Current Affairs, News & Facts of 12 Dec 2015

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  • Veteran Bollywood actor Naseeruddin Shah awarded lifetime achievement award at the 12th DIFF

     

    Veteran Bollywood actor Naseeruddin Shah awarded lifetime achievement award at the 12th DIFF

    Veteran Bollywood actor Naseeruddin Shah was honoured with the lifetime achievement award at the Dubai International Film Festival (DIFF). Along with  Naseeruddin Shah French actress Catherine Deneuve, Egyptian actor Ezzat Al Alayli and French-Tunisian actor Sami Bouajila also won the lifetime achievement award.

    The 12th edition of the Dubai International Film Festival (DIFF) opened with the screening of Lenny Abrahamson's suspenseful and heartrending drama Room based on Emma Donoghue's 2010 best-selling novel of the same name.

    About Dubai International Film Festival (DIFF) :

    • The Dubai International Film Festival (DIFF) is an annual film festival held in Dubai, United Arab Emirates. The film festival was started in year 2004.
    • Since it's inception it has served as an influential platform for Arab filmmakers and talent at an international level, by spearheading the cinema movement in the region
    • The festival is an not-for-profit cultural event, which is presented and organised by Dubai Entertainment & Media Organization.

     

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  • India, Japan sign protocol to amend double taxation avoidance pact

     

    India, Japan sign protocol to amend double taxation avoidance pact

    India and Japan have signed an agreement to amend the convention for double taxation avoidance and prevention of evasion of income tax for effective exchange of information in tax matters including bank accounts. The existing convention was signed way back in 1989.

    Key facts of the agreement :

    • The protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest.
    • The agreement provides that the information received from Japan in respect of an Indian resident can be shared with other law enforcement agencies with authorisation of the competent authority of Japan and vice versa.

    The protocol allows exemption of interest income from taxation in the source country with respect to debt claims insured by the government or government-owned financial institutions.Under the  agreement, it is envisaged that both India and Japan will lend assistance to each other on collection of revenue claims.

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  • Pakistan Successfully Test-Fires Nuclear-Capable Shaheen-III Ballistic Missile

     

    Pakistan Successfully Test-Fires Nuclear-Capable Shaheen-III Ballistic Missile

    Pakistan has successfully test-fired nuclear-capable medium-range Shaheen-III surface-to-surface ballistic missile which can carry nuclear warheads up to 2,750 kms bringing many Indian cities within its range.

    The test flight of the missile was aimed at validating various design and technical parameters of the weapon system. The impact point of the missile test was in the Arabian Sea, it  successfully validated all desired parameters.

    Key facts about Shaheen-III ballistic missile

    • Development of Shaheen-III began in secrecy in early 2000s, it is a land-based surface-to-surface medium range ballistic missile. Shaheen-III was successfully test fired for the first time by military service on 9 March 2015.
    • Shaheen-III is capable of carrying nuclear as well as conventional warheads up to 2,750 kilometres  which could enable it to attack all corners of India and reach deep into the Middle East parts of North Africa and Southern Europe.
    • Shaheen-III is able to reach far Northeast India and Tri-service command of India located in Andaman and Nicobar Islands. Shaheen-III is the longest-range missile to be launched by the Pakistan's military.
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  • Government slaps anti-dumping duty on stainless steel

     

    Government slaps anti-dumping duty on stainless steel

    • Union government has imposed anti-dumping duty of up to 57.39% on the import of certain stainless steel products from China, Korea, the US and EU for five years to save the domestic industry from cheap shipments.
    • The government's decision comes in the wake of rising incidence of dumping hampering the performance of domestic industry and with steel prices on a decline.
    • The highest duty has been levied on steel imports from China at 57.39 per cent, followed by the European Union at 52.56 per cent. Imports from Thailand will have the least duty imposition of 4.58 per cent.

    China, is the world's largest consumer and producer of stainless steel products, has been dumping various grades and varieties of steel across the globe on the back of surplus supply. This is why China attracted the highest anti-dumping duty.

    What is anti-dumping duty ?

    Anti-dumping duty is an economic measure that country takes under the multilateral World Trade Organisation (WTO) regime against  to protect its domestic industry and market  from unfair competition which foeign exporters create decreasing the cost of their product.

     

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