India and United Kingdom (UK) have signed a MoU (Memorandum of Understanding) to ease restrictions on the number of scheduled flights between the two countries.
The MoU was formally signed by Union Minister of Civil Aviation Pusapati Ashok Gajapathi Raju on behalf of India and Lord Tariq Ahmad of UK during his visit to India.
Limits on flights from key Indian cities including Chennai and Kolkata have been scrapped, allowing for a greater range of flights for passengers while providing a boost to trade and tourism for the UK and India.
All destinations in the UK is opened for Indian carriers for code share flights, and UK carriers can also operate code share flights to any International Airport in India, through domestic code share arrangements.
The increase in number of flights between both countries will boost businesses and tourists. It will bring direct and indirect benefits to many sectors of the economies of two countries. Tourism from India makes an important contribution to the UK’s economy. In 2015, there were 422,000 visitors from India to the UK, bringing more than 433 million pounds to its economy.
An Indian-origin neurosurgeon Dr Shawna Pandya (32) has been shortlisted by NASA for its 2018 space mission under the Citizen Science Astronaut (CSA) programme. She was shortlisted after securing top score in the CSA programme. If everything goes as per plan, she may join the league of Kalpana Chawla and Sunita Williams.
Dr Shawna Pandya Currently she is based and was born in Canada. She is general physician with the Alberta University Hospital. She has her roots in Mumbai, where her grandmother currently lives.
Dr Pandya had completed her B.Sc in neuroscience at University of Alberta, followed by M.Sc. in space sciences at International Space University (ISU). Thereafter, she did her MD in Medicine from University of Alberta.
She then had applied for medical school as well as for the space programme at the same time. She is also an opera singer, an international champion in taekwon-do and has also done her training in Muay Thai with a Navy SEAL.
She is also member of team working for a project called Polar Suborbital Science in the Upper Mesosphere (PoSSUM), which will study the effects of climate change.
Kerala’s Nilambur teak known internationally for its superior timber quality and elegant appearance will be added to the list of Kerala produces with the Geographical Indication (GI) tag. In this regard, IPR Cell of the Kerala Agricultural University (KAU) with the support of the Nilambur Teak Heritage Society, the Kerala Forest Research Institute (KFRI) and the Department of Forests have applied for GI tag
Britishers were first to identify the superior and unique quality of teak from Kerala’s Nilambur plantations and forests. Later, the region became the major supplier of quality teak in the world. Nilambur was christened the Mecca of Teak.
Due to its superior mechanical and physical properties as well as aesthetic appearance, the teak was exported to England and other parts of the world. However, as the fame of Nilambur teak increased, fake products with false tags also started flooding the wood and furniture markets
Produces from Kerala with GI tag: Pokkali rice, Vazhakulam Pineapple, Tirur Betel vine, Wayanadan rice varieties Jeerakasala and Gandhakasala, Central Travancore Jaggery and Chengalikodan Nendran, a banana variety.
GI tag : GI tag is an insignia on products having a unique geographical origin and evolution over centuries with regards to its special quality or reputation attributes. The status to the products marks its authenticity and ensures that registered authorised users are allowed to use the popular product name.
Benefits of GI Status (i) Legal protection to the products (ii) Prevents unauthorised use of a GI tag products by others (iii) Helps consumers to get quality products of desired traits (iv) Promotes economic prosperity of producers of GI tag goods by enhancing their demand in national and international markets.
The Indian Space Research Organisation (ISRO) has indigenously developed Telemetry & Telecommand Processor (TTCP) and its productionisation will be initiated with the help of Indian industry. The processor development was undertaken up by ISRO as part of ‘Make in India’ campaign to replace the expensive imported equipment necessary for uplinking and downlinking to satellites.
TTCP has been developed by Bengaluru based of ISRO Satellite Centre (ISAC). Besides, Spacecraft Checkout Group of ISAC is responsible for testing it.
It will be used by ISRO in Integrated Spacecraft Testing of Low Earth Orbit, Geostationary Orbit and Interplanetary Spacecraft. It is configurable to meet uplink and downlink requirements of both CCSDS (Consultative Committee for Space Data Systems) and ISRO standards and multiple clients to remotely access for data and monitoring.
The system was developed on Field Programmable Gate Array (FPGA) platform. The softcore processor on board the FPGA allows programming all features of TCCP remotely. It is being tested on the ground using the same communication protocols that will be used in space.
