul>
<li>
<p>The revenue during September 2019 is 2.67% lower than what was collected in the same month of the previous year.</p>
</li>
<li>
<p>During April-September, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.9%.</p>
</li>
<li>
<p>The lower collections is assumed to be low due to the lower GDP growth numbers, as GST is a transaction tax that is immediately impacted by any decline in any economic activity.</p>
</li>
<li>
<p>It has also been observed that drop in State GST collections has been sharper than for central GST (CGST).</p>
</li>
</ul>
<p> </p>
<p><strong>GST</strong></p>
<ul>
<li>
<p>Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</p>
</li>
<li>
<p>Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.</p>
</li>
<li>
<p>Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments.</p>
</li>
<li>
<p>The single GST subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi.</p>
</li>
<li>
<p>India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments.</p>
</li>
<li>
<p>For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government.</p>
</li>
</ul>
<p> </p>
<p><strong>Reverse charge Mechanism</strong></p>
<ul>
<li>
<p>Reverse Charge Mechanism (RCM) is a system in GST where the receiver pays the tax on behalf of unregistered, smaller material and service suppliers.</p>
</li>
<li>
<p>The receiver of the goods is eligible for Input Tax Credit, while the unregistered dealer is not.</p>
</li>
</ul>
<p> </p>
<p><strong>Administration</strong></p>
<ul>
<li>
<p>GST Council is the governing body of GST having 33 members and is chaired by the Union Finance Minister.</p>
</li>
<li>
<p>GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India.</p>
</li>
<li>
<p>The council is headed by the union finance minister and assisted by the finance minister of all the states of India.</p>
</li>
</ul>
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'id' => (int) 2477,
'title' => 'RCEP deal',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Agriculture<strong> </strong>Minister Narendra Singh Tomar has communicated to Commerce minister Piyush Goyal the importance of protecting farmers’ interests while negotiating the RCEP trade agreement.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will remove customs duty on about 80-85% of items. The result will be that Chinese and other cheap goods will flood the Indian market even more. There are some concerns regarding impact of this deal on domestic sectors.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RCEP</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP (Regional Comprehensive Economic Partnership) is a proposed free trade agreement between India, China, Japan, South Korea, Australia, New Zealand and the ten member-states of the ASEAN (Association of South East Asian Nations) grouping.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits of RCEP</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is expected to provide market access for India’s goods and services exports and encourage greater investments and technology into India. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It would facilitate India’s MSMEs to effectively integrate into the regional value and supply chains.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP would help India streamline the rules and regulations of doing trade, thus reducing the trade costs.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Threats due to RCEP</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Concerns expressed by various industry sectors have been the possibility of large-scale dumping of Chinese goods and the impact on Indian manufacturing.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The effect on Indian agriculture if the domestic market is opened up to dairy and farm produce, especially from Australia and New Zealand.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will cause widespread unemployment and reduce the income of rural farmers who will be impacted due to easy goods imports from other countries.</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
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'title' => 'Religare fund diversion case',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Religare Enterprises Ltd promoter Shivinder Singh and his brother were arrested by the Delhi Police for alleged diversion of public money for their own benefit.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Enforcement Directorate (ED) had carried out searches<strong> </strong>at the homes of the brothers after revelations from the Mauritius Leaks on their offshore holdings showed great irregularities in their account books.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is alleged that funds were allegedly diverted from REL, a company listed in India, to a Jersey firm that was solely owned by Malvinder Singh and Shivinder Singh, using a web of offshore companies.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The alleged persons had absolute control on Religare Enterprises Limited (REL) and its subsidiaries that put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These companies wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore to the investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Poor financial health of Religare Finvest was to a large extent on account of wilful default on significant unsecured loans, defined for internal purposes as corporate loan book by borrower entities either related, controlled or associated with the promoters.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loans were given at a non-arms-length basis, which is in violation of corporate governance norms, as well as other regulations for Non-Banking Financial Companies (NBFCs) prescribed by the Reserve Bank of India (RBI).</span></span></p>
</li>
</ul>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-3',
'id' => (int) 2505,
'title' => 'US-China trade deal',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States and China have agreed to the first phase of a deal to end the trade war. This has prompted President Trump to suspend the tariff hikes imposed on China.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is one of the biggest step toward resolution of a 15-month tariff war between the world's two largest economies that has hit financial markets and slowed global growth.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The accord contains provision for agriculture, currency and some aspects of intellectual property protections, which is expected to normalise relations up to certain extent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mr. Trump has also agreed not to proceed with a hike in tariffs to 30% from 25% on about $250 billion in Chinese goods that was supposed to have gone into effect.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>US-China tariff wars</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The China–United States trade war was an ongoing economic conflict between the world’s two largest national economies, China and the United States. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to "unfair trade practices".</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Among those trade practices and their effects are the growing trade deficit, the theft of intellectual property, and the forced transfer of American technology to China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the United States, the trade war has brought struggles for farmers and manufacturers and higher prices for consumers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other countries it has also caused economic damage, though some countries have benefited from increased manufacturing to fill the gaps.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Effect on India</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India could increase its trade footprint in the midst of the US-China trade conflict, particularly under categories on which Washington has imposed tariffs on Beijing.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Diversion in investment flows is an opportunity that India could benefit from, as manufacturers seek alternative origination destinations away from China.</span></span><br />
</p>
</li>
</ul>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States and China have agreed to the first phase of a deal to end the trade war. This has prompted President Trump to suspend the tariff hikes imposed on China.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is one of the biggest step toward resolution of a 15-month tariff war between the world's two largest economies that has hit financial markets and slowed global growth.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The accord contains provision for agriculture, currency and some aspects of intellectual property protections, which is expected to normalise relations up to certain extent.</span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mr. Trump has also agreed not to proceed with a hike in tariffs to 30% from 25% on about $250 billion in Chinese goods that was supposed to have gone into effect.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>US-China tariff wars</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The China–United States trade war was an ongoing economic conflict between the world’s two largest national economies, China and the United States. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to "unfair trade practices".</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Among those trade practices and their effects are the growing trade deficit, the theft of intellectual property, and the forced transfer of American technology to China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the United States, the trade war has brought struggles for farmers and manufacturers and higher prices for consumers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other countries it has also caused economic damage, though some countries have benefited from increased manufacturing to fill the gaps.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Effect on India</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India could increase its trade footprint in the midst of the US-China trade conflict, particularly under categories on which Washington has imposed tariffs on Beijing.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Diversion in investment flows is an opportunity that India could benefit from, as manufacturers seek alternative origination destinations away from China.</span></span><br />
