Current Affairs Current Affairs - 28 May 2018 - Vikalp Education

Online Vikalp, Current Affairs, Current Awareness, General Awareness, Aptitude Classes, Daily News, General Knowledge, General Awareness For All Competitive Exam, current affairs quiz,current affairs in india, current affairs about sports, current affairs and gk, current affairs about india, current affairs daily quiz, current affairs dairy, current affairs education, Top News, Breaking News, Latest News

Current Affairs - 28 May 2018

General Affairs 

On 4th Anniversary, PM Modi, Amit Shah Plan Extensive Outreach Program
  • With the BJP government completing four years in office, Prime Minister Narendra Modi will interact with beneficiaries of central schemes while BJP chief Amit Shah will lead a mass outreach programme on the government's achievements, the party said today.

    PM Modi will interact with the beneficiaries of the Pradhan Mantri Ujjawala Yojna and the Mudra Yojna through video conference tomorrow and the day after, a statement, issued by the BJP's media head Anil Baluni, said.

    As part of the 'Sampark for Samarthan' (contact for support) drive, right from Mr Shah downwards, every member of the BJP will contact at least 10 people, it said. 

    Mr Shah would contact at least 50 people, the statement said.

    On the occasion of his government's fourth anniversary, the prime minister had yesterday launched a survey on his app, asking people to rate the performance of the BJP-led dispensation at the Centre and MPs and MLAs in their constituencies.

    "It is your voice that counts! Tell me what you feel about the working of the central government, its initiatives and the development work in your constituency. Take part in this survey on the NaMo app," PM Modi had tweeted.

    This was being done to gauge the people's views about the government, respective states and constituencies, according to official sources.

    The survey assumes significance as the BJP prepares for the Lok Sabha polls, which are due in less than a year.

    The Narendra Modi App has been a connectivity platform of choice for the prime minister who has often interacted with the people as well as his party's functionaries through it, the sources said.

Earthquake Rumour Triggers Stampede At Bihar Railway Station, 58 Injured
  • At least 58 students were injured in a stampede triggered by rumour of an earthquake at Bihar Sharif Railway station in Nalanda district, police said today.

    Hundreds of students from Supaul, Madhubani, Madhepura and Saharsa districts had reached Bihar Sharif Railway Station by Danapur-Rajgir passenger train around midnight last night to appear for an ITI examination, rail police station in-charge Om Prakash Paswan said.

    The students slept on the railway platform as it was quite late, he said.

    Around 2 am, the sound of asbestos sheets falling led many of them to believe that it was a tremor, the officer said.

    A stampede followed in which 58 of the students sleeping on the platform got injured, he added.

    All the injured, who were admitted to Bihar Sharif Sadar hospital, have been released today after being administered first aid, Mr Paswan said.

Sugarcane Farmer Dies While Protesting In Baghpat, Congress Slams PM Modi
  • A sugarcane farmer in Baghpat,  western Uttar Pradesh -- where Prime Minister Narendra Modi held a rally today -- collapsed and died while taking part in a dharna over non-payment of dues by sugar mills and an increase in power tariffs in UP's rural areas. The death, ahead of the by-polls for the Kairana Lok Sabha seat, made cane dues a hot button issue, with the Congress using it to launch a scathing attack on Prime Minister Narendra Modi and the BJP.  

    The farmer, 58-year-old Udayveer Singh, and many others, have been sitting on a week-long dharna at the local administrative office. Government officials said he may have died of a cardiac arrest.

    The death outraged the fellow protesters, who didn't let the authorities to move the body.

    The state's BJP government led by Yogi Adityanath says it is committed to paying sugarcane dues within two weeks of purchase by the state's sugar mills. Farmers allege this has not been the case. Last week, many sugar mills of the state put up closure notices outside their main gates. The mill association said they could not afford to take any more sugarcane from farmers, as the bumper sugarcane crop was steadily depleting their profit margins.

    The state government said no mill will close unless farmers sold all their sugarcane. Uttar Pradesh is one of the largest cane producers in the country.

    The issue of cane dues is a central one in the campaign for the by-elections for the Kairana Lok Sabha constituency.

