THE EXAMS MADE SIMPLE: Daily PIB NEWS ANALYSIS FOR 26th 27th and 28th November 2016 UPSC/IAS Exam

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Daily PIB NEWS ANALYSIS FOR 26th 27th and 28th November 2016 UPSC/IAS Exam

 26th 27th and 28th November 2016


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1)Journalist Dileep Padgaonkar has passed away.--You need to read more about him and his contributions in the field of Journalism.




2)Cuban Leader for  more than 50 years Fidel Castro died.

He had a great role in the history of Cuba and was an avid fighter against Poverty inequality and imperialism.



He was a believer of Truth and Justice and in his words he believed in the ability of Man.
Believer of Communism and anti - capitalist, he helped congo , Angola and even Portugal in the war against imperialism.
He was the mirror of the Aspirations of the Third world Countries.




3)Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha; A scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) proposed in the Bill.


Recently Steps like Demonetization have been taken in order to curb the Black Money.

Concerns have been raised that some of the existing provisions of the Income-tax Act, 1961 (the Act) can possibly be used for concealing black money.

The Taxation Laws (Second Amendment) Bill, 2016 (‘the Bill’) has been introduced in the Parliament to amend the provisions of the Act to ensure that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision.

So Now What happens is that People Would Startt Finding ways to Protect their Black Money by any possible means so it was the suggestion of the experts that these people should be given the second chance so as to pay heavy taxes and fines on their illegitimate money and come out clean.

2 Benefits of this :
i)Government gets additional revenue for undertaking activities for the welfare of the poor
ii)Remaining part of the declared income legitimately comes into the formal economy.

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) has been proposed in the Bill.


So what will happen under the Scheme :

i)The declarant under this regime shall be required to pay tax @ 30% of the undisclosed income, and penalty @10% of the undisclosed income.

ii)Further, a surcharge to be called ‘Pradhan Mantri Garib Kalyan Cess’ @33% of tax is also proposed to be levied.

iii)In addition to tax, surcharge and penalty (totaling to approximately 50%), the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the ‘Pradhan Mantri Garib Kalyan Deposit Scheme, 2016’.
This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality.

That means nearly 75% of the Undisclosed income will come to govt.

4)National Milk Day is celebrated in India on the birth anniversary of Dr. Verghese Kurien, the Father of White Revolution. :26th Nov. 2016



5)e-Pashuhaat Portal :(www.epashuhaat.gov.in)

on the occasion of National Milk Day here today. Shri Radha Mohan Singh Singh informed that for the first time in the world under the scheme National Mission on Bovine Productivity ‘e-pashuhaat’ portal has been developed

This will connect breeders and farmers regarding the availability of bovine germplasm.

Through the portal breeders/farmers can sell and purchase breeding stock, information on all forms of germplasm including semen, embryos and live animals with all the agencies and stake holders in the country has been uploaded on the portal. 

Through this portal, farmers will be aware about the availability of quality disease free bovine germplasm with different agencies in the country.  The portal will lead to propagation of high genetic merit germplasm

India has the largest bovine population in the world.



THAT's all for today friends!!


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