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It will have corpus of Rs. 2000 crore with National Bank for Agriculture and Rural Development (NABARD).</span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Agri-Market Infrastructure Fund (AMIF)</strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It aims at development and up-gradation of agricultural marketing infrastructure in Gramin Agricultural Markets (GrAMs) and Regulated Wholesale Markets.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It will provide State/UT Governments subsidized loan for their proposal for developing marketing infrastructure in 585 Agriculture Produce Market Committees (APMCs) and 10,000 GrAMs. </span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">States can also access this fund for innovative integrated market infrastructure projects including Hub and Spoke mode and in Public Private Partnership (PPP) mode. </span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, the disbursal of funds will be dependent on demands and proposals received from the states.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Using this fund physical and basic infrastructure will be strengthened in GrAMs using MGNREGA and other Government Schemes.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The interest subsidy for this fund will be provided by Department of Agriculture Cooperation & Farmers Welfare to NABARD in alignment with annual budget releases during 2018-19 and 2019-20 as well as upto 2024-25. </span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'cabinet-approves-fund-for-agri-market', 'image' => 'https://www.mediafire.com/convkey/fb34/qpztbc9sr9fzppr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fb34/qpztbc9sr9fzppr6g.jpg', 'metatitle' => 'Cabinet approves creation of Agri-Market infrastructure fund', 'metakeyword' => 'National Current Affairs, Agri Market Infrastructure Fund, NABARD, APMCs, GrAMs, Cabinet Committee of Economic Affairs, Cabinet Decisions, ', 'metadescription' => 'Cabinet Committee of Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved creation of Agri-Market Infrastructure Fund (AMIF)', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/m3yqy2g6g5ibt83/current_affair_9.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 99, 'title' => 'Government constitutes committee to boost domestic manufacturing of aircraft', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government has decided to set up committee for development of regional transport aircraft for commercial use in the country. The committee will be tasked with creation of a special purpose vehicle (SPV) for development of regional transport aircraft. This is part of road map being prepared by Central Government to boost domestic manufacturing of aircraft.</span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is one of fastest growing domestic aviation markets in the world and many airlines have embarked on fleet expansion to cater to the rising passenger traffic.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fleet size of domestic airlines is set to increase twofold to 1,100 planes by 2027. This is further expected to increase to 2,359 planes by 2040.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, Hindustan Aeronautics Limited (HAL) is the only entity that produces aircraft and helicopters for military and non-military purposes.</span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Measures to boost domestic manufacturing of aircrafts</strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government also has formed separate committee of experts to explore manufacturing of aircraft, helicopters and associated equipment within the country.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Government is also planning to manufacture Regional Transport Aircraft (RTA) domestically under National Civil Aircraft Development (NCAD) programme.</span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NCAD programme aims at developing of 90-seater aircraft in two phases namely, design and development phase and manufacturing phase.</span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-forms-panel-on-regional-transport-plane', 'image' => 'https://www.mediafire.com/convkey/bb27/lfgt9ggo84vozlt6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/bb27/lfgt9ggo84vozlt6g.jpg', 'metatitle' => 'Govt. forms panel on regional transport planes', 'metakeyword' => 'Economy Current Affairs, National Civil Aircraft Development programme, NCAD programme, Regional Transport Aircraft, Civil Aviation Sector, ', 'metadescription' => 'Government has decided to set up committee for development of regional transport aircraft for commercial use in the country', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/pc755tnqjsz85uw/8_FEB_Government_constitutes.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 132, 'title' => 'Government to develop National Gas Grid ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Union Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network. At present about 16,788 Km natural gas pipeline is operational and about 14,239 Km gas pipelines are being developed to increase availability of natural gas across the country.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Background</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">At present share of natural gas in India’s energy mix is just over 6%. Government has set aim to increase its share to 15% for mowing towards gas based economy, while world average is 24%. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">For this, Government is envisaging National Gas Grid focused to increase availability of cleaner cooking fuel such as PNG and transportation fuel (CNG) to all citizens of the country. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">National Gas Grid</span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"> </p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Objectives </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Remove regional gas and green fuel access imbalances within the country with regard to access to natural gas</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Connect gas sources to major demand centres and ensure assured availability of gas to consumers in various sectors. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Develop City Gas Distribution (CGD) Networks in cities to supply compressed natural gas (CNG) and piped natural gas (PNG).</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Implementing Authority</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Petroleum and Natural Gas Regulatory Board (PNGRB) is nodal authority to authorize to grant authorization to entities for development of CGD network in Geographical Areas (GAs) as per PNGRB Act, 2006</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It identifies GAs for authorizing development of CGD network in synchronization with the development of natural gas pipeline connectivity and natural gas availability. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">After completion of 9th CGD Bidding Round, CGD network will be accessible in 178 GAs covering approximately 280 districts spread over 26 States/UTs.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Benefits</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">Its expansion will benefit industrial and commercial units by ensuring uninterrupted supply of natural gas. It will also expand potential coverage of gas pipeline network to about 50% of country’s population, spreading over 35% of area. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It will provide better infrastructure for automobiles using gas. It will also aid in renewing of fertilizer sector and also give a boost to power and automotive sector.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"quicksand",serif">Natural gas </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is superior fuel as compared with coal and other liquid fuels, as it is safer, cheaper and environment friendly fuel. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is 60 percent cheaper compared with petrol and around 45 percent cheaper when compared with Diesel. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be used in domestic kitchen, transport sector as well as fuel for industries and commercial units. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It can be supplied through pipelines and hence, there is no need to store it in cylinders in kitchen, thus saves space. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"quicksand",serif">It is environment friendly fuel and it can play significant role in reducing carbon emission.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'govt-develop-national-gas-grid ', 'image' => 'https://www.mediafire.com/convkey/b6f1/70907j4kfu6dluh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b6f1/70907j4kfu6dluh6g.jpg', 'metatitle' => 'Government to develop National Gas Grid ', 'metakeyword' => 'In National Current Affairs, Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network.', 'metadescription' => 'Union Ministry of Petroleum & Natural Gas has envisaged to develop and expand National Gas Grid, by further adding 14,239 km of gas pipeline to country’s existing 16,788 km network.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/2u2ybfh23xfowd4/12feb_Government_to_develop.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 158, 'title' => 'Cabinet hikes MSP of Jute', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister has increased Minimum Support Price (MSP) of Raw Jute for 2019-20 season. This decision was taken based on recommendations of Commission for Agricultural Costs and Prices (CACP). Jute Corporation of India (JCI) will continue to act as central nodal agency to undertake price support operations at the MSP in Jute growing states.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Factors taken into considerations</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">CACP, before recommending MSP hike for raw Jute, has taken into account cost of production, overall demand-supply, inter-crop price parity, domestic and international prices.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also took account terms of trade between agricultural and non-agricultural sectors and likely impact of MSP on user industries and minimum 50% as margin over weighted average cost of production.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Impact of increased MSP </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is expected to ensure appropriate minimum prices to farmers </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will yield returns of 55.81% over all India weighted average cost of production. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will step up investment in Jute cultivation and thereby production and productivity in the country.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Jute</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is one of the important natural fibers after cotton in terms of cultivation and usage. It is long, soft, shiny vegetable fiber that can be spun into coarse, strong threads.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It grows in plain alluvial soil and standing water. It is rain-fed crop and monsoon climate is most suitable for growing it. Soft water is necessary for jute production</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Ganges Delta account for almost 85% of world’s jute cultivation. India is largest producer or cultivator of jute in the world (accounting for 60%) followed by Bangladesh and China.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India’s top jute producing states are West Bengal (alone accounts for 50% production) followed by Bihar, Assam and Odisha. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Nearly 40 lakh farmers and 3.7 lakh workers in jute mills are dependent for their livelihood on jute sector.