Insights Daily Current Events, 03 April 2015 _ INSIGHTS

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  • insightsonindia.com http://www.insightsonindia.com/2015/04/03/insightsdailycurrentevents03april2015/

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    InsightsDailyCurrentEvents,03April2015

    InsightsDailyCurrentEvents,03April2015

    Indirecttaxcollectionexceedstarget

    TheindirecttaxescollectionhassurpassedtherevisedestimatesbyRs.4,000croretoreachRs.5.46lakhcroreforthefiscalendedMarch2015,despiteaslowdowninthemanufacturingsector.

    ThetotalcollectionasonMarch31isRs.5,46,479crore,basedontheprovisionalreportagainstrevisedestimatesofRs.5,42,325crorefor201415.

    IndirectTaxes:

    Indirecttaxisataxcollectedbyanintermediary(suchasaretailstore)fromthepersonwhobearstheultimateeconomicburdenofthetax(suchastheconsumer).Theintermediarylaterfilesataxreturnandforwardsthetaxproceedstogovernmentwiththereturn.Inthissense,thetermindirecttaxiscontrastedwithadirecttaxwhichiscollecteddirectlybygovernmentfromthepersons(legalornatural)onwhichitisimposed.

    SomeofthesignificantindirecttaxesincludeValueAddedTax,CentralSalesTax,CentralExciseDuty,CustomsDuty,stampduties,Goodsandservicestax(GST)andexpendituretax.

    Sources:TheHindu,Wiki.

    RajasthanbringsBillagainstwitchcraft

    TheRajasthanstategovernmentrecentlytabledPreventionofWitchHuntingBillintheAssembly.

    DetailsoftheBill:

    TheBillprovidesforlifeimprisonmentifwitchhuntingcausesdeath,andimprisonmentuptofiveyearsandafineforpractisingwitchhunting,witchcraftandsoon.Atleast60%ofthefinewillgotothevictimforhertreatmentandrehabilitation.

    TheBillproposestoimposeacollectivefineontheinhabitantsofaplacewhoabetthecrime,harbourpersonscommittingit,suppressevidenceorfailtorenderallassistanceintheirpowerstodiscoverorapprehendtheoffenders.Thefineshallbespentontherehabilitationandresettlementofthevictim.

    TheBillprohibitsanyactsderogatorytohumandignitysuchasforcingawomantodrinkoreatanyinedibleorobnoxioussubstanceorparadinghernakedorinscantyclothesorwithpaintedfaceorbody.Displacingherfromherhouseandotherpropertywillbeapunishableoffence.Atpresent,thereisnopenalprovisioninthelawtoprohibitorpunishthoseaccusedofwitchhuntingandsuchpracticesintheState.

    TheStategovernmenthasproposedtorolloutoneormoreschemesfortherehabilitationandresettlementofthevictimandtoconductawarenessprogrammesonsuperstitionsandsuchpractices.

  • Glossary:

    WhoisaWitch,accordingtotheBill?

    IntheBill,thetermwitchisdescribedasawoman,locallyknownasDayan,DakanorDakin,whohasbeenidentifiedbyanypersonorpersonsbelievinghertobeinpossessionof,orashaving,anyevilpowerforcausinganyharmtoanypersonorproperty.

    WhatisWitchcraft?

    WitchcrafthasbeendescribedintheBillasuseofsupernaturalormagicalpowerswithevilintentiontocallupaspiritorcastaspellordiscoverstolengoods.

    ItincludessuchotherpracticeswhichareknownasTonaTotaka,TantraMantra,JaduTonaandJhadPhunk.

    WhoisaWitchDoctor?

    WitchdoctormeansapersonwhoislocallyknownasGunia,Tantrikorotherwiseandclaimsthathehassupernaturalormagicalpowertocontrolorcureawitchorperformsanyritualpurportedlytofreeawomanfromevilspirit.

    WhatisWitchHunting?

