• The centre has released a Status Paper on Government Debt for 2017-18.

• The Centre’s total debt as a percentage of GDP reduced to 46.5% in 2017-18 from 47.5% as of March 31, 2014.

• The total debt of the States has risen to 24% in 2017-18, and is estimated to be 24.3% in 2018-19.

• In absolute terms, the Centre’s total debt increased from ?56,69,429 crore at the end of March 2014 to ?82,35,178 crore in 2017-18, representing a 45% increase. The total debt of the States increased from Rs.24,71,270 crore to ?40,22,090 crore over the same period, an increase of almost 63%.

• While the Centre is moving in the right direction in terms of meeting the N.K. Singh Committee recommendations on public debt, the States are moving in the opposite direction.

• Outstanding liabilities of States have increased sharply during 2015-16 and 2016-17, following the issuance of UDAY bonds in these two years.

• The increase in the debt stock at the State level is worrying because they don’t have the wherewithal to service the debt if it goes beyond a certain point. They could then start getting into a debt trap situation.

• The N.K. Singh-headed FRBM (Fiscal Responsibility and Budget Management) Review Committee report had recommended the ratio to be 40% for the Centre and 20% for the States, respectively, by 2023.

• It said that the 60% consolidated Central and State debt limit was consistent with international best practices, and was an essential parameter to attract a better rating from the credit ratings agencies.

• The States do have some fiscal space to reduce their borrowing in the coming years due to the large cash surpluses they hold. This indicates scope for reducing the quantum of market borrowings by State governments in case they bring down their cash surpluses (parked as investment in treasury bills of the Central government).

• State governments as a group have exhibited a tendency to hold large cash surpluses/investments in Cash Balance Investment Account on a consistent basis while at the same time resorting to market borrowings to finance their GFD (Gross Fiscal Deficit).

 

 

• The Global Commission on the Future of Work released its report on Jan 22. The document calls on governments to take steps to address the challenges caused by unprecedented transformations going on in the world of work.

• Due to the unprecedented transformational change in the world of work, there are several transformational challenges that are bound to occur.

• Artificial intelligence, automation and robotics will lead to job losses, as skills become obsolete.

• A universal labour guarantee that protects fundamental workers’ rights, an adequate living wage, limits on hours of work and safe and healthy workplaces.

• Guaranteed social protection from birth to old age that supports people’s needs over the life cycle.

• A universal entitlement to lifelong learning that enables people to skill, reskill and upskill.

• Managing technological change to boost decent work, including an international governance system for digital labour platforms.

• Greater investments in the care, green and rural economies.

• A transformative and measurable agenda for gender equality.

• Reshaping business incentives to encourage long-term investments.

• It is time for a vision for a human-centred agenda that is based on investing in people’s capabilities, institutions of work and in decent and sustainable work.

• Countless opportunities lie ahead to improve the quality of working lives, expand choice, close the gender gap, reverse the damages wreaked by global inequality. Yet none of this will happen by itself.

• Governments, trade unions and employers need to work together, to make economies and labour markets more inclusive. Such a social dialogue can help make globalization work for everyone.

 

 

• China`s economy grew at 6.6 per cent in 2018, its slowest rate in almost three decades. The world`s second biggest economy was grappling with the effects of the current trade war with the US and declining exports.

• In the three months to December, the economy grew 6.4% from a year earlier, down from 6.5 per cent in the previous quarter. The data was in line with forecasts but underlines recent concern about weakening growth. China`s National Bureau of Statistics (NBS)  said that last year`s growth rate was down from 6.8 per cent in 2017 and was the lowest since 1990  when growth rate  was 3.9 per cent. 

• China`s rate of expansion has raised worries about the potential knock-on effect on the global economy. The trade war with the US has added to the gloomy outlook. The US and China have been locked in an escalating trade spat since early 2018, raising import tariffs on each other`s goods. 

 

 

• India is likely to surpass the United Kingdom in the world`s largest economy rankings in 2019, to become world`s fifth largest economy, according to a report by global consultancy firm PwC.

• As per the report, while the UK and France have regularly switched places owing to similar levels of development and roughly equal populations, India`s climb up the rankings is likely to be permanent.

