AFA DAILY CURRENT AFFAIRS ANALYSIS [29/11/2018]
India, China protocol on hygiene & inspection requirements for exports:
- India and China have signed a protocol on hygiene and inspection requirements for the exports.
- The move would enable India to commence export of fish meal and fish oil to China. The neighbouring country has so far not allowed these exports by India. China imports fish oil to the tune of USD 143.29 million per year and fish meal worth USD 263.43 million.
- The Chinese minister, met Commerce Secretary Anup Wadhawan and discussed various issues of market access for different products like milk and milk products, agricultural goods like soy meal, fruits and vegetables, tobacco and pharmaceuticals.
- India has been seeking market access for these items from China. China has earlier permitted imports of rice from India.
Arvind Saxena has been appointed as Chairman of Union Public Service Commission, UPSC.
week – end premier train services between Coonoor and Mettupalayam in Udhagamandalam:
- The Southern Railway has decided to introduce week – end premier train services between Coonoor and Mettupalayam in Udhagamandalam (Ooty), part of the world renowned Nilagiri Mountain Railway that has been awarded the Heritage Railway Status by UN.
Sunil Arora appointed as Chief Election Commissioner:
The Centre formally announced the appointment of senior most election commissioner Sunil Arora as the Chief Election Commissioner today.
- A CEC or an EC can have a tenure of six years or hold office till the age of 65 years, whichever is earlier. The convention is to appoint the senior-most election commissioner as chief election commissioner.
India-China amends double taxation avoidance treaty:
- India and China have signed a protocol to amend the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.
- The protocol also incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion and Profit Shifting (BEPS) Project in which India had participated on an equal footing.
BEPS- Base erosion and profit shifting refers to tax planning techniques by companies that exploit gaps in international and domestic tax laws, as well as mismatches between domestic tax systems, to shift profits. As a result, corporate tax rates are unduly low and do not reflect the realities of the underlying economic transaction.
PAiSA Portal for Affordable Credit and Interest Subvention Access:
- The government on Monday launched “PAiSA -Portal for Affordable Credit and Interest Subvention Access”.
- This portal is a centralized electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana.
- PAiSA is another effort by the government to connect directly with the beneficiaries, ensuring that there is greater transparency and efficiency in the delivery of services.
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