Current Affairs for IAS Exams – 17 February 2016

:: NATIONAL ::

Tax authorities have issued a reminder to Vodafone Group Plc asking the company to pay Rs. 14,200 crore of tax dues — that the U.K.-based firm has referred to international arbitration — or risk having its assets seized.
The government stated in 2014 that exist- ing tax disputes, including vodafone’s, would be resolved through existing judicial process.
The notice, dated February 4, to Vodafone International Holdings BV pertains to its 2007 acquisition of Hutchison’s 67 per cent stake in a telecom venture in India for $11 billion.
The deal was executed through companies that are not based in India.
The arbitration process does not stop the Tax Department from going ahead and seeking dues that it feels are legitimate tax demands, said a tax consultant.

The Supreme Court has directed the RBI to submit a list of companies which have defaulted on bank loans of over Rs. 500 crore.
The court also asked it to submit in six weeks the list of restructured loans.
Directing that the list be placed on record in a sealed cover, the court asked how State-owned banks and financial institutions were advancing huge loans without proper guidelines and whether there was adequate mechanism to recover them.

The first train from China’s trading hub of Yiwu has arrived in Tehran, signalling Iran’s firm integration in the Beijing led- Belt and Road connectivity initiative along the New Silk Road.
The train ferrying 32 containers completed its 14-day journey, covering over 10,399 km, after passing through the arid landscape of Kazakhstan and Turkmenistan in Central Asia.
Iran is currently in desperate need of investment for infrastructure construction.
However, as oil prices are low now, Iran’s revenue in this sector has seen sharp de- crease.
At the same time, China is promoting the belt and road initiative. Iran is expected to become one of the major participants of that initiative.

With the Prime Minister's office setting a target to switch at least 90 per cent of all official transactions to paperless mode by the end of 2016, Finance Minister Arun Jaitley launched a new e-platform for non-tax receipts.
NTPC made the maiden payment on the portal developed by the Controller General of Accounts, by remitting Rs.989 crore as an interim dividend to the government.
The major sources of non-tax revenue for the government are from dividends paidby public sector companies,the Reserve Bank of India, etc.
During his previous year'sBudget speech, Mr.Jaitley hadsaid that one major way tocurb black money is to discourage cash transactions infavour of electronic transactions.

The closing ceremony at the India Gandhi Stadium brought the curtain down on the 12th South Asian Games.
Twelve days of competition saw action in 22 disciplines —15 in Guwahati and seven in Shillong — and the awarding of 789 medals to athletes representing the eight participating nations.
Nepal was introduced as the host of the 13th edition of the Games in 2018.
India finished its tally of medals at 308, with 188 golds, 90 silver and 30 bronze medals.
Sri Lanka and Pakistan took second and third position respectively.