And we revived the Discussions module with a motive to dig deep into issues and come out with Mains worthy points/ questions. Click to read them here.
BUT
We want you to come forth and let us know the topics which you like more clarifications on – Prelims worthy themes and topics where you need a better compilation or a better clarification.
Account can be opened in a post office or a public sector bank
Who is eligible?
Girl child only
Child should be Indian citizen
Age limit: On the date of opening the account, the child’s age should 10 years or younger
Who can Invest?
Parent, or Legal Guardian of the eligible Girl child
Investment limit:
In 1 year, minimum Rs 1000/- needs to be invested., thereafter in multiples Of 100/-
Maximum of Rs 1,50,000/- can be invested
Deposits can be made in lump-sum or spread out manner
No limit on number of deposits either in a month or in a financial year
Operation of the account:
The account will be opened and operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years
On attaining age of 10 years, the girl child may herself Operate the account
Tenure:
Deposit needs to made until 14 years from opening of account
Deposit under scheme will mature 21 year after opening of the account
Withdrawal:
No Premature Withdrawal is permitted
However, maximum up to 50% of deposit amount can be withdrawn for marriage or higher education of girl child, once she reaches 18 years of
age
Termination:
Scheme Tenure is 21 years from date of opening, or when the marriage of the girl child happens; whichever happens earlier
Account will compulsorily have to be closed after marriage of the girl child
In case after maturity of the account (21 years) the girl child does not marry, and if account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time
Aim: To generate awareness and improve efficiency of delivery of welfare services meant for women
Launched on 22 January 2015 with an initial corpus of Rs. 100 crore
Joint initiative of Ministries of Women & Child Development, Health & Human Resource Development
Districts Identified
The three criteria for selection of districts:
Districts below the national average (87 districts/23 states);
Districts above national average but shown declining trend (8 districts/8 states)
Districts above national average and shown increasing trend (5 districts/5 states- selected so that these CSR levels can be maintained and other districts can emulate and learn from their experiences)
First Phase:
100 districts have been identified on the basis of low Child Sex Ratio as per Census 2011 covering all States/UTs as a pilot With at least one district in each state
Second Phase
The scheme has further been expanded to 61 additional districts selected from 11 States/UT having CSR below 918
Strategies:
Implement a sustained Social Mobilization and Communication Campaign to create equal value for the girl child & promote her education
Focus on Gender Critical Districts and Cities low on CSR for intensive & integrated action
Mobilize & Train Panchayati Raj Institutions/ Urban local bodies/ Grassroot workers as catalysts for social change
Ensure service delivery structures/ schemes & programmes are sufficiently responsive to issues Of gender and children’s rights
Enable Inter-sectoral and inter-institutional convergence at District/ Block/ Grassroot levels
Implementation:
Centre: A National Task Force (NTF) headed by Secretary WCD
State: A State Task Force (STF)
District: District Task Force (DTF) headed by the District Collector/ Deputy Commissioner with representation of concerned departments
Block: A Block Level Committee headed by SDM/ SDO/ BDO
With the Nuclear Security Summit coming to an end in April 2016, the international community must garner requisite diplomacy to continue the legacy of the process.
source: nss2016.org
The 4 NSS held in this series were –
2010 – Washington
2012 – Seoul
2014 – The Hague
2016 – Washington
How did this all begun?
The nuclear security summit initiative began with an April 2009 call by U.S. President Barack Obama to hold a global summit on nuclear security in 2010 as part of an effort to “secure all vulnerable nuclear material around the world within four years.”
Broad goals –
Address the threat of nuclear terrorism by minimizing and securing weapons-usable nuclear materials,
Enhancing international cooperation to prevent the illicit acquisition of nuclear material by non-state actors
Taking steps to strengthen the global nuclear security system
The pledges secured under this summits are referred to as “gift baskets”.
It isn’t relevant to go back in time and revisit the 1st, 2nd and 3rd summit but let’s have a look at the 4th (and the final one) –
A primary goal of the 2016 summit is to approve 5 action plans for international organizations and initiatives that will continue the work of the summit process.
The five groups are the UN, the International Atomic Energy Agency, Interpol, the Global Partnership Against the Spread of Weapons of Mass Destruction, and the Global Initiative to Combat Nuclear Terrorism.
Since these organisations are at the forefront of the summit, it would be worthwhile to know about them for IAS Prelims. Hail google!
Question:
Write a critical note on the outcome of the recent Fourth Nuclear Security Summit held in Washington.
While you answer this question – keep some points in mind – Russia gave it a miss, Iran was not invited.
Pakistan had ratified the Convention on the Physical Protection of Nuclear Material 2005 Amendment, but it still has not adhered to the International Convention for the Suppression of Acts of Nuclear Terrorism.
India may need to explore possibilities to negotiate with China and Pakistan to create a Regional Nuclear Security Summit process to prevent proliferation of weapons usable nuclear materials.
