Home Daily Updates IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 06 -FEBRUARY - 2016
IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 06 -FEBRUARY - 2016
Saturday, 06 February 2016 05:57

 

DAILY NEWS UPDATES

06 -FEBRUARY - 2016

 

PRINCE MAHIDOL AWARD 2015 CONFERRED IN BANGKOK

Prince Mahidol Award 2015 was conferred upon Professor Morton Mower and Sir Michael Marmot for outstanding achievements in medicine and public health worldwide.

The award was presented at the Grand Palace in Bangkok by the Princess Maha Chakri Sirindhorn on behalf of the King of Thailand Bhumibol Adulyadej, who couldn’t attend the ceremony due to ill health.

Mower, a citizen of the USA, received the award in the category ofmedicine for invention of the Automatic Implantable Cardioverter Defibrillator. The device helps in monitoring heart rate and rhythm and delivers electrical current when abnormality is detected.

Marmot, a citizen of the UK, won the award in public health category for his evidence-based evaluation of the role of Social Determinants of Health, a concept that was adopted by the government of the UK and the World Health Organisation (WHO) to eliminate health inequalities.

About Prince Mahidol Award

• It was established in 1992 to commemorate the 100th birthday anniversary of Prince Mahidol of Songkla, who is recognized by the Thais as the father of modern medicine and public health of Thailand.

• The award is presented by the Prince Mahidol Award Foundation that was established under the Royal Patronage of the King Bhumibol Adulyadej.

• It is bestowed upon individuals or institutions that have made outstanding and exemplary contributions to the advancement of medical, and public health and human services in the world.

• It is conferred upon by the King of Thailand with prizes worth a total of 100000 US dollars.

• Every year, a committee, consisting of world-renowned scientists and public health experts recommend the selection of laureates.

• The committee also recommends on the number of prizes to be awarded annually, which shall not exceed two in any one year.

• The two categories – medicine and public health- were established in commemoration of Prince Mahidol’s graduation with Doctor of Medicine (Cum Laude) and Certificate of Public Health.

• Since its inception in 1992, Dilip Mahalanabis, a pediatrician, is the only Indian who received the award.

JAPAN UNVEILED FIRST STEALTH FIGHTER AIRCRAFT X-2

Japan unveiled country’s first stealth fighter aircraft X-2. The domestically-built fighter aircraft seeks to augment defence capabilities of the country that is surrounded by China and Russia that already have radar-evading aircraft technology.

X-2 is expected to undergo its first test-flight in February 2016.

Features of X-2

• It has two engines, similar to the F-22 of the USA, and is 46 feet long by 30 feet wide and 15 feet tall.

• Its stealthy features include a special coating on the canopy that houses the pilot, as well as a carbon-fiber composite material that absorbs radar waves.

• It was built under the code name Mitsubishi Advanced Technology Demonstrator-X by the country’s Mitsubishi Heavy Industries Ltd.

• Apart from Mitsubishi, around 200 companies were involved in the development of the unarmed technology demonstrator.

• It was built at a cost of 340 million US dollars and is smaller than a standard jet fighter.

FIRST REVISED ESTIMATES OF MACROECONOMIC INDICATORS FOR 2014-15 RELEASED

The Central Statistics Office (CSO) of the Ministry of Statistics and Programme Implementation released the first revised estimates of national income, consumption expenditure, saving and capital formation for 2014-15.

Besides, the CSO also released second revised estimates of the years 2011-12 to 2013-14 (with base year 2011-12.

Highlights of revised estimates for FYs 2014-15 & 2013-14

• Gross Domestic Product: Nominal Gross Domestic Product or GDP at current prices for the year 2014-15 was estimated at 124.88 lakh crore rupees while that for the year 2013-14 was estimated at 112.73 lakh crore rupees, exhibiting a growth of 10.8 per cent during 2014-15 as against 13.3 per cent during 2013-14.

• Real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at 105.52 lakh crore rupees and 98.39 lakh crore rupees, respectively, showing growth of 7.2 per cent during 2014-15, and 6.6 per cent during 2013-14.

• The previous Real GDP estimates for FY 2014-15 and 2013-14 was 7.3 and 6.9 respectively.

