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Current Affairs December 2015 1. India, France launched International Solar Alliance

Highlights of the alliance

It aims to bring 121 tropical countries together to

tap solar energy.

The Alliance will enable solar-rich developing

countries to make the best use of an abundant, free natural resource.

It seeks to share collective ambitions to reduce the cost of finance and technology that is needed to deploy solar power widely.

It would adapt the generation and storage technologies to the individual countries’ needs.

Among the tasks that the Alliance would pursue are,

cooperation in training, building institutions, regulatory issues, common standards, and investment including joint ventures.

2. Singapore replaced Mauritius as top source of FDI into India

Singapore replaced Mauritius as top source of

Foreign Direct Investment (FDI) into India during April-September of 2015-16 financial year.

An announcement in this regard was made by the

Department of Industrial Policy and Promotion of Ministry of Commerce and industry

As per the data, between 15 April and 15 September

2015, India received 43096 crore rupees as FDI from Singapore. In the same period FDI from Mauritius was 23490 crore rupees.

In the same period, While Netherlands was at number three with 7017 crore rupees of investment, the USA stood at the stood fourth with 5435 crore rupees.

3. India’s forest and tree cover increased by 5081 sq km: India State of Forest Report 2015

Highlights of the India State of Forest Report (ISFR) 2015

The total carbon stock in the country’s forest is estimated to be 7044 million tonnes, an increase of 103 million tonnes.

Majority of the increase in forest cover has been

observed in open forest category mainly outside forest areas, followed by Very Dense Forest.

While Open Forest area has increased by 4744 sq

km, which is 9.14 per cent of the geographical area.

The area under Very Dense Forest has increased by

2404 sqkms, which is 2.61 percent of the geographical area.

About 40 percent forest cover is in 9 big patches of

10000 sq km and more.

The increase in total forest cover also includes an increase in the mangrove cover. Changes observed in States as per India State of Forest Report (ISFR) 2015

The maximum increase in forest cover has been

observed in Tamil Nadu that is 2501 sq km, followed by Kerala that includes 1317 sq km forest cover and Jammu & Kashmir with 450 sq km forest cover.

Madhya Pradesh has the largest forest cover of

77462 sq km in the country, followed by Arunachal Pradesh with a forest cover of 67248 sq km and Chhattisgarh with 55586 sq km.

Mizoram with 88.93 percentage of forest cover has

the highest forest cover in percentage terms, followed by Lakshadweep with 84.56 percent.

15 States/Union Territories have above 33 percent of

the geographical area under forest cover. Out of these, Mizoram, Lakshadweep, Andaman & Nicobar Island, Arunachal Pradesh, Nagaland, Meghalaya and Manipur have more than 75 percent forest cover.

While 8 states Tripura, Goa, Sikkim, Kerala,

Uttarakhand, Dadra & Nagar Haveli, Chhattisgarh and Assam have forest cover is between 33 percent to 75 percent.

The India State of Forest Report 2015 is the 14th report in the series. It is based on interpretation of LISS III sensor data of indigenous Resourcesat–II satellite. The satellite data interpretation is followed by extensive

and rigorous ground truthing. 4. RBI announced revised Priority Sector Lending

norms for Regional Rural Banks

Key features of revised PSL Norms

Medium enterprises, social infrastructure and

renewable energy were included under PSL category.

Agri-Loans: Loans to individual farmers, for the purpose of PSL, was increased to 50 lakh rupees from the present 10 lakh rupees against pledge/

hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months.

Aggregate limit loan was doubled to 2 crore rupees per borrower in the case of loans, among others, to corporate farmers, farmers’ producers organisations/ companies of individual farmers, farmers partnership firms/ co-operatives engaged in agriculture and allied activities.

Housing Loans: The RBI has lowered the quantum of loans that will qualify as PSL. Against the earlier limit of 25 lakh rupees, loans to individuals up to 20 lakh rupees only are considered as PSL as per revised guidelines. Housing loans to banks’ own employees will be excluded from this limit.

5. Arvind Subramanian-led panel recommended

standard rate for GST at 17-18 % The commission recommended standard rate for GST at 17 to 18 percent, the rate at which most products would likely be taxed. The Committee has suggested doing away with a proposal to levy a one percent inter-state tax

on transfer of good. The committee excluded real estate, electricity and alcohol and petroleum products while calculating tax rates but has suggested bringing them under the ambit of GST soon.

Highlights of Recommendations

It recommended a range of 12 to 40 percent for

various products and services.

Revenue Neutral Rate (RNR) proposed at 15-15.5% (Union and states combined).

Include petroleum and alcohol in GST regime.

Impact on inflation expected to be minimal.

The committee, however, did not favour putting the GST rate in Constitution Amendment Bill.

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6. ADB released Asian Economic Integration Report 2015

If implemented, the GST will help in cleaning up the tax system in India making it best in the emerging market economies and high income countries. 7. Myanmar launched its first UNESCO Biosphere

Reserve Inle Lake

About Inle Lake The Inle Lake is spread in an area of 489721 hectares and located in Nyaungshwe township, Taunggyi district in Myanmar's eastern Shan state. The lake gets funding from the government of Norway under the framework of the Inle Lake Conservation and

Rehabilitation project. The wetland ecosystem of this freshwater lake is home to 267 species of birds, out of which 82 are wetland birds, 43 species of freshwater fishes, otters and turtles. The Inle Lake is reported to be the nesting place for globally endangered Sarus crane.

8. Global Financial Integrity released the Global Illicit

Financial Flows Report 2015

Key findings of the report

The top 5 countries with highest illicit financial

flows- China (1), Russia (2), Mexico (3), India (4) and Malaysia (5).

While illicit out flows from China, during 2004-13, was pegged at 139 billion US dollars, in case of Russia it was 104 billion US dollars.

trillion US dollars flowed illicitly out of developing

and emerging economies in 2013 due to tax evasion, crime, corruption, and other illicit activity.

The 1.1 trillion US dollars amount was greater than

the combined total of foreign direct investment (FDI) and net official development assistance (ODA), which these economies received in 2013.

Illicit outflows were roughly 1.3 times the 858 billion

US dollars in total FDI and they were 11.1 times the 99.3 billion US dollars in ODA that these economies received in 2013.

Asia remains the region of the developing world with

the most significant volume of IFFs, comprising some 38.8 percent of the developing world total during 2004-13.

As a percentage of GDP, Sub-Saharan Africa

suffered the biggest loss of illicit capital. Illicit outflows from the region averaged 6.1 percent of GDP annually compared to global average of 4.0 percent.

The fraudulent misinvoicing of trade transactions

was revealed to be the largest component of illicit financial flows from developing countries, accounting for 83.4 percent of all illicit flows. Key

findings of the report

The top 5 countries with highest illicit financial flows- China (1), Russia (2), Mexico (3), India (4) and Malaysia (5).

