The Parliament passed the Finance Bill 2017, even as the Lok Sabha rejected the amendments to the Bill suggested by the Rajya Sabha.
Key amendments in the Finance Bill 2017:
> The Centre has included amendments to the Income Tax Act, which gives more power to the tax officials. The I-T department will not be required to disclose reasons for carrying out I-T raids or check.
> The Finance Bill also entails unlimited and anonymous corporate funding for political parties. Earlier, the upper limit for donations was capped, which has been removed now.
> Also, the donations will remain anonymous. Donations from foreign entities too will not be disclosed.
> The Bill has also amended the Representation of People’s Act, which governs election.
> Another amendment merges various tribunals (quasi-judicial bodies), which examine appeals of regulatory decisions. The government can now provide for qualification, appointments, removal, etc. for the tribunal members – this means the government will have arbitrary power over the tribunal.
> The Bill also makes Aadhaar mandatory for getting a PAN card and for filing income-tax returns.
> The Bill also reduced cash transaction limit to Rs 2 lakh from earlier Rs 3 lakh.
Union Finance Minister: Arun Jaitley
Lok sabha speaker: Sumitra Mahajan
Rajya sabha speaker: Hamid Ansari
India's fast-growing e-commerce industry Paytm is all set to become a member of the self-regulatory voluntary organization Advertising Standards Council of India (ASCI) from April, 2017.
This action is significant because, in recent years, advertising violations by e-commerce companies, which are big spenders on television, print and digital media, have been on the rise.
1) Paytm is the first e-commerce company to become ASCI member
2) Paytm is a 100% subsidiary of One97 Communications
3) Paytm has set up a new company named Paytm Financial Services
4) Founder and CEO of Paytm : Vijay Shekhar Sharma.
Jammu and Kashmir Governor N.N.Vohra inaugurated Mr. Babar Afzal’s “Pashmina Art Exhibition” and released his book “6 TIMES THINNER”.
This event was organized by the Jammu & Kashmir Academy of Art Culture and Languages (JKAACL) at the Abhinav Theatre.
Appreciating the innovative idea of using pashmina fabric as a medium to paint, weave and embroider, the Governor complimented Mr. Afzal for his ingenuity in meaningfully and aesthetically highlighting the pashmina goat and its rare soft wool which is used for producing valuable shawls and garments, prized the world over. He lauded the artist’s efforts to highlight in an altogether unique manner, the centuries old tradition of pashmina craft, which is a hallmark of Jammu &Kashmir.
Sima Kamil is appointed as the new president and chief executive officer (CEO) of the United Bank Limited (UBL), one of the Pakistan largest banks.
She is the first woman to head a major commercial bank in Pakistan.
She will take charge on June 1, 2017.
Kamil has a business degree from Kingston University in the UK and an MBA from the City University, London.
Kamil, who moved recently to UBL, had been leading Habib Bank Ltds (HBL) Branch Banking since 2011 and oversaw a large expansion of HBLs branch network.
She dealt with HBLs retail, consumer, small and medium enterprises, and rural banking initiatives, as well as the banks wealth management division as head of the HBL Asset Management Company Ltd.
UBL headquarter : Karachi, Pakistan
UBL Founded in : 1959
Amazon.com Inc. has agreed to buy Dubai-based online retailer Souq.com, betting that e-commerce in the Middle East is poised to take off.
Amazon founder and CEO : Jeff Bezos
Indian Army chief Gen Bipin Rawat was conferred the title of honorary general of the Nepal Army by Nepalese President Bidya Devi Bhandari.
Gen Rawat was honoured at a special ceremony at the president's official residence 'Sheetal Niwas' in Kathmandu.
She handed over a sword, an insignia and a certificate with regard to the honorary title to Gen Rawat.
The practice follows a six-decade-old tradition of decorating army chiefs of each other's country with the honorary title. Commander-in-Chief Gen Kodandera Madappa Cariappa was the first Indian Army chief to be decorated with the title in 1950.
The INLCU L51 was commissioned into the Indian Navy at Port Blair. The ship was commissioned by Vice Admiral Bimal Verma, AVSM, Commander-in-Chief, Andaman and Nicobar Command.
INLCU L51 has been built by Kolkata-based M/s Garden Reach Ship Builders & Engineers Ltd. (GRSE).
Amongst the eight ships of the LCU Mk IV Class, LCU 51 ranks first in them.
Cdr Vishwesh S Nadkarni is in charge of LCU 51.
Specifications of LCU 51:
Displacement (Weight): 900 tons
Length: 62.8 m
Breadth: 11 m
Engines: 02 MTU diesel engines of 1840 Kw rating which can sustain speeds up to 15 knots
LCU: Landing Craft Utility – Type of boats that are used for movement of troops, equipments and vehicles to and fro larger carriers and shore.
Mk IV: Pronounced as Mark 4 – It refers to the fourth version/model/variant of a product especially in context of defence equipments.
Knots: Unit of Speed.
The Airports Authority of India (AAI), Defense Research and Development Organization (DRDO) and Government of Jharkhand signed a tripartite MoU for development of Deoghar Airport in Deoghar district of the Jharkhand state.
The existing Deoghar Airport will be developed for operations of A-320 and C-130 aircraft.
The Government of Jharkhand has acquired 600.34 acres of land which will be handed over to AAI apart from the existing 53.41 acres Deoghar Airport land.
DRDO, Government of Jharkhand and AAI will provide INR 200 crore, INR 50 crore, respectively, to develop, operationalise and maintain the airport.
The time frame given to develop and operationalise the Deoghar Airport is two years.
