सामयिक विषय: Economics

Constitution of Fifteenth Finance Commission Notified

15th Finance Commission Constituted

Question: Recently, the central government formed the 15th Finance Commission under whose chair?
(a) Dr. Anup Singh
(b) Dr. Ramesh Chand
(c) Dr. Raghuram Rajan
(d) N. K. Singh
Ans: (d)
Related facts:-

  • The Central Government constituted 15th Finance Commission on November 27, 2017
  • Commission will be Presided over by N. K. Singh, former Rajya Sabha member, former Secretary of the Central Government and former member of the Planning Commission
  • Former Union Government Secretary Shaktikant Das and Assistant Professor of Georgetown University Dr. Anoop Singh will be the other members of the Commission.
  • Ashok Lahiri, Chairman, Bandhan Bank (Non-Executive Part-time) and member of the Policy Commission Dr. Ramesh Chand will be part-time member of the Commission.
  • Arvind Mehta will be the secretary of the commission.
  • The Chairman and other members of the Commission shall hold the post from the date they hold their position, till the date of submission of report or till 30th October, 2019 whichever is earlier.
  • It is notable that the Finance Commission is constituted under Article 280 (1) of the Indian Constitution.
  • The 15th Finance Commission will be applicable from 1st April, 2020.
  • The Commission will make recommendations about the following topics, i.e.
  • the net proceeds between the Union and the States,
  • The principles governing grants-in-aid in the revenue of states from the accumulated fund of India and those states as specified in the proviso to clause (1) of that article as a grant-aid in their revenues under Article 275 of the Constitution. For the purposes different from the purposes, assistance is required, funds to be paid, and
  • On the basis of the recommendations made by the State Finance Commission, necessary assistance for the promotion of the accumulated fund of any state for the provision of resources of Panchayats and Municipalities in the state.
  • In addition, the Commission will review the status of efforts of the Union and States to maintain current financial system, deficit, credit levels, cash surplus and fiscal discipline and recommend fiscal framework for fiscal consolidation for strong fiscal management.
  • Following the recommendations of the Commission, the 14th Finance Commission will consider the impact on the financial condition of the Union with the continuation of the national development agenda, including the increase in the overall growth of taxes, renunciation of states, including New India, 2022.
  • The Commission will consider the effect of the Goods and Services Tax (GST) on the financial instruments of the Center and the States.
  • Including the payment of compensation for potential revenue loss for 5 years and termination of certain subtaxes which will be decided for compensation and other structural improvements.
  • The Commission will use the population data of 2011 when making its recommendations.
  • The Commission will present its report to the Central Government by October 30, 2019, potentializing the period of 5 years starting from 1st April, 2020.

Related Links:-
http://www.egazette.nic.in/WriteReadData/2017/180483.pdf

One rupee note celebrates its 100th birthday

One rupee note: 100 years complete

Question: By whom one rupee note is signed?
(a) Governor of Reserve Bank
(b) Finance Minister
(c) Finance Secretary
(d) Finance Advisor
Answer: (c) 
Related Facts:

  • On November 30th, 2017, the currency of one rupee note in India completed 100 years.
  • One rupee note was issued on November 30, 1917, having the picture of King George V of Britain on it.
  • An important feature of one rupee note is that it is not issued by the Reserve Bank of India like other Indian notes.
  • It is signed by Finance Secretary of the Government of India.
  • On the legal basis, this is the only real currency note (currency note).
  • All other notes are the note (promissory notes) on which the holder is promised to pay the same amount.
  • First one rupee notewhich was printed in 1917 had the signatures of three British finance secretaries – MMS Gubbay, AC McWatters and H
  • It is noteworthy that since independence, notes of one rupee signed by 18 Finance Secretaries have been issued so far.

Reference:
http://www.thehindu.com/news/national/one-rupee-note-celebrates-its-100th-birthday/article21196089.ece

India becomes biggest consumer of Ukraine agriculture exports

Largest consumer of agricultural export of Ukraine

Question: Which country became the largest consumer of agricultural export from Ukraine in the year 2017?
(a) Egypt
(b) India
(c) Netherlands
(d) Bangladesh
Answer: (b)
Related Facts:

  • According to information provided by the Agriculture Ministry of Ukraine on November 28, 2017, between January and October, 2017, India was the largest consumer country of agricultural products of Ukraine.
  • In the aforesaid period, India imports 11.3% of the agricultural product from Ukraine.
  • Ukraine’s agricultural exports to India in the aforesaid period were $ 14.7 billion.
  • The second largest importer of Ukraine’s agricultural products was Egypt (7.5%).
  • In this regard, the Netherlands remained third with 6.9%.
  • During January-October, 2017; sunflower exported by Ukraine for $ 3.6 billion.
  • In the same period 15.6 million tonnes wheat ($ 2.4 billion) was exported by Ukraine.
  • India is a major market of sunflower oil, maize and wheat germ in Ukraine.

Reference:
http://www.business-standard.com/article/reuters/india-becomes-biggest-consumer-of-ukraine-agriculture-exports-117112800716_1.html
https://in.reuters.com/article/ukraine-agriculture-india/india-becomes-biggest-consumer-of-ukraine-agriculture-exports-idINKBN1DS18F

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