1. GAAR will be effective from April 1
1. The General Anti Avoidance Rule, GAAR, will be effective from the 1st of April this year. It seeks to prevent companies from routing transactions through other countries to avoid taxes.
2. Finance Ministry has said that the proposal to apply GAAR will be vetted first by the Principal Commissioner of Income Tax, Commissioner of Income Tax and at the second stage by an Approving Panel headed by a judge of High Court.
3. It has assured the stakeholders that adequate procedural safeguards are in place to ensure that GAAR is invoked in a uniform, fair and rational manner.
4. The Ministry also clarified that GAAR will not apply if the jurisdiction of Foreign Portfolio Investor (FPI) is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit.
5. Besdies, GAAR will not interplay with the right of the taxpayer to select or choose method of implementing a transaction.
6. It said, government is committed to providing certainty and clarity in tax rules.
Source : news on air
2. Republic Day: Havildar Hangpan Dada Posthumously Awarded Ashok Chakra
1. President Pranab Mukherjee on Thursday posthumously conferred the Ashok Chakra on Havildar Hangpan Dada of the Rashtiya Rifles, who laid down his life after single-handedly killing three terrorists in Jammu and Kashmir last year.2. The highest peacetime gallantry award for valour and courageous action was accepted by Dada's widow Chasen Lowang, who struggled to hold back tears while receiving the honour.
Source : news 18
3. Kerala government rolls out e-health program 'Jeevan Rekha'
1. The State Government’s much-hyped e-health programme (Jeevan Rekha) aimed at efficient service delivery to the people and providing a centralised database of healthcare information was rolled out on Wednesday.2. The government is for bringing in an overall change in the health sector. Diseases like cholera, malaria and filariasis, which were once eradicated are being reported from the state.
3. Health Minister K K Shylaja said it is a first-of-its-kind initiative in the country to create electronic health records of a population. The availability of digital data would provide a huge impetus to disease surveillance.
Source : New India Express
4. Rubber Soil Information System (RubSIS) launched
1. Commerce & Industry minister Nirmala Sitharaman has launched Rubber Soil Information System (RubSIS)in New Delhi.2. This is an online system for recommending application of appropriate mix of fertilizers to the specific plantations of rubber growers depending upon their soil nature.
3. RubSIS, developed by Rubber Research Institute of India (RRII) under the Rubber Board in collaboration with three agencies.
4. It brings soil data to the fingerprints of rubber growers and recommends the optimum mix and quantities of chemical fertilizers that his holding requires.
5. The scientific and user friendly online fertiliser recommendation system was launched for Kottayam (Kerela), the largest rubber growing district of India which will be extended to the entire traditional rubber growing region i.e. the states of Kerela and Tamilnadu this year.
Source : times of india
5. India ranks sixth on eight great powers in 2017: American foreign policy magazine
1. India is ranked at the sixth spot, behind China and Japan, in a list of eight great powers for the year 2017 by a leading American foreign policy magazine which is topped by the US.2. The list is topped by the US, whereas China and Japan are at tie for being on the second spot. Russia (fourth) and Germany (fifth) are the other two countries ahead of India. Iran is ranked seventh and Israel is on the eighth spot.
3. "Like Japan, India is often overlooked in lists of the world's great powers, but it occupies a rare and enviable position on the world stage," The American Interest magazine said in its latest annual report of eight great powers.
Source : Hindustan times
6. R-Day: Arunachal launches scheme to check infant mortality
1. Arunachal Pradesh launched 'Dulari Kanya', a special scheme to check infant mortality in the state, on the occasion of the 68th Republic Day today.2. Governor V Shanmuganathan launched the scheme, under which the government will deposit Rs 20,000 in the bank account of a girl child, born in any government hospital. It would be paid along with the accrued interest after she attains 18 years of her age.
3. "The proposals having an estimated cost of about Rs 8000 crore in the sectors of health, education, rural connectivity, hydropower, solar energy, public distribution system and drinking water have been submitted.
Source : business standard
INTERNATIONAL
7. 3 Indian origin persons awarded Australia's highest civilian honour
2. Purushottam Sawrikar, a Sydney-based medical practitioner, received Order of Australia medal for the year 2017 for his service to medicine, and to the Indian community.
3. Makhan Singh Khangure from Perth was given the award for his service to medicine in the field of neuroradiology, to education, and to a range of professional medical associations.
4. Vijay Kumar, was given the award for his service to medical research in the disciplines of nuclear medicine and biology, to professional organisations, and to the community.
5. Over 950 Australians were named in the Australia Day Honours this year, announced yesterday on the Australia Day.
Source : news on air
8. Japan launches first military communications satellite
1. Japan launched its first military communications satellite to boost the broadband capacity of its Self Defence Forces as they reinforce an island chain stretching along the southern edge of the East China Sea2. The satellite lifted off from Japan’s Tanegashima space port aboard an H-IIA rocket at 0744 GMT and successfully entered orbit,
3. The satellites is one of three planned so-called X-band satellites, that will quadruple broadband capacity, unify a fractured and overburdened communications network and allow communications across more territory.
Source : space news
BUSINESS
9. RBI prohibits investments in 'non-cooperative countries'
1. Reserve Bank today prohibited Indian entities from making direct investments in any entity located in 'non co-operative countries and territories', as identified by the inter-governmental body FATF.2. The Financial Action Task Force (FATF) currently comprises two regional organisations and 35 member jurisdictions, including India, US, UK, China and the European Commission.
3. The prohibition on investment is "in order to align" instructions under FEMA with the objectives of the FATF.
Source : economic
10. Karnataka Bank inks pact with Tirth Agro Technology
1. Karnataka Bank Ltd has signed a memorandum of understanding (MoU) with the Rajkot-based Tirth Agro Technology Pvt Ltd (manufacturer of agricultural equipment and implements) for financing agricultural mechanisation.2. Quoting P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, a press release said here that the MoU aims to work together to promote agricultural mechanisation by utilising the experience the bank has in agricultural finance through its vast network of branches and the expertise of the company in the field of manufacturing of agricultural equipment and implements.
3. The bank has a network of 740 branches in 21 states and two Union Territories.
4. Tirth Agro Technology Pvt Ltd manufactures agricultural implements under the brand name ‘Shaktiman’. It has a network of more than 685 dealers and 42 distributors across the country,
Source : the hindu
11. India ranked 79th in the Corruption Perception Index 2016
1. India has been ranked 79th among 176 countries in the Corruption Perception Index 2016 released by the Transparency International organisation. Its score marginally improved from 38 in 2015 to 40 in 2016. India had a score of 36 in 2012. 2. The organisation has used the World Bank data, the world economic forum and other institutions to rank countries by perceived levels of corruption in public sector.
3. The score runs from zero to 100, from highly corrupt to 100. Belarus, Brazil, & China shared the same ranks as India.
4. The list was topped by New Zealand and Denmark with a score of 90 each. Higher-ranked countries tend to have higher degrees of press freedom, access to information about public expenditure, stronger standards of integrity for public officials, and independent judicial systems.
5. Somalia was ranked the most corrupt country with a score of 10. Other countries with lower rankings were South Sudan, North Korea, Syria, and Yemen.
6. The lower-ranked countries in the index were plagued by untrustworthy and badly functioning public institutions like the police and judiciary.
Source : business today
