Union Government launched Progress Panchayat to reach out to minority community

Union Government launched Progress Panchayat to reach out to minority community Progress Panchayat: A programme to reach out the minority community and publicize the various welfare measures The Union Government on 29 September 2016 launched Progress Panchayat. This Panchayat is aimed at reach out the minority community and publicize the various welfare measures taken by the NDA government for their betterment.  The programme was kick started by Union Minister of State for Minority Affairs (independent charge) Mukhtar Abbas Naqvi from Mewat region of Haryana. The programme will be organized in 100 places across the country in the coming days where Union Ministers will interact with people about the several schemes. During the programme, the government will also seek feedback and suggestions from the people for better implementation of the welfare schemes.

Railways Ministry launches various Railways Services

Railways Ministry launches various Railways Services Railways Minister Suresh Prabhakar Prabhu on 29 September 2016 launched various Railways Services and dedicated them to the nation. These Railways services are: • Liberalised station to station special freight rates policy. • Policy providing sub quota of 33% to women within reserved categories for the allotment in catering units. • Policy giving preference to local domicile holders for commercial licenses at stations. • New system of allocating vacant berths after final charting to wayside stations. • Launch of the new tag Train at a Glance 2016 and new Time Table effective from 1 October 2016. Liberalised station to station special freight rates policy • Existing as well as new traffic shall be eligible. • Concession shall be granted up to a maximum of 30 percent on the incremental traffic over and above the benchmark NTKM. • Concession shall be in the form of percentage discount over the Normal Tariff Rate (NTR). It should be ensured that the concessional freight should not be less than the NTR of Class 100. • Concession shall be admissible to Block rake, two/multi point rake, Mini Rake etc. • Concession may be granted for retention of traffic also up to maximum of 15 percent. • STS scheme will be applicable for all terminals namely goods sheds, sidings, ports, CRTs, PFTOs etc. • Commodities excluded from STS are - All commodities with classification below Class-100,  All commodities under Main Commodity Head Coal & Coke, Iron ore, Military traffic, POL and RMC. Policy providing sub quota of 33% to women for the allotment in catering units • A Sub Quota of 33 percent for women in allotment of the reserved catering units was introduced in order to extend economic empowerment for women. • This will ensure allotment of minimum 8 percent stalls to women at A1, A, B & C category station and minimum 17 percent allotment at D, E and F category station. • There are approximately 8000 Minor Catering Units over Indian Railways. • Under this provision, Railways shall ensure that women participation does not fall below a specific level. Policy giving preference to local domicile holders for commercial licenses at stations • In compliance of Budget Announcement 2016-17, a process of giving weightage to district Domicile Holders for commercial licenses at stations is being proliferated at all stations over Indian Railways. • It would help to build local ownership and rural empowerment along with socio-economic development. • The weightage to district domicile holders is being proliferated for allotment of Catering Units at all categories of stations. • It will ensure protection of livelihood of the small vendors. • The allotment of Minor Units over Indian Railways will ensure local ownership and will also promote regional / local cuisine, which is always a preferred choice. Transfer of vacant berths for optimal utilisation of berths • This facility of transfer of berths remaining vacant after second charting at the train originating station to the next and subsequent stations will clear the way for the waitlisted passengers at such stations. • The PRS system will automatically allot vacant berths available at the originating stations after preparation of second chart to the subsequent stations where waitlisted passengers are available. • The passenger will get SMS on his registered mobile indicating the coach and berth number allotted. • This will help passengers boarding at road side stations to get confirmed berths. • The TTEs will be able to allot vacant berths on board after departure of the train only upto the next station where quota is available for the train. • At present about 3 lakh berths per year go unutilised while there may be demand at intermediate stations.

Patna High Court quashes Bihar Prohibition of Liquor Act

Patna High Court quashes Bihar Prohibition of Liquor Act Patna High Court on 30 September 2016 quashed Bihar government notification completely banning liquor in the state. The court said that the notification is ultra vires to the Constitution. A division bench of the court comprising Chief Justice Iqbal Ahmed Ansari and Justice Navaniti Prasad Singh quashed the 5 April 2016 notification of the state government to stop consumption and sale of alcohol in the state. The court in its verdict said that the notification is ultra vires to the Constitution, hence not enforceable. The same bench had on 20 May 2016 reserved its order on a batch of writ petitions filed by Liquor Trade Association and many individuals challenging the liquor law which has stringent penal provisions. Ultra vires means beyond one's legal power or authority. If an act requires legal authority and it is done with such authority, it is characterised in law as intra vires. The Nitish Kumar-led Grand Secular Alliance government had first banned the manufacture, trade, sale, consumption of country-made liquor since 1 April 2016, but later imposed a blanket ban on all types of liquor including foreign liquor in the state. In August 2016, the liquor law was made more stringent after the Assembly passed the Bihar Excise and Prohibition Bill with voice vote. Under this law, all adult members of the family could be arrested if liquor was found stored in any household. It also called for collective fines on villages and localities which are found repeatedly breaking prohibition law.

