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April 25 CA

● World Malaria Day: 25 April 2018 observed with the theme ‘Ready to beat malaria’ ● Sushma Swaraj Attends Meeting Of India-Mongolia Joint Committee ● Foreigners Can Now Travel To Nagaland, Mizoram, Manipur Without Permit ● M-Awas App For Allotment Of GPRA Through ASA Launched ● India's 1st E-Commerce Think Tank Meet Convened By Suresh Prabhu ● India Signs Loan Agreement With World Bank For US$ 125 Million ● Diu Smart City becomes first to run on 100% Renewable Energy ● Inter country removal and retention of children – recommendations of Justice Rajesh Bindal committee ● World Bank: India highest recipient of remittances in 2017 ● GI Tag for Telangana’s Adilabad Dokra, Warangal Dhurries ● TCS becomes India’s first $100 billion IT company ● 6th IONS (Indian Ocean Naval Symposium) – IONS 2018 ● Sunderban Reserve Forest to get Ramsar site status ● NITI Aayog to open applications for Atal New India Challenge ● India plans to gift obsolete weaponry to friendly countries ● Union Government to tie up with US and Finland to develop new pollution-forecast system ● Coastal security exercise Sagar Kavach held in Kerala

EDITORIAL

The ordinance is not enough; the government needs to plug many more legal loopholes Last Saturday, within hours of Prime Minister Narendra Modi’s return to Delhi from an overseas tour, the Union Cabinet approved the promulgation of the Fugitive Economic Offenders Ordinance, 2018. A fugitive is defined as someone who has left India to avoid criminal prosecution or who is already overseas and refuses to return to face the law. In recent weeks, banks have been asked to mandatorily collect passport details of those borrowing above ₹50 crore, and the passports of some wilful defaulters are being impounded too. Given that the proposed legislation was announced well over a year ago, the trigger for this belated haste is easy to see. While presenting Budget 2017-18, the Finance Minister referred to instances of offenders fleeing the country to escape its justice system, and said the government was looking at a law to confiscate the assets of such persons till they return to face the law. By September, the Finance and Law Ministries had agreed on a draft Bill, but it was only introduced in the Lok Sabha this March, in a session that proved to be a washout. The government is no doubt conscious of the clamour for tough action on absconding offenders, particularly those involved in financial misdemeanours and wilful defaulters of bank loans.There remains great consternation over liquor baron Vijay Mallya’s flight from the country, with his now-defunct Kingfisher Airlines having run up outstanding loans of over ₹9,000 crore from Indian banks. Both Mr. Mallya and former Indian Premier League commissioner Lalit Modi, who faces an Enforcement Directorate probe for foreign exchange law violations, are in Britain. They left Indian shores for safer climes under the NDA government’s watch, as did diamond merchants Nirav Modi, Mehul Choksi and their associates, whose firms defrauded the country’s second largest public sector bank of over ₹12,800 crore. India is no closer to getting Mr. Modi or Mr. Mallya back to face the law, with extradition proceedings against the latter crawling through U.K. courts. No clear indications about whether their return could be expedited emerged during Prime Minister Modi’s meeting with his British counterpart Theresa May last week. Meanwhile, though government agencies have attached the diamond merchant duo’s assets in India, an American court has disallowed the sale of their assets in other jurisdictions while allowing their U.S.-based entity to offload its assets. The reason: India is yet to pass a model law mooted by the UN for cross-border insolvency cases. It is not clear whether this ordinance can tide over this major handicap. The government may have opted for the ordinance route to deflect the heat from these cases of fraud, but it needs to present a coherent vision about its plans to bring back those fugitives who have already got away and plug the remaining loopholes in the system.nab (verb) – catch/seize, arrest, take into custody.absconder (noun) – a person who is running away/fleeing/escaping (and fail to surrender).fugitive (adjective) – escaping, runaway, fleeing.plug (noun) – stop, block, end.loophole (noun) – an ambiguity in the law; flaw/fault, defect.wilful defaulter (noun) – a person who is purposefully not repaying banks/lenders’ debt on time for various reasons.impound (verb) – seize, confiscate/appropriate, take possession of.belated (adjective) – late, delayed, not on time.haste (noun) – rush, hurry, urgency.washout (noun) – failure, disappointment, let-down/loser.clamour (noun) – protest, complaints, outcry/commotion.misdemeanour (noun) – wrongdoing, evil deed, crime act.consternation (noun) – unexpected dismay; shock, surprise.defunct (adjective) – no longer existing, inoperative, non-functioning.run up (phrasal verb) – accumulate/collect, accrue, amass (a debt).climes (noun) – a region; town, city.watch (noun) – stint, spell, turn.extradition (noun) – deportation, expulsion, banishment.crawl (verb) –  move, proceed, progress (very slowly).expedite (verb) – speed up, accelerate, hurry.counterpart (noun) – a person who serves the same job/function but in a different location; equivalent.disallow (verb) – reject, refuse, dismiss.offload (verb) – unload/empty out; get rid of, transfer.moot (verb) – put forward, propose, suggest (an idea).insolvency (noun) – a condition in which the financial difficulties of an individual or organisation are such it is unable to pay its debts. bankruptcy (noun) – legal state of insolvency. An individual or organisation is declared bankrupt if a court judges that the party involved can no longer meet debt payments to creditors. it is defined as the outcome of a legal procedure.tide over (phrasal verb) – sustain, keep someone going, help/assist (someone in difficulty).handicap (noun) – impediment, hindrance, obstacle.deflect (verb) – divert, avert; distract/deviate.heat (noun) – intensive pressure, criticism (unwelcomed).coherent (adjective) – logical, reasonable, rational.get away (phrasal verb) – escape, run away/take flight, abscond.#FancyJ

