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Sunday, August 09, 2015

Current Affairs Update – 9th August, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 9th August, 2015. These are Important for the upcoming Insurance Exams and IBPS RRB 2015.

Finance –

Govt notifies changes in I-T rules to comply with FATCA pact

  • The Revenue Department has amended income tax rules to provide for reporting of information with regards to financial assets and accounts, a month after India signed a tax information sharing agreement with the US.
  • On July 9, India and the US signed tax agreement under the Foreign Account Tax Compliance Act (FATCA) that will enable automatic exchange of financial information between the two nations about tax evaders from September 30.
  • The rules define various terms such as financial asset, financial account, excluded accounts, participating and non-participating financial institutions, among others.
  • The norms prescribe information to be maintained by the reporting financial institution such as name, address, taxpayer identification number (assigned to the account holder by the country or territory of his residence for tax purposes) and date and place of birth (in the case of an individual) of each reportable person.
  • The rules prescribe reporting requirements on a staggered basis starting from earlier year 2014 and reporting of all details prescribed from calendar year 2017 onwards.
  • They also specify due diligence procedure for identifying reportable account and various forms.

India received $24 bn in FDI from EU in last 3 years

  • Despite the Free Trade Agreement talks with the European Union being in limbo, India has received an impressive $24 billion in Foreign Direct Investment from the 28-nation bloc over the last three years.
  • As per official figures, India received $6.23 billion in FDI equity inflows from EU in 2012-13 which increased to $9.06 billion the next year.
  • The FDI inflow was $8.20 billion in 2014-15, which was a decline of $862 million compared to the year ago period.
  • In 2015-16, the amount in first two months of current fiscal was $1.39 billion.
  • In total, India received $24.91 billion in FDI equity inflows from EU between April 2012 and May 2015.
  • The EU has been India’s largest trading partner and the two-way trade is likely to swell significantly if the countries could firm up the long-pending Free Trade Agreement, officially called the Broad-based Investment and Trade Agreement (BTIA).

Govt to ship 10,000 tonne of rice bran oil this fiscal

  • Government is expecting to ship 10,000 tonne of rice bran oil this financial year after the government eased restrictions on its bulk sale, giving a boost to small rice millers, an industry body said.
  • The country was exporting about 2,000 tonne of rice bran oil last year mainly in consumer packs, according to data from the Solvent Extractors' Association of India (SEA).
  • Also rice bran oil is considered healthier and meets the recommendation of a well blended combination of SFA, MUFA and PUFA.
  • India was the highest producer of rice bran oil with an output of 9.5 lakh tonne in 2014-15, followed by China with 2 lakh tonne and Japan 80,000 tonne.
  • The country produces the best quality of rice bran oil with more than 150 solvent extraction units producing the edible oil.

India –

Mysuru tops Swachh Bharat rankings

  • Mysuru city in Karnataka topped the Swachh Bharat Rankings that were released on Saturday by the Ministry of Urban Development.
  • In a year-long survey, the researchers studied 476 first tier cities with two parameters: one, how “minimal” open defecation was in the city; two, how robust the municipalities were with the solid waste management system. And Mysuru was found impressive on both the counts.
  • Launched in October 2014 by Prime Minister Narendra Modi, Swachh Bharat Mission is the flagship sanitation programme of the NDA government, which aims to bridge gaps between sewerage and solid waste management and construct several million toilets in the urban centres.
  • With a Central funding of Rs.14, 623 crore, the government aims to build 1.4 crore household toilets, 2.5 lakh community toilets and 2.6 lakh public toilets by 2019.
  • The second position was bagged by Thiruchirapalli in Tamil Nadu, followed by Navi Mumbai, Kochi (Kerala), Hassan, Mandya and Bengaluru from Karnataka, Thiruvananthapuram (Kerala), Halisahar (West Bengal) and Gangtok (Sikkim).
  • Damoh in Madhya Pradesh (MP) ranked the lowest, preceded by Bhind in M.P., Palwal and Bhiwani, both in Haryana, Chittaurgarh (Rajasthan), Bulandshahar (UP), Neemuch (MP), Rewari (Haryana), Hindaun (Rajasthan) and Sambalpur in Odisha.

Awards –

Indian-Origin Scribe Adrienne Batra Awarded 'Best Journalist' in Canada

  • An Indo-Canadian woman journalist has been awarded by Indian community members in Ottawa for her outstanding achievements in the field of journalism.
  • Adrienne Batra, the 41-year-old editor of Toronto Sun, was recognised as the 'Best Journalist' at this year's Parvasi Awards, which featured India's sports legend Milkha Singh as this year's guest of honour.
  • Batra credits her time in the minefield of politics and her strong communication skills as "great stepping stones" to where she is today. She also acknowledged her strong Punjabi roots instilled by her parents to her success.
  • The Parvasi Awards, established in 2005 to honour the accomplishments of successful Punjabi Canadians in various fields, are typically presented to eight recipients based on different categories such as arts, business, sports, social service and lifetime achievement. 


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