18 November 2016 Current Affairs

Make in India in defence: Navy inducts 4 indigenous sonars

“The Indian Navy has formally inducted four types of indigenously developed sonars that will boost its underwater surveillance capability. The systems have been designed and developed by NPOL Naval Physical & Oceanographic Laboratory (NPOL), a Kochi based laboratory of DRDO.
These 4 types of sonars are
Abhay: It is an advanced hull mounted active-cum-passive integrated sonar system.
Humsa UG: It has been designed for upgrading the existing Humsa sonar system for intensifying the command over the high seas.
AIDSS: It stands for Advanced Indigenous Distress sonar system for submarines.
NACS: It stands for Near-field Acoustic Characterisation System. “


Catholic Syrian Bank to appoint CVR Rajendran as MD & CEO

The Reserve Bank of India has granted approval for appointment of C.V.R. Rajendran as the Managing Director & CEO of Catholic Syrian Bank for a period of three years from the date of his taking charge. Rajendran is currently holding the position of Chief Executive Officer of the Association of Mutual Funds of India. Prior to this, he has held other key positions like Chairman and Managing Director of Andhra Bank and Executive Director at Bank of Maharashtra.


Donald Trump picks Michael Flynn as NSA
United States president-elect Donald Trump has named Michael Flynn, an ex-army general as his National security adviser. Flynn served as Mr Trump’s top military advisor during the Presidential campaign. Mr Trump chose Republican Senator Jeff Sessions as his Attorney General and Congressman Mike Pompeo as Director of the Central Intelligence Agency (CIA).


World’s first Bollywood theme park opens in Dubai

Bollywood Parks, Dubai has opened with fanfare, fireworks, dance, music and simulator 4D shows based on hit Hindi-language movies. Visitors were greeted by ­performers dancing to thumping Bollywood music across the park with some atop a mock-up of a suburban Mumbai railway train and others outside the ­Rajmahal theatre, which will stage live musicals.


Tamil Nadu gets world’s first salt-tolerant plant garden

The world’s first Genetic Garden of Halophytes (naturally occurring salt-tolerant plants) was inaugurated at the coastal town of Vedaranyam in Tamil Nadu. The first of its kind garden in the world was inaugurated by Mauritius President Ameenah Gurib Fakim through video-conferencing. The garden has been set up by M S Swaminathan Research Foundation (MSSRF) founded by eminent agriculture scientist Prof M S Swaminathan, father of Indian Green Revolution.


India and UK sign three Bilateral Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) signed three Bilateral Advance Pricing Agreements (APAs) with the Competent Authority of United Kingdom (UK) to reduce tax litigation. Earlier both countries had exchanged mutual agreements amongst them under the Mutual Agreement Procedure (MAP) Article of the India-UK Double Taxation Avoidance Convention (DTAC). With this, CBDT so far has entered into 111 APAs. These three APAs cover international transactions in the nature of payment of intra-group service charges and pertain to the telecom industry. They also have a roll-back provision.


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