PMGKY

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) was originally launched by Mr. Narendra Modi in 2015 as a scheme built with the objective of addressing poverty.  However, with the recent demonetization drive launched by the government to curb the spread of black money, an amendment has been made to the existing Income Tax Bill and the PMGKY has been made a part of the Taxation Laws (Second Amendment) Act, 2016. As per the revised amendment of the Income Tax Bill, individuals who are declaring their undisclosed income (black money), they will be required to pay a penalty of 10%, tax at the rate of 30%, CESS under the PMGKY at the rate of 33%. Additionally, 25% of their undisclosed income will be invested in the Pradhan Mantri Garib Kalyan Yojana scheme which will be refunded only after 4 years without accumulating any interest. Hence, the breakup of the deductions in this case would be: Percentage of Tax for undisclosed Income - 30% Penalty for undisclosed income - 10% Surcharge under PMGKY CESS - 33% Amount to be deposited under PMGKY - 25% of undisclosed income (returned as is after a period of 4 years) Interest accumulated during deposit - Nil Under this new amendment, people can only declare their income which is lying in the form of bank and cash deposits in bank accounts of Indian banks. Declaration of income that is in the form of stocks, deposits in overseas bank accounts, jewellery, immovable property, etc. is not allowed.  If a person who has undisclosed income lying with them but have not disclosed it under the PMGKY scheme, they will have to bear a fine of 77.25% of their undisclosed income, if the same reflects in their tax returns. If the income does not reflect in a person’s  tax returns, not only will they undergo prosecution but will also be liable to pay a further penalty of 10% additionally. Some of the points to keep in mind regarding the amendment to the Tax Bill with regards to the Pradhan Mantri Garib Kalyan Yojana are: Disclosure of income under this scheme is voluntary. Whatever funds are collected under this scheme will be used to make improvements in education, infrastructure, and healthcare that is available to the underprivileged and poorer sections of society. Once the individuals have paid the requisite taxes and penalty in their undisclosed income, they will be given the rights to their fund in the future. In case an individual does not disclose funds under the PMGKY scheme, the penalties and taxes which they would be required to pay would be significantly higher. The percentage of tax payable will be 60%, 25% towards the surcharge amount, both of which combine to be 75% of the undisclosed amount. Additionally, 10% of penalty is imposed which brings the overall amount to a85% of the undisclosed income. When a person is making a declaration under the PMGKY, they must furnish the sources / reasons for the undisclosed amount.  Following are the steps involved: Declaration regarding the cash / deposits - Declaration must be made according to the disclosed / undisclosed amount which an individual is holding. Deposits must be made in RBI or any other associated bank only. Payment of Taxes Before making the deposit - All the aforementioned penalties and taxes must be paid. Proof of payment and deposit to be furnished - Once the person has paid the required taxes, penalties and made the deposit, they must fulfill the formalities towards any other documentation that is required to complete the process.  # ARCHANA

