CBDT Clarifies No TDS or Advance Tax Credit for Income under PMGKY
i.The Central Board of Direct Taxes (CBDT) on cleared that income declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY) would not be entitled to get any credit by way of advance tax paid or the tax deducted at source (TDS) or tax collected at source (TCS).
ii.PMGKY was set up to give an opportunity to those who deposited tax-evaded money in bank-demonetised currencies.
iii. It was opened on December 17, 2016 and will remain open till March 31.Under the scheme, a person declaring undisclosed income would need to pay a tax of 30%, in addition to a penalty of 10% and a Pradhan Mantri Garib Kalyan cess of 33% on the tax.Under the Income Declaration Scheme (‘IDS’), the government has allowed TDS credit in those cases where such credit has not already been claimed in the income-tax return.
Government Launches Web-Portal ‘ShaGun’ for Monitoring Sarva Shiksha Abhiyan
i.The Union Human Resource Development Minister Prakash Javadekar launched a dedicated web portal ‘ShaGun’ on for continuous monitoring of the elementary education scheme Sarva Shiksha Abhiyan (SSA) and promote the development of education sector of India.
ii.The portal has been developed by World Bank in collaboration with Ministry of Human Resource Development. ShaGun has been coined from the words ‘Shala’ meaning schools and ‘Gunvatta’ meaning quality.
PM to address 3 day National Conference in Kutch
i.Prime Minister Narendra Modi has delivered inaugural address on a three-day National Conference of Central and State Ministers and Secretaries of Tourism, Culture and Sports in Kutch, Gujarat .
ii.He addresses the program through video conferencing and also interact with the participants at the end of the conference
iii. The Conference aims at achieving the necessary convergence among tourism, culture, youth affairs and sports areas and synergy between the Centre and state.
UDAN scheme set for take off
i.The first flight is likely to take off next month under the government’s ambitious regional connectivity scheme UDAN with the AAI receiving 43 initial proposals from 11 bidders for 190 routes under the regional air connectivity scheme UDAN.The scheme UDAN (Ude Desh Ke Aam Naagrik), seeks to boost regional air connectivity and provides various incentives to airlines.
ii. The fare for a one hour journey of approximately 500 kilometre on a fixed wing aircraft or for a 30 minute journey on a helicopter will be capped at two thousand 500 rupees under the scheme.
India, UAE to hold 1st strategic dialogue in New Delhi
i.Ahead of the visit of the UAE crown prince Sheikh Mohammed bin Zayed Al Nahyan , who will be the Chief Guest at the Republic Day function this year, India UAE is scheduled to hold their first strategic dialogue in New Delhi.
ii.The two countries have been moving closer for security, counter-terrorism, intelligence sharing and trade and during this visit of the Crown Prince , India and UAE will also be looking to boost economic ties. Indians are the largest expatriate community in UAE comprising of nearly 20% of its migrant population.
PM Narendra Modi inaugurates second Raisina Dialogue in New Delhi
i.Prime Minister Shri Narendra Modi inaugurated the second edition of Raisina Dialogue in New Delhi .
ii.The conference has been organized by the Ministry of External Affairs and Delhi based prestigious think tank Observer Research Foundation.The theme of the three day conference is “The New Normal: Multilateralism in a multipolar world”.
iii.More than 250 participants from 65 countries attended the flagship geo-political conference.
Govt inks MoU with National Yuva Cooperative Society to set up 1,000 Janaushadhi Kendras
i.The government has signed an agreement with the National Yuva Cooperative Society to set up 1,000 Janaushadhi Kendras across the country and targets to open such medical stores in every block and gram panchayat to provide quality medicines at an affordable price.
ii.At present, 750 Janaushadhi Kendras, providing more than 600 medicines and 150 medical devices, are operational and the target is to open 3,000 by end of this fiscal for achieving health safety, Chemicals and Fertilisers Minister Ananth Kumar stated.
Centre releases Rs 2,207cr to J&K as special assistance during current financial year
i.Centre has sanctioned over 2,207 crore rupees to Jammu and Kashmir as special assistance during current financial year to expedite completion of area-specific schemes.
ii.This includes over 1093 crore rupees for permanent restoration of damaged structure in the state.