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Government support </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Jute sector in India is predominantly dependent on Government support which purchases jute products more than Rs. 6,500 crores every year.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Government has been making concerted efforts for development of this sector considering dependency large of population for their livelihood on jute sectors. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also has expanded scope of mandatory packaging norms using jute under Jute Packaging Material (JPM) Act, 1987. </span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'cabinet-hikes-msp-jute', 'image' => 'https://www.mediafire.com/convkey/1cfa/9zlh2qaqkaq61eh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1cfa/9zlh2qaqkaq61eh6g.jpg', 'metatitle' => 'Cabinet hikes MSP of Jute | Cabinet hikes MSP | Study IQ', 'metakeyword' => 'In National Current Affairs, Cabinet Committee on Economic Affairs , CCEA chaired by Prime Minister increased Minimum Support Price of Raw Jute for 2019-20 season. ', 'metadescription' => 'Cabinet Committee on Economic Affairs chaired by Prime Minister has increased Minimum Support Price (MSP) of Raw Jute for 2019-20 season. ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/j234fbikcezskm8/14_FEB_Cabinet_hikes_MSP.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 170, 'title' => 'Bharat 22 ETF subscribed over 10 times', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore. Government has decided to retain approximately Rs. 10,000 Crore as its divestment proceeds. Since its launch in November 2017, Government has raised Rs 22,900 crore through B22ETF in two tranches. </span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Bharat 22 Exchange Traded Fund (B22ETF)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">B22ETF is passively managed fund that tracks S&P BSE Bharat 22 index. ICICI Prudential is its ETF Manager and Asia Index Private Ltd. Is its Index Provider.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was launched by Union Finance Ministry to meet some part of its disinvestment target of Rs. 80,000 Crore in current fiscal. It is second ETF launched by Union Finance Ministry, first was CPSE ETF’s 10. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has total 22 stocks spread across six sectors viz. basic materials, energy, finance, industrials, FMCG and utilities with 20% cap on each sector and 15% cap on each stock. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is well-diversified ETF as it spans across six sectors. Sector wise weightage is basic materials (4.4%), energy (17.5%), finance (20.3%), FMCG (15.2%), and utilities (20%) and industrials (22.6%).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It has three stocks of private sector companies viz. Axis Bank, ITC and Larsen & Toubro (L&T), which account for 44% of total investment. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">All other stocks are of public sector entities, including ONGC, IOC, SBI, BPCL, Coal India and Nalco.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The banking segment includes stocks from State Bank of India (SBI), Bank of Baroda (BoB), Axis Bank, Indian Bank, Power Finance Corporation and Rural Electrification Corporation.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The energy segment includes Oil and Natural Gas Corporation (ONGC), Bharat Petroleum (BP), Indian Oil Corporation (IOC) and Coal India Limited (CIL).</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Exchange-traded fund (ETF) </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is essentially index funds that are listed and traded on exchanges like stocks. It is basically basket of securities that are traded, like individual stocks, on an exchange.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Each stock in it is assigned weights that reflects composition of index. It is similar to mutual funds in certain manner but is more liquid as it can be sold quickly on stock exchanges like shares. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Its trading value is based on net asset value of underlying stocks that it represents. Its price changes daily as it is traded throughout day. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It owns underlying assets (shares of stock, bonds, foreign currency, etc.) and divides ownership of those assets into shares.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits:</span></strong><span style="font-family:"Quicksand",serif"> Trading through ETF route is considered as safer mode of disinvestment as it shields investors against stock market volatility. Its shareholders are entitled to proportion of profits, such as earned interest or dividends paid. It enables investors to gain broad exposure to entire stock markets or specific sectors with relative ease.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'bharat-22-etf-subscribed-over-10-times', 'image' => 'https://www.mediafire.com/convkey/88d7/55ar26rsff46tmr6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/88d7/55ar26rsff46tmr6g.jpg', 'metatitle' => 'Bharat 22 ETF subscribed over 10 times | Study IQ', 'metakeyword' => 'In Business and Economy Current Affairs, Second follow-on issue, Bharat 22 Exchange Traded Fund, B22ETF, received, Rs. 40,000 Crore, subscribed over 10 times,base issue size', 'metadescription' => 'The second follow-on issue of Bharat 22 Exchange Traded Fund (B22ETF) received about Rs. 40,000 Crore and was subscribed over 10 times of base issue size which was fixed at Rs. 3,500 Crore.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/hfa579yhkfec2o4/15feb_Bharat_22_ETF.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 190, 'title' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to enable GeM's buyers and vendors to provide rich, accurate and standardized information on attributes of products across various categories. This will help in empowering them to take more informed decisions.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Under this MoU</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">GeM will access product data from GS1 India's DataKart, the National repository of information on attributes of millions of retail products in the country. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Every data of products on GeM will be subject to validity checks based on globally accepted GS1 standards. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">GS1 India</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is government-industry-ledstandards body registered under Societies Registration Act 1860. <em>It is affiliated with GS1, a not for profit global standards organisation.</em></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It was established by Ministry of Commerce and Industry, CII, FICCI, ASSOCHAM, FIEO, IMC, APEDA, Spices Board, IIP and BIS. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It aims to improve efficiency, safety and visibility of supply chains across physical and digital channels through use of global GS1 standards.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These standards help in strengthening consumer trust and confidence in products they buy by providing them access to trusted product data and empower them to make informed choices.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gem-gs1-india-mou-empower-buyers', 'image' => 'https://www.mediafire.com/convkey/0333/bx35tvg9khhzvc06g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0333/bx35tvg9khhzvc06g.jpg', 'metatitle' => 'GeM and GS1 India ink MoU to empower buyers to informed choice ', 'metakeyword' => 'In National Current Affairs, GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM)', 'metadescription' => 'GS1 India has signed Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to enable GeM's buyers ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/bql3kyuw2tga5rt/18feb_GeM_and_GS1_India_ink.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 175, 'title' => 'IWAI launches LADIS portal ', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI) launched LADIS (Least Available Depth Information System) portal to provide real-time information on available depth on stretches of National Waterways (NWs). Information provided through this portal will help better planning for movement of vessels and ensure optimum use of NWs.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">LADIS Portal </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is hosted on IWAI’s website (<a href="http://www.iwai.nic.in" style="color:#0563c1; text-decoration:underline">www.iwai.nic.in</a>) and has been developed in-house. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide details of least available depths (LAD) obtained from respective surveyors and regional incharge deputed with IWAI survey vessels which constantly move on NWs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Initially, it will provide information only for NW-1, NW-2, Indo-Bagladesh Protocol route and NW-3, along with date of survey. Later it will be expanded to other NWs also.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will facilitate day to day operations of inland vessels plying on NWs and to avoid any hindrance in service and operation. </span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Benefits of LADIS Portal </span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will ensure that real-time data on LAD is disseminated for ship/barge and cargo owners so that they can undertake transportation on NWs in more planned way. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will help transporters by guiding them on suitability of time of movement as it will provide assured depth of waterway required for seamless movement of vessels.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable vessel operators and cargo owners to prepare their sailing plans strictly as per applicable waterways related information (hydrographic survey reports, river Notices etc.).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enhance credibility and efficiency of information sharing to achieve seamless operations on NWs, besides pre-empting problems that may occur during movement of vessels.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Inland Waterways Authority of India (IWAI)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is nodal body in charge of development and regulation of inland waterways for shipping and navigation. It functions under Union Ministry of Shipping.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is statutory body established under Inland Waterways Authority of India Act, 1985. It was established in October 1986. It is headquartered in Noida, Uttar Pradesh.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Functions:</span></strong><span style="font-family:"Quicksand",serif"> Build necessary infrastructure in inland waterways, survey economic feasibility of new projects and carry out administration and regulations of these waterways. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Undertake projects for development and maintenance of inland waterways transportation infrastructure on national waterways.