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All India Radio News Summary: 06 OCTOBER 2017


All India Radio News Summary: 06 OCTOBER 2017


  1. Government announces major relief in GST for exporters and small and medium enterprise

Government has announced major relief in GST for exporters and small and medium enterprises. 

  • The composition threshold limit under GST has been enhanced from 75 lak rupees to one crore.
  • Under composite scheme, traders will pay one percent, manufacturers two percent and restaurants five percent. When opting for the Composition Scheme under GST, a taxpayer will be required to file summarized returns on a quarterly basis, instead of three monthly returns (as applicable for normal businesses).
  • GST tax payers upto 1.5 crore rupees turnover can now file their return on quarterly basis, in place of monthly basis.  
  • Exporters will have e-wallet from 1st April, 2018 for getting their refunds. The Council discussed e-way bill.
  • Karnataka is already having good experience with it and after first of January it will go to other states. FM said, items including Khakhra, plain chapati, food packets used in ICDS scheme and unbranded Namkeen will now be taxed at 5 percent instead of 18 percent.
  • GST rate on unbranded medicines have also been reduced from 12 percent to 5
  • Tax on parts of diesel engine has been reduced from 28 to 18 percent.
  • To contain the cost of irrigation schemes involving high amount of labour, GST rate has been brought down to 5 percent.

Earlier, the committee set up under Revenue Secretary on issues faced by exporters submitted its preliminary report to the Council.

 

  1. India and European Union agree to bolster fight against terror and strengthen ties in key areas of trade and security.

India and the European Union adopted a declaration to counter terrorism as they discussed ways to strengthen their cooperation in key areas of trade and security during the 14th summit between Prime Minister and the top EU leadership in New Delhi.

  • A joint statement issued after the 14th India-EU Summit, confirmed the commitment by India and EU towards conflict prevention and sustaining peace as fundamental aspects of promoting security and prosperity.
  • They agreed on the need for the global community to unite to address the menace of terrorism and safeguard the security of the sea lanes, cyber space and outer space.
  • They adopted a Joint Statement on Cooperation in Combating Terrorism with a view to deepening their strategic and security cooperation, and expressed their strong commitment to combat terrorism in all its forms and manifestations, based on a comprehensive approach. 
  • It was for the first time that there was a mention of terrorists and terror groups in any India-EU document.
  • The two sides maintain that terror finances should be stopped to globally proscribed terrorists and terrorist organizations like Hafiz Saeed, Dawood Ibhrahim, LeT, Haqqani network and their affiliates.  
  • It was agreed that responsible states should ensure that their territories are not used by terrorists.

They supported the early conclusion of negotiation and adoption of comprehensive convention on international terrorism in the UN. There recalled that responsible states should take adequate measures to ensure that their territory is not used for terrorist activities.

  • The two sides strongly condemned the recent terrorist attacks in many parts of the world including attacks in India’s Uri, Pathankot and Srinagar.
  • The two sides commended the strong engagement of the European Investment Bank in India in a wide range of key sectors, in particular in the field of climate action and renewable energy.

PM said, the two sides will increase cooperation and coordination in multilateral fora to tackle the menace of terrorism.

  • The two sides are committed to the Paris Agreement and addressing climate change and promoting secure, affordable and sustainable supplies of energy.

President of the European Council (Donald Franciszek Tusk) said,

  • India and the EU also decided to deal effectively with threat posed by foreign terrorist fighters, terror financing and arms supply.
  • India and EU will develop dynamic trade and step up their cooperation on global and regional issues.

 

  1. Foundation Stone was laid for Andaman Trunk Road at Diglipur in Andaman and Nicobar Islands

Union Home Minister and Minister for Road, Transport & Highways laid the Foundation Stone for Andaman Trunk Road at Diglipur in Andaman and Nicobar Islands.

 

  1. Biggest football extravaganza for India, FIFA U-17 World Cup  kicked off.

The biggest football extravaganza for India, FIFA U-17 World Cup 2017 kicked off with four opening day matches to be played in Delhi and Mumbai.

  • This is the first time that India will be participating in a FIFA World Cup.
  • Prime Minister felicitated Indian football legends at the Jawaharlal Nehru Stadium. He also felicitated 11 children from the Mission XI Million, which are a first of its kind programme to encourage children to play football.

