1. (Week 5; 2016) Raj Malhotra’s IAS Study Group, Chandigarh

2. INCREASING THE SAVING RATE Raj Malhotra’s IAS Study Group, Chandigarh

3. Indian Express – RANA KAPOOR ARTICLE “Fashioning a banking turn” Raj Malhotra’s IAS Study Group, Chandigarh

4. G rowth E fficiency A ttractiveness R each Raj Malhotra’s IAS Study Group, Chandigarh

5. Increase disposable income Raise exemptions to 5 Lakhs Link the exemption to inflation Raj Malhotra’s IAS Study Group, Chandigarh

6. Efficiency in financial transaction Use of Plastic, e-transactions (it will give impetus to people for saving in banks) Will also, curb Black Money Raj Malhotra’s IAS Study Group, Chandigarh

7. Make savings attractive Greater tax exemptions (like EPF, PPF E-E-E status to even NPS) Inflation adjusted instruments Raj Malhotra’s IAS Study Group, Chandigarh

8. Connect Post Offices (Postal Bank of India) Also Payment Banks Small Banks Mobile Money (IMPS – Immediate Payment System) Raj Malhotra’s IAS Study Group, Chandigarh

9. Direct Tax Reforms Raj Malhotra’s IAS Study Group, Chandigarh

10. Tax Administration Reforms Commission (TARC) Under Dr. Parthasarthi Shome in 2013 Raj Malhotra’s IAS Study Group, Chandigarh

11. Falling Tax/GDP Ratio (around 9%) Lax Tax administration Mounting Disputes Retrospective Taxation Raj Malhotra’s IAS Study Group, Chandigarh

12. Governance Reforms Merge CBDT and CBEC Abolish post of Revenue Secretary Raj Malhotra’s IAS Study Group, Chandigarh

13. Dispute Management Avoid Retrospective taxation Faster Disposal of cases (timeframe) Raj Malhotra’s IAS Study Group, Chandigarh

14. Process Reforms PAN to be Common Business Identification Number Time frame based refunds Pre-filled IT forms Full digitization of the process Raj Malhotra’s IAS Study Group, Chandigarh

15. Not enough reforms to punish erring tax payers Does not take suggest measures to build a culture of paying tax as a duty No discussion on fixing accountability in tax department in case of non-fulfillment of tax targets No reforms in sight to improve Fiscal Marksmanship Raj Malhotra’s IAS Study Group, Chandigarh

16. Taxpayer-friendly measures like To improve the ease of doing business Reduce litigation Accelerate the resolution of tax disputes Raj Malhotra’s IAS Study Group, Chandigarh

17. Suggested a higher interest levy for all delays in refunds Stock trading gains of up to Rs.5 lakh will be treated as capital gains and not business income (to encourage more retail investments in the stock market) TDS rates for individuals be reduced to 5% from 10% Dividend income on which dividend distribution tax has been levied should be treated as part of total income Defer ICDS (Income Computation and Disclosure Standards) Raj Malhotra’s IAS Study Group, Chandigarh

18. Gene Editing Raj Malhotra’s IAS Study Group, Chandigarh

19. UK gives green light to gene editing in viable human embryos ( for one research project) Raj Malhotra’s IAS Study Group, Chandigarh

20. By mechanism of CRISPR CAS 9 (which act as gene scissors) After cutting DNA healthy or desired genes will be inserted Raj Malhotra’s IAS Study Group, Chandigarh

21. Regulation Permission only for one time Modified DNA will not be planted back to embryo Scientific knowledge Early stage of embryo called Blastocyst Miscarriages, infertility, genetic disorders etc Bioethics Destruction of life Playing nature Designer baby syndrome Rich poor affordability issues Raj Malhotra’s IAS Study Group, Chandigarh

22. This is the end of the presentation for Issue Based Current Affairs for Week 5 (2016) Raj Malhotra’s IAS Study Group, Chandigarh For Regular Updates visit our website : www.rajiasacademy.com