DAILY CURRENT AFFAIRS: 14 MAR 2018

DAILY CURRENT AFFAIRS: 14 MAR 2018

(DAILY NEWS INDIA)

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1.      CABINET APPROVES AGREEMENT ON AVOIDANCE OF DOUBLE TAXATION AND FISCAL EVASION BETWEEN INDIA AND IRAN

The agreement deals with the matter of Avoidance of Double Taxation and the Prevention of Fiscal Evasion between India and Iran.

Section 90 of the Income Tax Act, 1961 which authorises Indian Government to enter into an Agreement with a foreign country or specified territory for avoidance of double taxation of income.

This agreement will boost flow of investment, technology and personnel between both the countries.

Facts about Iran:

♦ Current President – Hassan Rouhani

♦ Important Rivers – Karun, Zayanderud

2.      HRD MINISTRY TO SET UP ‘INNOVATION CELL’ TO PROMOTE EDUCATION

The HRD ministry has decided to set up an innovation cell lead by a scientist to develop new ideas to encourage innovation in India.

i. This decision was made at a high-level meeting held in which the need to create innovation cell was discussed after India improved by 6 ranks in the Global Innovation Index Ranking.

ii. India was at 66th position in 2016. It improved to 60th rank in 2017 on the Global Innovation Index Ranking.

3.      FIRST INTERACTION OF 15TH FINANCE COMMISSION WITH PARLIAMENTARIANS HELD IN NEW DELHI

First Interaction of 15th Finance Commission with the Members of Parliament in New Delhi.

The meeting was held to convey the proposed schedule of the Commission’s work and its Terms of Reference  as well as to seek suggestions of Parliamentarians.

ii. In context of this news, it is important to note that unlike previous Finance Commissions, the 15th Finance Commission will function in a different scenario wherein there is no Planning Commission and Government has removed the distinction between Plan and Non Plan grants.

 15th Finance Commission:

♦ Formed in – November 2017

♦ Chairman – N.K. Singh

4.      WHO MEMBER-COUNTRIES COMMIT TO END TB BY 2030

WHO member-countries commit to end TB by 2030Commitment to end TB by 2030:

i. This commitment was made during ‘End TB Summit’ in New Delhi.

ii.  The member-countries have resolved to collectively reach out to 2 million missing TB cases and 150000 multidrug-resistance cases by 2020 and take necessary action to end TB.

Facts about World Health Organisation

♦ Formed in – 1946

♦ Headquarters – Geneva, Switzerland

♦ Current Director General – TedrosAdhanom

5.      UNITED STATES CHALLENGES INDIAN EXPORT SUBSIDIES SCHEMES AT WTO

i. US Government has argued that Indian Government runs several export subsidy/incentives schemes which offers financial benefits to Indian exporters and brings down the end cost of products.

ii. Indian exporters are granted exemption from certain duties, taxes, and fees.

iv. As per Government data, thousands of Indian companies receive financial benefits to the tune of $7 billion annually through these schemes.

Quick Facts about World Trade Organisation:

♦ Formed in – 1995

♦ Headquarters – Geneva, Switzerland

♦ Director General – Robert Azevedo

6.      TAX RATES UNDER GST ARE WORLD’S SECOND HIGHEST: WORLD BANK

i. World Bank highlighted that 49 countries around the world have a single slab of GST, 28 countries have two slabs, and only five countries, including India, have four non-zero slabs.

ii.  GST in India has not only increased administrative tax compliance burden on firms but has also resulted in locking-up of working capital due to slow tax refund processing.

iii.  World Bank asserted that in the long run, benefits of the GST will outweigh its costs and initial hurdles.

Quick Facts about Goods and Services Tax

♦ Rolled out in India from – July 1, 2017

♦ Replaced – 16 levies (7 central taxes and 9 state taxes)

♦ Non-zero Tax brackets – 5%, 12%, 18% and 28%

OBJECTIVE QUESTIONS BASED ON TODAY’S NEWS

Q1. WHICH INDIAN MINISTRY HAS DECIDED TO SET UP AN INNOVATION CELL LEAD BY A SCIENTIST TO DEVELOP NEW IDEAS TO ENCOURAGE INNOVATION IN INDIA?

A. Human Resources Development Ministry

B. NITI Aayog

C. Planning Commission

D. Department of Land Resources

E. Ministry of Rural Development

Q2. WITH WHICH COUNTRY INDIA SIGNED AN MOU IN THE FIELD OF TRADITIONAL SYSTEMS OF MEDICINE?

A. Poland

B. Holland

C. Iraq

D. Spain

E. Iran

Q3. IN WHICH INDIAN CITY, THE FIRST INTERACTION OF 15TH FINANCE COMMISSION WITH THE MEMBERS OF PARLIAMENT WAS HELD AT?

A. Mumbai

B. Kanpur

C. New Delhi

D. Allahabad

E. Patna

Q4. WHICH COUNTRY CHALLENGED INDIAN EXPORT SUBSIDIES SCHEMES AT THE WORLD TRADE ORGANISATION, STATING THAT THESE PROGRAMMES ARE CREATING AN UNEVEN PLAYING FIELD AND ARE THUS HARMING THE MANUFACTURERS IN THE COUNTRY?

A. China

B. Japan

C. Russia

D. UK

E. USA

ANSWERS

1-A          2-E              3- C                 4-E