CIF , MPC

1.Customer information file (CIF)An electronic filing system used in the banking industry for maintaining customer data for all related accounts including separate savings, safe deposit boxes, CDs, IRAs, mortgage and personal loans. The system is used to generate targeted customer lists for marketing purposes as well as managing account data.The CIF records such information as a customer's vital statistics, account balances and transactions, and types of accounts held. It is updated as often as daily to ensure accuracy. The CIF is also used to cross-sell various products and services to customers, and to assist in other administrative functions. CIFs provide the business with a summary of all of the activities associated with a particular customer. More commonly held in an electronic format today, a CIF can also be a paper folder holding relevant documents. It functions as a central point for examining customer data without having to look up each account or transaction individually. In the case of commercial banking, it provides information regarding the products currently in use by a customer. It may also show information regarding any previous inquiries, to help provide targeted information for the purpose of upselling.2.MPC (Monetary Policy Committee)The Monetary Policy Committee (MPC) is the body of the RBI, headed by the Governor, responsible for taking the important monetary policy decision about setting the repo rate. Repo rate is ‘the policy instrument’ in monetary policy that helps to realize the set inflation target by the RBI (at present 4%). The MPC replaces the previous arrangement of Technical Advisory Committee. The MPC was setup after a Memorandum of Understanding between the government and the RBI about the conduct of the new inflation targeting monetary policy framework in February 2015. First meeting of the MPC was held on October 4, 2016 after the Government made amendment of the RBI Act in June 27, 2016. Committee’s meeting also marked the beginning of full-fledged implementation of the new inflation targeting monetary policy framework. Structure of the MPC  The Monetary Policy Committee (MPC) is formed under the RBI with six members. Three of the members are from the RBI while the other three members are appointed by the government. Members from the RBI are the Governor who is the chairman of the MPC, a Deputy Governor and one officer of the RBI. The government members are appointed by the Centre on the recommendations of a search-cum-selection committee which is to be headed by the Cabinet Secretary. The Committee is to meet at least four times a year and make public its decisions following each meeting. There will be no reappointment of the committee. Under MPC, the governor has a casting vote and doesn’t enjoy veto power (there was veto power for him under TAC). Decisions will be taken on the basis of majority vote. The main responsibility of the MPC is to administer the inflation targeting monetary policy regime through determining the policy rate or repo rate to contain inflation. Function of the MPC  The main responsibility of the MPC will be to keep the inflation targets set by the RBI. The MPC decides the changes to be made to the policy rate (repo rate) to contain inflation within the target (based on CPI) level set under India’s inflation targeting regime.  Members of the MPC can suggest reasons for their support or opposition for a policy rate change. This will be published in the minutes of the MPC and the minutes should be published after 14 days of MPC meeting. The minutes should contain the reasons for each member proposing or opposing the monetary policy decision taken by the NPC. In case the inflation target is failed to achieve (2% higher or lower than the set target of 4% for continuous three quarters), the RBI has to give an explanation to the government about the reasons, the remedial actions and the estimated time for realizing the target. Another responsibility for the RBI is to publish a Monetary Policy Report every six months, elaborating inflation forecasts and inflation sources for the next six to eighteen months. Present Members of the MPCGovernor of the Reserve Bank of India – Chairperson, ex officio - Urjit PatelDeputy Governor of the Bank, in charge of Monetary Policy—Member, ex officio - Viral A AcharyaOne officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio; - Michael PatraShri Chetan Ghate, Professor, Indian Statistical Institute (ISI) – Member;Professor Pami Dua, Director, Delhi School of Economics – Member;Dr. Ravindra H. Dholakia, Professor, Indian Institute of Management, Ahmedabad - Member Members referred to at 4 to 6 above, will hold office for a period of four years from the date of appointment while the other three members are official. '#FancyJ