    Witchhuntingmeansanyactorconductonthepartofanyperson,identifying,accusingordefamingawomanasawitchorharassing,harmingorinjuringsuchwomanwhethermentallyorphysicallyorbydamagingherproperty.

    Sources:TheHindu.

    Nabardexpects50%creditgrowthinAP,Telangana

    TheNationalBankforAgricultureandRuralDevelopment(Nabard)expectsa50%growthincreditdisbursalstoAndhraPradeshandTelanganatoRs21,000croreduringfiscal201516.

    Thebankalsohasformedregionaladvisorygroups(thinktanks)andtechnicalgroupsforboththestatestoassistinadvancingthelendingmechanisms.Itisalsotakingupaselfhelpgroup(SHG)digitisationdrive,withthepilottobetakenupinMedakdistrictinTelanganathisyear.

    Nabard:

    Itisanapexdevelopmentandspecializedbankestablishedon12July1982byanactbytheparliamentofIndia.ItsmainfocusistoupliftruralIndiabyincreasingthecreditflowforelevationofagriculture&ruralnonfarmsector.

    ItwasestablishedbasedontherecommendationsoftheCommitteesetupbytheReserveBankofIndia(RBI)underthechairmanshipofShriB.shivaraman.

    ItreplacedtheAgriculturalCreditDepartment(ACD)andRuralPlanningandCreditCell(RPCC)ofReserveBankofIndia,andAgriculturalRefinanceandDevelopmentCorporation(ARDC).

    Ithasbeenaccreditedwithmattersconcerningpolicy,planningandoperationsinthefieldofcreditforagricultureandothereconomicactivitiesinruralareasinIndia.

    NABARDisactiveindevelopingfinancialinclusionpolicyandisamemberoftheAllianceforFinancialInclusion.

    Itsroleandfunctions:

    Itlooksafterthedevelopmentofthecottageindustry,smallindustryandvillageindustry,andotherruralindustries.

    TheBankhasbeengivencertainrolesasfollows:

  • ItServesasanapexfinancingagencyfortheinstitutionsprovidinginvestmentandproductioncreditforpromotingthevariousdevelopmentalactivitiesinruralareas

    Ittakesmeasurestowardsinstitutionbuildingforimprovingabsorptivecapacityofthecreditdeliverysystem,includingmonitoring,formulationofrehabilitationschemes,restructuringofcreditinstitutions,trainingofpersonnel,etc.

    CoordinatestheruralfinancingactivitiesofallinstitutionsengagedindevelopmentalworkatthefieldlevelandmaintainsliaisonwithGovernmentofIndia,StateGovernments,ReserveBankofIndia(RBI)andothernationallevelinstitutionsconcernedwithpolicyformulation

    ItUndertakesmonitoringandevaluationofprojectsrefinancedbyit.

    NABARDrefinancesthefinancialinstitutionswhichfinancestheruralsector.

    Itregulatestheinstitutionwhichprovidesfinancialhelptotheruraleconomy.

    Itprovidestrainingfacilitiestotheinstitutionsworkingthefieldofruralupliftment.

    ItregulatesthecooperativebanksandtheRRBs,andmanagestalentacquisitionthroughIBPSCWE.

    NABARDisalsoknownforitsSHGBankLinkageProgrammewhichencouragesIndiasbankstolendtoSHGs.

    Sources:TheHindu,Wiki,NABARD.

    Sebiforincludingfamilytrusts,NBFCsinQIBsegment

    TheSecuritiesandExchangeBoardofIndia(Sebi)hasproposedincludingsystematicallyimportantnonbankfinancialcompanies(NBFCs)andsomeregisteredfamilytrustsinthequalifiedinstitutionalbuyers(QIB)category.Further,theregulatorhassuggestedanyotherentityregisteredwithSebiandhavingaminimumnetworthofRs500croremayalsobeconsideredaQIB.

    Impact:

    Themovewillputsuchentitiesataparwithinstitutionalinvestorslikebanksandmutualfunds(MFs).

