SIT submits recommendations regarding black money
- The Special Investigation Team (SIT) constituted by the Narendra Modi government to look into the menace of black money has finally given its recommendations on curbing the amount of unaccounted money in the economy.
- It has suggested to make acceptance of cash by educational institutions as a punishable offence.
- Large donations to religious and other trusts should be accompanied by the donor ‘s PAN number.
- The SIT also called on to legislatively empower SEBI(The Securities and Exchange Board of India) to deal with unusual rise of stock prices due to black money and for early detection of shell companies.
- Participatory notes or P Notes that are issued by FIIs to investors have come under major scrutiny as the nature of the wealth that is used to invest is unaccounted for and the identity of the investor remains a secret.
- The SIT has recommended SEBI to keep records of the final beneficiary of P notes.
- It has also issued guidelines in dealing with Indian nationals having accounts in foreign banks.
United Arab Emirates (UAE) reiterates commitment to invest more in India.
- UAE Minister of State expressed keen interest in investing in many government initiatives like Digital India , Make in India and Smart Cities mission.
- UAE is home to 2.5 million Indian immigrants who are responsible for the infrastructure and growth of many of the Emirate’s metropolis.
- India is UAE ‘s largest trade partner and Make in India serves to increase trade and commerce greatly in the Arabian sea region.
- Increase in manufacturing will enable India to supply goods and services to the Middle East which currently import all of their required goods from China.
- UAE will play a crucial link in India ‘s North- South project that seeks to connect Europe to India through a network of land and sea routes through Iran that is pushed through as an alternative to the Chinese silk route.
Chief Economic Advisor states that India is moving towards deflation.
- CEA Arvind Subramanian has stated that India was moving towards deflation which is the result of simplifying tax laws and market oriented development.
- Deflation can either be due to a decrease in demand or an increase in the supply .In India ‘s case it is more to do with the latter.
- The supply of goods in the economy has been haphazard owing to ambiguous tax legislation that is mainly due to the industrial-politico-bureaucratic nexus.
- The CEA has also asked the RBI to factor in domestic and global deflationary trends while deciding policy rates.
India Inc submits recommendations to improve ease of doing business.
- Top companies like Godrej , Tata submitted suggestions to the Department of Industrial policy and Promotion to improve ease of doing business in India.
- It has sought for a single window clearance system and simpler rules and regulations relating to environment and forests.
- It has advocated for establishing a land bank database that has details on land that is encumbrance free and clear titles and can be allotted to industry.
- India currently ranks a very poor 142 out of 189 countries in the World Bank’s ease of doing business index
- These proposals are necessary to improve business atmosphere in the country and if implemented will see India catapult to 30 or higher in the ease of doing business index.
GK Questions of the day
Check your current affairs knowledge by answering the questions in the comment section below. Also challenge your friends by sharing these questions.
1.Which of the following is not an indicator that is used to measure Human Development Index??
a)Education b)Life expectancy c)Infant Mortality rate d)Per capita income
2. In which country is the Taklamakan desert located in ??
a) China b)Mongolia c)Kazakhastan d)Syria
3. The waters of the beach are extremely cold and are green in colour signifying high amounts of phytoplankton which in turn leads to a high amount of marine productivity that sustains a lot of sea birds whose droppings are termed as guano and is used as fertilisers. The cold current is responsible for removing moisture from the winds and is the main reason behind the most arid area in the world. In which country is this phenomenon seen??
a) China b)Namibia c) USA d) Chile
4. If the RBI decides to decrease the Repo Rate by 50 basis points. What is the resultant impact on the economy?
a) Money supply decreases b) Money supply increases c) No impact on economy d) Deflation
You can answer the questions in the comments section below. Be sure to checkout the answers in Sep 5 GK updates.
Correct Answers for Sep 3 GK Questions
3. Mountain pass
4. Drake’s passage between South America and Antartica.