Daily Current Affairs- 25th August 2016

Dear Readers, we are providing Today's important current affairs of Competitive Exams specially for Bank and SSC

1. US Postal Service honors Diwali Festival with a Forever Stamp

1. The United States Postal Service (USPS) on 23 August 2016 announced to commemorate the joyous Hindu festival of Diwali with the launch of Forever stamp.
2. The first-day-of-issue dedication ceremony of the Forever Stamp will take place at the Consulate General of India, New York on 5 October 2016. The launch of this stamp is an important recognition for the more than 3 million Indian-Americans who celebrate Diwali every year in US.
3. The Diwali stamp will be issued as a Forever stamp. This Forever stamp will also be equal in value to the current First Class Mail 1-ounce price.

2. Former Governor Akhlaq Ur Rahman Kidwai passes away

1. Akhlaq Ur Rahman (AR) Kidwai, who served as Governor of States including Bihar, West Bengal and Haryana, passed away on 24 August 2016 following a brief illness. He was 96. Kidwai is survived by two sons and four daughters.
2. He was a Rajya Sabha member from 2000 to 2004.

3. Forbes releases list of The World's Highest-Paid Actresses 2016

1. Forbes released the list of The World's Highest-Paid Actresses 2016. Jennifer Lawrence topped the Forbes magazine list for the second straight year with earnings of 46 million US dollars.
2. Indian actress Deepika Padukone is the only newcomer to the World’s Highest-Paid Actresses list and the only Indian star to make the cut.
Highlights of the list
• The list is topped by Hunger Games star Jennifer Lawrence with 46 million US dollars in her pocket.
• The second position is grabbed by Ghostbusters star Melissa McCarthy (33 million US dollars) followed by Scarlett Johansson (25 million US dollars) and Jennifer Aniston (21 million US dollars) at third and fourth position respectively. 

4. Colombian government & rebel group FARC sign historic peace accord

1. Colombian government and the rebel group Revolutionary Armed Forces of Colombia (FARC) on 24 August 2016 signed a historic peace accord to end more than five decades of conflict.
As per the terms of agreement, FARC will give up its armed struggle and join the legal political process.
2. The agreement was signed by the head of the Colombian delegation, Humberto de la Calle, and the chief FARC negotiator, Ivan Marquez in the Cuban capital Havana, Cuba. Now, the deal will need approval of Colombians via a referendum that will be held on 2 October 2016.

5. Union Cabinet approves revised Indo-Cyprus DTAA

1. Union Cabinet approved the signing of an agreement and the protocol between the India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
2. The approval will help India in its fight against tax evasion, round tripping and base erosion/profit shifting.
3. The approval will replace the existing Double Taxation Avoidance Agreement (DTAA) that was signed between the two nations on 13 June 1994. With the revision of the treaty now approved by the Cabinet, capital gains will be taxed in India for entities resident in Cyprus, subject to double tax relief. In other words, India will have the right to tax capital gains arising in India.
4. Provisions of the proposed DTAA
• It will align the applicable provisions with the consistent policy followed by India and the revised international standards.
• It will also prevent the abuse of beneficial provisions of the DTAA that can distort financial and real investment flows and create challenges in respect of tax collection.
• It provides for source based taxation of capital gains on transfer of shares, instead of residence based taxation as provided in the existing DTAA.

6. Sakshi Malik made brand ambassador for Beti Bachao, Beti Padao campaign in Haryana

1. Wrestler Sakshi Malik was named as Haryana’s brand ambassador for Beti Bachao, Beti Padao (save daughter, educate daughter) campaign in Haryana. Sakshi Malik had won bronze medal in wrestling at 2016 Rio Olympics in the 58 kg category. 
2. She had created history by becoming first women from India to win Olympics medal in wrestling. Announcement in this regard was made by Haryana Chief Minister Manohar Lal Khattar after awarding Malik with 2.5 crore rupees and Commendation Certificate.

7. Union Cabinet approves signing of Air Services Agreement between India and Fiji

1. The Union Cabinet has given its approval for signing of new Air Services Agreement (ASA) between India and Fiji. The Agreement is for updation of the existing ASA between the two countries which was signed in January, 1974.
2. The objective of new ASA is to improve the air connectivity between the two countries by updating the existing ASA, keeping in view the latest developments in civil aviation sector. Under new ASA, both countries shall be entitled to designate one or more airline. These airlines shall have right to establish offices in other country for promotion and sale of air services.