While illicit out flows from China, during 2004-13,

was pegged at 139 billion US dollars, in case of Russia it was 104 billion US dollars.

trillion US dollars flowed illicitly out of developing

and emerging economies in 2013 due to tax evasion, crime, corruption, and other illicit activity.

The 1.1 trillion US dollars amount was greater than

the combined total of foreign direct investment (FDI)

and net official development assistance (ODA), which these economies received in 2013.

Illicit outflows were roughly 1.3 times the 858 billion

US dollars in total FDI and they were 11.1 times the 99.3 billion US dollars in ODA that these economies received in 2013.

Asia remains the region of the developing world with

the most significant volume of IFFs, comprising some 38.8 percent of the developing world total during 2004-13.

As a percentage of GDP, Sub-Saharan Africa suffered the biggest loss of illicit capital. Illicit

outflows from the region averaged 6.1 percent of GDP annually compared to global average of 4.0 percent.

The fraudulent misinvoicing of trade transactions was revealed to be the largest component of illicit financial flows from developing countries, accounting for 83.4 percent of all illicit flows. Key

findings of the report.

The top 5 countries with highest illicit financial

flows- China (1), Russia (2), Mexico (3), India (4) and Malaysia (5).

While illicit out flows from China, during 2004-13,

was pegged at 139 billion US dollars, in case of Russia it was 104 billion US dollars.

trillion US dollars flowed illicitly out of developing

and emerging economies in 2013 due to tax evasion, crime, corruption, and other illicit activity.

The 1.1 trillion US dollars amount was greater than

the combined total of foreign direct investment (FDI) and net official development assistance (ODA), which these economies received in 2013.

Illicit outflows were roughly 1.3 times the 858 billion US dollars in total FDI and they were 11.1 times the 99.3 billion US dollars in ODA that these economies

received in 2013.

Asia remains the region of the developing world with the most significant volume of IFFs, comprising some 38.8 percent of the developing world total during 2004-13.

As a percentage of GDP, Sub-Saharan Africa

suffered the biggest loss of illicit capital. Illicit outflows from the region averaged 6.1 percent of GDP annually compared to global average of 4.0 percent.

The fraudulent misinvoicing of trade transactions

was revealed to be the largest component of illicit financial flows from developing countries, accounting for 83.4 percent of all illicit flows.

9. ADB released Asian Economic Integration Report 2015

Report with respect to India

India has become the third largest source of inward

FDI for the United Kingdom (UK) after the US and France in number of projects.

For India, compared with 1990—when it focused

mainly on low-technology exports—the economy gradually switched focus to higher technology products.

China’s labor productivity began to fall in 2007,

while India’s labor productivity slowed subsequently. The slowdown in labor productivity in agriculture is mainly due to falling investment, diversion of productive agricultural land to nonfarm purposes,

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and climate change—which reduced most farm yields.

Compared with 1990—when it focused mainly on

low-technology exports—the economy gradually switched focus to higher technology products.

As a percentage of manufacturing exports, while

high technology and low technology exports constituted 4.1 and 58.8 respectively in 1990, they contributed to 8.6 and 35.0 percent respectively in 2014.

10. Union Cabinet approved amendments in the National Waterways Bill, 2015

Highlights of the amendments made in National Waterways Bill, 2015

The amendments provide for enacting a Central

Legislation to declare 106 additional inland waterways as the national waterways.

After the inclusion of 106 additional inlands

waterways to the existing five national waterways, the total number of national waterways will go up to

111.

Declaration of the additional 106 waterways as National Waterways will not have any immediate financial implications.

Financial approval of the competent authority for

each waterway will be taken based on the outcome of the techno-economic feasibility studies etc. that are being undertaken by the Inland Waterways Authority of India (IWAI).

IWAI will develop the feasible stretch of National

Waterways for shipping and navigation purpose through mobilization of financial resources.

The declaration of the National Waterways will

enable IWAI to develop the feasible stretches for Shipping and Navigation.

The right over the use of water, river bed and the

appurtenant land will remain with the State Government.

The expeditious declaration of National Waterways and its subsequent development will enhance the industrial growth and tourism potential of the hinterland along the waterway.

11. Union Cabinet approved Real Estate (Regulation and Development) Bill, 2015

Provisions of Real Estate (Regulation and Development) Bill, 2015

It provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector.

It will boost domestic and foreign investment in the

Real Estate sector and help achieve the objective of Union Government to provide Housing for All by enhanced private participation.

It ensures mandatory disclosure by promoters to the

customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.

It aims at restoring confidence of consumers in the

real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets.

It will promote orderly growth through consequent

efficient project execution, professionalism and standardization.

The salient features of the Bill are

Applicable both for commercial and residential

real estate projects.

Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.

Registration of real estate projects and real

estate agents with the Authority.

Mandatory disclosure of all registered projects,

including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.

Deposit of specified amount in a separate bank

account to cover the construction cost of the project for timely completion of the project.

Establishment of fast track dispute resolution

mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.

Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.

Promoters barred from changing plans and

design without consent of consumers.

Provision of Appropriate Government to make

rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.

12. India launched I-LTEO programme to monitor 8

different biomes

India on 7 December 2015 launched the Indian Long

Term Ecological Observatories (I-LTEO) programme to scientifically monitor eight different biomes (natural landscapes) across the country. The initiative was launched on the sidelines of the Conference of Parties-21 (COP-21) of UNFCCC in Paris.

The programme aims to identify and monitor

targeted socio-ecological challenges and help build capacity within India.

The studies under the programme will indicate the

need for imminent adaptation measures.

Highlights of the LTEO Programme

Under this programme, students and young scientists will also be trained through sustained long-term support for research in the area of climate change.

The initiative will also help the country to have its own scientific data-base in this key area without depending on studies done abroad.

The new initiative will cover all the major

biomass of the country from Western Himalayas to Western Ghats, Eastern Himalayas to Andaman & Nicobar Islands, central India to the Sunderbans and from Jammu & Kashmir to Rajasthan and Gujarat.

Moreover, long term scientific monitoring of the

natural landscapes, water resources, grasslands, mammals, birds, fishes and insects will also be carried out.

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The focus would be to pick up signals and

patterns of how changes in climate are affecting natural and closely associated human systems of agriculture and pastoralism.

It will also enable its scientists to join

international initiatives on the subject and provide empirical data on actual impacts on various eco-systems.

13. Elephant Genome Sequenced in India

A team of scientists from the Bangalore based Centre for Ecological Science at the Indian Institute

of Science (IISc) and the Indian Institute of Science Education and Research (IISER), Pune, have sequenced the entire genome of the Asian Elephant.

They have also for the first time mapped the ‘transcriptome’ — that is, a section of genes active in a particular cell — for the blood cells of the species.

