AspirantWorld One liners : 22nd November

• According to Constitution and legal experts, the administration will have to introduce a bill in Parliament to abolish the three agro laws that have been the subject of farmer demonstrations over the past year. Prime Minister Narendra Modi announced in his speech to the country that the three farm laws will be repealed and that the constitutional process to do so will be finished in the Winter session of Parliament, which begins later this month.

• Domestic taxes cannot be assessed if a corporation does not have a presence in India, according to a tax tribunal, providing much-needed clarity for companies that earn money through advertising. ESPN, the sports channel, vs. the tax authorities were the subject of the tax tribunal’s decision. ESPN cannot be taxed in India since it does not have a permanent establishment (PE) or a commercial tie, according to the Delhi Income Tax Appellate Tribunal (ITAT). PE is a tax concept that decides which jurisdiction has the authority to tax a firm first.

• The Reserve Bank of India (RBI) has provided updated data on foreign exchange reserves. The country’s foreign exchange reserves fell by $ 763 million to $ 640.112 billion in the week ending November 12, according to new figures. In the week ending November 5, foreign exchange reserves fell by USD 1.145 billion to USD 640.874 billion. Reserves, on the other hand, hit a new high of USD 642.453 billion in the week ending September 3, 2021. The Reserve Bank of India’s (RBI) weekly data shows that the reduction in forex reserves this reporting week was due to a drop in foreign currency assets (FCA), a major component of overall reserves. FCA fell $2.094 billion to $575.487 billion in the reporting week, according to the data.

• On the second day of the MSME North East Conclave, Union Minister for MSME Narayan Rane announced the Special Credit Linked Capital Subsidy Scheme (SCLCSS) for the services sector. Senior authorities from the Ministry of MSME in Guwahati were also in attendance. The scheme would assist companies in the services sector in meeting their technology-related requirements by providing a 25% capital subsidy for the purchase of plant and machinery, as well as service equipment, through institutional credit to SC-ST MSEs without any sector-specific limits on technology upgradation.

• The World Health Organization (WHO) has released the fourth edition of its Global Report on Tobacco Use Trends 2000-2025. According to the research, the South-East Asia region had the fastest reduction in cigarette consumption. In 2020, the average prevalence of smoking among males will be 25%, down from 50% in 2000. Tobacco smoking among women in the South-East Region has declined from 8.9% in 2000 to 1.6 percent in 2020.

• The Hingoli income division has given the Laser Interferometer Gravitational-Wave Observatory (LIGO) project 225 hectares of land in Maharashtra. The land was given to the country in order to organise primary facilities. In the United States, just two such labs exist: Hanford in Washington and Livingston in Louisiana. Gravitational waves are studied at these labs. This initiative will provide scientists and engineers more options for learning more about gravitational waves.

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