PIB(19/04/2019): UPSC Current Affairs to prepare for UPSC Exam

Ministry of Finance

CBIC notifies Exchange Rate

  • In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.30/2019-CUSTOMS (N.T.), dated 4th April, 2019 except as respects things done or omitted to be done before such supersession.
  • The Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column  of each of Schedule I and Schedule II
  • The rate mentioned against it in the corresponding entry in column thereof, for the purpose of the said section, relating to imported and export goods.

 

Ministry of Finance

CBDT invites stakeholder comments on report pertaining to Profit Attribution to PE in India

  • CBDT places the report of the Committee on Profit Attribution on online public domain and invites suggestions/comments to be furnished electronically within 30 days from the date of publication of the aforementioned document on the website of the Department.
  • Taxation of non-residents in India is governed by the provisions of the Income-tax Act, 1961 and the provisions of the Double Taxation Avoidance Agreement concluded or adopted by the Central Government under the powers conferred under Section 90 or 90A of the Act, respectively.
  • Recognizing the significance of issues relating to attribution of profits to a permanent establishment as well as the need to bring greater clarity and predictability in the applicable tax regime.

 

Ministry of Home Affairs

Suspension of LoC Trade between J&K and PoJK

  • MHA has issued orders to suspend the LoC trade in Jammu & Kashmir w.e.f 19-04-2019. This move has been made as the Government of India has been accepting reports that the Cross LoC exchange courses are being abused by the Pakistan based components for channeling unlawful weapons, opiates and phony cash.
  • It may be recalled that the LoC trade is meant to facilitate exchange of goods of common use between local populations across the LoC in Jammu & Kashmir.
  • After the Pulwama incident, Government of India has withdrawn the MFN status to Pakistan.

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