14. Ethanol Blending Programme in India

Under Ethanol Blending Programme (EBP), the

Central Government has scaled up blending targets from 5% to 10% to promote blending of ethanol with petrol and its use as alternative fuel.

At present, ethanol produced from molasses is not

cheaper than motor spirit at refinery gate. However, to achieve the objectives of the National Bio-Fuel Policy, with a view to encourage production/usage of ethanol, the Central Government apart from scaling up blending targets has also fixed remunerative ex-depot price of ethanol and waived excise duty on its supplies to OMCs during 2015-16.

15. Scheme on Blue Revolution Approved The Central Sector Scheme covers development and management of inland fisheries, aquaculture, marine fisheries including deep sea fishing, mariculture and all activities undertaken by the National Fisheries

Development Board (NFDB) towards realizing “Blue Revolution”. The scheme has the following six broad components: a) National Fisheries Development Board (NFDB) and

its activities, b) Development of Inland Fisheries and Aquaculture, c) Development of Marine Fisheries, Infrastructure and

Post Harvest Operations, d) Strengthening of Database & Geographical

Information System of the Fisheries Sector, e) Institutional Arrangement for Fisheries Sector and f) Monitoring, Control and Surveillance (MCS) and

other need-based Interventions.

The scheme provides for suitable linkages and convergence with the “Sagarmala Project” of the Ministry of Shipping, Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNAREGA), RashtriyaKrishiVikasYojana (RKVY), National Rural Livelihoods Mission (NRLM) etc. 16. Parliament Passes Juvenile Justice Bill 2015 Juvenile Justice Bill 2015: Highlights

This law will strengthen provisions for both children

in need of care and protection and children in conflict with law.

For the first time, offences have been clearly defined

and classified as petty, serious and heinous based on provisions of IPC.

Under Section 15, special provisions have been

made to tackle child offenders committing heinous offences in the age group of 16-18 years.

The Juvenile Justice Board has been given the

option to transfer cases of heinous offences by such children to a Children’s Court (Court of Session) after conducting preliminary assessment.

The provisions provide for placing children in a ‘place of safety’ both during and after the trial till they attain the age of 21 years after which an evaluation of the child shall be conducted by the Children’s Court.

After the evaluation, the child is either released on probation and if the child is not reformed then the child will be sent to a jail for remaining term.

The enactment of this law will act as a deterrent for

child offenders committing heinous offences such as rape and murder and will protect the rights of victim.

To streamline adoption procedures for orphan,

abandoned and surrendered children, the existing Central Adoption Resource Authority (CARA) has been given the status of a statutory body to enable it to perform its function more effectively.

There is a separate chapter on Adoption which

provides detailed provisions relating to adoption and punishments for not complying with the laid down procedure.

Processes have been streamlined with timelines for

both in-country and inter-country adoption including declaring a child legally free for adoption.

Several rehabilitation and social reintegration measures have been provided for institutionalization and non-institutionalization of children.

Under the institutional care, children are to be

provided with various services including education, health, nutrition, de-addiction, treatment of diseases, vocational training, skill development, life skill education, counselling, etc to help them assume a constructive role in the society.

17. Excercise Indra 2015 Begins The seventh Indo – Russian joint training Exercise INDRA – 2015 commenced at Bikaner

The conduct of this joint military exercise is seen as an important step to reinforce actions related to the establishment and fostering of peace, prosperity and stability in the world by the two nations. 18. Japan Joins Malabar Naval Exercises

India and Japan unveiling the new bilateral military

cooperation have created a new chapter in India-Japan relationship with important defensive

initiatives.

The high point of the new strategic and military realignment is Japan’s formal entry into the India-U.S. Malabar bilateral maritime exercises, turning it into a trilateral initiative aimed at ensuring peace, security and freedom of navigation in the Indo-Pacific region.

Exercise Malabar:

Exercise Malabar is a trilateral naval exercise involving the United States, Japan, India as permanent partners. Originally only a bilateral exercise between India and the U.S., Japan

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became a permanent partner of the exercise in 2015.

Past non-permanent participants are Australia

and Singapore. The annual Malabar series began in 1992, and includes diverse activities, ranging from fighter combat operations from aircraft carriers, through Maritime Interdiction Operations Exercises.

China has been particularly worried over the

naval exercise after a recent statement issued by the U.S. State Department noting the “the growing convergence” of the interests of India, Japan and the United States in the Indo-Pacific region, underlined by “the importance of international law and peaceful settlement of disputes; freedom of navigation and over flight; and unimpeded lawful commerce, including in the South China Sea.”

19. Hubble Telescope Spots Supernova Explosion

The Hubble Space Telescope has captured the image

of the first-ever predicted supernova explosion.

This unique event offers opportunity for astronomers

to test how mass – especially that of mysterious dark matter – is distributed within a galaxy cluster.

The Hubble Space Telescope (HST) is a space telescope that was launched into low Earth orbit in 1990, and remains in operation.

With a 2.4-meter (7.9 ft) mirror, Hubble’s four main

instruments observe in the near ultraviolet, visible, and near infrared spectra. The telescope is named after the astronomer Edwin Hubble.

20. Scientists Created Two-Dimensional Boron

Borophene, both metallic and atomically thin, holds

promise for possible applications ranging from electronics to photovoltaics.

Borophene is an unusual material because it shows

many metallic properties at the nanoscale even though three-dimensional, or bulk, boron is nonmetallic and semiconducting.

Because borophene is both metallic and atomically

thin, it holds promise for possible applications ranging from electronics to photovoltaics.

Like its periodic table neighbor carbon, which

appears in nature in forms ranging from humble graphite to precious diamond, boron wears a number of different faces, called allotropes.

21. Government Establishes ‘SETU’ Mechanism

The government has established a mechanism to be

known as SETU (Self-Employment and Talent Utilisation) under NITI Aayog to support all aspects

of start-up businesses and other self employment activities, particularly in technology-driven areas.

Government has also launched in August 2015 India Aspiration Fund (IAF) under the Small Industries Development Bank of India with a capital of Rs. 2,000 crore to give a boost to start-up ecosystem in the country.

The objective of the IAF is to catalyse tens of

thousands of crores of equity investment into start-ups and MSMEs creating employment of lakhs of persons, mostly educated youth, over the next four to five years.

22. Salma Dam Project in Afghanistan

The Union Cabinet, chaired by the Prime Minister

NarendraModi, has approved the reconstruction and completion of Salma Dam Project in Afghanistan at the Revised Cost Estimates (RCE) of Rs.1775.69 crore.

Background:

Situated on the upper reaches of HariRud River

in Herat province, Salma Dam project involves construction of a 107.5 meter high earth and rock – fill dam and a 42 MW power House with three units of 14 MW each.

It also has a provision for releasing water for

irrigation of 75,000 hectares of land.

