Daily GK Updates - 7th February, 2017

NATIONAL UPDATES:

1.CBDT signs four unilateral Advance Pricing Agreements: The Central Board of Direct Taxes (CBDT) under the Department of Revenue, Union Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs). These four APAs are related to Manufacturing, Financial and Information Technology sectors. They cover international transactions such as Contract Manufacturing, Software Development Services and IT Enabled Services. With this, the total number of APAs entered into by the CBDT has reached 130. It includes 122 Unilateral APAs and 8 bilateral APAs. In the current financial year (2016-17), total 66 APAs (5 bilateral APAs and 61 unilateral APAs) were signed.

About Advance Pricing Agreements (APAs)

The APA Scheme was introduced in the Income-tax (IT) Act in to provide certainty to taxpayers in domain of transfer pricing by specifying methods of pricing and determining prices of international transactions in advance. The Rollback provisions under this scheme were introduced in 2014. The scheme seeks to foster government’s aim of non-adversarial tax regime.

Benefits:

(i) Boost to economy and ease of doing business.  (ii) Strengthen Government’s mission of fostering a non-adversarial tax regime. (iii) Introduces certainty in tax law by reducing compliance costs and make tax regime investment friendly. (iv) Provides certainty to taxpayers regarding transfer pricing to avoid disputes between taxpayer and tax regulator.

2. Andhra Pradesh: First Smart Police Station inaugurated

The Chief Minister of Andhra Pradesh Chandrababu Naidu has inaugurated the first smart police station at Nagarampalem in Amaravati (Andhra Pradesh). The fully air-conditioned Smart Police Station has a staff room, dormitory, mini control room, a reception chamber, and individual enclosures for the Station House Officer and three Sub-Inspectors. The Andhra Pradesh Police administration has planned to build another 100 such Stations across the state and to phase out congested police stations.

The model Police Station doesn’t look like a typical Police Station with plush exterior and interiors that leave one with a feeling of having walked into a corporate style office. Staff manning the station will not wear the usual khaki uniform and instead sport a navy blue trouser and a light blue shirt. The women Constables have a light blue sari for uniform while the lady receptionist will additionally sport a navy blue blazer.

3. Railway Tunnel Qazigund-Banihal to be used during heavy snowfall:

 Railway tunnel of J&K between Qazigund-Banihal will be used for plying vehicular traffic during extreme weather conditions and heavy snowfall on Jammu-Srinagar National Highway. The chief Minister Mehbooba Mufti has reviewed the operating procedures to adopted while opening the tunnel at a meeting. Earlier, the Railway Minister Suresh Prabhu had agreed to the suggestion and it was decided that working out of modalities will be followed soon.

4. Manipur assembly election process begins today:

Today, two-phase polling of Assembly elections in Manipur begins with the issuance of notification for the first phase of 38 seats. The last date of filing of nominations is the 14th of this month, while withdrawal of candidature can be done till the 18^th. The 60-member Manipur Assembly will go to polls in the first phase 4th March and second phase on 8^th March.

INTERNATIONAL UPDATES:

1.Nepal to host 4th BIMSTEC Summit 2017: The fourth edition of BIMSTEC Summit-2017 will be held in Nepal. It was announced in the 17th session of BIMSTEC Senior Officials’ Meeting (SOM) held in Kathmandu, capital Nepal. In this meeting, delegates of seven member countries reviewed the progress made by BIMSTEC and recommended future course of action to strengthen regional cooperation among the group. The importance of BIMSTEC was highlighted during the BRICS-BIMSTEC Outreach Summit held at Goa in October 2016. In this summit, Indian Prime Minister Narendra Modi had expressed his desire to promote BIMSTEC and assured full cooperation it needs to move on.

About BIMSTEC (Bay of Bengal Initiative on Multi Sectoral Technical and Economic Cooperation)

The BIMSTEC is the sub-regional group of seven countries in South Asia and South East Asia lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. They are India, Nepal, Bangladesh, Bhutan, Sri Lanka from South Asia and Myanmar, Thailand from South East Asia.

Established: 6 June 1997 through the Bangkok Declaration.

Headquarters: Dhaka, Bangladesh.

Objectives: Technological and economical cooperation among south Asian and south East Asian countries along the coast of the Bay of Bengal. It also covers cooperation in commerce, technology, investment, agriculture, tourism, human resource development, fisheries, transport and communication, textiles, leather etc.

2.  India & Austria agree to amend bilateral taxation treaty:

India and Austria have agreed to amend their existing bilateral taxation treaty to prevent tax evasion as well as enable mutual assistance. The protocol will broaden the scope of the existing framework of the exchange of tax-related information, which will help curb tax evasion and tax avoidance between the two countries. This will also enable mutual assistance in collection of taxes. The Protocol was signed by CBDT Chairman Sushil Chandra and Charge d’ Affaires of the embassy of Austria Georg Zehetner in New Delhi.

