Daily Updates 23rd June

1. Retirement fund body EPFO has made Universal Account Number (UAN) mandatory for all employers covered under the Employees Provident Funds and Miscellaneous Provisions Act 1952. The UAN facility was launched by Prime Minister Narendra Modi in October last year. The UAN remains portable throughout the lifetime of an employee and they don't have to apply for PF transfer claims at changing jobs.

2. ICICI Bank has partnered with Alibaba.com, the leading platform for global wholesale trade, to launch a ‘trade facilitation centre’, a single window facility to provide easier trade finance to the small and medium enterprises in India. The collaboration for the centre will enable the Indian entrepreneurs who are members of Alibaba.com to get quick access to an array of integrated business services from ICICI Bank including business loans, cash management solutions, foreign exchange transactions, bank guarantees and cross-border remittances. 

3. Renowned carnatic vocalist Sanjay Subrahmanyam was selected for the Sangitha Kalanidhi award of the Madras Music Academy. The decision to award Subrahmanyam was taken at a meet of the Executive Committee. Vocalist Subrahmanyam, one of the foremost south Indian classical vocalists, will receive the award on 1 January 2016.

4. Britain’s Andy Murray won the men’s singles of the Aegon Championships at the Queen’s Club in West Kensington, England. In the final clash, Murray defeated South African Kevin Anderson 6-3, 6-4. This was world no. 3 player Murray's fourth Queen’s title and the previous were won in alternate years, that is, 2009, 2011 and 2013.

5. Nico Rosberg won Austrian Grand Prix 2015 beating Mercedes team-mate and series leader Lewis Hamilton. This is Rosberg's third win in four races. The German driver also won Austrian Grand Prix last year. This is his career's 11th win. The former world champion Hamilton who came second in the Prix is still at the top in the overall table of drivers with 169 points, but Rosberg (159) is now only ten points behind him.

6. After winning two honours at Berlinale, Nagesh Kukunoor's film “Dhanak” bagged the Best Film Award in the main category – Children’s Feature Film Competition — at the Cinema in Sneakers Children’s Festival in Poland. The film is co-produced by Manish Mundra, Kukunoor and Elahe Hiptoola. 

7. China won the 2015 Nongfu Spring Snooker’s World Cup by defeating Scotland 4-1 in the final match held at Wuxi near Shanghai in China. In the final, China’s B team pairing of 17-year-old Zhou Yuelong and 15-year-old Yan Bingtao defeated Scotland’s pairing of John Higgins and Stephen Maguire. India stood at the third position in the competition, the best finish so far for India.

8. India has moved down to 61st place in terms of foreigners' money in Swiss banks and it now accounts for a meagre 0.123 percent of the total global wealth worth $1.6 trillion in Switzerland's banking system. Last year it was ranked 64th. While the UK and the US have retained their top two positions with the largest shares of the foreign clients' money with Swiss banks, Pakistan has inched up to 73rd place.

9. American Golfer Jordan Spieth has made history by winning the US Open, capturing his second major championship of the year. The 21-year old, who took the coveted Green Jacket at The Masters in April, was crowned champion at Chamber's Bay, Washington, after Dustin Johnson missed two crucial putts on the final hole. The Dallas Native finished five under par to win the $1.8million prize money, and becomes the youngest player to win the two majors in the same year. 

10. Debendranath Sarangi and K. Rajendiran were elected unopposed as president and secretary-general respectively of the Squash Rackets Federation of India (SRFI) at its Extraordinary General Meeting (EGM). The EGM was called specifically to elect a set of new office bearers for the period 2015 to 2019. 

11. Rajasthan topped the list of States commissioning grid connected Solar Power projects
i. Rajasthan topped the list of states commissioning grid connected solar power projects in the country with an installed capacity of 1147 megawatt. The list was released by the Union ministry of New and Renewable Energy on 4 June 2015.
ii. Gujarat, which remained the undisputed leader in solar energy generation till 2014, came second with an installed capacity of 1000MW.
iii. The state has also signed MoUs with power developers like SunEdison, Adani Enterprises, Reliance Power and Azure Power that will generate 14000 MW solar power. National Thermal Power Corporation (NTPC) is already in the process of commissioning 680 MW in the state.




Comments

Post a Comment

Popular posts from this blog

Cheque & Types

Image
Cheque:  Section 6 of the Negotiable Instruments Acts, 1881, states "A cheque is a bill of exchange drawn on a specified banker, and not expressed to be payable otherwise than on demand." So, a cheque is a written instruction to a bank (also called the drawee bank) asking it to pay a specific sum of money to the person/company whose name is written on it. The person issuing the cheque is called the drawer and the one to whom it is issued is called the payee. Types of cheques  cheques are of basically four types Open cheque: A person holding an open cheque can  i. Receive payment over the counter at the bank ii. Deposit the cheque into his account iii. Pass it to another person by endorsing the cheque on the reverse side Crossed Cheque: Payment of a crossed cheque cannot be made over the counter at a bank; it can only be credited into the payee's account. Cheques can be crossed by drawing two parallel lines across the top left corner. Bearer Cheque: A be...
Read more

Government introduces “Place of effective management” (POEM) in IT Act

Image
Shell companies are the companies located abroad but controlled from India, to evade taxes. Government aims to curb them by introducing “Place of effective management” (POEM) in IT Act. Thereby, such offshore companies will be taxable in India, if key Management decisions are taken from India. Shell companies based abroad would have to pay taxes on their global income for a year if their  place of effective management (POEM)  is India. According to the Union Budget 2015-16, shell companies would be considered tax resident of India if their POEM is India, even for one day in a financial year. The key companies likely to be impacted are the Indian groups that have overseas subsidiaries that lack substance. Many Indian companies have subsidiaries in tax havens abroad which, in turn, do businesses in other countries. With this amendment — proposed to be made effective from the next financial year — all these companies will be bought under the Local tax jurisdictio...
Read more

Republic day 2015

Image
Republic Day in India Republic day in India is celebrated every year with great honour on 26th of January to honour the Constitution of India as it came into force on the same day in the year 1950. It had replaced the Government of India Act, 1935 into the governing document of the India. At this day, a national holiday is declared by the Indian Government. The new Indian constitution was sketched and approved by the Indian Constituent Assembly and decided to celebrate it on 26th of January every year as India became a republic country. What was Special on 66th Republic Day Women armed forces of India took part for the first time in the Republic day Parade 2015 as Prime Minister, Narendra Modi were keen to Women Empowerment and Nari Shakti. Women Empowerment, Nari Shakti, Make in India Jhaki, Swachh Bharat Abhiyan Jhaki by kids and Jan Dhan Yojana Jhaki were the main themes of Republic Day Parade 2015. US President, Barack Obama was the chief guest of Republic Day celebrati...
Read more