User talk:Gaurav4291/PIB2016

Budget
DBT FDI Income tax
 * Aadhaar bill
 * Scheme for subsidised LPG for BPL families
 * Pilot project for subsidy in fertilisers using DBT
 * 100% FDI in marketing of food produced and manufactured
 * Surcharge on income above 1 crore from 12% to 15%
 * Krisi kalyan cess and infrastructure cess

Aadhaar Bill

 * Data will only be shared for the purpose that the individual has authorised for
 * Information may be revealed in cases of national security and on court’s order

Defence procurement procedure

 * Added one new route of procurement – buy Indian (indian designed, developed and manufactured) – most preferred
 * This means buying from an indian vendor – a.) indigenously designed, developed and manufactured with 40% Indian content, b.) not indigenously designed or developed with 60% Indian content
 * Offset obligation : In case vendor is foreign, vendors are required to reinvest 30% of contract in Indian defence sector. Contract requirement is increased from 300 crore to 2000 crore.

Standing committee on MCI
Recommendations:
 * Composition: MCI mainly has doctors as members, these are elected members (but mostly private representation is seen), thus recommended an independent selection procedure with members taken form various fields such as public health, health economists, etc.
 * Medical education: separate regulatory body for graduate and post-graduate studies, single entrance test, exit test – for maintain quality
 * Separate board for medical ethics
 * Increase in autonomy with accountability to check corruption

Pradhan mantra ujjwala yojana

 * To provide LPG connections to female members of BPL families
 * For three years (2016-17 to 2018-19)

HELP policy
Features: Pricing of deep water fields
 * Hydrogen exploration and licensing policy
 * Profit sharing to revenue sharing
 * Uniform licensing for oil, gas, shale oil, shale gas, etc.
 * Open acreage
 * Royalties will decrease form shallow waters to deep waters to ultra deep waters (since risk factor is high in deep waters)
 * Marketing and pricing freedom in deep water fields with a price ceiling
 * Price ceiling is based on import landed price
 * Only applicable to new and yet to start fields

PMAY-G

 * IAY (Indira awaas yojana) renamed to PM awaas yojana-gramin
 * This yojana will help in meeting the housing for all mission by 2022

MSF

 * Marginal standing facility
 * Banks can borrow from RBI after they have exhausted all borrowing options (since rate is high)
 * Banks will first borrow using LAF (liquidity adjustment facility)
 * LAF – uses repo or reverse repo operations – for day to day mismatches in liquidity
 * it imposes a penal rate - thus rates are higher thab repo rates — Preceding unsigned comment added by Gaurav4291 (talk • contribs) 12:11, 28 June 2016 (UTC)

Fiscal deficit for state

 * Finance commission recommended 3% fiscal deficit for states with option to relax it to 3.5% in certain circumstances
 * States can increase this limit by amending it’s fiscal responsibility and budget management act
 * 0.25% can be relaxed for each case
 * 1 – if the debt to GSDP ratio of a state was below 25% in the preceding year
 * 2 – if interests payments were less than 10% of the revenue receipts in the preceding year

Land leasing
Recommendations:
 * T-haque committee on land leasing under NITI aayog
 * To look into the land leasing acts of states, recommend amendments to legalise land leasing and prepare a model land leasing act
 * States have different land lease acts – variations in who can lease, duration, - a number of states legally banned land leasing
 * Restriction on land leasing has resulted in informal tenants – they are not able to get institutional credit, thus are less efficient
 * Recommended easy credit
 * Legalizing land leasing – protection of ownership of land owners, protection of tenure for tenants, etc.

Unified package insurance scheme

 * Will provide a package of insurances including – crop insurance, accident insurance, life insurance, student safety insurance, etc.