• PwC`s Global Economy Watch report projects real GDP growth of 1.6 per cent for the UK, 1.7 per cent for France and 7.6 per cent for India in 2019.

• According to World Bank data, India became the world`s sixth largest economy in 2017 surpassing France and was likely to go past the UK which stood at the fifth position. 

• The US was the world`s largest economy with a size of 19.39 trillion dollars, followed by China at 12.23 trillion dollars at the second place in 2017.

 

• Inflation based on wholesale prices fell to a 8-month low of 3.80 per cent in December 2018, on softening prices of fuel and some food items.

• The Wholesale Price Index (WPI)-based inflation stood at 4.64 per cent in November 2018, and 3.58 per cent in December 2017

• The Reserve Bank of India mainly takes into account retail inflation data while formulating monetary policy.

 

 

• The Finance Ministry has asked the public sector banks to gradually reduce the government’s equity to 52 per cent. Currently, some of the public sector banks have government’s holding beyond 75 per cent.

• The Ministry of Finance has authorized the Public Sector Banks to take necessary steps in bringing down the government equity based on the marketing conditions.

• A notification under the Securities Contracts Regulations (Amendment) Rules makes it mandatory for all listed entities to have a minimum public float of 25%.

• The Securities and Exchange Board of India (SEBI) was established under the provisions of the Securities and Exchange Board of India Act, 1992 on April 12, 1992. SEBI aims to protect the interests of investors in securities and to promote the development and regulate the securities market in the country.

 

 

• The London-based Times Higher Education (THE), a global organization that produces data, analysis and expertise on higher education has released the he Emerging Economies University Rankings 2019.

• The 2019 ranking comprises of 450 universities from 43 countries, across four continents.

• The Indian Institute of Science has topped the rankings among Indian institutes with 14th rank; the second spot among Indian Institutes was occupied by the Indian Institute of Technology Bombay with 27th rank.

• Comparing with other countries, China continues to lead the ranking with a many as 70 universities listed in the ranking. Also, it also has to its credit the top spots with its Tsinghua University ranked at number 1. In fact, Top 4 of the top 5 spots belong to the Chinese Universities.

 

 

• The Union Cabinet approved expenditure sanction of over 4200  crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project. 

• Union Minister Piyush Goyal said, it will help in improving tax payers` awareness and education through continuous engagement. 

• It will help in faster processing of returns and issue of refunds to the tax payers` bank account directly. The Union Cabinet approved expenditure sanction of over 4200  crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project. 

• Union Minister Piyush Goyal said, it will help in improving tax payers` awareness and education through continuous engagement. 

• It will help in faster processing of returns and issue of refunds to the tax payers` bank account directly.

 

 

• Cabinet Committee on Economic Affairs has decided to expand the capacity of Numligarh Refinery in 3 Million Metric Tonne Per Annum, (MMTPA) to 9 MMTPA. 

• Briefing media in New Delhi this afternoon. Union Minister Piyush Goyal said it involves setting up of crude oil pipeline from Paradip to Numaligarh and Product pipeline from Numaligarh to Siliguri at a cost of over 22 thousand crore rupees. 

• The project will be completed within a period of 48 months. Mr Goyal said the decision of expansion of refinery will meet the requirement of crude oil and petroleum products in the northeast region. He said it would also generate direct and indirect employment in Assam.

 

 

• The National Green Tribunal, NGT slammed German auto major Volkswagen for not depositing Rs 100 crore in accordance with its November 16, 2018 order and directed it to submit the amount within 24 hours.

• A bench headed by NGT chairperson Adarsh Kumar Goel took strong exception to the non-compliance of its order by the automobile giant and asked it to give an undertaking that it will submit the amount by 5 PM  tomorrow.  The bench, also comprising Justice S P Wangdi,  also asked Volkswagen to submit an affidavit of compliance after deposit.

• The tribunal deferred the matter for hearing after it was informed that the Supreme Court is also seized of the issue. On November 16 last year, the tribunal had said that the use of `cheat device` by Volkswagen in diesel cars in India leads to inference of environmental damage and had asked the German auto major to deposit an interim amount of Rs 100 crore with the Central Pollution Control Board. 

