top of page

Important Current Affairs for CLAT-26th February 2023

Financial crime watchdog FATF suspends Russia’s membership due to Ukraine conflict

Financial crime watchdog FATF suspends Russia's membership: FATF suspended Russia's membership after finding that Moscow (Russia)'s conflict in Ukraine breached the FATF's principles.

Financial crime watchdog FATF suspends Russia’s membership

The Financial Action Task Force (FATF), a global organization that monitors financial crime, suspended Russia’s membership after finding that Moscow (Russia)‘s conflict in Ukraine breached the FATF’s principles.

Financial crime watchdog FATF suspends Russia’s membership: Key Points

FATF is an intergovernmental organization created to fight money laundering and the financing of terrorism by establishing international standards and monitoring their observance by nations.

Ukraine expressed its appreciation for the FATF’s decision to suspend Russia but also stated that it will keep working with FATF members to further penalise and blacklist Moscow.

As part of its efforts to exert pressure on Moscow, whose invasion began its second year, Ukraine has repeatedly called for Russia to be excluded from the organization.

Russia is still a member, despite the fact that it has been suspended.

UN approves resolution calling for Russia to leave Ukraine after 1 year

FATF About

The Financial Action Task Force (FATF) is an intergovernmental policy-making body whose goals are to create and promote national and international policies to fight money laundering and the funding of terrorism as well as to set worldwide standards.

Separately, the FATF removed Morocco off its “grey list” of nations under extra scrutiny to apply criteria to stop money laundering and terrorism funding and added South Africa to that list.

39 nations make up the FATF membership, including the US, India, China, Saudi Arabia, as well as nations in Europe like the UK, Germany, and France and the EU as a whole. Ukraine is not a participant.

UAE Hosted First I2U2 Vice-Ministerial Meeting to Discuss Investment Opportunities

A vice-ministerial level meeting of I2U2 countries held to address issues related to the management of the energy crisis and food security.

A vice-ministerial level meeting of I2U2 countries including Israel, India, the United States, and the United Arab Emirates discussed with private sector stakeholders investment opportunities to address issues related to the management of the energy crisis and food insecurity. The UAE hosted the first vice-ministerial meeting of the I2U2 in Abu Dhabi which was attended by senior officials from the four countries, along with representations from the private sector.

UAE Hosted First I2U2 Vice-Ministerial Meeting to Discuss Investment Opportunities- Key Points

During the business forum, the I2U2 leadership discussed opportunities to advance multi-regional cooperation and investment opportunities to address some of the region’s most pressing issues, including management of the energy crisis and food insecurity.

Public and private-sector representatives gathered to strategize on how to best promote prosperity across the region.

The commitment to overcome collective challenges and deepen coordination with I2U2 continues to serve as a regional model to support investments and initiatives to improve sustainability and resilience in key sectors.

Hosted in Abu Dhabi by UAE Minister of State Ahmed bin Ali Al Sayegh, the forum was attended by Director General of Israel’s Ministry of Foreign Affairs Ronen Levi and, India’s Economic Relations Secretary Dammu Ravi, while the US delegation was led by the Under Secretary of State for Economic Growth, Energy, and the Environment Jose W Fernandez.

GST revenue reached second highest mop-up of Rs 1.56 lakh crore in January

GST revenue reached second highest mop-up in January: The second-highest mop-up since the GST was instituted in July 2017 for goods and services tax collection was Rs 1.56 trillion in January 2023.

GST revenue reached second highest mop-up in January

The second-highest mop-up since the indirect tax levy (GST) was instituted in July 2017 for goods and services tax collection was Rs 1.56 trillion in January 2023. In April 2022, GST receipts reached a record high of Rs 1.68 trillion.

GST revenue reached second highest mop-up of Rs 1.56 lakh crore: Key Points

According to data from the finance ministry, central GST was Rs 28,963 crore, state GST was Rs 36,730 crore, integrated GST was Rs 79,599 crore (including Rs 37,118 crore collected on import of goods), and cess was Rs 10,630 crore of the gross GST revenue collected in the month of January 2023 until 5 pm (including Rs 768 crore collected on import of goods).

The amount collected in January 2023 was Rs 1.41 trillion more than it was in January 2022, an increase of 10.6%.

The collection was 4.7% more than December’s Rs 1.495 trillion on a sequential basis.

According to a statement from the finance ministry, “the revenues in the current financial year up to the month of January 2023 are 24% greater than the GST revenues during the same period last year.”