The availability of power and water through the project, upon its successful completion, is expected to contribute to the overall economic development of the western region of Afghanistan and generate goodwill for India in

Afghanistan.

23. India Ranks 130th in Human Development Index

India climbed five notches in Human Development Index to the 130th rank in the latest UNDP Report.

India ranked 130 among 188 countries in 2014 in

Human Development Report 2015 released by the United Nations Development Programme (UNDP). The country’s rank was 135 according to the 2014 report.

India’s HDI value for 2014 is 0.609, which puts the

country in the medium human development category, positioning it at 130 out of 188 countries and territories.

Norway topped followed by Australia and

Switzerland.

As per the report, the HDI rank of Bangladesh and

Pakistan was 142 and 147, respectively.

Among the BRICS nations, India was ranked lowest. 24. 5th IPCC Report Summary

The Intergovernmental Panel on Climate Change

(IPCC) Fifth Assessment Report (AR5) brings policymakers and the public up to date on the state of climate science. The IPCC report, released in stages, is the most comprehensive assessment of existing climate change research and provides a baseline for understanding and action.

5th IPCC Report Summary of Recommendations:

The conclusion that much of the warming over

the past 50 years is due to human activities is now “extremely likely,” upgraded from “very

likely” in the last report.

Estimates of future sea level rise have been

significantly increased due to a better understanding of the movement of ice sheets in a warming climate.

The Arctic Ocean is now projected to be ice-free

during the summer by mid-century under a high emissions scenario, instead of the end of century as in previous reports.

5th IPCC Report Summary: Human Activity

Each IPCC report has been progressively

stronger in attributing climate change to human activities. The AR5 contains the strongest statement yet, saying it is “extremely likely” (a greater than 95 percent chance) that human

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activities are “the dominant cause of the observed warming” since the 1950s.

The Third Assessment (2001) made a similar

statement with approximately 66 percent certainty, while the Fourth Assessment Report (AR4) (2007) found that “most of the observed increase in global average temperatures since the mid-20th century is very likely (greater than 90 percent chance) due to the observed increase in anthropogenic greenhouse gas concentrations.”

5th IPCC Report Summary: Global Changes

The AR4 concluded that “warming of the climate

system is unequivocal.” The AR5 goes further, concluding that many observed changes (warming of the atmosphere and ocean, sea level rise and melting ice) are “unprecedented over decades to millennia.”

New atmospheric temperature measurements in

the AR5 show an estimated warming of 0.85 degrees Celsius (1.5 degrees Fahrenheit) since 1880 with the fastest rate of warming in the Arctic. The AR4 estimated the average warming across the globe over the past century (1906-2005) was 0.74 C (1.33 F).

5th IPCC Report Summary: Sea Level Rise

The AR5 report has significantly increased

projected sea level rise over the next century, due to new research that improves understanding of ice sheet movement and melting. The new projections show an increase of 0.26-0.55 meters (10-22 inches) by 2100 under a low emissions scenario and 0.52-0.98 meters (20-39 inches) under the high emissions scenario.

The AR4 did not include some of the effects of

ice sheet movement due to warming, and therefore published much lower estimates in the range of 0.18-0.38 meters (7-15 inches) under a low emissions scenario and 0.26-0.59 meters (10-23 inches) under a high emissions scenario for sea level rise by 2100.

5th IPCC Report Summary: Sea and Land Ice

The AR5 projects it is likely (greater than 66

percent chance) that the Arctic Ocean will be ice-free during part of the summer before 2050 under a high emissions scenario. This represents a large shift from the AR4, which estimated that the Arctic Ocean would not be ice-free during the summer until late in the 21st century.

The AR5 finds that Arctic sea ice surface extent

has decreased by 3.5-4.1 percent per decade (9.4-13.6 percent during summer), which is higher than the AR4 estimate of 2.1-3.3 percent per decade (5-9.8 percent during summer). That amounts to between 0.45 and 0.51 million square kilometers (0.17 to 0.2 million square miles) per decade. The AR5 finds these changes unprecedented in at least the last 1450 years.

The AR5 also states that scientists have “high

confidence” (80 percent chance) that glaciers have shrunk worldwide, and that the Greenland and Antarctic Ice Sheets have lost mass over the past two decades. The report notes with “very high confidence” (90 percent chance) that ice

loss from Greenland has accelerated during the past two decades.

Greenland is now losing about 215 gigatonnes

(Gt) per year of ice, while the rest of the world’s glaciers lose about 226 Gt per year. For comparison, 200 Gt weighs the same as around 100 billion cars (about 1 billion cars exist on Earth today).

5th IPCC Report Summary: Surface Warming “Pause”

After a period of rapid warming during the

1990s, global mean surface temperatures have not warmed as rapidly over the past decade. The AR5 notes there are “differences between simulated and observed trends over periods as short as 10-15 years (e.g., 1998-2012)”. It concludes that the recent reduction in surface warming is probably due to a redistribution of heat in the ocean, volcanic eruptions, and the recent minimum in the 11-year solar cycle.

Most importantly, the report specifically points

out that these trends should not undermine our confidence in the “big picture” of our understanding of climate change: “trends based on short records are very sensitive to the beginning and end dates and do not in general reflect long-term climate trends.”

In addition, there is new research proposing

explanations for the recent trends that did not make the deadline to be included in the AR5. One paper suggests that some of this “lost” heat is actually in the deep ocean, while another notes that the warming “pause” is actually explained by the unusual number of La Niña (sea surface cooling events) in the Pacific Ocean.

The second paper by Yu Kosaka and Shang-Ping

Xie states that the “current hiatus is part of natural climate variability, tied specifically to a La-Niña-like decadal cooling. Although similar decadal hiatus events may occur in the future, the multi-decadal warming trend is very likely to continue.”

5th IPCC Report Summary: Cumulative Carbon Budgets

The AR5 relates different carbon “budgets” – an

accumulated amount of carbon emissions over time — to the chances of average warming exceeding 2 degrees above 1861-1880 levels. Governments have set an international goal of limiting average warming to 2 C.

For the world to have a 50 percent chance of

staying below 2 C of warming by 2100, the AR5 identifies a greenhouse gas emissions budget of 840Gt of carbon.

More than half of that (over 531GtC) has already

been emitted. At current emission rates (around 10 GtC per year), we will use up our carbon budget in just 30 years.

5th IPCC Report Summary: Future Emission Scenarios

The report describes several alternative scenarios of 21st century greenhouse gas concentrations and global temperatures, each

associated with different cumulative carbon budgets. Three scenarios represent potential

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pathways with less warming under various forms of mitigation policy.

The fourth represents more of a business-as-

usual case, with emissions in the 21st century three to four times larger than the emissions before the 20th century and the highest level of warming in any scenario.