    Today, addressing a function in neighbouring Baghpat to mark the opening of the Eastern Peripheral Expressway, Prime Minister Narendra Modi said 5 crore sugarcane farmers have benefitted from the government's initiatives.

    "Sugarcane farmers will get benefit of Rs. 5.50 on per quintal of sugarcane... Farmers' money will never get stuck with mill owners. I assure sugarcane farmers, the government is committed to their welfare," PM Modi said.

    There was no reference to the death of the farmer, Udayveer Singh, prompting Congress chief Rahul Gandhi to tweet:  "Sugarcane farmers of UP must be wondering when the PM comes to take credit for UPA schemes, tearing through their farms, why doesn't he think of them. Unfortunately, farmers like Udayveer, who gave their life fighting for their right, can't even do that."

    Congress leader Randeep Singh Surjewala also attacked the Modi government. He said, "Udayveer lost his life during protest of sugarcane farmers. Modi-Adityanath, who came to power on promise of clearing dues of farmers in 14 days, have forgotten that dues of Rs. 12,224 crore are pending and electricity bill has been raised by Rs. 1,600 per month."

    The Rashtriya Lok Dal -- whose candidate is looking to wrest the seat from the BJP -- has called the Yogi Adityanath government anti-farmer. Tabassum Hassan has the backing of the Congress, Akhilesh Yadav's Samajwadi Party, and unofficially, Mayawati. The election, where she has been pitched against BJP's Mriganka Singh, is seen as a test of opposition unity  ahead of the 2019 Lok Sabha elections.

If BJP-Shiv Sena Ties Break, Congress May Get Power: Minister
  • A senior BJP leader today warned the Congress could come to power in Maharashtra if the BJP and the Shiv Sena fail to form an alliance in the next assembly elections.

    "The BJP is compelled to have an alliance with the Shiv Sena. If the alliance is broken, then the Congress could come to power (after the next assembly elections)," state PWD minister and senior BJP leader Chandrakant Patil told reporters in Kolhapur district.

    He said in the case of Palghar Lok Sabha bypoll scheduled tomorrow, Shiv Sena chief Uddhav Thackeray did "wrong politics", and blamed him for the "bitter" relations between the two parties.

    "In the last four years, the BJP and the Shiv Sena hardly contested any major election together," Mr Patil noted.

    The bypoll in Palghar Lok Sabha constituency was necessitated following the death of sitting BJP lawmaker Chintaman Wanaga in January this year.

    Much to the BJP's dislike, the Shiv Sena fielded the late parliamentarian's son, Shriniwas Wanaga, for the bypoll.

    "The BJP had decided to nominate someone from late lawmaker Chintaman Wanaga's family for the Lok Sabha bypoll. But without finding out the BJP's plans, Uddhav Thackeray picked him (Shriniwas Wanaga) up and announced his candidature as the Shiv Sena candidate. This style (of functioning) has led to a controversy," Mr Patil claimed.

    Meanwhile, reacting to the crashing sugar prices, Mr Patil, who is also the state revenue minister, said a meeting to discuss the issue is proposed to be held in Mumbai tomorrow.

    "Union minister Nitin Gadkari, state finance minister Sudhir Mungantiwar and I am going to attend it. We will try to find out some solution to the issues, including import-export of sugar and FRP (fair and remunerative price) to farmers," he said.

    Various political parties have accused the BJP government of importing sugar from Pakistan at a time when the prices of the commodity in domestic market are already under pressure due to bumper production of sugarcane in the country.

    Parties like the NCP, the Congress, and the Maharashtra Navnirman Sena (MNS) had earlier held protests in the state against the import.

In "Mann Ki Baat", PM Modi Talks Of Climate Change, Urges People To Shun Plastic
  • Prime Minister Narendra Modi today urged the people to shun low-grade plastic and polythene, saying it was creating a negative impact on the environment, wildlife and the health of the people.

    He asked the people to observe the World Environment Day on June 5 with vigour, and that it was time to concentrate on tree plantation.

    Planting saplings is not enough, people should ensure that they care for a plant till it becomes a tree, PM Modi said.

