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Insights Daily Current Affairs, 29 November 2016

 

 


Insights Daily Current Affairs, 29 November 2016


 

Paper 2 Topic: Important aspects of governance, transparency and accountability, e-governance- applications, models, successes, limitations, and potential; citizens charters, transparency & accountability and institutional and other measures.

 

Modern RFID Access Control System Introduced at Paradip Port

 

Paradip Port has introduced the modern Radio-frequency identification (RFID) Access Control System  for controlling and tracking the entry and exit of vehicular as well as human traffic into and out of its prohibited area. The implementation of the system was done as per the directives of the Ministry of Shipping.

Paradip Port map
Paradip Port
  • Paradip Port is the first among all Major Ports to have successfully implemented the RFID Access Control System adding yet another distinction to its string of achievements.

 

Benefits:

The new RFID system is inherently accompanied with enhanced Maritime Security features. Faster and efficient movement of traffic across the gates leading to reduction in congestion, simplified online payment procedure, availability of real-time information on number of different types of vehicles, equipment, port user personnel inside the prohibited area, availability of entry and exit details of a particular person, vehicle inclusive of the gate no. instantly through which the traffic moved, are some of the added advantages of the new system. Retrieval of data pertaining to the entire period of time is also another advantage of the system.

rfid paradip

What is RFID tagging?

RFID tagging is an ID system that uses small radio frequency identification devices for identification and tracking purposes. An RFID tagging system includes the tag itself, a read/write device, and a host system application for data collection, processing, and transmission. An RFID tag (sometimes called an RFID transponder) consists of a chip, some memory and an antenna.

RFID tags that contain their own power source are known as active tags. Those without a power source are known as passive tags. A passive tag is briefly activated by the radio frequency (RF) scan of the reader.

Sources: pib.


 

Paper 3 Topic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. 

 

Income-Tax Amendment Bill tabled in LS

 

The Government has sought to bring to tax all unaccounted money that was flowing into the banking system following the demonetisation announcement on November 8. In this regard, Finance Minister Arun Jaitley has introduced a Bill in Lok Sabha.

  • The Taxation Laws (Second Amendment) Bill, 2016 proposes to amend Section 115BBE of the Income Tax Act to provide for a punitive tax, surcharge and penalty on unexplained credit, investment, cash and other assets.

 

Key facts:

  • Against current provision of 30% flat tax rate plus surcharge and cesss, a steep 60% tax will be levied on unaccounted income together with 25% surcharge of tax (15% of such income). So total incidence of tax will be 75% with no expense, deductions or set-off allowed.
  • Also, the assessing officer can levy an additional 10% penalty, taking the total tax incidence to 85%.
  • The current provisions for penalty in cases of search and seizure are proposed to be amended to provide for a penalty of 30% of income if it is admitted, returns filed and taxes paid. In all other cases, 60% will be the penalty.
  • Currently, the penalty is 10% of the income, if the income is admitted, returned and taxes are paid. Penalty is at 60% in all other cases.

 

Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY):

An alternative Scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) has been proposed in the Bill.

  • Under this, besides 50% tax, surcharge and penalty, a quarter of the declared income will be to be deposited in interest free deposit scheme for four years.
  • The scheme enables people with undisclosed income to come clean. However, they would have to fork out a tax of 30% and penalty of 10%. A surcharge in the form of cess of 33% will have to be paid on the tax.
  • In addition to tax, surcharge and penalty, the declarant will have to deposit 25% of undisclosed income in a deposit scheme to be notified by the Centre in consultation with the RBI.
  • This amount is proposed to be utilised for programmes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood etc, so that there is justice and equality.
  • A 75% tax and 10% penalty in case Income Tax authorities detect undisclosed wealth deposited post demonetisation has also been proposed.
  • The current provisions of penalty on under-reporting of income at 50% of the tax, and misreporting (200% of tax) will remain and no changes are being made to them.

Sources: pib.


 

Paper 2 Topic: Important International institutions, agencies and fora, their structure, mandate.

 

50 years of establishment of UNCITRAL

 

India is hosting the golden jubilee celebrations of United Nations Commission on International Trade Law (UNCITRAL).

  • The event is being hosted by the UNCITRAL National Coordination Committee India (UNCCI) and the UNCITRAL Regional Centre for Asia and the Pacific, with the support of the Permanent Court of Arbitration.

 

About UNCITRAL:

UNCITRAL was established by the UN General Assembly in 1966 to promote the progressive harmonisation and unification of international trade law.

  • It is the core legal body of the United Nations system in the field of international trade law.
  • It also aims to modernize and harmonize rules on international business.
  • The Commission comprises 60 member States elected by the United Nations General Assembly for a term of six years. Membership is structured to ensure representation of the world’s various geographic regions and its principal economic and legal systems.
  • India is a founding member of UNCITRAL. India is only one of eight countries which have been a member of UNCITRAL since its inception. Last year, it was re-elected for a term of six years (2016-2022).

Sources: the hindu.


 

Paper 3 Topic: Challenges to internal security through communication networks, role of media and social networking sites in internal security challenges, basics of cyber security; money-laundering and its prevention.


‘Bitcoin adoption in India sees surge’

 

Unocoin, an Indian bitcoin start-up, has unveiled a new app for Apple’s mobile operating system iOS and Google’s Android platform. According to the firm, the app will allow consumers to buy, sell, send, receive and store bitcoins, all in one place, from any remote device.

  • Unocoin said the implementation is timely because bitcoin adoption is rapidly ascending in India, coupled with the government’s decision to demonetise Rs.500 and Rs.1,000 notes.
  • With this, Unocoin has become the first company in the country to offer a full-featured mobile bitcoin app. This includes 24/7 access to real-time bitcoin market prices and instantaneous trading transactions.

bitcoin

What is Bitcoin?

Bitcoin is a digital currency that is not supported by any country’s government or central bank. Also known as crypto-currency, it can be traded for services or goods with sellers who accept bitcoins as payment.

 

Way ahead:

Experts say the demand for bitcoins will increase as there are more than one billion Indians using mobile phones. More than 300 million Indians use their phones regularly for accessing the Internet. This trend is expected to go up by 56% per year, according to Unocoin.

Sources: the hindu.


 

Facts for Prelims

 

CMs panel to study demonetization effect:

  • Andhra Pradesh Chief Minister N. Chandrababu Naidu has been nominated by the Central Government to head the sub-committee of Chief Ministers of five States constituted to study the situation arising out of the demonetization of big notes.
  • The committee would study various aspects after demonetization and how it has affected different sections of the people.
  • The committee, after an indepth study of the situation and also after holding parleys with the banking institutions, is expected to submit its report to the Centre for taking required steps.

India’s first digital village:

  • Akodara has earned the tag of India’s first digital village that uses a cashless system for payments of goods and services.
  • Akodara is a tiny village around 90 km away from Ahmedabad, located in Sabarkantha district of Gujarat.
  • The village was adopted by ICICI Bank in 2015 and made cashless by adopting digital technology.