Current Affairs – June, 2014

Latest Current Affairs June, 2014 with Current Affairs, news summary on current events of National and International importance of June, 2014 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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World Food Prize 2014 to India-born scientist Sanjaya Rajaram

Sanjaya Rajaram, an India-born plant scientist, has been chosen for the World Food Prize 2014 for scientific research that led to a stupendous increase in world wheat production.

However, farm activists in the country criticised the prize as mere a public relations stunt by big agri-food companies who fund it.

Sanjaya Rajaram, a citizen of Mexico, took over Nobel Laureate Norman Borlaug as head of the wheat breeding program at the International Maize and Wheat Improvement Center (CIMMYT) in Mexico, where he worked for 33 years. The World Food Prize acknowledges his contribution to the breeding technologies which have made significant impact in providing more nutritious food around the world and assuaging world hunger.

International Maize and Wheat Improvement Center 

Commonly called by its Spanish acronym CIMMYT (Centro Internacional de Mejoramiento de Maíz y Trigo) is a non-profit research and training institution dedicated to both the development of improved varieties of wheat and maize, and introducing better agricultural practices to farmers, thus bettering their livelihoods.

CIMMYT is one of the 15 non-profit, research and training institutions affiliated with the Consultative Group on International Agricultural Research (CGIAR).

Month: Categories: AwardsInternationalPersons in News

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BCIC recommendations on tax reforms accepted by Shome Committee

The Tax Administration Reform Commission (TARC) headed by Parthasarathy Shome has accepted the suggestions of the Bangalore Chamber of Industry and Commerce (BCIC) pertaining to realignment of the administration of CBDT and CBEC which will help move towards a more “unified management structure”. The Committee suggested abolition of the post of Revenue Secretary, merger of Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) and broaden the use of Permanent Account Number (PAN).

The recommendations by BCIC have been incorporated in TARC’s report submitted to the Finance Ministry.

Some key suggestions by BCIC included in TARC report:

  • Realignment of administration of CBDT and CBEC to develop a unified management structure.
  • Abolish of manual filing of TDS certificates
  • Single registration of both central excise and service tax
  • Dispute resolution based on a fundamental approach of collaborative and solution oriented
  • PAN as a common business identification number
  • Single registration for both central excise and service tax
  • Enhance the number of payment gateways for tax payments, provision to allow disclosure in the returns.
  • Do away with territorial jurisdiction
  • Industry-based assessment
  • Dispense with manual filing of TDS certificates
  • Alternate and speedier dispute resolution mechanisms

Note: The TARC was formed by the Union government with a view to review the application of Tax Administration in India in the context of global best practices.

Month: Categories: Business, Economy & Banking

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