    "Protecting environment and being sensitive towards nature should come naturally. The recent dust storms accompanied by rains was unseasonal. The climate pattern led to the loss of life and property. It is a result of change in weather pattern," he said in his monthly "Mann ki baat" radio address.

    "Whenever we face a torrid summer, or floods, incessant rains or unbearable cold, everybody becomes an expert, analysing global warming and climate change. But does empty talk bring about any solutions? Being sensitive towards nature, protecting nature, should come naturally to us; these virtues should be embedded in our 'sanskar' (culture)," the prime minister said.

    He said India was proud to host the World Environment Day this year, which is a major achievement for the country. It, he said, was an acknowledgment of India's efforts to lead the world in reducing the effects of climate change.


    "The theme this year is 'beat plastic pollution'. I appeal to you not to use low grade plastic and polythene and understand the importance of the theme. It (use of plastic) leaves a negative impact on our nature, the wildlife and our health," PM Modi said.

    He said when the country speaks of climate justice or plays a major role in the Cop21 and Paris agreements or when it unites the whole world through the medium of International Solar Alliance, they all are rooted in fulfilling the dream of Mahatma Gandhi.

    "On this environment day, let all of us give it a good thought as to what can we do to make our planet cleaner and greener. What innovative things can we do," he said.

    PM Modi also referred to the International Yoga Day on June 21.

    Quoting an ancient text, he said practicing yogic exercises on a regular basis leads to imbibing beneficial attributes which stand by our side like relatives and friends.

    The practice of yoga leads to building up of courage, which always protects us like a father. The practice of yoga leads to germination of a sense of forgiveness in the same manner as a mother has for her children and mental peace becomes our permanent friend, PM Modi said.

    The prime minister appealed to the people to adopt the legacy of yoga and create a healthy, happy and harmonious nation.

Business Affairs

With Rs. 50,000 Crore As Arrears, Income Tax Department Writes Off Massive Corporate Dues
  • Apparently failing to recover massive tax dues from various corporate tax-payers in the country, the Income Tax Department (ITD) has now started "writing off" thousands of crores of tax arrears by such defaulters, according to RTI replies. This, despite the fact that the ITD is sitting on a pile of Rs. 50,000 crore of tax arrears all over India, according to available figures, with the highest -- Rs. 33,157.97 crore -- due in Pune, Maharashtra, alone. The revelation has come from several replies given by I-T offices under various principal chief commissionerates of Income Tax (PR-CCIT) to RTI activist Chandra Shekhar Gaur, based in Neemuch, Madhya Pradesh.

    When contacted, a top official of the Central Board of Direct Taxes (CBDT), New Delhi, admitted that there were certain provisions by which tax dues may be written off in certain cases.

    "However, the tax-payers' liability does not get extinguished even if it is written off for the time being. When we learn that the party's financial situation has changed, we immediately initiate recovery proceedings as per law," the CBDT official, who requested anonymity, told IANS.


    The official said the procedure (to write-off) was very long-winded, time-consuming and goes through various levels, depending on the amount and required clearances from different authorities.

    At least two PR-CCITs -- Hyderabad and Pune -- having huge tax arrears, have admitted to 'write-offs' of unpaid taxes, Gaur told IANS.

    Pune's Deputy Commissioner of IT (Hq-Admin) and the Central PIO, Harshit Bari said that the PR-CCIT here had notched up Rs. 33,157.97 crores as arrears pertaining to Direct Taxes.

    Against this, it had also written off a wee amount of Rs. 12.57 lakhs, but the period for the waiver or the names of the beneficiaries are not specified. Hyderabad's Income Tax Officer (Hq-Tech) and the Central PIO, K. Srinivas Rao has replied that the PR-CCIT (Andhra Pradesh, Telangana and Hyderabad) had piled up consolidated arrears of Rs. 1644.78 crore as of 2017-2018, which it had "completely written off".

    Additionally, it had written off an amount of Rs. 1,357.42 crore for the previous fiscal 2016-2017 - thus, totaling to Rs. 3,002.20 crore for only two years.

