CURRENT AFFAIRS 1st Mar., 2014

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1. Jagmohan Dalmiya is likely to be elected as president of the Board of Control for Cricket in India (BCCI). Mr. Dalmiya had temporarily run the BCCI’s day-to-day affairs in 2013 when N. Srinivasan stepped aside following the IPL spot-fixing and betting scandal.

2. Centre is planning to invite ideas from the public for developing a mobile app for Prime Ministers Office. The government would work with the global technology giant Google for selecting the best of the ideas and team would be sent to US.

3. The appointment of a nine-member Delhi Dialogue Commission by the Delhi government has been perceived in the political and administrative circles of the Capital as an astute move to form a “think tank” which will provide policy directions for governance.

4. Peoples Democratic Party leader Mufti Mohammad Sayeed took oath as the 12th Chief Minister of Jammu and Kashmir and his party’s alliance with the BJP is seen as a historic moment.

5. Government disclosed that it will offer a “window” to Indians holding black money in foreign bank accounts to disclose their accounts and assets but categorically ruled out any amnesty scheme for them.

Highlights of Budget 2015-16 : 1st Mar., 2015

1. Finance Minister Arun Jaitley delivered Union Budget on 28th February in the parliament. The Budget had something for everyone: foreign investors got clarity, the middle class got tax exemptions, companies were promised tax cuts, deficit hawks were satisfied and infrastructure spending advocates cheered.

2. The corporate tax rate would be reduced to 25 per cent from 30 per cent over four years. Personal income tax exemptions were also raised, with the maximum claimable exemptions now Rs 4.4 lakh as opposed to Rs 3.8 lakh earlier. The basic rate of service tax was raised to 14 per cent.

3. A massive “Jan Suraksha” or “people’s security” social welfare net was rolled out. The Pradhan Mantri Suraksha Bima Yojana will pay out Rs 2 lakh for accidental death for a premium of Rs 1 a month; The Atal Pension Yojana will feature government contributing half of some beneficiaries’ premium for five years.

4. A Rs 20,000-crore national investment fund is to be created, which would leverage this equity and issue debt to the private sector. Tax-free infrastructure bonds are also proposed.

5. An office to manage the government’s debt, a Public Debt Management Agency was to be set up. The Forwards Markets Commission is to be merged with the Securities and Exchange Board of India and a sovereign gold bond that would redeemable in cash in terms of the face value of the gold at the time of redemption.

6. The Budget also proposed a “plug and play” model, where all clearances will be put in place before a project is auctioned. A law to deal with disputes was also promised. General Anti-Avoidance Rules were further postponed.

7. The fiscal deficit for 2015-16 will stand at 3.9 per cent of GDP instead of the expected 3.6 per cent. An additional 2 per cent surcharge was added to tax paid on income over Rs 1 crore. This would replace the wealth tax, which was abolished.