Daily Current Affairs for UPSC IAS Preparation: 16 & 17 November 2017

Cabinet clears setting up of GST anti-profiteering authority

Cabinet has approved creation of National Anti-profiteering Authority (NAA) under GST, to ensure benefits of reduction in indirect tax rates are passed on to consumers.

The authority will comprise a standing committee, screening committee in every state and Director General of safeguards in the central board of Excise and customs. The constitution of NAA will bolster the confidence of consumer as they reap the benefits of recent reduction in GST rates. In case the consumers do not get the benefit of reduction in prices, they can apply for the relief to the screening committee to the particular state.

In case the incident of profiteering relates to an item to mass impact the application may be directly made to the standing committee.

 

NTPC to buy farm stubble at Rs. 5,500 per tonne for use at power plants to encourage farmers not to burn it

Power Minister R K Singh has said that state-run National Thermal Power Corporation Limited will float a tender to buy farm stubble at Rs. 5,500 per tonne to use as fuel at its power plants.

Mr Singh said, through this the farmers can earn around Rs. 11,000 per acre from the sale of stubble or straw pellets. He said, the move will encourage farmers not to burn stubble, which is a main reason of air pollution in Delhi and Adjoining areas. A large number of farmers particularly in Punjab and Haryana are reportedly burning the farm stubble.

 

NEA, CTGC sign JV pact for construction of West Seti Hydropower Project

Nepal Electricity Authority (NEA) has signed a joint venture agreement with a Chinese company to construct 750-MW West Seti Hydro power Project. The agreement was signed in Kathmandu by NEA Executive Director Kulman Ghising and representatives of China Three Gorges Corporation (CTGC).

It will be one of the largest reservoir type hydro project in Nepal. The estimated cost of project will be 1.8 billion US dollars. CTGC will have 75% stake in the joint venture and NEA will hold remaining 25%.

The project will be completed in 79 months after start of construction work. West Seti project will be spread over Baitadi, Bajhang, Dadeldhura and Doti districts of Nepal. The initial agreement with CTGC was signed in January this year.

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