Daily Current Affairs- 26 June 2016

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 Daily Current Affairs

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Daily Current Affairs- 26 June 2016

1. First flight of BrahMos missile from SU-30 MKI aircraft successfully conducted
1. BrahMos Aerospace for the first time successfully demonstrated integration of the world’s most formidable supersonic cruise missile system BrahMos on the Sukhoi SU-30 MKI fighter aircraft. 
2. In this regard, Hindustan Aeronautics Limited’s (HAL) Nasik division conducted a test flight of a 2,500 kg supersonic BrahMos missile integrated with SU-30 MKI aircraft at its Nasik airport. With the successful integration of BrahMos missile system with Su-30 MKI aircraft

2. Union Defence Ministry gives nod for purchase of 145 Ultra Light Howitzers guns from the US

1. The Defence Acquisition Council (DAC) chaired by Union Defence Minister Manohar Parrikar has given its approval to for the purchase of 145 Ultra-Light Howitzers (ULH) guns from the US. 
2. The procurement of ULH will be through the Foreign Military Sales (FMS) route from the US and it will cost around 750 million dollars. As part of this deal, 25 ULH guns will come to India directly from US in a fly away condition. Rest will be assembled in India at the proposed Assembly Integration and Test facility (AITF) for the weapon system in partnership with Mahindra and Mahindra Company.

3. GAAR not to apply on income from investments before April 1 

1. To clear the air on retrospective applicability of the stringent anti-avoidance GAAR rule, the I-T department has said the same will not apply to income from transfer of investments before April 1, 2017. 
2. General Anti-Avoidance Rule (GAAR), which will kick in from April 1 next year, contains provisions to prospectively tax overseas deals involving local assets and are aimed at minimising tax avoidance and evasion by entities based in tax havens. 
3. The amendments carried out in the Income Tax Rules state that Rule 10U(1)(d) has been amended to provide that GAAR will not apply to income earned/received by any person from transfer of investments made before April 1, 2017. Earlier, this date was August 30, 2010. 
4. Further, Rule 10U(2) has been amended to provide that GAAR will apply to any arrangement, irrespective of the date it has been entered into, if tax benefit is obtained on or after April 1, 2017. 

4. Sprinter Dutee Chand qualifies for 2016 Rio Olympics

1. Indian sprinter Dutee Chand has qualified for 2016 Rio Olympics in the women’s 100metre event scheduled to be held in August 2016 in Rio de Janeiro, Brazil. Dutee qualified for the Rio Olympics after meeting the qualification mark at 26th International Meeting G.Kosanov Memorial in Almaty, Kazakhstan. 
2. In this event, she clocked 11.30 seconds beating the Rio Olympics qualification mark of 11.32 secs. With this, she became the first Indian woman sprinter to qualify for the event since qualification started for the event. PT Usha had qualified for the event in 1980 Olympics. In the 26th International Meeting G.Kosanov Memorial, Kazakhstan’s Viktoriya Zyabkinawon won the race with personal best performance of 11.15s.

5. Social entrepreneur Zubaida Bai bags UN honour for corporate sustainability initiative

1. Zubaida Bai, an Indian social entrepreneur, has been named among the ten ‘2016 Global Compact SDG Pioneers’, an initiative launched by UN. 
2. The list of ten SDG Pioneers was announced by the UN Secretary General Ban Ki-moon at the 2016 UN Global Compact (UNGC) Leaders Summit in New York, United States. Zubaida is the founder of ‘ayzh’, a for-profit social venture providing health and livelihood solutions and technology solutions to impoverished women worldwide. Global Compact SDG Pioneers seeks to provide local business leaders a global stage to inspire transformational action on the SDGs