Budget 2020 Current Affairs - 2020

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India-Portugal sign 7 agreements

The Portugal President Marcelo Rebelo de Sousa is on a 4-day visit to India. During his visit, he held talks with PM Modi. After their meeting 4 agreements were signed between the countries


The countries signed agreements on culture, transport, investment, industrial and intellectual property rights. Agreements were also signed on developing a world class national maritime heritage complex at Lothal.

The GoI also allocated funds for this joint venture in the Budget 2020-21

Budget 2020-21

The Fund allocated in Budget 2020-21 for the Ministry of Culture was 3,150 crores and for that of Ministry of Tourism was 2,500 crores.

The Fund is partly to be used for construction of a maritime museum at Lothal with the help of Portugal Government.

The funds will also be used in developing 5 archaeological sites.  They are Adichanallur in Tamil Nadu, Sivasagar in Assam, Hastinapur in Uttar Pradesh, Dholavira in Gujarat and Rakhigarhi in Haryana

Also, a tribal museum is to be set up at Ranchi, Jharkhand.

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The Direct Tax Vivad Se Vishwas bill introduced in Lok Sabha by the Finance Minister

The Finance Minister Nirmala Sitaraman proposed the scheme Vivad Se Vishwas Scheme in the Union Budget 2020. In order to implement the scheme, the minister introduced a bill in Lok Sabha on February 5, 2020. The main objective of the scheme is to


The scheme aims to settle the pending cases on direct taxes. The scheme is very similar to the “Indirect Tax, Sabka Vishwas Scheme” introduced by the minister in her previous budget in 2019. The Sabka Vishwas scheme aimed to settle down the disputes related to service tax and excise duty payments

Key Features

The Vivad Se Vishwas Scheme aims to resolve 483,000 direct tax disputes. The scheme provides waivers on interest if the disputed tax was paid before 31st March, 2020. The scheme also increases the dead line to June 30, 2020 for those tax payers who have not paid their taxes by March 31, 2020. However, such taxpayers will have to pay 10% more tax.

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