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Current Affairs [PDF] - March 16-31, 2020

Therefore, India receives good rainfall when ENSO is neutral

What is El Nino?
During El Nino, the ocean waters in the western Pacific (near Australia) warms up. This breaks the warm
waters from reaching the Australian coast. This is because, the oceanic temperature in the middle of the
Pacific is greater than its coastal. Hence, water starts moving from Australian coast and South American
Coast towards the centre of the ocean. Rainfall now occurs in this part of the ocean, making both the
coasts dry. Hence, the trade winds reaching near Indian waters are dry as well. This weakens Indian
Monsoon.
GoI notifies rules for Vivad Se Vishwas Scheme
On March 19, 2020, Govenrment of India has notified rules to avail full benefit of direct tax dispute
resolution under the Vivad Se Vishwas Scheme.
Highlights
Currently, there are more than 400,000 cases that are eligible to avail the scheme. This involves Rs 9.3 lakh
crores. The scheme aims to settle disputes and aid in revenue collection of the Government. However,
experts believe that under COVID-19 crisis, it is essential to extend the date of deposit date beyond March
31.
Vivad Se Vishwas
The scheme was introduced by the Finance Minister during the Union Budget 2020-21. The scheme aims to
settle pending cases on direct taxes. It provides waiver of interest to those taxpayers that pay their taxes
before March 31.
The Scheme intends to reduce revenue shortfalls of the GoI. The scheme is to remain open till June 2020.
Those who avail the scheme after March 31, 2020 are to pay additional amount, that is along with interests
and penalty
SIDBI launches “Swavalamban Express” to promote business aspirants
On March 19, 2020, the Small Industries Development Bank of India (SIDBI) announced Swavalamban
Express.
Highlights
The Train is to visit 11 entrepreneurial cities. This includes Delhi, Jammu, Mumbai. Ahmedabad, Hyderabad,
Bengaluru, Kolakata, Bhubaneswar and Varanasi. During the period, various workshops and programmes are
to be organized. The train has been launched to fulfil India’s goal of 5 trillion USD by 2024-25.
Objective
The train is to cover more than 7,000 km in 15 days. It will connect small enterprises. There is no
educational restriction for the journey. Any person between the age of 20 and 35 years can participate.
SIDBI
The SIDBI was established in 1990. It is one of the four All India Financial Institutions that are supervised
and regulated by Reserve Bank of India. The other three include NABARD (National Bank for Agriculture and
Rural Development), EXIM (Export Import Bank) and NHB (National Housing Bank).
Finanance Commission: N K Singh Committee for a new Fiscal Consolidation Road Map
On March 19, 2020, the Finance Commission Constituted a committee under Shri N K Singh in order to build
a fiscal consolidation road map for the centre and the states.
Highlights
The Finance Commission had submitted its first report to the GoI in February 2020. The Commission will
submit its final report covering the financial years 2021-22 to 2025-26 by October 30. The N K Singh
committee will recommend definition of deficit and debt. It will also define contingent liabilities of the
public sector undertakings.

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