Current Affairs: 20th July
- Supreme Court has accepted majority of recommendations of Lodha Committee on reforms in BCCI. Approved recommendations include:
- Civil Servants, Politicians, and other above 70 years – cannot become BCCI members.
- Any member can’t hold post for more than 3 years.
- Parliament to decide if RTI applicable to BCCI.
- Member of Cag to be included in BCCI’s governing council.
- Each state only vote and each member only one post.
- Replacement of working committee with a nine-member Apex Council with player representation
- Malcolm Turnbull was sworn as Prime Minister of Australia for second term.
- Indian Railways has initiated process to include the Terrain Imaging for Diesel Drivers- Infrared Enhanced Optical and Radar Assisted (Tri-NETRA) system to avoid train accidents.
- Ti-Netra uses infra-red and radar technology to scan for signals and transfer information to screen fitted inside engine.
- Parliament passes Regional Centre for Biotechnology Bill, 2016
- Result: Statutory status to the existing Regional Centre for Biotechnology in Faridabad, Haryana.
- CBDT inks 7 Advance Pricing Agreements
- CBDT: Central Board of Direct Taxes
- Advance Pricing Agreement: Agreement between Taxpayer and Authority for intra- group transfers. What does this mean?
- Example: Taxpayer: TATA (assume), now tata is a group, with companies in multiple countries. Lets say Tax rate in India is 30% but in UK is 10% only.
- Now if TATA has to sell lets say safari in UK. If cost price of Safari 9 lacs in India and it sells at 11 lacs. It has to pay 30%*2lac = Rs. 60,000 tax but for sale of Safari In UK. Tata India will sell to TATA UK at cost price only (9 Lac). Hence, tata India 0 profit 7 0 tax. Tata UK will Sell at 11 lac but there tax rate is 10% only. Hence, tax = 2lac*10% = 20,000 so TATA saves 40,000 tax.
- So India govt. loses tax, Advance pricing agreements look into these aspect only. Here advance mein prices are fixed let say at 10 lacs, so Indian gov.t losses are minimum and TATA also get profit. Both happy.
- Senior IAS officer Guruprasad Mohapatra was appointed as Chairman of Airports Authority of India (AAI).
- Centre injects Rs.22,915 cr into 13 public sector banks
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