All India Radio News Summary: 09 SEPTEMBER 2017

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All India Radio News Summary: 09 SEPTEMBER 2017


  1. The Goods and Services Tax (GST) Council met in Hyderabad

The Goods and Services Tax (GST) Council met in Hyderabad today. Chaired by Finance Minister, it is the 21st meeting of the Council.

  • Today’s meeting assumes significance as it focussed on resolving teething problems that are facing both Governments and industry even after two months of the new indirect tax system came into being.
  • The government may also take a final call over further bringing down the GST over the public funded projects like Irrigation and road development following demands raised by states like Telangana.
  • The Goods and Services tax (GST) Council today extended the deadline for filing the first set of returns by a month to October 10th.
  • The council decided to appoint a committee. Composition of committee will be announced in a day or two of some minister which will interact with GSTN so as to ensure that the smooth transformation itself takes place.
  • Since the work is huge, the period which was to expire tomorrow itself has been extended till 10th of October.
  • Finance Minister said the GST rate on about 30 items like roasted gram, idli/dosa batter; oilcakes, raincoats and rubber bands have also been reduced
  • The Council also decided that handicraft artisans with annual earnings of up to 20 lakh rupees will not require GST registration
  • The Minister said, 5 per cent GST will have to be paid by firms having registered trademark as on May 15, 2017 for commodities.
  • FM said, small petrol, diesel and hybrid cars will see no cess hike while mid-segment cars will attract 2 per cent, large size cars 5 percent and SUV 7 per cent additional cess.
  • Khadi sold through KVIC stores will be exempted from GST
  • The Minister said, overall GST collection has been robust with over 70 per cent of eligible taxpayers filing returns of about 95 thousand crore rupees.
  • He said, 21 lakh new traders and dealers have been added to the tax payer network.

 

  1. Union Home Minister instructed the authorities concerned in J&K to implement the remaining ongoing projects under the Prime Minister’s Development Package, PMDP

Union Home Minister held one to one meeting with the Jammu and Kashmir Chief Minister. The Home Minister had detailed discussion on political, security and developmental issues of the State.

  • The Home Minister arrived Srinagar this morning on a four day visit to review the security situation in the state. Home minister’s visit is considered a follow-up to Prime Minister Independence Day speech in which he had sounded a fresh reach-out to the people of the Kashmir Valley.
  • Union Home Minister today instructed the authorities concerned in Jammu and Kashmir to implement the remaining ongoing projects under the Prime Minister’s Development Package, PMDP.
  • Chairing the review meeting on the progress of the implementation of the PMDP project in Srinagar, He said the Centre has already sanctioned over 62 thousand crores rupees which, amounts to 78 percent of the total cost of the package.
  • The Home Minister said that the four-laning project of Chenani-Nashri section of the NH-1A is complete with project cost of 781 crore rupees.

 

  1. The government will provide broadband services to one lakh gram panchayats

The government will provide broadband services to one lakh gram panchayats by the end of this year.

  • Communications Minister said this in Kolkata while addressing a function to launch the SpeedPay e-wallet services.
  • He said, the government has planned the BharatNet project to provide 100 Mbps broadband connectivity to approximately 2 lakh 50,000 gram panchayats in the countr
  • The Minister said, under the first phase of the project, one lakh gram panchayats will be connected by laying underground Optical Fibre Cable which is under implementation.

 

  1. Centre will provide up to 60,000 crore rupees to Maharashtra for river-linking and irrigation projects

Union Water Resources Minister has said, the Centre will provide up to 60,000 crore rupees to Maharashtra in the next two years for river-linking and irrigation projects to tackle the recurring water crisis.

  • He said, the dispute between Maharashtra and Gujarat over sharing of water in Nar-Par-Tapi-Narmada Basin will also be resolved soon and a memorandum of understanding will be signed between the two states next week.
  • The Minister also said, Chief Minister of Maharastra had proposed four more river-linking projects worth 10,000 crore rupees to which his Ministry has given in-principle approval. He added that the Centre has also cleared 26 irrigation projects in the state.

 

  1. The government has approved the cadre review policy for Junior Commissioned Officers

The government has approved the cadre review policy for Junior Commissioned Officers and other rank-holders in the Army, a step which will offer higher career progression to nearly 1 lakh 45,000 personnel of the force.

The third cadre review has been approved by the government on September 1. This is for up gradation of JCOs and Other Ranks. The up gradation will take place over a span of five years.

 

  1. India has slapped countervailing duty (CVD) on certain Chinese flat steel products

India has slapped countervailing duty (CVD) for a period of five years on certain Chinese flat steel products to guard domestic players from imports that are subsidised by the exporting nation.

  • The notification issued by the Finance Ministry prescribes a total of 18.95 percent CVD on imports of Stainless steel flat products from China.
  • The decision to impose CVD was taken by the Ministry following the recommendation of Directorate General of Anti-Dumping and Allied Duties (DGAD).
  • The decision would provide the much needed relief to the stainless steel industry from the subsidised imports from China. 
  • The move assumes significance as the Steel sector is facing challenges due to cheap steel imports.