3. India Education Fair for Sri Lankan students begins in Colombo:

Today, two-day India Education Fair for Sri Lankan students has begun in capital Colombo (Sri Lanka). A delegation of around 20 Universities from India participating in the fair to educate Sri Lankan students on education opportunities in India. The focus of the event is to invite students to study in India under various scholarships. The lndian government has provided more than 700 scholarship slots to Sri Lankan students at various levels under the lndian Technical and Economic Cooperation Scheme

4. 17th session of BIMSTEC senior officials’ meeting begins in Kathmandu:

Today, the 17th session of BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) senior officials’ meeting has begun at Kathmandu (Nepal). The Indian delegation is led by Secretary (East) Preeti Saran. During the meeting, delegates of member countries will review the progress made by BIMSTEC and recommend future course of action to strengthen regional cooperation among the group. (Note: The main objective of an international organization BIMSTEC is technological and economic cooperation among south Asian and south east Asian countries along the coast of the bay of Bengal.)

OTHER UPDATES:

SPORTS:

1. Rituparna Das wins women's singles title at National championship:

Rituparna Das (2^nd seed) fromTelengana has won the Women's Singles title of the 81st Senior National Badminton Championships tournament played at Patliputra Sports Complex Patna. She defeated Reshma Karthik(9^th seed) from Air India in straight sets 21-12, 21-14. In Women's doubles event, the pair of Aparna Balan and Prajakta Sawant clinched the title defeating Shikha Gautam and Sanyogita Ghorpade 21-9, 21-11. In mixed doubles title, the Pair of Satwik Sai Raj and Maneesha K clinched the title defeating Venkat Gaurav and Juhi Dewangan 21-14, 21-18.

2. Alastair Cook resigns as England Test captain:

England Test captain Alastair Cook (32-year) has resigned as test captain after a record 59 matches in the role, but he will continue playing Test cricket. He became captain in August 2012 and led his country to Ashes glory on home soil in 2013 and Cook is England's leading scorer in Tests with 11,057 runs. He also led England in a record 69 one-day internationals (ODI) between 2010 and 2014. Cook was named Wisden Cricketer of the Year in 2012 and ICC World Test Captain in 2013.

3. Russia to miss summer’s World Athletics Championships:Russia will miss this summer's World Athletics Championships after governing body IAAF (International Association of Athletics Federations) voted to extend their suspension from international competition in Monaco. However, some Russians may be able to compete under a neutral banner, if they can satisfy testing criteria. Earlier, Russia was suspended by the IAAF in November 2015. London will host the World Championships between 4-13 August. More than 1,000 Russian athletes were part of a state-sponsored doping program between 2011 and 2015.

4.  India to host FIBA Women's Asia Cup basketball tournament:India will host FIBA (International Basketball Federation) Women's Asia Cup basketball tournament at Bengaluru. The tournament will be held from 23rd to 29^th July 2017. India has also given another tournament FIBA U-16 Women's Asian Championship, held from 22nd to 28^th October in Hyderabad. Fourteen teams will compete in both the FIBA Women's Asia Cup and the U-16 Women's Asian Championship, with eight teams in Division A and six in lower Division B. (Note: The FIBA Asia Women's Cup is an international basketball tournament for women's national team organised by FIBA Asia. It was known as the FIBA Asia Women's Championship before 2017.)

BANKING/FINANCE:

5.  No queries on deposits of up to Rs 2.5 lakh: CBDT Chairman:According to the Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra, no questions will be asked about deposits of up to 2.5 lakh during the demonetization period. Only those accounts will be probed who do not match tax returns. Earlier, The Income Tax Department has segregated different kinds of deposits and accounts who do not match their income tax returns filed in previous years will be taken for later enforcement. 3 lakh rupees are justified if a person has an annual taxable income of 10 lakh rupees and the tax department will not touch them. if companies show a cash in hand in the balance sheet of 10 lakh rupees and have deposited 5 lakh rupees, the tax department will not scrutinize such entities.

6. Bank of Maharashtra ties up with Cigna TTK:The Bank of Maharashtra((BoM) has collaborated with insurance company “Cigna TTK Health” to market the insurer’s products in the bank’s branches across the country. BoM will offer the entire gamut of Cigna TTK’s superior health insurance products to its customers through its network of over 1,896 branches and 14,000 bank employees. (Note: Cigna TTK is a health insurance firm established as a joint venture between the Cigna (global insurance player) and TTK Group (Indian conglomerate).)

