DAILY SUMMARY AND ANALYSIS OF THE HINDU in Hindi 12'th June,2017 Presented by Amit Baghel
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Finance Ministry debating bad bank concept: Jaitley Finance Minister Arun Jaitley on Sunday said tha Satyarthi backs new child labour law The Child Labour (Prohibition and Regulation Amendment) Act, 2016, had some lacunae when it was nacted, but the rules notified recently by the government have addressed the weaknesses he had been discussing the two concepts introduced in this year's Economic Survey >The 2016 law prohibits employment of children aged belowUniversal Basic Income (UBI), and the creation 14. However, it allows adolescents (aged 14-18) to work in non-hazardous occupations and children to assist their families in businesses after school hours. The previous law of a bad bank with Chief Economic Adviser Arvind Subramanian,but added that political and economic considerations make UBl a tough t children to be employed in family enterprises without restriction Political and economic consideration Why it was criticized ? we will be landing in a situation where people will stand up in Parliament and demand the continuation for reducing the number of hazardous occupations from 83 to of the present subsidies and UBI over and above three and allowing child Even international agencies such as the lInternational Labour able to afford dren to assist in family enterprises. that, which is something that the Budget will not be Emergency Fund (UNICEF) had criticised the government over the two concerns flagged by the Nobel laureate Creation of Bad Bank Economic Survey, also introduced the idea of the New chang The Labour and Employment Ministry on June 2 notified the NPA-lade Child Labour (Prohibition and Regulation) Rules, 2017, which state that children can help in family enterprises only for three hours after school hours. Children could not extend any help This year also, the Economic Survey initiated a between 7 p.m. and 8 a.m. It also laid out conditions on which children could offer help to their families Mr. Satyarthi lauded the government's move to ratify the International Labour Organisation (ILO) Conventions on child expedites their pulling out of the present state of labour. This would ensure compliance with the new law creation of a bad bank to take over the debt of the enable them to begin lending again. very important idea as to how do we subsid substitute the entire set of subsidie e want to replace it by a Universal Basic Income and that UBl poverty that they live in
Centre's GST audit steps may add to compliance burden India, Israel set to expand defence ties Under the rules, every registered taxpayer with an annual turnover of more than Rs. 2 crore has to get his or her accounts audited by a chartered accountant or a cost accountant and provide explanations for any As India and Israel celebrate 25 years of their diplomatic relations, Tel Aviv has quietly emerged as one of the largest and trusted suppliers of defence equipment to the Indian armed forces, which rely heavily on imports between the After protracted negotiations, the two countries are close to concluding a deal for Spike Anti-Tank Guided Missiles This will be the latest in a series of big-ticket defence deals approved recently. the audited financial statements Concerns It looks fairly long and extensive. This just adds to the Background pain of companies already struggling to get GST ready The purchase of Spike missiles was approved by the The mandatory audit provisions released by the Government will only add to the cost of and time taken for compliance, according to tax experts Defence Acquisition Council (DAC) in October 2014 but negotiations on the contract ran into trouble over cost and technology transfer. The 73,200-crore deal includes 8,000-plus missiles, 300-plus launchers and technology transfer The format is fairly long with 12 different annexures reconciling each and every transaction as reported in the GST return with the financials India's efforts for procurement of defense equipment According to information presented in Parliament by 37 contracts have been signed with vendors of various countries for capital procurement of defence equipment Seven of them are with Israel, second only to the U.S with which nine contracts have been signed "One question that is unanswered is whether the Government is expecting reconciliation with the state- wise audited financial statements? As a matter of practice no company prepares state-wise audited financial statements, and hence this could be a new compliance challenge
How does the monsoon affect the economy? The and the Meteorological Department has The comin There is week l be very good for the advance of monsoon on the western side and east India The state-run weather body last week said The forecast has a margin error of 4% The monsoon is the roduct (GDPLand a failed monsoon can have a rippling effect on the country's growth and economy Whereas, a demand for consumer and automotive products in rural markets thereby increasing the India witnessed a The monsoon has a A deficit monsoon could also lead toa economic growth. A poor monsoon not only leads to
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UPSC 2018 mains; Doing 'The Hindu Newspaper Analysis' since June,2017. YouTube- Gurukul Prime.