During test, ground systems will communicate to spacecraft via the same uplink and downlink signals, as in space. This indigenously developed Processor has been successfully deployed for the first time in checkout of GSAT-19, which is scheduled to be launched shortly onboard of GSLV-Mk III-D1.
The Union Ministry of Commerce and Industry has launched pilot Revenue Insurance Scheme for Plantation Crops (RISPC) for protecting the growers from the risks such as pest attacks, yield loss and income decline caused by fall in prices.
It was announced by Union Minister of State (MoS) Commerce and Industry Nirmala Sitharaman in a written reply to the Rajya Sabha.
Revenue Insurance Scheme for Plantation Crops (RISPC) : RISPC announced in September 2016 is improved form of the Price Stabilization Fund (PSF) Scheme, 2003 which was closed 2013.
It was launched for protecting growers of plantation crops from twin risks of yield loss due to pest attacks, adverse weather parameters etc. and income loss caused by fall in domestic and international prices. It shall be covering tea, coffee, rubber, cardamom and tobacco plantations and shall be implemented by the commodity boards.
It will be implemented on a pilot basis for two years i.e. till 2018 in eight districts in West Bengal, Kerala, Andhra Pradesh, Assam, Karnataka, Sikkim and Tamil Nadu. On the basis of performance of the scheme in pilot project, it will be considered for extension to other districts.
The Union Minister for Science & Technology and Earth Sciences Dr. Harsh Vardhan released the Special Edition of “Atlas for Visually Impaired (India)” in English Braille in New Delhi. This Braille Atlas has been prepared by National Atlas and Thematic Mapping Organisation (NATMO) under Department of S&T. It is world’s first braille atlas for the visually impaired
In the Braille Atlas, maps are raised and embossed with simple point and lines symbols to facilitate users to realize the location and area coverage easily in terms of distinguishable shapes and textures. The legend and reference is also placed on map in Braille script to navigate map.
About 20 maps on different themes of physical, socio-economic and cultural aspects of the country have been incorporated in it.
The Atlas will be distributed free of cost to various schools across the country for educating the students with visual challenges.
It was awarded National award for S&T intervention in empowering the physically challenged by the Prime Minister in January, 2017 at the Indian Science Congress held in Tirupati.
Nokia Corporation 9 February 2017 announced to acquire Comptel Corporation to advance its software strategy. The acquisition will also provide service providers with a comprehensive solution to design, deliver, orchestrate and assure communications and digital services across all the networks.
Earlier on 8 February 2017, Nokia and Comptel entered into a Transaction Agreement under which Nokia, through its wholly owned subsidiary Nokia Solutions and Networks Oy, undertook voluntary public cash tender offer to purchase all of the issued and outstanding shares of Comptel.
Highlights of the acquisition : The price offered for each share in the Tender Offer was EUR 3.04 in cash.
The Tender Offer valued Comptel at approximately EUR 347 million on a fully diluted basis.
When Comptel will be combined with Nokia's OSS, BSS, analytics and cloud technology, customers will be provided with end-to-end orchestration of complex Network Function Virtualisation (NFV) and Software Defined Networking (SDN) deployments.
It will also allow Nokia to build a standalone software business by expanding and strengthening its software portfolio with additional sales capacity and a strategic partner network.
Comptel will bolster Nokia's software portfolio by adding critical solutions for catalogue-driven service orchestration and fulfilment, customer engagement, intelligent data processing and agile service monetisation.
Welspun India Ltd (WIL) on 9 February 2017 entered into a co-operation agreement with Cotton Egypt Association (CEA) to promote and market Egyptian cotton products across the world.
Welspun will help the Cotton Egypt Association in creating marketing programmes and execute them using its extensive global network. The agreement will be aimed at boosting Welspun India's Egypt operations by setting up a manufacturing facility for Egyptian Cotton home textile products.
Highlights Under the agreement, Welspun India Ltd and Cotton Egypt Association will work together to create programmes for promotion of Egyptian Cotton logo in the retail markets across the globe.
Welspun India will invest around USD 3 million in a stage wise manner over next few years to support the joint initiatives of both the companies.
The Cotton Egypt Association also granted the right to use the Egyptian Cotton logo to Welspun India for five years until 2022.
Welspun will undertake stringent audit and traceability programme to ensure the best product quality that is certifiable, verifiable and auditable.
The agreement will also help in enhancing the complete supply chain of the Egyptian Cotton starting from cultivation to the final product.It will benefit the Egyptian farmer and the industry as a whole.
India’s first National Women’s Parliament (NWP) began on 10 February 2017 in Amaravati, the new capital of Andhra Pradesh.
