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No discussion, LS passes Financial Bill

@UPSC_18

The Lok Sabha passed the Finance Bill, 2018, with 21 amendments, some of which had to do with the controversial long-term capital gains tax on equity announced in the Budget speech by Finance Minister ArunJaitley and tax exemptions for start-ups.

The Bill was passed without discussion amid ruckus, following which both Houses of Parliament were adjourned for the day.

Regarding the long-term capital gains (LTCG) tax, one of the major amendments made was that the grandfathering of gains till January 31, 2018 will now be incorporated in the computation of the gains itself, rather than for the purposes of computing tax at the rate of 10%.

“This resolves the ambiguity contained in the language of the Finance Bill, 2018, on the need for a duplicated computation, viz. first for computing LTCG without grandfathering and then for applying 10% tax rate with grandfathering,” Rajiv Chugh, Tax Partner at EY India, said in a note.

The amended Finance Bill, 2018 clears the air on several ambiguities and anomalies on the new LTCG regime.

Cost base for depreciation allowance on stock in trade converted into capital asset, valuation of securities held as inventory by scheduled banks and public financial institutions.

Due date for CbCR (country by country reporting) compliance by Indian constituent entity of non-resident parent entity and turnover cap for eligible start-ups.”

However, tax experts say that ambiguities on other proposals continue to exist, such as the deemed dividend taxation of accumulated profits of an amalgamating company.

Potential extension of SEP to physical transactions, applicability of prosecution for non-filing of returns of income to foreign companies whose incomes are fully covered by withholding tax, and restrictive relief from minimum alternate tax (MAT) for non-resident companies under presumptive basis of taxation.

The amended Finance Act also made changes to the rules regarding how start-ups can avail of tax deductions on profits.

Previously, start-ups were allowed 100% deduction of profits for any three out of seven years from the year of incorporation.

To avail of this incentive, the start-ups were required to comply with a condition that stipulated that their turnover could not exceed Rs. 25 crore in those seven years.

Very good value for Darjeeling Brand: Mamta

West Bengal Chief Minister Mamata Banerjee said that the ‘Darjeeling brand’ has very good value and the ongoing Darjeeling Business Summit has garnered Rs. 1,500 crore investment proposals.

“The Darjeeling brand has very good value and needs to be nurtured for proper utilisation to attract more tourists and investments. We are happy to receive Rs. 1,500 crore investment proposals at the first Darjeeling Business Summit,” Ms. Banerjee said

The Confederation of Indian Industry, which partnered the State government and the Gorkha Territorial Administration in organising the business summit, has already prepared an action plan for development in the hills, she said, adding that the final plan will be submitted later.

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The Chief Minister also welcomed Sikkim businessmen who are interested in investing in Darjeeling. “You too take part in this initiative to boost development in Darjeeling,” she said.

On the unrest in the hills, Ms. Banerjee said, “Whenever Darjeeling makes progress some dirty games begin in its neighbouring areas. Don’t allow this to happen.”

Darjeeling had experienced turmoil last year with the GorkhaJanmuktiMorcha sponsoring a 104-day-long strike to push for a separate Gorkhaland State. The strike ended in September and hit hard its tea industry.
RIMES

💎The RIMES is an intergovernmental body registered under United Nations. It is owned and managed by 45 collaborating countries in Asia Pacific and Africa Region.
💎India is chairman of the body. It was established in 2009 and was registered with UN in July 2009. It operates from its regional early warning centre located at campus of Asian Institute of Technology in Pathumthani, Thailand.
💎It has evolved from efforts of countries in Africa and Asia in aftermath of 2004 Indian Ocean tsunami.
💎Mandate: It seeks to establish regional early warning system within multi-hazard framework for generation and communication of early warning information and capacity building for preparedness and response to trans-boundary hazards.
💎It provides information related to Tsunami and extreme weather conditions. It also acts as a test bed for emerging technologies and help to enhance performance.
Government expands Beti Bachao Beti Padha to pan India
==============
▪️The Union Government has expanded Beti Bachao Beti Padhao (BBBP) programme from 161 districts to all 640 districts of the country.

▪️The initial focus of BBBP was limited to districts which were either below national average or were worse in their own states in terms of absolute values of Chid Sex Ratio (CSR).

Background

▪️As per data available in Health Management Information System (HMIS), there has been improvement in sex ratio at birth (SRB). The SRB which was 918 in 2014-15 has improved to 926 in 2016-17 as per HMIS data.

▪️The successful implementation of BBBP programme in states and districts has led government to decide to go Pan-India and expand the programme to all districts.

▪️However, looking at magnitude and criticality of problem and its spread across country, the expansion will take care that no district is left out of BBBP ambit.

