1)The Union Finance Ministry has announced that the General Anti Avoidance Rule (GAAR) will be effective from the 1 April, 2017.
GAAR seeks to give the IT department powers to scrutinize transactions structured in such a way as to deliberately avoid paying tax in India.
- It will not be invoked in cases where investments are routed through tax treaties that have a sufficient limitation of benefit (LOB) clause to address tax avoidance.
WHAT IS LOB CLAUSE??:- It should be noted that LOB clause in tax treaties generally requires investors to meet certain spending and employment criteria to avail the benefits of the treaty.
2)The Indian Navy’s Annual Theatre Readiness Operational Exercise (TROPEX) 2017 is being conducted off the Western Seaboard.
3)Vijay Bhatkar, architect of India’s first supercomputer the Param series, as the chancellor of Nalanda University.
READ ABOUT THE NALANDA UNIVERSITY
4)The Indian Space Research Organisation (ISRO) successfully tested indigenously developed cryogenic engine for the upper stage ‘GSLV Mk III’ rocket. The cryogenic upper stage, designated as C25, was tested for 50 seconds at ISRO Propulsion Complex (IPRC) at Mahendragiri in Tamil Nadu.
Cryogenic engines are used in the upper stage of a rocket launch as they provide the maximum thrust to a launcher vehicle.
5)India has signed a deal with the United Arab Emirates that allows the Gulf OPEC country to fill half of an underground crude oil storage facility at Mangalore, Karnataka.
In fact, India has already filled the other half of the Mangalore storage facility with 6 million barrels of Iranian oil. The country has another storage site in Vizag, Andhra Pradesh with 7.55 million barrels of Iraqi oil and a third such facility in Karnataka’s Paduran, with a storage capacity 18.3 million barrels.
No comments:
Post a Comment