Current Affairs Pocket : 28th July 2017

BRICS nations sign memorandum to facilitate taxation cooperation

  • Tax authorities of the five BRICS countries have signed a landmark document to establish a mechanism for taxation cooperation. The BRICS Taxation Cooperation Memorandum, signed at the fifth meeting of BRICS Heads of Tax Authorities, is the bloc’s first document that elevates taxation cooperation to the institutional level.
  • The authorities also agreed to cooperate on taxation information exchange, improve consultation procedures efficiency, boost taxation capacities and plan paths for coordination of taxation policies and tax collection. The meeting comes ahead of the 2017 BRICS Summit to be held in Fujian province’s Xiamen city from September 3 to 5.

Australia sends its first Uranium Shipment to India

  • Australia has sent its first uranium shipment to India for testing purposes ahead of possible commercial sales.
  • It has played a reliable long-term role in supplying India’s growing energy needs.
  • The transfer is part of ongoing commercial negotiations between Australian uranium exporters and India’s Department of Atomic Energy on possible sales contracts for civil nuclear-Power Generation.

2017 BRICS Labour and Employment Ministers’ meeting held in Chongqing

  • The 2017 BRICS countries agreed to work together to ensure stable employment and better quality of life for their people.
  • The decision in this regard taken at the 2017 Labour and Employment Ministers meeting held in Chongqing, China.
  • BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The BRICS members are all developing or newly industrialised countries and all five are G-20 members.

Axis Bank acquires FreeCharge for Rs. 385 crore

  • Axis Bank announced the acquisition of Snapdeal-owned mobile payments provider Freecharge in an all-cash deal worth Rs.385 crore. The deal is subject to regulatory approval from the Reserve Bank of India (RBI) and the indicative time-frame to complete the acquisition is two months, the private sector lender said in an exchange filing.
  • With this buyout, Axis Bank will get over 50 million customers of Freecharge along with its niche and patented technology and human resources. Founded in 2010 by Mumbai based entrepreneur Kunal Shah, FreeCharge started as a recharge deal coupons platform before turning into a full-scale mobile wallet.

Punjab National Bank ties up with Bajaj Allianz General for distribution

  • Punjab National Bank (PNB) and Bajaj Allianz General Insurance have signed an agreement for the distribution of insurance products through the branches.
  • Under this agreement, Bajaj Allianz General Insurance will offer Personal lines of insurance and Commercial line of insurance products to the bank’s customers.
  • The insurance company will also offer a wide range of rural insurance products. Such type of insurance tie-ups leads 100 million customers to various products under one roof.

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