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Tuesday, March 3, 2015

HIGHLIGHTS OF UNION BUDGET 2015-16

                                                            UNION BUDGET
UNION BUDGET OF INDIA, referred to as the annual financial statement in Article 112 of the constitution.
Budget is presented every year on the last working day of February in Lok Sabha by the finance Minister of India.
NOTE:
Finance Minister Morarji Desai presented the budget ten times, the most by any.
There are 3 types of BUDGET:
1)     Revised budget (2013-14)
2)     Actual budget (2014-15)
3)     Estimated budget (2015-16)
           UNION BUDGET is classified into Revenue Budget and Capital Budget.
Revenue BUDGET:
Revenue Receipts + Expenditure
Capital BUDGET:
Capital Receipts + Payments of the Government
            NOTE: Fiscal deficit is incurred when the Governments total expenditure exceeds its total revenue.

           UNION FINANCE MINISTER Arun Jaitley presented the first full UNION BUDGET of MODI’S Government. 

HIGHLIGHTS OF UNION BUDGET 2015-2016
                           STATISTICS
NON-PLANNED EXPENDITURE: RS 13,12,200 CRORES.
PLANNED EXPENDITURE: RS 4,65,277 CRORES.
TOTAL EXPENDITURE: RS 17,77,477 CRORES.
GROSS TAX RECIEPTS: RS 14,49,490 CRORES.
DEVOLUTION TO THE STATES: RS 5,23,958 CRORES.
SHAR OF CENTRAL GOVERNMENT: RS 9,19,842 CRORES.
NON TAX REVENUES: RS 2,21,733 CRORES.
FISCAL DEFICIT: 3.9% of GDP and REVENUE DEFICIT: 2.8% of GDP.
TAXATION
1          Abolition of Wealth Tax.
2          Additional 2% surcharge for the super rich with income of over Rs. 1 crore to fetch Rs 9,000 crore
3          Rate of corporate tax to be reduced to 25% over next four years from 30%.
4          No change in tax slabs.
            Tax slab           up to 2.5 Lakh             --0%
                                    2.5 to 5 Lakh                --10%
                                    5 to 10 lakh                  --20%
                                    Above 10 Lakh             --30 %
5          Total exemption of up to Rs. 4,44,200 can be achieved.
Current exemption                                                                                                       Rs. 2.50 lakh
Exemption under tax saving schemes                                                                          Rs. 1.50 lakh
Exemption with new transportation allowance of Rs. 1,600 per month             Rs.19,200 per year
New deductible health insurance premium                                                                   Rs. 25,000
Total                                                                                                                            Rs. 4,44,200
6          100% exemption for contribution to Swachch Bharat, apart from CSR.
7          Service tax increased by 1.64% to 14 per cent.
8          Health Insurance Premium deduction hiked from Rs 15,000  to Rs 25,000; for senior citizens to Rs 30,000
9          Transport allowance exemption hiked to Rs 1,600, from Rs 800 per month
10         Rs 50,000 deduction for contribution to New Pension Scheme
11         GAAR implementation deferred by 2 years to April 2017
12         Benami property Transaction bill to tackle black money transaction in real estate soon
13         GST to be put in place by April 1, 2016
14         Incentivise use of credit, debit cards; disincentivise cash transaction to curb black money

AGRICULTURE:
1          Rs. 25,000 crore for RIDF (Rural Infrastructure Development Bank).
2          Rs. 5,300 crore to support Micro Irrigation Programme.
3          Farmers credit - target of 8.5 lakh crore.
Note: Few days before the budget, government has launched a soil health card for farmers, under which farmers across the country will be provided help in scientifically monitoring the condition of soil at their farms at regular intervals. 

INFRASTRUCTURE:
1          Rs. 70,000 crores for Infrastructure sector.
2          Tax-free bonds for projects in rail, road and irrigation.
3          PPP model for infrastructure development to be revitalized and government to bear majority of the risk.
4          “Atal Innovation Mission” to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
5          Government proposes to set up 5 ultra mega power projects, each of 4000MW with total investments of Rs 1 lakh crore.
EDUCATION:
1          AIIMS in 5 states: Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2          IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.
3          PG institute of Horticulture in Amritsar.
4          Kerala to have University of Disability Studies.
5          Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6          IIM for Jammu and Kashmir and Andhra Pradesh.
Note: Higher education budget is increased by 22% so the focus is shifted from school to higher education.
DEFENCE:
1          Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
2          Focus on Make in India for quick manufacturing of Defense equipments.
WELFARE SCHEMES:
1          GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.
2          Six crore toilets across the country under the Swachh Bharat Abhiyaan.
3          MUDRA bank will refinance micro finance organizations to encourage first generation SC/ST entrepreneurs.
4          Housing for all by 2020.
5          Up gradation of 80,000 secondary schools.
6          DBT will further be expanded from 1 crore to 10.3crore.
7          For the “Atal Pension Yojana”, government will contribute 50% of the premium limited to Rs. 1,000 a year.
8          New scheme for physical aids and assisted living devices for people aged over 80.
9          Govt. to use Rs. 9,000crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10         Rs. 5,000crore additional allocation for MGNREGA.
11         Government to create universal social security system for all Indians.
12       Yoga - included under charitable activities.

