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20th December – Prelims Booster

MoEF keeps in abeyance letter to Karnataka on Kalasa-Banduri

In a reprieve for Goa, the Union Ministry of Environment, Forest and Climate Change has kept in abeyance its letter written to Karnataka, stating that its proposed Kalasa-Banduri project on Mahadayi river did not need an environment clearance.

About Kalasa-Banduri project –

  • The Kalasa-Banduri project is aimed at providing drinking water to three important districts of north Karnataka- Belgavi, Gadag and Dharwad – which go parched in summer due to acute water scarcity.
  • The project involves diverting water from Mahadayi river, the lifeline of Goa, into Malaprabha river.

Tharoor wins Akademi’s 2019 award for English

The Sahitya Akademi has announced its annual literary awards for 2019 for works in 23 languages, including one for Shashi Tharoor’s non-fiction book about British rule in India.

About Sahitya Akademi Award –

  • Sahitya Akademi award established in 1954, is a literary honour that is conferred annually by Sahitya Akademi, India’s National Academy of letters.
  • Award is presented to the most outstanding books of literary merit published in any of the twenty-four major Indian languages recognised by the Akademi (including English).
  • Sahitya Akademi award is the second highest literary honour by the Government of India, after Jananpith award.
  • The author must be of Indian Nationality.
  • Book/work eligible for award must be an outstanding contribution to the language and literature to which it belongs.
  • When equal merit for books of two or more are found, certain criteria like total literary contribution and standing of authors shall be taken into consideration for declaring award.

A setback for Tata Group

The NCLAT order restoring Cyrus Mistry as Tata Sons’ chairman is a major setback for the Tata Group and its former chairman Ratan Tata unless the Supreme Court reverses this judgment, according to legal and company law experts.

About NCLAT –

  • It was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal.
  • NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
  • NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
  • NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).

First SEZ in Tripura

The Ministry of Commerce and Industry has notified the setting up of the first ever Special Economic Zone (SEZ) in Tripura.

Details –

  • The SEZ is being set-up at Paschim Jalefa, Sabroom, South Tripura District, which is 130 km away from Agartala. It will be a Sector Specific Economic Zone for Agro-Based Food Processing.
  • After it is set up, 100 percent Income Tax exemption will be provided on export income for SEZ units under Section 10AA of the Income Tax Act for the first 5 years.
  • Also 50 percent exemption will be provided for the next 5 years and 50 percent of the ploughed back export profit for another 5 years.

About Special Economic Zones –

Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which envisages attraction of a large flow of foreign and domestic investment in infrastructure and productive capacity leading to generation of additional economic activity and creation of employment opportunities.

A SEZ is a designated duty free enclave to be treated as foreign territory for the purpose of trade operations and duties and tariffs. Other notable features are as follows:

  • The units must become net foreign exchange earners within 3 years.
  • A SEZ does not require a license for imports.
  • SEZ are allowed manufacturing, trading and service activities.
  • Full freedom for subcontracting.
  • The domestic sales from the SEZ are subject to full custom duties and import policy is in force, when they sell their produce to domestic markets.
  • There is no routine examination by the custom authorities.
  • Single window clearance for Central and State level approvals.

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