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04May 2017 Keywords



4th MAY 2017

1.      Section 139AA of the Income Tax Act

  • Inserted by amendment to Finance Bill (which is part of Budget)
  • mandatory linking of Aadhaar to PAN
  • SC case invasion of privacy

2.      Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016

  • Every resident entitled to obtain an Aadhaar number. i.e. resided in India for 182 days, in the preceding year.
  • Aadhaar number cannot be a proof of citizenship or domicile.
  • To obtain an Aadhaar number, an individual has to submit his,

(i)         biometric (photograph, finger print, iris scan) and

(ii)        demographic (name, date of birth, address) information.

(iii)      such other biometric and demographic information specified by Unique Identification Authority (UID)

  • At the time of enrolment, the individual will be informed of

(i)         the manner in which the information will be used

(ii)       the nature of recipients with whom the information will be shared,

(iii)      the right to access this information.

  • The UID authority will authenticate the Aadhaar number of an individual, if an entity makes such a request.
  • In two cases, Aadhaar information may be revealed:

(i)         In the interest of national security

(ii)       On the order of a court

  • A person may be punished with imprisonment upto three years and minimum fine of Rs 10 lakh for unauthorised access to the centralized database, including revealing any information stored in it.
  • No court shall take cognizance of any offence except on a complaint made by the UID authority or a person authorised by it.

3.      Tarang Sanchar Portal

  • Web portal for sharing information on mobile towers and electromagnetic field (EMF) emission compliances
  • Launced in May 2017 by Department of Telecom (DoT)

4.      Dholes or Indian wild dogs

  • Protected under Schedule 2 of the Wildlife (Protection) Act, 1972
  • ‘endangered' under IUCN
  • conservation breeding centre at Indira Gandhi Zoological Park (IGZP) amidst Kambalakonda Reserve Forest in Visakhapatnam, Andhra Pradesh.
  • plans to reintroduce a pack of 16 into the forests in theEastern Ghats
  • 3rd such effort. Earlier two cases:

(i)       Darjeeling's Padmaja Naidu Himalayan Zoological Park had a programme for the red panda

(ii)     Pygmy Hog Conservation Programme was undertaken in Assam

5.      BrahMos

  • product of joint collaboration between India and Russia
  • named after Brahmaputra and Moskva rivers
  • supersonic missile
  • fire and forget capability
  • initially range 290 km since MTCR restrictions. Now India member of MTCR
  • now range 450 km and the plan is to increase it to 600 km.
  • is capable of being launched from land, sea, sub-sea and air against surface and seabased targets.
  • Advanced BrahMos Block III Land Attack Cruise Missile (LACM) successfully test fired
  • Can be sold to friendly third world countries

6.      Missile Technology Control Regime (MTCR)

  • multilateral export control regime
  • informal and voluntary partnership
  • 35 countries , including India since 2016 (China, Pakistan are not members)
  • to prevent the proliferation of missile and unmanned aerial vehicle technology capable of carrying above 500 kg payload for more than 300 km.

7.      Rashtriya Uchhatar Shiksha Abhiyan

  • initiated in 2013 by the Ministry of Human Resource Development,
  • centrally sponsored scheme
  • to provide strategic funding to higher educational institutions throughout the country.

8.      Stressed assets = NPAs + Restructured loans +Written Off Assets

9.      Non Performing Asset (NPA)

  • An NPA means interest or principal is not repaid by the borrower during a specified time period (90 days).

10.  Restructured asset

  • Those assets which got an extended repayment period, reduced interest rate, converting a part of the loan into equity, providing additional financing, or some combination of these measures.

11.  Written off assets

  • Those that bank or lender doesn't count as money that borrower owes to it.
  • The financial statement of the bank will indicate that the written off loans are compensated through some other way.
  • This does not mean that the borrower is pardoned or got exempted from payment.

12.  Twin balance sheet problem

  • stressed companies
  • NPA-laden banks

13.  Public Sector Asset Rehabilitation Agency (PARA)

  • Bad Bank
  • suggested by Economic Survey 2017-18
  • to be established to deal with the problem of bad loans.

14.  National Steel Policy 2017

  • aims at attracting Rs. 10 lakh crore investments in the steel sector by 2030-31.
  • gives "preference to Domestically Manufactured Iron & Steel Products (DMI&SP)" in Government Procurements.

15.  SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters)

  • Central Sector Scheme
  • for the period 2016-20 coterminous with the 14th Finance Commission cycle.
  • to supplement agriculture, modernize processing and decrease agri-waste.
  • umbrella scheme incorporating ongoing schemes of the Ministry of Food Processing Industries (MFPI) like

(i)       Mega Food Parks,

(ii)     Integrated Cold Chain and Value Addition Infrastructure,

(iii)    Food Safety and Quality Assurance Infrastructure, etc.

(iv)   Infrastructure for Agro-processing Clusters,

(v)     Creation of Backward and Forward Linkages,

(vi)   Creation / Expansion of Food Processing & Preservation Capacities Etc.

16.  UDAN (Ude Desh ka Aam Naagrik)

  • Regional Connectivity Scheme (RCS)
  • component of the National Civil Aviation Policy (NCAP), 2016
  • to stimulate regional connectivity with flights covering distances up to 800 km through a market-based mechanism.
  • caps fares at Rs. 2500 per seat per hour.
  • 43 cities are expected to be mainstreamed on India's flight connectivity grid.
  • VGF will be used to bridge the gap between the cost of airline operations and expected revenue.
  • Five airlines - Alliance Air, SpiceJet, Turbo Megha, Air Odisha and Air Deccan - were awarded 128 routes under the scheme after a bidding process.
  • Air India's subsidiary Alliance Air will be the first airline to start operating flights between Delhi and Shimla
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