Important Current Affairs 14th May 2016

Report on China’s Nuclear Modernization

• A report by Pentagon has said that Russia, U.S., India’s defence capabilities are behind China’s nuclear modernization.
• China continues to produce the JIN-class nuclear-powered ballistic missile submarine (SSBN), with four commissioned and another under construction.
• China’s nuclear policies include developing nuclear missiles and technologies in order to survive an attack effectively.

India announces new IPR

• Under the new intellectual property rights’ policy of India, trademarks can now be registered in one month.
• State level cells will be created to prevent IPR thefts.
• Major institutions are to include IPR studies as a course.
• The policy would be managed by the Department of Industrial Policy and Promotion.

NIA drop charges in Malegaon blast.

• NIA has dropped the name of Sadhvi Pragya, Lt. Col Purohit and 3 others accussed in 2008 Malegaon blast.
• NIA has said that the investigation by ATS Hemant Karkare filled with lacunae.
• The new charge sheet has questioned the applicability of MCOCA in the case and charges have been dropped against all under it.

Delhi HC action against JNU students

• HC has stayed the punishment until the students’ appeal is heard by the varsity and has appealed the students to call off their now 16-day long hunger strike.
• The punishment was proposed by a High Level Enquiry Committee that was setup in JNU to probe the Afzal Guru incident.
• The HLEC had punished more than 20 students with fine and/or suspension which was challenged by Students in Delhi HC.

India Ready to Become Member of NSG: US

• State Department Spokesperson John Kirby told that India meets missile technology control regime requirements and thus is eligible for the membership of Nuclear Suppliers Group.
• This goes against China and Pakistan’s bid to stop India’s entry into the exclusive club.
• China has been arguing that India sign the Nuclear non-proliferation treaty (NPT) first, and then expand into NSG.

India signs protocol with Mauritius

• India signs protocol with Mauritius amending the Double Taxation Avoidance Agreement.
• The protocol awards India the right to tax capital gains that arise from sale or transfer of shares of an Indian company acquired by a Mauritian tax resident.
• Investments made until March 31, 2017 shall be exempted from this.
• Mauritius is accounted for a third of FDI inflow into India.

Kosovo and Gibraltar become FIFA member

• Kosovo and Gibraltar admitted as new members at FIFA’s annual congress held in Mexico City.
• Serbia vowed to legally challenge this decision.
• Kosovo and Gibraltar would be allowed to play the qualifiers for the2018 World Cup.

Decline in Exports for 17th month

• Exports saw a dip for 17th month in a row by 6.7% to $20.5 billion.
• Imports declined by 23.1% to $25.4 billion from $33 billion in April 2015.
• Overseas shipment of petroleum and engineering products attributed as reasons for the dip.
• Trade deficit in April halved to $4.8 billion as compared to last year’s $11 billion.

Insolvency & Bankruptcy Code Bill Passed

• Rajya Sabha has passed the ‘Insolvency and Bankruptcy Code Bill’, as a result of which the distressed companies, their promoters, creditors, employees and stakeholders would be dealt.
• The objective of the law is to promote entrepreneurship, availability of credit and balance interests of all stakeholders.
• A penalty of imprisonment up to 5 years or a fine up to Rs 1 Crore or both.

Supreme Court admits Vodafone tax appeal

• Supreme Court has accepted the appeal against Bombay High Court order that rejected the demand to tax the 8500 crore deal between Vodafone and Hutchison.
• This case is different from another one in which the CBDT had decided not to appeal against a high court ruling that rejected a claim that Vodafone avoided tax while pricing its shares of Indian companies.