Current Affairs - September, 2018

Latest Current Affairs September, 2018 with Current Affairs, news summary on current events of National and International importance of September, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

PDF Compilation of these updates can be downloaded from This Link

4 Northern states and 2 UTs agree to fix uniform tax rates on petroleum products

Northern states of Punjab, Haryana, Uttar Pradesh, Himachal Pradesh and Union Territories of Delhi and Chandigarh have agreed to fix uniform tax rates on petroleum products, amid rising fuel prices. Besides, these states and UTs also have agreed to bring uniformity in taxes on liquor and registration of vehicles and transport permit. This decision will lead to increase in government revenue and at the same time curb black marketing. It will also help to curb diversion of trade.

Key Facts

Decision in this regard was taken at meeting finance ministers of five states and officials of UT Chandigarh held in Chandigarh to deliberate on fixing uniform rate of taxes on petrol and diesel. The meeting was initiative of Haryana Finance and Excise and Taxation Minister Captain Abhimanyu.

In this meeting it was decided to bring uniformity in VAT rates on petrol and diesel in order to provide relief to consumers. It was also decided to have uniform policy for state transport so that there should be no loss of revenue from registration and permit fees because of different tax rates.

The participating states also decided to constitute a sub-committee, which would give their recommendation with regard to uniformity in tax rates in next fifteen days. Committee of officials has also been set up for excise and transport, which will send report to their respective state governments on the uniformity of rates.

DAC approves procurement of 1,000 engines for fitment in T-72 tanks

Defence Acquisition Council (DAC) has approved procurement of 1,000 engines of 1,000 BHP (brake horse power) for fitment in T-72 tanks of Indian Army. These engines will be procured under ‘Buy & Make’ category at an approximate cost of over Rs 2,300 crore. Most of these engines will be manufactured by Ordnance Factories Board (OFB). Their fitment will enhance mobility, agility and acceleration of T-72 tanks making them more versatile and effective in the battlefield.

Defence Procurement Procedure(DPP)-16

DAC also approved several amendments to Defence Procurement Procedure(DPP)-16, the manual governing defence procurement. The amendments aim to reduce timelines in defence procurements and streamline Defence Procurement Procedures.

The amendments limit time period for executing Repeat Order to five years after date of completion of warranty of final delivery in previous contract. It also extended repeat order provisions to procurements by other services like Central Armed Police Force (CAPF) and Border Roads Organisation (BRO).

The amendments also include permissions to commence with benchmarking of cost for equipment immediately on receipt of trial report in Service headquarter, legislating provisions for exchange rate variations when pursuing procurement with ‘Option Clause’.

It also includes providing clarity on guidelines for easing provisions for imposition of LD Clause in upgradation and alteration cases, automatic incorporation of applicability of latest legislation or changes or amendment of any act or law, rules or regulations.

These measures will go long way in obviating under procedural delays. It will also hasten activities by shrinking procurement timelines and give due preference to indigenization.

Advertisement