Fourth tranche of Sovereign Gold Bond scheme opened for subscription
The fourth tranche of the Sovereign Gold Bonds (SGB) scheme opened for subscription. SGB is government securities denominated in grams of gold. It offers an alternative to holding gold in physical form. The scheme was launched by the Union Government in October 2015. Government has fixed 3,119 Rupees per gram as the issue price for the bond in this tranche. The scheme will be open till 22 July 2016. Key Facts
Key Facts
- The bond can be purchased from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
- Besides, all Bank branches and select Post Offices and Stock Holding Corporation of India Limited will also issue it.
- In this tranche minimum subscription has been reduced to 1 gram and maximum at 500 gram per person or institution. Earlier, the minimum denomination was 5 gram.
- The SGB bonds can be converted into demat form and can be used as collateral for availing loans. Redemption of SGB bonds by an individual is exempted from capital gains tax.
- SGB gives an interest of 2.75 per cent per annum and is payable every six months on initial investment. Government will use the funds raised through these bonds as part of its market borrowing programme.
Guruprasad Mohapatra appointed as Chairman of Airports Authority of India
Senior IAS officer Guruprasad Mohapatra was appointed as Chairman of Airports Authority of India (AAI). Prior to this appointment he was working as Joint Secretary in Union Ministry of Commerce from the past two years.About Guruprasad Mohapatra
- He is a 1986 batch Gujarat cadre IAS officer. He is the youngest son of noted litterateur late Mohapatra Nilamani Sahoo from Odisha.
- Earlier he had served in the Sales Tax department of Gujarat as Special Commissioner (Enforcement). He was the Joint MD of Gujarat Industrial Development Corporation (GIDC). He also had served as a Commissioner of Commercial Taxes and as the Commissioner of Transport in Gujarat.
- He is an MA in Political Science, MPhil in Diplomacy (International Relation) and also an MBA degree holder. He also had served as Municipal Commissioner of Ahmedabad for over 3 years.
Parliament passes Regional Centre for Biotechnology Bill, 2016
The Parliament has passed the Regional Centre for Biotechnology Bill, 2016 to provide statutory status to the existing Regional Centre for Biotechnology in Faridabad, Haryana. The Bill seeks to provide legislative backing to the Regional Centre and also confers upon it the status of an institution of national importance.Key Facts
- Objectives of the Regional Centre: (i) Disseminate knowledge by providing teaching and research facilities in biotechnology and related fields, (ii) create a hub of biotechnology expertise, (iii) facilitate transfer of technology and knowledge in the SAARC region and generally Asia and (iv) Promote cooperation at the international level.
- Powers: (i) Provide masters, post-graduate diplomas and doctoral degrees in biotechnology and related subjects (eg. Agricultural, medical and engineering sciences) (ii) Institute academic positions like professorships and appoint them (iii) Determine standards of admission to the Regional Centre etc. It will have Board of Governors, Programme Advisory Committee, Executive Committee and Finance Committee etc. as authorities responsible for its administration and functioning.
India’s first e-court opened at Hyderabad High Court
India’s first e-court (paperless court) was opened at High Court of Judicature at Hyderabad which is the common high court for the states of Andhra Pradesh and Telangana. It was inaugurated by Supreme Court judge Justice Madan B. Lokur who heads the e-Committee of the Supreme Court.
Key Features- The purpose of e-court is to ensure speedy justice for the litigants. The e-Courts will ensure easy and better access to justice for public.
- It will also provide solution for large number of pending cases in the country.
- It will also make the work of judges, advocates and all those related with judiciary a lot more effective
CBDT inks 7 Advance Pricing Agreements to cut tax litigation
What is Advance Pricing Agreements (APAs)?
- APA usually is signed between a taxpayer and the central tax authority (in case of India it is CBDT) on an appropriating transfer pricing methodology for determining the value of assets and taxes on intra-group overseas transactions.
- It seeks to introduce certainty in tax law by reducing compliance costs and make tax regime investment friendly.
- It provides certainty to taxpayers regarding transfer pricing that aim to avoid disputes between taxpayer and tax regulator.
- In India, Advance Pricing Agreement mechanism was introduced in 2012 as per the provisions of the Income Tax Act, 1961.
- In case of Indian context, APAs seeks to give (i) Boost to economy and ease of doing business (ii) Provide alternative path to the investors with rollback provision to reduce litigation (iii) Strengthen Government’s mission of fostering a non-adversarial tax regime.
Malcolm Turnbull sworn in as Prime Minister of Australia
Malcolm Turnbull was sworn as Prime Minister of Australia for second term after a narrow victory in the federal election. He became the 29th Prime Minister of the country. He was administered oath to the office by Governor-General Peter Cosgrove, Queen Elizabeth II’s representative in Australia.
Background
- In the 2016 Australian federal election, Liberal/National Coalition led by Malcolm Turnbull had won a one-seat majority of 76 seats in the 150-seat House of Representatives.
- the opposition Labor Party won 69 seats. The 2016 federal election was a double dissolution election to elect members of the 45th Parliament of Australia.
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