PM SVANidhi restores the dignity of street vendors: Housing Minister Hardeep S Puri

About the PM SVANidhi Scheme:

• The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched on June 01, 2020, for providing affordable Working Capital loans to street vendors to resume their livelihoods that have been adversely affected due to the Covid-19 lockdown.
• Time duration: Initially it was until March 2022. After that, it has been extended till December 2024.
• Eligibility: The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
• Benefits: A micro-credit scheme, facilitating a working capital collateral-free loan of Rs. 10,000, with subsequent loans of Rs. 20,000 and 50,000 with 7% interest subsidy.
• Implementation agency: Small Industries Development Bank of India (SIDBI).
• Ministry: Ministry of Housing and Urban Affairs.

Congress gets tax tribunal relief after bank accounts ''frozen'' by I-T department claim

About Income Tax Appellate Tribunal (ITAT):

• ITAT is a quasi-judicial institution set up in January 1941.
• It specialises in dealing with appeals under the Direct Taxes Acts.
• Functions:
• It hears income tax appeals from taxpayers against orders passed by the Income Tax Authorities.
• The orders passed by the ITAT are final, an appeal lies to the High Court only if a substantial question of law arises for determination.
• Benches:
• Presently ITAT has 63 Benches in 27 different states covering almost all the cities having a seat of the High Court.
• Strength: One President, who is assisted by ten (10) Zonal Vice Presidents and 115 Members (i.e. Accountant Members and Judicial Members).
• The ITAT is headed by a President, who is appointed by the Central Government.
• Monetary Limits set by the CBDT are the following:
• Before the ITAT – Rs 50 lakh.
• Before the High Court – Rs 1 crore.
• Before the Supreme Court – Rs 2 crore.
• ITAT is referred to as the ''Mother Tribunal'' being the oldest tribunal in the country.

ISRO to Launch Weather Monitoring Satellite INSAT-3DS Today

About INSAT-3DS:

• INSAT-3DS Satellite is a follow-on mission of Third Generation Meteorological Satellite from Geostationary Orbit.
• Presently, meteorologists make extensive use of data generated by satellites like the INSAT-3D and INSAT-3DR (launched in September 2016, still operational).
• It is fully funded by the Ministry of Earth Sciences (MoES).
• The primary objectives of the mission are:
• To monitor Earth’s surface, carry out Oceanic observations and its environment in various spectral channels of meteorological importance.
• To provide the vertical profile of various meteorological parameters of the Atmosphere.
• To provide the Data Collection and Data Dissemination capabilities from the Data Collection Platforms (DCPs).
• To provide Satellite Aided Search and Rescue services.
• Weight: 2,274 kg.
• Orbit: Geosynchronous Transfer Orbit (GTO).
• It will be launched by using the Geosynchronous Launch Vehicle (GSLV-F14).

What is GSLV-F14?

• It is a more advanced rocket utilising liquid propellant.
• It is a three-stage 51.7 m long launch vehicle having a liftoff mass of 420 tonnes.
• The third stage (GS3) is a cryogenic stage with a 15-ton propellant loading of liquid oxygen (LOX) and liquid hydrogen (LH2).

Centre committed to increase farmers’ income: Minister

About APEDA:

• The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act, 1985.
• This Authority replaced the Processed Food Export Promotion Council (PFEPC).
• The Authority with its headquarters at New Delhi, is headed by a Chairman.
• In order to reach out to the exporters in different parts of the Country, APEDA has set up 15 Regional Offices in different cities like- Mumbai, Bengaluru, Kolkata etc.
• Functions: The following functions have been assigned to the Authority:
• Registration of persons as exporters of the scheduled products on payment of such fees as may be prescribed;
• Fixing of standards and specifications for the scheduled products for the purpose of exports;
• Improving of packaging of the Scheduled products;
• Improving marketing of the Scheduled products outside India;
• Promotion of export-oriented production and development of the Scheduled products;
• Training in various aspects of the industries connected with the scheduled products;
• APEDA also functions as the Secretariat to the National Accreditation Board (NAB) for the implementation of accreditation of the Certification Bodies under the National Programme for Organic Production (NPOP) for Organic exports.
• Ministry: Ministry of Commerce and Trade.

India initiates anti-dumping probe into imports of solar glass from China, Vietnam

About Anti-Dumping Duty:

• Anti-dumping duty is a tariff imposed on imports manufactured in foreign countries that are priced below the fair market value of similar goods in the domestic market.
• The government imposes anti-dumping duty on foreign imports when it believes that the goods are being “dumped” – through low pricing – in the domestic market.
• Anti-dumping duty is imposed to protect local businesses and markets from unfair competition by foreign imports.
• Thus, the purpose of anti-dumping duty is to rectify the trade distortive effect of dumping and re-establish fair trade.
• The use of anti-dumping measures as an instrument of fair competition is permitted by the World Trade Organization (WTO). 
• The WTO allows the government of the affected country to take legal action against the dumping country as long as there is evidence of genuine material injury to industries in the domestic market.
• The government must show that dumping took place, the extent of the dumping in terms of costs, and the injury or threat to cause injury to the domestic market.
• While the intention of anti-dumping duties is to protect local businesses and markets, these tariffs can also lead to higher prices for domestic consumers.

What is Countervailing duty (CVD)?

• It is a specific form of duty that the government imposes to protect domestic producers by countering the negative impact of import subsidies.
• CVD is thus an import tax by the importing country on imported products.
• Why is CVD imposed?
• Foreign governments sometimes provide subsidies to their producers to make their products cheaper and boost their demand in other countries.
• To avoid flooding the market in the importing country with these goods, the government of the importing country imposes CVD, charging a specific amount on the import of such goods.
• The duty nullifies and eliminates the price advantage enjoyed by an imported product.
• The WTO permits the imposition of CVD by its member countries.

Countervailing duty v/s Anti-dumping duty:

• Anti-dumping duty is imposed to prevent low-priced foreign goods from damaging the local market. On the other hand, CVD will apply to foreign products that have enjoyed government subsidies, which eventually leads to very low prices.
• While the Anti-dumping duty amount depends on the margin of dumping, the CVD amount will completely depend on the subsidy value of the foreign goods.