DAILY CURRENT
AFFAIRS: 14 MAR 2018
(DAILY NEWS INDIA)
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
♦
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