International Translation Day

International Translation Day observed across the world 30 September: International Translation Day The International Translation Day was on 30 September 2016 observed across the world with the theme Translation and Interpreting: Connecting Worlds. This is the annual event for the translation community and event is marked with a series of dedicated events, seminars and symposiums across the world. Background • The Day was established in 1953 by the International Federation of Translators (FIT). • It is celebrated every year on 30 September on the feast of St Jerome, the Bible translator who is considered the patron saint of translators. • In 1991, FIT launched the idea of an officially recognised International Translation Day to show solidarity of the worldwide translation community in an effort to promote the translation profession.

CURRENT AFFAIRS

Current Affairs One liners: 29 September 2016 The one liners of the day covers important current affairs of the day like Project SAKSHAM, 19th SAARC Summit boycotted, and ISRO-Telangana agreement among others. •    The Union Cabinet recently approved closure of - Hindustan Cables Limited •    The world’s first baby was born from a new procedure that combines the DNA of three people. The name of the procedure is - Mitochondrial Donation •    The country with which Russia recently signed an agreement on Peaceful Nuclear Cooperation is - Cuba •    Indian women’s Kabbadi team on 28 September 2016 bagged gold medal at - the 5th Asian Beach Games •    The Union Government on 28 September 2016 approved assistance of 1269 crore rupees for drought affected - Maharashtra •    The former Australian cricketer, nicknamed as Tangles, who passed away recently is - Max Walker •    The Cabinet Committee on Economic Affairs (CCEA) on 28 September 2016 approved ‘Project SAKSHAM’ that is - New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC) •    Four SAARC member countries that decided to boycott the 19th SAARC Summit to be hosted by Pakistan from 9 to 10 November 2016 are - India, Afghanistan, Bangladesh and Bhutan •    Indian Space Research Organization (ISRO) and Telangana government signed a Memorandum of Understanding (MoU) to provide digital classes across the state through its state channel named - Mana TV •    World Maritime Day was observed across the world on 29 September 2016 with the years theme - Shipping: indispensable to the world •    The US and Vietnamese navies have begun the 7th annual Naval Engagement Activity (NEA), Vietnam 2016 at - Tien Sa Port in Da Nang •    The annual cap of coal for sale through State Nominated Agencies has been hiked from four thousand two hundred tonnes per annum to - Ten thousand tonnes per annum •    Outlet of the pharmacy was inaugurated by Union Health Minister JP Nadda at Gauhati medical college and hospital – AMRIT pharmacy •    The second Italian marine accused of killing two Indian fishermen who was allowed to remain in his country by Supreme Court is - Massimiliano Latorre •    The two-day national conference on Prison Reforms will be held in - New Delhi •    Air India will introduce three more flights on the Australia-India air route next year, increasing the frequency to - 10 flights per week •    Union Cabinet in September 2016 approved MoU between India and Singapore in the field of- Industrial Property Cooperation •    Region declared as Measles free recently by WHO- The Americas •    Person appointed as the Chief Secretary to the Karnataka Government recently- Subhash Chandra Khuntia •    Person elected as the President of Indian Statistical Institute recently- Vijay Kelkar •    The World Heart Day is celebrated every year on- 29 September

CURRENT AFFAIRS

Union Government decides to raise EPFO Investment in ETF from 5 to 10 per cent The Union Government on 30 September 2016 decided to raise the Employees Provident Fund (EPF) investment in Exchange Traded Fund (ETF) from existing 5 per cent to 10 per cent. The decision has been taken considering the good returns in ETF investment. An official release said, in the last one year, the Employees Provident Fund Organisation (EPFO) has invested 6577 crore rupees. The investment has yielded a good return of 13.24 per cent. The past performance of the last six months from April, 2016 to August, 2016 also showed gradual appreciation in the returns from 0.37 per cent in March 2016 to 13.24 per cent in August 2016. Five per cent EPF has been invested in NIFTY 50 and SENSEX. The pattern of investment prescribed by the Ministry of Finance has given guidelines for investment in equity from 5 per cent to 15 per cent.

