Daily Current Affairs : 8-Jan-2020

Major Topics Covered :

  1. SECOND NATIONAL GST CONFERENCE

  2. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) (AMENDMENT) REGULATIONS, 2020

  3. FIRST ADVANCE ESTIMATES OF NATIONAL INCOME, 2019-20

  4. INFANT MORTALITY

  5. NATIONAL INSTITUTE OF OCEAN TECHNOLOGY - NIOT

  6. GOVERNMENT OWNED CONTRACTOR OPERATED (GOCO) MODEL

  7. AKBAR PADAMSEE

  8. SNOW AND AVALANCHE STUDY ESTABLISHMENT (SASE)

  9. UAE’S NEW 5-YEAR VISA SCHEME



SECOND NATIONAL GST CONFERENCE

Part of GS- 3 Economy


Why in news?

  • Centre and States have come together to take necessary action to streamline the Goods and Services Tax (GST) system and plug revenue leakage.


Highlights:

  • Several measures were discussed in this regard during the Second National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax in New Delhi.

  • They include curbing fraudulent refund claims, linking foreign exchange remittances with IGST refund, investigation of fraudulent Input Tax Credit (ITC) cases by the IT Department and a single bank account for foreign remittance receipt.

  • The meeting held under the chairmanship of Revenue Secretary Dr Ajay Bhushan Pandey decided to constitute a Committee of Centre and State officers to examine and implement quick measures to curb fraudulent refund claims.

  • A Memorandum of Understanding will be signed among the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the GST Network to exchange data through application program interface, from CBDT to GSTN and CBIC and vice-versa.

  • The conference was organized to build synergy between the Centre and States and to share their knowledge and best practices with intent to bring about uniformity in tax administrations.

  • Deliberations were held on a mechanism and machinery for disseminating inter-departmental data among various agencies like CBDT, CBIC and State Tax Administrations to achieve efficiency in curbing evasion.

  • Views were also presented on curbing fraud and evasion, checking fake or huge input tax credit claims and seeking bank account details of businesses totally with their filings.

  • Besides, the meeting also focused on bridging the compliance gap and enhancing revenue.


Source: AIR


INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) (AMENDMENT) REGULATIONS, 2020

Part of GS- 3 Economy


Why in news?

  • The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6 January 2020.


Highlights:

  • The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013.

  • It also clarifies that a secured creditor cannot sell or transfer an asset, which is subject to security interest, to any person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor.

  • The amendment provides that a secured creditor, who proceeds to realise its security interest, shall contribute its share of the insolvency resolution process cost, liquidation process cost and workmen's dues, within 90 days of the liquidation commencement date.

  • It shall also pay excess of realized value of the asset, which is subject to security interest, over the amount of its claims admitted, within 180 days of the liquidation commencement date.

  • Where the secured creditor fails to pay such amounts to the Liquidator within 90 days or 180 days, as the case may be, the asset shall become part of Liquidation Estate.

  • The amendment provides that a Liquidator shall deposit the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process along with any income earned thereon into the Corporate Liquidation Account before he submits an application for dissolution of the corporate debtor.

  • It also provides a process for a stakeholder to seek withdrawal from the Corporate Liquidation Account.


Source : Business Standard


FIRST ADVANCE ESTIMATES OF NATIONAL INCOME, 2019-20

Part of GS- 3 Economy


Why in news?

  • The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the First Advance Estimates of National Income at both Constant (2011-12) and Current Prices, for the financial year 2019-20 along with the corresponding estimates of expenditure components of the Gross Domestic Product (GDP).

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Highlights:

  • The First Advance Estimates of GDP have been released in accordance with the release calendar of National Accounts.

  • The approach for compiling the Advance Estimates is based on Benchmark-Indicator method.

  • The Indian economy is estimated to grow at 5 per cent in 2019-20 as against 6.8 per cent in the previous fiscal.

  • According to the first advanced estimates of the national income released by National Statistical Office (NSO), the decline has been mainly on account of deceleration in manufacturing sector growth, which is expected to come down to 2 per cent in 2019-20 from 6.2 per cent in the year-ago fiscal.

  • The deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.

  • Whereas, some sector, including mining, public administration, and defence, showed minor improvement.

  • Gross Value Added (GVA) at Basic Prices Estimated growth of real GVA in 2019-20 is 4.9 per cent as against 6.6 per cent in 2018-19.

  • In terms of growth rates, the National Income registered a growth rate of 7.6 per cent in 2019-20 as against the previous year’s growth rate of 11.3 per cent.