 

 

• The Sovereign Gold Bond Scheme 2018-19 (Series-V) opened on 14 January for subscription. It will continue till 18 January. 

• The issue price of the Bond during this subscription period will be three thousand two hundred and fourteen rupees per gram with the settlement date of January 22nd 2019.

• The Centre in consultation with the Reserve Bank of India has decided to allow discount of 50 rupees per gram from the issue price to those investors who apply on-line and make the payment through digital mode.

• Sovereign Gold Bond Scheme (SGBS) is one of the three gold related schemes launched by the PM in November 2015. It gives the people to invest their gold into sovereign bonds. Bonds are one of the three assets, the other being stocks and cash.

 

 

• In pursuance of decision in the 32nd Meeting of GST Council held on 10th January, 2019 at New Delhi, a Group of Ministers (GoM) for boosting the Real Estate Sector under the GST regime has been constituted.

• Shri Nitin Patel, Hon’ble Deputy Chief Minister, Government of Gujarat, will be Convener of this group.

• The Terms of Reference (ToR) for the GoM for boosting Real Estate Sector under GST regime shall be as follows:

• Analyse tax rate of GST, Examine and suggest ways for Composition Scheme or any other Scheme, for boosting Real Estate Sector, Examine and suggest any other aspect relevant to boost Real Estate Sector.

• The GoM for boosting Real Estate Sector under GST regime may invite officers from the Centre and the States, as may be required. The Conveners of Law Committee and Fitment Committee will assist the GoM.

• The Secretary for the GoM for boosting the Real Estate Sector under GST regime shall be Shri Manish Sinha.

 

• The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017.

• It is to ensure the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices.

• Holding regular meetings with the Zonal Screening Committees and the Chief Commissioners of Central Tax to stress upon consumer awareness programs.

• Launching a helpline to resolve the queries of citizens regarding registration of complaints against profiteering.

• Receiving complaints through email and NAA portal.

• Working with consumer welfare organizations to facilitate outreach activities.

• The National Anti-profiteering Authority (NAA) is the institutional mechanism under GST law to check the unfair profit-making activities by the trading community.

• This institutional framework comprises the NAA, a Standing Committee, Screening Committees in every State and the Directorate General of Safeguards in the Central Board of Excise & Customs (CBEC).

 

 

• The GST Council in its recently held 32nd meeting took a slew of decisions aimed at reducing the tax and compliance burden on small and medium enterprises.

• The annual turnover limit under which companies would be exempt from GST has been raised to ?40 lakh for most States and ?20 lakh for the North Eastern and hill states, from the earlier limit of ?20 lakh and ?10 lakh, respectively.

• The limit for eligibility for the Composition Scheme is raised to an annual turnover of ?1.5 crore from April 1, 2019. So far, only manufacturers and traders were eligible for this scheme.

• The Scheme now has been extended to small service providers with an annual turnover of up to ?50 lakh, at a tax rate of 6%.

• Kerala can levy a cess of up to 1% for up to two years on intra-State supplies to help finance the disaster relief efforts following the recent floods in the state.

• The Composition Scheme currently allows companies with an annual turnover of up to ?1 crore to opt for it, and file returns on a quarterly basis at a nominal rate of 1%.

• The GST council is the key decision-making body that will take all important decisions regarding the GST. 

• The GST Council dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. 

• The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation.

• The Goods and Services Tax (GST) is governed by the GST Council. Article 279 (1) of the amended Indian Constitution states that the GST Council has to be constituted by the President within 60 days of the commencement of the Article 279A.

 

 

• Tardy implementation of projects under the Accelerated Irrigation Benefit Programme (AIBP) between 2008-2017 led to an almost threefold jump in the cost of these projects to ?1.20 lakh crore.

• From 2008-2017, of the 201 major and medium projects approved, only 62 were completed.

• Of the 11,291 minor irrigation schemes sanctioned, only 8,014 were completed.

• Only about 35% of India’s irrigation potential was utilised.

• Of the 118 major projects surveyed by the CAG, 105 suffered from a “time overrun” with some projects being delayed by more than 18 years.

• AIBP was initiated in 1996 as a Central scheme.

• The Scheme provides central assistance in the form of loan to State Government to complete those ongoing irrigation projects which were costing Rs.1000 crore.

