29 June 2015 Current Affairs

Tamil Nadu Chief Minister Launched First Phase of Chennai Metro

Tamil Nadu Chief Minister J Jayalalithaa flagged off the Chennai Metro Rail services through video conferencing from the state secretariat. The first phase of Metro service covers the 10-km overhead (elevated) stretch. It connects Alandur in south Chennai to Koyabedu in the north. The metro service will bear capacity of 1276 passengers with four coaches. It will cover seven stations in the stretch. They are Koyambedu, Arumbakkam, Vadapalani, Chennai Mofussil Bus Terminus, Ashok Nagar, Ekkattuthangal.

Former Russian Prime Minister Yevgeny Primakov Died

Former Prime minister Yevgeny Primakov passed away in Moscow after a prolonged illness. He was 85. He had served as PM for just eight months between September 1998 and May 1999. His long career included as Foreign Minister, Speaker of the Supreme Soviet of the Soviet Union, and chief of the intelligence service. Yevgeny Primakov was an academician and a member of the Presidium of the Russian Academy of Sciences. He advocated a new strategic triangle between Russia, China and India, a concept that later led to the establishment of the Brics group – Brazil, Russia, India, China and South Africa.

50 Nations Signed 60-article Agreement On China-led AIIB

50 founding nations including India on 29 June signed 60-article agreement of China-led multilateral Asian Infrastructure Investment Bank (AIIB). Australia was the first country to sign the agreement and was followed by 49 other members. Indian Ambassador Ashok Kantha signed the agreement on behalf of country. The AIIB is expected to focus on infrastructure development in Asia, and unlike the existing International Monetary Fund (IMF) and World Bank, is unlikely to restrict lending on political considerations. The bank will have its headquarters in Beijing. India is its second largest shareholder with a stake of 8.52% and voting share of 7.5%. The voting shares are based on the size of each member country’s economy and not contribution to the Bank’s authorised capital. China’s shareholding is 30.34% and it has retained 26.06% of the voting rights with veto powers for certain key decisions.

 India and Thailand Signed MoU on Double Taxation Avoidance Agreement

India and Thailand on 29 June signed a number of important agreements, including the Double Taxation Avoidance Treaty(DTAT), and exchanged instruments of ratification on the extradition treaty inked in 2013, which provides for the legal framework for seeking extradition of fugitive offenders. The tax treaty provides for the framework to avoid double taxation and prevention of fiscal evasion with respect to taxes so as to promote bilateral economic cooperation.

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