Saturday, 10 December 2016 05:37




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23- NOVEMBER - 2016




India and Switzerland signed a Joint Declaration for implementation of Automatic Exchange of Information (AEOI) between the two countries. The declaration was signed in respect to accounts of Indians held abroad and vice versa. The deal was inked in New Delhi.

With this, India had joined a list of select countries with which Switzerland will exchange all financial information automatically. It will be done on a reciprocal basis for tax purposes.

The Joint Declaration was inked by Chairman of Central Board of Direct Taxes Sushil Chandra and Deputy Chief of Mission of Swiss Embassy in India, Gilles Roduit.

PM Modi concluded five-nation tour to Afghanistan, Qatar, Switzerland, the USA and Mexico

Highlights of the Joint Declaration

• It will make possible for India to receive the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis.

• The exchange will begin from September 2019.

• The data will be shared annually.

• As per the declaration, details about accounts held before 2018 will not be shared.

The Swiss Federal Department of Finance said that the automatic exchange of information with India will be done on the basis of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). This MCAA is based on the international standard for the exchange of information that was developed by OECD.

This deal, if approved by the Swiss parliament, will help the Union Government in its fight against the menace of black money that is stashed in offshore accounts. Fight against the black money has been a key priority area for the government.

What helped India in achieving the deal?

The deal was achieved after India managed to convince the Swiss authorities that it will respect Switzerland’s tradition of banking secrecy. It will respect the confidentiality of account holders and use the data only for tax purposes. For the purposes, India has been lobbying hard to prevent its citizens from stashing undeclared funds in Swiss banks.

India and Switzerland Signed the Revised Double Taxation Avoidance Agreement

The Swiss Cabinet has authorised the Federal Department of Finance to initiate a consultation process on the inclusion of India and other countries in the AEOI partnership. After this consultation, the corresponding federal decrees will be submitted to the parliament for approval.


Gaganjeet Bhullar won the Bank BRI-JCB Indonesia Open. He emerged victorious in the 300000 US dollar tournament for the second time in his career after closing with a four-under-par 68.

The golfer sealed his seventh Asian Tour victory with a 16-under-par 272 total at the Pondok Indah Golf Course at Jakarta, Indonesia.

India’s Jeev Milkha Singh settled for tied 2nd position after making bogey on the 17th hole to finish on 72.

Thailand's Danthai Boonma and Panuphol Pittayarat, and Tour rookie Johannes Veerman of the United States also settled for the 2nd position alongside Singh.

About Gaganjeet Bhullar

Gaganjeet Singh Bhullar is an Indian professional golfer who plays on the Asian Tour.

He was India's number one amateur in 2004 and 2006 and was part of the Indian team that won the silver medal at the 2006 Asian Games.

He turned professional in 2006.

In October 2016, he won the 2016 Shinhan Donghae Open in South Korea.

He was awarded Arjuna Award in 2013.

About Indonesia Open

The Indonesia Open is a premier golf tournament.

It is traditionally played in the capital, Jakarta.

From 2005 to 2009, the tournament was co-sanctioned by the Asian Tour and the European Tour.

In 2012, it was co-sanctioned by the OneAsia Tour and the Japan Golf Tour for the first time as part of a three-year deal.

In 2013, it returned to the Asian Tour and moved from March to late November/early December, in which Bhullar won the title.

In 2015, the tournament was not held.

Ireland’s Pádraig Harrington had won the title in 2014.


India became an Associate Member State of European Organization for Nuclear Research (CERN) by signing an agreement with the organisation.

The agreement was signed by Sekhar Basu, Chairman of Atomic Energy Commission and CERN Director General Fabiola Gianotti in Mumbai.

In 2015, the Union Cabinet gave its approval for the Membership of CERN following which the CERN Council has accepted India as an Associate member.

India's Contribution in CERN

• The participation of Indian scientists in CERN dates back to early 1960s and it became stronger with the support of Department of Atomic Energy (DAE) and Department of Science and Technology (DST).

• In 1991, DAE signed a formal agreement with CERN which exists till today.

• In 2003, India was awarded the Observer status of CERN and was subsequently invited to join CERN as an Associate Member

• India made significant contributions to the construction of Large Hadron Collider (LHC), in the areas of design, development and supply of hardware accelerator systems and its commissioning.

• India is also one of the leading partners in the ALICE experiment which is about to unearth the physics of quark-gluon plasma (QGP).
• Indian scientists played a very important role in the Compact Muon Solenoid (CMS) experiments, which is one of the two large experiments that have led to the discovery of the Higgs Boson. The discovery of the Higgs Boson at the LHC is the most talked about scientific discovery in recent memory.

• Indian scientists are also involved in high-tech particle detectors and electronics research, ISOLDE and n-TOF experiments of CERN.

• In large-scale computing, India made key contributions in terms of designing, developing and deploying software for the Worldwide Large Hadron Collider Grid (WLCG).

• The grid Tier2 centers established at Variable Energy Cyclotron Centre (VECC), Kolkata and Tata Institute of Fundamental Research (TIFR), Mumbai are facilitating the running of computational jobs by various CERN collaborations.

About European Organization for Nuclear Research (CERN)

• CERN is a provisional body founded in 1952 with the directive of setting up a world-class fundamental physics research organization in Europe.

