Daily Current Affairs 28th January, 2017
Banwarilal Purohit as Governor of Meghalaya President
- Pranab Mukherjee has given Governor of Assam Banwarilal Purohit additional charge of Meghalaya.
- Besides, President also gave Governor of Nagaland PB Acharya additional charge of Arunachal Pradesh. These appointments come after President accepted the resignation of V. Shanmuganathan, as Governor of Meghalaya and Arunachal Pradesh.
GAAR will be effective April 1, 2017, onwards: CBDT
- The Union Finance Ministry has announced that the General Anti Avoidance Rule (GAAR) will be effective from the 1 April, 2017. In this regard Income Tax (IT) department has issued a slew of clarifications on implementation of GAAR, seeking to address concerns of foreign investors over implementation of the anti-evasion measure.
- GAAR seeks to prevent companies from routing transactions through other countries to avoid taxes. The rules are framed mainly to minimize and check avoidance of tax.
- GAAR will not be invoked in cases where investments are routed through tax treaties that have a sufficient limitation of benefit (LOB) clause to address tax avoidance. An LOB clause in tax treaties generally requires investors to meet certain spending and employment criteria to avail the benefits of the treaty, to ensure that only genuine resident companies benefit from the pact.
- All transactions or arrangements that have been approved by courts and quasi-judicial authorities like the authority for advance ruling and that specifically address the issue of tax avoidance will not be subject to the GAAR test.
- GAAR will not be applicable on compulsorily convertible instruments, bonus issuances or split/consolidation of holdings in respect of investments made prior to 1 April 2017 in the hands of the same investor.
- Also, if the jurisdiction of a foreign portfolio investor is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefits, GAAR will not apply.
- India will be the 17th nation in the world to have laws that aim to close tax loopholes.
- At present, GAAR is in force in nations like Australia, Singapore, China and the UK.
Loss making Indian Railways to rent out hill trains to private players
- The Indian Railways is planning to start leasing out its standalone passenger corridors and branch lines to private companies for operations and maintenance, marking the beginning of corporate participation in the running of the world’s fourth largest railroad network.
Arunachal Pradesh Government launches Dulari Kanya scheme to check infant mortality
- Arunachal Pradesh government has launched “Dulari Kanya”, a special scheme to check infant mortality in the state.
- Under this scheme, state government will deposit Rs. 20,000 in the bank account of a girl child born in any government hospital. It amount will be paid along with the accrued interest after the girl child attains 18 years of her age.
Pune City Police launches Beat Marshall Monitoring Mobile App
- The Pune City Police has launched the “Beat Marshall Monitoring Mobile App” to map the real-time locations of patrolling teams from police stations on experimental basis. The application will be installed on the cell phones of patrolling cops or Beat Marshals for tracking their movements in real time from the control room.The real time location data collected will be used for effective response during the emergencies.
- The app will make easier for dispatching patrolling parties during times of emergency. President appoints
- The Indian Navy’s Annual Theatre Readiness Operational Exercise (TROPEX) has begun off the Western Seaboard.
- The exercise will have ships and aircraft of both the Western and Eastern Naval Commands, as also assets from the Indian Air Force, Indian Army and the Indian Coast Guard exercising together.
- The exercise is aimed at testing combat readiness of the combined fleets of the Indian Navy, and the assets of the Indian Air Force, Indian Army and the Indian Coast Guard.
- It will also strengthen inter-operability and joint operations in a complex environment.
Dr Vijay Bhatkar appointed new vice-chancellor of Nalanda University
- President Pranab Mukherjee has appointed Dr Vijay Bhatkar, architect of India’s first supercomputer the Param series, as the chancellor of Nalanda University. He will have term of three years from the date of his appointment as provided under Section 11(3) of the Nalanda University Act. He shall succeed George Yeo, former Foreign Minister of Singapore, who resigned after the Board of the University was reconstituted.