National Current Affairs November 2015 (Part 2)

National Current Affairs November 2015 for Competitive Exams

Income Tax Department Set-up Panel to Simplify Tax Law

  • The Income Tax Department announced on October 27. 2015 that it has set-up a committee in order to simplify the provisions of the Income Tax Act, 1961. The committee will be chaired by Justice RV Easwar, a former Judge of the Delhi High Court and former President, Income Tax Appellate Tribunal.
  • The committee s objective is to study and identify the provisions or phrases in .the Act that are leading to litigation due to different interpretations, that are impacting the ease of doing business, and those that – can be simplified,
  • As per the Central Board of Direct Taxes, the committee is also tasked vyith suggesting alternatives to these provisions or phrases to bring about predictability and certainty in tax laws without substantial impact on the tax base and revenue collection.

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Union Law Ministry Notified Delhi High Court Amendment Act, 2015

  • The Ministry of Law 6- Justice, government of India has notified that the Delhi High Court Amendment Act, 2015, which had received the assent of the President of India on August 10, 2015 has been brought into force from October 26, 2015.
  • The Act provides for enhancement of pecuniary jurisdiction of the District Courts of Delhi from Rs 20 lakh to 2 crore. The last revision of pecuniary jurisdiction of District Courts in Ddhi was done in 2003, when it was raised from Rs 5 lakh to Rs 20 lakh increasing the pecuniary jurisdiction of Districts Courts of Delhi by this amendment would lessen the burden of Delhi-High .Court and there would he substantive improvement in disposal of cases in subordinate Courts.

Union Goverment Approved Induction of Women Fighter Pilots in IAF

  • The Union government approved induction of women Tighter pilots in the Indian Air Force on October 18, 2015 It is for the first time, women would be in combat rok in the country’s armed forces.
    m This progressive step is in keeping with the aspirations of Indian women and is in line with contemporary trends in armed forces of developed nations. The first women pilots would be selected from the batch which is presently undergoing flying training at Air Force Academy
  • After successful completion of ab initio training, they would be commissioned in the fighter stream in June. 2016. Thereafter, they would undergo advanced training for 1 year and would enter a fighter cockpit by June, 2017.
  • The air force currently has about 1500 women on its rolls of which 94 arc pilots and 14 navigators. Recently, United Arab Emirates Air Force has women fighter-plane pilots who had carried out strikes on ISIS targets.

Centre Cleared First Batch of Flagship Urban Projects

  • The Urban Development Ministry cleared the first batch of projects under the flagship Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 89 cities worth Rs 2766 crore on October 22. 2015.
  • The 3 States that are getting benefited from this push arc Andhra Pradesh. Gujarat and Rajasthan. About 143 projects that were submitted by the three States were approved after a review at the Ministry .
  • The focus of the urban renewal projects would be on establishing infrastructure that could ensure adequate water supply and robust sewerage networks. The ministry has asked the States to install water meters at the homes of consumers.

Union Government Imposed Anti-dumping Duty on Chinese Auto Parts

  • The Ministry of Finance has imposed auti-dumping duties on imported Chinese parts used in commercial vehicles such as front-axle beam and steering knuckles meant for heavy and medium commercial vehicles for a period of five years with effect from October 21. 2015.
  • These decisions were taken by the government following recommendations of the Directorate-General of anti-dumping and allied duties. India is among the most prominent users of the anti-dumping tool as a check against a flood of cheap imports that hurt the domestic industry* Anti-dumping duty has also been levied on fully drawn or fully-oriented yarn, spin-drawn yam, anti flat yarn of polyester (non-text ured) imported from China and Thailand and plain medium density fibre board of thickness 6 mm and above, imported from China, Malaysia. Thailand and Sri Lanka for a period of five years.

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CCEA Approved National Watershed Management Project

  • The World Bank-assisted ‘National Watershed Management Project’, or ‘Necranchal’, also received approval for implementation by the Cabinet Committee on Economic Affairs (CCEA). It will be implemented across nine States i e., Andhra Pradesh. Telangana, Madhya Pradesh, Maharashtra, Gujarat, Odisha. Chhatttsgarh. Jharkhand and Rajasthan.
  • The project aims to fulfill the watershed component of the Pradhan Mantri Krishi Sinchai Yojana (PMSKY) to reduce surface runoff of rainwater, increase groundwater levels and better water availability in rain-fed areas.
  • The cost of the project is estimated at Rs 2142.30 crore, of which the Centre will be pitching in with Rs 889 crore, while Rs 182 crore will be provided by the respective State governments. The remaining 50% of the project cost will be financed by a World Bank loan.

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Updated: February 16, 2016 — 11:50 am

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