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InsightsDailyCurrentEvents,03April2015
ByINSIGHTS

InsightsDailyCurrentEvents,03April2015
Indirecttaxcollectionexceedstarget
TheindirecttaxescollectionhassurpassedtherevisedestimatesbyRs.4,000croretoreachRs.5.46lakhcrorefor
thefiscalendedMarch2015,despiteaslowdowninthemanufacturingsector.
ThetotalcollectionasonMarch31isRs.5,46,479crore,basedontheprovisionalreportagainstrevised
estimatesofRs.5,42,325crorefor201415.
IndirectTaxes:
Indirecttaxisataxcollectedbyanintermediary(suchasaretailstore)fromthepersonwhobearstheultimate
economicburdenofthetax(suchastheconsumer).Theintermediarylaterfilesataxreturnandforwardsthetax
proceedstogovernmentwiththereturn.Inthissense,thetermindirecttaxiscontrastedwithadirecttaxwhichis
collecteddirectlybygovernmentfromthepersons(legalornatural)onwhichitisimposed.
SomeofthesignificantindirecttaxesincludeValueAddedTax,CentralSalesTax,CentralExciseDuty,
CustomsDuty,stampduties,Goodsandservicestax(GST)andexpendituretax.
Sources:TheHindu,Wiki.

RajasthanbringsBillagainstwitchcraft
TheRajasthanstategovernmentrecentlytabledPreventionofWitchHuntingBillintheAssembly.
DetailsoftheBill:
TheBillprovidesforlifeimprisonmentifwitchhuntingcausesdeath,andimprisonmentuptofiveyearsanda
fineforpractisingwitchhunting,witchcraftandsoon.Atleast60%ofthefinewillgotothevictimforher
treatmentandrehabilitation.
TheBillproposestoimposeacollectivefineontheinhabitantsofaplacewhoabetthecrime,harbourpersons
committingit,suppressevidenceorfailtorenderallassistanceintheirpowerstodiscoverorapprehendthe
offenders.Thefineshallbespentontherehabilitationandresettlementofthevictim.
TheBillprohibitsanyactsderogatorytohumandignitysuchasforcingawomantodrinkoreatanyinedibleor
obnoxioussubstanceorparadinghernakedorinscantyclothesorwithpaintedfaceorbody.Displacingher
fromherhouseandotherpropertywillbeapunishableoffence.Atpresent,thereisnopenalprovisioninthe
lawtoprohibitorpunishthoseaccusedofwitchhuntingandsuchpracticesintheState.
TheStategovernmenthasproposedtorolloutoneormoreschemesfortherehabilitationandresettlementofthe
victimandtoconductawarenessprogrammesonsuperstitionsandsuchpractices.

Glossary:
WhoisaWitch,accordingtotheBill?
IntheBill,thetermwitchisdescribedasawoman,locallyknownasDayan,DakanorDakin,whohas
beenidentifiedbyanypersonorpersonsbelievinghertobeinpossessionof,orashaving,anyevilpowerfor
causinganyharmtoanypersonorproperty.
WhatisWitchcraft?
WitchcrafthasbeendescribedintheBillasuseofsupernaturalormagicalpowerswithevilintentiontocall
upaspiritorcastaspellordiscoverstolengoods.
ItincludessuchotherpracticeswhichareknownasTonaTotaka,TantraMantra,JaduTonaandJhadPhunk.
WhoisaWitchDoctor?
WitchdoctormeansapersonwhoislocallyknownasGunia,Tantrikorotherwiseandclaimsthathehas
supernaturalormagicalpowertocontrolorcureawitchorperformsanyritualpurportedlytofreeawoman
fromevilspirit.
WhatisWitchHunting?
Witchhuntingmeansanyactorconductonthepartofanyperson,identifying,accusingordefaminga
womanasawitchorharassing,harmingorinjuringsuchwomanwhethermentallyorphysicallyorby
damagingherproperty.
Sources:TheHindu.