CURRENT AFFAIRS

Tirupati Airport awarded Best Tourist Friendly Airport Airports Authority of India’s Tirupati Airport on 27 September 2016 was awarded the Best Tourist Friendly Airport under the category for State Annual Excellence Awards for the year 2015-16 by Andhra Pradesh Tourism. The award was presented on the eve of World Tourism Day by the Chief Minister of Andhra Pradesh Nara Chandra Babu Naidu at Bhawani Islands, Vijayawada. About State Annual Tourism Excellence Awards • The State Annual Tourism Excellence Awards under various segments of Travel and Tourism Industry are awarded by Department of Tourism, Government of Andhra Pradesh. • They are awarded for maintaining excellent Customer friendly relations with tourists and passengers, coinciding with World Tourism Day Celebrations.About Tirupati Airport • Tirupati Airport was established in the year 1976. • It is a public airport located at Renigunta, a suburb of Tirupati in the state of Andhra Pradesh. • The airport is located 14 km away from Tirupati and 39 km from Venkateswara Temple, Tirumala.

CURRENT AFFAIRS

West Bengal government decides to install Monorail West Bengal government has decided to install monorail from Budge Budge in South 24-Parganas to Ruby Connector in Kolkata. This was informed by Chief Minister Mamata Banerjee on 29 September 2016. The 14-kilometre-long monorail route will connect Budge Budge to Ruby via Taratala, New Alipore and Prince Anwar Shah Road and will come up at a cost of 4216 crore rupees. This new service will also connect commuters to the proposed metro rail network between New Garia to Kolkata airport. For execution of the monorail project, the state transport department will sign a Memorandum of Understanding (MoU) with Burn Standard Company Limited. Burn Standard Company Limited will be funding the project and the state government will provide land for the purpose. The Chief Minister said that there would not be any problem over land acquisition as minimum land would be required to construct pillars and elevated tracks would be laid connecting them. Other happenings in the state CNG run vehicles in Asansol-Durgapur area The West Bengal environment department has taken up an initiative to run CNG run vehicles in Asansol-Durgapur area. It was decided to introduce the environment friendly transport in the industrial and trading hubs. The change from the present system of running the public transport system will be implemented in phases. In the first phase 500 state run buses will be asked to convert into CNG. Apart from this fleet of South Bengal State Transport Corporation (SBSTC) run buses, the state will ask at least 2000 auto rickshaw operators in the Durgapur-Asansol area to opt for CNG. The state environment department will give 5 crore rupees to the state transport department for the conversion. Hooghly declared as an open-defecation free The Chief Minister Mamata Banerjee declared Hooghly as an open-defecation free (ODF) district at the administrative meeting in Chinsurah. North 24 parganas was also declared as an ODF district. Nadia was declared as the country’s first ODF district, on 30th April 2015. The State Panchayat and Rural Development Department has taken steps to make all the districts in West Bengal open-defecation free by March 2019. 30 April is celebrated as “Nirmal Bangla Dibas” in the State every year.