Chief Minister of Jharkhand: Raghubar Das
Minister of State for Civil Aviation: Jayant Sinha
Chairman of AAI : Dr. Guru Prasad Mahapatra.
Director General of DRDO : Avinash Chander
A powerful cyclone came ashore on Australia’s northeastern coast, the most intense storm to strike the country in several years.
Cyclone Debbie made landfall on the Queensland coast south of the town of Bowen, which lies about 300 miles southeast of Cairns.
The storm hit land with winds in excess of 120 mph.
Cyclone Debbie made landfall in an area that's home to nearly 100,000 people, including the towns of Mackay and Bowen.
Australia:- Capital : Canberra
Currency : Australian dollar
Prime Minister : Malcolm Turnbull
The Pakistan Cricket Board (PCB) has suspended Mohammad Irfan for a year and also fined the tall fast bowler one million rupees ($9,500) for violating the sport's anti-corruption code during the Pakistan Super League T20.
The 34-year-old, Irfan failed twice to report approaches by bookmakers linked to spot-fixing.
Irfan made headlines for his extraordinary height -- seven feet and one inch or 216 centimetres -- when he made his international debut in 2010 and stands as the tallest-ever player to feature in world cricket.
PCB's anti-corruption unit chief: Mohammad Azam
Chinese mobile phone company Oppo sacks the Chinese employee who allegedly tore apart an Indian flag and threw it in a dustbin outside the office at its Noida factory.
About OPPO:- OPPO Electronics Corp. is a Chinese electronics manufacturer .
Headquarters: Dongguan, China
Founders: Chen Mingyong, Tony Chen
Amazon founder and CEO Jeff Bezos has become the world’s second-richest person, adding $1.5 billion to his net worth at $75.6 billion yesterday, according to Bloomberg’s Billionaire Index.
Bezos’ fortune spiked a day after Amazon announced plans to purchase Dubai-based e-commerce platform Souq.com.
According to Bloomberg, his net worth increased by $10.2 billion this year.
Aside from Amazon, Bezos also owns Washington state-based aerospace company Blue Origin, which plans to offer space tourism.
Microsoft co-founder Bill Gates remained the world’s richest person and topped Forbes’ annual list with an estimated net worth of $86 billion, up from $75 billion in 2016.
About Jeff Bezos:- • Born in Albuquerque, New Mexico, in 1964
• Studied at Princeton University and worked on Wall Street
• Launched Amazon as online book retailer in Seattle in 1994
• A lifelong Star Trek fan, he launched Blue Origin spaceflight and aerospace firm in 2000
• Bought The Washington Post newspaper in 2013
• Recently purchased Dubai-based e-commerce platform Souq.com.
Swiss skier Andri Ragettli lands the world’s first quad cork 1800 at the Suzuki Nine Royals in Italy. The 18-year-old managed to achieve the trick, which entailed doing five rotations while simultaneously dipping his head under his body four times, when flying 35m over the snow feature at Watles.
Chennai’s Srinath Narayanan is set to become India’s 46th Grandmaster after he defeated Spanish GM David Anton Guijarro at the ongoing Sharjah Masters 2017 chess tournament.
The 23-year-old, who had become India’s youngest FIDE-rated player in 2002 when he was just eight, also finished as joint winner in the Under-12 World Championship in 2005 in France.
Srinath became an International Master at the age of 14 and crossed the 2500 Elo rating a few months back.
India has become a net exporter of electricity during the April-February period this fiscal for the first time.
During the current year 2016-17, India has exported around 5,798 million units of electricity to Nepal, Bangladesh and Myanmar.
This is 4 percent higher than what India bought from Bhutan, which has been a steady supplier of hydro-electricity to the country since the eighties.
New transmission lines with Bangladesh and Myanmar helped India sell more.
Union Minister of Power (state independent charge): Piyush Goyal
Union Minister of Water Resources, River Development and Ganga Rejuvenation Uma Bharti suggested the formation of a joint group to identify areas of co-operation in water sector. This was stated after her talks with Bavaria’s Minister of Environment and Consumer Protection Ulrike Scharf.
Bavaria, a Free State in Germany, has a rich experience of successfully cleaning the River Danube in Germany and India may benefit from their experience.
The first-ever ‘Integrated Automatic Aviation Meteorological System (IAAMS)’ was inaugurated at INS Rajali by Admiral Sunil Lanba, Chief of the Naval Staff.
The IAAMS is an ambitious project of the Indian Navy to modernise the meteorological infrastructure of the nine Naval Air Stations (NAS). The project will give a major fillip to aviation safety, through automation of weather monitoring process.
INS Rajali at Arakkonam was identified for setting up this sophisticated system on a ‘Test Bed’ site, where the complete integrated system has been tested for its reliability, performance and functioning.
It is equipped with the state of the art Meteorological Sensors viz., Radar Vertical Wind Profiler, Transmissometer, Ceilometer and Automatic Weather Observation System.
Soccer megastar Lionel Messi (Argentina) has been suspended for four international matches by FIFA for insulting an assistant referee, effective immediately.
The FIFA Disciplinary Committee - in application of articles 77 a) and 108 of the FIFA Disciplinary Code (FDC) – has reached a decision in relation to the case of Lionel Messi following an incident that occurred during the match between Argentina and Chile as part of the qualifying competition for the 2018 FIFA World Cup Russia.
Lionel Messi has been found guilty of violating art. 57 of the FDC for having directed insulting words at an assistant referee.
As a result, Messi will be suspended for four official matches and sanctioned with a fine of $10,166.
About FIFA:- Full Form: Federation Internationale de Football Association
President: Gianni Infantino
Headquarters: Zurich, Switzerland
Founded: 21 May 1904
2018 FIFA World Cup Host country: Russia
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