Union Finance Ministry appointed committee chaired by retired SC judge A P Shah has recommended that Minimum Alternate Tax (MAT) should not be imposed on FIIs retrospectively for the period preceding 1st April 2015 This recommendation is considered as a big relief to FIIs as government had exempted them from MAT starting April 1, 2015 in the Union Budget for 2015-16 but had not made the clarification retrospective imposition. In its report committee has mention that there is no legal basis for levying 20 per cent MAT on past capital gains of FIIs. Background Union Finance Ministry had appointed this 3 member Committee on the issue of levying MAT on capital gains made by FIIs retrospectively. Members of Committee: A P Shah (Chairman), Dr. Girish Ahuja and Dr. Ashok Lahiri. The committee was constituted after the tax department had sent legal notices to 68 FIIs demanding around six hundred crore rupees as MAT dues of previous years. This had raked up a MAT controversy within FIIs and they had moved to court challenging this tax imposition.
23rd August 2015 Current Affairs MCQs, Quiz, Questions
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GOOGLE+: https://plus.google.com/+IndiagkNetCurrent Affairs 1-31st August 2015 Daily Quiz, Objective Questions
Current Affairs Questions on 23rd August 2015:
Golfer Aditi Ashok, who becomes first Indian to win Ladies British amateur stroke-play Championship is associated with which sport ?
A. Football
B. Tennis
C. Golf
D. Badminton
Answer: C
A P Shah Committee is associated with ?
A. Pay Commission
B. Minimum Alternate Tax (MAT) on FIIs
C. Monetory Policy of RBI
D. Minority Affairs
Answer: B
Kishore Biyani-led Future group recently entered into a partnership with which state government to operate 5,000 fair price shops under the public distribution system (PDS)?
A. DelhI
B. Chhattisgarh
C. Gujarat
D. Rajasthan
Answer: D
Arun Jaitley on 23rd August 2015 inaugurated which bank ?
A. Reliance Bank
B. Airtel Bank
C. Bandhan Bank
D. Vishvas bank
Answer: C
Which IT company launches new service AIKIDO ?
A. TCS
B. Wipro
C. Google
D. Infosys
Answer: D
NR Varhadpande who passed away recently in Nagpure was Eminent Scholar of ....... ?
A. Sanskrit
B. Tamil
C. Bengali
D. Punjabi
Answer: A
Who wins Pro Kabaddi League 2015 Final ?
A. Mumbai
B. Bangalore
C. Jaipur
D. Patna
Answer: A
India to host Call To Action Summit 2015
India will be hosting the 'Call to Action' Summit on 27th and 28th this month in Delhi aiming to end maternal and child mortality. This summit will have the participation of 24 nations.UNICEF, UNDP, WHO , Bill and Melinda Gates Foundation and Tata Trusts are partners in this summit. (PT)India to host Call To Action Summit 2015
22nd August 2015 Current Affairs MCQs, Quiz, Questions
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GOOGLE+: https://plus.google.com/+IndiagkNetCurrent Affairs 1-31st August 2015 Daily Quiz, Objective Questions
Current Affairs Questions on 22nd August 2015:
Indian Prime Minister gets direct hot line with whom recently ?
A. Pakistan PM
B. US President
C. Japan PM
D. China PM
Answer: B
Which Union Ministry of India has recently launched “Indradhanush” to revamp functioning of Public Sector Banks (PSBs)?
A. Ministry of Finance
B. Ministry of Personnel, Public Grievances and Pensions
C. Ministry of Planning
D. Ministry of Labour and Employment
Answer: A
Which state government of India has recently banned on the use of plastic in the state?
A. Kerala
B. Gujarat
C. Tripura
D. Odisha
Answer: B
The “Accessible India” campaign is associated with which of the following fields?
A. Tourism
B. Child Education
C. Empowerment of Gram Panchayats
D. Physically disabled persons
Answer: D
Which country will host 'Call to Action' Summit on 27th and 28th August 2015 ?
A. Japan
B. India
C. China
D. USA
Answer: B
Which district in India has highest number of e-toilets in its schools?
A. Guntur district
B. Srikakulam district
C. Nellore district
D. Kurnool district
Answer: C
Prestigious sports award Maulana Abul Kalam Azad (MAKA) trophy 2015 was won by ?
A. Delhi University
B. Rajasthan University
C. IIT Kharagpur
D. Punjabi University
Answer: D
Govt to sell 10% stake in Indian Oil on 24th August 2015 ?