CURRENT AFFAIRS

Railways Ministry launches various Railways Services Railways Minister Suresh Prabhakar Prabhu on 29 September 2016 launched various Railways Services and dedicated them to the nation. These Railways services are: • Liberalised station to station special freight rates policy. • Policy providing sub quota of 33% to women within reserved categories for the allotment in catering units. • Policy giving preference to local domicile holders for commercial licenses at stations. • New system of allocating vacant berths after final charting to wayside stations. • Launch of the new tag Train at a Glance 2016 and new Time Table effective from 1 October 2016.  Liberalised station to station special freight rates policy • Existing as well as new traffic shall be eligible. • Concession shall be granted up to a maximum of 30 percent on the incremental traffic over and above the benchmark NTKM. • Concession shall be in the form of percentage discount over the Normal Tariff Rate (NTR). It should be ensured that the concessional freight should not be less than the NTR of Class 100. • Concession shall be admissible to Block rake, two/multi point rake, Mini Rake etc. • Concession may be granted for retention of traffic also up to maximum of 15 percent. • STS scheme will be applicable for all terminals namely goods sheds, sidings, ports, CRTs, PFTOs etc. • Commodities excluded from STS are - All commodities with classification below Class-100,  All commodities under Main Commodity Head Coal & Coke, Iron ore, Military traffic, POL and RMC. Policy providing sub quota of 33% to women for the allotment in catering units • A Sub Quota of 33 percent for women in allotment of the reserved catering units was introduced in order to extend economic empowerment for women. • This will ensure allotment of minimum 8 percent stalls to women at A1, A, B & C category station and minimum 17 percent allotment at D, E and F category station. • There are approximately 8000 Minor Catering Units over Indian Railways. • Under this provision, Railways shall ensure that women participation does not fall below a specific level. Policy giving preference to local domicile holders for commercial licenses at stations • In compliance of Budget Announcement 2016-17, a process of giving weightage to district Domicile Holders for commercial licenses at stations is being proliferated at all stations over Indian Railways. • It would help to build local ownership and rural empowerment along with socio-economic development. • The weightage to district domicile holders is being proliferated for allotment of Catering Units at all categories of stations. • It will ensure protection of livelihood of the small vendors. • The allotment of Minor Units over Indian Railways will ensure local ownership and will also promote regional / local cuisine, which is always a preferred choice. Transfer of vacant berths for optimal utilisation of berths • This facility of transfer of berths remaining vacant after second charting at the train originating station to the next and subsequent stations will clear the way for the waitlisted passengers at such stations. • The PRS system will automatically allot vacant berths available at the originating stations after preparation of second chart to the subsequent stations where waitlisted passengers are available. • The passenger will get SMS on his registered mobile indicating the coach and berth number allotted. • This will help passengers boarding at road side stations to get confirmed berths. • The TTEs will be able to allot vacant berths on board after departure of the train only upto the next station where quota is available for the train. • At present about 3 lakh berths per year go unutilised while there may be demand at intermediate stations.

SCIENCE &TECH

HRD Minister inaugurates Super Computer PARAM-ISHAN at IIT Guwahati Union Human Resource Development Minister Prakash Javadekar on 19 September 2016 inaugurated the super computer PARAM ISHAN at IIT Guwahati campus. Students and faculty members of IIT Guwahati are expected to derive huge benefit from the facility. PARAM ISHAN • It is the fastest and most powerful computer in North East, Eastern and Southern region. • It has been jointly developed by IIT Guwahati and Centre for Development of Advanced Computing, C -DAC. • PARAM ISHAN has the power of 250 Teraflops and 300 terabyte capacity and can be used in the application areas like computational chemistry, computational fluid dynamics, computational electromagnetic, civil engineering structures, nana-block self assemble, optimization and others. • It can also be used for weather, climate modeling and seismic data processing.

SCIENCE &TECH

Scientists use stem cells to successfully grow human lungs in a dish A team of researchers from University of California, Los Angeles (UCLA) created a three-dimensional lung, called as organoids, to study diseases, including idiopathic pulmonary fibrosis. The organoids resemble sections of human lungs instead of just cells. The study was published in the journal Stem Cells Translational Medicine. How the researchers grew lungs? • The researchers used stem cells taken from actual adult human lungs to coat tiny sticky hydrogel beads. • The beads eventually grew and self-assembled to envelope the hydrogel beads, which were all placed inside linked wells. • The resulting structure produced evenly distributed three-dimensional patterns consistent with actual air sacs like those in human lungs. • Inside each well, the lung cells grew around the beads, which linked them and formed an evenly distributed three-dimensional pattern. • To show that these tiny organoids mimicked the structure of actual lungs, the researchers compared the lab-grown tissues with real sections of human lung. • Moreover, when the researchers added certain molecular factors to the 3D cultures, the lungs developed scars similar to those seen in the lungs of people who have idiopathic pulmonary fibrosis. • The scientists were not able build a fully functional lung. However, they have been able to take lung cells and place them in the correct geometrical spacing and pattern to mimic a human lung. What is Idiopathic pulmonary fibrosis? • Idiopathic pulmonary fibrosis is a chronic lung disease characterised by scarring of the lungs. • The scarring makes the lungs thick and stiff, which over time results in progressively worsening shortness of breath and lack of oxygen to the brain and vital organs. • The term 'idiopathic' is used because the cause of pulmonary fibrosis is still unknown. • To study the effect of genetic mutations or drugs on lung cells, researchers have previously relied on two-dimensional cultures of the cells. But when they take cells from people with idiopathic pulmonary fibrosis and grow them on these flat cultures, the cells appear healthy.

