The Lok Sabha on March 4, 2020 passed the Vivad se Vishwas Bill with certain amendments. The Bill is aimed at settling the pending direct tax disputes in India. Under the said Bill, over 4 lakh direct tax cases will be resolved that are currently pending in various High Courts and Supreme Court as well. The Bill provides certain waivers to Taxpayers if they pay off the amount within the given time limit.
NASA recently named its Mars rover as ‘Perseverance’ for the scheduled Mars mission for July 2020. The National Aeronautics and Space Administration (NASA) organised a nationwide competition to decide the name of the Mars rover. Seventh-grade student Alexander Mather emerged as a winner in the competition.
TIME Magazine’s ‘TIME 100 Women of the Year’ list contains the names of two powerful Indian women – Indira Gandhi and Amrit Kaur. Indira Gandhi has been named as the women of the year for 1976 and Amrit Kaur has been named for the year 1947. Gandhi has been adjudged as India’s great authoritarian by the Time Magazine.
The troubled private lender YES Bank has been imposed with the moratorium by the Reserve Bank of India, RBI. The central bank has capped the withdrawal limit at Rs 50,000 per account. Moreover, the YES Bank’s Board has been suspended for a period of 30 days for not being able to raise funds for the bank to manage the mounting NPAs and loan losses.
The Appointments Committee of the Cabinet on March 3, 2020 appointed former IAS officer Ajay Bhushan Pandey as the new Finance Secretary. Pandey is an Indian Administrative Service Officer of 1984 batch. He succeeds Rajiv Kumar, who superannuated in February 2020