  • The Per Capita Net National Income during 2019-20 is estimated to be ₹1,35,050 showing a rise of 6.8 per cent as compared to ₹1,26,406 during 2018-19 with the growth rate of 10.0 per cent.


Source: AIR


INFANT MORTALITY

Part of GS- 1 Social Issues


Why in news?

  • Every day, India witnesses the death of an estimated 2,350 babies aged less than one year. Among them, an average 172 are from Rajasthan and 98 from Gujarat. In 2014, of every 1,000 children born in the country, 39 did not see their first birthday.


Highlights:

  • Today, that figure has come down to 33. That is 1,56,000 fewer deaths every year.

  • As outrage continues over the deaths of babies in J K Lon Hospital in Kota, Rajasthan, and in the civil hospital in Rajkot, Gujarat, the fact remains that India has the most child deaths in the world.

  • In 2017, UNICEF estimated 8,02,000 babies had died in India.

How high are the mortality numbers?

  • India has an annual birth cohort of approximately 26 million.

  • The infant mortality rate (IMR) in the country currently stands at 33 per 1,000 live births.

  • This means babies numbering in the region of 8,50,000 die every year in India, or an average daily toll to 2,350.

  • Gujarat has an annual birth cohort of 1.2 million.

  • In 2017, the infant mortality rate in the state was 30 per 1,000 live births. This means the state sees about 36,000 deaths a year, or an average 98 a day.

  • In Rajasthan, an estimated 1.65 million births take place every year.

  • The infant mortality rate is 38 per 1000 live births which implies an estimated 62,843 deaths annually, or an average 172 every day.


Do Gujarat and Rajasthan have the highest infant mortality?

  • No. Between 2014 and 2017, India’s IMR has declined by 15.4%. At a decline rate of 17.4%, Rajasthan has been ahead of the national average in reducing IMR while Gujarat has a decline rate of 14.3%.

  • The IMR in Rajasthan dropped from 46 per 1,000 live births in 2014 to 38, and in Gujarat from 35 to 30.

  • In 2017, states such as Arunachal Pradesh (42), Madhya Pradesh (47), Assam (44), Uttar Pradesh (41), Meghalaya (39), Odisha (41) and Chhattisgarh (38) had a higher IMR than Gujarat and Rajasthan.

  • Arunachal, Tripura and Manipur have recorded a negative reduction rate between 2014 and 2017, which means child death rates there have gone up. In Arunachal it went up from 30 to 42, in Tripura from 21 to 29 and in Manipur from 11 to 12.

  • According to the National Family Health Survey-4, only 78.9% births in India happen in a facility.

  • This means 21.1% or about 54 lakh births in a year still happen outside of a facility where hygiene levels can be low, sometimes without the help of a trained health worker.

  • Special newborn care units (SNCUs) have been established at district hospitals and sub-district hospitals with an annual delivery load more than 3,000 to provide care for sick newborns.


Source : Indian Express

NATIONAL INSTITUTE OF OCEAN TECHNOLOGY - NIOT

Part of GS- 3 Science & Tech


Why in news?

  • Over hundred global scientists in the field of ocean studies are converged in the National Institute of Ocean Technology (NIOT) in Chennai.


Highlights:

  • They are participating in the Central Indian Ocean Leadership Workshop at the Union Government-run research institution, with the support of the United Nations.

  • The scientists represent fifteen Indian Ocean Rim countries.

  • They are studying on evolving a regional framework on how to study coastal vulnerabilities like the Tsunami’s, the increasing frequency and intensity of cyclones, sea-level rise due to climate change and sea erosion.

  • From tomorrow, another international event is being hosted by the NIOT on ocean studies for three days.


About National Institute of Ocean Technology - NIOT

  • It is Established in- 1993.

  • Its Headquarters is located in - Chennai, Tamil Nadu.

  • An autonomous society under the Ministry of Earth Sciences, Government of India.

  • NIOT is managed by a Governing Council and the Director is the head of the Institute.

  • To develop reliable indigenous technologies to solve the various engineering problems associated with harvesting of non-living and living resources in the Indian Exclusive Economic Zone (EEZ), which is about two-thirds of the land area of India.


Source: AIR


GOVERNMENT OWNED CONTRACTOR OPERATED (GOCO) MODEL

Part of GS- 3 Defence & Security


Why in news?

  • The Army has started identifying potential industry partners to implement the Government Owned Contractor Operated (GOCO) model for its base workshops and ordnance depots.


