News Notes- 23.11.2017
15th Finance Commission Set-up:
v The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15th Finance Commission.
v The Terms of Reference for the 15th Finance Commission will be notified in due course of time. The Chairman of the Commission shall also be decided in due course, according to the Government.
v As per Article 280(1) of the Constitution, the government is obligated to form the Finance Commission after every five years, or at an earlier time as the President deems necessary. The Commission is required to make recommendations on distribution of the net proceeds of taxes between the Centre and the states.
v The recommendations by the newly formed 15th Finance Commission are supposed to be in place before April 1, 2020, the recommendations of which will cover the five years commencing on April 1, 2020.
v The 14th Finance Commission was set up on January 2, 2013. Its recommendations cover the period from April 1, 2015 to March 31, 2020.
Sri Lankan PM Ranil Wickremesinghe in India:
v Ranil Wickremesinghe arrived in Delhi on Wednesday
v He will meet President Ram Nath Kovind and PM Narendra Modi besides attending a conference on cyber-security.
v The visit assumes significance since India has expressed interest in investing in Mattala airport in Hambantota district. Once finalised, it will be a strategic investment for New Delhi to enter a project which has been Chinese turf on Lankan soil.
v The Mahinda Rajapaksa International Airport in Mattala was built by the Chinese during the previous President’s regime and is described as the “world’s emptiest airport” by Forbes.
v Earlier, Wickremesinghe attended the Fifth Global Conference on Cyber Space in New Delhi.
India becomes second largest fish producing country in the World:
v Combining the production of all types of fisheries (capture and culture), the total fish production has reached at about 11.41 million tonnes in 2016-17 and India has become the second largest fish producing country in the world, Union Agriculture Minister Radhan Mohan Singh.
v Due to the scheme of 'Blue Revolution' overall fish production has registered an increase of about 18.86% in comparison to the last three years, whereas inland fish production has registered a growth of more than 26%.
v It is worth mentioning that 21st November is celebrated as a World of Fisheries Day worldwide every year.
v The World Fisheries Day is being celebrated from 21st November, 2014 and it is being celebrated for the fourth consecutive year. The theme of this year is "2022 ka hai sapnaa…... kisaan ki aay ho duguna – Sankalp se siddhi".
Task Force constituted to Draft new Direct Tax Legislation:
v The Government has constituted a task force to review the country’s 56-year old Income Tax Act, 1961 and suggest a new law to replace it.
v The task force will be headed by Central Board of Direct Taxes (CBDT) Member Arbind Modi.
v The terms of reference of the task force is to draft an appropriate direct tax legislation keeping in view the direct tax system prevalent in various countries, international best practices, the economic needs of the country and any other matter connected thereto.
v The task force had been given six months to submit its report to the Centre.
v Chief Economic Advisor Arvind Subramanian will be a permanent special invitee in the task force that also includes academics, private sector tax experts and a retired Indian Revenue Service officer.
Lok Sabha Panel Summons Sanjay Leela Bhansali over Padmavati controversy:
v The Lok Sabha Committee on Petitions has summoned director Sanjay Leela Bhansali to appear before it on the controversy surrounding his film Padmavati.
v Chandra Prakash Joshi and Om Birla, BJP MPs in the Lok Sabha representing Chittorgarh and Kota-Bundi respectively, had written to the committee on November 20 saying that they apprehended a distortion of history as presented in the film and that it could hurt sentiments in their constituencies and the larger Rajput community.
v The panel has asked the CBFC and the Information and Broadcasting Ministry to put forward a report on the controversy surrounding the film.
Shubhangi Swaroop becomes Indian Navy’s First Woman Pilot:
v Shubhangi Swaroop has been inducted as a pilot in the Indian Navy. This is for the first time that a woman pilot will be flying a Maritime Reconnaissance aircraft.
v Though Shubhangi is the first Naval woman pilot, the Navy’s Aviation branch has had women officers operating as air traffic control officers and as ‘observers’ in the aircraft.