Beti Bachao Beti Padhao (BBBP)

▪️The scheme was launched by Prime Minister in January 2015 at Panipat, Haryana as comprehensive programme to address declining Child Sex Ratio (CSR) and related issues of empowerment of women over life-cycle continuum.

▪️‎The specific objectives of scheme are preventing gender biased sex selective elimination, ensuring survival and protection of the girl child and ensuring education and participation of the girl child. Its focus is on awareness and advocacy campaign, multi-sectoral action enabling girls’ education and effective enforcement of Pre-Conception & Pre Natal Diagnostic Techniques (PC&PNDT) Act.

▪️The scheme is being implemented as a tri-ministerial, convergent effort of Union Ministries of Women and Child Development (WCD), Health & Family Welfare (MoHFW) and Human Resource Development (HRD). The Union ‎Ministry of Women and Child Development (WCD) is nodal ministry for programme at central level.
The 2013 rupee shock

The rupee tumbled after the US Federal Reserve indicated in May 2013 that it would soon begin to cut back on monetary expansion

India was then hobbled with an overvalued exchange rate, inadequate foreign exchange reserves, a record current account deficit, runaway inflation, and a massive fiscal deficit

This placed India in ‘Fragile Five’group along with Brazil, Turkey, South Africa and Indonesia

India is now not fragile but still vulnerable

There are three main risks to economic stability right now

Interest rate normalization in the US

Quantitative tightening would send US bond yields shooting up

US monetary tightening usually reduces capital flows into emerging markets

The Indian current account deficithas also begun to widen

But RBI has record foreign exchange reserves built through several years of intervention in the currency market to defend the rupee in case there is a run on the Indian currency

2. Headwinds from China’s slowing growth

The clampdown on smoke and the move towards clean energy is hampering the Chinese manufacturing sector

The upsurge in producer price inflation that bolstered the profits of state-owned enterprises last year is deteriorating

Countries exposed to a China growth slowdown (through exports) may face a huge blow

Exports from India to China and Hong Kong constitute about 10% of the total Indian exports, so India may not see a drastic impact despite the sputtering of China’s growth engines

3. Escalating trade war

Retaliatory moves by big countries could hurt the exports of countries that participate in the sophisticated system of global value chains

The US accounts for only around 10% of India’s steel and aluminum exports, which limits the material impact of such a tariff on India’s trade

Four worries for the Indian economy

Widening CAD

Current account deficit is likely to widen up to 2% of gross domestic product (GDP) in 2018, from 1.7% in 2017

A higher current account deficit could make the economy vulnerable to sudden capital stops

2. Banking crisis

The sluggish pace of bad debt resolution and the growing cases of bank frauds make the economy susceptible to confidence loops

India could be entering a freshly brewed cycle of NPAs

This would necessitate larger-than-earmarked capital infusion, consequently leading to a further pushing back of fiscal consolidation goals

3. Increasing foreign liabilities

Most of the rise in long-term external debt is because of the increase in external commercial borrowings by companies

There are limits to how much the Indian central bank can intervene to absorb these capital flows, given the risks that India could then be tagged a currency manipulator by the US

Heavy currency intervention could increase the risk of trade sanctions from the US

4. Political risks

Important state elections are scheduled in 2018 followed by a national election in 2019

There could be strong incentives to abandon macro stability in favor of spending programmes that lead to a deterioration in public finances

Way forward

The Indian economy seems to be better placed to deal with global shocks than it was in July 2013

There may be no reason to panic but policymakers should stay on guar
Headline inflation measured by the Consumer Price Index (CPI) has remained under control. This was
indicative of benign food inflation

Food inflation measured by the Consumer Food Price Index (CFPI) declined. Good agricultural
production coupled with regular price monitoring by
the Government helped to contain inflation. The rise
in food inflation in recent months is mainly due to
factors driving prices of vegetables and fruits. Though
decline in food inflation is broad-based, major drivers
are meat & fish, oil & fats, spices and pulses &
products.

Core Inflation: The CPI based core inflation (i.e. CPI
excluding food and fuel group) has remained above 4
per cent during the last four financial years. Refined
core (CPI excluding food and fuel group, petrol &
diesel) is in line with core inflation.
What is the procedure to remove a high court judge?
@UPSC_18
Removal of high court judge do not find direct place in Art. 217 of constitution of India. Under proviso (b) of Article 217, it has been laid that the procedure mentioned in article 124 would apply.