Nabardexpects50%creditgrowthinAP,Telangana
TheNationalBankforAgricultureandRuralDevelopment(Nabard)expectsa50%growthincreditdisbursalsto
AndhraPradeshandTelanganatoRs21,000croreduringfiscal201516.
Thebankalsohasformedregionaladvisorygroups(thinktanks)andtechnicalgroupsforboththestatesto
assistinadvancingthelendingmechanisms.Itisalsotakingupaselfhelpgroup(SHG)digitisationdrive,with
thepilottobetakenupinMedakdistrictinTelanganathisyear.
Nabard:
Itisanapexdevelopmentandspecializedbankestablishedon12July1982byanactbytheparliamentofIndia.Its
mainfocusistoupliftruralIndiabyincreasingthecreditflowforelevationofagriculture&ruralnonfarmsector.
ItwasestablishedbasedontherecommendationsoftheCommitteesetupbytheReserveBankofIndia
(RBI)underthechairmanshipofShriB.shivaraman.
ItreplacedtheAgriculturalCreditDepartment(ACD)andRuralPlanningandCreditCell(RPCC)ofReserve
BankofIndia,andAgriculturalRefinanceandDevelopmentCorporation(ARDC).
Ithasbeenaccreditedwithmattersconcerningpolicy,planningandoperationsinthefieldofcreditfor
agricultureandothereconomicactivitiesinruralareasinIndia.
NABARDisactiveindevelopingfinancialinclusionpolicyandisamemberoftheAllianceforFinancial
Inclusion.
Itsroleandfunctions:
Itlooksafterthedevelopmentofthecottageindustry,smallindustryandvillageindustry,andotherruralindustries.
TheBankhasbeengivencertainrolesasfollows:

ItServesasanapexfinancingagencyfortheinstitutionsprovidinginvestmentandproductioncreditfor
promotingthevariousdevelopmentalactivitiesinruralareas
Ittakesmeasurestowardsinstitutionbuildingforimprovingabsorptivecapacityofthecreditdeliverysystem,
includingmonitoring,formulationofrehabilitationschemes,restructuringofcreditinstitutions,trainingof
personnel,etc.
Coordinatestheruralfinancingactivitiesofallinstitutionsengagedindevelopmentalworkatthefieldlevel
andmaintainsliaisonwithGovernmentofIndia,StateGovernments,ReserveBankofIndia(RBI)andother
nationallevelinstitutionsconcernedwithpolicyformulation
ItUndertakesmonitoringandevaluationofprojectsrefinancedbyit.
NABARDrefinancesthefinancialinstitutionswhichfinancestheruralsector.
Itregulatestheinstitutionwhichprovidesfinancialhelptotheruraleconomy.
Itprovidestrainingfacilitiestotheinstitutionsworkingthefieldofruralupliftment.
ItregulatesthecooperativebanksandtheRRBs,andmanagestalentacquisitionthroughIBPSCWE.
NABARDisalsoknownforitsSHGBankLinkageProgrammewhichencouragesIndiasbankstolendto
SHGs.
Sources:TheHindu,Wiki,NABARD.

Sebiforincludingfamilytrusts,NBFCsinQIBsegment
TheSecuritiesandExchangeBoardofIndia(Sebi)hasproposedincludingsystematicallyimportantnonbank
financialcompanies(NBFCs)andsomeregisteredfamilytrustsinthequalifiedinstitutionalbuyers(QIB)category.
Further,theregulatorhassuggestedanyotherentityregisteredwithSebiandhavingaminimumnetworthofRs500
croremayalsobeconsideredaQIB.
Impact:
Themovewillputsuchentitiesataparwithinstitutionalinvestorslikebanksandmutualfunds(MFs).
Whoarequalifiedinstitutionalbuyers?
Currently,QIBsaredefinedunderSebiregulationsasinstitutionalinvestorsgenerallyperceivedtopossessexpertise
andthefinancialmuscletoevaluateandinvestincapitalmarkets.
TheexistingQIBsincludepublicfinancialinstitutionslikescheduledcommercialbanks,MFs,foreign
institutionalinvestorandventurecapitalfunds.
SEBI
TheSecuritiesandExchangeBoardofIndia(SEBI)istheregulatorforthesecuritiesmarketinIndia.Itwas
establishedintheyear1988andgivenstatutorypowerson12April1992throughtheSEBIAct,1992.
Composition:
SEBIiscomposedof
ThechairmanwhoisnominatedbyUnionGovernmentofIndia.
Twomembers,i.e.,OfficersfromUnionFinanceMinistry.
OnememberfromtheReserveBankofIndia.
TheremainingfivemembersarenominatedbyUnionGovernmentofIndia,outofthematleastthreeshallbe
wholetimemembers.
Forthedischargeofitsfunctionsefficiently,SEBIhasbeenvestedwiththefollowingpowers:

Toapprovebylawsofstockexchanges.
Torequirethestockexchangetoamendtheirbylaws.
Inspectthebooksofaccountsandcallforperiodicalreturnsfromrecognizedstockexchanges.
Inspectthebooksofaccountsoffinancialintermediaries.
Compelcertaincompaniestolisttheirsharesinoneormorestockexchanges.
Registrationofbrokers.
Sources:TheHindu,Wiki.

