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The Railway Budget is presented
On February 25 2016, the Railway Minister of India, Suresh Prabhu presented the Railway Budget for the year 2016-17. The budget was presented in the Lok Sabha and the estimated expense for the year was INE 121000 crore rupees. The budget was based on taking various actions to strengthen the performance of the Indian Railways. Some of the key areas of discussion was in respect of Nav Arjan, New Manak and Nav Sanrachna. Announcements which made it to the headlines were:
- No increase in the railway fares
- Digitalizing Indian Railways by offering free Wifi service in more than 100 stations by 2017.
- Introduction of a helpline (139) to cancel ticket cooking instantly
- Generation of 14 crore man-days employment by 2018-19
- Removing unmanned crossings by 2020
- Connecting North-East India with the rest of India through broad gauge.
More about Railway Budget 2016-17
Double Taxation Agreement between Indian and Maldives
On February 24 2016, India and Maldives entered into an agreement which looks forward to avoid double taxation of income in the International Airport. Under this arrangement, the citizens of both the countries can travel to the other country without paying taxation for the products which has been purchased from the other country. A citizen of India will pay taxes for a product purchased in Maldives at the host country only and will be exempted from paying taxes on the same product when he arrives in India and vice versa.
Australia becomes No. 1 in Test Team
The Australian Cricket Team has regained the position as the No. 1 Test Match Team in the ICC rankings. Team India was replaced in the first position after Australia defeated New Zealand in the Trans-Tasman Trophy 2-0. The test also marked the test retirement of the New Zealand legend Brendon McCullum. The first test between the two teams were held in Wellington, where Australia defeated the hosts by an innings and 52 runs and the second test was held in Christchurch, where the host once again lost by 7 wickets. However, the retiring legend was able to set a World Record by smashing the fastest 100 in a test match (54 balls).
UC approves credit worth USD 150 million to Iran
The Union Government of India on February 24 2016, allowed a credit of USD 150 million to Iraq for the purpose of developing Chabahar Port. The EXIM bank would be providing the credit to Iraq. As per the agreement made between India and Iraq on May 6 2015, India would be offering two berth along with an investment of USD 85.21 million in the Chabahar Port, Iraq. The ownership of the equipment would be handed over to Iraq after the lease of 10 years has expired.
UC supports Digital Payments
The Union Cabinet of India has acknowledged the use of digital payment system in India. On February 24 2016, the UC has approved various steps whereby cash transactions can be minimized and virtual payment mechanisms can be boosted.
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