 

  1. Indian foreign exchange reserves shot up by a massive 3.57 billion dollars to touch a high of over 398 billion dollars

Continuing its recent trend, Indian foreign exchange reserves shot up by a massive 3.57 billion dollars to touch a high of over 398 billion dollars for the week ended September 1st.

  • The RBIdata yesterday also showed the increase in the country’s foreign currency assets (FCAs).
  • A major portion of the overall FCA reserves increased by 2.8 billion dollars to 374 billion dollars for the same week.
  • The data also shows rise in gold reserves by 748 million dollars to around 21 billion dollars.

Composition of FOREX

Reserve Bank of India Act and the Foreign Exchange Management Act, 1999 set the legal provisions for governing the foreign exchange reserves. Reserve Bank of India accumulates foreign currency reserves by purchasing from authorized dealers in open market operations. Foreign exchange reserves of India act as a cushion against rupee volatility once global interest rates start rising.

The Foreign exchange reserves of India consist of below four categories;

  • Foreign Currency Assets
  • Gold
  • Special Drawing Rights(SDRs)
  • Reserve Tranche Position in the IMF

 

  1. Pradhan Mantri MUDRA Yojana has helped in creating 5 crore 50 lakh jobs

The Pradhan Mantri MUDRA Yojana, which provides access to institutional finance to small business units, has helped in creating 5 crore 50 lakh jobs.

  • Industrialised states like Karnataka, Tamil Nadu and Maharashtra have been the biggest beneficiaries of the scheme.
  • So far 3 lakh 42,000 crore rupees loan has been disbursed to over 8 crore people under the scheme, mostly small entrepreneurs.

 

  1. Greenfield Smart City at Ranchi in Jharkhand.

Vice President laid the foundation stone of Greenfield Smart City at Ranchi in Jharkhand. The Vice President laid the foundation stones for its three buildings- Urban Civic Center, Convention Center and Jharkhand Urban Planning Management Institute.

  • The proposed smart city will be spread over 656 acres and will cost ten thousand crore rupees. It will also have 16 thousand residential flats for 70 thousand residents.
  • Modern transport system, world class education hub, 24 hour water and electricity, wi-fi, public toilets at every 200 meters will be provided in the Smart City.

 

  1. Consumer Protection bill will be brought before cabinet soon

Consumer Affairs and Public Distribution Minister said Consumer Protection bill is ready and it will bring before the Cabinet for its approval very soon.

  • Minister was addressing media in New Delhi on the working of National Consumer Helpline.
  • He said the bill contains many things to protect the interest of consumers including cashless and paperless transactions.

 

National Consumer Helpline

NCH is a project of the Union Ministry of Consumer Affairs operates under the Centre for Consumer Studies at Indian Institute of Public Administration from The Project recognizes the need of consumers for a Telephone Helpline to deal with multitude of problems arising in their day-to-day dealings with business and service providers. NCH provides a National Toll Free No1800-11-4000. A consumer can call to seek information, advice or guidance for his queries and complaints.

National Consumer Helpline supports consumers by:
·         Guiding consumers in finding solutions to problems related to Products & Services. 

·         Providing information related to Companies and Regulatory Authorities. 

·         Facilitating consumers in filing complaints against defaulting Service Providers

·         Empowering consumers to use available Consumer Grievances Redressal 

·         Mechanisms, Educating Consumers about their Rights and Responsibilities.

  1. India and China have agreed to set up industry specific working groups for increasing exports

India and China have agreed to set up industry specific working groups for increasing exports with a view to bridge the trade deficit with Beijing.

  • Commerce Minister said that India wants greater market access in China for its goods and services like IT and pharma products.
  • India’s trade deficit with China has marginally narrowed down to 51.08billion US Dollars in 2016-17 from 52.69 billion US Dollars in 2015-16.  
  • Minister is in Manila, the Philippines to attend the fifth East Asia Summit Economic Ministers’ Meeting.

 

  1. 3rd generation Anti Tank Guided Missile (ATGM), Nag has been successfully flight tested

India’s indigenously developed 3rd generation Anti-Tank Guided Missile (ATGM), Nag has been successfully flight tested twice by the DRDO in Rajasthan. With these successful trials, the complete functionality of Nag ATGM along with launcher system NAMICA has been established and marked the successful completion of development trials of Nag Missile.

 

NAMICA (NAG missile carrier) is part of the Nag anti-tank missile system which is launched from a retractable armoured launcher that contains four launch tubes and the guidance package. “Nag” is a fire-and-forget top-attack ATGM with a tandem-HEAT warhead.

 

  1. Himalaya Day is being observed across Uttarakhand today

In Uttarakhand, Himalaya Day is being observed across the state today. People from different walks of life participated in an awareness rally, seminars and took pledge to save Himalaya.

CM of the state announced to set up two companies of eco task force for tree plantation and environment conservation in the state