    Experts say that PR-CCIT Hyderabad replies indicate it is barely making efforts to recover its massive dues/arrears and has apparently written off the entire amount to be recovered from the tax-payers in the past two years alone. In Chandigarh, the Jt. CIT (OSD) has admitted arrears of Rs. 70.93 crore and Ward 4(2) has shows recoverables of Rs. 10.31 crores. But a single Ward No. 3(4) of ITO, Amritsar has notched up Rs. 2,369.81 crores as arrears.

    The DCIT Circle-7, Ludhiana has unrecovered arrears of Rs. 69.57 crore while ITO Ward 2(1) shows dues of Rs. 5.60 crore. DCIT Circle (2) Bathinda has dues of Rs. 58.34 crore.

    The PR-CCIT Rajasthan has piled up Rs. 6,419.57 crores. Additionally, it said it had to recover penalties of Rs. 1,202 crore and Interest of Rs. 1,618 crore.

    The PR-CCIT, Tamil Nadu & Puducherry, has arrears of Rs. 3,553.09 crores due from defaulters. It has also gone a step further to provide a published list of 24 top defaulters from that region.

    In Chhattisgarh, the DCIT (Central-1) has arrears of Rs.133.81 crore while the ACIT (Central-2) has an unrecovered pile of Rs. 3,298 crore.

    Gujarat's Gandhidham ITO Ward-1 has dues of Rs. 261.23 crore and ITO Ward 1(3)(2) has Rs. 17.19 crore dues. ACIT has Rs. 217.90 crore due from defaulters.

    In Surat, Addl.CIT Range 2(1) has dues of Rs. 140.56 crore and Valsad Ward 3 has Rs. 7.13 crore as recoverables.

    Mumbai's ITO 20(3)(2) at Parel has revealed a small figure of Rs. 1.01 crore and ITO 20(3)(5) Rs. 1.03 crore as recoverable. DCIT Central Circle 2(2) has admitted to Rs. 716.62 crore arrears while ITO Ward 11(3)(3) has Rs. 12.40 crore dues.

    In Madhya Pradesh's Bhopal ITO 5(2) has arrears of Rs. 20.50 crore and the Jabalpur IT0 Ward 2(3) has dues of Rs. 14.62 crore.

    "These figures are a matter of concern. The IT department has notched up over Rs. 50,000 crore as arrears but failed to recover most of it. Pune and Hyderabad IT have even gone ahead to 'write off' an amount of Rs. 3012.13 crore between them," the expert pointed out.

    He said like the current trend among banks, even the ITD seems to be in a "forgiving mood" for defaulters who don't cough out taxes, while the honest small tax-payers and the service classes with tax deduction at source (TDS) continue to pay up without fail, or face the music.

    Mumbai's tax-consultant and Chartered Accountant Poneet Gupta said that arrears may be written off when the assessee is untraceable or bankrupt, but there is no procedure under the IT Act to "write off" arrears.

    "Under the General Financial Rules, 1963, powers to sanction write-off of the revenue have been delegated by the centre to the IT authorities based on the amount (of write-off) and seniority of the officer," Gupta told IANS.

    Meanwhile, an email with specific queries on the issue and reminders to CBDT on May 16 by IANS remains unanswered.

    Experts describe direct taxes as the veritable "bread-butter of the economy". Last year (2017-2018), the total collection stood at around Rs. 10 lakh crore.

Market Outlook: Oil Prices, Rupee, Macro Data, FPIs To Decide Nifty's Direction
  • Fluctuations in the global crude oil prices, along with the rupee's movement against the US dollar and the upcoming macro-economic data points are expected to chart the course of the key Indian equity indices during the coming week. According to market observers, other factors such as the ongoing quarterly results season and the direction of foreign fund flows will also impact investor sentiments.

    Sensex, Nifty Outlook This Week: Ten Things To Know

    High crude oil prices of late and geopolitical developments have pushed the domestic fuel prices higher and made the Indian rupee weaker.

    A fall in the rupee's value was reversed late last week as it strengthened by 23 paise to close at 67.78 against the US dollar. The fuel prices are expected to fall after the Brent crude cost eased to around $76 from $78 per barrel last Friday.

    Additionally, the direction of foreign fund flows will play a key role to determine the market movement. Last week's provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs. 3,227.06 crore.

    Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs. 2,988.86 crore, or $438.81 million, in the week ended May 25.

