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Income-Tax Ombudsman . Context: The Union Cabinet chaired has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman. The Ombudsman Resolving a complaint
What necessitated this? The approval comes in the wake of alternative complaint redressal mechanisms chosen by public and the institution of Ombudsman could not prove to be more effective than regular existing parallel channels of grievance redressal.
Sangeet Natak Akademi .The Institution of Income-Tax Ombudsman was created in the year 2003 to deal with grievances of public related to settlement of complaints relating to Income Tax. However, the Institution of Ombudsman failed to achieve its objectives. It was observed that institution of new complaints have in turn fallen to single digits. Also, tax payers started preferring alternate methods of grievance redressal like CPGRAMS (Centralized Public Grievance Redress and Monitoring System), AaykarSevaKendras etc. further, it was also decided in 2011 to close vacant offices of Indirect Tax Ombudsman
About the Ombudsman It was established for resolution of complaints relating to the Income Tax Department like an overdue refund. It was autonomous and hence independent of the jurisdiction of the Income tax department.
Agri-Market Infrastructure Fund (AMIF Context: The Cabinet Committee of Economic Affairs has given its approval for the creation of a corpus of Rs. 2000 crore for Agri- Market Infrastructure Fund (AMIF)
About Agri-Market Infrastructure Fund (AMIF: The fund will be created with NABARD for development and up-gradation of agricultural marketing infrastructure in Gramin Agricultural Markets and Regulated Wholesale Markets. . AMIF will provide the State/UT Governments subsidized loan for their proposal for developing marketing infrastructure in 585 Agriculture Produce Market Committees (APMCs) and 10,000 Grameen Agricultural Markets (GrAMs). States may also access AMIF for innovative integrated market infrastructure projects including Hub and Spoke mode and in Public Private Partnership mode
Darwaza Band- Part 2' Campaign: Context: The Swachh Bharat Mission Grameen has launched the 'Darwaza Band -Part 2' campaign starring Amitabh Bachchan 14 PARWAZA PAND AB POORA BHARAT SHAUCH AREGA TOH DARWAZA BAND KAR KE! TOH BIMAARI BAND SHAUCHALAYA APNAQ, BHARAT KO SWACHH BANAO
About the campaign: The campaign, produced by the Ministry of Drinking Water and Sanitation, and supported by the World Bank was launched in Mumbai. The campaign talks about how a toilet must be used by all, always and under all circumstances (har koi, har roz, hamesha). The focuses on sustaining the open defecation free status of villages across the country. It focuses on ensuring that people's behaviour is changed for good and everyone always uses a toilet.
A unified authority for requlating all financial services in IFSCs Context: The Union Cabinet has approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through International Financial Services Centres Authority Bill, 2019 . Facts: The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat.
What are the services an IFSC can provide? 1. Fund-raising services for individuals, corporations and governments. 2. Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds. 3. Wealth management. 4. Global tax management and cross-border tax liability optimization, which provides a 5. 6. business opportunity for financial intermediaries, accountants and law firms. Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching. Risk management operations such as insurance and reinsurance. Merger and acquisition activities among trans-national corporations 7.
Do you know? .A draft Bill has been prepared to set up a separate unifiec regulator for IFSCs. Following are the main features of the Bill: Management of the Authority: The Authority shall consist of a Chairperson, one Member each to be nominated by the Reserve Bank of India (RBI), the Securities Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority(PFRDA), two members to be dominated by the Central Government and two other whole-time or full-time or part-time members.
Functions of the Authority: 1. regulate all such financial services, financial products and Fls in an IFSC which has already been permitted by the Financial Sector Regulators for IFSCs. 2. regulate such other financial products, financial services or Fls as may be notified by the Central Government from time to time. 3. recommend to the Central Government such other financial products, financial services and financial institutions which may be permitted in the IFSCs.
. Powers of the Authority: . All powers exercisable by the respective financial sector regulatory (viz. RBI, SEBI, IRDAI, and PFRDA etc.) under the respective Acts shall be solely exercised by the Authority in the IFSCs in so far as the regulation of financial products, financial services and Fls that are permitted in the IFSC are concerned