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Interim Budget 2019: No Income Tax up to Rs 5 lakh
Union Finance Minister Piyush Goyal presented an Interim Budget for 2019 in Parliament on February 1, 2019. This was the first budget presented by Piyush Goyal.
An Interim Budget usually doesn't list out new schemes or doesn't unveil any policy measures. The government will present the vote on account for the next four-to-five months. A full-fledged Budget will be presented after the House reassembles after the general election.
Main Highlights
- No income tax for income up to ₹5 lakh.
- Individuals with gross income of up to ₹6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities.
- Standard tax deduction for salaried persons raised from ₹40,000 to ₹50,000.
- TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000.
- TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh.
- I-T processing of returns to be done in 24 hours.
- Within the next 2 years, all verification of tax returns will be done electronically without any interface with the tax payer.
- Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme will be called Pradhan Mantri Kisan Samman Nidhi.
- Vande Bharat Express, an indigenously developed semi high-speed train, to be launched.
- One lakh digital villages planned in the next five years.
- Fund allocation to the Northeast region increased to ₹ 58,166 crore, a 21% rise over last year for infrastructure development.
- Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
- Single window clearance for Indian filmmakers.
- 25 per cent of sourcing for government projects will be from the MSME, of which three per cent will be from women entrepreneurs.
- National Artificial Intelligence portal to be developed soon.
- ESI cover limit increased to ₹ 21,000. Minimum pension also increased to ₹ 1000.
- Mega pension scheme for workers from the organised sector with an income of less than ₹15,000. They will be able to earn ₹ 3000 after the age of 60. The scheme will be called PM Shramyogi Maan Dhan Yojana.
- 2% interest subvention for farmers pursuing animal husbandry.
- All farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.
- Decision taken to increase MSP by 1.5 times the production cost for all 22 crops.
- The 22nd AIIMS will come up in Haryana.
Source: The Hindu
Current affairs English| Evening News
Unemployment rate in Indian at 6.1 percent in 2017-18: NSSO
According to the National Sample Survey Office's (NSSO's) periodic labor force survey (PLFS), the country's unemployment rate stood at a 45-year-high of 6.1 percent in 2017-18.
Key Highlights
- The report says the unemployment rate was at its highest level since 1972-73 - a period from when the jobs data is comparable.
- The report further said that unemployment was higher in urban areas (7.8%) as compared to 5.3% in rural areas of the country.
- The unemployment rate among youth reached a record high level in 2017-18 as compared to previous year and 'much higher compared to that in the overall population,' highlighted the report.
This was the first survey on employment by a government agency after Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016.
The Periodic Labour Force Survey (PLFS) is the first annual household survey of the NSSO and data was collected between July 2017 and June 2018.
About NSSO
The National Sample Survey Office (NSSO) headed by a Director General is responsible for conduct of large-scale sample surveys in diverse fields on All India basis.
Primarily data are collected through nation-wide household surveys on various socio-economic subjects, Annual Survey of Industries (ASI), etc.
Besides these surveys, NSSO collects data on rural and urban prices and plays a significant role in the improvement of crop statistics through supervision of the area enumeration and crop estimation surveys of the State agencies.
Current affairs English| Evening News
INSTEX: Germany, France and UK set up transactions channel with Iran
Germany, France and the UK have set up a payment channel with Iran called INSTEX, to help continue trade and circumvent US sanctions.
The three countries have launched the device at a meeting of EU foreign ministers in Bucharest.
Key Points
- INSTEX stands for Instrument in Support for Trade Exchanges.
- It is a “Special Purpose Vehicle” that will allow European businesses to trade with Iran.
- INSTEX will be based in Paris and will be managed by German banking expert Per Fischer, a former manager at Commerzbank. The UK will head the supervisory board.
- Initially, it will be used to sell food, medicine and medical devices in Iran.
The payment channel will help save the Iran nuclear deal by allowing Tehran to keep trading with EU companies despite Washington reimposing sanctions after US President Donald Trump abruptly quit the accord on May 8, 2018.
While, the new institution, called INSTEX is a project of the three governments, it will receive the formal endorsement of all 28 EU members.
What is Iran Nuclear deal?
The Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), was reached in July 2015 between Iran and international powers after nearly 20 months of negotiations.
Under the JCPOA, Iran and the United States, Germany, Britain, China, Russia and France (known as the P5+1), as well as the European Union, agreed to lift crippling international sanctions related to Iran's nuclear program in exchange for Tehran dismantling it.