10th Jaipur Literature Festival (JLF) Begins in Jaipur
i.The 10th edition of the Jaipur Literature Festival (JLF) was inaugurated Jaipur Literature Festival at the historic Diggi Palace, Jaipur, Rajasthan jointly by Chief Minister Vasundhara Raje, veteran lyricist Gulzar, American poet Anne Waldman and spiritual writer Sadhguru Jaggi Vasudev.
ii. The theme of the 10th edition of JLF is The Freedom to Dream India at 70. JLF is considered as the ‘Greatest Literary Show on Earth’The five day event would see the participation by over 250 authors, thinkers, politicians, popular culture icons, speakers, connoisseurs, book lovers among others.
Entrepreneurship Development Scheme inaugurated in Mizoram
i.Mizoram Chief Secretary Lalmalsawma inaugurated the Entrepreneurship Development Scheme (EDS) under the New Economic Development Policy (NEDP).
ii. Lalmalsawma stated that state government gave high priority to entrepreneurship development and has allocated Rs two crore under the NEDP during the current fiscal.
Suresh Prabhu unveils Mission 41k energy plan for Railways
i.Indian railways, minister Suresh Prabhu unveiled Mission 41k, a plan that would save Rs 41,000 crore over 10 years through an integrated energy management system, reported Livemint.
ii.In this initiative, railways will electrify 24,000 km of rail tracks over the next five years by doubling the annual rate of electrification from 2,000 km to 4,000 km in the next two years.
9.2 lakh cr rupees remonetised till date:RBI
i.RBI Governor Urjit Patel appeared before the Parliamentary Standing Committee on Finance and briefed the panel about government’s recent decision to demonetise high value currency.
ii.Mr. Patel informed the committee, headed by Congress leader Veerappa Moily that 9.2 lakh crore rupees in new currency has been introduced in the system after the decision.
World Bank Sanctions Rs 1,376 Cr For Tripura Power Upgradation
i.Washington based World Bank has sanctioned Rs 1,376 crore for upgradations and improvement of the Tripura power system network on This was announced by Tripura’s power minister Manik Dey.
ii.The Power Upgradation project is divided into 5 phases. SPML Infra Ltd has got the contract of the first phase with the budget of Rs 461 crore .A large number of 132 KV and 33 KV substations will be constructed and upgraded under the project across Tripura.
Lloyd’s Gets Final Approval from IRDAI to Open First Branch in India
i.London’s insurance giant Lloyd has received the final approval from the Insurance Regulatory and Development Authority (IRDA) on to set up its first branch in India.
ii.The specialist insurance and reinsurance company would open its first branch office in India before April 2017 and will be located at Mumbai. Lloyd’s will bring expertise and specialist capacity to India’s insurance market and work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy.
Delhi Police commissioner Alok Verma appointed next CBI chief
A 3-member committee headed by PM Modi selected Alok Kumar Verma as next CBI chief for a period of 2 years. Verma, a 1979-batch IPS officer, has been Delhi Police chief for the last 11 months. Gujarat-cadre IPS officer Rakesh Asthana was acting as CBI’s interim director
Alibaba Becomes Worldwide Sponsor of Olympic Games through 2028
i.The International Olympic Committee (IOC) and Chinese e-commerce firm Alibaba Group entered into a long-term partnership through 2028 at the World Economic Forum in Davos, Switzerland. This makes Alibaba the worldwide sponsor of Olympic Games through 2028.
ii. The partnership was agreed between IOC President Thomas Bach, Alibaba Group Founder and Executive Chairman Jack Ma and Alibaba Group Chief Executive Officer Daniel Zhang.
iii.With this Alibaba has become the first company in the world to make a long-term commitment to the IOC through 2028 as well as first Chinese company to commit to the Olympic Winter Games Beijing 2022.
Punjab Royals bagged ProWrestling League Season 2 title
i.Punjab Royals have bagged the Pro Wrestling League Season 2 title.
ii.In the summit clash in New Delhi, the Punjab team beat Haryana Hammers 5-4.Punjab reigned supreme with their foreign imports Vladimir Khinchegashvili, Vasilisa Marzaliuk and Ilias Bekbukatov, besides India’s Nirmla and Jitendra doing the damage in the crucial ties of the day.
iii.Haryana, who had remained undefeated in the tournament, thus failed to cross the last hurdle.
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