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  • Current Affairs 27th March 2014

    Updated : 27-Mar-2014

    Current Affairs 27th March 2014 - Important Points

    Current Affairs 27th March 2014 - Details

    SEBI to issue guidelines for FATCA compliance fiscal year 2014-15

    On 25th March 2014 SEBI announced to release FATCA compliance norms in the next fiscal year 2014-15. It will help combat possible tax evasion by Americans through Indian entities. FATCA is a law with deals with withholding tax on illicit activities by some individuals who use offshore accounts to evade millions of dollars in taxes.

    For the complete implementation of FATCA US government is required to sign Inter Government Agreement (IGA) with countries including India. With 22 countries US has already signed IGA's, while to sign IGA with India negotiations has been going on.

    Once this new Act come into effect, all financial institutions in India would need to carry out a detailed due diligence on all their clients and report details of their US clients to the US tax department.

    Any non-compliance of the FATCA provisions would result in penal withholding of 30% of the total US-source income of such financial institutions.

    FATCA became a law in 2010. It has now emerged as a global standard for detecting offshore tax evasion by people. 

    Important to note  :

    FATCA : Foreign Account Tax Compliance Act

    Smartphone Virus Dendroid detected

    The Indian Computer Emergency Response Team (CERT-In) detected a Smartphone Virus called Dendroid. Dendroid is a virus of smartphone which can compromise the data stored on the users phone.

    Dendroid virus can change the command and control server of phone and can intercept all incoming and outgoing data. It belongs to Trojan Family. Dendroid is a HTTP RAT, having a sophisticated PHP administration panel and an application APK binder package.

    Friends if you also use Andriod phones then please read following points : 

    • Install applications only from trusted application market, do not download from any untrusted source.
    • Check what permission required by application before installing it.
    • Use device encryption or encrypting external SD card feature available in andriod phones.
    • Check if data usage of your phone is actual.
    • Do not use unsecured and unknown Wi-Fi networks and always take a backup of your phone.

    Air pollution is killer of 7 million in 2012 : WHO

    WHO released estimates on 25th March 2014 which shows that around 7 million people died due to air pollution in 2012. Its really huge, because it means that every 1 person in 8 persons died due to air pollution. So it suggested to combat with it seriously to save many lives. This reports clearly shows air pollution is largest single environmental risk. This report also linked the air pollution with cancer and respiratory diseases. 

    Low and middle income countries in the WHO South-East Asia and Western Pacific Regions had the largest air pollution related issues in 2012. As per WHO estimates, due to indoor air pollution there are total 3.3 million deaths and due to outdoor air pollution there are 2.6 million deaths.  

    Friends we should really be aware about air pollution and should do our part to minimize it. 

    All elections booths will be smoking free in J&K, became first state to do so

    There is some positive current affair coming in, Jammu and Kashmir became the first state in the country to declare all election booths in the coming Lok Sabha polls as no smoking zones. Chief Electoral Officer of Jammu and Kashmir Umang Narula issued a circular to all concerned on 25th March 2014 about it.

    This will make mandatory for all election booths to show warning of No Smoking. J&K Voluntary Health Association had made a request for this action. 

    Important to note : 

    Section-4 of Cigarettes and Other Tobacco Products prohibits smoking at all public places.

    EPFO to provide Universal Account Number

    EPFO (Employees Provident Fund Organisation) on 24th March 2014 said to provide Universal Account Number (UAN) to its five crore subscribers from 1st October 2014.

    Permanent or Universal Account Number (UAN) will be beneficial for its users to avoid filing Provident Fund (PF) account transfer claims on changing jobs. After getting UAN, a user will only have one account number for PF and will not have to change it after changing the employer. Thus it can also be used for various other schemes.

    It will also reduce the workload of the EPFO. During 2012-13, EPFO received over 12 lakh claims for transfer of PF account on changing of jobs by its subscribers.

    Facebook to acquire virtual reality technology firm Oculus VR

    Facebook on 26th March 2014 decided to acquire virtual reality technology firm Oculus VR for 2 billion dollar.  

    Recenty Facebook was also in news for acquiring Whatsapp in 19 billion dollars.

    Oculus VR founded by Palmer Luckey develops virtual reality glasses for gaming.

    Ancient caves discovered in Andhra Pradesh

    Ancient caves discovered in Andhra Pradesh by Researcher K Ramakrishna Reddy. These caves are depicting 7000-year-old civilisation. These were inhibited by ancient humans in Akkampalli of Andhra Pradesh. This site is considered to be contemporary to the rock sites that exist at Ketavaram and Chintakunta of the state.

    This is important discovery as it represent the civilisation and culture of 7000 year ago. 

    Total fives caves and found, out of which 3 are natural and 2 are rock cut. Their artworks provide an insight of variuos prospects. As per the artwork, Musalla Gunda (boulder of crocodile) name is given to caves, because there artworks which depict the presence of crocodiles, but at present there is no water, may be at that time there would be water and crocodiles.

    Read other important current affairs.

    India clinched 3rd South Asian Handball Championship title

    On 26th March 2014, India clinched the 3rd South Asian Handball Championship title, whcih is important news in the sports current affairs. This match was played at Genesis Global School in Noida. The championship started on 23th March 2014. Final was between India and Pakistan, India defeated Pakistan by 36-31. 

    Teams that participated in the championship were

    • India,
    • Pakistan,
    • Bangladesh,
    • Afghanistan and
    • Nepal.