Expert Committee to simplify income tax laws headed by Justice (retired) R.V. Easwar has submitted its report to Union Finance Ministry
The 10 member committee has recommended simplifying provisions related to tax deduction at source (TDS), tax refunds and claims of expenditure for deduction from taxable income
It also has suggested several taxpayer-friendly measures to improve the ease of doing business in the country, accelerate process of tax dispute resolutions and reduce litigation
source: Live Mint
Recommendations:
Deferring the contentious Income Computation and Disclosure Standards (ICDS) provisions and making the process of tax refunds faster
Deletion of a clause in IT Act, 1961 that allows the IT department to delay tax refund due beyond six months in case of delay in refunds levying higher interest
IT department should stop the practice of adjusting tax demand of a taxpayer against legitimate refunds due whose tax return is under assessment
Treat stock trading gains of up to Rs. 5 lakh as capital gains and not business income
Tax Deducted at Source (TDS) rates for individuals must be reduced to 5 per cent from current 10 per cent. Dividend income should be treated as part of total income
Exempting non-residents not having a Permanent Account Number (PAN), but seeking to provide their Tax Identification Number (TIN) for the applicability of TDS at a higher rate
Most of the working processes of the IT departments should be conducted electronically in order to minimize direct human interface
Eligibility criteria under the presumptive tax scheme to be increased to Rs. 2 crore from Rs. 1 crore rupees to make it easy for small businesses
Such scheme should be also for professionals
Background:
Union Government had constituted this committee in October 2015 by following up on a promise to provide a fair and predictable tax regime
The committee was tasked to suggest recommendations to overhaul the IT Act, 1961 to remove ambiguities that cause unnecessary litigation and update the laws based on various judgements
What is ICDS?
The Central Government had notified 10 Income Tax Computation & Disclosure Standards (ICDS) effective financial year 2015-16
Objective: To minimising tax related disputes by bringing greater consistency in the application of accounting principles governing the computation of Income
These standards were developed using the old Indian General Audit and Accounting Practices (GAAP)
Main Features:
In case of conflict between the provisions of the Income Tax Act, 1961 and ICDS, the provisions of the Income Tax Act would prevail
No need to maintain separate books of accounts for ICDS. Maintain book only for income computation
Revising the most important facets of reforms proposed by the Bibek Debroy committee & highlighting the pain points of Indian railways –
#1. The process of accounting in Indian Railways is “very complicated”. “It is impossible to figure out what the rate of return on a project is”
The financial statements of Indian Railways need to be re-drawn, consistent with principles and norms nationally and internationally accepted.
#2. Streamline recruitment & HR processes
Remove the multiplicity of channels of recruitment and consolidate the process. At present there are 8 organized Group ‘A’ services in Indian Railways. Deployment to these services is by direct recruitment from UPSC (Civil Service and the Engineering examinations) and also by promotion of Group ‘B’ officers of the department.
The eight services can be broadly categorized in two bigger groupings viz. technical and non-technical services.
#3. Indian Railways should focus on core activities to efficiently compete with the private sector
It should distance itself from non-core activities, such as running a police force, schools, hospitals and production and construction units.
#4. Deploy an independent regulator
Shift regulatory responsibility from the government to an independent regulator as the private sector will only come in if there is fair and open access to infrastructure.
The report recommends setting up a Railway Regulatory Authority of India (RRAI) statutorily, with an independent budget, so that it is truly independent of the Ministry of Railways.
#5. Merge Railway budget with Central government budget
“End gross budgetary support, end this system of paying dividends and therefore you effectively end the railway budget. You not only end the railway budget, you eventually also end the Ministry of Railways and integrate it into a Ministry of Transport.”
Government-constituted expert committee to examine the Possibility of Replacing Multiple Prior Permissions with Pre-Existing Regulatory Mechanism had submitted its recommendations
The 11 member committee was headed by Ajay Shankar, Former Secretary of Department of Industrial Policy and Promotion (DIPP)
The expert committee was constituted by DIPP in April 2015
It was tasked to:
Examine the possibility of replacing multiple prior permissions with a pre-existing regulatory mechanism
Recommend a framework of the proposed regulatory mechanism and draft proposed legislation
Identify safeguards for replacing the system of prior permission and integrating them in the proposed regulatory mechanism
Recommendations:
Introduction of credible third-party certification in most areas of regulation to cut down on multiple permissions needed by investors
Adopting global best practices for emission norms in order to promote ease of doing business in the country
Need for a standing institutional mechanism within the government for an independent regulatory impact assessment
For start-ups:
Steps like Greenfield development and earmarking of mixed land use redevelopment should be undertaken
Start-ups must be exempted from the requirement of seeking building plan approvals would give a boost to the ecosystem
Any inspection of a start-up in cases of actionable complaints should be done only with the permission of an officer at a sufficiently higher level
Environmental Issues:
Ministries of environmentally sensitive sectors should join with the Ministry of Environment and Forests to prepare a 20 year perspective geographical plan
This plan must indicate preferred locations in prioritised categories for their anticipated projects in order to minimise the negative impact of environment
Maritime India Summit 2016 April
general outline of proposed development plan.