• It is the world’s largest nuclear and particle physics laboratory where scientists probe the fundamental structure of the Universe through scientific instruments and computing systems.

• It is based in Geneva on the French-Swiss border encompassing 22 member states, four associate member states.


The Federation of Indian Chambers of Commerce and Industry (FICCI) announced Pankaj R. Patel as its newly elected President for 2017.

Patel will take over from Harshavardhan Neotia during the FICCI AGM to be held on 16 December and 17 December 2016 in New Delhi. Neotia is the Chairman of Ambuja Neotia Group.

Who is Pankaj R. Patel?

Pankaj Ramanbhai Patel is the Chairman and Managing Director of Cadila Healthcare. It is the fifth largest pharmaceutical company in India.

In 2004, he was tied for 26th place on Forbes magazine's first annual list of the 40 richest Indians with an estimated net worth of 510 million US dollar.

He was named the Best Pharma Man of the year 2003 by the Foundation of Indian Industry and Economists.

He fell out of the list of richest Indians by 2005.

He obtained Bachelor of Pharmacy and Master of Pharmacy degrees from Gujarat University.

He also holds a BA degree in Science and Law from the University of Mumbai.

About Federation of Indian Chambers of Commerce and Industry

The Federation of Indian Chambers of Commerce and Industry is an association of business organizations in India.

It was established in 1927 by GD Birla and Purushottam Das Thakurdas. It was established on the advice of Mahatma Gandhi.

It is the largest, oldest and the apex business organisation in India. It is a non-government, not-for-profit organisation.

It has an indirect membership of over 2500000 companies from various regional chambers of commerce.

It is involved in sector specific business policy consensus building, and business promotion and networking.

It is headquartered in New Delhi.


The Union Finance Ministry constituted a committee with an aim of assessing the status of implementation of demonetisation drive in the country.

The committee comprises of Additional Secretaries, Joint Secretaries and Directors with each team consisting of up to two or three officers for each State and Union Territory (UT).

The committee was formed following the decision of the Union Government to ban 500 and 1000 rupees currency notes on 8 November 2016.

Terms of references of the Committee

• The teams will be constituted by the Department of Personnel Training and concerned officers.

• The teams shall visit the States or UTs allocated to them for at least 2 days.

• Each officer shall visit different area of State or UT separately with the main focus on rural areas.

• Visit the States and union territories and report back to the Union Government and submit its report by 25 November 2016.

• Check currency availability across the States in the network of bank branches, ATMs and post offices.

• Verify facilities at bank branches and post offices for deposit, withdrawal and exchange of currency.

• Check the impact of the demonetization on households, traders, transportation, industries, wage earners, agriculturists, informal sectors and small business.


US President Barack Obama presented the Presidential Medal of Freedom, the nation’s highest civilian honour, to 21 artists, sports figures, scientists and philanthropists.

Among the honourees were Robert Redford, Bill and Melinda Gates, Tom Hanks and Diana Ross.

Completes list of awardees



Kareem Abdul-Jabbar

He is an American retired professional basketball player who played 20 seasons in the National Basketball Association for the Milwaukee Bucks and Los Angeles Lakers.

Elouise Cobell (posthumous)

She was a Blackfeet Tribal community leader and an advocate for Native American self-determination and financial independence.

Ellen DeGeneres

She is an award-winning comedian who has been hosting her popular daytime talk show, The Ellen DeGeneres Show, since 2003.

Robert De Niro

He is an American actor and producer who has both Italian and American citizenship.

Richard Garwin

He is an American physicist, widely known to be the author of the first hydrogen bomb design.

Bill and Melinda Gates

Bill and Melinda Gates established the Bill & Melinda Gates Foundation in 2000 to help all people lead healthy, productive lives.

Frank Gehry

He is a Canadian-born American architect.

Margaret H. Hamilton

She is a computer scientist, systems engineer and business owner.

Tom Hanks

He is an American actor, comedian and filmmaker.

Grace Hopper (posthumous)

She was an American computer scientist and United States Navy Rear Admiral.

Michael Jordan

He is an American retired professional basketball player.

Maya Lin

She is an artist and designer who is known for her work in sculpture and landscape art.

Lorne Michaels

He is a producer and screenwriter, best known for creating and producing Saturday Night Live.

Newt Minow

He is an attorney with a long and distinguished career in public life.

Eduardo Padrón

He is the President of Miami Dade College (MDC), one of the largest institutions of higher education in the United States.

Robert Redford

He is an actor, director, producer, businessman, and environmentalist.

Diana Ross

She is an American singer, songwriter, actress and record producer.

Vin Scully

He is an American sportscaster.

Bruce Springsteen

He is a singer, songwriter, and bandleader.

Cicely Tyson

She is an American actress. She was nominated for the Academy and Golden Globe Awards for Best Actress for her performance as Rebecca Morgan in Sounder.

About Presidential Medal of Freedom

The Presidential Medal of Freedom is an award bestowed by the President of the United States.

It was established in 1963 by President John Kennedy.

It the highest civilian award of the United States.

The award is not limited to U.S. citizens. Although it is a civilian award, it can also be awarded to military personnel and worn on the uniform.

Three people, Ellsworth Bunker, John Kenneth Galbraith and Colin Powell, are two-time recipients of the Presidential Medal of Freedom.




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Last Updated on Saturday, 10 December 2016 07:52