parliamentary panel on finance of the 16th Lok Sabha has submitted its
report to the Lok Sabha,
panel has said it is difficult to provide a credible estimate of the black
money stashed away overseas by Indians. The panel suggested that black
money could be anywhere ranging from 7-120% of the GDP.
massive range in the panel’s report is because of three studies by the (a)
National Institute of Public Finance and Policy (NIPFP) (b) National
Council for Applied Economic Research (NCAER) and the (c) National
Institute of Financial Management (NIFM) who have provided widely varying
report has also said that the black money estimates could well be the tip
of the proverbial iceberg because the larger part of the unaccounted
wealth is held within the country.
three studies concluded that the maximum amount of black money was
generated in realty, mining, pharmaceuticals, pan masala, gutka and
bullion and commodity markets, the film industry, educational institutes,
securities market and manufacturing too contributed to unaccounted wealth.
the committee has called for finalisation of the long-delayed Direct Taxes
Code at the earliest to curb black money by simplifying and rationalising
the direct tax laws in the country.
money is the money on which appropriate taxes have not been paid to the
government. It is generally obtained illegally and thus kept away from
Financial Action Task Force (FATF) has said that Pakistan could be put on
the watchdog’s blacklist if the country fails to fulfill its anti terror
President said that Pakistan has already missed two deadlines and decision
in this regard would be taken in October 2019 where Pakistan will be
assessed on the actions they have taken.
the countries that participated at the plenary, China, Turkey, Malaysia,
Indonesia, Saudi Arabia, and the Gulf Cooperation Council has asked the
FATF to give Pakistan more time to follow the action plan.
on a blacklist of the financial watchdog has the potential to severely
cripple and isolate Pakistan financially that could lead to a downgraded
credit rating and denial of loans and developmental assistance.
FATF had put Pakistan on the greylist and hand it a 27-point action plan
meant to be implemented within 18 months (by September 2019).
has been publicly pushing for Pakistan to be placed on the blacklist
alongside Iran and North Korea for its failure to show credible, verifiable,
irreversible and sustainable measures against terror groups operating
within its territory.
is a global task force which was formed in 1989 by different countries to
combat money laundering, terrorist financing and other illegal activities
related to international financial system.
intelligence and military officers are working on non-military plans to
counter Iranian aggression in the Persian Gulf.
goal is to develop operations similar to the cyber attacks which were
Attack is a deliberate attempt by an individual or
organization to breach the information system of another individual or
cyber attack will be similar to the shadow war the United States has
accused Iran of carrying out with attacks on oil tankers in the Middle
US had carried out cyber attacks. These were aimed at an Iranian
intelligence group that U.S officials believe was behind a series of
attacks on tankers in the Persian Gulf region.
U.S. operation was intended to take down the computers and networks used
by the intelligence group at least temporarily. A separate online
operation was also aimed at taking out computers that control Iranian
Bombay High Court has issued notices to the ministers who were appointed
in the Maharashtra cabinet on a plea challenging their appointment.
petitioner has said that they were appointed ministers despite the fact
that they are disqualified on the ground of defection as per Schedule
X and Article 191(2) of the Indian Constitution.
petitioners also said that these ministers being non-legislators are
disqualified under the Constitution from holding a position of Member of
Legislative Assembly or Member of Legislative Council.
petition highlights that section 151 A of the Representation of
the People Act prohibits conduct of bye-elections if the
remaining tenure is less than one year.
the tenure of the 13th Maharashtra Assembly shall expire on in less than a
period of five months, there can be no bye-election and subsequent
opportunity for the three ministers to be elected.
the petition has asked for an interim injunction restraining them from
acting as ministers including their participation in the meetings of the
council of ministers and wants the court to issue a direction to Speaker
to decide on the matter.
law minister has introduced the Aadhaar and Other Laws (Amendment) Bill,
2019 in the Lok Sabha. The bill will now replace an ordinance issued in
bill envisages strengthening of the Aadhaar Act as per the directions of
the Supreme Court and recommendations of Justice B.N. Srikrishna.
bill says that no individual will be compelled to provide proof of
possession of Aadhaar number or undergo authentication for the purpose of
establishing his identity unless it is so provided by a law made by
the convenience of the general public in the opening of bank accounts, the
bill will allow the use of Aadhaar number for authentication on a
voluntary basis as an acceptable KYC document under the Telegraph Act,1885
and the Prevention of Money Laundering Act,2002.