    "Any negative emerging markets' sentiment will adversely influence the Indian markets too. The domestic institutional investors have become the new anchors of the Indian markets given its matching net purchases to the net FPI sales," Nevgi said.

    Besides, crucial data points on the country's 'Fiscal Deficit', 'Index of Eight Core Industries' and the Q1 GDP growth rate will be keenly watched by the market participants.

    "Decelerating macro trends like increase in bond yield, rising inflation, INR depreciation and gap in current account deficit might impact market performance over the medium term," said Vinod Nair, Head of Research at Geojit Financial Services. "This will lower the premium valuation of India..."
    Apart from the macro-data points, companies like L&T, NHPC, NMDC, NTPC, BHEL, BPCL, Coal India, Indian Overseas Bank and Mahindra & Mahindra are expected to announce their fourth quarter (Q4) earning results in the coming week. "Given the weakening macro scenario and likely inflationary pressure in coming months due to crude oil prices, direction of market is completely dependent upon the earnings trajectory of companies," said SMC Investments and Advisors' chairman and managing director DK Aggarwal. "Going forward, unfavourable developments on the macroeconomic front may dent the confidence of the market participants."
    On technical-charts, any further upsides in NSE Nifty 50 which has rallied for two consecutive sessions till last Friday are seen after the immediate resistance level of 10,628 points is crossed. "Technically, with the Nifty rallying for the second consecutive session on Friday, traders will need to watch if the recent gains can sustain early next week," said Deepak Jasani, head of retail research for HDFC Securities. "Further upsides are likely once the immediate resistance of 10,628 points is taken out. Crucial supports to watch for resumption of weakness is at 10,417 points."

    Last week, both the key Indian equity indices -- S&P BSE Sensex and NSE Nifty 50 -- made marginal gains on the back of attractive valuations, as well as a fall in global crude oil prices and appreciation in the Indian rupee.

SBI Credit Cards: Documents Needed, KYC Forms, Other Formalities
  • If you are applying for an SBI (State Bank of India) credit card, you should know about the documents that you need to submit to be able to procure it. As per the Reserve Bank of India (RBI) mandate, it is required for all credit card customers to comply with 'Know Your Customers (KYC)' norms and provide requisite information and documentation periodically. For this, you need to submit the following documents to complete the same:

    SBI Credit Cards: Documents You Need To Submit

    Copy of self-attested UID/Aadhaar card

    Copy of self-attested current residence address proof

    Duly signed KYC declaration form

    Copy of self-attested PAN card or form 60

    One recent self-attested passport size photograph

    For residence proof, one can submit any of the acceptable officially valid documents (OVD) to comply with KYC norms. These documents include passport, voter's ID card, driving licence, job card issued by NREGA duly signed by an officer of the state government, letter issued by the national population register (NPR) containing details of name and address. 

    Tips for secure credit card usage:

    SBI credit cards give you a lot of power and if you follow some crucial mantras about their usage, you can harness them well. You should ensure the safety of your credit card, PIN number, card expiry date, CVV (security code) by all means. Also, please do not share your credit card's One Time Password (OTP) with anyone. Always get your current contact number updated to ensure receipt of transaction alerts. Whenever you travel abroad, you should stay informed about the benefits you can avail in case of card loss or theft, such card insurance plans and emergency card replacement services.

    Be vigilant and check your credit card statements/transaction alert SMS carefully for any suspicious transaction(s). If you ever notice any unsolicited transaction, immediately report the same.

Jet Airways, AirAsia, GoAir Offer Discount On Flight Tickets. Here's How You Can Avail Them
  • Amid high competition, airlines are offering discount on domestic and international flight tickets. These offers can be availed from airline's respective website/app. Jet Airways is offering 10 per cent discount in premiere and economy classes of domestic flight tickets. While AirAsia is offering domestic and international flight tickets at a starting all-inclusive price of Rs. 999. AirAsia's offer is valid only till today so customers must hurry up and book tickets. GoAir is also offering discount on domestic flight tickets this weekend. AirAsia's offer is valid only till today so customers must hurry up and book tickets.