AWARDS:

7.  Arunachal Pradesh govt introduces ‘Arunachal Civil Service Awards’:

The Arunachal Pradesh government has introduced ‘Arunachal Civil Service Awards’ for excellence in public administration in the state. It is an effort to encourage good governance and to recognize the extraordinary services rendered by the government employees in the state.

The award will consist of a medal, a scroll, and a cash award of 1 lakh rupees for an individual and 5 lakh rupees for organization /group/team.

Daily GK Updates - 6th February, 2017

NATIONAL UPDATES:

1.      Health Ministry launches Measles Rubella vaccination campaign

The Health Ministry has launched Measles Rubella vaccination campaign in the country at a function in Bengaluru. The campaign against these two diseases will start from Karnataka, Tamil Nadu, Puducherry, Goa and Lakshadweep, covering nearly 6 crore children. The Minister urged parents, caregivers, community leaders, teachers, angan waadi workers and other frontline health workers to become the active part of this campaign. The Measles and Rubella (MR) campaign targets around 41 crore children across the country, the largest ever in any campaign. All children aged between 9 months and less than 15 years will be given a single shot of MR-vaccination. In 2015 measles killed an estimated around 49 thousand children under-5 years in the country. Rubella is generally a mild infection, but has serious consequences if infection occurs in pregnant women, causing congenital rubella syndrome.

2.       HRD ministry to set up NTA to conduct exams for higher, secondary education

The Union Human Resource Development Ministry will set up a National Testing Agency (NTA) department to conduct examinations for higher and secondary

The decision has been taken keeping in view that the Central Board of Secondary Education (CBSE) has been conducting examinations in which around one million students appear every month. Initially, examinations like IIT, NIT and even university exams will be conducted by the NTA. The Human Resources Development Ministry will bring in a graded regulatory mechanism as part of key reforms in the University Grants Commission (UGC) to usher in greater transparency, freedom, and autonomy. The minister has announced that an open web-based platform 'SWAYAM' will be launched next month. The two thousand courses will be run for students across the country through SWAYAM

3.      Bureau of Civil Aviation Security suspends IndiGo's security training center license

The apex aviation security agency Bureau of Civil Aviation Security (BCAS) has suspended the license of budget carrier IndiGo's aviation security training facility.The regulatory authority took the decision after several lapses were detected in the examination procedure that it was following. The training academy is run by IndiGo's parent company, InterGlobe Aviation. IndiGo will have to outsource the training programme, which will result in additional cost for the carrier.

4.   Vijay Goel lays foundation stone of 1st center of excellence for differently abled sportsmen

The Union Minister for Sports Vijay Goel laid the foundation stone of the country's first centre of excellence for differently abled sportsmen at Gandhinagar(Gujarat). The center is proposed with an estimate of 50 crores rupees and will provide World class facilities such as indoor halls, dedicated tracks, and 100 bedded hostel. Para-athletes will also be trained for various international competitions including Paralympics. Around 50 differently-abled sportspersons between age group 8-12 will be imparted training in Athletics, Swimming and power lifting at the training centre.

INTERNATIONAL UPDATES:

1.      Iran lifts ban on American wrestling team:

Iran has lifted a ban on U.S. wrestlers after the discriminative restrictions on Iranian nationals traveling to the U.S. was suspended by a U.S. federal judge. They are allowing them to take part in the Freestyle World Cup later this month in the Iranian city of Iran initially refused to issue the visas, in retaliation for US President Donald Trump's immigration order.

OTHER UPDATES:

SPORTS:

1.      Davis Cup: Ramkumar, Yuki power India to 4-1 win over New Zealand

A lanky Ramkumar Ramanathan was fluent in his win over Finn Tearney while Yuki Bhambri struggled past Jose Statham as India completed an emphatic 4-1 victory over New Zealand in the Davis Cup Asia/Oceania Group I tie, in Pune. Ramkumar sealed the tie for the hosts by thumping Tearney 7-5, 6-1, 6-0 in the fourth rubber before Yuki won the dead fifth rubber against Statham 7-5, 3-6, 6-4. India now play second round tie at home in April against Uzbekistan

BANKING/FINANCE:

1.      Penalty of equal amount for receiving cash over Rs. 3 lakh: According to the Revenue Secretary Hasmukh Adhia, the penalty for doing cash transaction will be steep and the receiver will have to pay an amount equivalent to the cash received. A steep penalty awaits those accepting cash in excess of 3 lakh rupees, beginning April 1, to settle any transaction. A ban on cash transaction of more than 3 lakh rupees has been proposed in the Budget for 2017-18. A person doing a transaction of 4 lakh rupees in cash, then the penalty will be 4 lakh rupees which will be levied on the receiver. He said, the government, will track all large cash transactions, and also curb the avenues of conspicuous consumption through cash.

