Home Daily Updates IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 20 - JULY - 2016
IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 20 - JULY - 2016
Wednesday, 20 July 2016 07:33


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20- JULY - 2016

 

 

DABUR SIGNS MOU WITH DRDO TO PROMOTE CULTIVATION OF RARE MEDICINAL PLANTS

Dabur India inked a Memorandum of Understanding (MoU) with Defence Research and Development Organization's (DRDO) Defense Institute of High Altitude Research (DIHAR).

The agreement was signed to promote sustainable cultivation of rare medicinal plants Ladakh, which is one of the most difficult terrains in the world.

Key highlights of the agreement

Dabur and DIHAR will educate farmers in the Leh-Ladakh about high altitude medicinal plant species.

This will also help in enhancing the livelihood of villagers in the cold desert area by involving them in cultivation of medicinal plants.

The farmers will also be provided free saplings of rare medicinal plants and herbs.

The initiative will focus on development of a self-sustainable system by creation of a value chain for the targeted endangered species.

It will also focus on sustainable management of bio-resources by implying scientific agronomy practices. It will ensure biodiversity conservation.

NETHERLANDS-UP SIGNS AGREEMENT FOR SETTING UP SKILL DEVELOPMENT CENTRE FOR FARMERS

The Netherlands and Uttar Pradesh signed a Memorandum of Understanding (MoU) to set up a skill development centre to help farmers.

The MoU would ensure that farmers get information on food processing as well as along with use of modern techniques to boost production of sugarcane, potato, dairy development and flowers.

Besides, the Dutch government would also help in cleaning the Yamuna in Agra and in sewage treatment. Under this agreement, it would assist the state in solid waste management, urban development and infrastructure. It will also assist the state in water management, water supply, and cleanliness of water resources, sewage treatment, transport management and revival of water bodies.

Other than this, the Netherlands would also help in land reclamation of 1500 acres in the Ganga basin in Kanpur and development of cultural heritage.

As per official release, the MoU will remain operational for the next three years.

SOFTBANK TO ACQUIRE ARM HOLDINGS FOR $32 BILLION

Japan's Softbank agreed to acquire ARM Holdings, the U.K. based semiconductor firm, in a deal worth more than 32 billion US dollar.

As part of its bid to bolster its presence in the growing internet of things (IoT) sector, Softbank will pay about 22.50 US dollar per share for ARM.

The deal is the first major cross-border transaction in Britain since it voted to exit the European Unionin June 2016.

About Softbank

SoftBank Group Corporation is a Japanese multinational telecommunications and Internet corporation.

It was established on 3 September 1981.

It is headquartered in Tokyo.

In May 2015, it was ranked in the Forbes Global 2000 list as the 62nd largest public company in the world.

As of 2015, SoftBank was the 62nd largest company in the world (based on a composite of sales, profit, assets and market value).

About ARM Holdings

ARM Holdings is a British multinational semiconductor and software design company.

It is headquartered in Cambridge, England.

Its primary business is in the design of ARM processors (CPUs). The company also designs software development tools under the DS-5, RealView and Keil brands.

ARM is considered to be market dominant in the field of processors for mobile phones and tablet computers.

The company is one of the best-known 'Silicon Fen' companies.

WORLD BANK GROUP APPOINTS PAUL ROMER AS CHIEF ECONOMIST

World Bank Group on 18 July 2016 appointed Paul Romer as World Bank Chief Economist with effect from September 2016. Romer is a widely respected economist and a successful entrepreneur.

Romer will join the Bank at a critical time when the field of development is transforming under the forces of rapid technological change, globalization, and demography.

As Chief Economist, Romer will support the President and the senior management in leading the institution and inspiring the development profession during this time of transformative change.

About Paul Romer

• Romer is currently a professor at New York University (NYU), Director of NYU’s Marron Institute of Urban Management, and a professor of economics in NYU's Stern School of Business.

• Earlier in his career, his research brought the economics of ideas into the analysis of economic growth.

• His start-up company Aplia, focused on educational technology, signals the breadth of his intellectual and practical interests.

• Before joining NYU, Romer taught at Stanford University’s Graduate School of Business.

• His earlier roles included professorships at the Universities of California Berkeley, Chicago and Rochester.

