Daily Current Affairs - 12th Nov 2017

Agreement between India and Kyrgyz for the avoidance of double taxation

  • The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kyrgyz Republic for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
  • The Protocol amending Double Taxation Avoidance Agreement (DTAA) aims to update Article 26 (Exchange of Information) of the DTAA to international standards. The updated Article provides for exchange of information to the widest possible extent.

Agreement between India and the Hong Kong on Double Taxation and the Prevention of Fiscal Evasion

  • The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval forentering into an Agreement between India and the Hong Kong Special Administrative Region (HKSAR) of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.
  • The Agreement will stimulate flow of investment, technology and personnel from India to HKSAR & vice versa, prevent double taxation and provide for exchange of information between the two Contracting Parties. It will improve transparency in tax matters and will help curb tax evasion and tax avoidance.

Chief Justice of Bangladesh, Surendra Kumar Sinha has resigned

  • Chief Justice of Bangladesh, Surendra Kumar Sinha has resigned amid criticism by the government over a Supreme Court verdict scrapping Parliament's power to remove judges on grounds of misconduct and incapacity.
  • Justice Sinha, whose term was scheduled to expire in January next year, is the first top judge of the country to step down.

Development of Exhibition-cum-Convention Centre at New Delhi

  • Development of Exhibition-cum-Convention Centre (ECC), Dwarka and allied infrastructure in PPP and non-PPP Mode at an estimated cost of Rs. 25,703 crore by year 2025.
  • Conferences and Exhibitions are vital links to connect local manufacturers with global buyers and to serve as a platform for exchange of business ideas. India lacks an integrated world class facility which can meet the requirements of global exhibition-cum convention operators in terms of space, project facilities, transportation linkages, etc. at a large scale.
  • Development of Exhibition-cum-Convention (ECC) Centre at Dwarka accompanied with supporting components, once fully operational is expected to bring New Delhi in the league of Shanghai, Hong Kong and Singapore in the area of exhibition market.

Former Prime Minister of Nepal, Kirti Nidhi Bista passed away

  • Former Prime Minister of Nepal, Kirti Nidhi Bista passed away in Kathmandu . He was 90.
  • Mr Bista was born in Kathmandu on 15th January, 1927. He first became the Prime Minister of Nepal in 1969. Mr Bista served three times as the Prime Minister.

GST Council reduces tax on 178 items

  • After the Council's meeting held at Guwahati the Goods and Services Tax (GST) Council has announced major changes in the new national law, reducing tax rate on a wide range of products.
  • Tax on 178 items has been reduced to 18 per cent from 28 per cent and only 50 items now remain in the highest tax slab of 28 per cent.
  • The Council has decided that food at all restaurants in the country, except those in starred hotels, will be taxed at 5 per cent rather than 18 per cent, without the Input Tax Credit (ITC).
  • The new rates will be effective from the 15th of this month.

Hydro Power Plant in Biaras Drass, Kargil (J&K)

  • The Biaras Small Hydro Power Project (SHP) of 1.5 MW capacity, in Biaras Drass, Kargil Jammu & Kashmir has becomes first project to be commissioned under Prime Minister's Ladakh Renewable Energy Initiative(LREI).
  • The plant will power the Drass town in Kargil, which is one of the coldest places in India.

Joint Interpretative Declaration between India and Colombia

  • The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing the Joint Interpretative Declaration (JID) between India and Colombia regarding the existing Agreement for the Promotion and Protection of Investments between India and Colombia signed on November 10, 2009.
  • Joint Interpretative Declarations/Statements in general play an important supplementary role in strengthening the investment treaty regime. With increasing Bilateral Investment Treaty (BIT) disputes, issuance of such statements is likely to have strong persuasive value before arbitration tribunals.

Leander Paes and Purav Raja have entered the final of the Knoxville Challenger tennis tournament

  • Top seeded Indian team of Leander Paes and Purav Raja have entered the final of the 75,000 US Dollar Knoxville Challenger tennis tournament in the United States.
  • In their men's doubles semi-final fixture, the pair defeated the South African-British combination of R. Roelofse and J Salisbury.

MoU between India and Philippines on agriculture

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for signing a Memorandum of Understanding (MoU) between India and Philippines in the field of agriculture and related fields
  • The MoU will improve bilateral cooperation in the field of agriculture and will be mutually beneficial to both countries.
  • It will promote understanding of best agricultural practices in the two countries and will help in better productivity as well as improved global market access.

National Testing Agency (NTA) to conduct entrance examinations for higher educational institutions

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved creation of National Testing Agency (NTA) as a Society registered under the Indian Societies Registration Act, 1860, and as an autonomous and self-sustained premier testing organization to conduct entrance examinations for higher educational institutions.
  • NTA will be chaired by an eminent educationist appointed by MHRD.
  • The entrance examinations will be conducted in online mode at least twice a year, thereby giving adequate opportunity to candidates to bring out their best.

Ninth Gorkha Rifles Bi-Centenary Celebrations

  • The Ninth Gorkha Rifles, one of the oldest and highly decorated Regiment of the Indian Army commemorated it’s 200 years of selfless service and sacrifice to the Nation with Bicentenary Celebrations held at 39 Gorkha Training Centre, Varanasi Cantonment.
  • The 9 Gorkha Rifles is a Gorkha regiment of the Indian Army comprising Gurkha soldiers of Nepalese origin. The regiment was initially formed by the British in 1817, and was one of the Gurkha regiments transferred to the Indian Army after independence as part of the tripartite agreement in 1947.

State specific APY mobilization Campaigns titled “People First” to increase APY outreach

  • Pension Fund Regulatory and Development Authority (PFRDA) has planned to conduct State specific APY mobilization Campaigns under the title “People First”. The People First campaign will be a series of campaigns conducted at various states across the country to increase APY outreach.
  • To begin with, People First Campaign is being conducted in the State of Uttar Pradesh from 7th- 14th November 2017.
  • Based on the success of the Campaign, PFRDA is planning to roll out similar campaigns in other States such as Bihar, MP and Rajasthan in the next few weeks.

TPP have agreed on a new framework to revive the proposed trade deal

  • Members of the Trans-Pacific Partnership (TPP) have agreed on a new framework to revive the proposed trade deal, following the US withdrawal earlier this year.
  • At a meeting on the sidelines of the APEC summit in Vietnam, the remaining eleven nations in a joint statement said they had agreed on the core elements of a deal.

United States and South Korea joint naval exercises

  • The United States and South Korea started joint naval exercises involving three U.S. aircraft carriers.
  • The four-day drills that began in waters off South Korea’s eastern coast come as President Donald Trump continues a visit to Asia that has been dominated by discussions over the North Korean nuclear threat.
  • Japan is also participating in the drill. Japan announced that it would send its largest warship to join three U.S. aircraft carriers in exercises in waters near the Korean Peninsula, a display of military force meant to pressure North Korea.