A) Digital India
●Online booking for passenger facilities
●Maritime Payment Gateway
●IT solutions for online survey of inland waters
● 3D movies about maritime activities.
●CCTV surveillance
● Coastal communication network (mobile operators for data voice over package to port operators)
2) Connecting India
●Ferry services
● Rowing services
● Hovercraft
● Amphibians bus
● Sea Plane
● Port operators
3)Incredible India
●Marina area development
●Marine Park
● Dolphin Park
● Floting hotels
● Cruise Services
●Water sports
● Island development
4) Skill India
● Marine University
● Water sports management
●Beach Management school
●Sand art school
5) Nirmal Sagar( Total Sanitation)–
● Coastal cleaning teachings
● Innovative and environment friendly techniques for clean beaches
6) Green Energy
● Developing Solar, wind and other unconventional energy terminals and beaches.
(बीते एक दशक में स्वास्थ्य संकेतकों के मामले में देश की स्थिति में काफी सुधार हुआ है लेकिन अन्य एशियाई मुल्कों की तुलना में हम अभी भी पीछे हैं. उपरोक्त लिंक पर आप जानेंगे कि दशकीय राष्ट्रीय परिवार स्वास्थ्य सर्वेक्षण, जिसे भारत सरकार की ओर से मुंबई के अंतरराष्ट्रीय जनसंख्या विज्ञान संस्थान ने कराया, में क्या कहा गया है.)
2. भारत द्वारा सेशेल्स में एक वेव राइडर बोया की तैनाती
(हिन्द महासागर देशों के लिए महासागर सूचना प्रणाली के लिए भारतीय राष्ट्रीय केंद्र हैदराबाद ने एकीकृत महासागर सूचना प्रणाली के एक हिस्से के रूप में फ्रीगेट द्वीप सेशेल्स में 27 नोटिकल मील दूर मछली पकड़ने के बंदरगाह पर एक वेव राइडर बोया सफलतापूर्वक तैनात किया है. इस बारे में उपरोक्त लिंक से जानकारी प्राप्त की जा सकती)
(देश के 91 बड़े जलाशयों का स्तर खतरनाक हद तक नीचे आ चुका है. केंद्रीय जल आयोग की ताजा रिपोर्ट के अनुसार, इन जलाशयों में क्षमता का मात्र 23 प्रतिशत पानी बचा है, जो विगत दस वर्ष के औसत (77 फीसदी) का एक तिहाई भी नहीं है. सूखे के बावजूद पिछले साल इन जलाशयों में 67 प्रतिशत जल था.)
Aimed to review the 2013 Company Law, the Tapan Ray panel proposed over 2000 suggestions and recommendations
Recommendations are aimed at making the transition from Companies Act 1956 to Companies Act 2013 easier, improve Ease of Doing Business and provide better environment to start-ups
Major recommendations:
As per 2013 law, a public sector company is required to seek approval from central government should it want to give total managerial remuneration which exceeds 11% of net profit. The panel has recommended doing away with the provision
Harmonizing disclosure standards between SEBI and Companies Act
The independent director should not have any kind of pecuniary relationship with the company
Defining a ‘subsidiary company‘ in terms of voting rights of the holding company instead of ‘total share capital’ of the holding company.
Removal of provision under Section 2(87), which prohibited the companies to not have more than two levels of subsidiaries
Establishment of an independent body, National Financial Reporting Authority (NFRA), to provide for matters relating to accounting and auditing standards. It is being seen as a major jolt to the Institute of Chartered Accountants of India (ICAI)
Allowing start-ups to issue 50% of the paid capital as sweat equity against existing norms of 25 %
Allowing start-ups to issue employee stock ownership plan (ESOP) to promoters who are working as employees or employee directors or whole-time directors
Only those frauds which involve Rs 10 lakh or above, or one per cent of the company’s turnover, whichever is lower, may be punishable under Section 447 of the companies act
Background:
The enactment of the Companies Act, 2013 is considered to be one of the most significant legal reforms in India in the recent past, aimed at bringing Indian company law in tune with global standards
The Act introduced significant changes in the company law in India, especially in relation to accountability, disclosures, investor protection and corporate governance
In view of the extent and scope of changes, the stakeholders took some time to come to terms with the new regime with the new provisions, and encountered some difficulties in the process
Several representations were made to the Government on the practical difficulties faced during implementation
Though a few immediate amendments were made in May, 2015, the Government continued to receive representations that the Act needed further review
The Committee was thus constituted to-
Make recommendations on issues arising from the implementation of the Companies Act, 2013
Examine the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on Corporate Social Responsibility, the Law Commission of India and other agencies
