Daily Current Affairs for 17th Oct 2023

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New Directive by CBDT on Angel Tax

Why in the news?

Recently, new tax directives have been issued on start-ups by the Central Board of Direct Taxes (CBDT). These are as follows:

  • DPIIT-recognized start-ups will not be subject to scrutiny for angel tax under Section 56(2)(viib) of the Income-tax Act.
  • If a DPIIT-recognized start-up is selected for scrutiny under the CASS (Computer-Assisted Scrutiny Selection) system, the assessing officer will summarily accept the start-up’s contention that Section 56(2)(vii-b) is not applicable to it.
  • If a DPIIT-recognized start-up is selected for scrutiny on an issue other than Section 56(2)(vii-b), the assessing officer will not pursue the issue of angel tax during the assessment proceedings.

This clarification comes after many startups had raised concerns about receiving scrutiny notices for angel tax.

What is angel tax?

  • Angel tax is income tax levied on an unlisted company, on the difference between the fair market value of a company’s shares and the issue price at which the shares are issued to investors.
  • It is typically levied on start-ups, which often have to issue shares at a premium to attract investors.

What were the changes for angel tax in Budget 2023-24?

  • The Finance Act 2023 extended the angel tax to non-resident investors from April 1, 2023. Earlier, angel tax was levied only on investments made by resident investors.


  • The new tax directive will provide relief to start-ups from the burden of angel tax scrutiny. This will help start-ups to focus on their business and growth, without having to worry about tax hassles.



Goan Cashew gets GI tag

Why in the news?

Goan cashew (kernel) recently got the geographical indication (GI) tag. This is a major achievement for the cashew industry in Goa, which has been facing challenges in recent years. The GI tag will help protect Goan cashews’ reputation and ensure that consumers get a quality product.

  • The government of Goa has also announced plans to promote Goan cashews through various initiatives, such as marketing campaigns and trade fairs.

Challenges faced by the cashew industry in Goa

The cashew industry in Goa has been facing a number of challenges in recent years, including:

  • Competition from cheaper cashews imported from other countries
  • Declining sales of Goan cashews in the domestic market
  • Shortage of skilled labour

How Cashew came to Goa

  • Cashew was native to northeast Brazil and was introduced to Goa by the Portuguese in 1570, mainly as a crop for afforestation and soil conservation.

What is GI Tag?

  • Geographical Indications (GI) tags are a form of intellectual property protection that is granted to products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
  • It is governed by the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) of the World Trade Organization (WTO).
  • A Geographical Indication (GI) tag is valid for a period of 10 years in India. It can be renewed for further periods of 10 years each on payment of a renewal fee.
  • Geographical Indications of Goods (Registration & Protection) Act, 1999 governs the GI tag in India.
  • It is issued by the Geographical Indications Registry.
  • Products Covered: Agricultural products, foodstuffs, wine and spirit drinks, handicrafts, and industrial products



Periodic Labour Force Survey (PLFS) July 2022-June 2023.

Why in the news?

The Ministry of Statistics and Programme Implementation (MoSPI) recently released the findings of the Periodic Labour Force Survey (PLFS) for the period July 2022-June 2023.

About Periodic Labour Force Survey (PLFS):

  • It is a survey published by the National Statistics Office (NSO) under MoSPI to measure the employment and unemployment situation in India.
  • The NSO launched the PLFS Survey in April 2017.

Key Findings of the 2022-23 PLFS

  • Unemployment rate falls: The unemployment rate has fallen from 6.6% to 5.1% over the last year (July-June).
    • The unemployment rate is defined as the percentage of persons unemployed among the persons in the labour force.
  • Labour force participation rate rises: The labour force participation rate (LFPR), which had been inching upwards, shot up significantly in the past year. As of 2022-23, 54.6% of all Indians above the age of 15 were looking for a job.
    • LFPR is the percentage of the working-age population (aged 15 years and above) that is either employed or unemployed, but willing and looking for employment.
  • Female LFPR rises: Female LFPR has gone up over the years, with two clear step-ups: the first in 2019-20 — when India’s GDP growth rate had slowed to less than 4% before the Covid-19 pandemic hit) — and the second in 2022-23, when it spiked to 31.6%.
  • Worker population rate rises: The worker population rate (WPR) has also been going up, with two discrete step-ups in 2019-20 and 2022-23.
    • WPR is defined as the percentage of employed persons in the population.
  • Monthly earnings rise modestly: Monthly incomes have gone up after falling during Covid, but the main takeaway from the data is how little monthly incomes have changed over the past six years, especially in the face of the sharp rise in inflation — since late 2019, annual consumer inflation has always been above the RBI’s target of 4%.
  • Self-employment rises: Self-employment has risen and jobs in the other two categories (casual labour and regular salaried jobs) have fallen in proportion.


The PLFS is a valuable tool for understanding the state of employment in India. This data can be used by policymakers to develop and implement effective policies to promote employment and economic growth for the period July 2022-June 2023.



World Food Day 2023

Why in the news?

World Food Day is celebrated annually on October 16th to raise awareness of the importance of food security and nutrition and to encourage action to end hunger. The theme for World Food Day 2023 is “Water is life, water is food. Leave no one behind.”

  • This theme highlights the critical role of water in food production and the need to ensure that everyone has access to safe and nutritious food.
  • Water is essential for all life, and it plays a vital role in food production. Agriculture accounts for about 70% of global water withdrawals, and water is needed to grow crops, raise livestock, and process food. Water is also important for maintaining healthy ecosystems, which support food production and nutrition.
  • Climate change is exacerbating water scarcity and increasing the risk of droughts and floods. This is having a significant impact on food production and nutrition, particularly in developing countries. As a result, it is more important than ever to ensure that everyone has access to safe and nutritious food, regardless of their location or income.

The theme of World Food Day 2023 is also aligned with Sustainable Development Goal 2 (SDG 2), which is to achieve zero hunger by 2030. SDG 2 recognizes that food security and nutrition are essential for sustainable development and that everyone has the right to safe and nutritious food.

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