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India inks guarantee agreement with the World Bank to avail $1100 million direct lending for the Eastern Dedicated Freight Corridor-II Project.
- Project is to augment rail transport capacity, improve service quality and enhance freight carriage throughout on the 393 km Kanpur-Mughal Sarai secton of the Eastern Dedicated Freight Corridor.
- This project is in continuation to the Phase-I of the EDFC Project presently being implemented by the DFCCIL on the Khurja-Kanpur stretch of the Eastern rail corridor (Ludhiana-Delhi-Kolkata).
>Login To Save for Revision- Google to shut down its news linking services in Spain from December 16, 2014.
- The new intellectual property law of the country now requires Google to pay to the source-publishers for the news items.
- A number of news publishers around the world are miffed with the search giant for revenue and readership loss as google make those news available to a wider audience for free.
>Login To Save for Revision- BHEL commissions 28 MW (2×14) 'Nyaborongo Hydro Electric Project' in Rwanda.
- The power plant equipment manufacturer BHEL already has presence in number of African countries such as: Sudan, Libya, Ethiopia, Egypt, Zambia, Tanzania, Uganda, Nigeria, etc.
>Login To Save for Revision- Centre to launch “Energy Savers” portal on National Energy Conservation Day (December 14).
- The day is celebrated to promote better utilization of energy.
- The portal is especially dedicated to infuse energy-saving behaviour in children.
- Government also present 'National Energy Conservation Awards' on this occasion to industries, buildings and appliance manufacturers who have achieved the best energy performance during the past year.
>Login To Save for Revision- Centre approves creation of a new 'intra state power transmission system' in Tamil Nadu. - read more
>Login To Save for Revision- Snapdeal acquires gift recommendation platform Wishpicker.
- The app guides customers to select relevant gifts taking into account both the receiver and buyer profiles.
- Its the fifth acquisition of the e-commerce major since inception.
- Snapdeal's earlier takeovers: Grabbon.com (June 2010), esportsbuy.com (April 2012), Shopo.in (May 2013) and Doozton (April 2014).
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Feb 05, 2016 Govt sets up Council to bring consistency in tax policies
In order to bring consistency and streamline the direct and indirect tax policy and administration, Finance Ministry has set up two new committees namely Tax Policy Research Unit (TPRU) and Tax Policy Council (TPC). These committees have been constituted based on the recommendation of the Tax Administration Reform Commission (TARC) on taxation reform.
Tax Policy Research Unit (TPRU) Tax Policy Research Unit (TPRU) will function under Revenue Secretary and will be a multi disciplinary body. It will carry out studies on various topics of fiscal and tax policies and assist the TPC in taking appropriate policy decisions. It will have noted officers from CBEC, CBDT and a galaxy of economists, researchers, statisticians and legal experts who will prepare an analysis covering three broad areas - legislative intent behind the proposal; expected change in tax collection; and the likely economic impact through the proposal.
Tax Policy Council (TPC) The Council will be advisory in nature, which will help the Government in identifying key policy decisions for taxation. It will look at all the research findings coming from TPRU and suggest broad policy measures for taxation. It will have nine more members including Ministers of State for Finance and Commerce and Industry, Deputy Chairman, NITI Aayog, Chief Economic Adviser, Finance Secretary as well as Secretaries to the Departments of Revenue, Economic Affairs, Commerce and Industrial Policy and Promotion. The Chairpersons of the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) will be special invitees.
Current Scenario : Under the present scenario, Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are assisted by a Tax Research Unit (TRU) and Tax Policy and Legislation (TPL), respectively. Taxation proposals of the two boards are sent to the Finance Minister separately. In order to bring consistency, multidisciplinary inputs and coherence in taxation policy making, TARC had suggested that a Tax Council supported by a common Tax Policy and Analysis (TPA) unit should be established to cater to needs of both direct and indirect taxes.
Categories: Feb 2016 Current Affairs • Daily Current Affairs Quiz • Latest UPSC mains Articles • GK Articles • Latest Current Affairs Articles
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Feb 03, 2016 India, Afghanistan ink pact for visa-free travel by envoys
India and Afghanistan have inked a pact for visa-free travel by their diplomats. The agreement was signed following meeting between fghan Chief Executive Abdullah Abdullah's and Indian Prime Minister Narendra Modi in New Delhi during which they discussed key bilateral and regional issues including security cooperation.
Abdullah also thanked Indian Govt. for consistent assistance from India in various spheres including defence and infrastructure development. India had given three multi-role Mi-35 helicopters to Afghanistan in December for combating terrorism in the war-torn country. The Afghan leader's visit comes nearly a month after Modi's trip to Kabul during which he inaugurated the new Afghan Parliament building, constructed with India's aid.
Categories: Feb 2016 Current Affairs • Daily Current Affairs Quiz • Latest UPSC mains Articles • GK Articles • Latest Current Affairs Articles
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Dec 11, 2015 US updates jet-engine technology transfer policy with India
As a sign of increasing trustworthiness, US has updated its policy on gas-turbine engine technology transfer to India to expand cooperation in production and design of sensitive jet engine components. This information in this regard was provided by US Defence Secretary Ashton Carter to Defence Minister Manohar Parrikar as Parrikar is on his visit to US.
Through such a crucial technical update US will be able to expand cooperation in production and design of sensitive jet engine components. Carter and Parrikar look forward to US companies working with their Indian counterparts to submit transfer requests that will benefit from this updated policy.
Parrikar and Carter commended positive discussions at the Joint Working Group on Aircraft Carrier Technology Cooperation (JWGACTC), especially in the area of aircraft launch and recovery equipment (ALRE).
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