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'iwai-launches-ladis-portal ', 'image' => 'https://www.mediafire.com/convkey/8753/95pyo0sxypgs7we6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/8753/95pyo0sxypgs7we6g.jpg', 'metatitle' => 'IWAI launches LADIS portal | Latest Current Affairs GK News', 'metakeyword' => 'In National Current Affairs, Inland Waterways Authority of India, IWAI, launches, LADIS Portal, Least Available Depth Information System, provide, real-time information,available depth on stretches, National Waterways', 'metadescription' => 'Inland Waterways Authority of India launched LADIS (Least Available Depth Information System) portal to provide real-time information on available depth on stretches of National Waterways (NWs)', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/44rswuxvu17bf6g/16feb_IWAI_launches.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 7 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 281, 'title' => 'NPPA brings 42 non-scheduled cancer drugs under price control', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Drug price regulator National Pharmaceutical Pricing Authority (NPPA) has brought 42 non-scheduled anti-cancer drugs under price control through trade margin rationalisation. In this regard it has invoked extraordinary powers in public interest, under Para 19 of Drugs (Prices Control) Order, 2013.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">NPPA order</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Trade margin of these 42 non-scheduled anti-cancer drugs under price control has been capped up to 30% on selling price (MRP).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It directs manufacturers to fix their retail price based on price at first point of sale of product of these non-scheduled formulations containing any of 42 drugs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">These 42 non-scheduled anti-cancer drugs would cover 72 formulations and 355 brands. The revised prices will come into effect from March 8, 2019. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This decision will reduce retail prices of these drugs by up to 85% and entail minimum savings of Rs. 105 crores to consumers. Currently, 57 anti-cancer drugs are under price control as scheduled formulations.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">About National Pharmaceutical Pricing Authority (NPPA)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is independent regulatory body under Department of Pharmaceuticals, Union Ministry of Chemicals and Fertilizers. It was set up in 1997. It is headquartered in New Delhi.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Mandate:</span></strong><span style="font-family:"Quicksand",serif"> (i) Fix/revise controlled bulk drugs prices and formulations placed in National List of Essential Medicines (NLEM) under Schedule-I of DPCO. (ii) Enforce prices and availability of medicines under DPCO, 2013. (iii) Monitor prices of decontrolled drugs in order to keep them at reasonable levels. (iv) Implements and enforces provisions of DPCO. (v) Recover amounts overcharged by manufacturers for controlled drugs from consumers.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">So far, around 1,000 drugs have been brought under price control under initiative. Non-scheduled drugs are allowed an increase of up to 10% in prices every year, which is monitored by the NPPA.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'nppa-42-non-scheduled-cancer-drugs-price-control', 'image' => 'https://www.mediafire.com/convkey/59a1/xpxzbi149362zwo6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/59a1/xpxzbi149362zwo6g.jpg', 'metatitle' => 'NPPA brings 42 non-scheduled cancer drugs under price control', 'metakeyword' => 'In National Current Affairs, NPPA, 42 non-scheduled, anti-cancer drugs, price control, trade margin rationalisation, Drugs (Prices Control) Order, 2013, DPCO', 'metadescription' => 'Drug price regulator National Pharmaceutical Pricing Authority, NPPA, has brought 42 non-scheduled anti-cancer drugs under price control regime through trade margin rationalisation ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/5xg8b16mj4z49tk/28feb_NPPA_brings_42_non-scheduled.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 8 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 574, 'title' => 'India, US ink pact to check tax evasion by MNCs', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">India and United States (US) signed Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports (local filing) to check tax evasion by Multi National Cooperations (MNCs). The agreement aims to ensure that all tax authorities have access to same information about MNC’s value chain and resulting tax consequences. India already has signed Multilateral Competent Authority Agreement (MCAA) for Exchange of CbC Reports with 62 countries/jurisdictions.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> </strong><span style="font-family:"Quicksand",serif">Features of agreement</span></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will enable both countries to automatically exchange CbC Reports filed by parent entities of MNCs in the respective jurisdictions with effect from January 1, 2016.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will also reduce compliance burden by obviating need for Indian subsidiary companies of US MNCs to do local filing of CbC Reports.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It is part of base erosion and profit shifting (BEPS) action plan incorporated in Income Tax (IT) Act.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Under IT Act, it is mandatory for Indian subsidiaries of MNCs to provide details of key financial statements from other jurisdictions where they operate.<strong> </strong></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This provides Income Tax (IT) department with better operational view of such companies, primarily with regards to revenue and income tax payment.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Country-by-Country (CbC) Report</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Template for it has been provided in BEPS Action 13 report (Transfer Pricing Documentation and Country-by-Country Reporting).</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It mandates MNCs to report annually and for each tax jurisdiction in which they do business information wrt to revenue and taxation<strong>. </strong>This report is called Country-by-Country (CbC) Report.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">This CbC report contains aggregated country-by-country information relating to global allocation of income, taxes paid, and certain other indicators of MNCs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It also contains list of all constituent entities of MNC operating in particular jurisdiction and nature of main business activity of each constituent entity. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">The information provided in CbC report enables enhanced level of assessment of tax risk by both tax administrations.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-us-ink-pact-check-tax-evasion-mncs', 'image' => 'https://www.mediafire.com/convkey/f406/5bwtb6rfgmx1gd66g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f406/5bwtb6rfgmx1gd66g.jpg', 'metatitle' => 'India, US ink pact to check tax evasion by MNCs', 'metakeyword' => 'In Economy Current Affairs, India, United States, Inter-Governmental Agreement,r Exchange of Country-by-Country, CbC Reports, local filing, check tax evasion, Multi National Cooperations (MNCs).', 'metadescription' => 'India and United States (US) signed Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports (local filing) to check tax evasion by Multi National Cooperations (MNCs).', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/8k56ahpw8w0h07c/India%2C_US_ink_pact_to_check.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 9 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 650, 'title' => 'Unorganized sector generates largest number of jobs in India: Oxfam Report', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector. The report also highlights that lack of quality jobs and increasing wage disparity are key markers of inequality in the Indian labour market</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Highlights of report</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Largest number of jobs were generated in the unorganized sector, which highlights questions over India's growth data and not being reflected in the growth of jobs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Women’s participation:</span></strong><span style="font-family:"Quicksand",serif"> Regressive social norms continue to hamper women's participation in the workforce. On an average, women are paid 34% less than similarly qualified male workers for performing the same tasks. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Women are being left out of economic growth narrative as a consequence of poor policy choices and lack of investment in social security and infrastructure.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Demonitisation:</span></strong><span style="font-family:"Quicksand",serif"> Job generation was adversely impacted after demonetization and hit the women workforce most. There is decline in rural jobs.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Post-demonetisation period also saw drop in households with two or more persons being employed.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Between January and October 2016, 34.8% households saw two or more persons employed. Post-demonetisation, this dropped to 31.8% with women workers becoming the first casualties of job losses.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Social realities:</span></strong><span style="font-family:"Quicksand",serif"> Class and caste still continue to play crucial roles in determining employment for men and women, especially in stigmatised vocations like sanitation, jobs in the leather industry and rag-picking. Discrimination also exists in terms of market participation</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Policy interventions:</span></strong><span style="font-family:"Quicksand",serif"> Economic factors can be improved by way of policy interventions. There is need shift in development focus towards labour intensive sectors to create more jobs and pushes for better work conditions to make jobs more inclusive.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">There is need for higher investments in health and education to improve productivity. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Disparities in education system:</span></strong><span style="font-family:"Quicksand",serif"> Students from state education boards do considerably worse than those of independent national boards that cater to richer, better schools. </span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Within public education system, there are also glaring inequalities in educational investment.