RENEWABLE ENERGY:
1          Rs. 75 crore for electric cars production.
2          Renewable energy target for 2022: 100K MW in solar
                                                                  60K MW in wind
                                                                  10K MW in biomass           
                                                                  5K MW in small hydro
TOURISM:
1          Development schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi, Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new tourism scheme.
2          Visa on Arrival for 150 countries to up tourism.
            Currently this facility is only available for 43 countries.
GOLD:
1          Sovereign Gold Bond, as an alternative to purchasing metal gold.
2          New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.
3          To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.
FINANCIAL SECTOR:
1          Forward Markets Commission to be merged with SEBI (Securities and Exchange Board of India).
2          NBFCs which are registered with the RBI and have asset size of Rs 500crore and above to be considered             as ‘financial institution’ under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate             businesses
3          Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”
SARFAESI:- Securitization and Reconstruction of financial assets and enforcement of security interest act.

OTHER IMPORTANT HIGHLIGHTS OF THE BUDGET:

No change in individual IT slabs.
Individual tax payer can now get benefit of upto RS 4.4 lakhs.
Corporate tax reduced to 25%.
Target of 8.5 lakh crores credit to be given to farmers in 2015-16.
Atleast 1 member from each family to get a job.
Imprisonment of 10 years under black money law.
GAAR deferred by 2 years.
National skill mission to be launched for youth below 25 years of age.


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Monday, March 2, 2015

DAILY FREE CURRENT AFFAIRS 1 ,2 MARCH 2015

DAILY CURRENT AFFAIRS 1-2 MARCH 2015
Shared By: WWW.DailyGk.IN
                                                 
1) NATIONAL SCIENCE DAY:
Ø  Indian National Science Day was observed on 28th February.
Ø  This day is remarked by the discovery of the “RAMAN EFFECT”.
Ø  Indian Physicist ‘Sir Chandrasekhra Venkata Raman’ discovered Raman Effect on 28th February 1928.
Ø  Sir Chandrasekhara Venkata Raman was awarded the Nobel Prize in Physics in 1930.
Note: Raman Effect is related to Spectrum of light.
EXPECTED QUESTION FROM THIS CURRENT AFFAIRS NEWS:
1.     When is National Science Day observed?
a.       25th Feb
b.      5th March
c.       28th Feb
d.      9th March

2)   AMITAVA ROY SWORN IN AS NEW SUPREME COURT JUDGE:
Ø  Justice Amitava Roy was sworn in as the new Supreme Court Judge, for a tenure of 3 years.
Ø  Amitava Roy was Chief Justice of the Odisha High Court.
Ø  With Amitava Roy , as the new Judge of the Supreme Court, the strength  of the apex court has gone up to 29 against a sanctioned strength of 31 judges.
EXPECTED QUESTION FROM THIS CURRENT AFFAIRS NEWS:
1.     Amitava Roy was Chief Justice of which state High Court?
a.       Punjab and Haryana High court
b.      Odisha High Court
c.       Kerala High court
d.      Jammu and Kashmir high Court

3)   MUFTI MOHAMMED SAYEED SWORN IN AS THE NEW CHIEF MINISTER OF J & K:
Ø  Mufti Mohammed Sayeed takes oath as the new Chief minister of Jammu & Kashmir.
Ø  With Mufti Mohammed Sayeed taking oath as the new CM of J&K, it brings an end to the 49 days Governor rule in the state.
Ø  Mufti Mohammed Sayeed is the veteran leader of PDP (People’s Democratic Party).
Ø  PDP and BJP made coalition Government in J&K.
Ø  Nirmal Singh of the BJP will be the Deputy Chief Minister of the State.
       Note: Narender Nath Vohra is the Governor of J&K.         
EXPECTED QUESTION FROM THIS CURRENT AFFAIRS NEWS:
1.     Who became the CM of J&K?
a.       Omar Abdullah
b.      Nirmal Singh
c.       Jayant Sharma
d.      Mufti Mohammed Sayeed

4)   MONTH LONG TROPEX EXERCISE CONCLUDED:
Ø  A month Tropex exercise of Indian Navy concluded on 27th February.
Ø  The exercise was aimed at validating the Indian Navy’s concept of operations and the area of operations spanned across the Arabian sea and Northern Indian Ocean.
TROPEX: Theatre Level Readiness and Operational Exercis.
Key facts to remember:
Ø  Around 50 ships and submarines, along with 70 aircrafts from the three Naval commands participated.
Ø  Indian Navy had deployed two carrier Task Forces simultaneously at sea.
Ø  Both INS Viraat and INS Vikramaditya participated.
EXPECTED QUESTION FROM THIS CURRENT AFFAIRS NEWS
1.     Which month long Navy exercise concluded recently?
a.       TROPEX
b.      VALIANT SHIELD
c.       RIMPAC
d.      VARVNA

5)   2015 WILL BE HONOURED AS THE YEAR OF ACTIVE PHARMACEUTICAL INGREDIENTS:
Ø  Union Minister of Chemical and Fertilizers declared the year 2015 as the year of Active pharmaceutical Ingredients.
Ø  Ananth Kumar, is the Union Minister of Chemical and Fertilizers.
EXPECTED QUESTION FROM THIS CURRENT AFFAIRS NEWS
1.     Who is the Union Minister of Chemical And Fertilizers?
a.       Anand Sharma
b.      Najma Heptulla
c.       Ananth Kumar
d.      Kalraj Mishra
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