Union Budget 2023: GST collection at nearly Rs 1.56 lakh crore in January

Total revenue as per government records

In January 2023, the government made a regular installment of Rs 38,507 crore to the federal GST and Rs 32,624 crore to the SGST from IGST.

After routine settlement, the total revenue for the CGST and state GST for the month of January 2023 was Rs 67,470 crore for the centre and Rs 69,354 crore for the states.

During the month of December 2022, 8.3 crore e-way bills were generated, which was the most so far and was much higher than 7.9 crore e-way bills generated in November 2022.

January’s revenues are in keeping with the monthly average mop up of Rs 1.5 trillion this fiscal as against the average monthly mop up from GST at Rs 1.23 trillion in 2021-22.

The amount of GST collected in the current fiscal year has surpassed Rs. 1.50 lakh crore for the third time.

The government has taken a number of steps to broaden the tax base and strengthen compliance, which have helped collections along with a normalisation of economic activity and the effects of high inflation.

49th meeting of GST Council held in New Delhi

What is the percentage of GST return in 2022?

According to the finance ministry, the percentage of GST returns (GSTR-3B) and statement of invoices (GSTR-1) that are filed at the end of the month has increased significantly over time.

42 crore GST returns were submitted in total during the quarter ending December 31, 2022, up from 2.19 crore during the same period the previous year.

NPS rule change: Know all the changes for subscribers from April 1, 2023

Economic Survey 2022–23

GST has become a crucial source of income for the federal and state governments and has stabilised. By 2022, there would be more than 1.4 crore GST taxpayers, up from little over 70 lakh in 2017. The article attributed the increase in GST collections to a number of factors, including the pandemic-related rapid economic recovery, the nationwide campaign against fake bills and GST evaders, the recent introduction of numerous systemic changes, and various rate rationalisation initiatives taken by the GST Council to correct the inverted duty structure.

RTI released data, 60% of voters linked Aadhaar to voter ID

60% of voters linked Aadhaar to voter ID, RTI Data: According to the Election Commission (EC), more than 60% of India's 94.5 crore voters have connected their Aadhaar numbers to their voter IDs.

60% of voters linked Aadhaar to voter ID: RTI Data

According to the Election Commission of India (ECI), more than 60% of India’s 94.5 crore voters have connected their Aadhaar numbers to their voter IDs. There are 56,90,83,090 voters who are linked to their Aadhaar overall.

RTI Data: Key Points

With almost 92% of voters in the State providing their Aadhaar information to the Election Commission, Tripura had the highest rate of Aadhaar linking during last week’s elections.

Some of these voters may have submitted Form 6B, which the EC introduced last year, with papers other than Aadhaar, such as PAN, a driver’s licence, or a passport.

The Aadhaar is the primary requirement on the form, though, and voters can only submit an alternate document after admitting that they do not have an Aadhaar.

By enabling election officials to obtain the 12 digit number from voters, the Election Laws (Amendment) Act, 2021 was passed to eliminate duplicate voter registration lists.

After Tripura, Lakshadweep and Madhya Pradesh are in second and third place, respectively, with nearly 91% and 86% of voters providing the information.

India can emerge as a biodiversity champion

What is the percentage of the other states?

On average, voters in southern States have not submitted their Aadhaar in such quantities.

Karnataka and Andhra Pradesh both fell short of 71%, while Tamil Nadu and Kerala are somewhere between 61% and 63%.

Gujarat, where only 31.5% of voters have connected the identification card to their voter registration, has the lowest rate of Aadhaar registration. In the nation’s capital, less than 34% of voters were linked to their Aadhaar.

Germany pursue an agreement with India to build 6 submarines for $5.2 billion

India-Germany Agreement to build 6 submarines: Olaf Scholz's visit to India will focus on advancing a $5.2 billion agreement between Germany and India to build 6 conventional submarines in India.

India-Germany Agreement to build 6 submarines

German Chancellor Olaf Scholz’s visit to India on February 25–26 will focus on advancing a $5.2 billion agreement between Germany and India to jointly construct six conventional submarines in India. The naval project is a Western military manufacturing power’s most recent effort to wean New Delhi off of its reliance on Russian military hardware.

India-Germany Agreement for 6 submarines for $5.2 billion: Key Points

With 11 of its 16 conventional submarines being more than 20 years old, India is looking to rebuild its ageing submarine fleet in an effort to stave off China’s expanding influence in the Indian Ocean.

