PM Surya Ghar Bijli Yojana

Why in news?

• PM Surya Ghar Bijli Yojana has created confusion due to being promoted as a ‘free electricity scheme’.

About

• PM Surya Ghar Muft Bijlee Yojana aims to provide free electricity to one crore households in India, who opt to install roof top solar electricity units.
• The households will be able to get 300 unitsof electricity free every month.
• The scheme provides for a subsidy of 60 percent ofthe solar unit cost for systems up to 2 kW capacity and 40 percent of additional system cost for systems between 2 to 3 kW 
  • The subsidy has been capped at 3 kW capacity.

Other Features of the Scheme

• A Model Solar Villagewill be developed in each district of the country to act as a role model for adoption of rooftop solar in rural areas,
• Urban Local Bodies and Panchayati Raj Institutions shall also benefit from incentives for promoting Rooftop Solar (RTS) installationsin their areas.
• The scheme provides a component for payment security forrenewable energy service company (RESCO) based models as well as a fund for innovative projects in RTS.

Participatory Notes

Why in news?

• Investments through participatory notesin the Indian capital markets reached Rs 1.5 lakh crore at the end of February, making it the highest-level in nearly six years.

About

• Participatory notes (P-notes) are issued by registered foreign portfolio investors (FPIs) to overseas investorswho wish to be part of the Indian stock market without registering themselves directly.
• Participatory notes were introduced in India in 2000 by the Securities and Exchange Board of India (SEBI) to allow foreign investors (financial institutions and high-net-worth individuals) access to the Indian financial markets.
• Advantages of participatory notes:
  • Anonymity: Any entity investing in participatory notes is not required to register with SEBI, whereas all FIIs have to compulsorily get registered. It enables large hedge funds to carry out their operations without disclosing their identity.
  • Ease of trading:Trading through participatory notes is easy because they are like contract notes transferable by endorsement and delivery.
  • Tax saving:Some of the entities route their investment through participatory notes to take advantage of the tax laws of certain preferred countries.
• Disadvantages of P-notes: However, because of the anonymity, Indian regulators face difficulty determining a participatory note’s original owner and end owner.
  • Therefore, substantial amounts of unaccounted-for money enter the country through participatory notes. This flow of untracked funds has raised some red flags.

GST Appellate Tribunal

Why in news?

• The Union Minister for Finance and Corporate Affairs administered the oath of integrity and secrecy to Justice (Retd.)Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT).
  • The appointment marks the beginning of the operationalisation of the GSTAT.

About

• The GSTAT is the Appellate Authority established under theCentral Goods and Services Tax Act, 2017, to hear various appeals under the said Act.
• It represents a specialised authority formedto resolve GST-related disputes at the appellate level.
  • It will be the forum ofsecond appeal under GST laws and is the first common forum of dispute resolution between the Centre and the states.
• It consists of a Principal Bench and various State Benches. 
  • As per the approval of the GST Council, the Government has notified the Principal Bench, to be located at New Delhi, and 31 State Benches at various locations across the country.
• Significance: The Tribunal will ensure swift, fair, judicious and effective resolution to GST disputes,besides significantly reducing the burden on higher courts.
  • The establishment of the GSTAT would further enhance the effectiveness of the GST system in India and foster a more transparent and efficient tax environment in the country.