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Current Affairs
29 Nov.2016
Accent Institute Hisar

Union Government introduces Taxation Laws (Second Amendment) Bill, 2016

  • The Union Government has introduced the Taxation Laws (Second Amendment) Bill, 2016 (‘the Bill’) in the Parliament.
  • The bill amends existing tax laws to impose a higher rate of tax and penalty in respect of undisclosed incomes.
  • It proposes, Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY), an anti-poverty scheme.
  • It seeks to attract more people to disclose their unaccounted cash and also to put in a framework in place to use that for the welfare of the people especially in the rural areas.
  • It also ensures that tax defaulting assessees and black money holders are subjected to tax at a higher rate and stringent penalty provision.
  •  Bill Mandatory for black money declarants to deposit 25% of amount disclosed in Pradhan Mantri Garibi Kalyan Yojana (PMGKY) 2016 for a 4 year lock-in period without interest.
  • Those who choose to declare their ill-gotten wealth stashed till now in banned Rs. 1,000 and Rs. 500 currency notes under the PMGKY scheme will have to pay a tax at the rate of 30% of the undisclosed income.
  • Additionally, 10% penalty will be levied on the undisclosed income and PMGK Cess (surcharge) at the rate of 33% of tax (33% of 30%).
  • Further, the declarants will have to deposit 25% of the undisclosed income in a scheme to be notified by the government in consultation with the Reserve Bank of India (RBI).
  • The money from PMGK will be used for projects in irrigation, infrastructure, primary education, primary health, housing, toilets and livelihood so that there is justice and equality.
  • For those who continue to hold onto undisclosed cash and are caught they will be levied with flat 60% tax plus a surcharge of 25% of tax (15%), which will amount a levy of 75%. Besides, if the assessing officer can charge a 10% penalty in addition to the 75% tax.

    Accent Institute Hisar

  • The winner of the 2016 Davis Cup is – Argentina

    • The Dictionary.com’s Word of the Year for 2016 is – Xenophobia

    • The author of the book titled ‘Conflicts of Interest: My Journey through India’s Green Movement’ is – Sunita Narain

    • Radha Mohan Singh, Union Agriculture and Farmers Welfare Minister, launched e-Pashuhaat portal to – connect breeders and farmers regarding availability of bovine germplasm

    • The village in Gujarat that recently earned the tag of becoming India’s first digital village in India is – Akodara

    • Person appointed as Director of Lal Bahadur Shastri National Academy of Administration- Upma Chawdhry

    • City that will organise the first underwater festival of India- Pune

    • Bank that launched contactless debit card based on Near Field Communication (NFC) technology- South Indian Bank

    • Bank that tied-up with Gujarat State Road Transport Corporation (GSRTC) to digitise payment of bus tickets for its customers- YES Bank

    • Person appointed as the Director-General of Military Operations (DGMO) recently- Lt-General A K Bhatt

    • The Indian Dairy brand to debut online through Amazon in the United States- Amul

    • This state will be the first-ever in India to go completely cashless- Goa

    • The 47th International Film Festival of India (IFFI) was held in- Goa

    • The Golden Peacock for ‘Best film’ at the 47th IFFI went to- Daughter

    • The ICFT- UNESCO Gandhi medal was awarded to Turkish drama film- Cold of Kalandar

    • The Bill that amends the Income Tax Act, 1961 and seeks to impose a higher rate of tax and penalty in respect of undisclosed incomes is – Taxation Laws (Second Amendment) Bill, 2016

    Akodara becomes India’s first Digital Village

  • Akodara village in Sabarkantha district of Gujarat has earned the coveted tag of becoming India’s first digital village in India.
  • The village with a total population of 1,191 people and 250 households uses a various cashless system for payments of goods and services.
  • All transactions in the village are carried out through digital modes like SMS, net-banking or debit cards.
  •  The village was adopted by ICICI Bank under its Digital Village Project in 2015 and made cashless by adopting digital technology.
  • The project was launched in January 2016 by Prime Minister Narendra Modi and ICICI Bank MD and CEO Chanda Kochar to mark 60-year-celebration of the ICICI group’s existence.
  • All households in village have savings account in local ICICI Bank branch. The bank has provided training to villagers to embrace digital technology to reduce dependence on cash.
  • The village has almost 100% financial rate and all mobile banking is done in Hindi, English and Gujarati languages.
  • It also has its own official website.
  • The villagers’ most important transactions selling agri-produce at the local market or mandi or selling milk at the co-operative society have been made cashless.
  • It has primary, secondary and higher secondary schools equipped with smart boards, computers and tablets.
  • It can be said that this village has become prime example of how e-banking can be practically implemented in Indian villages without much difficulty to make India cashless economy.

    NGO starts 16-day campaign on child trafficking in Bengaluru

  • An NGO named Association for Promoting Social Action (APSA) has launched a 16-day campaign to create awareness against child trafficking and missing children in Bengaluru. 
  • The initiative comes after the National Crime Records Bureau released statistics, which shows that a child goes missing in India every eight minutes and 40% of these children remain untraced

    Zimbabwe launches a new currency

  • Zimbabwe’s President Robert Mugabe has launched bond notes equivalent to US dollar, to be issued on Monday by the country’s central bank. 
  • This comes after unrest in Zimbabwe as the government delayed state officials’ salaries. The central bank said bond notes will ease currency shortages, but reports suggest it could encourage increased cash printing, similar to what happened in 2008.

    Traditional arts by minority communities displayed at IITF

  • About 184 artisans from minority communities showcased traditional arts at the India International Trade Fair (IITF). 
  • Various crafts, including Uttar Pradesh’s chikan embroidery, Bihar’s Madhubani art, and pottery works, were showcased at the ‘Hunar Haat’ during the 9-day fair at Pragati Maidan. 
  • The initiative, organised by the Ministry of Minority Affairs, aimed at the upliftment of minorities.

    Ashwin 3rd Indian to make 500 runs & take 50 wickets in a year


  • Ravichandran Ashwin became only the third Indian cricketer ever to register over 500 runs and take more than 50 wickets in a calendar year. 
  • Prior to this, Vinoo Mankad achieved the feat in 1953 before former captain Kapil Dev achieved it twice in 1979 and 1983. 
  • Notably, Ashwin has scored 530 runs and claimed 56 wickets this year so far.

    Lt General AK Bhatt to be appointed new DGMO of Indian Army

  • The Appointments Committee of the Cabinet on Monday approved the appointment of Lieutenant General AK Bhatt as the new Director General Military Operation (DGMO) of Indian Army.
  • The incumbent DGMO Lt General Ranbir Singh has been promoted to General Officer Commanding of Strike 1 Corps. Notably, Bhatt was promoted to the rank of Lt General from Major General in April.