Two indigenous nuclear-powered submarines are also available to the Indian Navy.

After being one of the top importers of weapons for many years, the national government intends to increase domestic weapon production in cooperation with foreign partners.

Just before Modi’s visit to Paris in May 2022, France’s Naval Group backed out of the project due to its failure to meet the requirements set forth by the Indian government in 2021.

CSC Academy and NIELIT Signed MoU to Enhance Digital Literacy

About the Visit and Agreement

During Scholz’s visit, the two nations will discuss the submarine project, for which Germany’s ThyssenKrupp Marine Systems (TKMS) is one of two international bidders. Berlin would support the agreement.

According to the agreement, a foreign submarine manufacturer will need to collaborate with an Indian business to produce the submarines there.

A condition that has been a sticking point for most foreign corporations requires the foreign company to provide a specialised technology for fuel-cell based Air Independent Propulsion (AIP), which is another need.

Germany has been urged to guarantee collaborative construction of the submarines, not simply supply-side help, for India.

Scholz is committed to reviving India’s defence and trade relations, according to another foreign ministry official.

Government officials in Berlin suggested that the German government would likely support such a deal.

Although there is no official decision, the coalition government has loosened its stance on India’s transfer of guns and permitted the export of a package of military hardware at the beginning of February.

11 Deals Worth $1.5bn Signed at NAVDEX 2023 on Third day of IDEX

The Tawazun Council signed 11 deals, worth Dhs5.8bn ($1.579bn), on the third day of the International Defence Exhibition (IDEX) and the Naval Defence Exhibition (NAVDEX) 2023.

The Tawazun Council signed 11 deals, worth Dhs5.8bn ($1.579bn), on the third day of the International Defence Exhibition (IDEX) and the Naval Defence Exhibition (NAVDEX) 2023. A total of nine deals were inked with local and international companies on behalf of the Ministry of Defence, and two contracts worth Dhs134m were sealed on behalf of Abu Dhabi Police.

The contracts signed on the behalf of the defense ministry were awarded to four local companies, with a total value of Dhs5.05bn. On the other hand, five contracts, worth Dhs694m were signed with international companies.

11 Deals Worth $1.5bn Signed at NAVDEX 2023 on Third day of IDEX- Key Points

The biggest two contracts were awarded to subsidiaries of Edge Group. These included a Dhs4bn deal sealed with Earth to develop a tactical data link network, and a Dhs1bn contract to Halcon to procure the Al Tariq system.

A contract worth Dhs28m was signed with International Diving Trade to provide technical support to the boat workshop, while a Dhs27m contract was inked with International Golden Group to procure scanning and monitoring devices.

The international contracts included two with France’s Thales – one worth Dhs176m to provide technical support for the GM-200 radars and another Dhs6m pact to provide technical support and training on CMS.

A Dhs407m contract with French firm Naval Group, to procure Anti-Torpedoes’ CANTO systems and mu-90 torpedoes was also sealed.

The two deals signed on behalf of Abu Dhabi Police include a contract worth Dhs62m with Leonardo of Italy to procure an AW139 Helicopter, and a Dhs72m contract with Edge subsidiary Nimr to procure Ajban vehicle 4X4.

CJI DY Chandrachud Launched “Neutral Citations” For All Supreme Courts

The Chief Justice of India DY Chandrachud announced that the Supreme Court has launched “neutral citations” of judgments to ensure a uniform pattern of citing its decisions.

The Chief Justice of India DY Chandrachud announced that the Supreme Court has launched “neutral citations” of judgments to ensure a uniform pattern of citing its decisions. Earlier, the Supreme court informed that steps had been taken for the introduction and implementation of a uniform, reliable and secure methodology for identifying and citing decisions in the apex court, namely the neutral citations system, to ensure a uniform pattern of citing all decisions of the top court.

CJI DY Chandrachud Launched “Neutral Citations” For All Supreme Courts- Key Points

The bench led by the CJI assembled to hear urgent mentioning of matters for listing, and the CJI announced that all judgments of the top court would have neutral citations.

The Chief Justice of India informed that they have launched neutral citations. All judgments of the court will have neutral citations,” adding that around 30,000 verdicts of the apex court would have neutral citations.

He also noted that hopefully, the HCs would also follow suit. The top court was using machine learning tools, which would translate its verdicts into Indian languages.

Comments


bottom of page