• Per capital income: Per capita net national income at current prices was estimated at 79412 and 86879 rupees respectively for the years 2013-14 and 2014-15.

• Correspondingly, per capita private final consumption expenditure (PFCE) at current prices, for the years 2013-14 and 2014-15 was estimated at 52022 and 56772 respectively.

• Industry-wise contribution: Percentage shares of different sectors of the economy in gross value addition (GVA) at current prices were – primary sector (20.04), secondary (27.36) and tertiary (52.60).

• Percentage changes in GVA in 2014-15 at constant (2011-12) prices over the FY 2013-14 were – primary sector (1.3 percent), secondary (5.4) and tertiary (10.3).

• The growth in real GVA during 2014-15 has been higher than that in 2013-14 mainly due to higher growth in mining and quarrying (10.8 percent), hotels & restaurants (10.7), public administration and defence (9.8) and other services (11.4 percent).

• Saving: Rate of Gross Saving to gross national disposable income (GNDI) for the year 2014-15 is estimated as 32.3 per cent, the same as in 2013-14.

• The highest contributor to the Gross Saving is the household sector, with a share of 57.8 per cent in the year 2014-15.

• Capital formation: The rate of gross capital formation (GCF) to GDP declined from 34.7 per cent during 2013-14 to 34.2 per cent in the year 2014-15.

ANGELIQUE KERBER OF GERMANY WON 2016 AUSTRALIAN OPEN WOMEN’S SINGLES TENNIS TITLE

Angelique Kerber of Germany won the 2016 Australian Open women’s singles tennis title at Rod Laver Arena in Melbourne, Australia.

To win her maiden grand slam title, the seventh seed defeated the world number 1 ranking Serena Williams of the USA by 6-4 3-6 6-4.

For 28-year-old Kerber, the final match was her first major final. Also, the win was just Kerber’s second in seven career meetings with Serena.

Serena Williams won the title in the 2015 championships and is short of one title from moving into a tie with Steffi Graf of Germany as the winner of highest major singles titles with 22.

PIETRO FITTIPALDI WON 2015-16 MRF CHALLENGE FORMULA 2000

Brazilian racing driver Pietro Fittipaldi clinched the 2015-16 MRF Challenge Formula 2000 at Madras Motor Racing Track in Sriperumbudur, Tamil Nadu.

Fittipaldi won two of the four races which earned him the required points to clinch the title with a tally of 244 points while ColombianTatiana Calderon finished second (199), just eight ahead of Nikita Troitckii of Russia (191).

About Pietro Fittipaldi

Pietro Fittipaldi da Cruz is the grandson of two time Formula 1 champion Emerson Fittipaldi.

He began his racing career in the NASCAR Whelen All-American Series, winning the track championship at Hickory Motor Speedway in 2011.

In 2013, he moved to Europe to pursue a career in open-wheeled racing.

In 2014, he won the Protyre Formula Renault Championship, clinching the title with one race remaining.

In October 2014, he was one of four drivers to be invited to join the Ferrari Driver Academy.

About 2015–16 MRF Challenge Formula 2000 Championship season

The 2015–2016 MRF Challenge Formula 2000 Championship was the fourth running of the MRF Challenge Formula 2000 Championship.

It began on 31 October 2015 at Yas Marina Circuit, Abu Dhabi and finished on 31 January 2016 at the Madras Motor Racing Track, India.

The series comprised 14 races, spread across four meetings, with the second round in Sakhir being a support event to the FIA World Endurance Championship.

DATTA PADSALGIKAR APPOINTED AS COMMISSIONER OF POLICE OF MUMBAI

Senior IPS officer Datta Padsalgikar was appointed as the Commissioner of Police of Mumbai with effect. He succeeds Ahmed Javed, who was appointed as Ambassador to Saudi Arabia.

With this, Padsalgikar became the 40th Police Commissioner of Mumbai. He was on deputation to the Union Government in the Intelligence Bureau (IB) for the past few years, but was repatriated in January 2016 in preparation for his new charge.

About Datta Padsalgikar

• Born on 26 August 1958, Padsalgikar is an IPS Officer of 1982 Batch.

• Padsalgikar has vast experience in terror and counter-terror operations and had been playing a critical role in gathering evidence against the Pakistani non-state actors who directed the 26/11 Mumbai terror attacks of November 2008.

