Current Affairs – February, 2016

Latest Current Affairs February, 2016 with Current Affairs, news summary on current events of National and International importance of February, 2016 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Union Cabinet gives nod to India-Maldives double taxation Agreement on airlines

The Union Cabinet has given its approval for signing of an Agreement between India and Maldives for the avoidance of double taxation of income from international air transport.

This agreement provides relief from double taxation for airline enterprises operating between the two countries.

Under the agreement

  • Airlines operating from India will be exempted from income derived from the operation of aircraft in international traffic in Maldives from Maldivian tax and vice-versa.
  • Profits from the operation of aircraft in international traffic will be taxed in one country alone. The taxing right is conferred upon the country to which the enterprise belongs.
  • Tax certainty for airline enterprises of India and Maldives will be provided. Mutual Agreement Procedure (MAP) will be also provided for resolving any difficulties or doubts arising as to the interpretation or application of the agreement.

Yes Bank wins inaugural Green Bond Award in UK

India’s leading private lender Yes Bank has been awarded inaugural Green Bond Pioneer Award at a ceremony held in London, United Kingdom.

Yes Bank was bestowed with this award in recognition for its pioneering efforts in the Green Bonds market including successful issuance of India’s first ever Green Infrastructure Bonds.

Yes Bank Green Bond Initiatives

  • Yes Bank was the first Indian Bank to issue Green Infrastructure Bonds (GIBs) in India. It had issued India’s first-ever GIBs worth 1,000 crore rupees in 2015.
  • Proceeds from these green bonds will be used to fund Renewable Energy projects including solar power and wind power projects
  • Yes Bank along with International Finance Corporation (IFC) also had opened trading of the world’s first Green Masala Bond worth 3.15 billion rupees listed on the London Stock Exchange.

About Green Bond Pioneer Award

  • The Green Bond Pioneer Awards for ‘Pioneers in Emerging Markets-India’ were organised by Climate Bonds Initiative (CBI).
  • This award was launched to increase awareness on green bonds in the global investor and corporate community and also to acknowledge global leadership in the sector.
  • CBI is an international non-profit investor focused on mobilising the US 100 trillion dollars green bond market for climate change solutions.

What are Green Bonds?

  • Bonds basically are debt instruments which help issuer to get capital while the investors receive fixed income in the form of interest.
  • In case of Green Bonds, the issuer gets capital from the investors only if the investment (capital) is being raised to fund green projects relating to renewable energy or emission reductions etc.