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Daily Current Affairs – 2nd February 2016, Tuesday

Manaswini Panda
Daily

1. Aditya Mehta wins 83rd Senior National Snooker Championship

1. Aditya Mehta recently won the 83rd Senior National Snooker Championship in Indore, Madhya Pradesh.

2. Mehta achieved this feat by defeating Manan Chandra 6-3 in the final.

3. In the women’s category, Vidya Pillai won the finals by defeating Amee Kamani 4-2.

2. 30th Surajkund International Crafts Mela starts at Faridabad

  1. The 30th edition of the Surajkund International Crafts Mela began on February 1, 2016 and will end on February 15, 2016.
  2. Inaugurated by Haryana Chief Minister Manohar Lal Khattar, the event has around 23 participating countries, including China, Japan, Sri Lanka, Russia, Vietnam, Afghanistan, etc.
  3. The Mela is organised by the Surajkund Mela Authority and Haryana Tourism in collaboration with Union Ministries of Tourism, Textiles, Culture and External Affairs.
  4. As Telangana is the theme state this year, cultural heritage and artifacts of the state will be showcased in the mela.
  5. In its 30th edition, the Mela also has China and Japan as the two country of focus.


3. CBDT signs two bilateral Advance Pricing Agreements (APAs) with United Kingdom

  1. The Central Board of Direct Taxes (CBDT) has inked two bilateral Advance Pricing Agreements (APAs) with the United Kingdom that were signed with two Indian group entities of a UK-based multinational company (MNC).
  2. The APAs have been signed soon after the Indian and British authorities finalised the terms of the bilateral arrangement under the Mutual Agreement Procedure (MAP) process contained in the India-UK DTAA.
  3. The APAs cover the period 2013-14 to 2017-18 and also have a “rollback” provision for two years (2011-12 and 2012-13).
  4. With the signing of the bilateral APAs, the two Indian companies have been provided with tax certainty for 12 years each (5 years under MAP and 7 years under APA).

5. The agreements are significant also because they address the issues of payment of management & service charges and payment of royalty. These transactions generally face prolonged and multi-layered transfer pricing disputes.

4. India and NASA join hands to study Ladakh

  1. India and the National Aeronautics and Space Administration (NASA) have entered into a partnership to explore the environment of Ladakh under NASA’s Spaceward Bound programme.
  2. In August 2016, scientists from NASA, the Mars Society Australia and the Birbal Sahni Institute of Palaeobotany, Lucknow will embark on an expedition to Ladakh.
  3. The 10-day expedition will involve the study of similarities of certain parts of the region’s topography and microbial life to the surroundings of Mars.
  4. The NASA Spaceward Bound programme aims to train the next generation of space explorers and provides monetary support to expeditions to places with severe climatic conditions.
  5. Ladakh is the first Indian region to be chosen for exploration by For the first time, NASA has selected an Indian region for exploration. Ladakh offers a cold, high-altitude, high UV-exposed, dry ecosystem with Mars analogue topological features.

5. India, Afghanistan ink pact for visa-free travel by diplomats

  1. India and Afghanistan have inked a pact for visa-free travel by their diplomats.
  2. The deal was signed during Prime Minister Narendra Modi meeting with top Afghan officials, which involved discussions on key bilateral and regional issues including security cooperation.
  3. India has approved the third phase of development projects India is carrying out in Afghanistan that include 92 small-scale programmes. India has also approved three multi-role Mi-35 helicopters to Afghanistan to combat terrorism. It has also committed a grant of $2 billion for the reconstruction of the war-ravaged country.

6. Archana Ramasundram becomes 1st woman to head paramilitary force

  1. Archana Ramasundram has been appointed as the Director General of the Sashastra Seema Bal (SSB), thereby becoming the first woman to head a paramilitary force.
  2. Ramasundram, a Tamil Nadu cadre IPS Officer, is currently the Director of National Crime Records Bureau. She will be replaced by Bihar cadre 1981-batch IPS officer A R K Kini.
  3. The SSB guards India’s frontiers with Nepal and Bhutan and Ramasundram will continue as the DG till her superannuation on 30 September 2017.
  4. A few other new appointments include, IPS officer K Durga Prasad appointed as the Director Generals of Central Reserve Police Force (CRPF) and IPS officer K K Sharma will be new Chief of the Border Security Force (BSF). Both Prasad and Sharma will start office on 29 February 2016.