• He has also worked as an Assistant Superintendent of Police in Nagpur and Karad (Satara).

• He served as Deputy Commissioner of Police (DCP) Detection in the crime branch, DCP in Economic Offences Wing, DCP in South Mumbai and DCP of the Bandra-Jogeshwari stretch.

• In the Intelligence Bureau (IB), he has worked in Nagaland, New Delhi and Washington (US).

NARESH BEDI HONOURED WITH V SHANTARAM AWARD LIFE TIME ACHIEVEMENT AWARD

Veteran wildlife filmmaker Naresh Bedi was honoured with the V Shantaram Lifetime Achievement Award at the 14th edition of the Mumbai International Festival for Documentary, Short and Animation Films (MIFF 2016).

Bedi was honoured for his outstanding contribution to wildlife filmmaking. He is also credited with filming several rare wildlife moments.

Who is Naresh Bedi?

Naresh Bedi is the eldest of the Bedi Brothers and a member of the second generation of three generations of Wildlife photographers and filmmakers.

He is the first Asian to receive a Wildscreen Panda Award, popularly known as the Green Oscars, for his cinematography for the documentary, The Ganges Gharial.

He is also the first Indian to receive a nomination for the British Academy Film Awards.

He was honoured by the Government of India in 2015 with Padma Shri, the fourth highest Indian civilian award.

He is a recipient of the Earth Watch Award of National Geographic Society and Eastman Kodak Award.

About V Shantaram Life Time Achievement Award

The V Shantaram Life Time Achievement Award was instituted in 1996 in memory of legendary film maker V Shantaram.

The award is given with an objective to recognise the multi-faceted contributions of an Indian for the documentary film movement.

NOVAK DJOKOVIC WON THE 2016 AUSTRALIAN OPEN MEN'S SINGLES TITLE

World Number One Novak Djokovic won the Australian Open Men’s Singles title. In the final played at Melbourne, the Serbian defeated Andy Murray of Britain in straight sets 6-1, 7-5, 7-6.

With this, Djokovic retained his title and also equalled the record of Roy Emerson's record of six Australian Open Singles titles.

On the other hand, the defending champion also kept his record against Murray in Australian Open final by defeating the Briton for the fourth time in Men’s singles at the year’s first Grand Slam championship.

Murray succumbed to his fifth loss in five Australian Open finals.

Djokovic claimed his 11th grand slam title to match the totals of Rod Laver and Bjorn Borg.

Earlier on 30 January 2016, Germany’s Angelique Kerber won the Australian Open Women’s Singles title by defeating defending champion Serena Williams in three sets 6-3, 3-6, 6-4. This was maiden Grand Slam Tennis title for 7th seed Kerber.

While on 29 January 2016, Sania Mirza and her Swiss partner Martina Hingis won the 2016 Australian Open title of tennis in the women’s doubles category.

2016 Australian Open

The 2016 Australian Open was a tennis tournament that took place at Melbourne Park from 18–31 January 2016. It was the 104th edition of the Australian Open, and the first Grand Slam tournament of the year.

KAMLESH KUMAR PANDEY APPOINTED AS CHIEF COMMISSIONER FOR PERSONS WITH DISABILITIES

Kamlesh Kumar Pandey was appointed as the Chief Commissioner for Persons with Disabilities (CCPD) for a period of three years.

Before joining the post of CCPD, Pandey was associated with Saksham, an NGO working in the field of disability.

The CCPD is appointed by the Union Government from persons having special knowledge or practical experience in matters relating to rehabilitation of Persons with Disabilities.

The CCPD also coordinates the work of the State Governments’ Commissioners:

To monitor the utilization of funds disbursed by the Union Government

To take steps to safeguard the rights and facilities made available to persons with disabilities

To submit reports to the Central Government on the implementation of the Persons with Disabilities Act, 1995

Who is Kamlesh Kumar Pandey?

Pandey is a Science Graduate from University of Allahabad and Medical Graduate from Agra University in 1990.

He has been associated with Sewa Bharti, an NGO working in rehabilitation of slum dwellers, Akhil Bhartiya Dristihin Kalyan Sangh, an NGO working for visually challenged persons.