    Jet Airways discount offer

    Jet Airways is offering 10 per cent discount in premiere and economy classes of domestic flight tickets, said the airline on its official website - jetairways.com. In order to avail Jet Airways' discount offer, customers need to book flight tickets before September 30, 2018. The travel period on the discount offer also ends on September 30, 2018. However, the offer is available only on airline's website and mobile app only, further said the country's second-largest private air carrier.  

    AirAsia's discount offer

    AirAsia India is also offering domestic flight tickets at a starting price of Rs. 999. Under its offer, AirAsia India is offering flights from a host of cities such as Bhubaneswar, Bengaluru, Kolkata, Ranchi, Kochi and Guwahati. Customers need to book their tickets till May 27 in order to avail AirAsia India's discount. The travel period of the offer starts on November 1, 2018 and ends on August 13, 2019.

    Under another offer, AirAsia is offering overseas flight tickets at a starting all-inclusive price of Rs. 999 on select routes under a new promotional sale. AirAsia's 'Big Sale' offer is valid on travel from November 1, 2018 till August 13, 2019 and bookings are open till May 27, 2018, according to the airline's website (airasia.com). Under this 'Big Sale scheme, AirAsia is offering discounted tickets on flights flying to Asia, Australia and New Zealand, as mentioned on the official website of AirAsia- airasia.com.

    GoAir's discount offer

    GoAir is also offering on domestic flight tickets. Customers can book tickets on GoAir mobile app on weekends and get Rs. 250 off on one-way and Rs. 500 off on return journey. One needs to book their tickets till May 27 to avail the discount offer. The travel period under this offer is valid till September 30, 2018.

Sharp Hike In Golden Visa Investment Limits Expected, Says Expert
  • With the latest deadline for the extension of the US EB5 visa, popularly known as the "Golden Visa", that allows foreign nationals to apply for a green card by investing in the US, set to expire on September 30, investment limits under the scheme are expected to be hiked sharply, according to an expert. The Office of Management and Budget earlier this month released its Spring 2018 Unified Agenda, meant to inform the public of regulations under consideration that the US administration plans to enact, which seeks, among other things, to sharply hike the EB5 investment limit from the current $500,000 and $1 million.

    "The Office of Management and Budget has announced that in August of this year, the final action will be taken for the new regulations for the EB5," Rogelio Caceres, Chief Commercial Officer of LCR Capital Partners, a firm that helps EB5 applicants with investments, told IANS here.

    Stating that the administration of former US President Barack Obama proposed the changes in these regulations right before he left office in January 2017, Caceres said: "The $500,000 limit will go up to $1.35 million and the $1 million limit will be increased to $1.8 million."

    Introduced in 1990, the EB5 visa programme as of now allows an individual to invest $500,000 in either of two Targeted Employment Areas (TEAs) -- a high unemployment area in a US metropolis or a rural area outside of a metro -- or $1 million in a non-TEA area that can create 10 or more jobs, and get US citizenship in a shorter time than H1-B visa holders.


    With President Trump calling for stricter norms for issuance of H1-B visas, largely availed of by Indian IT firms, the EB5 visa has been in demand for the shorter route to citizenship it offers.

    A private member's bill was also introduced last year in the US Congress by Democrat Zoe Lofgren, which seeks to increase the minimum salary of an H1-B visa holder to a whopping $130,000 from the current minimum of $60,000.

    Also, in March this year, the US administration announced the suspension of premium processing of all H-1B visa petitions for fiscal year 2019 which starts from October 1, 2018.

    Stating that President Trump is "anti-H1-B", Caceres said the US Citizenship and Immigration Services (USCIS) is now reviewing all H1-B petitions with a lot more scrutiny.

    At the same time, the EB5 visa programme has also come under controversy with critics saying that it puts up US citizenship for sale. Authorisation for the EB5 programme has been carried on a temporary basis on Congressional spending bills since September 2015.

    5 Indians are third after the Chinese and the Vietnamese in terms of EB5 applicants.

    However, the approval rate for Indian applicants is 64 per cent as against the global rate of 92.4 per cent.

    Caceres said that one of the reasons for this is many people from Gujarat try to invest directly rather than going through a regional centre which facilitates and monitors the investments and creation of jobs.