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif"><input alt="" src="https://www.mediafire.com/convkey/a604/tnef4an55i9za3m6g.jpg?size_id=5" style="height:534px; width:632px" type="image" /></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'unorganized-sector-generates-largest-number-jobs-india-oxfam-report', 'image' => 'https://www.mediafire.com/convkey/1288/pc88wd432x0o92d6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1288/pc88wd432x0o92d6g.jpg', 'metatitle' => 'Unorganized sector generates largest number of jobs in India', 'metakeyword' => 'In Economy Current Affairs, Oxfam report, Mind The Gap - State of Employment in India,largest number, jobs, generated, unorganized sector', 'metadescription' => 'According to Oxfam’s recently released 'Mind The Gap - State of Employment in India' report, in India, largest number of jobs are generated in the unorganized sector.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/iyrboi1i8e22kxz/Unorganized_sector_generates.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 10 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1072, 'title' => '5,000 millionaires left India in 2018: Report', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to Global Wealth Migration Review 2019, about 5,000 Indian high net worth individuals (HNWIs) or 2</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's super rich migrated to other countries in 2018. It was released by Mauritius based AFRASIA Bank.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Report Highlights</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Global migration of HNWIs trend picked up over the last few years. China, Russia and India rank are top three countries seeing exodus of HNWIs worldwide, followed by UK and France. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Australia attracted major chunk of super rich immigrant, beating United States to 2nd place. Over 12,000 HNIs moved to Australia since 2008, against 10,000 to USA and 4000 to Canada. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">In the last 10 years, China has been best performing country in terms of wealth creation, growing by 130</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">, while India was ranked 4th with 96</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">. Mauritius and Ethiopia were ranked number 2 and 3. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India related facts:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> is among world's top countries in wealth creation since 2008. But it is also losing HNWIs through migration.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">As per projections, India will be 4th largest wealth market by 2028, after US, China and Japan and ahead of UK and Germany.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">But interms of equitable distribution of wealth, 48</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%</span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> of India's wealth is concentrated in the hands of HNIs, against a global average of 36</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">%.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '5000-millionaires-left-india', 'image' => 'https://www.mediafire.com/convkey/0ae8/y4fk4u54y3qfn306g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0ae8/y4fk4u54y3qfn306g.jpg', 'metatitle' => '5,000 millionaires left India in 2018: Report', 'metakeyword' => 'In Economy Current Affairs, Global Wealth Migration Review 2019, 5,000, India, high net worth individuals (HNWIs),', 'metadescription' => 'According to Global Wealth Migration Review 2019, about 5,000 Indian high net worth individuals (HNWIs) or 2% of India's super rich migrated to other countries in 2018. I', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/7crdt4b4o856q1a/5%2C000_millionaires.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 11 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1377, 'title' => 'India notifies tax info exchange pact with Marshall Islands', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information and allow officials of one country to undertake tax examinations in the other. TIEA between India and Marshall Islands for exchange of information with respect to taxes was signed in 2016 at Majuro, the Capital of the Marshall Islands. It was notified by India on May 21, 2019.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will enhance mutual cooperation between India and the Marshall Islands. It will provide effective framework for exchange of information on tax matters which will help curb tax evasion and tax avoidance.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Tax information exchange agreement (TIEA) </span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is based on international standards of tax transparency and exchange of information. It enables sharing of information on request. It enables bilateral sharing of information, including banking and ownership information for tax purposes. It also allows officials of one country to undertake tax examinations in the other.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-notifies-tax-info-exchange-pact', 'image' => 'https://www.mediafire.com/convkey/0e64/0jjkpopwbqkc14a6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0e64/0jjkpopwbqkc14a6g.jpg', 'metatitle' => 'India notifies tax info exchange pact with Marshall Islands', 'metakeyword' => 'India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information ', 'metadescription' => 'India has notified a tax information exchange agreement (TIEA) with the Marshall Islands. It will enable bilateral sharing of banking information ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/kep7qbx2o8hv8np/India_notifies.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 12 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1665, 'title' => 'India to host 3rd International Sunflower Seed and Oil Conference', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India will be hosting the 3rd edition of International Sunflower Seed and Oil Conference (ISSOC) 2019 in Maharashtra, Mumbai from July 19 to 20, 2019. The aim of the conference is to encourage better communications among sunflower oil producers, industry groups, academic researchers and local governments.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">ISSOC 2019</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It is being organized by International Sunflower Oil Association (ISOA) and hosted by the Solvent Extractors’ Association of India (SEA).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will see the participation of around 300 delegates from across the world with interests in sunflower seed, oil, and meal.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Note:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> The first edition of this conference was held in 2015 at Shanghai, China and 2nd edition in 2017 at Odessa, Ukraine.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India’s consumption of sunflower oil</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Sunflower seed is seen as healthy table-seed and culinary seed having wide applications in variety of food preparations including cakes and pastries. In 2018-19, globally sunflower seed production was at 51.41 million tonnes, sunflower oil at 19.45 million tonnes and sunflower meal at 20.90 million tonnes.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">India is the largest importer of sunflower oil with imports of about 2.8 million tonnes. The global imports of sunflower oil is around 9.6 million tonnes. This shows significance of India in global sunflower seed and oil market as every producer or exporting country in the world looks to India for a market.</span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '3rd-international-sunflower-seed-oil-Conference', 'image' => 'https://www.mediafire.com/convkey/9d45/cdvi00656q6rxb26g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/9d45/cdvi00656q6rxb26g.jpg', 'metatitle' => 'India to host 3rd International Sunflower Seed', 'metakeyword' => 'India to host 3rd International Sunflower Seed and Oil Conference', 'metadescription' => 'India will be hosting the 3rd edition of International Sunflower Seed and Oil Conference (ISSOC) 2019 in Maharashtra, Mumbai from July 19 to 20, 2019', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/42znv4kd48kbd63/India_to_host_3rd_International.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 13 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1800, 'title' => '7th Economic Census begins from Tripura', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura. The census will be conducted by Ministry of Statistics and Programme Implementation (MoSPI) and is being conducted this year after a gap of five years. MoSPI haspartnered with CSC e-Governance services India Ltd (CSC SPV), , a Special Purpose Vehicle (SPV) under Union Ministry of Electronics and Information Technology as the implementing agency to conduct the census. It will be launched in other states/union territories in August and September.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">7th Economic Census</span></span></strong></span></span></p> <ul> <li style="text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It will undertake complete count of all establishment located within the geographical boundary of the country. It will help to put in place threshold turnover in monetary terms for households/ establishments for inclusion in the coverage of the Census. </span></span></span></span></li> <li style="margin-left: 0in; margin-right: 0in; text-align: justify;"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">The data will be collected through door to door survey of each household and commercial establishment as per the provisions of Collection of Statistics Act, 2008.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Coverage:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will cover all establishments including household enterprises, engaged in production or distribution of goods or services in the non-farm agricultural and non-agricultural sector will be counted. It will also identify villages with no economic activity for policy purposes.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Implementing agencies:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Union Ministry of Statistics and Programme Implementation (MoSPI) and CSC e-Governance Services India Limited.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Digital Support:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It will be carried out through an IT-based digital platform for data capture, validation, report generation and dissemination.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">National Business Register:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Economic Census will help to prepare a National Business Register which can be linked with existing databases at the central and state government levels. It will list of all establishments, tagged by geographical location up to village/ward level for local level planning purposes and provide information on number of workers working in establishments (which are under operation), activity-wise and area-wise.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Technical modalities:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> Task group comprising representatives from NCAER, EPIC-India, Department of Industrial Policy and Promotion, labour and employment ministry, GST Network, Reserve Bank of India and NITI Aayog, will look at technical modalities related to the conduct of the census.