Rs 1 lakh-crore
What is it? The corpus designated in the Union Budget 2017-18 for railway safety, to be created over five years.
Why is it important? With 11 train accidents in 2016 and one in 2017, either due to derailment or collision, along with a high number of level-crossing accidents (2,669 in 2015), the central government finally gave the nod to a separate safety fund this budget.
Tell me more: The Indian Railways had asked for Rs 1.19 lakh-crore to upgrade the safety of its rail network.
Rs 3 lakh
What is it? The limit to cash transactions set by the Union Budget, 2017-18.
Why is it important? The government reiterated its belief in black money being stored as cash, by banning cash transactions over Rs 3 lakh with certain exceptions. The penalties and the exceptions are likely to be determined by an amendment to the Income Tax Act (IT Act), proposed in the Finance Bill. They would need to be in place before April 1, when the ban comes into force.
Tell me more: The upper limit for the clampdown was suggested by a special investigation team, headed by Justice M B Shah (retired), in a report to the Supreme Court, after studying provisions in other countries.
What is it? The penalty taxpayers will have to pay if they do not file returns on or before December 31 of the assessment year, from April, 2018.
Why is it important? For individual taxpayers, this would mean a more careful approach to filing IT returns. What was earlier rare and often at the discretion of the tax officer, will now be formalised in the form of a penalty. It would be defined by a new section 234F in the IT Act and levied from the assessment year 2018-19. A fee of Rs 5,000 will be levied if the return misses the due date but is filed by December 31.
Tell me more: Small taxpayers with a total income of less than Rs 5 lakh will get some respite as they would not be penalised more than Rs 1,000.
What is it? The amount of oil sludge collected from the sea after two ships collided near Kamarajar Port in Ennore, Tamil Nadu.
Why is it important? The sludge and 27 tonne of oil mixed with water collected from a spillage that spread across 25-km from the collision spot finally comes after three-four days of ineffective response from the Indian Coast Guard. After grappling with broken-down submersible pumps and just 25-litre buckets, reinforcements from Delhi helped speed up efforts. The spillage affected both the area’s marine life with sludge-mired dead turtles washing ashore, and the local livelihood as fishermen had a hard time selling to alarmed customers.
Tell me more: A ship from Mumbai, fully loaded with petrol and diesel, collided on Saturday with an LPG tanker.
What is it? Facebook’s year-on-year growth in ad revenue, at $8,629 million, in the fourth quarter, ended December 31, 2016.
Why is it important? Despite an earlier warning from the company on slowing advertisement revenue, growth remains unabated at the largest social networking site. Fuelled by its mobile ad business, which now constitutes 84% of its advertising earning, overall revenue grew 51%. Its net income rose to $3,568 million, growing at 128%, beating Wall Street polls.
Tell me more: In the full year, ad revenues grew by 57% to $26,885 million, overall revenue by 54% and net income by 177%. However, Facebook also suffered a setback with the news of a Texas juryordering it, its virtual reality unit Oculus and other defendants to pay $500 million to video-game publisher ZeniMax Media for using the latter’s code.