Current Affairs For Bank, IBPS Exams - 27 September, 2015

Current Affairs for BANK, IBPS Exams

Amid demands that MPs should not be allowed to decide their salaries, the government has proposed to set up a three-member panel to recommend pay and perks of lawmakers.
The Ministry of Parliamentary Affairs has proposed a three-member independent Emoluments Commission to recommend salaries and other allowances for the Members of the Parliament. The proposal is part of the agenda notes prepared for the two-day All India Whips’ Conference to be held at Visakhapatnam, next week.
The general principles suggested by the Ministry for determination of salary are: that it should not be so low as to deter suitable candidates or so high as to make pay the primary attraction for the job.
It says the salary should reflect the level of responsibility and those with outside interests should not be deterred from entering Parliament.
One of the principles suggested is that those who choose to make Parliament a full-time career should be adequately rewarded to reflect their responsibilities.
As per Article 106 of the Constitution, salaries of MPs are determined by an Act of 1954, amended from time to time.
The last revision in salary of MPs was made in 2010 during UPA II rule and the lawmakers at present get a basic salary of Rs 50,000 per month. Salaries of Members of State Legislatures are decided as per Article 195 of the Constitution.

Skirting the demand of G4 countries, including India, to speed up reforms in the UN security council by expanding its permanent members, Chinese President Xi Jinping on Sunday called for global efforts to defend authority and role of the UN.
On the 70th anniversary of the founding of the UN, the international community should reaffirm the commitment to multilateralism, defend principles and purposes of the UN Charter, safeguard authority and role of the UN, Xi said in his meeting with UN secretary general Ban Ki-moon on the sidelines UN general assembly.
The member states demonstrated their support and expectations for the UN to play a bigger role in world affairs with their leaders gathering in New York, Xi noted.
He urged the global institution and its security council to draw useful experiences from how the Iran nuclear issue was handled.
The Chinese leader expected the UN to play a leading role in addressing global issues, adding the world body is the most ideal platform for international anti-terrorism cooperation.

With the government deciding to exempt the foreign companies that have no permanent establishment in India from the 18.5 per cent minimum alternate tax demands, all foreign investors have got full relief from the controversial MAT.
The finance ministry's clarification this week puts the MAT controversy to rest as all foreign investors without business presence in India — foreign portfolio investors and companies — are now exempt from MAT, irrespective of whether tax treaties exist between India and other countries where these firms may be domiciled.
Technically, the ministry of finance has decided to amend the Income Tax Act, 1961, with effect from April 1, 2001, in a manner that provisions of Section 115JB shall not apply to a foreign company if it is a resident of a country which has a double taxation avoidance accord with India.

Pankaj Advani outplayed Peter Gilchrist of Singapore to win the World Billiards Championship on Sunday.
This was Advani’s 14th world title.
Advani left the spectators spellbound with his prolific display as he downed his opponent by 1168 points after the match ended after the maximum allotted time of 300 minutes.
Sunday’s victory also came as sweet revenge for Advani as he had lost the final of the point format championship to Gilchrist last week.