Daily Current Affairs-13th June 2017

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Daily Current Affairs-13th June 2017

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DAILY CURRENT AFFAIRS-13TH JUNE 2017

Ready for GST, anti-profiteering rules

  • New indirect tax regime’s top rate of 28% may come down in future.India is ready to launch the Goods and Services Tax (GST) on July 1, saying the technology that will drive it is robust and dismissing fears the tax is too complicated.
  • Hasmukh Adhia, revenue secretary at the Finance Ministry, also said rules would be issued “soon” to deter unscrupulous businesses from exploiting the tax reform to gouge customers.
  • The biggest tax reform in India’s 70-year history as an independent nation would, overnight, unify its $2-trillion economy and 1.3 billion people into a single market, tearing down trade barriers between more than 30 states and territories.
  • It would also require firms to file at least three online tax returns monthly into the GST Network, a massive IT back-end that will process up to 5 billion invoices a month.
  • The compliance burden and the tax’s complex structure — it has four main rates ranging from 5 to 28% — have sparked fears of initial chaos.
  • The reform represents an unprecedented exercise in fiscal federalism. A GST Council that brings together the federal and state governments has met 16 times to thrash out how the tax will work.
  • This is a great step for simplification — although not the ideal GST that we should have,” he said. “It is a technological marvel, as well as a fiscal marvel.”
  • The multi-rate structure of the GST exempts or imposes a low rate of tax on essential items, while the top rate of 28% applies to items such as consumer durables.

RBI: India’s Current Account Deficit narrowed in 2016-17

  • According to Reserve Bank of India (RBI), India’s current account deficit (CAD) narrowed during 2016-17 fiscal owing to a contraction in the country’s trade deficit.
  • The CAD for the last fiscal narrowed down to 0.7% of the GDP from that of 1.1% in 2015-16 due to contraction in the trade deficit. Country’s trade deficit narrowed down to $112.4 billion in 2016-17 from $130.1 billion in 2015-16.
  • Further, the net FDI (Foreign Direct Investment) inflows in 2016-17 also got narrowed to $35.6 billion from $36 billion during 2015-16.

Current Account Deficit

  • The current account is the net difference between inflows and outflows of foreign currencies. Current Account transactions increase or decrease national income. It includes all transactions of export and import of goods and services, investment income, and unilateral transfers.

June 17: World Day to Combat Desertification and Drought

  • The World Day to Combat Desertification and Drought is observed every year on June 17 to promote public awareness to combat desertification.
  • The United Nations General Assembly (UNGA) had designated June 17 as the World Day to Combat Desertification and Drought in 1994. It was observed for the first time in 1995. The day is observed globally to promote public awareness on the issue, and the implementation of the United Nations Convention to Combat Desertification (UNCCD) in those countries experiencing serious desertification or drought, particularly in Africa.
  • This year’s theme for World Day to Combat Desertification and Drought is “Our Land. Our Home. Our Future“.  This edition will examine the link between land degradation and migration. Among others, Poverty, political instability, deforestation, overgrazing and bad irrigation practices are responsible for desertification. They have increased the number of international migrants worldwide who have increased from 173 million in 2000 to 244 million in 2015.
  • The 2030 Agenda for Sustainable Development especially the Goal 15 emphasises the need to halt and reverse land degradation.

On 17 June 1994, on the basis of the direct recommendation of Agenda 21, “United Nations Convention to Combat Desertification in Those Countries Experiencing Serious Drought and/or Desertification, Particularly in Africa” was adopted in Paris. 

India-Afghanistan Air freight Corridor to Open Up Soon

  • India and Afghanistan are set to operationalize their first air-freight corridor in the coming days.
  • The first flight will be operated by Ariana Afghan Airlines, which is the Afghanistan’s national carrier. The flight which will initially operate once or twice in a month will carry commodities to and from Delhi. Depending upon the supply needs, the frequency of the flight will be increased.
  • India-Afghanistan discussed the idea of commencing the air-freight corridor during the visit of Afghan President Ashraf Ghani’s visit last year.
  • The key elements of India’s Afghanistan policy include – friendly relations with afghan factions, tacit support for anti-Taliban forces, more focus on economic engagement than military engagement, humanitarian and development assistance etc.
  • India-Afghanistan discussed the idea of commencing the air-freight corridor during the visit of Afghan President Ashraf Ghani’s visit last year.
  • The key elements of India’s Afghanistan policy include – friendly relations with afghan factions, tacit support for anti-Taliban forces, more focus on economic engagement than military engagement, humanitarian and development assistance etc.

Amul inks MoU with ISRO for fodder acreage estimation

  • Gujarat Cooperative Milk Marketing Federation (GCMMF) today said it has signed an agreement with ISRO for fodder acreage assessment using satellite observation and space technology. GCMMF markets its products under the brand name of ‘Amul’.
  • Under the Memorandum of Understanding (MoU), ISRO will help in identification between food crops and fodder crops at village level and also locate suitable areas of current fallows and cultivable wastelands at village level for green fodder cultivation.
  • Fodder acreage estimation would act as a decision making tool for monitoring and planning of fodder development activities by the stakeholders in the dairy sector.

Britain seeks ‘special’ EU ties as Brexit talks start

Negotiators meet a year after Brexit referendum shock.Davis wants “deep and special partnership” with EU.May’s election debacle leaves British plans unclear.

  • May’s election debacle has revived feuding over Europe among Conservatives that her predecessor David Cameron hoped to end by calling the referendum and leaves EU leaders unclear on her plan for a “global Britain” which most of them regard as pure folly.  
  • With discontent in europhile Scotland and troubled Northern Ireland, which faces a new EU border across the divided island, Brexit poses new threats to the integrity of the United Kingdom.  

Successful Flight Test of ATGM Nag

  • The Anti-Tank Guided Missile Nag was successfully flight tested in the desert ranges of Rajasthan.
  • The Fire and Forget 3rd generation ATGM Nag is incorporated with many advanced technologies including the Imaging Infrared Radar (IIR) Seeker with integrated avionics, a capability which is possessed by few nations in the world.
  • The capabilities of the top attack ATGM Nag is unique in nature and in today’s mission it successfully destroyed the target. The test has been carried out by DRDO Scientists.
  • Also the ground systems were developed by the Ordnance Factory, BEL and L&T. Senior officials from the Armed Forces participated in the tests. 

 

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