23 January 2016 – Daily Current Affairs

Nirmala Gajwani passed away

The Former Deputy Speaker of Gujaraj Assembly, Nirmala Gajwani passed away at the age of 87 on 21 January 2016. Nirmala was the first-ever Lady Deputy Speaker ( Gujarat Assembly) and was also the first woman MLA in Kutch’s history. Her career also reflects her leadership skills as she was the Chairperson of SRC (Sindhu Resettlement Corporation). Nirmala Gajwani has been behind some of the biggest known land development projects in Gandhidham-Adipur area.

Iran released from nuclear sanctions by Japan

On January 22 2016, Japan decided to lift all the nuclear sanctions from Iraq. The news floated shortly after the United Nations confirmed that the disputed nuclear programme has been curbed in Tehran. This incident has opened up doorways for Japanese companies to invest in Iran. Earlier, the same was blocked as the sanction allowed Japan to have 5% of Iran’s oil. A new investment agreement is likely to be born between Tokyo and Tehran.

OECD to follow BEPS guidelines from April 1 2016

BEPS (Base Erosion and Profit Shifting) is a form of tax planning strategy/ies which allows exploitation of tax loopholes and shifts profit artificially to a not taxable zone. The OECD (Organization for Economic Cooperation and Development) announced the norms in October 2015 when the estimated tax loss of USD 100 billion was incurred to be these loopholes. Implementation of the new guidelines will allow every Indian MNC to make country wise reporting beginning from April 1 2016.

BSE and Symphony Fintech Solutions launch Algorithm Trading Test

The BSE (Bombay Stock Exchange) in collaboration with Symphony Fintech Solutions has launched an Algorithm Trading Test on January 18 2016. Sectors like equity, Currency Derivatives and Equity Derivatives will be under the purview of Algorithm Trading Test. The scope also allow people to generate analytics and check the impact of their strategies. Algorithm Trading Test is also known as Black-box trading or Algo-Trading.

CBDT’s new Chairman is Atulesh Jindal

The new Chairman of Central Board of Direct Taxes (CBDT) is Atulesh Jindal. Prior to the role of the Chairman, he was the senior revenue service officer for CBDT. The appointment took place on January 21 2016, when Ex-Chairman A K Jain vacated the seat after his term expired. The tenure of A K Jain expires in July 2016 and will continue to hold the seat for the next six months. Jindal entered CBDT through IRS (Indian Revenue Service) in 1978.

Jammu and Kashmir gets Nai Manzil Scheme

The State of Jammu and Kashmir gets a new scheme under the name Nai Manzil to protect the interest of girls. The initiative was launched on January 20 2016 after being previously launched in Srinagar. The initiative looks forward to focus on the skill development of girls for three months and train them in sectors like electronics, food processing, computers IT, embroidery, plumbing and tourism. The only eligibility criteria is that girls should belong from a minority group. Trainees would be given an allowance of INR 4500 for undergoing the course.