BIHAR CM NITISH KUMAR SELECTED FOR K VEERAMANI AWARD FOR SOCIAL JUSTICE

Bihar Chief Minister Nitish Kumar was selected for the prestigious K Veeramani Award for Social Justice 2015.

Kumar is chosen for the award for his contribution towards social justice as Chief Minister.

The award is given away by Periyar International, a Chicago-based voluntary organisation. However, the date and venue of the award function are yet to be decided.

About K Veeramani Award for Social Justice

The K Veeramani Award for Social Justice was instituted by the non-resident Indian (NRI) followers of Periyar E. V. Ramasami, the great social reformer of India, living all over the world.

This award is instituted in Dr. K. Veeramani's name to recognize his contributions in creating a mass awareness in India on social equality and respect for human dignity.

This international award is awarded every year to an individual who has or an institution that has contributed immensely to the cause of social justice.

The award recognizes a single event or a lifetime contribution that is responsible for the emancipation of a section of the society from the oppressions of social injustice.

Constituted in 1996, the award recipients include former Prime Minister V P Singh, former Uttar Pradesh CM Mayawati, former Tamil Nadu CM M Karunanidhi, former Maharashtra deputy CM Chhagan Bhujbal and former AICC president Sitaram Kesri.

In 2014, Professor Dhaneswar Sahoo was honoured with the award.

MUKTESH KUMAR PARDESHI APPOINTED AS INDIA’S ENVOY TO MEXICO

Senior IFS officer Muktesh Kumar Pardeshi was appointed as India’s Ambassador to Mexico.

Pardeshi is a Indian Foreign Service (IFS) officer of 1991 batch. He is currently posted as Joint Secretary (Passport division) in the Union Ministry of External Affairs.

He served as the Deputy Head of Mission at the Embassy of India in Jakarta from 2007 to 2010. During 1993-2001, he worked with Indian Missions in Mexico, Colombia and Nepal.

Other Appointment

Union Government also appointed P Harish as India’s Envoy to the Socialist Republic of Vietnam. Harish is a Indian Foreign Service (IFS) officer of 1990 batch.

He is currently posted as Consul General in Houston, United States.

FUKUOKA TO HOST 2021 WORLD AQUATICS CHAMPIONSHIPS

The International Swimming Federation (FINA) announced that the Japanese city of Fukuoka will host the 2021 World Aquatics Championships.

On the other hand, the Qatari capital Doha will host the 2023 event.

The decision was made after a vote of the FINA executive committee in Budapest.

About World Aquatics Championships

The FINA World Championships or World Aquatics Championships are the World Championships for aquatics sports: Swimming, Diving, High Diving, Open Water Swimming, Synchronized Swimming and Water Polo.

They are run by FINA, and all Swimming events are contested in a long course (50-meter) pool.

The event was first held in 1973 and is now held every two years.

From 1978-1998, the World Championships were held every four years, in the even years between Summer Olympic years.

From 2001 on, the Championships have been held every two years, in the odd years.

The event was held in the Russian city of Kazan in 2015 and will go toBudapest in 2017 and Gwangju in South Korea in 2019.

KIDAMBI SRIKANTH WON MEN'S SINGLES TITLE OF SYED MODI INTERNATIONAL BADMINTON CHAMPIONSHIPS 2016

Ace Indian shuttler Kidambi Srikanth won the Men's Singles title of the Syed Modi International Badminton Championships 2016. In the final played at Babu Banarasi Das Indoor Stadium in Lucknow, Srikanth defeated China's Huang Yuxiang, 21-13, 14-21, 21-14.

This was Srikanth’s fifth title overall, the other four titles include Thailand Grand Prix Gold, China Super Series premier, Swiss Open Grand Prix Gold and India Super Series.

Other results of the Championships are

Women’s Singles: Korean Sung Ji Hyun defeated Sayako Sato of Japan, 12-21, 21-18, 21-18.

Men's Doubles: Malaysian pair of Goh V Shem and Tan Wee Kiong defeated Pranaav Jerry Chopra and Akshay Dewalkar of India, 14-21, 24-22, 21-8.

Women’s Doubles: Korean duo of Jung Kyung Eun and Shin Seung Chan defeated Eefje Muskens and Selena Piek of Netherlands, 21-15, 21-13.

