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All India Radio News Summary: 22 DECEMBER 2017

All India Radio News Summary: 22 DECEMBER 2017

  1. Finance Minister assures that people’s deposits in the public sector banks are safe.

Finance Minister has assured the Lok Sabha that people’s deposit in public sector banks is safe and there should not be any apprehension in this regard.

Replying to a debate on the second batch of Supplementary Demands for Grants for 2017-18 in the Lok Sabha, FM said,

  • The level of protection for public deposits will be much higher in the proposed Financial Resolution and Deposit Insurance Bill than it is now.
  • Denied the allegations that States are losing revenue following implementation of GST.
  • He said, under the Constitution, the States are guaranteed a 14 per cent increase per annum for the next five years on base year 2015-16. He said, 80 per cent of GST goes to the States.


  1. India signs agreement with Switzerland to allow automatic sharing of tax related information from next month.

In a move aimed at combating black money stashed abroad, India has signed an agreement with Switzerland that would allow automatic sharing of tax-related information from the 1st of next month.

The Central Board of Direct Taxes (CBDT) said, with the completion of the parliamentary procedure in Switzerland and signing of the mutual agreement, India and Switzerland are set for an automatic exchange of information for the period beginning January 1st, 2018.

Earlier in November, a joint declaration for implementation of exchange of information was signed between the two sides.


  1. Government launches Project DARPAN to improve the level of postal services for rural customers.

Minister of communications launched DARPAN, or the Digital Advancement of Rural Post Office for A New India in New Delhi.

  • The IT modernisation project aims at realising financial inclusion of the un-banked rural population.
  • The project has an outlay of 1400 crore rupees and intends to provide a low power technology solution to each branch postmaster. This will enable each of the approximately 1.29 lakh branch post offices to improve service delivery.
  • 43,171 branch post offices have migrated under the DARPAN project with the aim of financial inclusion of the rural population and it’s targeted to complete the project by March 2018.
  • DARPAN offers core banking services to account holders.


  1. National Pharmaceutical Pricing Authority fixes prices of 27 essential drugs used for treatment of Diabetes and Blood Pressure.

The National Pharmaceutical Pricing Authority, NPPA has fixed prices of 27 essential medicines, including those used for the treatment of diabetes, blood pressure and pain.

  • The NPPA said, it has fixed the prices of essential medicines under the Drugs (Prices Control) Order, 2013.
  • For Medicines that are not under price control, manufacturers are allowed to increase the maximum retail price by 10 per cent annually.


  1. Parliamentary panel has strongly recommended setting up of Ethics Commission at the Centre and in the States

A Parliamentary panel has strongly recommended setting up of Ethics Commission at the Centre and in the States to look into the issues of corruption and malpractices by All India Service Officers.

In its report, the Committee noted the degradation of value system and corruption at the higher levels of bureaucracy.

The Committee also noted that there are provisions in the service rules, but their implementation is the cause of concern.


  1. UN General Assembly adopts resolution declaring US recognition of Jerusalem as Israel’s capital null and void; India among 128 countries voting in favour.

The UN General Assembly adopted a resolution declaring US recognition of Jerusalem as Israel’s capital null and void. 128 countries including India voted in favour of the resolution, nine against and 35 abstained. The resolution stressed that Jerusalem was a final status issue to be resolved through negotiations.  

The countries favouring the resolution also disregarded President Trump’s threat to cut off financial aid to those countries that backed the resolution.

Strongly supporting Trump’s decision US Ambassador to the UN warned that the US may strip funding of those countries that voted against its Jerusalem move.


India did not speak on the floor of the Assembly in New York, but after Mr. Trump recognised Jerusalem as the capital of Israel, it had said that its Palestinian position was independent and consistent.

Palestinian President Mahmoud Abbas welcomed the UN General Assembly resolution.


  1. Finance minister introduced a Bill to amend the Goods and Services Tax (Compensation of states) Amendment Bill, 2017 in the Lok Sabha

The Bill will replace the Goods and Services Tax (Compensation to States) Amendment Ordinance, 2017 which was promulgated on September 2, 2017.

  • It amends the Goods and Services Tax (Compensation to States) Act, 2017.  
  • The Act allows the central government to notify the rate of the Goods and Services Tax (GST) Compensation Cess on items such as pan masala, coal, aerated drinks, and tobacco, subject to certain caps.  
  • The amount received by levying the GST Compensation Cess is used to compensate states for any loss in revenue following the implementation of GST.


  1. Prime Minister says strong India-China relationship is important not only for the two countries but also for the region and the world.

Prime Minister said a strong India-China relationship is important not only for the mutual benefit of the people of both countries but also for the region and the world.

  • PM’s meeting with State Councillor of China focused on bringing out the full potential of the Closer developmental Partnership between the two countries.
  • The Special Representatives undertook a comprehensive review of earlier rounds of the talks and agreed that an early settlement of the boundary question serves the fundamental interests of both countries.
  • They re-emphasized their commitment to achieve a fair, reasonable and mutually acceptable solution to the India-China boundary question at an early date.
  • The two sides agreed that pending the final resolution of the boundary question, it is necessary to maintain peace and tranquility in the border areas.