• Objective of the scheme is to speed up the implementation of large irrigation projects (includes dams and canals, especially those which were beyond the resource capability of the States).

• Ministry: Union Ministry of Water Resources is responsible for framing policy guidelines for implementation.

• State Governments are associated with planning and implementing irrigation projects and schemes.

 

 

• Tech giant IBM said it had received 9,100 patents in 2018 across areas such as artificial intelligence (AI), cloud computing and cybersecurity, with India being the second highest contributor to the global record tally.

• In 2018, IBM employee inventors received a record number of 9,100 patents (with US 1st and India 2nd highest contributor)

• IBM inventors from India received over 800 patents.

 

 

• The Reserve Bank of India (RBI) has constituted a high-level committee under Nandan Nilekani to suggest measures to strengthen the safety and security of digital payments in the country.

• To encourage digitisation of payments and enhance financial inclusion through digitization.

• Reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them.

• Assessing the current levels of digital payments in financial inclusion.

• Suggest measures to strengthen the safety and security of digital payments.

• Suggest a road map for increasing customer confidence and trust while accessing financial services through digital modes.

• Undertake cross-country analysis to identify best practices to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.

• Suggest a medium-term strategy for deepening of digital payments.

 

 

• To facilitate the process of industrialization in hilly, remote and inaccessible areas, transport incentive is provided to the states of:

• North Eastern Region (including Sikkim) under North Eastern Industrial Development Scheme (NEIDS) – 2017

• Jammu & Kashmir under Industrial Development Scheme – 2017

• Lakshadweep and A&N Islands under Lakshadweep and Andaman & Nicobar Island Development Scheme – 2018.

• Under the above mentioned schemes, all eligible industrial units can avail incentive on transportation of only finished goods through Railways or the Railway Public Sector Undertakings, Inland Waterways or scheduled airline (shipping for Andaman & Nicobar and Lakshadweep islands also) for five years from the date of commencement of commercial production/operation.

• The FSS (2013) replaced the Transport Subsidy Scheme, 1971.

• It was in operation in all 8 North Eastern States, Himachal Pradesh, Uttarakhand, J&K, Darjeeling District of West Bengal, Andaman & Nicobar Islands and Lakshadweep islands.

• The FSS has been discontinued since 22.11.2016. But, the industrial units under these schemes during their currency are eligible for the benefits of the scheme.

• While the inland transport incentive is available for certain landlocked states, there is no proposal to provide the same to the state of Chhattisgarh.

• Government of India had introduced Transport Subsidy Scheme (TSS) on 23.7.1971 to develop industrialization in the remote, hilly and inaccessible areas.

 

 

• In order to encourage locally available materials and use of green technologies for construction of road under Pradhan Mantri Gram Sadak Yojana (PMGSY), guidelines were issued by the Ministry.

• The State Governments are required to propose minimum 15% of total length of annual proposals under new technologies like Cement stabilization, Lime stabilization, Cold mix, Waste plastics, Cell filled concrete, Paneled cement concrete pavement, Fly ash etc.

• Andhra Pradesh Government had submitted proposal for converting 37 roads of 163.49 KM sanctioned under Road Connectivity Project for Left Wing Extremism Affected Areas with conventional method of construction to New Technology.

• There is no other proposal of the State on New Technology pending with the Government at present.

• The Ministry has so far sanctioned 35,922 KM length of roads using New Technologies and 22,983.96 KM have been completed.

• The primary objective of PMGSY is to provide connectivity by way of all-weather roads. 

• The programme also has an Upgradation component with a target to upgrade existing rural roads in order to ensure full farm to market connectivity.

• Meri Sadak – A mobile application “Meri Sadak” was launched to enable citizens to register complaints regarding the quality and pace of construction of PMGSY roads

 

 

• The Ministry of Labour & Employment is implementing the National Career Service (NCS) Project to provide a variety of employment related services like job matching, career counseling, vocational guidance, information on skill development courses, etc.

• It includes establishment of Model Career Centers by the State Government/Institutions of repute to provide variety of employment related services using technology.

• The NCS project has also been enhanced to interlink the Employment Exchanges with NCS portal and organizing job fairs.

