Events of National & International Importance
India extends $75 million credit line to Fiji
1. India on Wednesday announced a $75 million line of credit to Fiji for a co-generation power plant and a $5 million fund to develop its villages.
2. They even agreed to expand their defence and security cooperation.
3. Prime Minister Narendra Modi also announced a visa-on-arrival for Fijians and assistance projects that included a Parliament library and doubling the scholarships and training slots in India for people from Fiji.
Economic Development
Transfer pricing case: Shell India wins Rs 18,000-crore tax dispute
1. The Bombay High Court has quashed the IT department’s Rs 18,000-crore rupees tax order against oil major Shell India.
2. The judgement comes in the wake of two similar transfer pricing cases, which were ruled in favour of the Indian subsidiary of Vodafone, in which the I-T department had sought adjustments of over Rs 4,500 crores.
3. Shell India had issued 870 million shares to Shell Gas BV in March 2009 at Rs 10 per share.
4. However, the Income Tax department contended that the shares were grossly undervalued and it valued them at Rs 180 per share.
5. Shell India maintained that funding a subsidiary by issuing shares is a commonpractice among multi-national companies which view this as a capital transaction and out of the transfer pricing bracket.
6. The tax department, however, argued that such a deal is a transfer pricing arrangement by which the shares issued are undervalued and hence the company is liable to pay tax on the income generated out of it.
7. The High Court did not agree with the tax department and quashed its order and show-cause notice against Shell India.
IREDA, US-Exim Bank sign MoU on clean energy investment
1. Indian Renewable Energy Development Agency, IREDA and US-Exim Bank signed a Memorandum of Understanding,MoU on cooperation on clean energy investment.
2. US Exim Bank will provide USD one billion for medium and long-term loans to finance US technologies, products and services.
3. The MoU will establish a framework for cooperation in the financing of credit worthy entities for renewable energy projects.
Public Health
EU announces emergency measures to contain bird flu outbreak
1. The European Commission (EU) has introduced protective measures to contain bird flu outbreaks in the UK and the Netherlands.
2. The announcement came after the Dutch government reported the "highly contagious" H5N8 strain at a chicken farm.
World Bank approves $285 million to fight Ebola
1. The World Bank has approved a grant of $285 million to finance the three west African countries hardest hit by the Ebola crisis.
2. The grant is part of the nearly $1 billion of financing previously announced by the World Bank for Guinea, Liberia and Sierra Leone, reports Xinhua.
3. A previous World Bank analysis showed that if Ebola continues to surge in these three countries and spreads to neighboring countries.
4. According to the World Health Organisation, as of November 14, 2014, 14,413 Ebola cases have been registered in eight countries since the outbreak, with 5,177 deaths.
Environment & Ecology
Green panel suggests new law for environment project approvals
1. A government-appointed panel headed by former cabinet secretary TSR Subramanian has questioned the environment clearance procedure.
2. He says more than 99 per cent of projects get cleared anyway, with little or no scrutiny despite taking anywhere up to three years.
3. The committee has suggested a system that is strong on monitoring and compliance — two areas of weakness in the present system.
Recommendation –
1. The committee has recommended putting in place a new law for approving projects, monitoring compliance, and punishing violations.
There is need for change, to improve the processes through which projects are approved and monitored, and to ensure that environment also improves.
There is need for change, to improve the processes through which projects are approved and monitored, and to ensure that environment also improves.
2. The effort should be to reduce the inspector raj system" and use "technology to monitor and ensure compliance.
Final Words –
1. The committee had built on the existing mechanisms to optimise the efforts to balance developmental imperatives causing least possible damage to environment.
The committee's approach to the clearance process is based on the "principle of utmost good faith".
Interpol releases first-ever list of most wanted green criminals
1. Interpol on Monday released the first-ever “most wanted” list of environmental criminals suspected to be involved in a variety of environmental crimes
2. Its headquarters is based in Lyons, France
3. The investigation is code-named “Operation Infra-Terra” and was launched on October 6.
Western Ghats face major conservation concerns: IUCN
1. World Heritage Sites such as the Western Ghats, Manas Wildlife Sanctuary, Kaziranga National Park and Sundarbans are facing significant conservation concerns.
2. According to an International Union for Conservation of Nature (IUCN) assessment.
3. The IUCN World Heritage Outlook report, released at the ongoing World Park Congress at Sydney, had assessed 228 World Heritage sites for natural values.
4. While none of the seven Indian sites qualified to be included in the ‘good’ category, the Great Himalayan National Park, Nanda Devi and Valley of Flowers National Parks and Keoladeo National Parks were assessed as ‘good with some concerns’.
5. There were no Indian sites in the ‘critical’ category.
6. The report attempted to “recognise well-managed sites for their conservation efforts and encourage the transfer of good management practices between sites”.
Editorial - (Rights issue & Social Justice)
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