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Current Affairs 13 May 2022

CONTENTS

  1. On the question of notifying minorities
  2. India hypertension control initiative
  3. Pradhan Mantri Ujjwala Yojana
  4. Association of Southeast Asian Nations (ASEAN)
  5. PAN, Aadhaar have been made mandatory for high-value cash deposits & withdrawals


On the Question of Notifying Minorities


Context:

A public interest litigation (PIL) under the consideration of the Supreme Court of India challenges the power of the Centre to notify minority communities at a national level.

Relevance:

GS II- Polity and Governance

Dimensions of the Article:

  1. Who is a minority and who decides that?
  2. What does the PIL argue?
  3. Constitutional Provisions

Click Here To Read More: On the Question of Notifying Minorities


India Hypertension Control Initiative


Context:

A project called the India Hypertension Control Initiative (IHCI) finds that nearly 23% out of 2.1 million Indians have uncontrolled blood pressure.

Relevance:

GS II- Health

Dimensions of the Article:

  1. What is Hypertension?
  2. What is the IHCI?
  3. How prevalent is the problem of hypertension?

Click Here To Read More: India Hypertension Control Initiative


Pradhan Mantri Ujjwala Yojana


Context

In the financial year 2021-22, 90-lakh beneficiaries of the flagship welfare scheme, Pradhan Mantri Ujjwala Yojana (PMUY), did not take refill gas cylinders. And over one crore beneficiaries got their refills only once.

Relevance:

GS-II: Social Justice and Governance (Welfare Schemes, Government Policies & Interventions)

Dimensions of the Article:

  1. About Pradhan Mantri Ujjwala Yojana (PMUY) – 1
  2. Advantages of PMUY
  3. Why was PMUY Necessary?
  4. About PMUY-II

Click Here To Read More: Pradhan Mantri Ujjwala Yojana


Association of Southeast Asian Nations (ASEAN)


Context:

US President Joe Biden will host leaders and top officials of the Association of Southeast Asian Nations (ASEAN) in Washington DC.

Relevance:

GS II- International Relations

Dimensions of the Article:

  1. About Association of Southeast Asian Nations (ASEAN)
  2. ASEAN’s Objectives

Click Here To Read More: Association of Southeast Asian Nations (ASEAN)


PAN, Aadhaar Have Been Made Mandatory for High-Value Cash Deposits & Withdrawals


Context:

The government has made requirement of a Permanent Account Number (PAN) or Aadhaar number for depositing or withdrawing Rs 20 lakh or more in a financial year or for opening a current account mandatory.

Relevance:

GS III- Indian Economy

Dimensions of the Article:

  1. What are the new rules?
  2. How will this help tax department
  3.  Interchangeability of PAN with Aadhaar

What are the new rules?

  • The Central Board of Direct Taxes, in a notification, said furnishing PAN or biometric Aadhaar will be mandatory for such high-value cash deposits or withdrawals from banks in a financial year, or the opening of a current account or cash credit account with a bank or post office.
  • Banks, post offices and co-operative societies would be required to report the transactions of deposits and withdrawals aggregating to Rs 20 lakh or more in a financial year.
  • As of now, PAN is required to be furnished for cash deposits of Rs 50,000 or more in a day.
    • With these rules, a threshold of Rs 20 lakh has been defined for the full financial year.

How will this help tax department?

  • The move is expected to help the income tax department monitor high-value cash transactions, and deposits/withdrawals where tax would not be getting paid by the individual otherwise on his or her income.
  • The mandatory condition of obtaining PAN for deposit and withdrawals would help the government in tracing the movement of cash in the financial system.
  •  Along with the already existing provision of TDS deduction under Section 194N of the Income-tax Act, 1961, these rules are expected to further tighten the loopholes.
    • Section 194N was introduced in Union Budget 2019 for tax deduction at source (TDS) on cash withdrawals exceeding Rs 1 crore.
    • In the Budget 2020, the threshold limit for TDS under Section 194N was reduced to Rs 20 lakh for taxpayers who have not filed their income tax returns for the past three years.

 Interchangeability of PAN with Aadhaar:

  • The Finance Act, 2019, has provided for interchangeability of PAN with Aadhaar.
  • The interchangeable Aadhaar-PAN provision in the rules would allow a bank or financial institution to ask for Aadhaar in case an individual states that he or she doesn’t have PAN
  • It has been provided that every person who is required to furnish or intimate or quote his PAN under the Income-tax Act, and who, has not been allotted a PAN but possesses the Aadhaar number, may furnish or intimate or quote his Aadhaar in lieu of PAN.

-Source: Indian Express


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