Prelims 2020

2nd July 2020 Daily Current Flash Cards

WTO Trade Facilitation Agreement; e­SANCHIT; Namami Gange; Stamp duty and Indian Stamp Act, 1899; Indian Stamp (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019; Clarion-Clipperton Zone (CCZ)
By IASToppers
July 02, 2020

 

 

 

4 new species of xenophyophores were found in Clarion-Clipperton Zone (CCZ) of which ocean?

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Answer:

4 new species of xenophyophores were found in Clarion-Clipperton Zone (CCZ) of Pacific Ocean.

Enrich your learning:

4 new species of xenophyophores found in Clarion-Clipperton Zone (CCZ) of Pacific Ocean

  • Scientists have discovered four new species and two new genera inhabiting the deep, abyssal landscape that lines the bottom of the Pacific Ocean.
  • The found deep-sea creatures are living at depths greater than 5 kilometres below the ocean’s surface.
  • The pecimens are known as xenophyophores, a clade of giant, single-celled protozoans that belong to the class foraminifera.
  • Xenophyophores are one of the most common types of large life-forms found along the CCZ abyssal plains.
  • These xenophyophores have shells called tests, made up of tiny particles glued together.
  • In the case of Abyssalia, the shells are made from a homogeneous mesh of sponge spicules, with no distinct surface layer.
  • A. sphaerica takes on a spherical shape while A. foliformis embodies a flatter, leaf-like shape.
  • The other new genus identified, Moanammina, took its name from Moana, meaning ‘ocean’ in Hawaiian, Maori, and other Polynesian languages.
  • Moanammina semicircularis has a stalked, fan-shaped test, while another new species, Psammina tenuis, belonging to the genus Psammina, has a delicate, thin, plate-like test.

 

 

 

Under the Indian Constitution, fixing of the stamp duty is vested on whom?

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Answer:

Under the Indian Constitution, the responsibility of fixing of the stamp duty is divided between the Union Government and the State Governments.

While, collection of the stamp duty is vested with the State Government in which the instrument is executed. The amounts so collected are retained by the State Governments.

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Stamp duty and Indian Stamp Act, 1899

  • Stamp duty is an ad valorem tax payable on the value of an instrument used for various transactions- commercial or otherwise.
  • The Indian Stamp Act, 1899 (“Act”) enacted to prescribe and provide for the collection of proper stamp duty on an instrument is based on the chargeability of instrument and not of the transactions, notwithstanding the fact that different instruments may pertain to a single transaction.

Why in News?

Indian Stamp (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019

  • The Central Government through requisite amendments in the Indian Stamp Act, 1899 and Rules made thereunder, has created the legal and institutional mechanism.

Objective

  • To facilitate ease of doing business and to bring in uniformity of the stamp duty on securities across States and thereby build a Pan-India securities market.

Background

  • The relevant provisions of the Finance Act, 2019 amending the Indian Stamp Act, 1899 and the Indian Stamp Rules, 2019 were notified simultaneously on 10th December, 2019 and these were to come into force from 9th January, 2020, which was later extended to 1st April, 2020.

The Amendment seeks to:

  • Address the stamp duty regime recognizing the technological changes in the field of financial securities done electronically through the stock exchange or through authorized clearing corporations and the depositories.
  • Provide for a centralized collection mechanism under which the stamp duty is to be collected at one place by one agency on one instrument.
  • A mechanism for appropriately sharing the stamp duty with relevant State Governments has also been developed which is based on the state of domicile of the buyer.

Need

  • The present system of collection of stamp duty on securities market transactions led to multiple rates for the same instrument, resulting in jurisdictional disputes and multiple incidences of duty, thereby raising the transaction costs in the securities market and hurting capital formation.
  • The mechanism is expected to ensure minimize cost of collection and enhance revenue productivity.
  • This system will help develop equity markets and equity culture across the length and breadth of the country, ushering in balanced regional development.

 

 

 

What are the objectives of ‘Namami Gange Program’?

