Current Affairs - 24th Feb 2014

TARC suggestions to bring down cost and improve productivity

Tax Administration Reform Commission (TARC) headed by Parthasarthi Shome will provide its first report on the elements of cost and production reforms.

The first report will give suggestions strengthening of workforce, capacity building, use of information technology, fixing of responsibility and accountability to bring down compliance cost and improve administration’s productivity.

The TARC was formed as a 7 member panel to review the existing loop holes in the present taxation system.

First Indian head of ADB admin tribunal

Lakshmi Swaminathan became the first Indian head of the Asian Development Bank’s tribunal. His tenure will be of 3 years and he will become the 7th president of the tribunal.

USFDA bans the import and sale of Indian “bidi”

US Food and Drug Administration (USFDA) banned the sale and import of bidi under the 2009 family prevention and tobacco control act as they were not upto their health standards.

Now these products can’t be sold or imported in US nor can’t be transacted between interstate in US.

EIB to loan 200 million euro for renewable energy in India

European Investment Bank to provide 200 million Euro line of credit for Indian Renewable Energy Development Agency (IREDA). This loan will be used to generate low-carbon power in the country.