</span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">About Economic Censuses </span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It was launched in 1976 as a plan scheme. It undertakes complete count of all establishments located within the geographical boundary of the country.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It also provides detailed information on operational and other characteristics such as number of establishments, source of finance, type of ownership, number of persons employed etc.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">It covers all entrepreneurial units in the country involved in any economic activities of either agricultural or non-agricultural sector and engaged in production and distribution of goods and or services not for own consumption.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Information gather from this census is used for micro level/ decentralized planning and to assess contribution of various sectors of the economy in the gross domestic product (GDP).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">So far total Six Economic Censuses (EC) have been conducted till date. The first in 1977, second in 1980, third in 1990, fourth in 1998, fifth in 2005 and sixth edition in 2013.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => '7th-economic-census-begins-tripura', 'image' => 'https://www.mediafire.com/convkey/a271/qrvtchp1vftjo496g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a271/qrvtchp1vftjo496g.jpg', 'metatitle' => '7th Economic Census begins from Tripura', 'metakeyword' => 'Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura.', 'metadescription' => 'Union Government will kick off 7th Economic Census, a massive exercise aimed to get complete count of all economic units in the country from the north eastern state of Tripura.', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/8qwakja09cjjsiv/7th_Economic_Census_begins_from_Tripura.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 14 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 1967, 'title' => 'INX media scam', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""> Former Finance Minister P Chidambaram was arrested by the Central Bureau of Investigation in relation to the INX Media case. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"> </p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The CBI has registered an FIR alleging irregularities in Foreign Investment Promotion Board (FIPB) clearance given to INX media for receiving funds from abroad to the tune of Rs 305 crores.</span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">It is alleged that Chidambaram received kick backs and tweaked FDI rules to allow excessive flow of foreign investments into INX media firm.</span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">According to ED, INX Media was granted permission by the FIPB for FDI inflow amounting to Rs 4.62 crore from three Mauritian companies into INX Media.</span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Instead of the approved Rs 4.62 crore FDI, INX Media brought in a much larger sum of </span></span></span><span style="font-family:"Times New Roman","serif""><span style="color:#222222">Rs 305 crores.</span></span> <span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">It then went a step further and even brought in downstream investments, clearly violating rules. </span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">To facilitate changes, a bribe of $1 Million was transferred to Karti Chidambaram, son of P.Chidambaram through various foreign banks. The bribe amount was then used to buy various benami properties abroad.</span></span></span></span></span></li> </ul> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Foreign Investment Promotion Board (FIPB)</span></span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222">The Foreign Investment Promotion Board (FIPB) was a national agency of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Government of India<span style="color:#222222">, with the remit to consider and recommend </span>foreign direct investment<span style="color:#222222"> (FDI) which does not come under the automatic route.</span></span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#222222"> It was housed in the Department of Economic Affairs, Ministry of Finance. FIPB was abolished on 24 May 2017.</span></span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'inx-media-scam', 'image' => 'https://www.mediafire.com/convkey/4285/k1u9zvw3hzolyfw6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4285/k1u9zvw3hzolyfw6g.jpg', 'metatitle' => 'INX Media Scam | Media Scam', 'metakeyword' => 'INX media scam, media scam', 'metadescription' => ' Former Finance Minister P Chidambaram was arrested by the Central Bureau of Investigation in relation to the INX Media case. ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/ni1thwqab78tum6/INX_media_scam.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 15 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2078, 'title' => 'GST collection up by 4.5% in August', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The gross GST collection in August, 2019 stood at 98,202 crore, up 4.51% compared to 93,960 crore in the same month last year</span></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="background-color:white"><span style="font-family:Calibri,sans-serif">The GST collection, although higher on year-on-year basis, is still lower than government's expectations of 1 lakh crores.</span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST collection is a significant part of government’s revenue collection which is estimated to be around Rs 1 lakh crore every month to meet targets.</span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The on going slowdown has reduced the revenue amount from target of Rs 1 lakh crores to Rs 98,202 crores.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The total number of summary returns in GSTR 3B forms filed in the month of July upto 31 August was 75.8 lakhs</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Indirect tax collection in the month of August is generally subdued due to seasonality factor and hence may not be considered a reflection of consumption slowdown.</span></span></li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Effects</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A lower GST mop-up is set to strain government finances and make it difficult to meet fiscal target.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The burden would increase on the Centre for compensating states for revenue shortfall. The pressure on the revenue department could also go up to meet the targets which in turn may result in coercive actions against trade and businesses.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lower revenue is expected to hamper infrastructural and social reforms intended by the government.</span></span></li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Way Forward</span></strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To boost sales and initiate growth the government is expected to resort to rate cuts in some sector such as automobile and consumer goods like biscuits.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">By plugging the leakages the government hopes to increase the revenue amount.</span></span></li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="color:#212121">GST</span></span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax. It is collected from point of consumption and not point of origin like previous taxes.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-collection-up-in-august', 'image' => 'https://www.mediafire.com/convkey/d1c3/2cnsrzsh8o4hbj16g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d1c3/2cnsrzsh8o4hbj16g.jpg', 'metatitle' => 'GST collection up by 4.5% in August', 'metakeyword' => 'GST collection up by 4.5% in August', 'metadescription' => 'The gross GST collection in August, 2019 stood at ?98,202 crore, up 4.51% compared to ?93,960 crore in the same month last year', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/eto97u8klakvfjw/GST_collection_up.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 16 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2113, 'title' => 'India among top 10 countries with Gold reserves', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Issue</span></strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India has overtaken the Netherlands to move into the list of top ten countries in terms of total gold reserves.</span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the World Gold Council, India has gold reserves totalling 618.2 tonnes, which is marginally higher than the Netherlands’ reserves of 612.5 tonnes.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Background</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s gold reserves have grown substantially in the past couple of decades from 357.8 tonnes in the first quarter of 2000 to the current 618.2 tonnes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Demand is concentrated among emerging market central banks with diversification being the key driver in the face of ongoing geopolitical and economic uncertainty.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Details</span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to the latest release by the World Gold Council, U.S. leads the country list with total gold reserves of 8,133.5 tonnes followed by Germany with 3,366.8 tonnes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the IMF is ranked third with a holding of 2,451.8 tonnes, it is followed by countries such as Italy (2,451.8 tonnes), France (2,436.1 tonnes), Russia (2,219.2 tonnes), China (1,936.5 tonnes), Switzerland (1,040 tonnes) and Japan (765.2 tonnes) before India at the 10th spot.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt">Significance</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most central banks are raising their gold holdings as the dollar is strengthening, as they feel the need to diversify their reserves. </span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gold is seen as a better hedge against the dollar than any other currency<span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:black">.</span></span></span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-among-top-10-countries', 'image' => 'https://www.mediafire.com/convkey/9312/1rar01toxog7rng6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/9312/1rar01toxog7rng6g.jpg', 'metatitle' => 'India among top 10 countries with Gold reserves', 'metakeyword' => 'India among top 10 countries with Gold reserves', 'metadescription' => 'India has overtaken the Netherlands to move into the list of top ten countries in terms of total gold reserves.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/bkmk5phl4wlyxe4/India_among_top_10_countries.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 17 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2176, 'title' => 'Exports to handle economic slowdown', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Slowdown in domestic manufacturing could be negated by fast-tracking exports. As trade windows open due to trade tensions between the U.S. and China, an opportunity is created for Indian exports to the U.S. market.