Daily Current Affairs | 05 March 2020

General Studies-II- Government Policies and Interventions for Development in various sectors and Issues arising out of their Design and Implementation.

1. Lok Sabha passes Direct Tax Vivad se Vishwas Bill

News

Lok Sabha has passed Direct Tax Vivad se Vishwas Bill for faster resolution of unresolved direct tax disputes.

Highlights

• As per the bill, number of unresolved tax disputes before appellate bodies like Commissioner (Appeals), Income Tax Appellate Tribunal, High Courts and Supreme Court is 4.83 lakh.
• If a taxpayer pays disputed tax amount by March 31, interest and penalty on disputed tax will be waived completely. 
• The government had proposed the Vivad se Vishwas scheme in the Budget Speech 2020-21.

 

General Studies-II- Government Policies and Interventions for Development in various sectors and Issues arising out of their Design and Implementation.

2. Cabinet approves amendments in Companies Act

News

The Union Cabinet has approved amendments to 65 sections in the Companies Act, 2013.

Highlights

• The approved amendments are aimed at decriminalizing certain offences under Companies Act and easing corporate social responsibility (CSR) requirements, mainly for smaller companies.
• The amendments will allow listing of Indian companies on exchanges located in foreign jurisdictions.
• The amendments will remove the requirement of CSR committee for companies required to spend Rs. 50 lakh per annum or less on CSR.
• The amendments will allow companies spending over 2% on CSR in a year to carry forward excess amount as credit for meeting CSR requirements in next years.  
• Companies Act was earlier amended in July, 2019. Current amendment will be second amendment to the act.

 

General Studies-III- Achievements of Indians in Science & Technology; Indigenization of Technology and Developing New Technology.

3. ISRO postpones the launch of GISAT-1

News

ISRO has postponed launch of its Geo Imaging Satellite (GISAT-1).

Highlights

• GISAT-1 was to be launched on March 5. It was ISRO's second satellite scheduled for launch in 2020.
• In January, ISRO has GSAT-30. GSAT-30 was 41st communication satellite of ISRO. It was launched on Ariane-5 launch vehicle.
• GISAT-1 was to be launched on Geosynchronous Satellite Launch Vehicle (GSLV-F10). The weight of GISAT-1 is 2268 kg. 
• GISAT-2 is scheduled for launch in August 2020. It will be launched on GSLV-F12.

 

General Studies-III- Awareness in the fields of IT, Space, Computers, Robotics, Nano-technology, Bio-technology and issues relating to Intellectual Property Rights

Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.

4. SC permits banks to deal in virtual currencies

News

Supreme Court has allowed banks to deal in virtual currencies or crypto currencies.

Highlights

• Now, banks will be able to provide services to facilitate any person or entity dealing with virtual currencies or settling them.
• Banks will be able to provide loans against virtual currencies and accept them as collateral.
• RBI had banned crypto currencies on April 6, 2018. But, SC has cancelled RBI's order now.
• Earlier, an Inter-Ministerial Committee was formed by central government in November, 2017 for suggesting actions required with respect to virtual currencies.
• In February 2019, the committee recommended complete ban on private crypto currencies through Banning of Crypto currency and Regulation of Official Digital Currency Bill.
• The bill proposed that central government should consult RBI and create a digital rupee as official currency and a legal tender. 
• Currently, virtual currencies or crypto currencies are not a legal tender. Crypto currencies are based on block chain technology. Bitcoin is an example of crypto currency. It was launched in 2009.
• Facebook has also announced that it will launch its own crypto currency, named as Libra.

 

General Studies-III- Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth.

Infrastructure: Energy, Ports, Roads, Airports, Railways etc.

5. NRIs can own 100 % stake in Air India

News

Union Cabinet has allowed Non-Resident Indians (NRIs) to own 100% stake in Air India.

Highlights

• Earlier, maximum stake for NRIs was fixed at 49%.
• FDI (Foreign Direct Investment) policy will be changed to permit NRIs who are Indian citizens to own 100% stake in Air India under automatic route.
• In 2014-15, $45.15 billion were invested in India as FDI. Provisional data for financial year 2018-2019 shows that FDI inflows increased to $62 billion in 2018-19.

6. Cabinet approves merger plans submitted by banks

News

Cabinet has approved merger plans submitted by banks and merger of banks will come into effect on April 1, 2020.

Highlights

• On 30 August 2019, government has announced merger of 10 Public Sector Banks (PSBs) into four.
• Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank.
• Syndicate Bank and Allahabad Bank will be merged into Canara Bank and Indian Bank, respectively.
• Andhra Bank and Corporation Bank will be merged into Union Bank of India.