Articles from General Knowledge Today

Congress is using Raisina Hills for dumping unsuccessful finance Minister Pranab Mukherjee: P.A. Sangma
2012-07-14 20:07:19 Suresh Soni

Presidential candidate P.A. Sangma alleged that Congress is using Raisina Hills for dumping unsuccessful finance Minister Pranab Mukherjee by nominating and supporting him in the presidential poll. What is Raisina Hill ? Raisina Hill is a region of Lutyens' Delhi, New Delhi, that houses India's most important government buildings, that includes Rashtrapati Bhavan, the official residence of the President of India and the Secretariat building that accommodate the Prime Minister's Office and several other important ministries. Other important buildings and structures, including the Parliament of India, Rajpath, Vijay Chowk and India Gate surround it. The name "Raisina Hill" was given following acquirement of land from 300 families from X and Malcha villages. About 4,000 acres of land was acquisitioned under the "1894 Land Acquisition Act" to begin the creation of the Viceroy's House. The area is slightly raised, about 226 metres (741 ft) high, or about 18 metres (59 ft) higher than the surrounding area. In 1911 when British decided to transfer the capital of British India from Calcutta (now Kolkata) to Delhi, they set up a planning committee, and a site 3 miles (5 km) south of the existing city of Delhi, around Raisina Hill, was identified for establishing new administrative centre. The area located b/w the Delhi Ridge and the Yamuna River, is well drained and provides sufficient space for expansion.

India's new buzzword: Policy Paralysis

2012-07-02 20:07:11 Suresh Soni

Policy Paralysis is the new exhortation echoing in the news media. According to news search conducted via Factiva, the catchphrase hit over 590 mentions in June 2012. The references soared as the rupee plunged to a record low of 57.32 against the dollar on June 22, 2012

Advance Pricing Agreement Scheme gets clearance of FM

2012-07-02 20:07:08 Suresh Soni

Finance ministry approved the Advance Pricing Agreement (APA) scheme, related to transfer pricing regulations. The APA scheme, proposed in Budget 2012-13, is being considered as one of the major industry-friendly initiatives. The finance ministrys green signal to the provisions devised by the Central Board of Direct Taxes (CBDT) would assist implementation of the APA scheme from July 1, 2012. CBDT will release notification of the scheme, after taking approval of the law ministry The scheme would cover the norms for coverage of cases under APA and also forms for accessing the facilities offered. The applicant has to pay a fee of Rs 10 lakh for international transactions not exceeding Rs 100 crore, Rs 15 lakh for transactions up to Rs 200 crore and Rs 20 lakh for transactions above Rs 200 crore The Budget introduced new sections in the I-T Act to provide a framework for APA. It strengthened CBDT to enter into an advance pricing agreement with any person undertaking an international transaction. Advance Pricing Agreement Advance Pricing Agreement is an agreement inked b/w a taxpayer and a taxing authority on an apt transfer pricing methodology for a set of transactions over a fixed period of time in future. It offers better assurance on transfer pricing methods and is friendly in providing certitude and unanimity of approach

US court blocks Apple in Google battle

2012-07-02 20:07:36 Suresh Soni

As per the ruling from Chicago federal court, US: Apple Inc. cannot pursue an injunction against Google's Motorola Mobility unit. - The court dismissed the lawsuit b/w Apple and Motorola Mobility with prejudice, implying that it can't be re-filed. Apple had hoped a decision against Motorola that would have helped it gain ascendancy in the smartphone market against Android. Both parties have the option to appeal the ruling. Background: Motorola filed lawsuit against Apple in October 2010, a move that was widely considered as a preventive strike against an imminent Apple lawsuit. Apple filed its own claims against Motorola the same month. Apple had claimed an injunction banning the sale of Motorola products that use Apple's patented technology.

- But the court ruled that neither party is entitled to an injunction. - The court found the injunction inapt since Motorola could design around the minor technological features covered by Apple's patents. - The Court also noticed that imposing an injunction would be an inappropriate bonanza for Apple and would be major damage to Motorola. - As per the court Apple could not clearly prove that Motorola phones caused a loss of consumer goodwill significant enough for an injunction. - The court was still asserting the Motorola claim against Apple

Indian fishermen again attacked by Sri Lankan Navy

2012-07-02 20:07:04 Suresh Soni

Sri Lankan Navy attacked four Indian fishermen off Katchatheevu. A few days before it had detained nine others for "straying" into their waters The four fishermen were allegedly beaten by Sri Lankan navy personnel off Katchatheevu, an islet ceded to Lanka in the 1970s The fishermen were warned of life imprisonment if they entered the Sri Lankan territory A court in Kankesanturai in northern Sri Lanka later released nine Indian fishermen who were detained by the island Navy for "straying" into their waters. The fishermen told the court that they had strayed into Sri Lankan waters due to wind and rough sea, the court considered their statements and freed them with a warning The fishermen were handed over to Indian Coast Guard personnel at the international maritime boundary line and brought to Mandapam.