Why is it in the News?
The recent fiasco related to the Punjab and Maharashtra Cooperative Bank (PMC) has brought to the fore the problems associated with Cooperative banks and the need for regulating them.
Vivad se Vishwas (The Scheme)
The scheme introduced by the Ministry of Finance gives the taxpayers who pay their contested taxes on or before 31 March 2020 a full waiver on interest and penalty. Inspired by the success of the Sabka Vishwas Scheme that reduced a number of indirect tax disputes, on February 5, 2020, the Finance Minister tabled The Direct Tax Vivad se Vishwas Act, 2020 in Parliament.
Mission Purvodaya: Development of Steel Sector
In India the use of steel is expected to rise. Indian steel industry needs to be made cost-effective and operate on new business models. Under this aim Mission Purvodaya is launched in 2020 by the Ministry of Petroleum and Natural Gas & Steel in partnership with the Government of Japan for the accelerated development of eastern India through the establishment of an integrated steel hub in Kolkata, West Bengal.
Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme
The Export Duty Remission and Tax (RoDTEP) is a new scheme that was implemented since 1st January 2020, replacing the former Indian Merchandise Exports (MEIS).
New Development Bank
Context: The Finance Minister of India recently attended the 5th Annual Meeting of the Board of Governors of the New Development Bank through video-conference.
An attempt was made by some European countries including France and Britain to overhaul the global tax system for digital giants,under the auspices of Organization for Economic Cooperation and Development (OECD).