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August 30, 2016

25th August 2016 - Important Current Affairs updates

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International Affairs
  • Turkey launched its largest military operation into Syria, sending tanks, planes and ground forces into Jarabulus in an effort to clear the Islamic State from its last remaining frontier with Turkey.
    • The offensive, led by Turkey-backed Syrian rebels, came days after an Islamic State-linked suicide attack in a Turkish border town.

National Affairs
  • The Union Cabinet approved a revised Double Tax Avoidance Agreement (DTAA) and the
    Prevention of Fiscal Evasion with respect to Taxes on Income between India and Cyprus. 
    • The revised DTAA provides for source-based taxation of capital gains on transfer of shares instead of one based on residence. 
    • Thus, it is considered as a major step in the fight against tax evasion, round tripping and base erosion/profit shifting. 
    • It also allows India to have the right to tax capital gains arising in India.
  • The Children's Film Society of India (CFSI) has organised a film festival in Nagaland
    • Titled ‘CFSI Film Bonanza’, the week-long festival opened on August 23 and will cover all major cities like Kohima, Wokha, and Dimapur.

MOUs & Agreements
  • The Union Cabinet has given its approval for signing of new Air Services Agreement (ASA) between India and Fiji
    • The Agreement is for updation of the existing ASA between the two countries which was signed in January, 1974.
  • The Union Cabinet has been apprised of the signing of a Memorandum of Understanding (MoU) between India and South Africa to establish cooperation in Grassroots Innovation
    • The MoU was signed in pursuance to the Inter-Government Agreement between two countries for cooperation in Science & Technology in July, 2016 at Pretoria, South Africa.

  • Padma Vibhushan awardee, Akhlaq Ur Rahman Kidwai (96), who served as Governor of States, including Bihar, West Bengal and Haryana, passed away.

Business & Economy
  • A total of 5 Indian companies have made it to the Forbes list of 'World's Most Innovative Companies' of 2016
    • India's largest paint company Asian Paints was ranked 18, the highest among Indian firms.
    • Further, Hindustan Unilever, Tata Consultancy Services (TCS), Sun Pharma, and Larsen & Toubro (L&T) were the other four named in the list.
Awards & Honors
  • In recognition of his ‘significant national contributions towards missiles and aerospace technologies’, G. Satheesh Reddy, Scientific Adviser to the Defence Minister and DRDO's DG (Missiles & Strategic Systems), was conferred the first IEI-IEEE Award for engineering excellence 2015.
    • The award was presented by the Institution of Engineers (India) and the Institute of Electrical and Electronics Engineers, Asia Pacific region, during the latter’s 50th anniversary.
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