Global surface temperature increases exceed 1.5

C and keep rising beyond 2100 in all scenarios except the lowest-emission scenario, in which actions are taken to nearly eliminate CO2 emissions in the second half of the 21st century.

In the scenarios with higher rates of emissions,

warming is likely to exceed 2 C by 2100, and could even exceed 4 C.

25. The 10th India-ASEAN summit culminated in the

adoption of an ASEAN-India plan of action for the period 2016 to 2020, entitled “Partnership for Peace,

Progress and Shared Prosperity.”

Underscoring the centrality of ASEAN in India’s

diplomatic outreach to the region, PM Modi pledged a Line of Credit of USD 1 billion at the 13th India-

ASEAN summit in Kuala Lumpur to promote projects that support physical and digital connectivity to transform the corridors of connectivity into corridors of economic growth and prosperity.

A Project Development Fund to develop manufacturing hubs in CLMV countries, an Innovation Platform to facilitate commercialization of

low cost technologies, the enhancement of the ASEAN-India Science and Technology Development Fund from the current USD 1 million to USD 5 million were some of the key announcements.

On the trade side, the India-ASEAN Investment Centre, which is set to become functional very soon, will enable the two sides to scale up bilateral trade to $100 billion.

India has also called for spurring progress in

negotiations for a balanced and ambitious Regional Comprehensive Economic Partnership Agreement that covers goods and services as well as investments.

Enhanced security cooperation, the exhortation to

delink terror from religion, and push to adopt the CCIT were important thrust areas.

With maritime security becoming increasingly pivotal

to secure global sea lanes of communication, India underlined its shared commitment with ASEAN

towards freedom of navigation, over flight and unimpeded commerce, in accordance with accepted principles of international law, including the 1982 UN Convention on the Law of the Sea.

In terms of bilateral interactions, PM Modi’s visit to

South Korea in May, followed by bilateral trips to Malaysia and Singapore in November, reflected in a nutshell, the key emphasis of the country’s Act East policy.

During PM Modi’s May visit, India and South Korea

agreed to upgrade the bilateral relationship to a ‘Special Strategic Partnership’ as the two sides decided to establish annual summit meetings, in either country, or on the margins of multilateral events.

They infused a new energy into their multi-faceted

partnership by signing seven bilateral agreements in diverse areas. The decision to launch a diplomatic and security dialogue in 2+2 format, making Republic of Korea the second country with which India has such a dialogue, reflected the deepening strategic content of the relationship.

South Korea is set to play a crucial role in India’s

economic modernization, with its companies excited about supporting large infrastructure projects in India. Seoul signaled confidence in the India Story by unveiling $10 billion package to support India’s ambitious projects, including Make in India and smart cities.

PM Modi’s bilateral visit to Malaysia (November 23) saw the two countries enhance their strategic

partnership by signing three pacts, which encompassed diverse areas, including cooperation in cyber security, public administration and culture.

Malaysia is set to play a more proactive role in

India’s development journey with Malaysian companies offering to be a part of India’s smart cities project and to help in infrastructure development of India.

India’s ties with Singapore, a crucial plank of our Act

East policy and the second largest source of FDI, experienced a distinct upward movement during Singapore President’s state visit to India in February to celebrate 50 years of the establishment of diplomatic ties and PM Modi’s November 23-24 visit to the city state.

Prime Minister Modi was one of the few world

leaders invited to visit Singapore in March 2015, to join the island nation in mourning the demise of its founding father Lee Kwan Yew.

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During his November visit, India and Singapore

signed a joint declaration on a Strategic Partnership agreement and signed 10 bilateral agreements in the areas of defence, cyber security and civil aviation.

The strategic partnership has identified five focal

areas to strengthen economic cooperation which includes scaling up of trade and investment, speeding up air and maritime connectivity and coastal development, smart city development and urban rejuvenation, skills development and capacity building.

The Vice President’s visit to Cambodia, Laos and

Indonesia and EAM’s visit to Thailand and Indonesia also helped consolidate our partnership with key ASEAN partners.

With Thailand, the signing of a revised treaty to avoid double taxation is set to upscale trade and investment and an exchange of Instruments of Ratification of Extradition Treaty will enhance

security cooperation between the two countries.

Cultural ties are set to get a boost with the signing of

a MoU on Thailand joining the establishment of Nalanda University and a MoU on the establishment of an Ayurveda Chair in one of the Thai universities.

26. India’s Relation With Multilateral Organizations in

2015

Following is the summary of its relations in the year 2015 with following organizations:

UNGA

The 70th session of the UNGA was special in many ways as we joined in the 70th anniversary celebrations of the world body and robustly backed the adoption of the Sustainable Development Goals (SDGs) at the SDG summit.

Supporting the adoption of Agenda 2030, PM Modi

outlined steps taken by India in reducing poverty and proactively joining the world in promoting green development.

Fast-tracking reform and expansion of the UNSC

was the cross-cutting theme of PM Modi’s address at different events related to the UNGA, including the summit of leaders of G4 countries.

Sustainable development, promotion of renewable

energy and climate justice were other refrains in PM’s interventions.

In a separate address to the UN Peacekeeping

Summit on September 28 in New York, PM Modi pitched for a greater role for troop-contributing countries in the decision-making process related to peacekeeping operations and unveiled new

contributions by India.

These include, among other things, additional

battalions of up to 850 troops in existing or new operations, additional three Police units with higher representation of female peacekeepers, and additional training for peacekeepers at facilities in India and in the field.

Making an eloquent case for making the UNSC more credible and representative by including aspiring members, to address the challenges of the 21st

century, EAM’s address at the UN also underlined the need for achieving the Security Council reform “within a fixed time frame.”

BRICS

The BRICS summit in July saw the

operationalisation of two key India-backed initiatives, including the New Development Bank (NDB) and $100 billion Contingent Reserve Agreement (CRA), which reinforced the collective BRICS commitment to reconfiguring the global financial architecture.

The NDB, with an initial start-up capital of $50

billion, and a veteran Indian banker as its first President, is expected to approve its inaugural investment project in 2016, and is a game-changer in bolstering infrastructure development in the global South.

PM Modi made a robust pitch for fast-tracking IMF

quota reforms to enable a larger say for developing and emerging economies in top global financial institutions of governance, imparting a push to the ongoing project of recasting the global financial

system.

India also backed the intra-BRICS strategic

economic partnership which will upscale trade and investment among emerging economies, and positioned them as the future hub of economic growth.

India made valuable contributions by making a compelling case for enhancing civil society interaction among BRICS countries as PM Modi unveiled 10 proposals for bolstering the BRICS,

which includes, among others, the holding of an annual BRICS trade fair, the setting up of a Railway Research Centre, cooperation among supreme audit institutions, a BRICS digital initiative, the BRICS Agricultural Research Centre, a BRICS Sports Council, and an annual BRICS Sports Meet.