Paris agreement

 * To limit temp. rise between 1.5 to 2 C above pre-industrial levels

IAY

 * Indira awas yojana
 * Under ministry of rural development
 * Provides financial and technical support to BPL families in building homes
 * No assessment done for shortage of housing for years, houses given to non-eligible
 * Recommended an online portal to receive complaints
 * Awaasapp – to track and monitor housing projects

GDP

 * Is measured on the basis of GVA
 * GDP (factor cost) = GVA (Basic prices) + Taxes – Subsidies

Insolvency and Bankruptcy code, 2016

 * Resolution period should be 180 days extendable by 90 days in certain circumstance
 * Insolvency and bankruptcy regulator to be established
 * Insolvency agencies to look after the resolution process
 * tribunals to be setup - 1. National company law tribunal for companies and 2. Debt recovery tribunal for individuals and partnerships. — Preceding unsigned comment added by Gaurav4291 (talk • contribs) 07:16, 16 June 2016 (UTC)

CAMPA bill

 * Compensatory afforestation bill
 * Estb. Of National and State CAMPA funds – these funds will receive funds from projects for which forest land is being diverted
 * National and State authorities to administer use of funds
 * National CAMPA funds will recieve 10% of the Funds whereas State CAMPA funda will receive 90% of the funds)
 * National authority will approve state authorities yearly plan of using CAMPA funds
 * Previously Bill defines environmental services of forest – exhaustively but now it has been diluted – it removes provisions like non-material benefits

Draft medically treatment of terminally ill patients

 * Provides provisions to protect patients and medical practitioners from liability for withdrawing medical treatment of terminally ill patients
 * Rights of patients – every patient (including minors above 16 years) will have the right to decide and request medical practitioner to withhold, withdraw or continue treatment
 * Protection to practitioners – in cases where practitioner withdraws treatment on the request of patient he wont be liable
 * In case of patients with unsound mind, relatives will have to appeal to HC to withdraw treatment (HC will evaluate based on recommendations of experts).

Draft geospatial regulation bill

 * The bill seeks to regulate the acquiring, disseminating, publication and distribution of geospatial information in the interest of national security
 * All persons in India will be prohibited from acquiring or publishing geo-spatial information – they can do so only with permission of security vetting authority
 * Apex committee to be formed – to oversee implementation of act, prescribe fees of licensing
 * Punishment – penalties of 100 crore or 7 years imprisonment

CAG submits report on NFSA
Report:
 * CAG submitted report on preparedness of states for implementing national food security act
 * Objective – assess the situation of identification of beneficiary, public distribution system, setting up of grievance redressal and monitoring mechanism
 * Assessed 9 states
 * Under NFSA, states have to notify guidelines to identify beneficiaries. Most states have just re-stamped the old ration card without conducting fresh evaluation.
 * Most states were un-prepared to handle logistics of storage and movement of food grains

MPC

 * Monetary policy committee established
 * A provision to set up the Committee was passed as an amendment to the Reserve Bank of India (RBI) Act, 1934 in the Finance Act, 2016.
 * The MPC will consist of six members, of which three members will be from the RBI, and three members will be appointed by the central government. It will be headed by the Governor of the RBI.
 * The inflation target is set every five years by the central government and the RBI. The MPC willdetermine the policy rate required to achieve this target. The inflation target will be a fixed number with upper and lower error margins.
 * The Finance Ministry notified rules regarding the MPC on June 27, 2016, stating the factors which would constitute as failure to meet the inflation targets:
 * 1. The average inflation being more than the upper level of the inflation target (target plus the upper margin of error) for three consecutive financial quarters, or
 * 2. The average inflation being less than the lower level of the inflation target (target minus the lower margin of error) for any three consecutive financial quarters.
 * The rules also state that members of the MPC who are appointed by the central government will not be permitted to have financial or other interests which may adversely affect their functions, for the duration of their term

