The Indian Revenue Service (IRS) is the administrative revenue Group A civil service in the Government of India. IRS serves the country by carrying out one of the main sovereign functions, i.e. revenue collection for development, security and governance. It functions under the Ministry of Finance's Revenue Department and is administered by the Revenue Secretary and the Ministerial Command.
The IRS has two branches, Indian Revenue Service for (Income Tax) and Indian Revenue Service for (Custom & Indirect Taxes). These are governed by two bodies Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). ...
Read More...
The term "helicopter money" was first coined by Milton Friedman in 1969. Helicopter money is a form of unconventional monetary policy under which central banks would distribute money to citizens. It is similar to but is a slightly different idea of basic income.
Helicopter money has a narrow purpose: to stimulate economic activity by boosting people’s incomes under specific circumstances, that is, when the economy is under threat of deflation due to recession.
In 2020, the US legislative system debated issuing two times a $1,000 check to each eligible adult citizen, described by media as 'Helicopter Money', as...
Read More...
Why is there such unprecedented thrust to the private sector in the space sector?
For some decades now, the private sector in India is involved in space sector development. Many components making up a large part of the manufacturing and fabrication of rockets and satellites already are in the hands of the private sector, including research institutions. But the need to increase their role and make them into a strategic partner is acute.
Indian Space Research Organisation (ISRO) needs to focus on research and development while leaving the rest to the private sector.
Keeping this in ...
Read More...
Art.61deals with the Presidential impeachment and it is clearly and categorically titled “Impeachment”. But the Article also uses the word removal. Therefore, there is a need for closer analysis.
It is important to understand what impeachment means. Commonly, it is used synonymously with removal from office. However, the actual meaning is different. Impeachment is the process by which either House of Parliament levels charges against a Constitutional authority. Such a legislative move does not remove the authority from office. It sets in motion investigation by the other House or any other agency. If the charges are upheld and the other House passes a motion for...
Read More...
June 2020 is historic for India as the foreign exchange reserves with the reserve bank of India went past the mark of 500 billion US dollars. It is one hundred times the amount RBI held forty years back when India suffered the worst sovereign debt crisis.
What is meant by forex reserves?
They are made up of
Foreign currencies like US dollar
Gold
Special Drawing Rights of the International Monetary Fund
Certain amount of foreign currency held with the IMF as a security deposit called reserve tranche
Read More...
