4 JUNE 2015: All SAARC nations to get benefit of NKN

Ø   As Director IB, Mr. Ibrahim started work on the government’s new counter radicalisation strategy in 2014, which was triggered by the Islamic State takeover of parts of Iraq and Syria, after it emerged that at least a dozen men of Indian origin had joined the terror group. He is also known to have negotiated with the top leadership in Saudi Arabia and Malaysia on terror cooperation.

Ø  Instant noodles brand Maggi got into more trouble on Wednesday after the Centre lodged a complaint with the National Consumer Disputes Redressal Commission against the Indian arm of the Swiss manufacturer, Nestle, and the Delhi government imposed a 15-day ban on sale of the product. Several States, including Maharashtra, Tamil Nadu, Karnataka, Kerala, West Bengal and Odisha, have sent samples of the product for testing, while the Jammu and Kashmir government has advised people not to eat Maggi noodles till the test results are out.

Ø  India and Belarus on Wednesday decided to work together on defence and security issues as President Pranab Mukherjee met his Belarusian counterpart and agreed on a 17-point road map aimed at strengthening mutual trust and confidence. The President, who arrived here on Tuesday night on a two-day visit, was accorded a ceremonial welcome at the majestic Palace of Independence by Belarusian President A.G. Lukashenko. After the ceremony, Mr. Mukherjee had a one-to-one meeting with Mr. Lukashenko. During the talks, the President discussed a host of issues, including increasing trade ties, besides boosting co-operation in mining, education and heavy machinery. Later, the two Presidents witnessed signing of several agreements and Memorandums of Understandings, including agreements between the Securities and Exchange Board of India (SEBI) and the Ministry of Finance, the Bureau of Indian Standards as well as between the Prasar Bharati and the National State Television. The agreements included the road map for strengthening mutual trust and having a strong commitment to develop multifaceted and long term co-operation. The two countries will work for full implementation of the MoU on defence-related technical cooperation and to develop a legal framework for security cooperation. The road map will enhance high-level and Ministerial contact, optimise the structure of trade, increase trade turnover, create favourable conditions for enhanced direct investment and promote practical cooperation between financial institutions. Under the agreement, the two countries will enhance coordination in science and technology, energy sector, metals and mining, potash fertilizers, give boost to raw material in textile sector, extend cooperation by Belarus in modernisation of public electric transport system in India, agriculture and agro procession. Exchange of students and promotion of tourism also figured in the agreements. This is the first presidential visit from India to Belarus, a landlocked East European country. The Belarus President had visited India twice in 1997 and 2007. During his visit, Mr. Mukherjee will unveil a statue of Mahatma Gandhi at the Belarusian State University where he will be awarded an honorary degree.

Ø  In keeping with what was decided at the G20 Finance Ministers meeting in September last year, India on Wednesday joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information. The declaration to comply with the provisions of the agreement was signed in Paris by the Indian ambassador to France, Mohan Kumar. Prior to Wednesday’s agreement, 54 countries had joined the MCAA. India is among six countries that joined this pact in Paris, taking the number to 60. The target is to reach 94 countries by 2017. The new system, dubbed the Common Reporting Standards (CRS) on Automatic Exchange of Information (AEOI), is very wide in scope and obliges the treaty partners to exchange a wide range of financial information, including that about the ultimate controlling persons and beneficial owners of entities. To be able to comply with the new system, amendments have been made to section 285BA of the Income Tax Act, 1961. Necessary rules and guidelines are being formulated in consultation with financial institutions. Previously, information was exchanged between countries on the basis of specific requests relating to cases of tax evasion and other financial crimes. AEOI, when fully implemented, sets up a system wherein bulk taxpayer information will periodically be sent by the source country of income to the country of residence of the taxpayer. According to Gaurav Karnik, Partner-Tax and Regulatory Services, Ernst & Young LLP, such an agreement will definitely help India curb tax evasion. “If countries that were previously reluctant to provide such information are forced to comply, then that is a good thing. It will work in helping the Indian government curb tax evasion and track funds leaving the country,” he said.

Ø  India is in the process of extending its National Knowledge Network to all members of the South Asian Association for Regional Cooperation (SAARC) to allow students unimpeded access to digital libraries and network resources, External Affairs Minister Sushma Swaraj said. At the groundbreaking ceremony of South Asian University (SAU) here, Ms. Swaraj said the Ministry was carrying out the instructions of the Prime Minister to have the university connect with at least one university in every SAARC nation.