Daily Current Affairs 31st December, 2016
India and Singapore Sign a Third Protocol for Amending DTAA
- India and Singapore have amended the double taxation avoidance agreement (DTAA) for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, by signing a Third Protocol.
- This is in line with India’s treaty policy to prevent double non-taxation, curb revenue loss and check the menace of black money through automatic exchange of information, as reflected in India’s recently revised treaties with Mauritius and Cyprus and the joint declaration signed with Switzerland.
World’s highest bridge opens in China
- The world’s highest bridge has opened to traffic in China, connecting two provinces in the mountainous southwest and reducing travel times by as much as three-quarters.
- The Beipanjiang Bridge soars 565 metres (1,854 feet) above a river and connects the two mountainous provinces of Yunnan and Guizhou.
Govt sets up high-level committee to review arbitration system in India
- The law ministry has formed a 10-member panel led by former Supreme Court judge B.N. Srikrishna to review and create an institutional framework for the arbitration mechanism in India. The committee will submit its report within 90 days.
- The committee includes judges, senior lawyers familiar with commercial laws, industry representatives and a member from a think-tank.
- The committee will make recommendations on various aspects of improving arbitration in the country, including encouraging use of arbitration for international commercial disputes, implementing the law to ensure speedier arbitrations, revision in institutional rules, role of arbitration in disputes where the central government is involved and evolving an efficient arbitration system for India.
CBDT extends deadline of Direct Tax Dispute Resolution Scheme
- The Central Board of Direct Taxes (CBDT) has extended the last date for availing the Direct Tax Dispute Resolution Scheme to January 31, 2017 from the earlier deadline of December 31, 2016.
- This extension aims to give companies one more month to accept its offer to settle retro tax disputes with Government.
- It comes against the backdrop of tepid response from companies to the scheme.
Cash withdrawal limit from ATMs increased to Rs 4,500 per day
- In a major relief for the common man, Reserve Bank of India (RBI) has increased the daily limit of ATM withdrawal to Rs 4500 from current Rs 2500 with effective from January 1st, 2017
State Bank of India ties up with Magicbricks.com
- State Bank of India the country’s largest bank has tied up with online classifieds portal magicbricks.com, to conduct joint marketing activites and help rejuvenate the real estate sector. To kick start the MOU, SBI and Magicbricks are launching the ‘Seal the Deal’ campaign.
- Under Seal The Deal, SBI and Magicbricks will be hosting a mega online property show for SBI Approved Projects.
- This will be the first housing carnival in the industry at this scale.
General Bipin Rawat takes over as next Chief of Army Staff
- General Bipin Rawat elected as the next Chief of Army Staff.
- General Rawat has tremendous hands on experience of serving in combat areas, and at various functional levels in the Indian Army over the last three decades.