    "Source of funds is the reason (for lower approval rate for Indians). What is needed is white money," he said.

    Caceres also advised Indians planning to apply for the EB5 visa to apply before August this year to avoid coming under the purview of the hiked investment limits.

    In the face of the likely hike in the investment limits under the EB5 visa, which is a conditional green card programme, Ajay Sharma, President of the New Delhi-based Abhinav Outsourcing, said that applicants can actually migrate under unconditional investor entrepreneur programmes for lesser amounts to other countries.

    "On a global scale, one may find a pool of opportunities to migrate through investment, which will be much more attractive than the EB-5 because of cost, processing time and the associated risk," Sharma said.

    Giving Canada as an example, he said that investors who would qualify for Canada's investor immigration programmes would generally obtain an unconditional Canadian residential status for themselves and their dependents.

    "As well, investors make the investment only after the Quebec government clears the application," he said.

    "In case of EB-5 green card program, one must make the entire investment and expense at the time of filing the application."

    Sharma also floated Bulgaria as an option saying its is an ideal gateway into the European economy.

    "Bulgaria's Citizenship by Investment Programme helps you attain the residency within six to nine months' timeframe with an easy option for citizenship within 18 to 24 months," he said.

    "The best thing for an immigrant is that he or she does not even have to worry about relinquishing their nationality. As a Bulgarian citizen, you have every right to live, work and study in any of the 27 European Union (EU) countries, including Switzerland and Norway, due to the bilateral agreements with the EU."

    Sharma said that Britain also offers two Tier-1 visas - entrepreneur visa and investor visa - which are very up-to-date and easy to understand, with less involvement of investment risks.

    "Tier-1 entrepreneur programme entails an investment of only 200,000 pounds which is calculatedly 40 per cent less than the requirement for the EB-5," he said.

    Stating that the job creation requirement involves the applicant to virtually invest in any business is limited to two employees, he said: "An investor can obtain a UK visa under either of its Tier-1 entrepreneur programmes within eight to 16 weeks, eventually leading to permanent residency status after five years, whereas the EB-5 requires several years to complete."

    General Awareness

    Inter-State Council (ISC)
    • Context: Inter-State Council Standing Committee under the chairmanship of Union Home Minister Shri Rajnath Singh completes its deliberations on Punchhi Commission report.

      Background:

      The recommendations in Volume VI of the Punchhi Commission report are related to Environment, Natural Resources and Infrastructure. The recommendations in Volume VII are related to Socio-economic Development, Public Policy and Good Governance.

      Punchhi Commission:

      Punchhi Commission notified in 2005 submitted its report in 2010. The recommendations of the Punchhi Commission, which are contained in seven Volumes pertain to History of Centre-State Relations in India; Constitutional Governance and Management of Centre-State Relations; Centre-State Financial Relations and Planning; Local Self-Governments and Decentralized Governance; Internal Security, Criminal Justice and Centre-State Co­operation; Environment, Natural Resources & Infrastructure; and Socio-Economic Development, Public Policy and Good Governance.

      About the inter-state council:

      What is it?

      The Council is a recommendatory body to investigate and discuss subjects, in which some or all of the states or the union government have a common interest.

      Key facts:

      Article 263 of the Constitution of India provides for the establishment of an Inter-State Council.
      It considers recommendations for the better coordination of policy and action, and also matters of general interest to the states.
      The inter-state council is not a permanent constitutional body for coordination between the states and union government. It can be established ‘at any time’ if it appears to the President that the public interests would be served by the establishment of such a council.

      The Council shall consist of:

      Prime minister who is the chairman.
      Chief ministers of all states who are members.
      Chief ministers of union territories and administrators of UTs as members.
      Six union ministers of cabinet rank in the union council of ministers nominated by the prime minister are also members.

      What’s important?

      For Prelims: Inter- state council- composition, functions and constitutional provisions.
      For Mains: Punchhi commission report- highlights.

    No comments:

    Featured post

    Current Affairs - 16 December 2018

    General Affairs   Cyclone Phethai Gathers Over Bay Of Bengal, May Hit Andhra On Monday ...

    Copyright © 2016. Vikalp Education
    loading...