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Deal Shell Companies & Export Subsidy Issue - Today Current Affairs Topics

How To Deal Shell CompaniesWhy in news? Recently union government has initiated action against more than two lakh shell companies as part of Operation Clean Money. What is operation clean money? Operation Clean Money was initiated by Income Tax Department (ITD).Initial phase of the operation involved-verification of large cash deposits made after demonetization.Second phase of the operation involves is identification of high risk persons for detailed investigations by the ITD.What are shell companies? Shell companies are typically corporate entities which do not have any active business operations or significant assets in their possession.The government views them with suspicion as some of them could be used for money laundering, tax evasion and other illegal activities.Some laws helpin curbing illegal activities to target shell companies areBenami Transaction (Prohibition) Amendment Act 2016The Prevention of Money Laundering Act 2002The Companies Act, 2013.How can name of these companies…
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Pharma Trade & India & Japan - Today Current Affairs Topics

Challenges In Pharma Trade
What is the issue? The Indian pharmaceutical industry is facing challenges in both domestic as well as in international markets. What is the model of Indian Pharma industries? India is the third largest supplier of the world’s requirement of medicine.It capitalised on a strong domestic base in India through rapid product introductions, a kind regulatory and intellectual property system.Indian pharma companies chose pockets in Africa, Asia and the Middle East as natural expansion outposts.What are the challenges in Indian pharma trade? Domestic-Indian patients are paying high prices for drugs, due to fragmentation of distribution channels.The drug regulatory laws are not implemented in identical fashion across every state and city of the country.There are many ill-trained chemist all over the nation.International- US Supply channel consolidationhas led to 90 per cent of the buying power concentration in three big companies, hindering trade of Indian companies.The…

Global Human & Unnatural Jail Death - Today Current Affairs Topics

Remedies For Unnatural Jail Death
Why in news? Recently, SC directed the Chief Justices of all HC to register petitions suo motu to identify the kin of prisoners who died unnatural deaths and order the states to provide them compensation. What is the need for this Judgement? Normally, the National and States Human Rights Commissions decide and award compensations in cases of custodial torture, deaths.However, compliance by State governments is low as these commissions do not exercise any power of contempt.This judgment is significant as the high court will now directly award compensation and ensure compliance by the States.It also asked the Ministry of women and child development to formulate procedures for tabulating children who died unnatural deaths in custody or in child care institution by this year end.What is the significance? Human rights in a welfare state are not dependent on the status of the person whether he is a criminal or a victim.There is no reason at all to exclude their…

GDP Numbers & Regulatory Framework - Today Current Affairs Topics

Evolution Of A Regulatory Framework In India
What is the issue? Transparent regulators are a must for evolution of mature markets.In India, political considerations have time and again forced distortions in regulatory frameworks.What is a Regulatory Regime? Liberalisation of economies and unleashing of market forces gives birth to regulators and regulatory regimes.Economists described this as the transition of a government’s role from positive intervention to arm’s length superintendence.But the manner in which the regulatory system has been established and ‘Regulatory obstructionism’ to development of businesses is a debatable issue.Lack of transparency and accountability of the regulators in India has been flagged by many economic observers.Currently how deos the regulatory framework in India look? Over a period of time, a number of regulatory bodies, ranging from RBI, SEBI, IRDA, PFRDA to TRAI, electricity regulators, CCI, FDA have been set up in India.There is a proposal to create a …

Shankar IAS Academy Chennai UPSC Prelim Bits 14-09-2017

UPSC Civil Service Preliminary Exam Study Material
Electric Vehicle Capital of India Karnataka wants to become the electric vehicle capital of India.Karnataka is the first state to roll out an Electric Vehicle and Energy Storage Policy.The policy looks not only at boosting sales of EVs, but also setting up charging infrastructure.Policy aims to set up EV manufacturing zones along with facilities for testing that can be used even by start-ups.The state estimates that it will be able to create employment for 55,000 individuals over the next few years through the EV industry.SHAKTI Scheme for Harnessing and Allocating Koyala (Coal) Transparently in India (SHAKTI) is the new scheme of the centre to provide cheaper coal to private power units through bidding.Under this new programme, Coal India offered assured coal supply to units through bidding.The private power units had to quote the discount in their power tariffs that they would offer after getting cheaper coal from the company.Thus the …