Daily Current Affairs

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The Government is planning to extend the tenure of the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme till 2025-26.

About Rebate of State and Central Levies and Taxes (RoSCTL) Scheme :

* It aims to reimburse all embedded State and Central taxes/levies for exports of manufactured goods and garments.

* The RoSCTL scheme was notified by the Ministry of Textiles in 2019. However, the scheme shall be implemented by the Department of Revenue, Ministry of Finance.

* This scheme has been introduced as a replacement for the previous Rebate of State Levies (RoSL) Scheme, which provided only rebates of state taxes.

* RoSCTL intends to compensate the State and Central Taxes and Levies in addition to the Duty Drawback Scheme on the export of apparel/ garments and made-ups manufactured in India by way of a rebate.

* Importer-Exporter Codes (IECs) are necessary in order to apply for the RoSCTL programme.

* The rebate under the RoSCTL Scheme shall be given to the exporter in the form of duty credit scrips, which will be maintained in the electronic duty credit ledger. The scrips shall be issued electronically on the Customs automated system.

* The duty credit scrips shall be used for payment of customs duties leviable under the First Schedule to the Customs Tariff Act, 1975. It cannot be utilized towards the payment of any other taxes, like IGST, Compensation Cess etc., upon the import of goods.

* The duty credit available in an e-scrip shall be transferred at a time for the entire amount in the said e-scrip to another person, and the transfer of the duty credit in part shall not be permitted.

* The value of the goods for calculation of duty credit to be allowed under the Scheme shall be the declared export Free on Board (FOB) value of the said goods or up to 1.5 times the market price of the said goods, whichever is less.

* All exporters of garments/Apparels and made-ups manufactured in India are eligible to take benefit under this scheme except entities/ IECs under the Denied Entity List of the Directorate General of Foreign Trade (DGFT)..

Source : Business Standard

Published On : November 4, 2023

Solar’s Ascendance in India :

In 2015, India ranked ninth in solar energy deployment, but by 2023, it produced 5.8% of its electricity from solar, up from 0.5% in 2015. This significant increase underscores India’s commitment to clean energy and its pivotal role in mitigating climate change.

Global Solar Growth Trends :

Ember’s report highlights that solar energy witnessed a remarkable increase globally, with 2023’s solar generation exceeding six times that of 2015. The top four solar growth countries, including India, accounted for 75% of this growth, emphasizing the widespread adoption of solar power worldwide.

Published On : May 9, 2024

Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.

GTRI’s Recommendations :

Comprehensive Industry Development Strategy : GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.

Domestic Ecosystem Strengthening : Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.

Published On : May 9, 2024

Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.

Consistent Growth: From $53.48 Billion to $111.22 Billion

The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

Southern Asia’s Significance in Global Remittances :

The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors, including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10. This indicates India’s significant role in global labor migration patterns.

Published On : May 9, 2024