GST

 * Model code
 * The Ministry of Finance released a model Goods and Services Tax (GST) Law in June 2016.
 * The Constitution (122nd Amendment) Bill gives Parliament and states concurrent powers to make laws to impose GST.
 * GST subsumes several indirect taxes including sales tax, service tax and excise duty.
 * The model law provides for the levy of: (i) the Central Goods and Services Tax (CGST) and Integrated Goods and Services Tax (IGST) by the centre, and (ii) State Goods and Services Tax (SGST) by the states.
 * Key features of the model law include:
 * 1. Applicability: The law states that GST will be levied on supply of good and services including sale, trade, exchange, rental, lease, or any other actions for which a payment has been made to further one’s business. This includes businesses which operate electronically (e-commerce).
 * 2.Taxable person: A person who is carrying out any business, except: (i) an agriculturist, or (ii) whose annual turnover is less than Rs 10 lakh, or (iii) whose annual turnover is less than Rs 5 lakh and the business is conducted in North-eastern states including Sikkim.
 * 3. Exemptions: The GST Council (created by the Constitution 122nd Amendment Bill) may make recommendations to central and state governments to exempt certain goods and services from the levy of GST in public interest, or under exceptional circumstances.
 * 4. Tax liability: A person becomes liable to pay GST at the time of supply of goods and services to a recipient.
 * 5. Tax Rates: The model law does not presently specify the tax rates. These rates will be specified in a Schedule to the law at a later date.
 * 6. Registration: Every person for whom the Law is applicable needs to register and shall obtain a unique identification number to file returns and accept returns.
 * 7. Input tax credit: The model law permits a person to claim credit on taxes paid on the inputs used to supply goods and services. The law also provides exemptions to certain goods and services for which an input tax credit shall not be available. These include: (i) goods and services supplied for personal use, and (ii) goods or services acquired in relation to a contract to build immovable properties (other than plant and machinery). Input tax credit on account of CGST or SGST cannot be used towards payment of the other.
 * 8. Filing of returns, payments and refunds: Every business is required to file tax returns electronically on a monthly basis, before the 10th day of the succeeding month. Payments and refund of tax returns are to be processed electronically.
 * 9. Penalties: Persons violating provisions of the Model law will be subject to fine and imprisonment of one year to five years.

National Civil Aviation Policy, 2016

 * The Policy seeks to make airline travel affordable for people. It also seeks to enable 30 crore domestic ticketing by 2022, and 50 crore by 2027, and increase cargo volumes to 10 million tonnes by 2027.
 * Key features of the Policy include:
 * 1. Objectives: (i) Establish an ecosystem leading to the growth of the civil aviation sector; (ii) ensure safety, security, and sustainability of the aviation sector through the use of technology and effective monitoring; and (iii) enhance regional connectivity through fiscal support and infrastructure development.
 * 2. Policy coverage: The Policy covers 22 Policy areas including: (i) regional connectivity, (ii) safety, (iii) air transport operations, (iv) route dispersal guidelines, (vi) air navigation services, and (vi) maintenance repair and overhaul, etc.
 * 3. Regional connectivity (RCS): The regional connectivity scheme will come into effect in the second quarter of 2016-17. On RCS routes, for a one-hour flight, the Ministry will target an all-inclusive airfare of up to Rs 2,500 per passenger, indexed to inflation.
 * RCS will be made operational only in states which reduce VAT on aviation turbine fuel at airports to 1% or less.
 * One of the ways to implement RCS would be through viability gap funding (VGF).
 * VGF will be shared between the Ministry and state government in the ratio of 80:20.
 * Modification of the 5/20 Rule: The 5/20 Rule stipulated that for Indian carriers to fly abroad, they must have flown on domestic routes for five years and have a fleet of at least 20 aircrafts.
 * The Rule has been modified to allow all airlines to commence international operations if they deploy (i) 20 aircraft, or (ii) 20% of their total capacity, whichever is higher for domestic operations. Capacity of an airline here means the average number of seats on all departures put together.

CBFC An Expert Committee

 * (Chair: Mr. Shyam Benegal)
 * constituted to recommend guidelines for certification of films by the Central Board of Film Certification (CBFC)
 * Key recommendations of the Committee include:
 * 1. Role of CBFC: The Committee observed that an owner of a film has complete rights over it. Any alteration or change in the film can only be made by the owner or with his consent.
 * It recommended that the current system of suggesting modifications and amendments to a film by the CBFC should be done away with and the Board must function only as a film certification body.
 * 2. Modification to 1991 guidelines: Guidelines were issued in 1991 under section 5B of the Cinematograph Act, 1952. Section 5B states that a film will not be certified if a part of it or the entire film is against the interest of the sovereignty and integrity of the country, decency or morality, etc.
 * The Committee noted that some of the objectives under these guidelines, such as requiring the film to be sensitive to the values of the society, providing clean and healthy entertainment, were not within the ambit of the CBFC.
 * 3. In this regard, the Committee has drafted a new set of guidelines. The objective of the guidelines is: (i) artistic expression and creative freedom of filmmakers be protected through parameters that are objective, (ii) audiences are empowered to make informed viewing decisions; (iii) the process of certification is responsive to social change.
 * 4. The guidelines also state that an applicant must mention in his application, (i) the category of certification he seeks, and (ii) the target audience. Further, any cuts in a film can only be made by the applicant, depending on the certification he needs for his film.
 * 5. Separate rating for films with explicit scenes: The Committee noted that there was a need to extend the present four categories of certification to include an A-C (films suitable for adults only, with caution) category, for films that may contain explicit material such as nudity, violence, etc.