• A National ICT based portal is developed primarily to connect the opportunities with the aspirations of youth. The portal facilitates registration of job seekers, job providers, skill providers, career counselors, etc.

 

 

• The restructured National Bamboo Mission (NBM) was approved in April, 2018 for implementation till the end of 14th Finance Commission i.e. 2019-2020.

• It aims to inter-alia supplement farm income of farmers with focus on the development of complete value chain of bamboo sector linking growers with industry.

• The scheme is being implemented in non-forest Government land, farmers field in States where it has social, commercial and economical advantage, including the bamboo rich States of North Eastern region and Madhya Pradesh, Maharashtra, Chhattisgarh, Odisha, Karnataka, Uttarakhand, Bihar, Jharkhand, Andhra Pradesh, Telangana, Gujarat, Tamil Nadu and Kerala.

• Financial Assistance to North Eastern States is provided in the ratio of 90:10 between Central & State Government.

• The Mission envisages promoting holistic growth of bamboo sector by adopting area-based, regionally differentiated strategy and to increase the area under bamboo cultivation and marketing.

• Funding Pattern:

• 60:40 between Centre and State Govt. for all States (excepting NE & Hilly states),

• 90:10 for the NE & Hilly States, and

• 100% for Union Territories/R&D Institutes/Bamboo Technology Support Groups (BTSGs) and National Level Agencies.

 

 

• A Philippine court has convicted a former banker in one of the biggest ever cyberheists which saw 81 million US dollars stolen from Bangladesh`s central bank. 

• The court found Maia Deguito, who was branch manager at the Rizal Commercial Banking Corporation (RCBC), guilty on eight counts of money laundering which carry a minimum of four years each behind bars. 

• The court also ordered her to pay 109 million Us dollar as fine. 

• This is the first conviction in Bnagladesh cycberheist case. In 2016, shadowy hackers transferred huge amounts of cash from Bangladesh`s US accounts to the Philippine bank, where it was swiftly withdrawn.

• Deguito can remain on bail until the conviction is finalised. She plans to appeal the verdict.

• Meanwhile, the RCBC said in a statement that it was a victim and that Deguito was a rogue employee.

 

 

• Chairman of 15th Finance Commission NK Singh said the commission would submit its report to the Centre by the end of this year.

• He was interacting with reporters in Bhubaneswar. 

• He said Odisha was the 16th state the commission has visited so far. He added the commission will visit eight more states. 

• Mr Singh said the commission members met and interacted with different stakeholders like state government, political parties, members of the Panchayati Raj institutions, urban local bodies and representatives of the trade and commerce.

 

 

• A report by World Economic Forum said that India is set to become the world`s third largest consumer market behind only USA and China by 2030. 

• The report said consumer spending in India is expected to grow from 1.5 trillion US dollar at present to six trillion US dollar by 2030. 

• The report said that with the annual GDP growth rate of 7.5 percent, India is currently the world`s sixth largest economy. 

• The report titled `Future of Consumption in Fast-Growth Consumer Market - India` also noted that growth of the middle class will lift nearly 25 million households out of poverty.

 

 

• Vijay Mallya has become the first person to be declared a fugitive offender under the Fugitive Economic Offenders Act. The order was passed under Section 2F of FEOA against Mallya by the PMLA court.

• The investigative agency can now confiscate properties of Mallya which are not directly related to the cases against him.

• The decision comes against an application by the Enforcement Directorate before the special Prevention of Money Laundering Act (PMLA) court to classify Mallya as a fugitive economic offender.

• The fugitive economic offenders’ law came into force in August last year. A person can be named an offender under this law if there is an arrest warrant against him or her for involvement in economic offences involving at least Rs. 100 crore or more and has fled from India to escape legal action.

• The person who is declared as a Fugitive Economic Offender can challenge the proclamation in the High Court within 30 days of such declaration according to the Fugitive Economic Offenders Act, 2018.

 

 

• In a surprise move, World Bank President Jim Yong Kim announced that he will step down from his position on February 1 - much before the end of his term in 2022. Kim, 58, has been in this position for over six years now.

• In a statement, the World Bank said he will join a firm and focus on increasing infrastructure investments in developing countries.

• Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective 1st of next month.