April 24 CA

● National Panchayati Raj Day: 24 April ● Uttarakhand To Get Rs1,700 Crore Aid From ADB ● Sushma Swaraj & Nirmala Sitharaman Attends SCO’s Meet In China● EU, UN Co-Host Conference On Syria Aid ● Canada, EU To Host World’s 1st Female Foreign Ministers Meeting ● Nitin Gadkari Inaugurates 29th Road Safety Week In New Delhi ● India Wins 8th South Asian Judo Championship ● Diu, 1st To Run On 100% Renewable Energy During Daytime ● Dadasaheb Phalke Excellence Awards 2018: Complete List Of Winners ● Paytm Payments Bank Registers 100M KYC Wallets ● Iran Bans Banks From Using Cryptocurrencies ● Sunderban Reserve Forest To Get Ramsar Site Status ● The World's 50 Greatest Leaders 2018: Mukesh Ambani Ranks 24th ● BoI Inks Pact With NeSL To Share Data Under Insolvency Rules ● India And World Bank Signs Agreement To Improve Rural Road Network In MP ● Egyptian Photographer Mahmoud Abu Zeid Wins UNESCO Press Freedom Prize ● India Highest Recipient Of Remittances In 2017: World Bank ● Madras HC, 1st Court In South India To Introduce E-Court Fee Payment Facility#RAJKUMAR

EDITORIAL

The CPI(M)’s compromise on its political line will still need a practical resolution By adopting a political resolution acceptable to both the majority and minority sections, the 22nd party congress of the Communist Party of India (Marxist) averted a divisive contest for the post of the general secretary and gave a fresh term to the incumbent, Sitaram Yechury. In its essence, the political line was not very different from the draft political resolution backed by the majority section led by former general secretary Prakash Karat, but it was sufficiently vague to give some manoeuvring room to the beleaguered Mr. Yechury. The clause of contention related to allying with the Congress to defeat the BJP — with the majority Karat line, backed by most of the Kerala unit, against it, and the minority Yechury line, supported by most of the West Bengal unit, for it. The compromise involved replacing the phrase “without having an understanding or electoral alliance with the Congress party” with “without having a political alliance with the Congress party”. The end-result allowed both sides to claim victory. For the Karat side, ruling out a political alliance meant ruling out an electoral alliance; for the Yechury side, the withdrawal of the specific bar on understanding and electoral alliance with the Congress opened up the possibility of taking such a course. For those not used to the intense debates in Communist parties this might seem more like word-play than sword-fight. But the differences are rooted not only in a theoretical understanding of the threat posed by the BJP, whether it is communal authoritarianism or fascism, but also in the practical difficulty of fighting the Congress in Kerala and allying with it elsewhere. If fascism were the only concern for the West Bengal unit, an alliance with the Trinamool Congress should have been just as viable.However, reducing its whole politics to the question of allying with the Congress would have been a serious mistake for the CPI(M), which built its support base first on the back of working class struggles, and later in opposition to the growing threat from neo-liberalism, represented in equal measure by the BJP and the Congress. The political line, in any case, allows for an understanding with all secular opposition parties, including the Congress, on agreed issues inside Parliament, and a broad mobilisation of people against communalism. The happy compromise allowed Mr. Yechury a second term, leaving the question of whether the unity on theory will hold in practice to be answered at the time of a general election in West Bengal. True, the current political line does not prohibit the CPI(M) from having seat adjustments or a post-poll understanding with the Congress. But not even an imaginative reading of the resolution can allow for the type of alliance the two parties had in West Bengal in 2016.compromise (noun) – agreement, understanding, settlement/deal.congress (noun) – conference, meeting, summit.avert (verb) – prevent, stop, avoid.divisive (adjective) – isolating/separating, dividing; disharmonious.incumbent (adjective) – current, existing, present.draft resolution (noun) – a document that seeks to fix the problems within the organisation. The draft resolution can be tabled after the delegates/members voted on amendments with which the ideas of some delegates on how to resolve an issue are proposed.vague (adjective) – uncertain, unclear, imprecise/inexact.manoeuvring room (noun) – opportunity/scope/chance to negotiate/navigate/direct something carefully & skillfully.beleaguered (adjective) – troubled, hard-pressed, under-stressed.contention (noun) – disagreement, dispute, argument.ally with (verb) – unite/join, team up,  form an alliance.rule out (phrasal verb) – exclude, eliminate, reject/dismiss.bar (noun) – obstacle, impediment, barrier/restriction.word-play  (noun) – verbal wit (funniness/creating humour).be root in (verb) – have as an origin, have something as a cause.authoritarianism (noun) – autocracy, totalitarianism/draconianism, fascismneo-liberalism (noun) – new/revived liberal principles.secular (adjective) – non-religious.mobilisation (noun) – the act of bringing people together for a particular cause.reading (noun) – understanding, interpretation (of a situation).#FancyJ