Highlights:

  • A Request For Information was issued in December, 2019 to shortlist service providers with experience in “warehousing, logistics and supply chain management” for Central Ordnance Depot, Kanpur.

  • The Army has also started evaluating the GOCO model for Army Base Workshops (ABW) to drive “higher operational efficiencies”.

  • The GOCO model was one of the recommendations of the Lt. Gen. DB Shekatkar (Retd.) committee to “enhance combat capability and re-balance defence expenditure.”


Source : The Hindu


AKBAR PADAMSEE

Part of GS- 1 Culture


Why in news?

  • Noted painter and artist Akbar Padamsee passed away at the age of 91.


Highlights:

  • Akbar Padamsee (1928 – 2020) was an Indian artist and painter.

  • Awards and Honours received, Lalit Kala Akademi Fellowship, Kalidas Samman from the Madhya Pradesh Government and Padma Bhushan.

  • He is considered one of the pioneers in Modern Indian painting along with S.H. Raza, F.N. Souza and M.F. Husain.

  • Over the years he also worked with various mediums from oil painting, plastic emulsion, water colour, sculpture, printmaking, to computer graphics, and photography.

  • Padamsee always explored new plastic genres.


Source : The Hindu


SNOW AND AVALANCHE STUDY ESTABLISHMENT (SASE)

Part of GS- 3 Disaster Management


Why in news?

  • Snow and Avalanche Study Establishment (SASE), a laboratory of the Defence Research and Development Organization (DRDO) has issued an Avalanche warning to Leh in Ladakh region.


Highlights:

  • Along with several other districts, the establishment in a communication to the Leh District Administration issued a warning of low-level avalanche between 7th and 8 th of January.

  • The avalanche meant for Leh in Ladakh is important as it has two passes namely Chang La and Khardung La with world's highest motorable roads through them with several avalanche-prone zones.

  • Its headquarter is located near Manali, Himachal Pradesh.

  • Its primary function is research in the field of snow and avalanches to provide avalanche control measures and forecasting support to Armed forces.

  • The also meant for the soldiers in the world's highest battle filed Siachen, in the region. Responding to the warning, Leh District Administration directed all the concerned agencies and departments to be in state of readiness with men and machinery to meet any eventuality.

  • The District Administration also advised the general public to avoid venturing avalanche prone areas during the period.

  • Meanwhile, several parts of the national capital witnessed light rain last night leading to fall in temperature.

  • The weatherman has predicted light rain and thunderstorm in Delhi today as well.

  • The maximum temperature is expected to hover around 17 degrees Celsius while minimum at 12 degrees Celsius.

  • Yesterday, the city's maximum temperature was recorded at 19 degrees Celsius, while the minimum temperature was 11.6 degrees Celsius.

  • In Himachal Pradesh, the mid and higher reaches and tribal regions of the state continued to reel under intense cold as the region received moderate to heavy snowfall for the third day today.

  • Most of the higher reaches of the state including Shimla, Manali, Kufri and Dalhousie are experiencing fresh snowfall since last night.

  • In Uttar Pradesh, rain accompanied with thunderstorms at some places has intensified cold wave in the entire state.

  • Cloudy conditions are likely to prevail today also in state.


Source: AIR


UAE’S NEW 5-YEAR VISA SCHEME

Part of GS- 2 International


Why in news?

  • The United Arab Emirates (UAE) has announced a five-year multiple-entry visa scheme for all nationalities, in a move that is geared towards promoting tourism in the country.

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Highlights:

  • “Today we approved the change of the tourist visa system in the country so that the duration of the tourist visa is five years, multi-use for all nationalities.

  • We receive more than 21 million tourists annually and our aim is to establish the country as a major global tourist destination,” UAE’s Vice-President and Prime Minister Sheikh Mohammed said in a tweet in Arabic.


What is UAE’s new visa scheme?

  • According to the Dubai-based Gulf News, prior to this, tourists could get single or multiple-entry visas for a duration of 30 or 90 days.

  • In the new five-year multiple-entry system, visa holders may be allowed to stay for six months at a stretch. The details of the scheme are yet to be announced.

  • The country’s Federal Authority for Identity and Citizenship will be implementing the decision.

  • In July 2019, the Emirate of Dubai said it would accept the Indian rupee (INR) for transactions at duty-free stores.

  • Travellers from Africa, some South American countries, Arab states outside the Gulf, and European states from outside the European Union and the former Soviet Union previously needed visas.


Source : Indian Express

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