Current Affairs 18th March 2015

Current Affairs 18th March 2015 - Important Points

• Who has released Trends in International Arms Transfers 2014 report - SIPRI

• Who has override the Union Government’s decision to include Jats in the Central OBC list - Supreme Court

• Who has approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 - Union Cabinet

• Who has been elected as Speaker of 12th Legislative Assembly of J&K - BJP MLA Kavinder Gupta

• Who has won Australian Grand Prix of Formula One - Lewis Hamilton of Britain

Current Affairs 18th March 2015 - Details

Who has released Trends in International Arms Transfers 2014 report - SIPRI

Among the important National Current Affairs, On 16th March 2015, Stockholm International Peace Research Institute (SIPRI) released Trends in International Arms Transfers 2014 report. According to the report, India is the world's largest importer of military equipment and weapons, accounting for 15% of global imports, with Russia being its greatest supplier.

Highlights of the Report

• The proportion of transfers of major weapons in 2010–14 was 16 percent higher than in 2005– 2009.
• China succeeded Germany as the third largest arms exporter in 2010–14, in 2005–2009 China was ranked ninth.
• The five biggest importers in 2010–14 were China, Saudi Arabia, India, the Pakistan and UAE. Together, they received 33% of all arms imports.
• The main recipient region in 2010–14 was Oceania and Asia, followed by the Middle East (22%), Europe (12%), the Americas (10%) and Africa (9%).
• Between 2005–2009 and 2010–14, arms imports by states in Africa increased by 45%, Asia and Oceania by 37%, the Middle East by 25% and the Americas by 7%. Imports by states in Europe decreased by 36%.
• The five biggest exporters in 2010–14 were the France, Germany, China, Russia and USA. Together, they accounted for 74% of the volume of arms exports. USA and Russia supplied 58% of all exports.

Who has override the Union Government’s decision to include Jats in the Central OBC list - Supreme Court

On 17th March 2015, The Supreme Court of India (SC) overrided the Union Government’s decision to include Jats in the Central Other Backward Classes (OBC) list. The SC declared the Union government’s decision as null and void because of the following reasons:

• The National Commission for Backward Classes (NCBC) in its report on 26th February 2014 had rejected the Union government’s request for recommending inclusion of Jat community in the central list of backward classes because they do not form socio-economic backward class. Although, the Union Government overlooked the commission’s recommendation and issued a notification on 4 March 2015 including Jats in the Central OBC list.
• According to the Mandal Commission’s recommendation though Caste is a prominent factor it cannot be the sole factor of determining the backwardness of a class.
• Addition of politically organised castes like the Jats in OBC list is not good for other backward classes.

Excluding, the SC also asked the Union Government to consider new and emerging form of backwardness to decide the OBC list and referred the case of transgender which must be given benefits of OBC reservation.

The Supreme Court decision came on a Public Interest Litigation (PIL) filed by the OBC Reservation Raksha Samiti which represents the members of communities that are included in the Central List of Backward Classes.

Who has approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 - Union Cabinet

Among the important National Current Affairs, On 17th March 2015, The Union Cabinet approved the Undisclosed Foreign Income and Assets Bill, 2015 to deal with cases relating to black money stashed away in other countries.

Important provisions of the Bill

• Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with punishment of rigorous imprisonment up to 10 years.
• Misdeed of storing unaccounted money abroad will be made non-compoundable (A non-compoundable offence is one in which the complainant (the government in this instance) does not enter into a compromise with the accused.
• The culprit will not be permitted to approach the Settlement Commission
• Penalty for such secretion of income and assets at the rate of 300% of tax shall be levied
• The government will give a short time to those storing black money abroad to declare their wealth, pay taxes and penalty, and escape prosecution under the proposed law.
• Filing of return with deficient disclosure of foreign assets will be liable for prosecution with punishment of rigorous imprisonment up to 7 years.
• Income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate. Exemptions which may otherwise be applicable in such cases shall not be allowed.
• Inheritor of foreign assets will be required compulsarily to file return, even if there is no taxable income.
• Cooperator of the above offences, whether individuals, entities, banks or financial institutions will be liable for prosecution and penalty.
• Opening date of foreign account would be mandatorily required to be specified by the assessee in the return of income.
• The offence of concealment of income or evasion of tax in relation to a foreign asset will be made a predicate offence under the Prevention of Money-laundering Act, 2002. This strategy would enable the enforcement agencies to attach and confiscate unaccounted assets held abroad and launch prosecution against persons indulging in laundering of black money.
• The definition of revenue of crime under PMLA is being amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited.
• The Foreign Exchange Management Act, 1999 will also be amended to the effect that if any foreign security, foreign exchange or any immovable property situated outside India is held in contravention of the provisions of this Act, then action may be taken for annexation and eventual confiscation of assets of equivalent value situated in India. These violations are also being made liable for levy of penalty and prosecution with punishment of imprisonment up to five years.

Who has been elected as Speaker of 12th Legislative Assembly of J&K - BJP MLA Kavinder Gupta

On 18th March 2015, Bharatiya Janata Party (BJP) legislator Kavinder Gupta was elected as the speaker of 12th Legislative Assembly of Jammu and Kashmir. Gupta is a BJP MLA from Gandhinagar constituency of Jammu region and he replaces the Pro-tem Speaker Muhammad Shafi of the National Conference party.

The proposal for election of speaker of the house was moved by State Minister for Law, Justice and Parliamentary Affairs Basharat Bukari and seconded by Deputy Chief Minister Nirmal Kumar Singh of BJP.

Gupta is the first time MLA and had defeated senior Congress leader Raman Bhalla in December 2014 in the state polls. Prior to this, he has served as Mayor of Jammu city.

Who has won Australian Grand Prix of Formula One - Lewis Hamilton of Britain

Among the important Sports Current Affairs, On 15th March 2015, Mercedes driver Lewis Hamilton of Britain won the 2015 Formula 1 Rolex Australian Grand Prix. Only eleven cars were able to take the chequered flag. This was the first Australian Grand Prix win for Lewis Hamilton since 2008 and overall it was his 34th Grand Prix.

Hamilton led the race from start to finish. He was followed by teammate Nico Rosberg (second place), Sebastian Vettel (Ferrari), Felipe Massa (Williams).