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- · The Election Commission of India (ECI) has added the world No 3 badminton ace Saina Nehwal and internationally acclaimed Manipuri boxing champion M.C. Mary Kom as its new national icons. Till now ECI had the former President Dr APJ Abdul Kalam and Indian team captain M S Dhoni. For the first time ECI appointed two women as its National Icons. The reason behind this is to reduce the lower participation by women and to make a good impact on them.
- · The Competent Authority has approved the appointment of Shri S. A. Ibrahim, IPS (MP:77), as Director, Intelligence Bureau for a period of two years as Shri Nehchal Sandhu is retiring on 31.12.2012.
- · Former PM Inder Kumar Gujral (92yrs), who headed the second United Front government for a year, died after a brief illness. He managed two legacies: [1.] As prime minister, Gujral resisted signing the Comprehensive Test Ban Treaty, which helped in the next government conducting the Pokhran nuclear tests without a hitch; [2.] His second contribution was the Gujral doctrine to foreign policy. The Gujral doctrine was a five-point roadmap which sought to build trust between India and neighbours, of solution to bilateral issues through bilateral talks and to remove immediate quid pro quos in diplomatic relationship between India and her neighbours. The doctrine had its critics, who felt that India would be surrendering intelligence assets in neighbouring countries without any surety that neighbours would keep their side of the bargain of not harbouring any anti-India activity.
- · Tax-exempted income of the 10 main political parties in the last five years touched a whopping Rs 2,490 crorewith Congress and BJP accounting for around 80 per cent of the exempted amount. And the income could be more than Rs 2,490 crore since the political parties’ income figures between 2007-08 and 2011-12 received from the Income Tax department through an RTI plea does not incorporate the large number of small donations or income below Rs 20,000. The Congress had a tax-exempted income to the tune of Rs 1385.36 crore, more than double of the BJP, which recorded an amount of Rs.682 crore. The information came through a petition filed by Hisar- based RTI activist Ramesh Verma before the IT department. Political parties are exempted from tax on their income through section 13 A of IT Act 1961.
- · Minister of Finance has informed that the GAAR (General Anti-Avoidance Rule) provisions have not been put on hold. The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards. However, one of the recommendations of the Parthasarathi Shome Committeeis that GAAR should be deferred for 3 years on administrative grounds. GAAR is an extremely advanced instrument of tax administration – one of deterrence, rather than for revenue generation – for which intensive training of tax officers, who would specialize in the finer aspects of international taxation, is needed.
- · Minister of State for Finance has informed that the Government is considering to develop a Producer Price Index(PPI) which will reflect price movement at the producer’s level as proposed by Governor, RBI. The Office of the Economic Adviser has already constituted a Working Group under the Chairmanship of Dr. Saumitra Chaudhury, Member of Planning Commission, in March 2012 to consider issues relating to the compilation of PPI together with the revision of base of the current series of Wholesale Price Index.
- · Minister of State for Finance has informed that to improve the health of financial sector, to reduce the NPAs, to improve asset quality of banks and to prevent slippages, Reserve Bank of India (RBI) has issued instructions that each bank is required to have a loan recovery policy. Reserve Bank of India also monitors the NPA levels in banks. This aspect is reviewed during Annual Financial Inspections of banks.
- · The Minister of State for Youth Affairs & Sports has said that his Ministry is implementing the following schemes for Development of Youth in the country: [1.] National Programme for Youth and Adolescent Development (NPYAD): Under the Scheme financial assistance is provided to various Government/Non-Government Organization for youth development activities i.e. (i) Promotion of National Integration (ii) Promotion of Adventure (iii) Youth Leadership and Personality Development Training (iv) Development and Empowerment of Adolescent and (v) Technical and Resource Development; [2.] National Service Scheme: NSS has the objective of Personality Development of the Student Youth through Community Service. This scheme is meant for student youth and is being run in colleges and in schools at +2 level across the country; [3.] Nehru Yuva Kendra Sangathan (NYKS): NYKS undertake multifarious activities through a network of Youth Clubs/Mahila Mandals and Volunteers at the grass root level to harness youth power. These includes youth club exchange programme, sports tournaments, skill development and skill upgradationprogrammes, folk & cultural festivals etc. The Scheme of National Youth Corps, for 20,000 youths throughout the country, to assume leadership at grass root level, is also implemented in majority of the States through NYKS. The NYKS also undertakes convergence initiatives/programmes wherein programmes and Schemes of other Central Ministries, UN agencies and other funding organizations are implemented to provide opportunities to youth to ensure their greater role in the process of nation building; [4.] Youth Hostel: The aim of the Scheme is to encourage youth travel to know more about the diversity of India’s culture and people. To promote youth travel within the country with low cost, budget accommodation and facilities to traveling students and youth groups on excursions or study tours, Youth Hostels are built in collaboration with the State Government. A total of 69 Youth Hostels are presently being run by the Ministry.
- · Minister of Corporate Affairs has informed that the Clause of the Companies Bill, 2011 (introduced in the Lok Sabha on 14/12/2011 and is under consideration), inter alia, provides for the specified companies to spend at least 2% of the average net profits (of last 3 years) in pursuance of the company’s Corporate Social Responsibility (CSR) policy and in case of failure, to specify the reasons for not spending such amount in the Board’s Report. However, in case the disclosure about such reasons is not made, the companies shall be liable for action under the provisions of the Companies Bill, 2011. CSR policy to be undertaken by the companies as specified in schedule VII of the Companies Bill, 2011. Further,