BLOCKCHAINTECHNOLOGY-Actual Definition

A block chain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. This allows the participants to verify and audit transactions inexpensively.A block chain database is managed autonomously using a peer-to-peer network and a distributed time stamping server. They are authenticated by mass collaboration powered by collective self-interests.The result is a robust workflow where participants' uncertainty regarding data security is marginal. The use of a block chain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending. Block chains have been described as a value-exchange protocol.This block chain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems.A block chain can assign title rights because it provides a record that compels offer and acceptance. #Jayanthi

BLOCKCHAINTECHNOLOGY-Explanation in a simple way

If you can’t explain it simply, you don’t understand it well enough. Let us assume that there are two people Alice and Bob. Alice borrows some money from Bob and Bob writes it on a piece of paper signed by Alice. After some days Alice denies the existence of such document and claims that Bob has forged that piece of paper. Bob would now find it difficult to prove that Alice actually owes him Money. In this example Alice and Bob are two nodes. Now assume the same scenario, but among a society. So there are ’k’ pair of people transacting with each other. And the only proof that each pair has, is that piece of paper. Looking at this scenario, one person, Kate comes up with a solution. She suggests maintaining a common notebook of transaction for entire society. She designates town hall to be the place where every exchange takes place. In the common notebook, every pair writes the transaction and then the notebook is kept safely. People rejoice and accept Kate as their leader. That notebook can be called a database. But one day, somebody spills wine on the notebook. This makes the notebook illegible. Taking the advantage of this situation, Alice again denies taking money from Bob. This is the problem databases face - single point of failure. Irritated by this problem, Kate comes up with another solution. She suggests maintaining multiple notebooks. She chooses some trustworthy people from the society and gives them a notebook each. Now every time a transaction or exchange takes place between two people, Kate instructs some of those trustworthy people to mention the transaction in their notebooks. So the data is repeated in the notebooks. Now, even if one notebook is destroyed, chances are that all the data regarding transactions are still present in the combination of other notebooks. This is a distributed database and multiple notebooks are the multiple nodes. But next day, another problem arises. Kate has a friend named Bert who owes a lot of money to some people in the society. He asks Kate for help and she agrees to help him. She instructs all the people with the notebooks to remove the entries where Bert received money. Now Bert doesn’t owe any money based on the notebooks. This is the problem with distributed databases - they are centralized. That means one single entity owns all the nodes/resources and can make changes as they deem fit. When the people from the society come to know of it, they remove Kate from the leadership. They decide to keep a notebook each. Every time a transaction is made between any two people , all the people from the town come together and mention it in their respective notebooks. So if there are n people in the society, then there are n notebooks and no one person controls the overall representation of the transactions. This is decentralization.They also decide to never remove or delete an already mentioned transaction from the notebook. This is immutability.Now when another group of people from the society, let’s call them C, try to change a record in their notebooks, all the other people also need to make the same change(as mentioned in the first point above, all the people write all the transactions in their notebooks). Before writing the transaction proposed by group C, all the other people notice that the transaction is not correct. So they come to realize that C is trying to make a fraudulent transaction. Hence they deny that transaction and not mention it in their notebooks. They also decide to banish the group C from further participating in the group. This is how Consensus is formed and voting is done to decide the validity of a transaction in Blockchain.A very enthusiastic kid suggested that the transactions form a chain, so they decided to call the collective set of fully replicated, decentralized, immutable notebooks as Blockchain. So, well. This is the easiest example I can think of to explain Blockchain. Blockchain is a decentralized, peer to peer, immutable storage network which is censor free and regulator free because of the absence of one single controlling entity. Every transaction that is written is voted upon by a majority of nodes and changing something which was written before in the chain is computationally very difficult. #Jayanthi