To understand removal, let us understand appointment. Appointment is made by President and in consultation with Chief Justice of India, governor of State and Chief Justice of Respective High Court. So High Court Judge is appointed by PResident under Article 217. The High court entry takes place in the union list under Entry no.78. under 11A of Concurrent list, it is also the duty of both central and state government to look into admisnitration of justice. But High Court and Supreme Court are in the exclusive domain of Central Government. Anyway government has nothing to do with the removal of judge because judiciary must be independent.

Article 124 tells that judge of supreme court and proviso (b) of Article 217 tell the manner provided therein in Article 124.

What Article 124 says is ; ( in context of high court) A judge shall not be removed by president unless 2/3 of members presenting and voting in parliament voted for removal of judge in parliament after a address with regard to removal of such judge. Such a removal must be after addressing in each house of parliament i.e lok sabha and rajya sabha. and the majority of voting must be 2/3 by adding votes of both the house of parliament.
Police and DM to provide safe houses for couples facing khap panchayat ire: SC

The district magistrate or police chief have to provide couples, who risk the wrath of khap panchayats, not only with logistics and protection at their wedding but also a “safe house” to stay during the first year of marriage.

This is among the guidelines issued by the Supreme Court to be implemented in six weeks.

The safe house, located in the same district or elsewhere, can accommodate the couple for a nominal charge.

State governments have to establish safe houses in district headquarters.

But before the district magistrate or the police chief take the couple under their official protection, they have to assess whether the “bachelor-bachelorette are capable adults.”

The safe houses would function under the direct supervision of the jurisdictional District Magistrate and Superintendent of Police.

In a strongly worded condemnation of khap panchayats, which gang up against young couples to force their presence and dictate punishments, Chief Justice Misra said khaps feel their duty is sanctified and their action of punishing the hapless victims is inviolable.

Women are treated by the khaps as servile persons who have no desire for autonomy. Their families are either silent spectators or active participants in their torture.

“Masculine dominance becomes the sole governing factor of perceptive honour.”

These “feudalistic” entities have no compunction in committing crimes, the court said.

The court gave a list of actions which trigger honour-based crimes: loss of virginity outside marriage; unapproved relationships; refusing an arranged marriage; divorce; demanding custody of children; scandal; and “falling victim to rape”
💎💎Bharat Stage VI (BS VI) is an emission standard that will induce technology in the vehicles to reduce pollutant emissions
💎💎The vehicles will mandatorily include On board Diagnostics (OBD), which will monitor the pollution caused by the vehicle in real time.-Acumenias
💎💎NOx emission will come down by approximately 25% for the petrol engine and 68% for the diesel engines.
The PM emission will see a substantial decrease of 80% in diesel engines.-Acumenias
💎💎Though BS VI is in lines with Euro VI norm, it overcomes the drawback in the Euro VI norm that allows emission of higher PM (particulate matter) in diesel engines.
ஏப்ரல் 1 ம் தேதி "ஏப்ரல் ஃபூல்" செய்வதற்குப் பதிலாக, குறைந்தபட்சம் ஒரு மரத்தை 🌲 நடுங்கள், 🌏"ஏப்ரல் கூல்" 🌦️ என்று பெயரிடுங்கள்!!அனைவருக்கும் நான் வேண்டுகோள் விடுகிறேன். இந்த சிறிய பிரச்சாரம் இந்த ப
https://youtu.be/TmS6vwx_bUY
காவிரி வழக்கில் திருப்பம்

