• 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.