PM Modi also forcefully advocated urgent reform and expansion of the UNSC, with a permanent seat for India in the reformed body.

SCO

India’s elevation from an observer to a full-member at the SCO summit in Ufa on July 10 was a milestone that will provide more ballast to its Connect Central Asia policy and promote an integrated and connected Eurasia to become one the most dynamic regions in the world.

India offered support for buttressing physical and

digital connectivity and backed the International North South Transport Corridor. India also focused on enhancing security cooperation to combat terrorism and the SCO’s key role in stabilisation process in Afghanistan.

G20

The Prime Minister’s participation in the G20

summit in Turkey was marked by important contributions to shape the G20 agenda for restoring global economic growth and creating an inclusive global financial architecture.

India backed the G20’s outcome on developing

ambitious country-specific investment strategies, and its proposals for alternative financing structures, such as asset-based financing, and simple and transparent securitization.

The PM underlined that his government has zero

tolerance for both corruption and black money.

In the aftermath of the Paris terror attacks, PM also

laid out a 10 point plan to combat terrorism,

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underscoring the need to deepen cooperation against terrorism financing, including through targeted financial sanctions and more effective counter-terrorism financing tools, while calling for countries to join hands to isolate states that support and sponsor terrorism.

COP21

At COP 21 in Paris, India played a key role in the

final Agreement ensuring that its own concerns, as well as those of other developing countries, were suitably addressed.

The Agreement recognized the principle of Common

but Differentiated Responsibilities, expanding the term to include ‘in the light of different national circumstances.’

It has also specific provisions on climate finance and

mitigation actions that indicate developed country obligations, although much work remains to be done.

Speaking at the Plenary, PM expounded on India’s ambitious INDCs which include reducing emissions

intensity per unit GDP by 33-35% per cent of 2005 levels by 2030, and ensuring that 40 % of our installed capacity for electricity would be from non- fossil fuels.

PM underlined the needs of the developing world, of lifting billions of people into prosperity, which would require advanced countries leaving enough carbon space – the need for climate justice.

The PM also launched the International Solar Alliance, co-chaired by India and France, to promote greater use of solar energy.

All countries lying between the Tropics of Cancer

and Capricorn are eligible to be members of the ISA. India would be hosting the initiative in the National Institute of Solar Energy and announced US $30 million for the secretariat infrastructure.

27. India’s Act East Policy in 2015

India’s ‘Act East Policy,’ enunciated with great vigour

and foresight by the new leadership, acquired a new force in 2015 and manifested itself in the deepening of economic and strategic partnership with ASEAN countries and the extended East Asia region.

India’s diplomatic efforts focused on leveraging

synergies with this economically vibrant region and linking up these countries with India’s development agenda, pivoted around interlinked programmes of Make in India, Digital India, Smart Cities, Start-up India, M-Governance and Skill India.

The year also saw a marked upgrade of India’s

security cooperation with the region, with the two sides mapping out concrete steps to intensify cooperation in combating terrorism, piracy and traditional and non-traditional security threats.

These key drivers of Act East policy were reflected in

PM Modi’s participation in India-ASEAN and EAS summits in Kuala Lumpur in November and in his bilateral visits to Malaysia, Singapore and South Korea.

Singapore President’s visit to India, Vice-President

Hamid Ansari’s trip to Laos, Cambodia and Indonesia, Myanmar’s foreign minister’s visit to India and visits of EAM SushmaSwaraj to Indonesia and Thailand telescoped multiple strands of intensified

and reinvigorated engagement between India and the East Asia region across the spectrum.

28. India Becomes Largest Remittances Receiving

Country

According to World Bank, India became the largest remittances receiving country at $72 billion this year followed by China at $64 billion.

The US emerged as the largest remittance source

country with an estimated $56 billion in outward flows in 2014.

India was the largest remittance receiving country,

with an estimated $72 billion in 2015, followed by China ($64 billion), and the Philippines ($30 billion).

In outward flow, the US was followed by Saudi

Arabia ($37 billion), and Russia ($33 billion) in 2014.

International migrants will send $601 billion to their

families in their home countries this year, with developing countries receiving $441 billion, the report produced by the World Bank Group’s Global Knowledge Partnership on Migration and Development (KNOMAD) initiative said.

At more than three times the size of development

aid, international migrants’ remittances provide a lifeline for millions of households in developing countries.

In addition, migrants hold more than $500 billion in annual savings.

The top 10 migrant destination countries are the US,

Saudi Arabia, Germany, Russia, the UAE, UK, France, Canada, Spain and Australia.

The top 10 migrant source countries are India,

Mexico, Russia, China, Bangladesh, Pakistan, the

Philippines, Afghanistan, Ukraine, and UK.

Mexico-US was the largest migration corridor in the

world, accounting for 13 million migrants in 2013.

Russia-Ukraine was the second largest, followed by Bangladesh-India, and Ukraine-Russia.

29. New Income Tax Authority Setup

The CBDT notified the new Income Tax department authority which will now be empowered to receive due taxes and penalty from those who had availed the one-time compliance window under the latest anti-black money Act enacted by the government.

With effect from December 18, 2015 (CBDT) directed

that for the purposes of making declaration of

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undisclosed foreign assets under section 59 of the Black Money (Undisclosed Foreign Income and Assets) and matters related thereto, Shri Rahul Navin CIT (TP)-1, New Delhi shall be the designated Income Tax authority.

The new directive has been issued as Navin’s

predecessor in the Transfer Pricing(TP) division, who was in the post when the window was operational, has been posted out as Joint Secretary in the Finance Ministry.

Those who had made the declarations under the

window of the new law are supposed to pay the due taxes by December 31.

The government has recently said it has collected Rs

16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window.

A total of 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month

compliance window.

The one-time window provided an opportunity to

foreign assets holders to declare such assets, pay a total of 60 per cent tax and penalty and escape stringent provisions of the new black money law. The taxes and penalty have to be paid by December 31, 2015.

The Central Board of Direct Taxes is the policy-

making body of the IT department. 30. EPFO 11th Largest Pension Fund in World

The retirement savings managed and overseen by

the Employees’ Provident Fund Organisation (EPFO) are set to cross the Rs.10 lakh- crore mark this month. It will make it the eleventh largest pension fund in the world.

This include Rs. 7 lakh crore remitted to the PF

department and managed by fund managers and Rs. 3 lakh crore managed by the company-run self-managed PF trusts that EPFO regulate.

The EPF is one of the main platforms of savings for

all employees working in Government, Public or Private sector Organizations.

It came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th

November, 1951.

It was replaced by the Employees’ Provident Funds Act, 1952.

It is now referred as the Employees’ Provident Funds

& Miscellaneous Provisions Act, 1952 which extends to the whole of Indian except Jammu and Kashmir.