Mixed doubles: Indonesian pair of Praveen Jordan and Debby Susanto defeated Puavaranukroh Dechapol and Sapsiree Taerattanchai of Thailand, 23-25, 21-9, 21-16.

About Syed Modi International Badminton Championships

• It is named after a famous Indian badminton player Syed Modi, an eight-time National Badminton champion.

• The championship is hosted every year and the award money in each category is 120000 US dollars.

ADITYA MEHTA WON 83RD SENIOR NATIONAL SNOOKER CHAMPIONSHIP

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

To win the title, he defeated Manan Chandra 6-3 in the final that was held as part of the National Billiards & Snooker Championship 2016.

In another event, Vidya Pillai won the National Snooker Championship in the women’s category by defeating Amee Kamani 4-2. For 38-year-old Vidya, it was her ninth national title.

The women’s billiards title was won by 19-year old Keerath Bhandaal by defeating Arantxa Sanchis of Maharashtra 3-1. Keerath is a student of Economics at the Jesus and Mary College in Delhi.

CBDT SIGNED TWO BILATERAL ADVANCE PRICING AGREEMENTS (APAS) WITH UNITED KINGDOM

The Central Board of Direct Taxes (CBDT) signed two bilateral Advance Pricing Agreements (APAs) with United Kingdom.

With this signing, CBDT has concluded three bilateral APAs the first one being a bilateral APA signed with Japan in December 2014. This is a significant step towards providing a stable and predictable tax regime.

With this signing, CBDT has so far signed 41 APAs out of which 38 are unilateral and 3 are bilateral.

Silent Features of two bilateral Advance Pricing Agreements (APAs)

• The two bilateral APAs were signed with two Indian group entities of a UK based Multi-National Company (MNC).

• The APAs have been entered into soon after the Competent Authorities of India and United Kingdom finalised the terms of the bilateral arrangement under the Mutual Agreement Procedure (MAP) process contained in the India-UK DTAA.

• The APAs cover the period 2013-14 to 2017-18 and also have a Rollback provision for 2 years that is 2011-12 and 2012-13.

• Transfer pricing disputes on the same transaction were recently resolved under MAP for each of these two companies for the years 2006-07 to 2010-11.

• With the signing of the bilateral APAs, the two Indian companies are provided with tax certainty for 12 years each which was split into 5 years under MAP and 7 years under APA.

• The two APAs are also significant because they address the issues of payment of management and service charges and payment of royalty.

• These transactions generally face prolonged and multi-layered transfer pricing disputes.

What are APAs?

APAs are a meant to settle transfer prices and of setting prices of international transactions in advance. There are two types of APAs. They are bilateral APA and unilateral APA.

Bilateral APAs are those which include agreements between the tax authorities of the two countries. While, the Unilateral APAs are those agreements that are agreed between Indian taxpayers and the CBDT, without involvement of the tax authorities of the country where the associated enterprise is based.

COMPANIES LAW COMMITTEE SUBMITTED REPORT RECOMMENDING CHANGES IN THE COMPANIES ACT, 2013

The Companies Law Committee submitted its report to the union government. It was constituted in June 2015 for examining and making recommendations on the issues arising out of implementation of the Companies Act, 2013.

It was chaired by Tapan Ray Secretary, Ministry of Corporate Affairs and consist 8 members and one member convener.

The Committee had extensive consultations with stakeholders before making its recommendations. It consulted all Industry Chambers, Professional Institutes, law firms, financial sector and other regulators. Six broad based groups were set up to review the suggestions received during the public consultation, each group being convened by a member of the Committee and consisting of subject-matter experts.

The Committee endeavoured to reconcile the competing interests of the various stakeholders keeping in mind the difficulties and challenges expressed by them, and also being mindful of the Government’s objective of furthering ease of doing business, encouraging start-ups and the need for harmonising various laws.

After exhaustive deliberations, the Committee proposed changes in 78 sections of the Companies Act, 2013, which along with consequential changes, would result in about 100 amendments to the Act.  Approximately fifty amendments to the Rules have also been proposed. The recommendations cover significant areas of the Act, including definitions, raising of capital, accounts and audit, corporate governance, managerial remuneration, companies incorporated outside India and offences/ penalties.