April 23 CA

● 23rd April – World Book & Copyright Day ● “Adi Shankaracharya: Hinduism’s Greatest Thinker” – Book released ● 4 Indians among TIME’s 100 Most Influential People ● CCEA Approves Restructured Centrally Sponsored Scheme for RGSA ● Cabinet Approves Ordinance for Death Penalty for Child Rapists ● Govt. launches Central Project Monitoring Unit for e-Vidhan project at Parliament ● Integration of e-SANAD portal and NAD (National Academic Depository) ● Birmingham Organising Committee of CWG Decides to Exclude Shooting from 2022 Games ● AFSPA Removed From Meghalaya ● Rafael Nadal Win 11th Monte Carlo Masters Title ● Nitish Kumar Launches 3 Books On Champaran Movement ● IOB Inks Information Utility Pact With NeSL ● Bengal’s Digambarpur, India’s Best Gram Panchayat ● India’s GDP To Reach $5 Trillion By 2025 ● Winners Of ‘1st Print Biennale India 2018’ Given Away Awards In New Delhi ● The world's oldest person, a 117-year-old Japanese woman named Nabi Tajima had passed away.  ● The 8th South Asian Judo Championship has begun in Lalitpur, Nepal. Besides host Nepal, Bangladesh, Bhutan, India, Pakistan and Sri Lanka participating in a three-day championship.#RAJKUMAR

April 22 CA

1. *48th International Earth Day* is being observed today *(22nd April)*. The *world's first ever Earth Day* was celebrated on*22nd April 1970* , in the *United States of America* to increase *public awareness about environmental problems.* *Theme:_* "End Plastic Pollution" 2. *Union Cabinet* has approved promulgation of *Criminal Law (Amendment) Ordinance* to provide *death penalty* for *rapists of girls below 12 years.* The ordinance amends *Indian Penal Code (IPC)*, *Criminal Procedure Code*, *Protection of Children from Sexual Offences (POCSO) Act* and *Indian Evidence Act.* 3. *India and Finland* have reached an agreement on the *tax dispute* with *Nokia*under *Mutual Agreement Procedure (MAP) system .* This involves payment of *Rs 1,600 crore*, a sum that was deposited with government by Nokia in March 2018. 4. *BCCI* has formed a *four-member internal complaints committee* for *prevention of sexual harassment against women* at the workplace. It include BCCI employee *Karina Kripalani*, former cricketer *Saba Karim, Rupawati Rao* and an external member in the form of *Veena Gowda.* 5. *16th Federation Cup Junior National athletics championship* has begun in *Coimbatore, Tamil Nadu.* Over 800 athletes from 32 states across the country will take part in this tournament. 6. *Barcelona* thrashed *Sevilla* 5-0 to lift their *4th straight and 30th overall Copa del Rey title* , an annual football cup competition for *Spanish football teams.*#RAJKUMAR

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