i. Stepping up its fight against tax evasion, the Centre has made it mandatory to quote the Aadhaar number for opening bank accounts and for transactions exceeding Rs.50,000. With the amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 notified earlier this month, banks will have to demand both Aadhaar and the Permanent Account Number (PAN) for verification of identity, starting June 1.
ii. By the Finance Act, 2017, the Government had made it mandatory to seed PAN with Aadhaar and quote it in income-tax returns. However, the Supreme Court had held that only those individuals who possess an Aadhaar card need to link it with PAN. The new rules mandate existing bank account-holders to provide their Aadhaar details by December 31, while new applicants will be expected to quote either the 12-digit number or offer proof that they have applied for Aadhaar enrolment.
Important Takeaways;
- The Unique Identification Authority of India (UIDAI) is a statutory authority.
- UIDAI was established under the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (“Aadhaar Act 2016”) on 12 July 2016 by the Government of India, under the Ministry of Electronics and Information Technology (MeitY).
- The tagline of Aadhaar - 'Mera Aadhaar, Meri Pehchan.
- Nandan Nilekani was the first chairman of UIDAI.
- J Satyanarayana is the present Chairman of the UIDAI.
i. The country's competition watchdog has imposed a penalty of Rs 87 crore on Korean carmaker Hyundai Motor India for anticompetitive conduct. According to the Competition Commission of India (CCI), the carmaker imposed arrangements upon its dealers that resulted in resale price maintenance — a deal not to sell a product below a specified price — in sale of passenger cars manufactured by it.
ii. Such arrangements also included monitoring of the maximum permissible discount levels through a Discount Control Mechanism, in contravention of the provisions of Section 3(4)(e) read with Section 3(1) of the Competition Act, 2002.
Important Takeaways;
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws.
- Competition Commission of India (CCI) has been established by the Central Government with effect from 14th October 2003.
- Devender Kumar Sikri is the Chairperson of Competition Commission of India.
- The Head Office of CCI is in New Delhi.
i. Katy Perry just keeps soaring in popularity. The Witness singer and pop culture lightning rod became the first person to reach 100 million followers on Twitter, making her the most-followed person on the platform, Twitter reports. Perry joined Twitter back in 2009, making her something of an early adopter as a celebrity.
ii. Since then, she's been an active user, sending out over 8,500 tweets in her time on the service; that's about a thousand each year. She's also been at the center of many memorable conversations and pop culture moments on the platform, from the 2015 Super Bowl's viral "Left Shark" debacle during her performance to her participation in the 2016 election.
Important Takeaways;
- This month, Perry was ranked No. 95 (tied with Chance The Rapper) on the FORBES list of the 100 highest-paid celebrities, with $33 million in earnings.
- Katy Perry is an American singer-songwriter.
i. Prime Minister Narendra Modi has inaugurated the Kochi Metro. He took a ride in the Metro from Palarivattom station to Pathadippalam station. Kerala Governor P Sathasivam, Chief Minister Pinarayi Vijayan, Union Urban Development Minister M Venkaiah Naidu and E Sreedharan popularly known as Metro man also travelled with Mr Modi.
ii. Kochi Metro is the first public transport system to reserve jobs for members of the third sex and it will be manned mainly by women a self-help group. Modi also launched the PN Panicker National Reading Day - Reading Month Celebrations. Kochi Metro Rail Limited is a 50-50 Joint Venture of Centre and the Kerala government.
i. External Affairs Minister Sushma Swaraj has inaugurated Know India Programme (KIP) for young overseas Indians at a function in New Delhi. This programme is aimed at promoting awareness on different facets of life in India and the progress made by the country in various fields such as economic and education.
ii. The Know India Programme is a three-week orientation programme for the Indian diaspora. It provides a unique forum for students and young professionals of Indian origin to visit India, share their views, expectations and experiences and develop closer bonds with the contemporary India.
i. Former German Chancellor, Helmut Kohl, died at his house in Ludwigshafen, in the western state of Germany. He was 87. Mr. Kohl, who led the centre-right Christian Democrats, was the longest-serving German chancellor of the 20th Century. As Germany's leader for 16 years, Kohl was remembered for reuniting the country and for making a huge political and economic contribution to Europe's integration.
ii. Kohl was credited with bringing East and West Germany together after the fall of the Berlin Wall. Together with his French ally President Francois Mitterrand, he was responsible for the introduction of the Euro.
i. Former Chief Justice of India PN Bhagwati, considered a pioneer of judicial activism in the country for introducing the concept of Public Interest Litigations (PILs) was passed away in New Delhi after brief illness. Justice Bhagwati, 95, is survived by his wife Prabhavati Bhagwati and three daughters.
ii. The 17th Chief Justice of India, Justice Bhagwati remained on the highest judicial post between July 1985 and December 1986. He also served as Chief Justice of the Gujarat High Court and was appointed a judge of the Supreme Court in July 1973
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