Make In India

     

    Rs 289.21 crore

    What is it? The amount the ministry of electronics and information technology has allotted for a microprocessor programme development over the next four years.

    Why is it important? The programme approved by the ministry last month comes at a time when there have been security concerns over devices manufactured in other countries. This programme aims to promote indigenous development of microprocessors that will be reportedly first used in strategic sectors such as space, atomic energy and defence and later, for mobile phones, routers and other devices. This programme is likely to bring down the production costs of electronic devices, their maintenance and upgradation.

    Tell me more: Recently, amidst the most serious military stand-off between India and China since the 1962 war, the former had asked phone makers (many of them Chinese) to detail the procedures and processes they follow to ensure the security of mobile phones sold in India.

     

    2

    What is it? The number of men who have been sentenced to death for their roles in the 1993 Mumbai serial blasts. Two others including gangster Abu Salem will be jailed for life while the fifth would spend 10 years in prison.

    Why is it important? The evidence placed in the court in this case can now be used against the prime accused – crime lord and terrorist Dawood Ibrahim and Tiger Memon. However, Ibrahim, Memon along with 33 others are absconding. In the first leg of the trial that concluded in 2007, 100 were convicted and 23 acquitted. One of the key conspirators, Yakub Memon, was awarded the death penalty in 2007 and hanged in 2015.

    Tell me more: The first high-profile terror attack outside Jammu and Kashmir killed 257 people and injured 713 people. Salem was spared the death sentence by extradition laws.

     

    Rs 4,900 crore

    What is it? The total undeclared money disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

    Why is it important? This is even lesser than the amount  (Rs 5,000 crore) the government had said it had received under this scheme in June. This scheme that was launched last December (after demonetisation) by the government and was the last window for people to come forward and disclose their illicit wealth and pay tax and penalty for the same. The collection pales in comparison with a similar scheme launched before this: the Income Declaration Scheme 2016, open between June 1, 2016 and September 30, 2016, received 71,726 declarations amounting to Rs 67,382 crore.

    Tell me more: The person or entity opting for the PMGKY had to pay tax, penalty and surcharge of 49.9% whereas if they didn’t opt for this scheme and declared the undisclosed amount in their income tax returns, they would have had to pay tax and penalty of 77.25%. For those who are caught during assessment and raids, the tax rates were even higher.

     

     

    169

    What is it? The number of McDonald’s outlets in northern and eastern India that face closure after the National Company Law Appellate Tribunal (NCLAT) refused to grant interim relief to the Indian franchisee which received termination notice from the fast food major.

    Why is it important? This could result in 10,000 people losing their jobs, including 6,500 who are directly employed in the 169 stores. McDonald’s terminated the franchisee agreement with Connaught Plaza Restaurants Pvt. Ltd (CPRL), which is an equal joint venture between McDonald’s and Vikram Bakshi, stating non-payment of royalties.

    Tell me more: Vikram Bakshi was removed as managing director of CPRL in 2013 and non-payment of royalties were during the period after 2013. Bakshi got reinstated in July this year, after the company law board gave a verdict in his favour.

     

    Rs2,423 crore

    What is it? The amount of penalty levied by the Securities and Exchange Board of India (SEBI) against PACL Ltd and its four directors for illegal fund mobilisation from the public without permission from the market regulator.

    Why is it important? The penalty represents 66% reduction in fine imposed by SEBI in 2015, limiting the penalty only to profits derived by PACL and its directors when they collected Rs49,100 crore through various investment schemes from people over a period of 15 years. Despite the cut, the amount is the highest ever penalty levied by the market regulator against any defaulter.

    Tell me more: PACL had collected money from people and invested in land banks, sometimes in remote locations, and promised returns over a time period of fiver or ten years. SEBI said it amounts to collective investment scheme and its permission ought to have been taken.

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