Thursday, 26 February 2015

Daily News Mail -News of 25/02/2015
14th Finance commission grants cheer A.P

14th Finance commission increasing the over-all allocation of funds to the state for the next five years in addition to the RS 22,113 crore grants-in-aid to cover the revenue deficit.
The commission recommended revenue deficit grant for 11 states, including Andhra Pradesh, which became a revenue deficit state post-bifurcation. The grant of Rs 22,113 crore will be spread over the next five years.
Owing to the 10 per cent increase in the devolution of the Central divisible pool of taxes to states from 32 per cent to 42 per cent based on tax growth projections,the share of AP is estimated at Rs 1,69,969 crore during 2015-20 in the total Central divisible pool of Rs. 39,48,096 crore.

States’ share of Central tax kitty to see huge jump

The agenda of government "Cooperative federalism",on Tuesday take a run by share of center's net tax receipts would go up by Rs 1,78,000 crore in 2015- 16 .This will be 45 % more up by the current financial year
The higher devolution is in line with the recommendations of the 14th Finance Commission(FFC) headed by former RBI Governor Y.V Reddy, for a 42 per cent share to states in the divisible pool of Center's net taxes. The Union Cabinet accepted the recommendations on Sunday.
The FFC has made a fundamental shift in the pattern of financing revenue expenditures. There is a shift from scheme and grant-based support from the central government to a devolution-based one.
The premise is that total transfers as a percentage of gross tax revenue remain the same

Pachauri steps down as IPCC chair

Facing allegation of Sexual Harassment, R.K Pachauri steeped down as the chairperson of Intergovernmental Panel on Climate Change (IPCC)
He is also proceeded on leave from The Energy and Resources Institute (TERI) where he is Director-General

For the first time India will play host to the biggest event of bridge event.
The 42nd world team championships(WBTC) at ITC grand chola,Chennai from September 26 Oct 10
HCL is the Title Sponsor of the tournament,sixty six teams,660 player from 40 countries will via for the prestigious Bermuda Bowl Trophy.
The President of World Bridge Federation,Giannarigo Rona is also is in the city .

In Hero- Hockey India League here, Ranchi Rays won the third edition of the League and emerging a 2-2 (3-2) victor edging Jaypee Punjab Warriors in the tie-breaker.