    Whoarequalifiedinstitutionalbuyers?

    Currently,QIBsaredefinedunderSebiregulationsasinstitutionalinvestorsgenerallyperceivedtopossessexpertiseandthefinancialmuscletoevaluateandinvestincapitalmarkets.

    TheexistingQIBsincludepublicfinancialinstitutionslikescheduledcommercialbanks,MFs,foreigninstitutionalinvestorandventurecapitalfunds.

    SEBITheSecuritiesandExchangeBoardofIndia(SEBI)istheregulatorforthesecuritiesmarketinIndia.Itwasestablishedintheyear1988andgivenstatutorypowerson12April1992throughtheSEBIAct,1992.

    Composition:

    SEBIiscomposedof

    ThechairmanwhoisnominatedbyUnionGovernmentofIndia.

    Twomembers,i.e.,OfficersfromUnionFinanceMinistry.

    OnememberfromtheReserveBankofIndia.

    TheremainingfivemembersarenominatedbyUnionGovernmentofIndia,outofthematleastthreeshallbewholetimemembers.

    Forthedischargeofitsfunctionsefficiently,SEBIhasbeenvestedwiththefollowingpowers:

  • Toapprovebylawsofstockexchanges.

    Torequirethestockexchangetoamendtheirbylaws.

    Inspectthebooksofaccountsandcallforperiodicalreturnsfromrecognizedstockexchanges.

    Inspectthebooksofaccountsoffinancialintermediaries.

    Compelcertaincompaniestolisttheirsharesinoneormorestockexchanges.

    Registrationofbrokers.

    Sources:TheHindu,Wiki.

    Indiaranks119onGlobalBusinessResilienceIndex

    Indiaranked119thamong130countriesonanindexmeasuringbusinessresilienceofnationsbasedoneconomic,riskqualityandsupplychainfactors,droppedsevennotchesfromlastyear.

    Detailsofthe2015FMGlobalResilienceIndex:

    TheIndexhasbeentoppedbyNorwayforbeingthecountrybestsuitedforcompaniesseekingtoavoiddisruptionsintheirglobalsupplychainoperations.Venezuelaisrankedlastonthelist.

    Ontheeconomicparameter,whichtakesintoaccountgrossdomesticproduct,politicalriskandoilintensity,Indiaisranked115th,thesameaslastyear.

    Intheriskqualityfactor,itranked109thforitsqualityofnaturalhazardandfireriskmanagement,aslightimprovementfromits113thrankin2014.

    Inthethirdcategoryofsupplychain,whichlooksatcorruptioncontrol,infrastructureandlocalsupplierquality,Indiaisranked89th,falling11spotsfromthepreviousyear.

    Amongthetop10countriesthataremostresilient,NorwayisfollowedbySwitzerland(2),Netherlands(3),Ireland(4),Luxembourg(5),Germany(6),Qatar(7),Canada(8),Finland(9)andtheUS(10).Atthe123rdspot,Pakistanisinthebottom10countriesontheindex.

    TheotherleastresilientnationstobusinesssupplychaindisruptionareDominicanRepublic(126),Nicaragua(127)andKyrgyzRepublic(129).

    Thereportalsosaysthat:

    Economically,Indiasuffersfromaformidabletangleofproblems.AthirdofitspopulationstillliveinextremepovertyoneofthehighestincidencesoutsidesubSaharanAfrica.TheimplementationofeconomicreformshasbeenidentifiedasaprioritybyIndiasnewgovernment.Theexceptionisthecountrysrelativelylowexposuretonaturalhazards,whichsuggeststhatIndiasdestiny,toanencouragingextent,liesinitsownhands.

    Theindexprovidesanannualrankingof130countriesandterritoriesaccordingtotheirbusinessresiliencetosupplychaindisruption.

    Sources:BS.

    InsightsSecurePrelims2015Timelimit:0

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