OBITUARIES:

1.      Renowned Urdu author Bano Qudsia passes away:

The Renowned Pakistani Urdu novelist and playwright Bano Qudsia (88-years) has passed away in Lahore. Her writings were popular both inside and outside the country. She was awarded Sitara-i-Imtiaz in 2003 and Hilal-i-Imtiaz in 2010. Her prominent writings include Aadhi Baat, Aatish-i-zer-i-paa, Aik Din, Amer Bail, Asay Pasay, Chahar Chaman, Chhotaa Sheher Baray Log, Footpath ki Ghaas, Hasil Ghaat and Hawa Kay Naam. Note: She born in November 1928 in Ferozepur(India) and migrated to Pakistan after partition. Qudsia did her masters in Urdu Literature from Government College Lahore in 1951. 

Daily GK Updates - 5th February, 2017

NATIONAL UPDATES:

1.  Union Government launches Measles Rubella vaccination campaign: The Union Ministry of Health and Family Welfare has launched Measles Rubella (MR) vaccination campaign in the country at Bengaluru, Karnataka. It is largest ever in any campaign against these two diseases will start from five States/UTs viz. Karnataka, Tamil Nadu, Puducherry, Goa and Lakshadweep covering nearly 3.6 crore target children.                                                                                                                                  

2.  Government constitutes six-member committee to improve Haj policy, look into subsidy issue: The Union government has formed a six-member committee to study the ways to improve India’s Haj policy and look into the issue of subsidy to the pilgrimage in light of a 2012 Supreme Court order on gradually reducing and abolishing it by 2022. The convenor of committee is Afzal Amanullah, former Consul-Consul General of India in Jeddah. Besides, former Bombay High Court judge SS Parkar, former Haj Committee of India Chairman Qaiser Shamim, former Air India Chairman and Managing Director Michael Mascarenhas and Muslim scholar, Kamal Faruqui, are its members.

3.    HRD ministry to set up NTA to conduct exams for higher, secondary education: The Union Ministry of Human Resource Development (HRB) will soon set up a department – National Testing Agency (NTA) to conduct examinations for higher and secondary education. NTA will be the single authority that will conduct entrance tests for all higher institutions like JEE, NEET, NET and other prestigious exams.

4.   February 6: International Day of Zero Tolerance to Female Genital Mutilation: The International Day of Zero Tolerance to Female Genital Mutilation (FGM) is observed every year on February 6 to raise awareness of the practice of FGM and work towards its elimination. It is sponsored by UN, 2017 Theme: “Building a solid and interactive bridge between Africa and the world to accelerate ending FGM by 2030”

5.    I&B Minister to release annual book 'India-2017' & 'Bharat-2017':Today, the union minister of Information and Broadcasting Venkaiah Naidu has released the annual year book “India-2017” and “Bharat-2017” at a function in Shastri Bhawan, New Delhi. These books give comprehensive information about the country and various States/Union Territories including functioning of the Government and the economy, important for competitive exams. It also provides detailed information on various schemes and projects of Government.This yearbook published annually by media unit of Publications Division of the Ministry of Information and Broadcasting.

INTERNATIONAL UPDATES:

1. Iran lifts ban on American wrestling team: Iran has lifted a ban on U.S. wrestlers after the discriminative restrictions on Iranian nationals traveling to the U.S. was suspended by a U.S. federal judge. They are allowing them to take part in the Freestyle World Cup later this month in the Iranian city of  Iran initially refused to issue the visas, in retaliation for US President Donald Trump's immigration order.

OTHER UPDATES:

SPORTS:

1.  Indian boys win team gold in Asian Junior Squash: India defeated Malaysia 2-0 to win the gold medal in the boy's team event at the Asian Junior Squash championship in Hong Kong. India's no.1 player Velavan Senthilkumar defeated second seed Malaysia's Ong Sai Hun. Then Abhay Singh prevailed over Darren Rahul in hard-fought five games to lift the title for India. Indian boys had won the title for the second time, Earlier, in 2011 they defeated arch-rivals Pakistan in Colombo.

BANKING/FINANCE:

1. Penalty of equal amount for receiving cash over Rs. 3 lakh: According to the Revenue Secretary Hasmukh Adhia, the penalty for doing cash transaction will be steep and the receiver will have to pay an amount equivalent to the cash received. A steep penalty awaits those accepting cash in excess of 3 lakh rupees, beginning April 1, to settle any transaction. A ban on cash transaction of more than 3 lakh rupees has been proposed in the Budget for 2017-18. A person doing a transaction of 4 lakh rupees in cash, then the penalty will be 4 lakh rupees which will be levied on the receiver. He said, the government, will track all large cash transactions, and also curb the avenues of conspicuous consumption through cash.