Current Affairs for SSC CGL Exams - 21 May 2015
FM constitutes committee to look into the issue of MAT
The Union Finance Minister Shri Arun Jaitley, had
announced the constitution of a Committee headed by Justice A.P. Shah to
look into the issue of Minimum Alternate Tax (MAT) on Foreign Institutional
Investors (FIIs) as well as other issues which are referred to it .
Committee will examine the matter relating to levy of MAT
on FIIs for the period prior to 01.04.2015.The Committee will also examine
all the related legal provisions, judicial / quasi judicial pronouncements
and such other relevant aspects as it may consider appropriate. The
Committee has been requested to give its recommendations on the above issue
As initially the Committee would focus on the issue of
MAT on FIIs for giving its report expeditiously, other issues to be referred
to the Committee will be notified in due course. The Committee may interact
with various stakeholders as it may deem fit. The Committee may also invite
officers from Department of Revenue including CBDT for
consultations/discussions as may be necessary.
The Committee shall set its own procedure for regulating
its work. The term of the Committee will be for one year or such period as
may be notified by the Government from time to time.
MHA invite public comment for the amendment in PDPP Act, 1984
The Ministry of Home Affairs has invited suggestions for
proposed amendments in the Prevention of Damage to Public Property (PDPP)
Act, 1984. The proposed amendments seek to deter the prospective violators
from vandalizing and destroying public/private property during agitations
and other forms of protests. The proposed amendments will also deter the
office-bearers of these organizations.
The Supreme Court had set up a Committee under the
Chairmanship of Mr. Justice K.T. Thomas, former Judge of the Supreme Court,
to examine modalities to be adopted to make the Prevention of Damage to
Public Property Act, 1984 (PDPP Act, 1984) more effective and also suggest
suitable changes, which could make the Statute more meaningful.
The Committee concluded that the present law was
inadequate and ineffective to deal with the increasing number of instances
of public property damage and made some recommendations for amendment in the
Prevention of Damage to Public Properties Act, 1984. MHA had decided to
accept the recommendations of the Justice K.T. Thomas Committee.
MoU for Skill Development of Persons with Disabilities (PwDs)
A Memorandum of Understanding has been signed between
Department for Empowerment of Persons with Disabilities and Skills
Development Network Trust, Bangalore, for Collaboration and Support in the
area of Training and Employment of Persons with Disabilities (PwDs).
Department for Empowerment of Persons with Disabilities (DEPWD)
has launched the National Action Plan for Skill Training of Persons with
Disabilities (PwDs) with the goal of skilling 5 lakh PwDs during the next
three years and total 25 lakh PwDs by the year 2022. Skills Development
Network Trust, Bangalore which is an initiative of the Wadhwani Operating
Foundation has extended its support for implementation of the said National
Action Plan. The SDN Trust will support DEPWD in the following areas:-
• To set up a Program Management unit,
• Employability Training Capacity for PwDs: Create institutional capacity at
schools/colleges/universities, Corporate Training Departments to train PwD
students of different disabilities for various job roles.
• ICT based Content development for PwD training,
• Create Wadhwani Chair at a National Institute: DEPWD has 7 National Institutes
specialising in training and support of PwDs with different disabilities. The
National Institutes also work for supporting Assistive Devices/ Equipment for
PwDs. SDN would fund 1 or 2 National Institutes for setting up Wadhwani Chair,
which would provide technological and engineering focus for scaling up of
provision for Assistive Devices at affordable cost.
• The Trust will also work directly with DEPWD to mobilize, train, place and
support retention of 50,000 PwDs with at least a 12th grade education in
organized sector jobs as a test bed to leverage the above capacity building
• The SDN Trust has committed to co-invest an amount of between Rs. 12 Crores to
Rs. 60 Crores during the next four years, by leveraging the Government funding
in the ratio of 1:10 towards initiatives and schemes described above.
DRDO successfully launches Astra missile
Defence Research and Development Organisation on 20th May
has successfully launched indigenously developed beyond visual range
air-to-air missile, Astra from Su-30 MKI fighter jet in two developmental
trials conducted at the Integrated Test Range, Chandipur, Odisha.
In the first trial, the supersonic missile was released
when the fighter jet was performing a “very high-g manoeuvre.” In the second
trial, the g manoeuvre was higher than in the first exercise.
With this test, seven developmental trials were conducted
and the missile is expected to be inducted by 2016 after a few more tests.
The 3.8-metre tall Astra is a radar homing missile and one of the smallest
weapon systems developed by the DRDO.
SEBI notifies norms for mutual funds managing offshore money
Simplifying norms for domestic funds to manage offshore
pooled assets, the Securities and Exchange Board of India (SEBI) has dropped
‘20-25 rule’, which required a minimum of 20 investors and a cap of 25 per
cent on investment by an individual, for funds from low-risk foreign
As per the existing norms, a fund manager who is managing
a domestic scheme, is allowed to manage an offshore fund, subject to three
The first requires the investment objective and asset
allocation of the domestic scheme and of the offshore fund to be the same.
The second condition requires at least 70 per cent of the
portfolio to be replicated across both the domestic scheme and the offshore
The third condition, which was being considered as the
most stringent by the industry, requires that the offshore fund should be
broad-based with at least 20 investors with no single investor holding more
than 25 per cent of the fund corpus.
In a notification uploaded on SEBI’s website, the
regulator said these restrictions would not apply “if the funds managed are
of Category I foreign portfolio investors (FPIs) and/or Category II foreign
portfolio investors which are appropriately regulated broad based funds.”