ODISHA

• 75-mt area to be developed as Heritage Zone

 

• Chief Minister Naveen Patnaik on Thursday reviewed the project of making Puri a world heritage city and approved three projects for the city.

 

• The projects are Heritage Security Zone, rebuilding of the Raghunandan Library and construction of 600 houses within 1.5 km from the Jagannath Temple for rehabilitation of the displaced persons.

 

• A total of Rs 95 crore would be spent for constructing 600 houses for rehabilitation of displaced people. Each house have an built up area of 520 square feet. Notably, the Government has sanctioned Rs 265 crore under the Abhadah Yojana and another package of Rs 595 crore for development works. Tenders would be invited soon for undertaking projects with the second-phase fund.

INTERNATIONAL

·         India and Russia target USD 30 billion in trade

• India and Russiahave decided to step up industrial collaboration and make new technologies and investment partnerships, particularly in high tech areas. The collaboration aims to expand bilateral trade to $30 billion by 2025. The decision was taken during the PM’s 3-day visit to Russia.

 

• India-Russia bilateral merchandise was about $8.2 billionduring 2018-19. The two sides have agreed on the supply of coking coal from the Russian Far East to India.
  They also sign the  Roadmap cooperation in Hydrocarbons for 2019-24. It is expected to touch height in the next five years. Other bilateral talks include the exchange of oil, gas, farming improvements, industrial projects, etc.

 

• India jumps to 34th rank on world travel and tourism competitiveness index

 

• According to a World Economic Forum (WEF) report, India has jumped six places to claim 34th spot on world Travel & Tourism Competitiveness Index 2019.

 

• In 2015, India had been ranked at 52nd and at 40th in 2017.

 

• Spain tops the ranking index followed by France and Germany.

 

• According to the WEF report, over 1.5 crore international tourists arrived in India while the share of travel and tourism industry was 3.6 per cent and that of industry employment was 5.1 per cent.

 

NATIONAL

• Central Government to invest Rs 25,000 crore in 5 years to revamp fishery infrastructure

 

• With the objective of achieving the real goals of the ambitious Blue Revolution project, the Union Government has lined up Rs 25,000 crore investments in different sectors of fisheries in the next three to five years.
• As inland fisheries contribute only 50 per cent of the total fish production, the Government intends to outspread its potential by covering reservoirs, wetlands, rivers and streams in different parts of the country.

 

• Considering the low contribution of inland water fisheries, the Government looks to increase its production to six million tonnes from three million tonnes in the next three to four years.

 

• The announcement was made at ‘Aqua Aquaria India 2019’ at Hyderabad.

·         September is celebrated as Poshan Maah across India

• The country celebrates September monthas the Rashtriya Poshan Maah across the country under POSHAN Abhiyaan programme. It aims to address malnutritional challenges. Poshan Maah was launched in States like Assam, Bihar, Madhya Pradesh, Tamil Nadu, and Rajasthan on 4th September.

 

• Rashtriya Poshan Maah is being celebrated with the aim to create a Jan Andolanto imbibe behavioral changes into the daily lives of the masses, with the slogan Poshan Tyohar Se Vyavahar.

 

• Poshan Maah focuses on five critical components called ‘Paanch Sutras’. The components are:
  ♦ First 1000 days of the Child
  ♦ Anaemia
  ♦ Diarrhoea
  ♦ Hand Wash & Sanitation
  ♦ Poshtik Aahar, a wholesome meal with diet diversity

·         AUS gets 1st DGCA certification under small category drone

 

• The Bengaluru’s Aarav Unmanned Systems (AUS)is the first company to get the Directorate General of Civil Aviation (DGCA) under a small company drone category. Insight, AUS’s flagship enterprise-grade multi-copter drone is to be certified for the No-Permission No-Takeoff (NPNT) manufacturing compliance requirement. In the recent release the Civil Aviation Requirement (CAR) for drone operations in India, the DGCA has laid down its requirement.

 

• The Insight drone weighs between 2-25 kg. It falls under the small category. Whereas micro category drones weigh between 250 gms to 2 kg.The small category drones can stay longer and carry heavier, more advanced sensors and need to meet additional compliances as per the CAR.

 

• So far, 3 Indian startups have obtained certification from DGCA under the micro category. AUS is the first company to get the certification under the small category.

 

·         CBDT enters into 26 APAs during the current Financial Year

• The Central Board of Direct Taxes (CBDT) entered into 26 Advance Pricing Agreements (APAs)in the first 5 months of the current financial year. The signing of these APAs entered into by the CBDT as of now stand at 297 includes 32 Bilateral Advance Pricing Agreements (BAPAs).

 

• 1 is a BAPA entered into with the United Kingdom and the remaining 25 are Unilateral Advance Pricing Agreements (UAPAs).
  The BAPAs and UAPAs entered around various sectors and sub-sectors of the economy like Information Technology, Banking, Semiconductor, Power, Pharmaceutical, Hydrocarbon, Publishing, Automobile.

 

 

 

Gk bit : APA

 

• An APA is an agreement between a taxpayer and the tax authority determining the Transfer Pricing methodology for pricing the tax payer’s international transactions for future years. An APA provides certainty with respect to the tax outcome of the tax payer’s international transactions.

 

• APA can be one of the three types –unilateral, bilateral and multilateral.

1. A Unilateral APA is an APA that involves only the taxpayer and the tax authority of the country where the taxpayer is located.
2. Bilateral APA (BAPA) is an APA that involves the tax payer, associated enterprise (AE) of the taxpayer in the foreign country, tax authority of the country where the taxpayer is located and the foreign tax authority.
3. Multilateral APA (MAPA) is an APA that involves the taxpayer, two or more AEs of the tax payer in different foreign countries, tax authority of the country where the taxpayer is located and the tax authorities of AEs.

 

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