SCIENCE & TECH

MIT develops a spectroscopic technique to detect Martian life Scientists at Massachusetts Institute of Technology (MIT) US have developed a spectroscopic technique that would help the 2020 Mars Rover to non-invasively identify sediments that are relatively unaltered, and maintain much of their original composition. Such pristine samples will allow scientists to identify the signs of former life, if they existed, on the red planet.  The new technique is based on an improved way of interpreting the results of Raman spectroscopy, a common, non-destructive process used by geologists to identify the chemical composition of ancient rocks. Raman spectroscopy • It is a common, non-destructive process that geologists use to identify the chemical composition of ancient rocks. • It is used to identify whether a sample contain carbonaceous matter. • The presence of carbonaceous matter suggests that the sample may also have harbors sign of life. • With the new improve spectroscopy techniques; researchers can now also estimate the ratio of hydrogen to carbon atoms in a sample. • Hydrogen can be used as basis to determine if a certain sample is pristine or not. • If the sample has low hydrogen, it is possible that it has experience more heating, altering its organic matter and losing hydrogen in a form of methane. Besides, the 2020 Mars Rover would be equipped with several scientific tools including Scanning Habitable Environments with Raman and Luminescence for Organics and Chemicals (SHERLOC). SHERLOC is an instrument that will acquire Raman spectra from samples on or just below the Martian surface. SHERLOC will be pivotal in determining whether life ever existed on Mars. Development of the technique at MIT was reported in the journal Carbon. 2020 Mars Rover NASA has plans to launch a new Mars rover that will be tasked to probe the region on the planet believed to hold remnants of ancient microbial life. The rover will collect samples of rocks and soil, and store them on the Martian surface. The collected samples would be returned to Earth sometime in the distant future so that scientists can meticulously analyze the samples for signs of present or former extraterrestrial life.

SCIENCE & TECH

NASA spots possible Water Plumes Erupting on Jupiter's Moon Europa The latest finding has given scientists fresh hope that a robotic spacecraft could one day fly past these potential plumes and learn about their contents without having to drill miles deep into the moon's icy shell. Using ultraviolet images taken by Hubble, a space telescope that was launched in 1990, the potential plumes were seen around the southern edge of Europa and appear as dark fingers or patches of possible absorption. They were spotted over the course of 15 months in 2014 when scientists observed Europa passing in front of Jupiter. This was observed by a team of astronomers led by William Sparks of the Space Telescope Science Institute (STScI) in Baltimore. They observed these finger-like projections while viewing Europa's limb as the moon passed in front of Jupiter. If confirmed, Europa would be the second moon in the solar system known to have water vapor plumes. In 2005, NASA's Cassini orbiter detected jets of water vapor and dust spewing off the surface of Saturn's moon Enceladus. About the Plumes on Europa The plumes are estimated to rise about 125 miles (200 kilometers) before, presumably, raining material back down onto Europa's surface. Europa has a huge global ocean that contains twice water than Earth’s oceans, which is protected by a layer of extremely cold and hard ice of unknown thickness. The plumes provide a tantalizing opportunity to gather samples originating from under the surface without having to land or drill through the ice. Previous Finding Earlier in 2012, a team led by Lorenz Roth of the Southwest Research Institute in San Antonio, detected evidence of water vapor erupting from the frigid south polar region of Europa and reaching more than 100 miles (160 kilometers) into space. Although both teams used Hubble's Space Telescope Imaging Spectrograph instrument, each used a totally independent method to arrive at the same conclusion. Next step to confirm presence of water vapor plumes on Europa It is expected that scientists will use the infrared vision of NASA’s James Webb Space Telescope, which is scheduled to launch in 2018, to confirm venting or plume activity on Europa. Besides, NASA is also formulating a mission to Europa with a payload that could confirm the presence of plumes and study them from close range during multiple flybys. The work by Sparks and his colleagues will be published in the 29 September 2016 issue of the Astrophysical Journal. Hubble Space Telescope It is a project of international cooperation between NASA and ESA (the European Space Agency.) NASA's Goddard Space Flight Center in Greenbelt, Maryland, manages the telescope. STScI, which is operated for NASA by the Association of Universities for Research in Astronomy in Washington, conducts Hubble science operations.

