Economy and Banking Current Affairs May 2017

Five Indians Selected in WEF’s Young Global Leaders List 2017

  • Five Indians, including Paytm Founder and CEO Vijay Shekhar Sharma and Shruti Shibulal of The Tamara Hospitality, have made it to the World Economic Forum’s 100 Young Global Leaders list.
  • The other individuals who represented India in the list include Ambarish Mitra Founder and CEO Blippar, a mobile phone app business valued at $ 1.5 billion; Hindol Sengupta Editor-at large Fortune India and Rwitwika Bhattacharya— Agarwal Founder and CEO Swaniti Initiative.
  • Each year, the World Economic Forum (WEF) selects 100 young leaders, under the age of 40, who are tackling the world’s most complex challenges with innovative approaches.

SEBI Reviewed Advertisement Guidelines of Mutual Funds

  • While, reviewing the advertising guidelines for mutual funds the Securities & Exchange Board of India (SEBI) has now permitted celebrity endorsements at industry level, to increase awareness on March 15, 2017.
  • As per the regulator, such celebrity endorsements should not promote a scheme of a particular Mutual Fund or be used as a branding exercise of a Mutual l;und house. Prior approval of SEBI shall be required for issuance of any endorsement which features a celebrity.
  • The SEBI has mandated mutual funds to set aside least 2 basis points on daily net assets for investor education and awareness initiatives.
  • In order to provide ease of understanding to retail investors, point-to-point returns on a standard investment of Rs 1,000 shall also be provided in addition to CAGR of the scheme.

See Also – International Current Affairs

CBDT Signed Bilateral Advance Pricing Agreement with Subsidiary of a Japanese Company

  • The Central Board of Direct Taxes (CBDT) has entered into a bilateral Advance Pricing Agreement (APA) with rollback provision with a Japanese subsidiary on March 6, 2017.
  • The total number of APAs entered into by the CBDT has reached 141 with this signing. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.
  • All these five bilateral APAs are with Japanese trading companies (Sogo Soshas). Certainty in tax treatment for Sogo Soshas has been a long standing demand of the Japanese industry. The bilateral signing of APAs in this sector provides tax certainty up to nine years in each of these cases.
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