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1. Veteran CPI leader AB Bardhan passes away
1. Veteran Communist Party of India (CPI) leader Ardhendu Bhushan Bardhan passed away in Mumbai, Maharashtra. He was 92.
2. He has been a leading figure of the trade union movement and left politics in India and had played a key role in maintaining the space for Communists in national politics.
2. Government to roll out DBT scheme for kerosene from April 1, 2016
1. The Union Government is going to roll out LPG-like Direct Benefit Transfer (DBT) scheme for kerosene from 1st April 2016. The scheme in the initial phase will be implemented in selected 26 districts of eight states.
2. These states are Haryana, Chhattisgarh, Jharkhand, Himachal Pradesh, Maharashtra, Madhya Pradesh, Punjab and Rajasthan.
3. Under the scheme People will buy kerosene at market rate (un-subsidised price) but will get subsidy directly in their bank accounts. The cash subsidy paid to users under it will be equivalent to the difference between current Public Distribution System (PDS) price and market rate of kerosene. During the initial phase, kerosene subsidy will be credited to eligible beneficiaries in advance to avoid any inconvenience of payment of un-subsidised price
3. NABARD, NRSC signed MoU for monitoring Watershed Projects
1. The National Bank for Agriculture and Rural Development (NABARD) on 1 January 2016 signed the Memorandum of Understanding (MoU) with National Remote Sensing Centre (NRSC) for web-based monitoring of Indo-German Watershed Development projects.
2. Highlights of the MoU
• The web-based monitoring of Indo-German Watershed Development projects will happen in three states- Gujarat, Rajasthan and Telangana.
• Under the MoU, NRSC will create a separate page for NABARD on Bhuvan web-portal.
• NRSC will develop customised software tool and mobile application for real time monitoring, online comparison and visualisation with respect to activities implemented in the projects.
4. New reporting norms for high value transactions from April 1
1. In order to check black money, the CBDT has notified norms under which cash receipts and high value transactions beyond a certain threshold will have to be reported to the Income Tax authorities with effect from April 1.
2. Under the new norms, cash receipts, purchase of shares, mutual funds, immovable property, term deposits, and sale of foreign currency will have to be reported to the tax authorities in a prescribed format, which is Form 61A.
3. The Finance Ministry notification said the registrar will have to report purchase and sale of all immovable property exceeding Rs. 30 lakh to the I-T authorities.It further specified that professionals will be required to inform the tax department of receipt of cash payments exceeding Rs. 2 lakh for sale of any goods or services.
4. As regards bank deposits, the notification said banks will have to report cash deposits aggregating Rs. 10 lakh or more in a financial year in one or more accounts of a person.
5. Mumbai, Delhi figure in world’s top-30 ‘super cities’
1. Two Indian cities — Delhi and Mumbai — have made it to a top-30 list of the world’s most powerful, productive and connected cities.
2. According to the study conducted by international real estate consultancy JLL, India’s financial capital Mumbai has been ranked 22nd while the national capital Delhi is placed at 24th.
3. The list is topped by Tokyo, which along with New York, London and Paris, make the top four ‘super cities’ These four were the destination of over 50 per cent of all foreign capital invested in the Global Top 30 cities.