• The president of the Washington-based World Bank has always been an American citizen nominated by the United States, which is the largest shareholder of this multilateral financial institution.

 

 

• Finance Minister Arun Jaitley has said, over 122 crore Aadhaar numbers have been issued in the last 28 months and 99 percent of the adult population of India stands covered.

• In a Facebook post, Mr Jaitley said 90,000 crore rupees have been saved by the use of Aadhaar till March last year and several duplicate, fake, and non-existent beneficiaries have been eliminated.

• He stated that according to the World Bank Digital Dividend Report, India can save 77,000 crore rupees per year by using Aadhaar.

• The Finance Minister said, Aadhaar is a game changer and the UPA remained half hearted about Aadhaar because of its contradictions and indecision.

He said, instead of taking credit, Congress lawyers challenged it in Court appearing as anti-technology, and anti-Aadhaar faces.

Mr Jaitley said that decisive Prime Minister Narendra Modi made it possible and the NDA government re-examined the UPA law and completely changed it.

• He said the pith and substance of the new law was to effectively use public resources in subsidising poor.

 

 

• RBI Governor Shaktikanta Das said the central bank will take steps if there is a liquidity shortage in the economy, though currently liquidity needs are largely met. 

• He said the RBI is constantly monitoring liquidity issue and infusion of liquidity in the market will be need-based.

• Briefing media in New Delhi, Mr Das said he met associations of small and medium enterprises in the national capital this morning to gauge the current state of MSMEs, and implementation of loan restructuring scheme. 

• The RBI Governor said he will meet non-banking financial companies to get a perspective on liquidity needs. 

• He said banks have been asked to look at the viability of individual proposals for loan restructuring of MSMEs. 

 

 

• The National Highways Authority of India (NHAI) plans to raise Rs10,000 crore through Bharatmala Taxable Bonds in the ongoing financial year.

• As per the internal and extra budgetary resources approved for 2018-19 by the government, a sum of Rs62,000 crore is to be raised by NHAI through various instruments/sources including Bharatmala bonds.

• Bharatmala Project is the second largest highways construction project in the country since NHDP, under which almost 50,000 km or highway roads were targeted across the country. Bharatmala will look to improve connectivity particularly on economic corridors, border areas and far flung areas with an aim of quicker movement of cargo and boosting exports.

 

 

• The Government has launched the “Green – Ag: Transforming Indian Agriculture for global environmental benefits and the conservation of critical biodiversity and forest landscapes” in association with Global Environment Facility (GEF).

• The project would be implemented in collaboration with the Food and Agriculture Organisation (FAO) in high-conservation-value landscapes of five States namely, (i) Madhya Pradesh: Chambal Landscape, (ii) Mizoram: Dampa Landscape, (iii) Odisha: Similipal Landscape, (iv) Rajasthan: Desert National Park Landscape and v) Uttarakhand: Corbett-Rajaji Landscape.

• The Green-Ag project seeks to integrate biodiversity, climate change and sustainable land management objectives and practices into Indian agriculture.

• The project aims to catalyze a transformative change of India’s agricultural sector to support the achievement of national and global environmental benefits and conservation of critical biodiversity and forest landscapes.

• The project supports harmonization between India’s agricultural and environmental sector priorities and investments to realise the national and global environmental benefits without compromising on India’s ability to strengthen rural livelihoods and meet its food and nutrition security.

 

• The Cabinet has approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda.

• The move will help create a strong globally competitive bank with economies of scale and enable the realization of wide-ranging synergies, leveraging of networks and low-cost deposits and substantial rise in customer base and operational efficiency. 

• The scheme will come into effect from 1st of April this year. 

• The pay and allowances and services of the employees of all three banks will remain same as earlier. 

 

• As many as twenty-three goods and services, including movie tickets, TV and monitor screens and power banks are becoming cheaper from today with the reduced Goods and Services Tax (GST) on them. 

• The GST Council had decided to cut tax rates on these goods and services and exempted music books, preserved vegetables and savings bank accounts under the Jan Dhan Yojana from the Tax. 

• The consumers will pay less for these items of common consumption as the incidence of GST rates on them will come down.