Current affairs English| Evening News
Mithali Raj becomes 1st female cricketer to play 200 ODIs
Mithali Raj, India's One-day International (ODI) captain, became the first woman to play 200 One Day Internationals (ODIs).
She achieved the feat when she walked out for the toss against New Zealand Women in Hamilton on January 31, 2019.
Mithali Raj already holds the record for the most-capped women's cricketer in the history of the game. She had achieved the milestone when she played her 192 ODI of the career, going past Charlotte Edwards' record of 191 appearances.
India Women have played 263 ODIs in their history. Mithali has now featured in 200 of them.
Key Highlights of Mithali’s career
- Mithali made her ODI debut back on 25 June 1999 against Ireland in Milton Keynes, scoring 114* as India won by 161 runs.
- Since her ODI debut, India Women have played 213 matches in the format. She has been a part of all but 13 of them.
- She is the leading run-scorer in ODIs. Currently, she has 6622 runs against her name.
- The 36-year-old has been serving the game for 19 years and 219 days, now.
- Mithali (123) also holds the record for leading a country in ODIs most number of times.
Current affairs English| Evening News
DAC approves indigenous construction of 6 submarines worth Rs 40000 cr
The Defence Acquisitions Council (DAC) chaired by Defence Minister Nirmala Sitharaman approved indigenous construction of six submarines worth Rs 40,000 crore.
It is the second project under the Ministry's ambitious strategic partnership model aiming to boost the Centre’s ‘Make in India' program.
The first project to get the government's nod for implementation under the new model was the acquisition of 111 utility helicopters for the Navy at a cost of over Rs 21,000 crore in August 2018.
Key Highlights
- The construction of Six advanced submarines under Project 75 (India).
- It will provide a major boost to submarine design and manufacturing ecosystem in India through the transfer of design, equipment technology and skill sets.
- The project will be implemented under the strategic partnership model providing for roping in private firm to build select military platforms in India in partnership with foreign defence manufacturers
Acquisition of 5000 MILAN Anti-tank Guided Missiles
Defence Acquisitions Council has also approved the acquisition of about 5,000 MILAN Anti-Tank Guided Missiles for the Army.
The French-origin anti-tank guided missiles are meant for the Indian infantry to destroy Main battle tanks which are fitted with Explosive Reactive Armour.
Current affairs English| Evening News
PETROTECH 2019: 13th International Oil & Gas Conference & Exhibition
India will host the 13th International Oil & Gas conference and exhibition - "PETROTECH-2019", from February 10-12. The three-day Conference will be held in Greater Noida, Uttar Pradesh.
The conference is likely to be attended by over 90 energy ministers from different countries, is slated to be inaugurated by Prime Minister Narendra Modi.
The theme of the Conference is Shaping the New Energy World through Innovation and Collaboration.
Organised under the aegis of the country's Ministry of Petroleum and Natural Gas, the event will showcase the recent market and investor friendly developments that have taken place in the India's oil and gas sector.
The PETROTECH-2019 exhibition will see participation of over 13 country pavilions and about 750 exhibitors from over 40 countries, with exclusive areas on the "Make in India" and "Renewable Energy" theme.
About PETROTECH
The PETROTECH series of International Oil & Gas Conference is a biennial platform for national and international experts in the oil & gas industry to exchange views and share knowledge, expertise, and experiences.
Current affairs English| Evening News
Lt Gen Rajeev Chopra takes over as DG of NCC
Lt Gen Rajeev Chopra assumed the appointment of Director General of NCC (DGNCC) on January 31, 2019.
Commissioned in the Madras Regiment in December 1980, Lt Gen Chopra is an alumnus of the National Defence Academy, Khadakwasla and Indian Military Academy, Dehradun.
Lt Gen Rajeev Chopra has commanded an infantry battalion in Operation Rhino (Assam). He has commanded a Brigade in Eastern Command and was Inspector General of HQ IGAR (South) in the insurgency-torn state of Manipur.
About National Cadet Corps
The NCC is the world's largest uniformed youth organization. Its motto is 'Unity and Discipline'. The NCC in India was formed under the National Cadet Corps Act of 1948 on July 15, 1948.
The Hridya Nath Kunzru headed Committee recommended the formation of this in schools and colleges at a national level.
Current affairs English| Evening News
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