National Anti-Profiteering Authority (NAA), the institutional mechanism under the GST law to check the unfair profit-making activities by the trading community, and mandated to ensure that the benefits of input credit and the reduction in GST rates on specified goods or services are passed on to the consumers by way of a commensurate reduction in prices, has been set up as approved by the Union...
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Category: Current Affairs
N. K. Singh to Head the 15th Finance Commission
15th Finance Commission setting up has been approved by the Union Cabinet chaired by the Prime Minister Narendra Modi on November 22, 2017. It will assess the tax resources of the country and suggest a formula for their devolution among states for the five years commencing April 1, 2020 and to review the levels of fiscal deficit, among other issues. Under Article 280 (1) of the Consti...
Manushi Chhillar Crowning Miss World 2017 gives Credence to ‘India is Home to World’s Most Beautiful Women’
India’s Manushi Chhillar won the coveted Miss World 2017 title at a glittering event held at Sanya in China on Saturday, 18 November 2017; 17 years after Priyanka Chopra won the title in 2000. She competed against 118 contestants from various countries. Miss World 2016 winner Puerto Rico’s Stephanie Del Valle gave away the crown to the winner. Andrea Meza, Mexico was the 1st runner up...
Insolvency & Bankruptcy Code Bars Defaulting Promoters
Insolvency and Bankruptcy Code, 2016 (IBC) amended on 23 November 2017 by the Government of India promulgating ordinance to bar defaulting promoters from bidding for their own assets is one of the biggest disruptive initiatives towards a more transparent and cleaner way of doing business and pushing Indian businesses to adapt new ways and change old practices. The ordinance:
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BJP Wrests in Himachal Pradesh with Overwhelming Majority
Himachal Pradesh has the record of changing governments every election since 1985, and this time too Bharatiya Janata Party (BJP), following aggressive campaign, wrested power with an overwhelming majority winning 44 seats in 68 members Assembly, reducing Congress to just 21 seats with most of the Cabinet Ministers of Congress also losing elections. Results were declared on 18 December 2017 of t...
BJP’s Sixth Straight Win in Gujarat is a Big Victory as it beats Five Term Anti-Incumbency
Bharatiya Janata Party (BJP) lead by Prime Minister Narendra Modi and party President Amit Shah has won elections in Gujarat for the sixth time winning 99 seats - 54.4% of the total 182 seats and got 49.1% vote share. It faced a tough battle against a renewed Congress that got 80 seats – 43.96% of total seats and 41.4% vote share, under the leadership of newly elected party president Rahul Gandh...
Insolvency and Bankruptcy Code, 2016 is a paradigm shift from ‘Debtor in Possession’ to ‘Creditor in Control’ regime
Insolvency and Bankruptcy Code, 2016 (IBC) was passed by parliament in May 2016 and became effective in December 2016 with the aim to consolidate the laws relating to reorganisation and insolvency of companies and limited liability entities, unlimited liability partnerships and individuals, into a single legislation to provide for a greater clarity in law and facilitate the appl...
BrahMos Air Launch Missile Fired from Su-30 MKI Aircraft
BrahMos air version anti shipping missile was successfully fired on 22 November 2017 by Indian Air Force from its frontline Su-30 MKI fighter aircraft off the Eastern Coast. The launch from the aircraft was smooth and the missile followed the desired trajectory before directly hitting the ship target. Crew comprising Wg Cdr Prashant Nair and Wg Cdr KP Kiran Kumar test fired the missile while the...
Suu Kyi Assures Asean Summit Rohingya Crisis Being Addressed
On the on-going Rohingya crisis, Ms Suu Kyi, the de-facto head of Myanmar's civilian administration, who is accused of ignoring the plight of 600,000 Rohingya, that have been forced to flee the country to Bangladesh, gave an assurance in the recently held 31st ASEAN Summit at Manila in Philippines on 13 & 14 November 2017 that the crisis was being addressed. International pressure...
Sagarmala to Modernize Ports & Augment Port-Led Development
Sagarmala, also called Blue economy, launched in 2015 is a strategic and customer-oriented initiative of the Government of India to modernize India's Ports so that port-led development can be augmented and coastlines can be developed to contribute in India's growth. Prime Minister Narendra Modi, had stated, “To me the Blue chakra or wheel in India’s national flag represents the ...