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TABLE OF CONTENTS
NATIONAL PAGE : THE HINDU
1. Air Force tests its sinews with 1,110 aircraft
2. Pak. denies pilgrims consular access
3. Chip in for viewership data, says I&B Ministry
4. PMLA will need more changes
5. Govt. ties up with IIT-Delhi for safety switches on vehicles
INDIAN ECONOMY/ BUSINESS - THE HINDU
1. What demonetisation did to tax collections
2. ‘Robust exports can help India grow at 8%’
INTERNATIONAL : THE HINDU : Modi’s visit could see pacts on migrants, Ayurveda centre
FRONT & NATIONAL PAGE
Air Force tests its sinews with 1,110 aircraft
What is Gaganshakti-2018? It is exercise consisting of variety of new tactics and operational strategies by Indian Air Force with 1100+ Aircrafts.
HIGHLIGHTS : For the 1st time =
indigenously made light combat aircraft, Tejas - was tested.
IAF formalised the concept of a forward surgical centre with a new facility in Naliya.
OTHER AIRCRAFTS/ SYSTEM IN NEWS : C-130J ; An-32; AWACS (airborne warning and control system) ; A C-17 Globemaster aircraft ; IL-78 flight ; Su-30 fighters.
Pak. denies pilgrims consular access
NEWS : India accused Pakistan of “Diplomatic discourtesy”
WHY? Pakistan prevented meetings between visiting Sikh pilgrims and Indian diplomats.
SO WHAT? This denial by Pakistan constitute a clear violation of the Vienna Convention of 1961, the bilateral Protocol to visit Religious Shrines, 1974 and the Code of Conduct [for the treatment of diplomatic/consular personnel in India and Pakistan] of 1992.
Chip in for viewership data, says I&B Ministry
NEWS : The Information and Broadcasting (I&B) Ministry has proposed the installation of a chip in new television set-top boxes to collect data on channels watched, with duration.
WHY? To get more authentic data - so that it would help to spend their advertising expenditure wisely.
WHAT HAPPENS NOW? This would end the monopoly of the Broadcast Audience Research Council India (BARC), which measures the television audience preferences in the country.
PMLA will need more changes
WHAT IS PMLA? The Prevention of Money Laundering Act (PMLA).
WHAT IS ISSUE WITH PMLA? PMLA is a predicate-offence-oriented law, which means that a case filed under PMLA depends on the fate of cases pursued by primary agencies such as the CBI, the Income Tax Department or the police.
WHAT CAN BE DONE? As Financial Action Task Force (FATF), international body that sets global standards for fighting illicit finance, recommends that money laundering be made a standalone offence.
EARLIER : On the issue of attachment of assets, the Karnataka High Court, in a 2016 judgment took a stand that money laundering was a standalone offence in view of Sections 5 and 8 amended in 2013, read with the definition of ‘property’ in Section 2(1)(v) of the Act.
Govt. ties up with IIT-Delhi for safety switches on vehicles
NEWS : The Ministry of Electronics and IT in partnership with IIT-Delhi is working on a switch-based device in cars and buses to aid safety of women.
WHY SAFETY FOR WOMEN? The total number of crimes registered against women INCREASED by 2.9% in 2016 over 2015, as per the government data.
FUND : The project, being developed by IIT-Delhi, is being funded by the Nirbhaya Fund.
ECONOMICS/BUSINESS PAGE : THE HINDU
What demonetisation did to tax collections
WHAT WERE THE EFFECTS OF DEMONETISATION ON TAX COLLECTIONS.
DATA 1 : FY18 - Net collections (gross mop ups minus refunds) increased by 17.1% in the just concluded fiscal year, to Rs. 9.95 lakh crore.
ANALYSIS : In FY 11 - 18% Increase ; FY14 - 14% increase = without any such measures.
So how would we know if direct tax collections have really revved up post-demonetisation ? We can find this out through direct tax buoyancy. Higher the number, the better the compliance.
1. In the seven years from FY08 to FY14, direct tax buoyancy hovered between 0.5 and 1.1 times, averaging out at 1 for the period. 2. Direct tax buoyancy doubled from 0.6 times in FY16 to 1.3 times in FY17 and accelerated further to 1.7 times in FY18.
‘Robust exports can help India grow at 8%’
NEWS : India can achieve more than 8% growth rate in a sustained manner if it takes steps to revive investments and make exports competitive, said Asian Development Bank Economist Abhijit Sen Gupta.
HIGHLIGHTS : • Asian Development Outlook, 2018, expects India’s growth to pick up to 7.3% in current fiscal and accelerate to 7.6% in the next financial year. • As Chinese exports are becoming expensive because of rising wages, India can reap benefits by improving competitiveness.
INTERNATIONAL : THE HINDU
Modi’s visit could see pacts on migrants, Ayurveda centre
NEWS : Modi is going to visit U.K a) to discuss a range of issues — including immigration, technology cooperation and education; and b) to take part in Commonwealth Heads of Government Meeting (CHOGM).
THINGS TO BE DONE : 1. A memorandum of understanding on the return of illegal migrants to India will be formally signed. 2. setting up of an Ayurveda research centre in the U.K.
SUPPORT AND PROTEST FOR MODI : • A rally will be take place outside the diaspora event venue in support of Modi. • South Asia Solidarity group - will hold a protest over attacks on religious minorities, Dalits and the media. • ‘Action for Elephants’ - calling on the Indian government to enforce laws on protecting temple elephants.
BACKGROUND : The Commonwealth Business Forum, • which will bring together business leaders and political figures from across the Commonwealth, • would explore ways of raising intra-Commonwealth trade from around $525 billion in 2015 to around $700 billion by 2020, • alongside looking at some of the contemporary challenges and opportunities around technology, skills, and protectionism.