• The Council had rationalised the 28 per cent slab and restricted the highest slab to luxury, demerit, and sin goods, besides cement, large screen TV, Air Conditioners and dishwashers. 

• The GST Council has also decided to slash tax rate on parts and accessories for the carriages for disabled persons from 28 per cent to 5 per cent. Also third party insurance premium of goods carrying vehicles has been reduced from 18 per cent to 12 per cent.  

• The other items which will attract lower GST rate of 5 per cent include marble rubble, natural cork, walking stick, fly ash blocks. 

• Music books and vegetables (uncooked or cooked by steaming or boiling in water), frozen, branded and put in an unit container and vegetables provisionally preserved but unsuitable in that state for immediate consumption have been exempted from GST.  

• Services supplied by banks to basic savings bank deposit account holders under the Jan Dhan Yojana will not attract the GST. 

• Air travel of pilgrims by non-scheduled/charter operations being facilitated by the government under bilateral arrangements will attract a lower GST rate of 5 per cent. 

• GST on movie tickets costing up to Rs 100 has been cut to 12 per cent, from 18 per cent. Also tickets over Rs 100 will attract 18 per cent GST, against 28 per cent earlier.  

• Monitors and TV screens up to 32 inches and power banks will attract 18 per cent GST, as against 28 per cent earlier. 

 

• The seventh tranche of electoral bonds sale began. It will continue till 10th of this month. 

• The State Bank of India, SBI has been authorised to issue and encash Electoral Bonds through its 29 Authorised Branches. 

• Electoral bonds are being pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding. 

• Electoral bonds aggregating to One Thousand Fifty Seven Crore rupees were purchased by citizens or entities till the completion of sixth phase of issuance of electoral bonds in November 2018. 

• The 29 specified SBI branches are in cities like New Delhi, Gandhinagar, Patna, Chandigarh, Bengaluru, Bhopal, Mumbai, Jaipur, Lucknow, Chennai, Kolkata and Guwahati.

• The government had notified the Electoral Bond Scheme in January last year and the sale of first batch of electoral bonds took place in March 2018.

• As per provisions of the scheme, electoral bonds may be purchased by a person, who is a citizen of India or entities incorporated or established in India. 

• Registered political parties that have secured not less than one per cent of the votes polled in the last election of the Lok Sabha or legislative assembly will be eligible to receive electoral bonds. An electoral bond will be valid for 15 days from the date of issue. No payment would be made to any payee political party if the bond is deposited after expiry of the validity period.

 

• Qatar will cease to be a member of the Organisation of the Petroleum Exporting Countries (OPEC). 

• The country had sent an official notification to the OPEC expressing its wish to pull out and to focus on its liquefied natural gas production in December.

• The decision came amid the ongoing diplomatic and economic blockade imposed on the country by its Persian Gulf neighbours and several Arab states. 

• These countries accuse Doha of supporting terrorism and interfering in their internal affairs. Qatar has strongly refuted these allegations.

 

• The Central Government notified the commencement of Section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18thOctober, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18thOctober, 2017.

• The Central Government, vide a notification dated 23rd October, 2017, issued the Companies (Removal of Difficulties) Second Order, 2017 to provide that valuations required under the Companies Act, 2013 shall be undertaken by a person who, having the necessary qualifications and experience, and being a valuer member of a recognised valuer organisation, is registered as a valuer with the Authority. 

• Vide another notification on the same date, the Central Government delegated its powers and functions under section 247 of the Companies Act, 2013 to the Insolvency and Bankruptcy Board of India (IBBI) and specified the IBBI as the Authority under the Companies (Registered Valuers and Valuation) Rules, 2017.

• The Companies (Registered Valuers and Valuation) Rules, 2017, as amended, require that only a person registered with the IBBI as a registered valuer can conduct valuations required under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016 with effect from 1stFebruary, 2019. 

• Subject to meeting other requirements, an individual is eligible to be a registered valuer, if he (i) is a fit and proper person, (ii) has the necessary qualification and experience, (iii) is a valuer member of a RVO, (iv) has completed a recognised educational course as member of a RVO, and (v) has passed the valuation examination conducted by the IBBI, and (vi) is recommended by the RVO for registration as a valuer. 