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahead of the Union Commerce and Industries Minister’s meeting with exporters and importers on September 11 to discuss trade policy instruments, exporters have flagged certain concerns, saying the government should help build large capacity for exports instead of announcing measures only for the MSME sector.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The CII has said that the exporters were at the mercy of foreign shipping lines in the absence of a national shipping line due to which their profits eroded significantly. A national shipping regulatory body should also be formed to determine freight rates.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Remedial measures are needed to protect the huge employment and investments made in SEZs where many units were finding it difficult to carry on their businesses due to some mid-term policy changes. There is also a suggestion for the government to give a one time I-T exemption.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Measures to boost exports includes “full reimbursement “ of various imposts on exports and relaxed lending norms to improve credit flow to reverse a slide in the growth of outbound shipments.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For Indian exporters to become competitive, the government needs to ensure that transaction costs are cut drastically, embedded taxes are fully offset, raw materials are made available at reasonable prices and credit is extended at cheaper rates.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Land acquisition needs to be made easier and companies must not be dragged into unnecessary legal hurdles.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'exports-to-handle-economic-slowdown', 'image' => 'https://www.mediafire.com/convkey/e2fb/yn5dq2jp3ld436z6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/e2fb/yn5dq2jp3ld436z6g.jpg', 'metatitle' => 'Exports to handle economic slowdown', 'metakeyword' => 'Slowdown in domestic manufacturing could be negated by ', 'metadescription' => 'Slowdown in domestic manufacturing could be negated by fast-tracking exports. As trade windows open due to trade tensions between the U.S. and China,', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/5g51yhxi92shgmz/Exports_to_handle_economic_slowdown.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 18 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2214, 'title' => 'Aadhar authentication for GST', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To keep fake traders at bay, Aadhaar authentication or physical verification will be made mandatory for new traders coming under the Goods and Services Tax regime from January 2020.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the new rule, those who do not prefer Aadhaar authentication, can go for physical verification, which will be carried out in three days. Currently, Aadhaar authentication is optional and no physical verification is required.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GST network is trying to make returns system more simple compared to the earlier one. All types of taxpayers will get a new system under three formats: <strong>Sahaj</strong>, <strong>Sugam </strong>and <strong>Normal.</strong></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Refunding will be made online to bring more transparency and convenience for traders and exporters.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GST Network</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization. It will manage the entire IT system of the GST portal, which is the mother database for everything GST.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'aadhar-authentication-for-gst', 'image' => 'https://www.mediafire.com/convkey/22d0/dpvkbqhpyw82t9n6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/22d0/dpvkbqhpyw82t9n6g.jpg', 'metatitle' => 'Aadhar authentication for GST', 'metakeyword' => 'To keep fake traders at bay, Aadhaar authentication', 'metadescription' => 'To keep fake traders at bay, Aadhaar authentication or physical verification will be made mandatory for new traders coming under the Goods and Services Tax ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/2hszidavcnzb7bo/Aadhar_authentication_for_GST.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 19 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2242, 'title' => 'India and GSP', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> A group of 44 influential lawmakers has urged the Trump administration to reinstate India’s designation as a beneficiary developing nation under the key GSP trade programme as part of a potential trade deal between the two countries.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Trump administration had terminated India’s designation as a beneficiary developing nation under the Generalized System of Preferences (GSP), which had reduced India’s exports to the US significantly. India was the largest beneficiary of the programme in 2017 with USD 5.7 billion in imports to the US given duty-free status .</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">American businesses and workers have suffered most from GSP termination to date instead of the foreign beneficial country it is alleged.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Despite facing higher tariffs due to lost GSP, imports from India of (previously) GSP-eligible products increased over 40 per cent in June/July 2019 compared to a year earlier. This may be the result of companies shifting sourcing away from China.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Latest data also shows that loss of GSP for India cost American companies about USD 30 million in July.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>GSP</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the GSP programme, nearly 2,000 products including auto components and textile materials can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by Congress.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-and-gsp', 'image' => 'https://www.mediafire.com/convkey/9756/nag4f0eavl09y9u6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/9756/nag4f0eavl09y9u6g.jpg', 'metatitle' => 'India and GSP', 'metakeyword' => 'a year earlier. This may be the result of companies shifting sourcing away ', 'metadescription' => 'Despite facing higher tariffs due to lost GSP, imports from India of (previously) GSP-eligible products increased over 40 per cent in June/July 2019 compared to ', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/01bqmwzqrw8n7oy/Government_to_link_MGNREGA_wages_to_inflation.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 20 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2328, 'title' => 'India- USA trade deal fails', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The India-US limited trade agreement that was intended to be signed to prevent on going escalations in tariff war has failed to get through.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The announcement of an agreement was expected to coincide with bilateral meeting between Prime Minister Narendra Modi and President Donald Trump. Trump had announced that a bigger trade deal would be coming into place soon.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sources have cliamed that the prospects of an agreement faltered due to the failure to reach an agreement on Information and communications technology (ICT) products.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. has wanted India to eliminate tariffs (20%) on ICT products, but India is concerned that this could open up the market to flooding by Chinese technology.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The U.S. wanted greater access to Indian markets for medical devices, such as stents and knee implants, ICT and dairy products and sought the removal of price caps.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India wanted the reinstatement of preferential market access to U.S. markets under the Generalized System of Preferences (GSP) program, which was revoked in early June.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It had also wanted facilitation of processes in agricultural product markets where it already had access such as easier certification of food product irradiation facilities and greater access in some agricultural markets like table grapes, pomegranates for instance.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Other Issues</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some of the larger issues for the U.S. include digital trade like for instance regulations around data localization and FDI in e-commerce.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India also continued to appear on U.S.’s “Priority Watch List” this year along with 10 other countries.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The annual list identifies countries which, according to the U.S., pose challenges to American intellectual property rights.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-usa-trade-deal-fails', 'image' => 'https://www.mediafire.com/convkey/c751/30cjs1foyx9jrb46g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c751/30cjs1foyx9jrb46g.jpg', 'metatitle' => 'India- USA trade deal fails', 'metakeyword' => 'Sources have cliamed that the prospects of an agreement ', 'metadescription' => 'Sources have cliamed that the prospects of an agreement faltered due to the failure to reach an agreement on Information and communications technology ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/8rr002wrblqcwra/India-_USA_trade_deal_fails.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 21 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2384, 'title' => 'India set to lose WTO case', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A WTO dispute settlement panel has upheld a US complaint that export subsidy programmes provided by the Indian government violated provisions of the trade body’s subsidies and countervailing measures (SCM) pact.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2018, the US complained that India’s export-related programmes violated Article 3.1(a) of WTO’s SCM agreement. Under Article 3.1, developing countries with gross per capita of $1,000 per annum are not entitled to provide export subsidies that are contingent upon export performance.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The three-member dispute settlement panel has struck down Indian export promotion schemes on the grounds that India is not entitled to provide such subsidies because its per capita gross national product (GNP) has crossed $1,000 per annum.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India will have a month to challenge the ruling before an appellate body, the highest court for global trade disputes. If the appellate body upholds the panel’s ruling, India will be required to discontinue the existing export promotion schemes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ruling comes at an opportune time for US, which is piling pressure on New Delhi to open the Indian market for medical products, particularly heart stents and knee implants, dairy items and other products, as part of an interim trade deal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India had announced it would discontinue export subsidies soon. Despite these pronouncements, the government has continued with export subsidies.