Indiaranks119onGlobalBusinessResilienceIndex
Indiaranked119thamong130countriesonanindexmeasuringbusinessresilienceofnationsbasedoneconomic,
riskqualityandsupplychainfactors,droppedsevennotchesfromlastyear.
Detailsofthe2015FMGlobalResilienceIndex:
TheIndexhasbeentoppedbyNorwayforbeingthecountrybestsuitedforcompaniesseekingtoavoid
disruptionsintheirglobalsupplychainoperations.Venezuelaisrankedlastonthelist.
Ontheeconomicparameter,whichtakesintoaccountgrossdomesticproduct,politicalriskandoilintensity,
Indiaisranked115th,thesameaslastyear.
Intheriskqualityfactor,itranked109thforitsqualityofnaturalhazardandfireriskmanagement,aslight
improvementfromits113thrankin2014.
Inthethirdcategoryofsupplychain,whichlooksatcorruptioncontrol,infrastructureandlocalsupplierquality,
Indiaisranked89th,falling11spotsfromthepreviousyear.
Amongthetop10countriesthataremostresilient,NorwayisfollowedbySwitzerland(2),Netherlands(3),
Ireland(4),Luxembourg(5),Germany(6),Qatar(7),Canada(8),Finland(9)andtheUS(10).Atthe123rd
spot,Pakistanisinthebottom10countriesontheindex.
TheotherleastresilientnationstobusinesssupplychaindisruptionareDominicanRepublic(126),Nicaragua
(127)andKyrgyzRepublic(129).
Thereportalsosaysthat:
Economically,Indiasuffersfromaformidabletangleofproblems.Athirdofitspopulationstillliveinextreme
povertyoneofthehighestincidencesoutsidesubSaharanAfrica.Theimplementationofeconomicreforms
hasbeenidentifiedasaprioritybyIndiasnewgovernment.Theexceptionisthecountrysrelativelylow
exposuretonaturalhazards,whichsuggeststhatIndiasdestiny,toanencouragingextent,liesinitsown
hands.
Theindexprovidesanannualrankingof130countriesandterritoriesaccordingtotheirbusinessresiliencetosupply
chaindisruption.
Sources:BS.

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1. 1
2. 2
3. 3
4. 4
1. Answered
2. Review
1. Question1of4

1.Question
Considerthefollowingstatementswithreferencetothe2015FMGlobalResilienceIndex:
1. TheIndexhasbeentoppedbyNorway.
2. Ontheeconomicparameter,whichtakesintoaccountgrossdomesticproduct,politicalriskandoil
intensity,Indiaisranked115th,thesameaslastyear.
3. Intheriskqualityfactor,Indiaisranked109thforitsqualityofnaturalhazardandfireriskmanagement.
Whichoftheabovestatementsis/aretrue?
Correct
Answer:d
Incorrect
Answer:d
2. Question2of4

2.Question
ConsiderthefollowingstatementswithreferencetotheSecuritiesandExchangeBoardofIndia(SEBI):
1. Itwasgivenstatutorypowersin1992throughtheSEBIAct,1992.
2. ThechairmanoftheboardisnominatedbyUnionGovernmentofIndia.
Whichoftheabovestatementsis/aretrue?
Correct

Answer:c
Incorrect
Answer:c
3. Question3of4

3.Question
Whichofthefollowingareindirecttaxes?
1. CentralSalesTax.
2. CentralExciseDuty.
3. CustomsDuty.
4. Stampduties.
5. Goodsandservicestax(GST).
Choosethecorrectanswerusingthecodesbelow:
Correct
Answer:d
Incorrect
Answer:d
4. Question4of4

4.Question
Whichofthefollowingarecorrectlymatched?
1. ArunachalPradesh:CorbettTigerReserve
2. Assam:NameriTigerReserve
3. Karnataka:BandipurTigerReserve
4. Uttarakhand:NamdaphaTigerReserve
Choosethecorrectanswerusingthecodesbelow:
Correct
Answer:b
Incorrect
Answer:b

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