A. ONGC
B. Indian Oil
C. BSNL
D. NTPC
Answer: B
Ranil Wickremesinghe sworn in as Sri Lanka's Prime Minister
Ranil Wickremesinghe was today sworn in as Sri Lanka's Prime Minister for the fourth time following his party's victory in the parliamentary polls, as the country's two major political parties signed a power- sharing deal to form a national unity government. Wickremesinghe, 66, took the oath of office in a Buddhist ceremony in the presence of Sirisena, cementing an alliance between the two that successfully fought off a comeback bid by ex-president Mahinda Rajapaksa. His center-right United National Party (UNP), which won Monday's poll but fell seven seats short of an outright majority, will team up with Sirisena loyalists in the Sri Lankan Freedom Party (SLFP).
Prime Minister, Shri Narendra Modi, has congratulates Mr. Ranil Wickremesinghe on being sworn-in as Sri Lanka's Prime Minister. "Congratulations and best wishes to Mr. Ranil Wickremesinghe on being sworn-in as Sri Lanka's Prime Minister," the Prime Minister said.
Greek Prime Minister Alexis Tsipras Resigns
Greek Prime Minister Alexis Tsipras resigned in a bid to trigger snap elections and return to power stronger, plunging his country into weeks of political paralysis just as it seemed to have scraped through a summer of fraught bailout talks and near-bankruptcy. Earlier Eurozone approved the first tranche of Greek bailout funds. The approval came in after parliaments in member states backed the rescue-for-reforms deal. Eurozone Finance Ministers on Wednesday formally approved the first tranche of a new 86 billion euro bailout for Greece.
Greece will receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due to the European Central Bank. In a breakdown of the first tranche, 10 billion euros will be placed in a fund to recapitalize Greek banks while another 13 billion euros will be partly used to repay the loan to the ECB. There remains three billion euros in the first tranche, which will be disbursed in September or October provided certain reforms are carried out.
Greece will receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due to the European Central Bank. In a breakdown of the first tranche, 10 billion euros will be placed in a fund to recapitalize Greek banks while another 13 billion euros will be partly used to repay the loan to the ECB. There remains three billion euros in the first tranche, which will be disbursed in September or October provided certain reforms are carried out.
India Sign MoU with Australia on cooperation in Education
Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the signing of a Memorandum of Understanding (MoU) between India and Australia on cooperation in the fields of education, training and research. The costs of the cooperative activities under this MoU will be funded on mutually agreed terms and will be subject to availability of funds.The MoU will help intensify existing partnerships between India and Australia in higher education & research, including technical and professional education, schools, vocational education and training and will open up new and innovative areas of cooperation.
The main objectives of this MoU, amongst other things, are:
i. Consideration of expansion of the Australia India Education Council membership from time to time to ensure appropriate representation from academia, policy makers and industry as required and agreed;
ii. Strengthening the policy dialogue and exchange in areas of mutual benefit, including qualification and quality frameworks and standards for education, research and training;
iii. Supporting mobility of students and faculty members through formal exchange programs, internships and other modalities;
iv. Improving credit transfer arrangements and work towards qualifications recognition between Australia and India;
v. Supporting and organizing professional development programmes for subject experts, educational administrators, faculty members and teachers;
vi. Encouraging twinning arrangements between institutions of higher learning and organisation of joint research programmes and publications;
vii. Encouraging research collaboration between institutions of higher learning to enlarge the scope for joint research, joint Ph. D. programmes and joint degrees;
viii. Sharing best practice education materials including research materials, publications, and educational literature;
ix. Supporting skills development through joint conferences, seminars, policy dialogue and technical cooperation in national standards development;
x. Strengthening communication for exchange of information on new policy initiatives and opportunities for development of education, training and research activities of both countries;
xi. Further develop bilateral programmes between institutions of educational excellence in technical, vocational, schools and higher education, subject to availability of funds; and
xii. Any other activity as mutually determined by both parties.
i. Consideration of expansion of the Australia India Education Council membership from time to time to ensure appropriate representation from academia, policy makers and industry as required and agreed;
ii. Strengthening the policy dialogue and exchange in areas of mutual benefit, including qualification and quality frameworks and standards for education, research and training;
iii. Supporting mobility of students and faculty members through formal exchange programs, internships and other modalities;
iv. Improving credit transfer arrangements and work towards qualifications recognition between Australia and India;
v. Supporting and organizing professional development programmes for subject experts, educational administrators, faculty members and teachers;
vi. Encouraging twinning arrangements between institutions of higher learning and organisation of joint research programmes and publications;
vii. Encouraging research collaboration between institutions of higher learning to enlarge the scope for joint research, joint Ph. D. programmes and joint degrees;
viii. Sharing best practice education materials including research materials, publications, and educational literature;
ix. Supporting skills development through joint conferences, seminars, policy dialogue and technical cooperation in national standards development;
x. Strengthening communication for exchange of information on new policy initiatives and opportunities for development of education, training and research activities of both countries;
xi. Further develop bilateral programmes between institutions of educational excellence in technical, vocational, schools and higher education, subject to availability of funds; and
xii. Any other activity as mutually determined by both parties.
