Current Affair 13th July
Year 1 GST compensation to Statesonly ₹5,000
➢The compensation payable to the States for revenue loss arising from the GST is j￼ust ₹5,000 crore, far lower than was estimated, according to Chief EconomicAdviser Arvind Subramanian.
➢Consistent with my revenue neutral report and against what
everyone said, the GST compensation requirements are only about
Rs. 5,000 crore for the entire frst year ,” Mr. Subramanian said. “We
were surprised at how strong the revenue performance has been in
the frst year.” it wasn’t sufcient to get the talent from outside, but to ensure that the person can also efectively work with and within the
The Superpower summit, here are some of the contentious issues to be discussed
Russian President Vladimir Putin and U S president Donald Trump will hold their frst ofcial Summit in Helsinki
Arms Control : Both Russia and US have yet to begin discussions on what to do when the New Strategic Arms Reduction Treaty (New Start) expires in 2021
Kaliningrad: Russia has deployed nuclear-capable Iskander missiles in violation of Intermediate-range nuclear Forces (INF) Treaty Military build-up: U.S plans a permanent military base in Poland. Russia could responsd with an air base in belarus Georgia with 20% of its territory under Russian occupation Since 2008, South Ossetia and Abkhazia have become Russian military Base 2Stock brokers can’t accept cash from clients, says SEBI
Securities and Exchange Board of India (SEBI) made
- Securities and Exchange Board of India (SEBI) made it mandatory for stock brokers to accept client funds only by way of bank or electronic transfers such as chequesand mobile banking.
- The move is in line with SEBI’s plans to encourage paperless and cashless stock market trading.
- Incidentally, applications in an initial public offer (IPO) are now completely done through ASBA -Application Supported by Blocked Amount
3China eyes Indian pharma as U.S. trade turns cloudy
- ‘Drugmakers may get Chinese licences within six months’
- China is preparing to give swift regulatory approvals to India manufactured drugs,as Beijing looks for new commercial partners ahead of what could be a protracted trade war with the United States.
- Indian firms are looking to fill gaps in Chinese demand for generic drugs, software, sugar and some varieties of rice
- India dominates the world’s generic drugs market, exporting $17.3 billion of drugs in the 2017/18 (April – March) year, including to the U.S. and the EU. But only 1% of that went to China, the world’s second largest market for pharmaceuticals, in dustry data shows.
Iran says will strive to ensure security of oil supply to India
Iran is the third-biggest oil supplier to India and has offered refiners incentives including almost-free shipping and an enhanced credit period on oil sales
- Iran will do its best to ensure security of oil supply to India by offering “flexible measures” to boost bilateral trade
- India, Iran’s top oil client after China, asked refiners last month to prepare for drastic reductions or even zero Iranian oil imports
Nato summit: Trump claims victory, says allies
- Donald Trump hailed a personal victory at a Nato summit on Thursday, saying allies had sharply increased defence Spending commitments after he provoked a crisis session with a tirade at European leaders.
- French President Emmanuel Macron, on the other hand, countered the claim, saying Nato’s spending commitments remained the same.
- Interacting with reporters after the second day of the Brussels meeting, when Nato leaders huddled with him to try to defuse a crisis, Trump said: “I told people that I would be very unhappy if they didn’t up their commitments… I let them know that I was extremely unhappy.”