Hindu Notes from General Studies-02

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India in pact to ease U.S. firms’ compliance

News

• India and the U.S. signed an inter-government agreement for the automatic exchange of country-by-country (CbC) reports, which will reduce the compliance burden for Indian subsidiary companies of U.S. parent companies.
• This is a key step in making India compliant with the Base Erosion and Profit Shifting (BEPS) project, of which it is an active participant.

Beyond News

• This Agreement for Exchange of CbC Reports, along with the Bilateral Competent Authority Arrangement between the two competent authorities, will enable both the countries to automatically exchange CbC reports filed by the ultimate parent entities of multinational enterprises (MNE) in the respective jurisdictions, pertaining to the years commencing on or after January 1, 2016.
• The Base Erosion and Profit Shifting (BEPS) Action Plan adopted by the Organisation for Economic Co-operation and Development (OECD) and G20 countries in 2013 recognised that the way forward to mitigate risk from base erosion and profit shifting was to enhance transparency.
• Against this background, a template was released in 2014, which outlined how MNEs could report the required information for each tax jurisdiction in which they do business. These are called the country-by-country reports.
• MNEs are also required to identify each entity within the group doing business in a particular tax jurisdiction, and to provide information about the business activities each entity conducts.
• This information is to be made available to the tax authorities in all jurisdictions in which the MNE operates. This was seen as placing a huge compliance burden on the subsidiary companies of these MNEs.
• Base erosion and profit shifting refers to the activities of multinational corporations to shift their profits from high tax jurisdictions to lower tax jurisdiction, thereby eroding the tax base of the high tax jurisdictions and depriving them of tax revenue.
• In order to combat this, many countries entered into agreements to share tax information with each other to enhance transparency and make such profit shifting that much harder.

High-security number plates in Kerala

News

• From April 1, all classes of motor vehicles hitting the road and being registered in the Kerala State will come fitted with tamper-proof high-security registration plates (HSRP) that have a host of inbuilt security features.

Beyond News

• Automobile manufacturers will provide the “security licence plate, including the third registration mark”, to their approved dealers, who will place a mark of registration on such plates and affix them on all new vehicles.
• The HSRP has to be affixed in all motor vehicles defined under Section 2(28) of the Motor Vehicles Act, 1988 and as per the prescribed standards notified by the Union government on December 6, 2018. The automobile manufacturer had been asked to ensure that the requisite infrastructure is available with their dealers.
• The HSRPs will come with a 15-year guarantee. They will have inbuilt security features such as a self-destructive sticker with the engine and chassis number of the vehicle. The plates will be fitted on the front and rear of the vehicles and windscreens will have a number plate tag with hologram.
• A chromium-based hologram will be applied by hot-stamping on the top left corner of the number plates, both at the front and back. A permanent identification number with a minimum of 10 digits will be laser-branded into the reflective sheeting on the bottom left of the registration plate.
• The permanent number will be preceded by two alphabets indicating the name of the vendor, manufacturer, or supplier, for whom the type approval certificate is issued. A third registration plate, in the form of a self-destructive, chromium-based hologram sticker will be affixed on the inner side of the wind shield.
• The registering authority, registration number, laser-branded permanent number, the engine number and chassis number will all be on the sticker.
• The registration plate fitted in the rear will be fastened with a non-removable/non-reusable snap lock system. For enhanced security, two snap locks will be used in the HSRP affixed in the rear. The cost of the HSRP will be included in the price of new vehicle.
• Existing vehicles will have to go for the HSRP but only once old plates have been surrendered and destroyed. The task will be done by the dealers on payment basis.
• Through uniform HSRP and security features, the Ministry of Road Transport & Highways move is to curb vehicle theft and enable easier tracking of lost and stolen vehicles.

Heat alert in 13 districts

News

• More than 100 people sought medical attention in connection with summer heat-related health conditions in the Kerala State.

Beyond News

• Two cases of sunstroke were reported in Thiruvananthapuram and 46 cases of sunburn from 12 districts. In all, 54 people approached hospitals for treatment for heat rash.
• The India Meteorological Department (IMD) has warned that above-normal day temperatures should be expected till Friday in 13 districts in the State.
• With the summer heat expected to persist, the Health Department has launched measures to prevent the spread of contagious diseases.
• As many as 13 districts in the State were likely to experience an increase of two to three degrees Celsius in daytime temperatures.
• Daily power consumption crossed the 85 million unit (mu) mark for the first time in the State.

Hindu Notes from General Studies-03

India dispatches fourth ship to Mozambique with aid

News

• The Indian Navy has dispatched a fourth ship to Mozambique hit by tropical cyclone Idai to assist in disaster relief.

Beyond News

• The warship is carrying 300 tonnes of relief supplies, including essential medicines, anti-epidemic drugs, food provisions, clothing, repair and rehabilitation equipment, and temporary shelters.
• The ship also has a Chetak naval light utility helicopter that will be used in the ongoing relief operations.
• INS Magar is bound for Port Beira and will join INS Sujata, Sharduland Sarathithat are already operating there for over 10 days.
• The three ships were on deployment off Mauritius coast before they were diverted on the request of the government of Mozambique.
• The Indian Navy was the first responder to reach Mozambique, which has been devastated by the cyclone.
• The Navy has set up three medical camps at Port Beira, Gaura-Gaurathe Island and Matadoura School, Imnhamizua. A community kitchen was also set up and kept open around the clock.

US scientists to climb Everest, collect data on climate

News

• A team of American scientists flew to the Mount Everest region to study how pollution has impacted the Himalayan mountains and glaciers that are melting due to global warming.

Beyond News

• The team plans to spend the next two months in the region collecting samples and study the ice, snow and vegetation. The team will try to climb the 8,850-metre (29,035-foot) high Everest, the world’s highest mountain, and its sister peak Mount Lhotse.
• The team plan to bring the samples and data and study with local university and government agencies in Nepal. They’ll compare the current data to data the professor collected on a 2009 visit.
• They plan to study the colour and mineral content of the snow and ice on higher elevation of the mountains while collecting plans and other vegetation on the foothills.
• They are going to use instruments to reflect light off the glaciers to determine how much dirt is on the surface.

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