'ஸ்கீம்' என்பது காவிரி மேலாண்மை வாரியம் இல்லை

உச்ச நீதிமன்றத்தின் விளக்கத்தால் தமிழக விவசாயிகள் அதிர்ச்சி
8 இரா.வினோத் ளையும் ஸ்கீம்' என குறிப்பிட்டுள் வாரியம் அமைத்தால் சட்டம் ரியில் இருந்து தமிழகத்திற்கு
ளது. எனவே மத்திய அரசு காவிரி ஒழுங்கு பாதிக்கப்படும்" என கிடைக்க வேண்டிய நீர் முழு
புதுடெல்லி மேலாண்மை வாரியம் அமைக்க குறிப்பிட்டுள்ளது. வதும் கிடைக்கும் வகையில்
காவிரி வழக்கில் உச்ச நீதிமன்றம் வேண்டும் என்று வலியுறுத்தி தமிழக அரசு தாக்கல் செய்த உச்ச நீதிமன்றம் நடவடிக்கை
அளித்த தீர்ப்பில் குறிப்பிடப்பட் யது. இதற்கு எதிர்ப்பு தெரிவித்த மனுவில், "உச்ச நீதிமன்ற உத்த எடுக்கும்” என வாய்மொழியாக
டுள்ள 'ஸ்கீம்' (செயல் திட்டம்) கர்நாடக அரசு, உச்ச நீதிமன்றம் ரவை அவமதித்த மத்திய அரசு தெரிவித்தார்.
என்கிற வார்த்தைக்கு காவிரி குறிப்பிடும் 'ஸ்லிம்' காவிரி மீது நடவடிக்கை எடுக்க வேண் இதையடுத்து மத்திய அரசுக்கு
மேலாண்மை வாரியம் இல்லை மேலாண்மை வாரியத்தை குறிக் டும். இதனால் தமிழக விவசாயிக எதிராக தமிழக அரசு தொடர்ந்த
என தலைமை நீதிபதி தீபக் கவில்லை. இது தீர்ப்பை செயல் ளுக்கு காவிரி நீர் கிடைப்பது சிக் நீதிமன்ற அவமதிப்பு வழக்கை
மிஸ்ரா கூறியுள்ளார். படுத்த காவிரி மேற்பார்வை கலாக மாறியுள்ளது” என தெரி வருகிற 9-ம் தேதிக்கு ஒத்தி வைக்
காவிரி நீர் பங்கீடு தொடர்பான ஆணையத்தையே குறிக்கிறது வித்துள்ளது. தமிழக அரசின் கப்பட்டது. அன்றைய தினம்
ரித்த உச்ச நீதிமன்றம் கடந்த பிப் இதுதொடர்பாக மவுனம் காத்த உச்ச நீதிமன்ற தலைமை நீதிபதி விவகாரங்களும் விசாரணைக்கு
மேல்முறையீட்டு வழக்கை விசா என தெரிவித்தது. வழக்கறிஞர் உமாபதி நேற்று காவிரி வழக்கில் உள்ள மற்ற
ரவரி 16-ம் தேதி தீர்ப்பு வழங்கி மத்திய அரசு, உச்ச நீதிமன்றம் தீபக் மிஸ்ரா அமர்வின் முன்பாக ஏற்றுக் கொள்ளப்படும் என
யது. 'அதில், "காவிரி நடுவர் விதித்த காலக்கெடு மார்ச் 29-ம் இந்த வழக்கை உடனடியாக தெரிகிறது.
மன்றம் வழங்கிய இறுதித் தேதியுடன் நிறைவடைந்த நிலை விசாரிக்க வேண்டும் என உச்ச நீதிமன்ற தலைமை
நீதிபதி தீபக் மிஸ்ராவின் 'ஸ்கீம்"
தர்ப்பை செயல்படுத்த 'ஸ்கீம்' யில் புதிய மனுவை தாக்கல் செய் கோரிக்கை விடுத்தார்.
(செயல் திட்டம்) ஒன்றை 6 வாரங் தது. அதில், “உச்ச நீதிமன்றம் தலைமை நீதிபதி தீபக் மிஸ்ரா, குறித்த விளக்கம் தமிழக விவசா
களுக்குள் மத்திய அரசு ஏற்ப குறிப்பிட்டுள்ள ‘ஸ்கீம்' என்பதன் "உச்சநீதிமன்ற தீர்ப்பில் குறிப்பி யிகளிடம் அதிர்ச்சியை ஏற்படுத்தி
காவிரி போக்கை அடுத்த விசாரணை
டுத்த வேண்டும்” என பொருள் என்ன? அது காவிரி டப்பட்டுள்ள 'ஸ்கம்' என்கிற யுள்ளது. உச்ச நீதிமன்றம் இதே
இதற்கு தமிழக அரசு, காவிரி தால், அதனை உருவாக்க கூடுதல் மேலாண்மை வாரியம் என்பது யிலும் பின்பற்றினால் காவிரி
நடுவர் மன்றம் தனது தீர்ப்பில் லாக 3 மாதங்கள் கால அவகாசம் பொருள் அல்ல, அது காவிரி மேலாண்மை வாரியம்
மற்றும் காவிரி நீர் ஒழுங்காற்று காவில் தேர்தல் நடைபெறு கூடிய மற்ற அம்சங்களையும் மாறிவிடும் என விவசாயிகள்
குறிப்பிட்டுள்ளது. மேலாண்மை வாரியமாக இருந் வார்த்தைக்கு
குழு ஆகிய இரு அமைப்புக வதால் காவிரி மேலாண்மை உள்ளடக்கியது. எனவே காலி தெரிவித்துள்ளனர்.
காவிரி மேலாண்மை வாரியம் வழங்க வேண்டும் கர்நாட நதிநீர் பிரச்சினைக்கு தீர்வு தரக் அமைப்பது கேள்விக்குறியாக மாறிவிடும் என விவசாயிகள் தெரிவித்துள்ளனர்.