The Daily Brief – 10th November 2017

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  • A Double Taxation Avoidance Agreement between India and Hong Kong has been approved by the Union Government for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income.
  • India was re-elected as member of executive board of UNESCO. Executive board is UNESCO’s top decision-making body. The election was held at 39th session of General Conference of UNESCO in Paris, France.
  • Facebook Inc. in its first Disaster Response Summit has rolled out Disaster Maps for India along with along with National Disaster Management Authority (NDMA) in a bid to help communities recover and rebuild faster in aftermath of natural disasters.
  • The Union Government is working on adopting land-pooling methodology as an alternative mechanism for development and expansion of airports. This is being done to overcome challenges that come with unavailability of land due to surge in land compensation cost after Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (or Land Acquisition Act, 2013) came in to force.
  • Breeding season of Olive Ridley turtles began in Odisha with their arrival in large at Gahirmatha beach in Odisha’s Kendrapara district. In 2016-17 season, around 9.75 lakh Olive Ridley turtles came out from sea to lay eggs along Odisha coast. Though found in abundance, their numbers have been declining over the past few years. It is recognized as Vulnerable by IUCN Red list. In India, it is protected under Wildlife (Protection) Act.
  • The Reserve Bank of India (RBI) has simplified Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations to make it easier for foreign investors to invest in the country. It was done by putting all 93 amendments under one notification. The new regulation combines earlier two FEMA 20 and FEMA 24 regulations on foreign investment.
  • The second meeting of Island Development Agency (IDA) was held in New Delhi. It was chaired by Rajnath Singh. It reviewed concept development plans plans and detailed master plans for holistic development of 9 islands. These 9 islands include four in Andaman & Nicobar Islands (Smith, Ross, Long, Avis) and five in Lakshadweep (Minicoy, Bangaram, Thinnakara, Cheriyam, Suheli).

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