Top GKToday’s News Headlines-2 February 2020

February 2, 2020

Here are Top GKToday’s News Headlines for February 2, 2020

Coronavirus outbreak in China: 324 Indians evacuated from Wuhan city in Air India plane
Gopal Baglay appointed India’s new High Commissioner to Sri Lanka.
‘Veer Smriti’ memorial for 357 Army and Assam Rifles personnel killed while fighting insurgency in Nagaland inaugurated at Mokokchung
AP Govt. launches doorstep pension delivery scheme ‘YSR Pension Kanuka’
Sahitya Akademi Awardee winner Punjabi writer Jaswant Singh Kanwal dies at 101 in Moga district of Punjab

Pramod Agrawal assumes charge as the new CMD of Coal India Ltd
3rd private train of the IRCTC to run between Indore and Varanasi as Humsafar Express: Railway Board Chairman Vinod Kumar Yadav

Maldives officially rejoins Commonwealth more than three years after quitting over criticism of its human rights record
Pakistan declares national emergency to battle locusts destroying crops
Bestselling author Mary Higgins Clark dies at the age of 92

Australian Open tennis: Sofia Kenin (US) wins women’s singles title; Barbora Krejčíková (Czech Republic) & Nikola Mektić (Croatia) win mixed doubles title

Farm loan disbursal target for banks hiked by 11% to Rs 15 lakh crore for 2020-21
3,477 Sagar Mitras and 500 Fish Farmer Producer Organisations to involve youth in fisheries extension
States asked to adopt three central model laws on agricultural land leasing, marketing and contract farming
Farmers will be allowed to set up solar units on barren/fallow lands and supply power to grids
Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (PM KUSUM) Scheme to be expanded; 20 lakh farmers would be provided funds to set up standalone solar pumps
Kisan Rail to be launched for cold supply chain to transport perishable goods
Krishi Udan scheme to be launched by Aviation Ministry to assist farmers in transporting agricultural products

Disinvestment proceeds pegged at Rs 1.20 lakh crore for 2020-21, up from Rs 65,000 crore in current fiscal
Proposal to sell the balance government holding in IDBI Bank
Govt to sell part of stake in LIC through IPO

New slabs introduced and tax rate for different slabs reduced if a taxpayer opts for foregoing exemptions & deductions
No tax on annual income of up to Rs 2.5 lakh
Tax rate of 5% (as earlier) on annual income Rs 2.5 lakh-5 lakh
Tax rate of 10% on annual income Rs 5 lakh-Rs 7.5 lakh
Tax rate of 15% on annual income Rs 7.5 lakh-10 lakh
Tax rate of 20% on annual income Rs 10 lakh-2.5 lakh
Tax rate of 25% on annual income Rs 12.5 lakh-15 lakh
Tax rate of 30% on annual income above Rs 15 lakh

Customs duties on household appliances such as fans, grinders and mixers increased from 10% to 20%
Customs duties on printed circuit board assembly on cellular phones doubled to 20%
Customs duty on completely built units of commercial electric vehicles raised from 25% to 40%

For non-filter cigarettes below 65 mm, the excise duty increased from Rs 90 per thousand to Rs 200 per thousand
On filter cigarettes over 65 mm and up to 70 mm, the duty was hiked from Rs 145 per thousand to Rs 250 per thousand
Excise duty also increased on chewing tobacco, scented zarda, hookahs and snuff

Longest ever budget speech of over 2 hours 40 minutes, breaking her 2019 record of 2 hours and 17 minutes

Fiscal deficit of 3.8% (Revised Estimate) for 2019-20 and 3.5% (Budget Estimate) for 2020-21

Central government debt reduced to 48.7% of GDP (March 2019) from 52.2% (March 2014).

Defence outlay pegged at Rs 3.23 lakh crore in 2020-21, up from Rs 3.16 lakh crore this financial year

Under the ‘Vivad Se Vishwas’ scheme, a taxpayer will have to pay only the disputed taxes, and will get a complete waiver of interest and penalty provided he pays by March 31, 2020

Railways got a budgetary allocation of Rs 70,000 crore and an outlay for capital expenditure amounting to Rs 1.61 lakh crore, 3% more than the previous year

Dividend Distribution Tax (DDT) at the hands of companies abolished; dividend to be taxed at the hands of recipients as per applicable slab

Govt. plans to increase investment limit of foreign portfolio investors (FPI) in corporate bonds from 9% to 15%

NIRVIK (Niryat Rin Vikas Yojana) scheme being launched to provide for higher insurance coverage, reduction in premium for small exporters and simplified procedure for claim settlements