BOP

 * Divided into capital account ( equity investment, borrowings) and current account (exports of goods, services, remittances and dividend payments)
 * Current account deficit is financed by capital account surplus

Monetary policy decisions

 * Policy rates reduced – a decrease in inflation rate is the reason behind it. CPI inflation target – 6% by Jan2016 and 4% by end of 2017-18.

Budget 2016-17
Key Proposals
 * Fiscal deficit target 3.5% ( for 2015-16 – 3.9%)
 * Revenue deficit 2.3% (for 2015-16 – 2.8%)
 * Aadhaar bill to give it statutory backing
 * Ujjawala scheme for LPG subsidy to BPL families
 * 100% FDI for marketing of food products produced and manufactured in India.

Economic Survey 2015-16
Chakravyuha challenge Agriculture
 * discusses barriers to exit for sick companies in India.
 * Solution:
 * Insolvency and bankruptcy code
 * Strengthening existing institutions and use of technology
 * Promotion of private sector firms
 * Steps to increase productivity
 * Scaling up investments in water efficient irrigation methods
 * Better distribution of irrigated lands
 * Effective use of fertilisers, seeds
 * Diversification of produce through dairy products
 * Reducing wastage in post-harvest value chain

119Constitutional amendment bill

 * 119 – exchange of enclaves between India and Bangladesh
 * This amends first schedule of constitutions (that deals with the name, area of each state and territory)
 * Alters the boundaries of West Bengal, Assam, Meghalaya and Tripura

OROP

 * Doesn’t cover voluntary retirements
 * But covers people who are discharged due to injury
 * Pension rates will be revised every 5 years
 * Comes in effect from 1 Jul, 2014

DPP 2016

 * Defence procurement policy
 * DPP, 2013 provided for 5 routes of procurement:
 * 1. Buy Indian (Purchase from Indian vendors with local content of 30%)
 * 2. Buy and Make Indian (purchase form Indian vendors and also manufacturing in India with local content of 50%)
 * 3. Make (indigenous development and manufacture with 30% local content)
 * 4. Buy and make ( purchase from foreign vendor and then licensed production in India)
 * 5. Buy Global (purchase from foreign or Indian vendors)
 * DPP 2016 – added 1 new route – this is the most preferred route
 * Buy (Indian – indigenously designed, developed and manufactured)
 * It means to purchase from Indian vendor :
 * 1.) Indigenously designed, developed and manufactured with min 40% local content.
 * 2.) not indigenously designed or developed but has more than 60% local content.
 * And local content requirement in Buy Indian category has been raised from 30 to 40%
 * Offset obligation is now on projects above 2000 crores from previous 300 crore

A.P shah committee on death penalty

 * Recommended abolition of death penalty in all cases excluding terrorism and waging war
 * Recommended an informed debate on all cases of death penalty
 * Also recommended rehabilitation of victims
 * Witness protection schemes
 * Police reforms

Draft human DNA profiling bill
Qualifications for contesting in Panchayats
 * It regulates the use of DNA profiling
 * Establishes National, State and regional level DNA databases
 * Establishes DNA profiling board
 * DNA Profiling board – will give certificate of approval to DNA labs, will monitor storage of DNA information, will also monitor DNA labs
 * DNA labs – they will have to acquire approval from profiling board to perform DNA profiling
 * SC upheld the Haryana govt.s proposal to include certain qualifications for contesting elections of Panchayats
 * Those qualifications being:
 * 1. Toilet in one’s residence,
 * 2. No arrears of a bank loan
 * 3. No electricity arrears
 * 4. Matric pass

Constitution amendment 99

 * NJAC act
 * SC struck down the NJAC act
 * It violated independence and separation of powers of Judiciary – thus amended basic feature of constitution
 * NJAC composition:
 * 1. CJI – Chairperson
 * 2. Two Sr. most SC judges
 * 3. Union Law minster
 * 4. Two eminent persons (nominated by PM, L.O.O in LS and CJI)
 * These two person can veto any selection

