- Govt relaxes paddy procurement limit at 8,000 metric tonnes
- The government has decided to relax maximum limit of 8,000 metric tonnes for allotment of paddy to millers in the state for the forthcoming procurement year 2018-19.
- Karan Dev Kamboj, Minister of State for Food, Civil Supplies and Consumer Affairs, said the relaxation would be provided to those millers, who did not appear in the defaulters list during the previous years and also deposited the entire amount in the government treasury.
- International Day of Forests: 21 March
- The International Day of Forests was established on the 21st day of March, by resolution of the United Nations General Assembly on November 28, 2012.
- Each year, various events celebrate and raise awareness of the importance of all types of forests, and trees outside forests, for the benefit of current and future generations.
- The theme of the International Day of Forests in 2018 is “Forests and Sustainable Cities”.
- NCAA becomes the World’s First Trusted Digital Repository
- National Cultural Audiovisual Archives (NCAA) project of the Ministry of Culture, Government of India, implemented by Indira Gandhi National Centre for the Arts (IGNCA) has been certified as the world’s first Trusted Digital Repository as per ISO 16363:2012 standard, granted by Primary Trustworthy Digital Repository Authorisation Body Ltd. (PTAB), United Kingdom.
- Leveraging this historic achievement, the plan for the next phase is to integrate about three lakh hours of audiovisuals materials, a corpus estimated based on a scoping survey conducted in 25 cities across the country, on this platform over the next five years.
· USA Bans Use Of Venezuelan Cryptocurrency- Petro
- The Donald Trumpadministration banned all use by Americans of Venezuelan cryptocurrency (Petro) that its introduction is intended to skirt U.S. sanctions.
- The prohibition applies to all people and companies subject to U.S. jurisdiction. In February 2018, cash-strapped Venezuela became the first country to launch its own version of bitcoin, the petrol.
· India Signs Double Taxation Avoidance Treaty With Hong Kong
- India and Hong Kongsigned a double taxation avoidance agreement (DTAA) that seeks to improve transparency in tax matters and help curb tax evasion and avoidance.
- The agreement between India and the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China was signed by Indian Ambassador to China Gautam Bambawale and Hong Kong Finance Secretary Paul Chan Mo-Po in Hong Kong.
Gk bit – Double taxation avoidance agreement (DTAA)
- A DTAA is a tax treaty signed between two or more countries. Its key objective is that tax-payers in these countries can avoid being taxed twice for the same income. A DTAA applies in cases where a tax-payer resides in one country and earns income in another.
- DTAAs can either be comprehensive to cover all sources of income or be limited to certain areas such as taxing of income from shipping, air transport, inheritance, etc. India has DTAAs with more than eighty countries, of which comprehensive agreements include those with Australia, Canada, Germany, Mauritius, Singapore, UAE, the UK and US.
- DTAAs are intended to make a country an attractive investment destination by providing relief on dual taxation. Such relief is provided by exempting income earned abroad from tax in the resident country or providing credit to the extent taxes have already been paid abroad. DTAAs also provide for concessional rates of tax in some cases.
· GIC Re To Operate From Lloyds In London
- General Insurance Corporationis going to start operations at the Lloyd’s London office in April 2018 thereby increasing its share of international business.
- This will also facilitate Indian becoming a regional reinsurance center.
- This will help GIC Re increase its share of international reinsurance business. The company had received approval to set up a syndicate at Lloyd’s of London in December 2017. GIC Syndicate 1947 will be the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group.
· Ministry of Agriculture and Ministry of Skill Development ink MoU on skill development at KVK
- The Ministry of Agriculture and Farmers’ Welfare and Ministry of Skill Development and Entrepreneurship have signed MoU to conduct skill development training programmes for agriculture and allied sector.
- These skill development training programmes will be conducted at Krishi Vigyan Kendra (KVKs).
- The MoU will help to increase cooperation between both ministries and help in fulfilling Government’s dream of “Kaushal Bharat-Kushal Bharat”.
- KVK is a project of ICAR (Indian Council of Agricultural Research) for testing and transfer of Agricultural technologies at the grassroots level.
· Third Edition Of National Conclave On Mines And Minerals
- The Ministry of Mines organized the 3rd National Conclaveon Mines & Mineralsin New Delhi.
- The event was inaugurated by the Minister of Mines, Narendra Singh Tomar.
- Federation of Indian Mineral Industries (FIMI) has agreed to partner in the event.
- A portal on Pradhan Mantri Khanij Kshetra Kalyan Yojna (PMKKKY) scheme was also launched on the occasion.
Gk bit – Pradhan Mantri Khanij Kshetra Kalyan Yojna (PMKKKY)
- Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) is a programme launched on 17 September 2015 to provide for the welfare of areas and people affected by mining related operations. PMKKKY is implemented by the District Mineral Foundations (DMFs) of the respective districts using the funds accruing to the DMF from miners
- District Mineral Foundation (DMF) is a trust set up under Mines and Minerals (Development & Regulation) Amendment Act, (MMDRA) 2015 as a non-profit body in those districts affected by the mining works to work for the interest and benefit of persons and areas affected by mining related operations, in such manner as prescribed by the relevant State Government.
- Under this scheme, the mining companies will need to contribute 10 to 30% of royalty for welfare of people directly or indirectly affected by mining.
- The minister said in view of the default made by the rice millers during the previous years, it had been decided that the rice millers would have to give 75 per cent bank guarantee of the total amount of paddy allotted to them during the Kharif year 2018-19.
- This would help the state government in compensating the loss being caused to the exchequer due to the default made by the rice millers. The decision would be implemented from the forthcoming Kharif Season 2018-19, he added.
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