bill also gives an option to children who are Aadhaar number holders to
cancel their Aadhaar number on attaining the age of eighteen years.
bill proposes deletion of section 57 of the Aadhaar Act relating to use of
Aadhaar by private entities.
bill prevents denial of services for refusing to, or being unable to,
undergo authentication. It provides for the establishment of Unique
Identification Authority of India Fund.
the bill provides for civil penalties, its adjudication, appeal thereof in
regard to violations of Aadhaar Act and provisions by entities in the
ministry has said that the effective taxpayer base has increased by 13.5%
for the assessment year (AY) 2018-19.This is the highest rate in the last
tax base which includes assessees filing I-T returns along with those
whose tax is deducted at source rose to 8.44 crore in 2018-19 compared
with 7.42 crore in FY18.
the direct tax collection has missed the revised estimate by Rs 62,000
crore. The Budget estimate for the current fiscal shows that collections
would need to increase by over 22% from actual collections.
e-returns filing also grew by nearly 19% in AY19 to 6.49 crore compared
with 5.47 crore for AY18.
taxes are levied on a person’s or a firm’s income or wealth. The incidence
and impact of the direct tax fall on the same person. Example: Income Tax,
Corporation Tax, capital gains tax and Wealth Tax. The impact of direct
tax is not Inflationary.
affairs minister has said that the manufacture of e-passports will
be pursued on priority so that a new passport booklet with advanced
security features can be rolled out in the near future.
minister also said that the ministry is soon going to have a chip based
passport, the software for which has been developed by IIT-Kanpur and the
National Informatics Centre (NIC).
passport will have a better quality of paper, better printing and will be
enabled with advanced security features.
personal details of the applicants will be digitally signed and stored in
the chip. In case it is tampered, the system will be able to identify it
and the passport will not be authenticated.
International Civil Aviation Organisation (ICAO) has put down norms
acceptable universally on how the e-passports can be read but it has no
prescribed format on how personal information can be written and the
safety features for e-passports.
process for the e-passport was initiated in 2017 in India. As per plans, the
first in line for these passports will be diplomats and officials. Second
in line will be the general public.
Reserve Bank of India (RBI) has launched a Complaint Management System
(CMS). It is a software application to facilitate RBI’s grievance
can lodge complaints against any entity regulated by RBI with public
interface such as commercial banks, urban cooperative banks, Non-Banking
Financial Companies (NBFCs).
system will make sure that every complaint is received and grievances have
to be resolved under a limited time period.
current grievance redressal mechanism is not completely online, which will
not be the case with the CMS. The complainants will also be able to track
the status of their complaints online.
people with grievances about banking services have to lodge complaints at
the banking ombudsman office falling in their jurisdiction.
Ombudsman is a quasi-judicial authority functioning under the Banking
Ombudsman Scheme, 2006. The authority was created to enable resolution of
complaints of customers of banks relating to services rendered by the
has said that it would be premature to suggest that India could be left
out of the Regional Comprehensive Economic Partnership (RCEP).
statement came after Malaysian Prime Minister had said that he would
prefer to go ahead with the RCEP Pact immediately and allow countries such
as India, Australia and New Zealand to join the pact at a future date.
proposed mega trade pact between the ten member states of the Association
of Southeast Asian Nations (ASEAN) (Brunei, Burma (Myanmar), Cambodia,
Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam)
and the six states with which ASEAN has existing Free trade
agreements(FTA’s)(Australia, China, India, Japan, South Korea and New
aims to boost goods trade by eliminating most tariff and non-tariff
barriers — a move that is expected to provide the region’s consumers
greater choice of quality products at affordable rates. It also seeks to
liberalise investment norms and do away with services trade restrictions.
has repeatedly advocated that the agreement needs to be comprehensive in
nature. India is concerned about (a) trade pact will allow greater access
to Chinese goods which may have an impact on the Indian manufacturing
sector (b)There are demands by other RCEP countries for lowering customs
duties on a number of products and greater access to foreign goods in the
Australia and New Zealand are pushing for high quality rules around labour
and environmental protections.
and South Korea have also been advocating for ‘TRIPS Plus’ IP protection
regimes in the RCEP. If these proposals are agreed upon, then it could
adversely affect the generic medicine sector in India by undermining
provisions in Indian Patents Act.
logistics start-up Rivigo has launched National Freight
Index(NFI) that will provide live freight rates for different
lanes and vehicles across the country.
transportis the physical process of transporting commodities
and merchandise goods and cargo.