Neeranchal

 * Watershed component of PM Krishi Sinchayi Yojana
 * The integrated watershed management programme has been implemented by Dept. of Land resources, Ministry of Rural development
 * Now, it will be implemented as Neeranchal
 * It is supported by world Bank

PMGSY

 * PM Gram Sadak Yojana
 * Aim – is to provide all weather roads to all eligible rural habitations
 * Now target is forward by 3 years (from 2022 to 2019)

PMAY-Gramin

 * Previously known as IAY (Indira Awaas Yojana)
 * The objective is to provide housing for all by 2022
 * Provides financial assistance to build homes

PMAY-Urban

 * Subsumed Rajiv Awas Yojana and Rajiv Rinn Yojana
 * Ministry of rural development implements PMAY-Rural
 * Ministry of housing and urban poverty alleviation implements PMAY-Urban

NFHS-4

 * Infant health: Infant mortality rate has decreased
 * Child Nutrition : Stunting has reduced
 * Immunisation has also improved
 * Institutional births

Cabotage

 * Is the transport of goods or passengers between two places in the country through shipping.

Amendments to Power tariff policy,2006

 * Providing Electricity: State regulatory commissions will develop a power supply trajectory to provide un-interrupted power supply to all consumers by 2021-22. Will provide electricity to remote unconnected villages through micro grids
 * Revision of cross-subsidy charge formula
 * After a date, new coal based power plants will be required to generate a fraction of power through renewable resources or build capacities to meet it.
 * Hydro-projects will be exempt to competitive biddings till 2022 due to geological uncertainties

PMKSY

 * PM Krishi Sinchai Yojana
 * Objectives:
 * 1. Improve access to water on farms and increase cultivable land under irrigation
 * 2. Integrate water sources and distribution, and improve efficiency of water use
 * 3. Enhance the adoption of precision irrigation and introduce sustainable water conservation methods
 * 4. Promote water harvesting, crop management
 * 5. Attract private investment in irrigation
 * States will be eligible for funds only when they prepare district and state irrigation plans

PMFBY

 * PM Fasal Bima Yojana
 * Aims to provide insurance cover to farmers against crop loss, stabilise farmer’s income and encouraged farmers to adopt modern agricultural practices
 * Scheme will be implemented by Dept. Of Agriculture and cooperation (DAC) with support from State govt, banks, etc.
 * All farmers will be covered, whoever will take a loan –will have to enrol in PMFBY and for others it is voluntary
 * Sum insured will be calculated based on the yield of a crop in a particular area
 * Premium payable by farmers: 1.) 2% for Kharif Crops and 2.) 1.5% for rabi crops 3.) 5% for Horticulture crops and balance premium will be paid by state and centre equally
 * Insurance companies will be liable to pay 35% of the sum insured

MSP

 * Minimum support prices
 * MSP is approved by CCEA (Cabinet committee on Economic affairs)

Nairobi Package

 * 1oth Ministerial conference of WTO – Nairobi,2015
 * Key decisions:
 * 1. Right to use the special safeguard mechanism – developing countries may temporarily increase import tariffs on agricultural prices to control imports and deal with sudden increase decrease in domestic prices
 * 2. Peace clause of public stockholding reaffirmed – it enables developing countries to continue to provide farm subsidies until a permanent solution on food subsidy is reached.
 * 3. Preferential treatment to least developed countries – access to duty free and quota free cotton market

Deepak Mohanty committee

 * On medium term path on financial inclusion
 * Sukanya shiksha
 * Phase out interest subvention scheme
 * Linking of Aadhar with credit system, banking
 * Improve penetration of ATMs
 * Improve last mile connectivity – through mobile technology
 * NABARD must work out a plan to improve penetration of SHG (Self help groups)-bank linked programme

Mudra bank

 * Will be wholly owned subsidiary of SIDBI
 * Credit guarantee fund is created for MUDRA loans
 * National credit guarantee trustee company ltd. (NCGTC) will be the trustee of the fund

NIIF

 * National investment and infrastructure fund
 * Fund will be used to raise debt and turn it into equity in the infrastructure finance companies
 * Govt. contribution will not increase 49%

