Current Affairs – December, 2016

India and Singapore ink 3rd Protocol for amending DTAA

India and Singapore have signed a Third Protocol to amend DTAA (Double Taxation Avoidance Agreement) for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. It was signed in line with India’s treaty policy to prevent double non-taxation, curb revenue loss and check the menace of black money Read More…

CSL completes delivery of 20 FPVs to India Coast Guard

The Cochin Shipyard Limited (CSL) has delivered ICGS AYUSH, the 20th Fast Patrol Vessel (FPV) to the Indian Coast Guard.  With this, CSL has completed construction of 20 FPVs for the Indian Coast Guard. ICGS Ayush will be operated from the Coast Guard Station at Krishnapatanam. It is last in the series (CSL Yard No Read More…

CBDT extends deadline of Direct Tax Dispute Resolution Scheme

The Central Board of Direct Taxes (CBDT) has extended the last date for availing the Direct Tax Dispute Resolution Scheme to January 31, 2017 from the earlier deadline of December 31, 2016. This extension aims to give companies one more month to accept its offer to settle retro tax disputes with Government. It comes against Read More…

RBI extends period of enhanced Prepaid Payment Instruments limit

The Reserve Bank of India (RBI) has extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments. The limit has been extended till the completion of review of the PPI guidelines. However, the balance in such PPIs cannot exceed Rs 20,000 at any point Read More…

PM Narendra Modi launches UPI based mobile payment app called BHIM

Prime Minister Narendra Modi launched UPI based mobile payment application called BHIM (Bharat Interface for Money) at the Digi Dhan Mela held in Talkatora stadium, New Delhi, The app is rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) for simpler digital payments without cash. Key Facts BHIM is Aadhaar-based payments Read More…