GK Eduwrap – 12th May 2015

National:

1. The number of Asiatic lions in Gir sanctuary of Gujarat increased to 523, according to 2015 Lion census report released in the first week of May 2015.

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This 14th lion census registered 27% increase in the number of Asiatic lions compared to 2010 census which had registered 411 Asiatic lions. As per recent census, there are 201 female lions, 109 male lions and 213 sub-adults as well as cubs in Gir sanctuary.

268 lions were sighted in Junagadh district and 44 lions in the Gir-Somnath district while 174 lions were sighted in Amreli district and 37 lions in Bhavnagar districts.

Economics:

1. Indian Army on 8 May 2015 signed Memorandum of Understanding (MoU) with the Bank of India (BOI) on the Defence Salary Package.

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This MoU will benefit a large number of serving and retired Army personnel who own their accounts with BOI.

It will also provide them an opportunity to access modern banking facilities.

It includes the standard bundle of free/concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards etc.

Some additional features of this MoU are that the Personal Accident Insurance (PAI) cover is extended upto 10 lakh rupees from 5 lakh rupees.

It provides for Air insurance, Home Loan Insurance on Army Welfare housing Organization (AWHO) for deaths on account of war/external aggression/ terrorist attack for up to 50 lakh rupees.

It provides applicability of PAI and overdraft facility to pensioners and waiver of merchant service fee (MSF) for transaction on BOI POS Terminal installed at CSD Canteens for BOI Card holders.

It also has a provision for yearly review of specific features and requests.

2. The Maharashtra Industrial Development Corporation (MIDC) on 9 May 2015 signed a memorandum of understanding (MoU) with SIDBI Venture Capital Ltd to provide easy finance to micro, small and medium enterprises (MSMEs) for their growth.

3. Lok Sabha on 11 May 2015 passed Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 by a voice vote.

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Scope

1. Provisions will applicable to both undisclosed foreign income and assets including financial interest in any entity and the Act will be applicable to all persons resident in India.

Rate of tax

1. A flat rate of 30 percent tax will be applied to undisclosed foreign income or assets. In case of any carried forward losses, no exemption or deduction or set off will be allowed which may be admissible under the existing IT Act, 1961.

Penalties

1. Violation will entail stringent penalties. Following are penalties mentioned

2. For nondisclosure of foreign income or assets outside India, penalty will be equal to three times the amount of tax payable i.e. 90 percent of the undisclosed income in addition to tax payable at 30%.

3. In case of failure to furnish return in respect to foreign income or assets, there will be of 10 lakh rupees.

Prosecutions

1. For various types of violations, the bill proposes enhanced punishment. They are

2. For willful attempt to evade tax, the punishment will be rigorous imprisonment from 3years to 10 years and a fine.

3. In case of failure to furnish a return of foreign assets the punishment will be rigorous imprisonment of 6 months to 7 years with fine.

One-time compliance opportunity

1. It also adds provision of one-time compliance opportunity to persons for limited period who have undisclosed foreign assets that has not been disclosed for the purposes of Income-tax.

2. In this case, such persons will be permitted to file a declaration before a tax authority, and pay a penalty at the rate of 100%.

4. Union Communication and IT Minister Ravi Shankar Prasad launched a dedicated E-Commerce Centre of India Posts, a government-operated postal system which was launched in New Delhi to cater the e-commerce business enterprises.

Appointments:

1. Kundapur Vaman Kamath was on 11 May 2015 appointed as the first President of the New Development Bank (NDB) of BRICS nations.

2. K Satish Reddy, the Chairman of Dr Reddy’s Laboratories Ltd., was appointed as the Chairman of the National Safety Council (NSC).

3. President Pranab Mukherjee has appointed Justice Cyriac Joseph as acting Chairman of National Human Rights Commission (NHRC).

Death:

1. Veteran Hollywood actress Elizabeth Wilson passed away on 9th May 2015.

Sports:

1. Britain’s ace tennis player Andy Murray has won the 2015 Mutua Madrid Open Men’s Singles Title.

2. Petra Kvitova of Czech Republic has won the 2015 Mutua Madrid Open Women’s Singles Title.

3. Rohan Bopanna (India) and Florin Mergea (Romania) pair won the 2015 Mutua Madrid Open Men’s doubles Title.

4. Casey Dellacqua (Australia) and Yaroslava Shvedova (Russia) pair won the 2015 Mutua Madrid Open Women’s doubles Title.

Read More about Mutua Madrid Open
Mutua Madrid Open is a professional tennis tournament. It is played on outdoor clay courts at the Park Manzanares in Madrid, Spain.

Billionaire businessman and former Romanian ATP player, Ion Țiriac is the current owner of the tournament.

 

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