Kelkar committee

 * On PPP model of infrastructure development
 * Currently focus of PPP projects is on fiscal benefits, it recommended focus should be service delivery for citizens
 * Should ensure optimal risk allocation across sectors

GST bill
Recommendation of RS committee Implementation of GST Recommendations:
 * IT is a constitutional amendment bill (122 constitutional amendment act), and is already passed by LS, now it is with RS
 * Seeks to replace central and state direct taxes with GST.
 * Creates GST council – with representations from all states and Union. This council is to make proposals for GST.
 * Currently Alcohol (for human consumption), petroleum and related products are out of GST’s ambit
 * Bill also provides provision to compensate states for any loss of revenue due to GST for first 5 years.
 * The centre is to levy additional tax on inter-state trade – that will be given to producer state – for 2 years or as the council recommends.
 * Additional tax : the provision of additional 1% tax on inter-state trade is likely to lead to cascading of taxes
 * Functions of GST council – should recommend the GST rate and also the band – so that centre and state keep rates in this band
 * Committees were made to look into the aspect of implementation of GST
 * Definition of RNR and standard rates: RNR( revenue neutral rate ) – is the rate at which revenue will remain at the current level. This would be different from the standard rates that would be applied to most of the goods and services.
 * RNR – be fixed between 15 – 15.5% (levied combined by state and union)
 * 3 tax structure– standard rate to be 17-18% (applied on most of the goods and services), lower rates should be 12% (levied on goods consumed by poors) and demerit rate of 40 % on luxury items (luxury cars, tobacco, etc.)
 * Standard rates will be higher if more goods are exempted from GST.
 * 1% additional tax – national uniform will be only created when all taxes are replaced by single GST tax – including the 1% additional

Undisclosed foreign income and assets bill

 * Imposes 30% tax on undisclosed income and assets
 * Gives a window to voluntary disclose any undisclosed income or asset – fine of 100% on the value of asset and no criminal prosecution.

Financial redressal agency

 * Recommended by FSLRC, 2013
 * It would be unified redressal agency to cater to financial consumers

IFC,2015

 * Indian financial code 2015
 * Draft of IFC released
 * It proposes to do away from sector wise regulation to – RBI will be regulating Bankings and Payments systems and the proposed financial authority subsumes responsibility of regulators like SEBI, PFRDA, IRDA, etc.
 * Proposal to set up tribunals
 * Consumer protection : setup of FRA (financial redressal agency) to serve aggrieved customers across the sectors

SECC

 * Data released by Ministry of rural development and ministry of finance
 * 3/4th of the nation lives in rural area
 * Only 30% of households directly depend on agriculture as their main source of income
 * More than 50% of households are landless

MAT

 * Minimum alternate tax
 * A P shah committee submitted report
 * IT act 1961, provides a number of concessions and incentives using which companies may reduce their tax liability.
 * MAT is a tax levied on companies which reduce their tax liability using these concessions.
 * Recommended MAT should not be levied on FIIs prior to Apr, 2015
 * Reason – FIIs do not own assets in India and carry their businesses through agencies located in India.

Small finance banks

 * Will provide banking services
 * Services to promote savings
 * Will provide credit to micro and small industries, marginal farmers
 * Will be required to maintain CRR and SLR
 * Will have to give 75% of the credits to priority sectors
 * At least 50% of the loans should be less than 25 lakhs

Payments bank

 * Maximum savings upto 1 lakh
 * Will not be able to lend to customers
 * Can give debit cards but not credit cards
 * Will generate revenue from transaction charges
 * Can offer products like MFs and Insurances

Start-up India initiative

 * A start-up will be defined as a business which is not more than 5 years old and has an annual turnover of less than 25 crores
 * Start-ups will be allowed to self-certify compliance to labour and environmental laws – no inspection will be done for first 3 years for labour laws (but in case of complaints – inspection can be done), random inspection will be done for environmental laws
 * Mobile application : to register start-ups with govt. authorities and can provide all information of clearances their
 * Fast tracking of patent process and 80% rebates to start-ups
 * Fast tracking exit through – bankruptcy code
 * Tax exemption for first 3 years
 * Start-up hubs – will assist in financing, managing skills,