- On September 17, 2019, The 16th Session of the Joint Economic Commission (JEC) 2019 between India & Belgium -Luxembourg Economic Union (BLEU) was held in New Delhi with the aim to improve bilateral economic and trade relations between the two countries
- The National Association of Software and Services Company’s (NASSCOM) Data Security Council of India (DSCI), Ministry of Electronics & Information Technology (MeitY) and Google India had collaborated together to launch a nationwide awareness campaign ‘Digital Payment Abhiyan‘. The campaign was launched by the Communications and Electronics & Information Technology (IT) Minister Mr Ravi Shankar Prasad on September 19, 2019 at the Google for India event in New Delhi.
- Google partnered with National Skills Development Corporation (NSDC) and Skill India to introduce the job-centric Spot codes to offline locations and NSDC centres.
- V stands for Vandana in Pradhan Mantri Matru Vandana Yojana (PMMVY).It was in news because PMMVY achieved a mark of reaching 1 crore (1, 00, 11,200) beneficiaries in India. The total amount disbursed under the scheme crossed Rs. 4,000 crores.
- On September 19, 2019 the Union Ministry of Human Resource & Development (MHRD) has announced a new scheme named National Educational Alliance for Technology (NEAT) for better learning outcomes in higher education and is expected to be operational in early November 2019. The main objective of this scheme is to use Artificial Intelligence (AI) in making personalized learning and will be developed through Public-private partnership (PPP) model. AICTE (All India Council for Technical Education) will be the implementing agency of this scheme.
- As per the WHO/UNICEF (World Health Organization/United Nations International Children’s Emergency Fund) Joint Monitoring Program (JMP) for Water Supply, Sanitation and Hygiene, report 2019, “Progress on drinking water, sanitation and hygiene: 2000-2017: Special focus on inequalities”, the open defecation practices in India between 2000 and 2017 has decreased by 47 % & 43 % of Indian people have gained access to basic sanitation facilities.
- On September 18, 2019 the Indian army conducted massive integrated exercise named ‘Chang Thang’ in the Eastern Ladakh region bordering China in a very high altitude area in order to test and improve its capabilities in war fighting. The exercise involved all the arms of the Indian army like T-72 tanks, artillery guns and helicopters, Unmanned Aerial Vehicles etc. The exercise was monitored by Lieutenant General Ranbir Singh, General Officer Commanding-in-Chief, Northern Command.
- On September 19, 2019 the Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) scheme which is the world’s largest healthcare scheme signed a Memorandum of Understanding (MoU) with mobility platform Ola whereby the scheme would provide health insurance to 2 million driver partners of Ola. The MoU was signed between Vijay Ghadge, Vice President(Operations) of Ola and Dr. Praveen Gedam, Deputy Chief Executive Officer (CEO) of AB-PMJAY and National Health Authority(NHA) in presence of Dr. Indu Bhushan, CEO, AB-PMJAY and NHA.
- On September 19, 2019, After meeting with the heads of public sector banks(PSB) to discuss various issues, including follow up on transmission of monetary policy rates, Finance Minister Nirmala Sitharaman stated that in order to overcome the slowdown in the economy and increase business activities, the government asked banks not to declare stressed loans of Micro, Small and Medium Enterprises (MSMEs) as Non Performing Assets (NPAs) until March 31, 2020.
- I – Information
I stands for Information in Credit Information Companies (CICs).
- On September 16, 2019, The country’s central Bank, Reserve Bank Of India(RBI) has directed the banks and non-banking finance companies (NBFCs) to stop sharing the pattern of consumer’s credit information held by credit information companies (CICs) with analytics firms , IT (Information Technology) companies, institutional agents and unregulated parties. The banking bodies have been given 15 days time period to implement the measure. The report by RBI highlights that such data sharing actions are against the Credit Information Companies (Regulation) Act, 2005 (CICRA) and any further default will face strict actions and penalties.
- On September 20, 2019, Union Minister for Finance & Corporate Affairs Smt Nirmala Sitharaman in a Press Conference in Goa notified that Taxation Laws (Amendment) Ordinance 2019 was introduced to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019.
- A new provision was inserted in the Income-tax Act with effect from FY 2019-20 in order to encourage growth and investments. The new provision gives any domestic company an option to pay income-tax at the rate of 22% from earlier 30% subject to the condition that they will not avail any exemption/incentive. The effective tax rate will be 25.17% inclusive of surcharge & cess.
- M stands for Minimum. The full form of MAT is Minimum Alternate Tax.
- A new provision was inserted in the Income-tax Act with effect from FY 2019-20 to attract fresh investments in manufacturing companies and boost ‘Make-in-India’ initiative. Any new domestic company incorporated on or after October 1, 2019 making fresh investment in manufacturing was given an option to pay income-tax at the rate of 15% from earlier 25%. It is available to the companies which do not avail any exemption/incentive and commence their production on or before March 31, 2023.
- The total revenue foregone for the reduction in corporate tax rate and other relief was estimated at Rs. 1, 45,000 crore per year.
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