Some of the key changes proposed are:

• Managerial remuneration to be approved by shareholders.

• Modify definition of associate company and subsidiary company to ensure that equity share capital is the basis for deciding holding-subsidiary relationship rather than both equity and preference share capital.

• Private placement process to be substantially simplified, doing away with separate offer letter, making valuation details public, details/record of applicants to be kept by company and to be filed as part of return of allotment only, and reducing number of filings to Registrar.

• Incorporation process to be made easier and allow greater flexibility to companies: An unrestricted objects clause to be allowed in theMemorandum of Association dispensing with detailed listing of objects, self-declarations to replace affidavits from subscribers to memorandum and first directors; changes also in various Forms.

• Provisions relating to forward dealing and insider trading to be omitted from Companies Act. Listed companies are covered under SEBI Act/Regulations.

• Companies may give loans to entities in which directors are interested after passing special resolution and adhering to disclosure requirement.

• Restriction on layers of subsidiaries and investment companies to be removed.

• Change in the definition of term relative for determining disqualification of auditor

• Rationalize penal provisions with reduced liability for procedural and technical defaults. Penal provisions for small companies to be reduced.

• No filing fees if financial statements and annual returns filed within prescribed time.

• Auditor to report on internal financial controls with regard to financial statements.

• Frauds less than 10 Lakh rupees to be compoundable offences. Other frauds to be continued to be non-compoundable.

• Reducing requirement for maintaining deposit repayment reserve account from 15 percent each for last two years to 20 percent during the maturing year.

• Foreign companies having insignificant/incidental transactions through electronic mode to be exempted from registering and compliance regime under Companies Act, 2013.

• Disclosures in the Directors’ Report to be simplified and duplications with SEBI’s disclosure requirements and financial statements to be removed while retaining the informative content for shareholders.

• Increased threshold for unlisted companies for compliance in context of requirement for Independent Directors (IDs), Audit Committee and Nomination and Remuneration Committee.

• Test of materiality to be introduced for pecuniary interest for testing independence of ID; thresholds for relatives’ pecuniary interest to be revised to make it more practical.

• Requirement for a managerial person to be resident in India for twelve months prior to appointment to be done away with.

• Disclosures in the prospectus required under the Companies Act and SEBI Regulations to be aligned, with a view to make these simpler, by allowing prescriptions to be as per SEBI Regulations.

• Employee stock ownership plan (ESOP)s to be allowed to promoters working as employees/directors.

• Limit on sweat equity to be raised from 25percent of paid up capital to 50percent for start-ups.

• Recognition of the concept of beneficial owner of a company proposed in the Act. Register of beneficial owners to be maintained by a company, and filed with the Registrar.

• Provisions with regard to consolidation of accounts to be reviewed and those with respect to attachment of standalone accounts of foreign subsidiaries to be relaxed in certain cases.

• Re-opening of accounts to be limited to 8 years.

• Mandatory requirement of taking up some items only through postal ballot to be relaxed in case of a company that is required to provide electronic voting at its General Meetings.

• Requirement for annual ratification of appointment/continuance of auditor to be removed.

ARCHANA RAMASUNDRAM BECAME 1ST WOMAN TO HEAD PARAMILITARY FORCE

Tamil Nadu Cadre IPS officer Archana Ramasundram was appointed as the Director General of the Sashastra Seema Bal (SSB) that guards India's frontiers with Nepal and Bhutan.

With this appointment, Ramasundram became the first woman to head a paramilitary force. 58-year-old Ramasundram is currently the Director of National Crime Records Bureau.

An order issued by Department of Personnel and Training (DoPT) said that she has been appointed to the post till the date of her superannuation, that is, 30 September 2017.

Besides, IPS officer K Durga Prasad was appointed as Director Generals of Central Reserve Police Force (CRPF). Another IPS officer K K Sharma will be new Chief of the Border Security Force (BSF). They will take over after the incumbent chiefs of these forces retire on 29 February 2016.

Paramilitary forces in India are Sashastra Seema Bal (SSB), Central Reserve Police Force (CRPF), Border Security Force (BSF), Central Industrial Security Force and Indo Tibetan Border Police.

 

 

 

 

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Last Updated on Sunday, 07 February 2016 06:15