• He is also a research associate at the National Bureau of Economic Research and a fellow of the American Academy of Arts and Sciences.

CBDT SIGNS SEVEN UNILATERAL ADVANCE PRICING AGREEMENTS WITH INDIAN TAXPAYERS

The Central Board of Direct Taxes (CBDT) signed seven Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers. Some of the agreements also have a Rollback provision as well.

The 7 APAs pertain to various sectors of economy like banking, Information Technology and Automotives. The international transactions covered in these agreements include software development Services, IT enabled Services, Engineering Design Services & Business Support Services.

About Advance Pricing Agreements (APAs) Scheme

• The APA Scheme was introduced in the Income-tax Act in 2012 and the Rollback provisions were introduced in 2014.

• The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.

• Since its inception, the APA scheme has attracted tremendous interest and that has resulted in more than 700 applications (both unilateral and bilateral) having been filed in just four years.

Comment
With this, the total number of APAs entered into by the CBDT has reached 77. This includes 3 bilateral APAs and 74 Unilateral APAs. In the current financial year, a total of 13 Unilateral APAs have been entered into so far.

The progress of the APA Scheme strengthens the Government’s mission of fostering a non-adversarial tax regime.

ABDUL WAHID TANVEER WINS 2W MRF RALLY OF COIMBATORE

Abdul Wahid Tanveer of Team TVS clinched the 2016 MRF MoGrip FMSCI National Rally Championship for two-wheelers, as he extended his run to the fourth round at the MRF Rally of Coimbatore in the six-round competition.

Bengaluru-based Wahid, riding a TVS RTR 450, clocked 1 hour 02 min, 13 seconds to complete the challenging Special Stages set around the wind farms near the Kethanur (Palladam) area.

The total distance of the route was approximately 145 km and total distance of the special stages was about 70 km.

R Nataraj of Team TVS, astride a TVS RTR 450, came overall second with a time of 1 hour 04 minutes and 21 seconds. S D Viswas, a privateer, grabbed third position overall on a Yamaha 250F motorcycle, clocking 1 hour 12 minutes and 01 seconds.

About Federation of Motor Sports Clubs of India

The Federation of Motor Sports Clubs of India (FMSCI) was founded in 1971.

It is a long-standing member of the Fédération Internationale de Motocyclisme (FIM) and the Federation International de l’Automobile (FIA), the world bodies for 2/3 and 4 wheeler motor sport respectively.

The FMSCI is the only national motor sport federation recognised by the Government of India for the promotion and control of motor sport in India.

It is affiliated to the Indian Olympic Association.

The FMSCI is affiliated to the Asian Motorcycle Union (UAM), the Continental Asian wing of the FIM.

SC ACCEPTS LODHA PANEL RECOMMENDATIONS ON STRUCTURAL REFORMS IN BCCI

The Supreme Court accepted major recommendations of the Lodha Committee on reforms in BCCI including a bar on ministers and civil servants and those above 70 years of age from becoming its members.

However, the apex court left it to the Parliament to decide whether it should come under RTI and if betting on the game should be legalised.

The apex court also accepted the recommendations of the Committee headed by retired Chief Justice of India Justice R M Lodha to have a CAG nominee in BCCI.

On the other hand, the bench of Chief Justice TS Thakur and Justice FMI Kalifulla rejected BCCI’s objection against recommendations for one-state-one-vote. While rejecting BCCI’s concern it said that states like Maharashtra and Gujarat having more than one cricket associations will have voting rights on rotational basis.

It accepted the panel's recommendation that there should be a player's association in the BCCI.

The bench also accepted the recommendation that one person should hold one post in cricket administration to avoid any conflict of interest and scrapping of all other administrative committees in the BCCI after CAG nominee comes in.

The court also left it to the Board to decide whether there is need for any changes in the existing agreement relating to broadcasting rights and whether a franchise member should be in the Board to avoid any conflict of interest.

The bench also requested the three-member panel, also comprising former apex court judges Ashok Bhan and R V Raveendran to oversee the transition of administrative structure in BCCI which has to take place within six months.

The apex court-appointed Lodha Committee had on 4 January 2016 recommended sweeping reforms and an administrative shake-up at the troubled BCCI.

 

 

 

 

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Last Updated on Friday, 29 July 2016 07:20