03 December 2015 Current Affairs

Paris pact on Water and Climate Change Adaptation

A broad coalition of nations, river basin organisations, business and civil societies from across the globe on 3 December, 2015 announced the Paris Pact on Water and Climater Change Adaptation. It aims to make water systems which are very foundation of sustainable human development more resilient to climate change impacts. It also seeks at promoting financial sustainability and new investment in water system management. The announcement was made as part of the ‘Water Resilience Focus’ event under the Lima to Paris Action Agenda (LPAA) on climate change.

Brazil entered longest recession since 1930s

Brazil’s economy decreased by 1.7 % during July-September 2015. Since the 1930s it is the country’s longest recession as Brazil’s third consecutive quarter of contraction started from January 2015. In Brazil unemployment rate was freezed at 8.9 %.

Lok Sabha passed bill to establish BIS as National Standards Body

The Lok Sabha on 3 December 2015 passed the Bureau of Indian Standards Bill, 2015 to establish the Bureau of Indian Standards (BIS) as a National Standards Body. The bill seeks to establish harmonious development of standardization and assessment and quality assurance of goods, processes and services.

Double taxation avoidance pact with Japan

In order to facilitate tax related exchange of information, the Union Cabinet approved protocol between India and Japan for amending the Double Taxation Avoidance Convention (DTAC). DTAC was signed between the two nations in 1989 for avoidance of double taxation. Double taxation is a levying of tax by two or more countries on the same declared income, asset or financial transaction. The protocol facilitates both the countries to assist each other in revenue collection and exempting interest income from taxes in the source country.

RBI pact with UK Financial body

The Reserve Bank of India signed an agreement with UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) for supervisory cooperation and exchange of information. Two seperate memoranda of understanding were signed by RBI with PRA and FCA. The transfer of functions from Financial Services Authority (FSA) of the UK to PRA and FCA necessitated signing of seperate MoUs for supervising co-operation between the Reserve Bank and the PRA and FCA.

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