The Employees’ Provident Funds Bill was introduced

in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments.

Since its enactment in 1952, the Act has been

amended 15 times till now. 31. Union Government launches IPV injection as part of

global polio endgame strategy

The Union Government has launched inactivated

polio vaccine (IPV) injection as part of the global polio endgame strategy in New Delhi.

It was launched as part of India’s next step in Universal Immunization Programme (UIP) to fight against polio virus in the country. IPV injections do

not contain an attenuated vaccine virus which is used in oral polio vaccine (OPV).

Thus it reduces the chances of Vaccine Derived Polio

Virus (VDPV).

Key facts

The launching of IPV would enable children to

get double protection from polio i.e. orally and in the form of injection.

UIP initially will cover six states including Uttar Pardesh, Madhya Pardesh, Bihar, Assam, Punjab and Gujarat in the first phase.

By April 2016, Union Government would switch

to IPV alongside the oral polio vaccine (OPV) to eradicate polio virus in the country.

Henceforth, as part of India’s efforts to boost its

polio immunization programme babies getting their third dose of OPV now would be administered an injection with IPV.

It should be noted that India was certified polio-

free country on 27 March 2014, but the immunization programme continues since two of its neighbours Afghanistan and Pakistan still remain polio-endemic countries.

About Polio virus Poliomyelitis (polio) is a highly infectious viral disease, which mainly affects young children below age of 5. Transmission: The virus is transmitted from person-to-person. It mainly spreads through the faecal-oral route (e.g. contaminated water or food). After entering body, it multiplies in the intestine, from where it can invade the nervous system and can cause paralysis. Symptoms: Initial symptoms include fever, fatigue, headache, vomiting, stiffness in the neck, and pain in the limbs.

In some cases, it causes permanent paralysis. There is no cure for polio virus; it can only be prevented by immunization.

32. IMF approves China’s Yuan as elite reserve currency International Monetary Fund (IMF) has included China’s Yuan into its elite reserve currency basket mainly used as an international reserve asset with an effect from effect from 1st October 2016

Decision in this regard was taken by the IMF’s executive board meeting for regular five-yearly review of the basket of currencies that make up the Special

Drawing Right (SDR).

Yuan also known as the Renminbi will be the fifth freely usable currency along with the US Dollar, British Pound, Japanese Yen and Euro.

It was added in the basket after it met all existing

criteria for its inclusion.

Criteria for inclusion in elite reserve currency basket

Export Criterion: Exports of a particular country must have the largest value over a 5 year period and should play a central role in the global economy.

Freely Usable: The currency must also be a freely usable currency i.e. widely used in international transactions for making payments and widely traded in the main exchange markets. About Chinese Currency Renminbi which in Mandarin (China’s official language) means the people’s currency was officially introduced by the Communist Government of China led by Mao Zedong in 1949 after it came to power.

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Prior to Renminbi, Yuan was the official name of Chinese currency which means dollar-silver coin in Mandarin and was minted by the Spanish empire to trade with China for over 4 centuries. 33. China hosts 1st BRICS media summit

China hosted the first Brazil-Russia-India-China-

South Africa (BRICS) media summit in Beijing for creating an alternative media platform for the 5 emerging economies.

25 media organisations participated in the 2 day

summit which aimed to create a new institutional framework to benefit the media of five emerging economies of BRICS grouping.

Key facts

China’s Xinhua news agency is the initiator of

the project which adds one more dimension to the BRICS format.

It was organised in collaboration with The Hindu

group of publications, Russia Today International News Agency, the Brazil

Communication Company and South Africa’s Independent Media.

He summit proposed the formation of a BRICS Media Foundation for supporting and protecting journalists belonging to the grouping.

In the first summit, leaders of 25 Media

organizations from the 5 BRICS countries pitched for building consensus to deal with climate change, terrorism, and other key global issues.

34. Union Cabinet gives nod for India-Australia Civil

Nuclear Cooperation deal

The Union Cabinet chaired by Prime Minister

Narendra Modi approved the India-Australia Civil Nuclear Cooperation deal that came into force on November 13, 2015.

The deal along with the administrative arrangement

for implementing the accord will bolster India’s energy security by supporting the expansion of nuclear power in the country.

Background

India and Australia had started talks on the

Civil Nuclear Cooperation Agreement in 2012 after Australia had lifted the long-standing ban on selling uranium to energy-starved India.

The cooperation agreement was signed between

two countries in September 2014 to sell uranium as a nuclear fuel for peaceful power generation.

India-Australia Nuclear Cooperation deal follows similar agreements signed by India with the US

and France after western sanctions were lifted in 2008.

Currently, India has nuclear energy agreements with 11 countries and imports uranium from France, Russia, Kazakhstan and Canada (since December 2015).

Australia has about 40 per cent of the world’s

uranium reserves and annually exports nearly 7,000 tonnes of nuclear fuel.

It is third largest uranium producing country

after Kazakhstan and Canada.

Nuclear Energy in India Presently, nuclear

energy just contributes 3 per cent of electricity generation in India.

The energy starved country has less than two

dozen small reactors at six sites with a capacity of 4,780 MW of its total power capacity.

India is seeking to diversify its electricity generation and is planning to increase its nuclear capacity to 63,000 MW by 2032 by adding nearly 30 new reactors.

Comment With this, India became India the first

country to buy Uranium from Australia without being a signatory to the Nuclear Non-proliferation Treaty (NPT).

It also marks India’s step toward achieving international acceptability for its nuclear programme despite not ratifying the NPT. 35. 24th December: National Consumer Day

In India, 24th December is being observed as

National Consumer Day. On this day the Consumer Protection Act, 1986 had received the assent of the President.

The enactment of this Act was considered as a

historic milestone in the consumer movement in the country.

This Act aims to provide consumers with effective

safeguards against different types of exploitation such as defective goods, unsatisfactory services and unfair trade practices.

This day provides an opportunity for individuals to

highlight the importance of the consumer movement and the need to make every consumer more aware of their rights and responsibilities.

It should be also noted that World Consumer Rights Day is observed on 15th March every year.

Some facts about Consumer Protection Act, 1986. It provides consumers with speedy and inexpensive redressal grievances mechanism and specific relief or award of compensation.

It recognizes six of the eight rights of the consumer as provided in the UN charter.

It envisages following rights of consumers (i) Right to Protection. (ii) Right of Information. (iii) Right of Choice. (iv) Right of Hearing. (v) Right of Redressal. (vi) Right of Education. protection. It also has provision for the establishment of

Child Welfare Committees (CWC) along with JJB in each district. The CWC will determine institutional care for juvenile in need of care and protection. 36. Lok Sabha passes Arbitration and Conciliation

(Amendment) Bill, 2015

The Lok Sabha passed the Arbitration and

Conciliation (Amendment) Bill, 2015 by voice vote for speedy disposal of arbitration cases.

