07 November 2019: PIB Summary & Analysis

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November 7th, 2019 PIB:- Download PDF Here

Financial Stability and Development Council (FSDC)

Context:

The Finance Minister chaired the 21^st meeting of the Financial Stability and Development Council (FSDC).

Details:

• The Council reviewed the current global and domestic macro-economic situation and financial stability and vulnerabilities issues, including inter-alia, those concerning NBFCs and Credit Rating Agencies.
• The Council reviewed the action taken by members on the decision taken by FSDC earlier and held discussions on the proposals submitted for further strengthening of the resolution framework and framework for cyber security of the financial sector.
• The FSDC is an apex-level body consisting of all regulators and the Finance Ministry. Chaired by the Union Finance Minister, it is the highest body on all matters concerned with financial stability.

For more on the Financial Stability and Development Council (FSDC), click here.

DIN System of CBIC

Context:

The Documentation Identification Number (DIN) system of the Central Board of Indirect Taxes (CBIC) will come into existence from 8^th November 2019.

About the Documentation Identification Number (DIN) system:

• From now on, any CBIC communication will have to have a Documentation Identification Number.
• The government has already executed the DIN system in the direct tax administration.
• This step is to further the government’s objectives of bringing transparency and accountability in the indirect tax administration also, through the widespread use of information technology.
• To begin with, in the indirect tax administration, the DIN would be used for search authorisation, summons, arrest memo, inspection notices and letters issued in the course of any enquiry.
• From now onwards, any communication from GST or Custom or Central Excise department without a computer-generated DIN, would be treated as invalid and shall be non est in law or deemed to be as if it has never been issued.
• It would also provide the taxpayer a digital facility to verify any communications.
• Now all such specified communications with DIN would be verifiable on the online portal cbicddm.gov.in.

About the Central Board of Indirect Taxes (CBIC):

• The Central Board of Indirect Taxes (CBIC) is a part of the Department of Revenue under the Ministry of Finance, Government of India.
• The CBIC is the apex body for administering the levy and collection of indirect taxes of the Union of India.
• It deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics to the extent under CBIC’s purview.
• It is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerates and the Central Revenues Control Laboratory.
• Functions of the CBIC:
  • Regulatory functions:
    • Levy and collection of Customs and Central Excise duties, CGST & IGST
    • Registration and monitoring of units manufacturing excisable goods and service providers
    • Receipt and scrutiny of declarations and returns filed with the department
    • Prevention of smuggling and combating evasion of duties and service tax
    • Enforcement of border control on goods and conveyances
    • Assessment, examination and clearance of imported goods and export goods
    • Implementation of export promotion measures
    • Clearance of international passengers and their baggage
    • Resolution of disputes through administrative and legal measures
    • Sanction of refund, rebate and drawback
    • Realization of arrears of revenue
    • Audit of assessments for ensuring tax compliance
  • Service functions:
    • Dissemination of information on law and procedures through electronic and print media
    • Enabling filing of declarations, returns and claims through online services.
    • Providing information on the status of processing of declarations, returns and claims
    • Assisting the right holders in protecting their intellectual property rights
    • Responding to public enquiries relating to Customs, Central Goods and Service Tax matters
    • Providing Customs services such as examination of goods and factory stuffing of export goods at clients’ sites, as per policy
  • The CBIC was formerly known as the Central Board of Excise & Customs. The name was changed in 2018 after the introduction of the GST (which subsumed indirect taxes).

Cyclone ‘Bulbul’

Context:

The Principal Secretary to PM holds a high-level meeting on Cyclone ‘Bulbul’ with the States of Odisha, West Bengal and Andaman and Nicobar Islands.

Details:

• Coastal Odisha is likely to witness wind speed of 70-80 kmph gusting up to 90 kmph accompanied by heavy to very heavy rain.
• Similar situation is likely to prevail in coastal West Bengal.
• Further sea conditions will be very rough and it is advised by the India Meteorological Department (IMD) that fishing operations are to be completely suspended.