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The programmes that could be affected are export-oriented units scheme, electronics hardware technology parks scheme, bio-technology parks scheme, merchandise exports from India scheme, export promotion capital goods scheme, special economic zones and duty-free imports for exporters.</span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Export subsidies</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic <a href="https://en.wikipedia.org/wiki/Market_(economics)" title="Market (economics)">market</a> through direct payments, low-cost <a href="https://en.wikipedia.org/wiki/Loans" title="Loans">loans</a>, tax relief for exporters, or government-financed international advertising.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An export subsidy reduces the price paid by foreign importers, which means <a href="https://en.wikipedia.org/wiki/Domestic_market" title="Domestic market">domestic</a> consumers pay more than foreign consumers. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <a href="https://en.wikipedia.org/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> (WTO) prohibits most subsidies directly linked to the volume of <a href="https://en.wikipedia.org/wiki/Exports" title="Exports">exports</a>, except for <a href="https://en.wikipedia.org/wiki/Least_Developed_Countries" title="Least Developed Countries">LDCs</a>.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'india-set-to-lose-wto-case', 'image' => 'https://www.mediafire.com/convkey/c0a8/c0rrtv88k2as1766g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/c0a8/c0rrtv88k2as1766g.jpg', 'metatitle' => 'India set to lose WTO case', 'metakeyword' => 'India set to lose WTO case', 'metadescription' => 'A WTO dispute settlement panel has upheld a US complaint that export subsidy programmes provided by the Indian government violated ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/03fxacwdo5f9lbz/India_set_to_lose_WTO_case.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 22 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2416, 'title' => 'GST collection drops', 'description' => '<p><strong>Issue</strong></p> <p>The revenue collected through GST has dropped for the second consecutive month in September to a 19-month low of Rs. 91,916 crore.</p> <p><strong>Background</strong></p> <p>The lower collection of GST has been attributed to lower growth in GDP numbers in the current quarter. This slowdown has impacted consumption pattern of the public and has resulted in lower revenue collection.</p> <p> </p> <p><strong>Details</strong></p> <ul> <li> <p>The revenue during September 2019 is 2.67% lower than what was collected in the same month of the previous year.</p> </li> <li> <p>During April-September, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.9%.</p> </li> <li> <p>The lower collections is assumed to be low due to the lower GDP growth numbers, as GST is a transaction tax that is immediately impacted by any decline in any economic activity.</p> </li> <li> <p>It has also been observed that drop in State GST collections has been sharper than for central GST (CGST).</p> </li> </ul> <p> </p> <p><strong>GST</strong></p> <ul> <li> <p>Goods and Services Tax is an indirect tax imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.</p> </li> <li> <p>Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.</p> </li> <li> <p>Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments.</p> </li> <li> <p>The single GST subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi.</p> </li> <li> <p>India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments.</p> </li> <li> <p>For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government.</p> </li> </ul> <p> </p> <p><strong>Reverse charge Mechanism</strong></p> <ul> <li> <p>Reverse Charge Mechanism (RCM) is a system in GST where the receiver pays the tax on behalf of unregistered, smaller material and service suppliers.</p> </li> <li> <p>The receiver of the goods is eligible for Input Tax Credit, while the unregistered dealer is not.</p> </li> </ul> <p> </p> <p><strong>Administration</strong></p> <ul> <li> <p>GST Council is the governing body of GST having 33 members and is chaired by the Union Finance Minister.</p> </li> <li> <p>GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India.</p> </li> <li> <p>The council is headed by the union finance minister and assisted by the finance minister of all the states of India.</p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-collection-drops', 'image' => 'https://www.mediafire.com/convkey/aef6/3zw7hfv7g5eomdm6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/aef6/3zw7hfv7g5eomdm6g.jpg', 'metatitle' => 'GST collection drops', 'metakeyword' => 'The lower collection of GST has been attributed to lower growth ', 'metadescription' => 'The lower collection of GST has been attributed to lower growth in GDP numbers in the current quarter. This slowdown has impacted consumption pattern of ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/h9chfz78xp3o3w7/GST_collection_drops.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 23 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2477, 'title' => 'RCEP deal', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Agriculture<strong> </strong>Minister Narendra Singh Tomar has communicated to Commerce minister Piyush Goyal the importance of protecting farmers’ interests while negotiating the RCEP trade agreement.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will remove customs duty on about 80-85% of items. The result will be that Chinese and other cheap goods will flood the Indian market even more. There are some concerns regarding impact of this deal on domestic sectors.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RCEP</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP (Regional Comprehensive Economic Partnership) is a proposed free trade agreement between India, China, Japan, South Korea, Australia, New Zealand and the ten member-states of the ASEAN (Association of South East Asian Nations) grouping.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits of RCEP</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is expected to provide market access for India’s goods and services exports and encourage greater investments and technology into India. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It would facilitate India’s MSMEs to effectively integrate into the regional value and supply chains.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RCEP would help India streamline the rules and regulations of doing trade, thus reducing the trade costs.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Threats due to RCEP</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Concerns expressed by various industry sectors have been the possibility of large-scale dumping of Chinese goods and the impact on Indian manufacturing.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The effect on Indian agriculture if the domestic market is opened up to dairy and farm produce, especially from Australia and New Zealand.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RCEP will cause widespread unemployment and reduce the income of rural farmers who will be impacted due to easy goods imports from other countries.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rcep-deal', 'image' => 'https://www.mediafire.com/convkey/d37c/ccn3pm1vi4p65mh6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d37c/ccn3pm1vi4p65mh6g.jpg', 'metatitle' => 'RCEP (Regional Comprehensive Economic Partnership) deal', 'metakeyword' => 'RCEP deal, Regional Comprehensive Economic Partnership', 'metadescription' => 'Agriculture Minister Narendra Singh Tomar has communicated to Commerce minister Piyush Goyal the importance of protecting farmers’ interests', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/7nk61qrup8nqv22/RCEP_deal.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 24 => object(Cake\ORM\Entity) { 'tag' => 'Miscellaneous', 'keyword' => 'miscellaneous-3', 'id' => (int) 2496, 'title' => 'Religare fund diversion case', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Religare Enterprises Ltd promoter Shivinder Singh and his brother were arrested by the Delhi Police for alleged diversion of public money for their own benefit.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Enforcement Directorate (ED) had carried out searches<strong> </strong>at the homes of the brothers after revelations from the Mauritius Leaks on their offshore holdings showed great irregularities in their account books.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is alleged that funds were allegedly diverted from REL, a company listed in India, to a Jersey firm that was solely owned by Malvinder Singh and Shivinder Singh, using a web of offshore companies.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The alleged persons had absolute control on Religare Enterprises Limited (REL) and its subsidiaries that put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These companies wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore to the investors.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Poor financial health of Religare Finvest was to a large extent on account of wilful default on significant unsecured loans, defined for internal purposes as corporate loan book by borrower entities either related, controlled or associated with the promoters.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loans were given at a non-arms-length basis, which is in violation of corporate governance norms, as well as other regulations for Non-Banking Financial Companies (NBFCs) prescribed by the Reserve Bank of India (RBI).</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'religare-fund-diversion-case', 'image' => 'https://www.mediafire.com/convkey/5f4b/cvi2c1clr1kjf316g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/5f4b/cvi2c1clr1kjf316g.jpg', 'metatitle' => 'Religare fund diversion case', 'metakeyword' => 'Religare fund diversion case', 'metadescription' => 'Religare Enterprises Ltd promoter Shivinder Singh and his brother were arrested by the Delhi Police for 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certain extent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mr. Trump has also agreed not to proceed with a hike in tariffs to 30% from 25% on about $250 billion in Chinese goods that was supposed to have gone into effect.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>US-China tariff wars</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The China–United States trade war was an ongoing economic conflict between the world’s two largest national economies, China and the United States. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">President Donald Trump in 2018 began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to "unfair trade practices".</span></span></p> </li> 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