Daily Current Affairs-10th June 2017

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Daily Current Affairs-10th June 2017

Directorate of Enforcement is a Multi Disciplinary Organization mandated with the task of enforcing the provisions of two special fiscal laws – Foreign Exchange Management Act, 1999 (FEMA) and Prevention of Money Laundering Act, 2002 (PMLA).

The Directorate of Enforcement, with its Headquarters at New Delhi is headed by the Director of Enforcement. There are five Regional offices at Mumbai, Chennai, Chandigarh, Kolkata and Delhi headed by Special Directors of Enforcement. 

The main functions of the Directorate are as under
1. Investigate contraventions of the provisions of Foreign Exchange Management Act, 1999(FEMA) which came into force with effect from 1.6.2000. Contraventions of FEMA are dealt with by way of adjudication by designated authorities of ED and penalties upto three times the sum involved can be imposed.
2. Investigate offences of money laundering under the provisions of Prevention of Money Laundering Act, 2002(PMLA) which came into force with effect from 1.7.2005 and to take actions of attachment and confiscation of property if the same is determined to be proceeds of crime derived from a Scheduled Offence under PMLA, and to prosecute the persons involved in the offence of money laundering. There are 156 offences under 28 statutes which are Scheduled Offences under PMLA.
3. Adjudicate Show Cause Notices issued under the repealed Foreign Exchange Regulation Act, 1973 (FERA) upto 31.5.2002 for the alleged contraventions of the Act which may result in imposition of penalties. Pursue prosecutions launched under FERA in the concerned courts.
4. Sponsor cases of preventive detention under Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974(COFEPOSA) in regard to contraventions of FEMA.
5. Render cooperation to foreign countries in matters relating to money laundering and restitution of assets under the provisions of PMLA and to seek cooperation in such matters.

 

Linking of PAN to Aadhaar fine: SC

The Supreme Court on Friday upheld the validity of an Income Tax law amendment linking PAN with Aadhaar for filing tax returns and making Aadhaar or Aadhaar enrolment slip compulsory to apply for a Permanent Account Number (PAN) card.

 

A Bench of Justices A.K. Sikri and Ashok Bhushan held that the proviso to Section 139AA (1) of the Income Tax Act requiring citizens to mention their Aadhaar number or at least their Aadhaar enrolment ID to the designated authority was “directly connected with the issue of duplicate/fake PANs.”

It held that Section 139AA (1) was not violative of the right to trade and profession under Article 19(1)(g) of the Constitution insofar as it mandates giving of Aadhaar enrolment number for applying for PAN cards in the income tax returns or notified Aadhaar enrolment number to the designated authorities. 

Numismatists in a fix after note ban

Numismatics — the study or collection of coins, banknotes, and medals.

The Specified Bank Notes (Cessation of Liabilities) Act enacted following demonetisation  restricts the number of demonetised notes that one can possess for study, research or numismatic purposes to 25. Whoever is found to have in his or her possession more than 25 notes is liable to be fined up to ₹10,000, or five times the value of the note, or whichever is higher. For general purposes, the number of notes is restricted to 10.

Till 2006, the year of print was not on the note. The rupee logo was added in 2011 while the telescopic number was introduced in 2016

“Notes and coins help one understand the history and the progress of a nation. Collectors should be allowed to hold at least one note of each variant so that this history is preserved for posterity,” said Rajender Maru, Treasurer of the Indian chapter of the International Bank Note Society, which was established in 1961 to promote the study of bank notes and has chapters in 90 countries.

Protest against Tawang power units

Inhabitants of 27 villages in Arunachal Pradesh’s Tawang district have vehemently opposed the Tawang Chu Stage I and II power projects and demanded that the State government immediately wind up operations of the National Hydro Electric Power Corporation (NHPC) from the border district.

The Government of Arunachal Pradesh has so far allotted about 140 hydropower projects with the total installed capacity (IC) of 41500 MW that is to be developed on various rivers, rivulets and nalas in 7 major river basins:

  1. Tawang
  2. Kameng
  3. Dikrong
  4. Subansiri
  5. Siang
  6. Dibang
  7. Lohit
Central Sector
1. Subansiri Lower (NHPC) Arunachal Pradesh 8×250 2000 2016-17
2. Kameng (NEEPCO) Arunachal Pradesh 4×150 600 2016-17
3. Pare (NEEPCO) Arunachal Pradesh 2×55 110 2014-15

 

‘Hospitals overcharging for intraocular lenses’

Intraocular lenses (IOLs) are medical devices that are implanted inside the eye to replace the eye’s natural lens when it is removed during cataract surgery. IOLs also are used for a type of vision correction surgery called refractive lens exchange.The most common type of IOL is the pseudophakic IOL. These are implanted during cataract surgery, after the cloudy eye’s natural lens (colloquially called a cataract) has been removed.

Intraocular lenses are notified as medical devices.  Medical experts say that 1.4% of the total population requires cataract surgeries every year. Thus, the business of intraocular lenses is a lucrative one.

The Maharashtra FDA, in its report to NPPA, has listed 18 medical devices such as oxygen masks, urine bags, ambu bags, disposable syringes, needles, antimicrobial incise drapes etc that are priced at high rates for patients. The report urges the NPPA to include these medical devices under the definition of ‘drug’ in the Drug Pricing Control Order 2013 and bring them under the National List of Essential Medicines (NLEM) so that the prices are regulated.

Centre to Bring Policy for Bioethanol use

  • The Centre will shortly unveil a policy on the production of second-generation ethanol from biomass.
  • Ethanol could be produced from paddy and wheat straw, bagasse, biomass, segregated municipal waste and bamboo.
  • Burning of paddy straw in parts of Uttar Pradesh and Haryana was causing pollution in New Delhi and elsewhere, and farm refuse could be used to solve the problem. In his home city of Nagpur, the Minister said, 55 air-conditioned buses were being operated using “100% bioethanol”.
  • Vehicles with “flexi-engines”, which can use 100% ethanol or a mix of 22% ethanol with petrol or a blend of 15% ethanol with diesel, were available globally.
  • By converting agricultural waste into bioethanol, farmers would be diversifying. The farm sector was in a state of “crisis”, the Minister said, and agriculture should get diversified into energy and power sectors.
  • Asked about the decision to implement Bharat Standard (BS)-VI emission norms, equivalent to the Euro-VI norms, by April 1, 2020 with a high investment and the goal to have 100% electric vehicles by 2030, he said it was not contradictory.While the 2030 mission was to make cars and scooters electric, “we need diesel for commercial vehicles and cleaner fuels”, he said. The automotive sector was growing every year at 22%.

 

Khaplang, Head of NSCN(K) dies

  • The 77-year-old Khaplang, chairman of the National Socialist Council of Nagaland-Khaplang (NSCN-K), died Friday evening at the outfit’s base in Myanmar’s Sagaing Division.
  • The rebel leader, who was also the president of the Government of the People’s Republic of Nagalim (GPRN), the parallel “government” run by the group in Nagaland, parts of Arunachal Pradesh and some areas of Myanmar
  • A Burmese national and hailing from the Hemi Naga Tribe, he was born in 1940 in Waktham village just east of Myanmar’s Pangsau Pass, next to the international border with India in Nagaland.The NSCN-K has members from both India and Myanmar.
  • The NSCN-K is a banned illegal Myanmar-based organisation. The outfit abrogated the ceasefire unilaterally in 2015. Nagaland, eastern Arunachal Pradesh and Manipur faced a lot of problems, as did Assam because of its activities.

 

 

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