NFI will offers an aggregated picture of both live rates and historical
trends of spot price movements in the road freight industry. The index is
represented in two forms (a)actual freight rates condensed to rupees per
tonne-km and (b)relative movement with respect to a base month.
index will be a step towards easing the crisis in the freight sector and
streamlining the sector by giving live spot rates on over 7 million lane
and vehicle type combinations in the country.
the rates on the exchange and the index are computed using millions of
data points from historical transactions, current market dynamics, micro
market insights and other factors with the purpose of giving fair and
precise representation of the state of the spot market.
Indian road freight market for 2018 is estimated to be in the range of USD
150-160 billion. About USD 130-140 billion of this is the Full Truck Load
(FTL) market. Within this, Rivigo estimates that the spot freight market
is about USD 110-130 billion and is growing at 9%-10% per year.
has said that Indian Prime Minister, Chinese President and his Russian
counterpart will hold their second trilateral summit in Osaka, Japan.
meeting will take place on the side-lines of the upcoming two-day G-20
summit. China has also signalled that the trilateral mechanism of Russia, India
and China (RIC) had now become institutionalised.
is important as Russia, India and China are countries that carry important
voices in international politics and have the potential to significantly
influence world events.
RIC has been viewed as a restraining force on any unquestioned Western
RIC countries have been working together in various regional and global
organizations such as BRICS (Brazil, Russia, India, China and South
Africa), SCO (Shanghai Cooperation Organization) and BASIC (Brazil, South
Africa, India and China).
the three countries will also meet meet again for the Eastern Economic
Forum where Indian PM will be the chief guest.
Economic Forum is an international forum held each year
in Vladivostok, Russia for the purpose of encouraging foreign investment
in the Russia Far East.
Eastern Economic Forum is considered as the biggest international
communication platform for cooperation between business leaders and senior
government representatives from Russia, the Pacific Region and the
Association of Southeast Asian Nations (ASEAN).
States has unveiled a 50 billion dollar global investment plan for the
Palestinians under the Middle East peace plan.
scheme calls for a mix of public and private financing and intends to
create at least a million new jobs for Palestinians.
plan also outlines ambitions for free and secure movement of people and
goods across borders to increase trading opportunities.
the plan makes no reference to longstanding Israeli objections to foreign
investment and trade with the blockaded Gaza strip.
the Palestinian President has rejected the economic plan and the US peace
effort. He said that the economic situation should not be discussed before
the political one.
the US had recognised Israeli sovereignty over the Golan Heights reversing
half a century of US policy.
seized the Golan Heights from Syria after a decisive victory in the war of
1967 and applied Israeli law to the region in 1981,an annexation that was
rejected by the international community.
US had also moved the US embassy from Tel Aviv to Jerusalem, overturning
decades of US policy that said the final status of the contested holy city
was to be negotiated between Israel and the Palestinians.
UAE Central Bank’s Financial Intelligence Unit (FIU) has launched the new
anti-money laundering platform called goAML.
platform will help facilitate law enforcement authorities in the receipt,
analysis and dissemination of suspicious transactions including money
goAML system is the first platform to go live in the Gulf countries. It
was developed by the United Nations Office on Drugs and Crime (UNODC) to
help in combating both money laundering and financing of terrorism.
platform will act as an integral part of the FIU by elevating its IT
structure, strengthening a country-wide cooperation against criminal
platform will be used by financial institutions (banks, exchange houses, finance
companies),law enforcement agencies such as police and designated
non-financial businesses and professions.
established in 1997 through a merger between the United Nations Drug
Control Programme and the Centre for International Crime Prevention.
is a global leader in the fight against illicit drugs and international
crime. It relies on voluntary contributions, mainly from governments for
90% of its budget. UNODC is mandated to assist Member States in their
struggle against illicit drugs, crime and terrorism.