About Cyclone Bulbul:

• The cyclone is steadily gathering intensity over the Bay of Bengal and is expected to turn into a very severe cyclonic storm.
• It is unclear as of now whether the cyclone will make landfall in India. It might skirt Odisha and head towards West Bengal and Bangladesh.
• It is expected to bring rainfall over the Andaman and Nicobar Islands, north coastal Odisha and coastal West Bengal.
• Bulbul may also cause damage to thatched houses, partial damage to communication and power lines, major damage to coastal crops and uprooting of trees.
• Cyclone Bulbul is the seventh named storm of the unusually active 2019 North Indian Ocean cyclone season.
• The season has seen Cyclone Pabuk (South China Sea-Andaman Sea), Cyclone Fani (Bay of Bengal), Cyclone Vayu (Arabian Sea), Cyclone Hikka (Arabian Sea), Cyclone Kyarr (Arabian Sea) and Cyclone Maha (Arabian Sea).
• Bulbul was named by Pakistan.
• Cyclone Bulbul comes around seven months after Cyclone Fani struck Odisha. Cyclone Fani was the strongest storm to hit the state since the devastating 1999 Super Cyclone that killed thousands of people.

‘No Money for Terror’ Ministerial Conference

Context:

The Union Minister of State for Home Affairs led the Indian delegation at the ‘No Money for Terror’ Ministerial Conference in Melbourne, Australia.

Details:

• The minister proposed four points for inclusion in the resolution at the conference:
  • Terrorism is the single biggest threat to peace, security and development.
  • Nations must expedite the finalisation of a Comprehensive Convention on International Terrorism under the United Nations.
  • FATF Standards must be effectively enforced and UN listings/FATF should not be politicised.
  • Initiate discussion on Countering Financing of Radicalisation (CFR), which would prevent radicalisation – an essential prerequisite of terrorism.
• The minister also declared that India would host the next ‘No Money for Terror’ Conference in 2020.

About the No Money for Terror Conference:

• The conference is organised by Financial Intelligence Units (FIUs) of over 100 countries jointly called The Egmont Group.
• Recognising the importance of international cooperation in the fight against money laundering and financing of terrorism, a group of FIUs met a few years ago at the Egmont Arenberg Palace in Brussels, Belgium, and decided to establish an informal network of FIUs for the stimulation of international co-operation.
• The Egmont Group was created to provide FIUs around the world a forum to exchange information confidentially to combat money laundering, financing of terrorism and other predicate offences.

Occupational Safety, Health and Working Conditions Code

Context:

The Occupational Safety, Health and Working Conditions Code, 2019, as introduced in Lok Sabha has been referred by the Speaker to the Standing Committee on Labour for examination and report. The Committee has decided to invite memoranda containing views/suggestions from the public in general and NGOs/Experts/Stakeholders and institutions in particular.

About the Occupational Safety, Health and Working Conditions Code:

• The code was introduced in Lok Sabha by the Minister of Labour and Employment in July 2019.
• The Code applies to establishments employing at least 10 workers, and to all mines and docks. It does not apply to apprentices.
• Further, it makes special provisions for certain types of establishments and classes of employees, such as factories, mines, and building and construction workers.

For more on the Occupational Safety, Health and Working Conditions Code, check our CNA dated 11 Oct, 2019 under the heading ‘Assam tea estates violating labour laws’.

‘BIMSTEC Ports’ Conclave

Context:

The first-ever ‘BIMSTEC Ports’ Conclave is being held at Vishakhapatnam in November 2019.

About the BIMSTEC Conclave of Ports:

• The conclave aims at providing a platform to strengthen maritime interaction, port-led connectivity initiatives and sharing best practices among member countries.
• MoUs will be signed and brainstorming sessions will be held during the two-day event.
• Visakhapatnam Port Trust is hosting the event.
• It is also organising a beach-cleaning campaign under the Swachh Bharat Abhiyaan.

For more on the BIMSTEC, click here.

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