The bill seeks to amend Arbitration and Conciliation

Act, 1996 to make of commercial disputes more user-friendly and cost effective which in turn will lead to expeditious disposal of cases.

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Key Provisions of Bill

Mandatory for arbitrators to settle disputes

within 12 months. This period can be extended by 6 months only by a court on sufficient cause.

Cut the fees of arbitrators if the court finds that

the delay has been caused due to arbitrators.

Rewarding arbitrators with extra fees in case the matter is disposed of within 6 months and the parties agree to pay more.

Empower arbitration tribunals to grant all kinds

of interim measures that courts provide.

Thus giving more teeth to them in order to make

tribunals directives enforceable in the same manner as those of courts.

Background

The amendments to this Bill are based on the

Law Commission’s recommendations and suggestions received from stakeholders.

Law Commission of India (LCI) in its 246th

Report had recommended various amendments in Arbitration and Conciliation Act, 1996 in order to pave way for India to become a hub of International Commercial Arbitration.

37. India, Japan sign protocol to amend double taxation

avoidance pact

India and Japan have signed a Protocol for

amending the existing convention for avoidance of double taxation and prevention of fiscal evasion with respect to income taxes.

The existing Convention for avoidance of double taxation and tax evasion was signed between both countries way back in 1989.

The protocol was signed by Revenue Secretary

Hasmukh Adhia behalf of India while Kenji Hiramatsu, Ambassador of Japan signed on behalf of the Government of Japan.

Key highlights

Protocol provides for internationally accepted

standards for effective exchange of information on tax matters.

It includes sharing of bank information and

information without domestic tax interest.

Facilitates sharing of the information received

from Japan of Indian resident with other law enforcement agencies with authorisation of the competent authority and vice versa.

Under it both countries shall assist each other in the collection of revenue claims.

It further provides for exemption of interest

income from taxation in the source country.

This exemption will be with respect to debt-

claims insured by the Government or Government owned financial institutions.

38. India and South Korea ink MoU on taxation treaty

India and South Korea have inked a new

memorandum of understanding (MoU) on suspension of collection of taxes during pendency of mutual agreement procedure.

This MoU will relieve the burden of double taxation

for taxpayers in both the countries during the pendency of Mutual Agreement Procedure (MAP) proceedings.

Besides, both countries also have agreed that

transfer pricing dispute cases will be taken up for MAP under the revised Double Tax Avoidance Agreement (DTAA) between India and Korea.

What is Mutual Agreement Procedure?

MAP is an alternate dispute resolution

mechanism that allows competent authorities of particular nation and its treaty partner to negotiate a mutually acceptable settlement.

Under it, two signatory sides can negotiate settlement on a case that can subsequently be taken off from the formal legal process. As a

resolution process, MAP draws up parameters for taxation in one country for which credit would be available in another.

Main advantages: MAP is a preferred way used to settle cross-border tax cases globally.

Eliminates of double taxation arising out of

transfer pricing tax disputes, characterization of

income and attribution of profits and existence of Permanent Establishment.

39. Canada sends first consignment of Uranium to India

Canada has successfully sent the first consignment

of 250 tonnes of uranium to India as part of bilateral civil nuclear cooperation between both countries.

It was shipped by Canada’s CamecoInc, as part of

contract with Department of Atomic Energy (DAE) that was signed during Prime Minister Narendra Modi’s offical visit to Canada in April 2015.

With this the 41-year-long hiatus in the bilateral

nuclear cooperation between both countries finally came to an end. Canada had completely banned exports of uranium and nuclear hardware to India after it had conducted first nuclear test on 18 May 1974.

It was alleged that India had used Canadian

technology to develop a nuclear bomb for this test. It should be noted that Canada is the second-largest producer of Uranium globally and is the third country to supply uranium to India after Russia and Kazakhstan.

Background

The India-Canada civil nuclear contract was

signed in line with the Canada-India Nuclear Cooperation Agreement that took effect in 2013.

The agreement was signed after the Nuclear Supplier Group (NSG) had granted its waiver for use of atomic power for civilian purposes in 2008 ending India’s 3 decade long isolation from international nuclear trade.

As per the supply agreement, Canada’s Cameco

Corporation is going to supply 3,000 metric tonnes of uranium to India for next five years starting from year 2015. These supplies will be under the International Atomic Energy Agency (IAEA) safeguards.

40. Union Government launches Sugamya Bharat

Abhiyan

Union Government has launched Sugamya Bharat

Abhiyan (Accessible India Campaign), a nationwide campaign in a bid to achieve universal accessibility to persons with disabilities.

It was launched by Union Minister of Finance Arun

Jaitley and Union Minister of Social Justice &

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Empowerment Thaawar chand Gehlot on the occasion of International Day of Persons with Disabilities (3 December).

About Sugamya Bharat Abhiyan Aims to enable

persons with disabilities to gain universal access, equal opportunity for development, independent living and participation in an inclusive society in all aspects of life.

The campaign has been drafted by Union Ministry of

Social Justice & Empowerment in line with the UN Convention on the Rights of Persons with Disabilities (UNCRPD) to which India is a signatory.

41. Paris Pact on Water and Climate Change Adaptation

announced

Paris Pact on Water and Climate Change Adaptation

has been announced by a broad coalition of nations, river basin organizations, business and civil societies from across the globe.

It was announced during the on-going 2015 United Nations Climate Change Conference, Conference of

Parties (COP-21) in Le Bourget, Paris, France.

The announcement was made as part of the Water Resilience Focus event under the Lima to Paris Action Agenda (LPAA) on climate change.

Paris Pact on water and climate change adaptation

Aims to make water systems which are very foundation of sustainable human development more resilient to climate change impacts.

It involves a wide geographic coalition of national

and cross-border river basin organisations along with governments, local governments, funding agencies, companies and civil society Highlights other key partnerships and coalitions to make river basins, aquifers, lakes and deltas more resilient to climate change and reduce human interference with oceans.

It encompasses individual commitments to

implement adaptation plans, strengthening water monitoring and measurement systems in river basins.

It also seeks at promoting financial sustainability

and new investment in water systems management. It was signed by almost all countries and have committed for over one billion dollars.

India also has agreed to contribute 20 million dollars

to build climate resilience through improved groundwater management.

About Lima to Paris Action Agenda (LPAA) The LPAA on climate change is a joint undertaking of the Peruvian and French COP (conference of parties)

presidencies, UNFCCC Secretariat and the Office of the Secretary-General of UN.

Aims to strengthen climate action through 2015 and beyond by mobilizing robust global action towards low carbon and more climate resilient societies.

It seeks to provide enhanced support to the existing

initiatives and help to mobilize new partners by providing them a common platform for the visibility of their commitments, actions and results in the run up to COP21.