22 November 2016 Current Affairs

India, Switzerland sign Joint Declaration for implementing AEOI

India and Switzerland have signed a Joint Declaration for implementation of Automatic Exchange of Information (AEOI) in respect of accounts of Indians held abroad. Under the pact, both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.Thus, it will help India to get access details of bank accounts held by Indians in Switzerland for 2018 and subsequent years on an automatic basis from September 2019. It is considered as a big step towards fighting black money stashed by Indians overseas.The pact is based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA) also known as Common Reporting Standards (CRS) on AEOI.


Barack Obama awards his last Presidential Medals of Freedom

U.S. President Barack Obama has bestowed the nation’s highest civilian honour for the last time as president. The awards have honour the work of Americans ranging from global philanthropists Bill and Melinda Gates to legendary athletes, artists, activists, scientists and others.Basketball star Michael Jordan, actor Robert De Niro and music legend Bruce Springsteen were among the 21 people honored with the Presidential Medal of Freedom During a ceremony at the White House President Barack Obama gave out the awards the nation’s highest civilian honor for his last time to a diverse group of sports stars, scientists, artists and philanthropists.


India’s wealth rises and also disparity: Credit Suisse Report

As per a report on global wealth published by Credit Suisse, the total quantum of wealth in India is rising but disparity between rich and poor is also rising.The report says that the uneven growth has left 96% of the adult population in India at the base of the wealth pyramid with wealth below $10,000. However, a small fraction of the adult population (0.3%) has net worth of more than $100,000. The wealth in India is mostly dominated by property and other real estate. It makes up 86% of its estimated household assets. The wealth in India in local currency terms increased 5.1% in 2016 but due to adverse currency exchange movements.The annual growth of wealth per adult in rupees has averaged 6% between 2000 and 2016.


Sebi officials to chair IOSCO panels

Two officials of the Securities and Exchange Board of India (Sebi), Parmod Kumar Nagpal and Amarjeet Singh are elected as chairpersons of two committees set up by IOSCO (International Organisation of Securities Commissions) announced by IOSCO’s Asia-Pacific Regional Committee chairman by Mr. Ashley Ian Alder. Nagpal would chair the Committee on Issuer Accounting, Audit and Disclosure while Singh would be the chairperson of the Assessment Committee (AC).


Acclaimed physicist and ex-ISRO chief Prof MGK Menon dies at 88

Acclaimed physicist and ex-Chairman of the Indian Space Research Organisation (ISRO), Prof MGK Menon passed away on 22nd November, aged 88 years. A recipient of the Padma Vibhushan, Menon had also served as Director of the Tata Institute of Fundamental Research at the age of 35.


Renowned Hindi & Bhojpuri writer Dr. Viveki Rai passes away

Renowned Hindi and Bhojpuri litterateur Dr Viveki Rai passed away today in a Varanasi hospital after illness. 92-year- old Dr Rai was born in 1924 in Ballia district of eastern Uttar Pradesh. He was cremated at Madikarnika ghat in Varanasi.


Ex-Governor of Madhya Pradesh Ram Naresh Yadav dies

Ram Naresh Yadav, former Governor of Madhya Pradesh, passed away on 22 November 2016 aged 89 at a hospital in Lucknow after a prolonged illness. The veteran Congress leader had served as Madhya Pradesh Governor between August 2011 and September 2016. He was also Uttar Pradesh Chief Minister between 1977 and 1979.


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