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Current Affairs Date: 03 October 2021

National

Taxation Laws (Amendment) Bill, 2021

⇒ The Lok Sabha passed the Taxation Laws (Amendment) Bill, 2021 on 06 August 2021. The bill seeks to amend the Income Tax Act of 1961 and the Finance Act of 2012.

The Bill provides:

» No tax demand will be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012.

» The demand raised for indirect transfer of Indian assets made before the date will be nullified on fulfilment of specified conditions.

» The Bill also proposes to refund the amount paid in these cases without any interest thereon.

Central Universities (Amendment) Bill, 2021

⇒ The Lok Sabha passed the Central Universities (Amendment) Bill, 2021 on 06 August 2021.

About Bill:

» The Bill intended to establish a new Central University in Ladakh to ensure an increase in accessibility and quality of higher education and research for the people of the Union territory.

» At present, there is no Central University in Ladakh and the new University will be named as Sindhu Central University.

Limited Liability Partnership (Amendment) Bill, 2021

⇒ The Lok Sabha passed the Limited Liability Partnership (Amendment) Bill, 2021 on 09 August 2021. The bill seeks to amend the Limited Liability Partnership (LLP) Act, 2008.

About Bill:

» The bill seeks to encourage the start-up ecosystem. The bill, also intended to decriminalise 12 offences under the law and help improve the ease of doing business.

» The proposed bill seeks to reduce the total number of penal provisions under the LLP Act to 22 — seven compoundable offences, three non-compoundable and 12 defaults to be dealt with under the ‘In-House Adjudication Mechanism’. Compoundable offences are those which can be settled by paying a certain amount of money.

International

Exercise Konkan 2021

⇒ Exercise Konkan 2021 was held between INS Tabar and HMS Westminster on 16 August 2021 in the English Channel.

The exercise included the participation of integral helicopters of the two ships and the Falcon Electronic Warfare aircraft.

A wide range of exercises including co-ordinated anti-submarine procedures, firing drills, combined maritime picture compilation, combat formation maneuvering and replenishment at sea were conducted.

Exercise Konkan 2021 has enabled consolidate interoperability and helped cement the strong bonds of friendship between the two navies.

7th India International MSME Trade and Investments Expo Summits 2021

⇒ Union Minister of State (I/C) Science & Technology; Minister of State (I/C) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh addressed at the 7th India International MSME Trade and Investments Expo Summits 2021 in New Delhi on 19 August 2021.

Addressing the summit, Union Minister Dr. Jitendra Singh said:
    • New business enterprises are heavily dependent on scientific technology in contemporary India.
    • The MSME Ministry has set a target to enhance its contribution to GDP up to 50% by 2025 as India becomes a $5 trillion economy.
    • With around 36.1 million units, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities. Moreover, it is the second largest employment generating sector after agriculture as it provides employment to around 120 million persons in India.

Death

Former Uttar Pradesh Chief Minister, Shri Kalyan Singh

⇒ Former Uttar Pradesh Chief Minister, former Rajasthan Governor and senior leader Shri Kalyan Singh passed away on 21 August 2021 in Lucknow.

The 89-year-old leader, popularly known as “Babuji”, became the Chief Minister of Uttar Pradesh in 1992.

Source: PIB, AIR & Other News Reports

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