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Answer:

Namami Gange Program is aimed to accomplish the twin objectives

  1. i) Effective abatement of pollution, conservation
  2. ii) Rejuvenation of National River Ganga

Enrich your learning:

Namami Gange

  • Namami Gange Program is an Integrated Conservation Mission, approved as ‘Flagship Programme’ by Government in 2014.
  • Namami Gange is being implemented by the National Mission for Clean Ganga (NMCG).

Main pillars of the Program

  • Sewerage Treatment Infrastructure
  • River-Front Development
  • River-Surface Cleaning
  • Bio-Diversity
  • Afforestation
  • Public Awareness
  • Industrial Effluent Monitoring
  • Ganga Gram

Salient features

  • Prime focus is on involving people living on the river’s banks in this project.
  • Over 1,600-gram panchayats on the banks of Ganga to be made open defecation-free by 2022.
  • Setting river-centric urban planning process to facilitate better citizen connects, through interventions at Ghats and Riverfronts.
  • Expansion of coverage of sewerage infrastructure in urban habitations on banks of Ganga.
  • Development of rational agricultural practices & efficient irrigation methods.
  • Ganga Knowledge Centre

Why in News?

The World Bank has enhanced its support for Government of India’s program to rejuvenate Ganga river with a $ 400 million (about Rs 3,000 crore) assistance that will help stem pollution in the river.

The assistance will help strengthen the management of the river basin.

The Second National Ganga River Basin Project (SNGRBP), approved by the World Bank’s Board of Executive Directors on June 25, will support the government’s Namami Gange program and its long-term vision for controlling pollution in the river and restoring its water quality.

 

 

 

WTO Trade Facilitation Agreement (TFA) was established as a result of which International negotiations?

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Answer:

  • WTO Trade Facilitation Agreement (TFA) was established a result of the Doha Round of Trade Negotiations, which was launched in 2001.

Enrich your learning:

WTO Trade Facilitation Agreement

  • The Trade Facilitation Agreement is the first multilateral trade agreement to be concluded since the WTO was established 20 years ago.
  • The WTO Trade Facilitation Agreement (TFA) entered into force on 22 February 2017.
  • The Agreement is expected to reduce total trade costs by more than 14 per cent for low-income countries and more than 13 per cent for upper middle income countries by streamlining the flow of trade across borders.
  • An amendment protocol for the Trade Facilitation Agreement was adopted by the General Council in November 2014 to bring the TFA into the WTO’s legal framework.
  • The Agreement will enter into force when two-thirds of WTO members ratify the TFA and deposit their instruments of acceptance with the WTO Secretariat.
  • Hong Kong, China, became the first member to do so in December 2014.
  • The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit.
  • The TFA provides for the establishment of a Committee on Trade Facilitation to periodically review the Agreement’s operation and implementation.

With the trade facilitation agreement WTO Members aim:

  • to expedite the movement, release and clearance of goods, including goods in transit
  • to facilitate effective cooperation among Members on trade facilitation and customs compliance issues
  • to enhance “assistance and support for capacity building” for developing and least developed country Member

Background

  • A Trade Facilitation Agreement Facility (TFAF) was created at the request of developing and least-developed countries to help ensure that they receive the assistance needed to reap the full benefits of the TFA and to support the ultimate goal of full implementation of the new agreement by all WTO members.

 

 

What is the purpose behind the launch of e­SANCHIT?

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Answer:

e­SANCHIT was launched for paperless processing, uploading of supporting documents and to facilitate the trading across Borders.

Enrich your learning:

e­SANCHIT

  • e­SANCHIT (e-Storage and Computerized Handling of Indirect Tax documents).
  • eSanchit was launched by the Central Board of Indirect Taxes & Customs (CBIC) for paperless processing, uploading of supporting documents and to facilitate the trading across Borders.
  • It has already been made available to importers and exporters in the country and as a next step; CBIC is extending this facility to PGA (Participating Government Agencies).
  • This will enable PGAs to provide necessary clearances, in the form of certificates, through the document upload facility to the beneficiaries.
  • Only ICEGATE registered users (Individual taxpayers and PGA’s) can use eSanchit applications by accessing the eSanchit link.
Topics
Daily Current Flash Cards 2020 Prelims 2020
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