ECONOMIC AFFAIRS

Union Cabinet approves establishment of Higher Education Financing Agency The Union Cabinet on 12 September 2016 approved the creation of the Higher Education Financing Agency (HEFA). The HEFA will be established to give a major push for creation of high quality infrastructure in premier educational institutions. Key highlights of the HEFA • The HEFA will be jointly promoted by the identified Promoter and the Ministry of Human Resource Development (MHRD) with an authorised capital of 2000 crore rupees. The Government equity will be 1000 crore rupees. • The HEFA will be formed as a SPV within a PSU Bank/ Government-owned-NBFC.  It will leverage the equity to rise up to 20000 crore rupees for funding projects for infrastructure and development of world class Labs in IITs/IIMs/NITs and such other institutions.  • It will also mobilise CSR funds from PSUs/Corporates, which will in turn be released for promoting research and innovation in these institutions on grant basis. • The HEFA will finance the civil and lab infrastructure projects through a 10-year loan. • All the Centrally Funded Higher Educational Institutions will be eligible for joining as members of the HEFA. • For joining as members, the Institution should agree to escrow a specific amount from their internal accruals to HEFA for a period of 10 years. This secured future flows will be securitised by the HEFA for mobilising the funds from the market. • Each member institution will be eligible for a credit limit as decided by HEFA based on the amount agreed to be escrowed from the internal accruals.

ECONOMIC AFFAIRS

Union Government notifies new import policy for marble & travertine blocks Union Government on 18 September 2016 notified the new import policy for marble and travertine blocks and marble and granite slabs. The policy will come into effect from 1 October 2016. The new policy ends the quantitative restriction on the import of marble and travertine blocks as well as the cumbersome and restrictive import licensing system.  The Minimum Import Price (MIP) for marble blocks has been reduced to 200 US dollar per metric ton. The basic customs duty on import of marble and travertine blocks has been increased from 10 percent to 40 percent to address the interest of domestic producers. Similarly, the MIP on the import of marble slabs is being reduced to 40 US dollar per square metre and the basic customs duty on the import of marble slabs is doubled to 20 percent. The MIP on the import of granite slabs has been reduced to 50 US Dollars per square metre and the basic customs duty on import of granite slabs has been doubled to 20 percent. The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of Marble & Travertine blocks.

ECONOMIC AFFAIRS

India, Samoa tax information exchange agreement approved The Union Cabinet on 21 September 2016 gave its approval for signing and ratification of agreement between India and Samoa for the exchange of information with respect to Taxes. This agreement will stimulate the flow of exchange of information between the two nations for tax purposes which will help curb tax evasion and tax avoidance. As of now, there are no financial implications between the two nations. Only in the event of extraordinary costs exceeding 500 US dollars, the same will be borne by India. India has similar provisions in other such tax information exchange agreement.  Salient features of the Agreement • It enables the competent authorities of the two nations to provide assistance through exchange of information that is relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by this Agreement. • The information received under the Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the Agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country. • The Agreement also provides for Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the Agreement. • The Agreement shall enter into force on the date of notification of completion of the procedures required by the respective laws of the two countries for entry into force of the Agreement. Negotiations for entering into an Agreement for the exchange of information with respect to Taxes were finalized between India and Samoa in June 2016 and both countries have agreed on the text of the Agreement. Section 90 of the Income Tax Act, 1961 allows the Union Government to enter into an agreement with a foreign country or specified territory for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under the Income-tax Act, 1961.

ECONOMIC AFFAIRS

Union Cabinet approves Winding up of Hindustan Diamond Company Private Limited The Cabinet Committee on Economic Affairs gave its approval for initiating the process of winding up of Hindustan Diamond Company Private Limited (HDCPL). HDCPL is 50:50 joint venture of the Union Government and De Beers Centenary Mauritius Limited (DBCML). The winding up of HDCPL is not likely to affect supply of rough diamonds to Indian diamantaires because the Indian diamond industry has grown in all these years. At present, India is a house of top diamond producers.  Besides, the Special Notified Zone (SNZ) at Bharat Diamond Bourse, Mumbai established in 2015 also enables the smaller Indian players to have a direct access to the supply of rough diamond. Hindustan Diamond Company Private Limited The HDCPL was incorporated under the Companies Act, 1956 in 1978. The company was established with an objective to supply rough diamonds to diamond processing industry in India, particularly to small and medium diamond jewellery exporters. In the past, the Indian diamond exporters didn’t had a direct access to rough diamonds from Diamond Trading Company (DTC), London. DTC is the marketing arm of De Beers who held a very large chunk of world’s rough diamonds market.