 

  1. The first ever ASEAN-India Music Festival will be held at Purana Quila

The first ever ASEAN-India Music Festival will be held at Purana Quila. 

  • The 3 day festival is being organised by the External Affairs Ministry in collaboration with the Culture Ministry to celebrate the 25th year anniversary of ASEAN-India Dialogue Relations.
  • The Festival aims to boost cultural influences among the peoples of the ASEAN member states and India.  

 

  1. World Bank says, GST will have huge positive impact on Indian economy; terms recent slowdown in growth an aberration.

World Bank said the recent slowdown in India’s economic growth is an aberration mainly due to the temporary disruptions in preparation for the Goods and Services Tax, GST.

World Bank President Jim Yong Kim said, the GST is going to have a hugely positive impact on the Indian economy.

  • India’s GDP grew 5.7 per cent on a year-on-year basis during the April-June period.
  • He said, this slowdown is temporary and will get corrected in the coming months.
  • Ahead of the annual meeting, Mr Kim said after years of disappointing growth, the global economy has begun to accelerate, and trade is picking up as well, but investment remains weak.   

 

  1. FDI into the country’s textile sector has gone up three times

Textiles Minister said, the FDI  into the country’s textile sector has gone up three times in the last one-and-a-half to two years, resonating the confidence of foreign investors in the industry.  

She said, the country’s man-made fibre sector can soon look forward to good news as an inter- ministerial group has been formed to suggest measures to maximise its potential.

 

  1. Mi-17 V5 chopper of the Indian Air Force  crashed near Tawang

A Mi-17 V5 chopper of the Indian Air Force crashed near Tawang in Arunachal Pradesh today, killing five IAF crew members and 2 personnel of the Indian Army.  

The crash took place at around 6 am when the Helicopter was on a maintenance mission. A Court of Inquiry has been ordered to ascertain the cause of the accident. Meanwhile rescue teams have reached the crash site in Tawang near the Indo-China border.

 

  1. The government has collated information about 5,800 shell companies regarding check against black money

The government said it has collated information about 5,800 shell companies whose near zero balance accounts saw nearly 4,600 crore rupees of deposits post note ban and over 4,500 crore withdrawal thereafter.

  • The Finance Ministry said, it has received information from 13 Banks about account operations and post-demonetization transactions of over two lakh suspicious companies.  
  • The operation of the bank accounts of these suspicious companies has already been restricted.
  • Terming it as a major breakthrough in the fight against black money and shell companies, the Ministry said, the first instalment of data pertains to about 5,800 companies out of over 2 lakh that were struck off involving 13,140 accounts.        

 

  1. India and Australia today discussed scope for cooperation in counter-terrorism

India and Australia today discussed scope for cooperation in counter-terrorism and checking extremism and radicalization in a Joint Steering Committee meeting held in New Delhi today. During the meeting, the two sides discussed about  steps to check illegal financial transactions and counterfeiting and cyber-crimes.

 

  1. ED, issued a Foreign Exchange Management Act (FEMA) show cause notice to an alleged Lashkar-e-Taiba (LeT) operative

Enforcement Directorate, ED, has issued a Foreign Exchange Management Act (FEMA) show cause notice to an alleged Lashkar-e-Taiba (LeT) operative and two Delhi-based hawala dealers in connection with a terror financing case.

 

  1. Nobel Peace Prize was announced to the International Campaign to Abolish Nuclear Weapons (ICAN)

The Nobel Peace Prize was announced today to the International Campaign to Abolish Nuclear Weapons, an organisation seeking to eliminate atomic weapons through an international treaty-based prohibition. The Geneva-based ICAN won the 1.1 million dollars prize for being a driving force in prevailing upon the world’s nations to pledge to cooperate in efforts to stigmatise, prohibit and eliminate nuclear weapons.

 

The International Campaign to Abolish Nuclear Weapons (ICAN) is a global civil society coalition working to promote adherence to and full implementation of the Treaty on the Prohibition of Nuclear Weapons. The campaign helped bring about this treaty. The ICAN was launched in 2007 and counts 468 partner organizations in 101 countries as of 2017.