Current Affairs June 2013
The government gave an incentive to the exporters of gold ornaments by hiking the duty drawback rate by Rs 73 to Rs 173.7 per gram on gold jewelry.
What is a Duty drawback?
- Duty drawback is the refund of duties on imported inputs for export items.
How will it affect exporters and Indian economy?
The move for duty drawback has come at a time when huge import of gold is exacerbating the country’s Current Account Deficit (CAD), which is likely to be at a high level of around 5% of the GDP.
The move will help jewelry exporters who are looking to increase the exports to $50 billion this fiscal as against $40 billion in 2012-13.It will help them in offsetting the high duty which they are paying for their import components consequent to hike in the import duty to 8%.
The government appointed former top Union home secretary V K Duggal as the nodal officer for relief and rescue operations in flood hit Uttarakhand, saying lack of proper coordination was hindering its mitigation efforts.
The relief and rescue operations are going on in the flood-ravaged areas of Uttarakhand with the combined efforts of the Army units along with Airforce and ITBP. There was an impression that lack of coordination among different agencies involved in the relief and rescue operations was hampering the government’s mitigation efforts.
India defeated England in the final match played at Edgbaston in Birmingham city of Englnad to clinch the ICC Champions Trophy which was tournament’s last edition. India defeated Egland by 5 runs, giving their skipper M S Dhoni, the unique record of being the first captain to win three world titles.
The Man of the Match and the ‘Golden Ball’ Award: Given to Indian all-rounder Ravindra Jadeja for picking the most number of wickets, 12, in the tournament.
The Golden Bat: Shikhar Dhawan, India’s left-handed batsman won this award for scoring the most runs in the tournament, 363 runs from five matches at an average of 90.75.
The Indian Government is planning to start Visa-on-Arrival services for 30 countries including China. As per the Tourism Ministry, Beijing has a huge potential for exchanges in the sector. The proposal has to be cleared by the Home Ministry.
About Visa-on-Arrival Service:
- Objective: To ensure that India has at least 1% share in the international tourist arrivals, which is about 0.64%.
- Under Visa-on-Arrival facility, a traveler can go straight to the intended country and get visa at the airport itself.
- Current Status: Currently, India has extended Visa on Arrival facilities to 11 countries including Singapore, Japan, Ne
w Zealand, Vietnam and Philippines.