Union Budget of India: Information & 2016-17 Highlights -Examrace

Expect atleast one question in your exam from this lecture! Dr. Manishika Jain explains the concept, composition, objectives and highlights of 2016-17 union budget. 2016-17 Highlights Current Account Deficit declined from 1% last year to 0.3% of GDP in the first half of 2016-17 Farmers : Double the income in 5 years Rural Population : Employment & basic infrastructure Youth : Education, skills and jobs Poor and the Underprivileged : Social security, health care and affordable housing Infrastructure: Efficiency, productivity and quality of life Financial Sector : Growth & stability by stronger institutions Digital Economy : Speed, accountability and transparency Public Service : Effective governance and efficient service delivery through people’s participation Prudent Fiscal Management: Deployment of resources and preserve fiscal stability Tax Administration: Honoring the honest Key Aspects @0:17 Kautilya’s Arthashastra @2:59 India – Budget by Finance Minister @4:38 Plan & Non – Plan Expenditure @6:48 Capital & Current Receipts @8:14 Important Articles @10:13 Important Documents @13:13 Macro Economic Framework Statement @13:15 Medium Term Fiscal Policy Statement @13:28 Fiscal Policy Strategy Statement @13:39 2016-17 Highlights @14:09 #Parliament #Divestment #Proportion ##Narrowing #Postponement #Exemption #Deficit #Merger #Expenditure #Financial #Manishika #Examrace By 2017-18: high speed broadband connectivity on optical fibre will be available in more than 1,50,000 gram panchayats, under BharatNet DigiGaon initiative: Tele-medicine, education and skills through digital technology Establish strategic oil reserves at Chandikhole in Odisha and Bikaner in Rajasthan Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18 Abolish Foreign Investment Promotion Board in 2017-18 Establish Computer Emergency Response Team for our Financial Sector (CERT-Fin) Launch New ETF with diversified CPSE stocks and other Government holdings in 2017-18 BHIM app - Referral Bonus Scheme for individuals & Cashback Scheme for merchants Aadhar Pay: Merchant version of Aadhar Enabled Payment System to be launched 10 lakh new POS terminals by March 2017 Payments Regulatory Board in RBI by replacing existing Board for Regulation and Supervision of Payment and Settlement Systems Government e-market place: Functional for procurement of goods and services To utilize the Head Post Offices as front offices for rendering passport services Centralized Defense Travel System developed - travel tickets can be booked online by soldiers and officers Web based interactive Pension Disbursement System for Defense Pensioners to be established Demonetization: Deposits between 2 to 80 lakh Rupees were made in about 1.09 crore accounts with an average deposit size of Rs. 5.03 lakh. Deposits of more than 80 lakh were made in 1.48 lakh accounts with average deposit size of Rs. 3.31 crores. Profit-linked income tax deduction for promotion of affordable housing: Carpet area instead of built up area of 30 and 60 Sq.mtr. will be counted 30 m2 limit: municipal limits of 4 metropolitan cities 60 m2: For the rest of India & peripheral areas of metros No transaction above Rs. 3 lakh would be permitted in cash subject to certain exceptions Miniaturized POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers / Scanners and Iris Scanners manufacture to be exempt from BCD, Excise/CV duty and SAD Maximum amount of cash donation, a political party can receive: Rs. 2000/- from one person, can receive cheque & digital payments Surcharge of 10% of tax: Annual taxable income is between Rs. 50 lakhs and Rs. 1 crore Simple one-page form to be filed as Income Tax Return for the category of individuals with taxable income upto Rs. 5 lakhs other than business income Appeal to all citizens of India to contribute to Nation Building by making a small payment of 5% tax if their income is falling in the lowest slab of 2.5 lakhs to 5 lakhs. RAPID (Revenue, Accountability, Probity, Information and Digitisation) - Maximize efforts for e-assessment in the coming year Enforcing greater accountability of officers of Tax Department for specific act of commission and omission Ready-made fully solved questions for GS at https://www.doorsteptutor.com/Exams/IAS/Prelims/ Don't miss preparing for IAS CSAT Paper II - http://www.examrace.com/IAS/IAS-FlexiPrep-Program/Postal-Courses/Examrace-IAS-CSAT-Prelims-Paper-II-Series.htm