• A partnership entity or a company is also eligible for registration subject to meeting the requirements. A person, who is rendering valuation services under the Companies Act, 2013, may continue to do so without a certificate of registration up to 31stJanuary, 2019.

• In pursuance of the Rule 5 (3) of the Companies (Registered Valuers and Valuation) Rules, 2017, the IBBI, being the Authority, had published thesyllabus, format and frequency of the Valuation Examination for the Asset Class of ‘Securitiesor Financial Assets’ on 30thDecember, 2017 and for the Asset Classes of (a) Land and Building, and (b) Plant and Machinery on 31st December, 2017 and has been conducting examination since 31st March, 2018.

• In pursuance of the said Rule, the IBBI, being the Authority, hereby publishes the syllabus, format and frequency of the ‘Valuation Examination’ to be conducted from1st April, 2019 for the asset classes as under:

a. Plant and Machinery: Annexure I

b. Land and Building: Annexure II

c. Securities or Financial Assets: Annexure III

 

 

• The Regional Comprehensive Economic Partnership (RCEP), which is a proposed Free Trade Agreement between ten ASEAN member states and their six Free Trade Agreement (FTA) partners namely India, Australia, China, Japan, New Zealand and Republic of Korea, is expected to provide market access for India’s goods and services exports and encourage greater investments and technology into India.

• It would also facilitate India’s MSMEs to effectively integrate into the regional value and supply chains. 

• On the other hand, India is not a member of the Asia-Pacific Economic Co-operation (APEC) which is a grouping of twenty-one countries in the Asia Pacific region with an aim to deepen and strengthen economic and technological cooperation amongst APEC member countries.

 

 

• Lebanon`s Finance Minister said that the heavily indebted country is approaching a financial crisis, as political deadlock continues. 

• Nearly eight months since parliamentary elections, Prime Minister-designate Saad al-Hariri has been unable to form a new government that can deliver fiscal reform.

• With the world’s third-highest ratio of debt to GDP, Lebanon has endured years of weak economic growth.

• It was urged by the International Monetary Fund this year to carry out urgent measures to put public finances back on a sustainable footing.

 

 The summary of the Index of Eight Core Industries (base: 2011-12):

• The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).  The combined Index of Eight Core Industries stood at 128.5 in November, 2018, which was 3.5per centhigheras compared to the index of November, 2017. Its cumulative growth during April to November, 2018-19was 5.1per cent.

Coal

• Coal production (weight: 10.33per cent)increased by 3.7 per cent in November, 2018 over November, 2017. Its cumulative index increased by 9.0 per centduring April to November, 2018-19over corresponding period of the previous year.

Crude Oil

• Crude Oil production (weight: 8.98per cent) declinedby 3.5 per cent in November, 2018 over November, 2017. Its cumulative index declined by 3.6 per centduring April to November, 2018-19over the corresponding period of previous year.

Natural Gas

• The Natural Gas production (weight: 6.88per cent) increased by 0.5per cent in November, 2018 over November, 2017. Its cumulative index declined by 0.7 per centduring April to November, 2018-19 over the corresponding period of previous year.

Refinery Products

• Petroleum Refinery production (weight: 28.04per cent) increased by 2.3 per cent in November, 2018 over November, 2017. Its cumulative index increased by 5.3 per centduring Aprilto November, 2018-19over the corresponding period of previous year.

Fertilizers

• Fertilizers production (weight: 2.63 per cent) declined by 8.1 per cent in November, 2018 over November, 2017. Its cumulative index declined by 1.3 per centduring April to November, 2018-19 over the corresponding period of previous year.

Steel

• Steel production (weight: 17.92per cent)increasedby 6.0 per cent in November, 2018 over November, 2017. Its cumulative index increased by 3.7per centduring April to November, 2018-19 over the corresponding period of previous year.

Cement

• Cement production (weight: 5.37per cent) increasedby 8.8per cent in November, 2018over November, 2017. Its cumulative index increased by 14.2per centduring April to November, 2018-19over the corresponding period of previous year.

Electricity

• Electricity generation (weight: 19.85per cent) increased by5.4 per centin November, 2018over November, 2017. Its cumulative indexincreased by6.7per cent duringApril to November, 2018-19over the corresponding period of previous year.