7. Companies Law Committee submits report recommending changes in Companies Act, 2013

  1. The Companies Law Committee has submitted its report to the Union Government. It was set up in June 2015 to examine and suggest changes on issues pertaining to implementation of the Companies Act, 2013. The Committee was chaired by Secretary, Tapan Ray, Secretary, Ministry of Corporate Affairs.
  2. More than 2000 suggestions were received during the panel’s consultation process. It has proposed changes in 78 sections of the Act that along with other consequential changes would bring about 100 amendments to the Act.
  3. Some of the key changes proposed are regarding managerial remuneration to be approved by shareholders, and modification of definition of associate company and subsidiary company.Private placement process should be substantially simplified, and incorporation process be made easier.
  4. Other suggestions include: Limit on sweat equity to be raised from 25% of paid-up capital to 50% for start-ups; Requirement for annual ratification of appointment/continuance of auditor to be removed.
  5. The report will be available on the ministry website and public comments on the report will be accepted till February 15, 2016.

8. Infosys to build tallest free-standing clock tower

  1. IT major Infosys is all set to build the world’s tallest free-standing clock tower at its 345-acre global education centre in Mysore.
  2. At 135 metres, the proposed tower will be taller than Big Ben (96 m) in London, Hoover Tower (87 m) in California and McGraw Tower (53 m) in Cornell.
  3. The estimate cost of the project is about Rs.60 crore and may take 20 months to complete. The tower has been designed by Hafeez Contractor and the New York-based LERA will provide structural consultancy services to the tower and will be built by KEF Infra.

9. Saroj Kumar Jha appointed to key World Bank position

  1. India’s Saroj Kumar Jha was appointed as the Senior Director for the Fragility, Conflict and Violence Group at the World Bank.
  2. Previously, he worked as the World Bank’s Global Manager for Disaster Risk Management Practice.
  3. Jha, an alumnus of the Indian Institute of Technology, Kanpur, gained immense experience in working with the Indian government and the United Nations Development Program post which he joined the World Bank in 2005 as a Senior Infrastructure Specialist in the Sustainable Development Network.

10. IIT panel suggests 200% fee rise, creation of Rs.2,000 crore NBFC

  1. A panel comprising IIT Directors has proposed recommendations to achieve greater financial autonomy for IITs.
  2. It has suggested a threefold increase in course fees and creation of a Rs 2,000 crore non-banking financial company (NBFC).
  3. The hike in fee will help cover costs incurred for salaries and maintenance. Half of the Rs 2,000-crore corpus will come from the government and the rest from corporate social responsibility (CSR) initiatives. The long-term objective is to be able to provide interest-free, 5-10 year loans to not just the 18 IITs but all higher education institutes in India.

4. The NBFC will offer interest-free loans for futuristic projects, research infrastructure and efficient use of campus space.

5. The committee has drawn up a ‘Roadmap to Financial Autonomy of IITs’ in consultation with the HRD and Finance Ministries. The proposals are being considered and could be among the budgetary announcements this year.


11. Sequoia Capital closes $920 million fund, largest by any VC for India

  1. Sequoia Capital has closed a massive $920 million fund which will be mostly invested in the Indian companies.This is the biggest raise by any VC fund for India.
  2. Sequoia is one of the most prominent VC firms in India, having invested in over 90 companies across sectors like technology, healthcare, consumer and financial services, etc. Some of the companies are Justdial, Freecharge, Zomato, Oyo Rooms, Grofers, and CraftsVilla, among others. It had also invested in the early stages of tech giants such as Google, PayPal, and Apple.
  3. As per reports, it has invested close to $1.5 billion in Indian companies and the recent round has taken its total assets under management to more than $3 billion in India.

12. J K Garg takes over as MD of Corporation Bank

  1. JK Garg has been appointed as the new Managing Director of Corporation Bank, replacing S R Bansal. Before the appointment, Garg was Executive Director in UCO Bank.
  2. Garg started his career at Corporation Bank in 1986 and now will head the bank for 3 years.
  3. Garg has experience in credit management, recovery, forex operations, retail banking and administration.

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