Daily GK News Update

India, US sign FATCA to fight tax evasion

  • To check offshore tax evasion, India and the United States signed an agreement to implement FATCA that will facilitate exchange of information between the two countries from 1 October.
  • The Foreign Account Tax Compliance Act (FATCA) was signed by revenue secretary Shaktikanta Das and US Ambassador Richard Verma.

Bank unions target labour reforms, call for strike on 2 September

  • The All-India Bank Employees Association (AIBEA) threatened a nation-wide strike call on 2 September to protest against the proposed labour law reforms. This is the second all-India bank strike in as many months.

Supreme Court transfers Vyapam case probe to CBI

  • The Supreme Court ordered a probe by the Central Bureau of Investigation (CBI) into alleged irregularities in the Madhya Pradesh Professional Examination Board (MPPEB), also known as Vyapam (Vyavsayik Pareeksha Mandal).
  • A special investigation team (SIT) has been probing the irregularities in the various tests conducted by the MPPEB since 2013. This probe is now transferred to CBI.

PM Modi arrives at BRICS summit

  • Prime Minister Narendra Modi arrived to attend the seventh BRICS summit and was welcomed by host Russian President Vladimir Putin.
  • The BRICS summit is set to formalise the $100 billion BRICS New Development Bank and a currency reserve pool worth another $100 billion.