The three-day conference, which is the first of its kind, is being organised by the Andhra Pradesh Legislative Assembly.
The theme of the conference is 'Empowering Women - Strengthening Democracy'.
The inaugural session was attended by imminent personalities and leaders from across India and beyond including the spiritual Buddhist leader Dalai Lama and Andhra Pradesh CM N Chandrababu Naidu.
According to Assembly Speaker Kodela Sivaprasada Rao, over 91 women parliamentarians, 401 legislators, 300 social and corporate sector women leaders from India and abroad are expected to attend the event. Some of the notable leaders include actress Manisha Koirala and Gandhian Ela Bhatt.These women will be sharing their experiences and connecting with over 10000 socially and politically sensitive young girls.
The NWP would also be conferring the 'International Woman Icon of the World' award and 12 best young achievers awards to women, who have excelled in different fields.
The event would also host seven plenary sessions that will include discussions on important subjects such as women's status and decision-making, building own identity and vision for the future.
National Women’s Parliament : Its main objective is to provide a politically-neutral platform to women belonging to diverse backgrounds to share their knowledge and research in the area of women’s social, economic and political empowerment. It also aims to facilitate interaction among the women leaders and young girls, in order to sensitise the society on raging issues such as social security, sexual harassment, malnutrition, gender inequality, sanitation and oppression of women.
Further, it aims to make the young girls realise their true potential and guide them to take up leadership roles.
The National Basketball Association (NBA) and the International Basketball Federation (FIBA) on 9 February 2017 announced the names of the top 67 boys and girls for the third annual Basketball without Borders (BWB) Global Camp.
The list also shows the names of India youngsters Aashay Verma and Priyanka Prabhakara. Verma is a 17-year old teenager, 7-foot, 1-inch tall and plays center. Prabhakara is a 5-foot, 10-inch tall player and hails from Kerala.
The BWB Global Camp will be held from 17 February to 19 February 2017 at the New Orleans Pelicans’ practice facility as part of NBA All-Star 2017.
Basketball Without Borders Camp : Basketball Without Borders is a basketball instructional camp.
It is organised by the National Basketball Association in conjunction with the International Basketball Federation.
It is a four-day camp, which brings together top young basketball talent aged 19 and younger from Asia-Pacific, Europe, Americas and Africa.
The BWB presents itself as a “basketball development and community outreach program that unites young basketball players to promote the sport and encourage positive social change in the areas of education, health, and wellness”. It also promotes leadership, education, sportsmanship and healthy living with an emphasis on HIV/AIDS awareness and prevention.
The camp has been organised annually since 2001.
41 BWB camps have been held across 23 cities in 20 countries with in excess of 2300 participants from more than 120 countries and territories.
The National Deworming Day was observed on 10 February 2017 in India with an aim to tackle worm infections in children.
This year, the National Deworming Day initiative was aimed at reaching approximately 34 crore children in the age group of 1-19 years in government-aided schools, anganwadis, and private schools in 34 states of the country.
The day is generally marked by events and awareness programmes that are conducted by Department of School Education and Literacy under Union Ministry of Human Resource and Development, Union Ministry of Women and Child Development and Union Ministry of Drinking Water and Sanitation.
Moreover, a coordinated effort is also rolled out across the country with tablets and communication material. Reporting forms are also delivered to every school and anganwadi for the deworming program.
India owns the highest burden of worm infections in the world with the WHO estimating in 2014 that over 22 crore Indian children aged 1-14 years are at risk.
Intestinal worm infections act as a deterrent to children’s growth and development, and can adversely impact performance in school, and livelihood potential later in life.
In such cases, deworming with the safe and beneficial Albendazole 400 mg tablet is an effective solution to controlling worm infections.
Deworming may have very few side effects and some children might experience nausea, mild abdominal pain, vomiting, diarrhoea and fatigue.
Apart from being dewormed, maintaining healthy and hygienic practices help children and communities to remain safe from worm infections.
The Union Government in the second week of February 2017 decided to open 56 Post Office Passport Seva Kendras (POPSK).
The centres will be opened at different locations of many states for delivering passport related services to public. The states include Delhi, Gujarat, Madhya Pradesh, Assam, Odisha, Telangana, West Bengal and Rajasthan.
In January 2017, the External Affairs Ministry and the Department of Posts announced their decision to utilize the Head Post Offices in the various States as Post Office Passport Seva Kendras. The partnership is aimed at extending passport services on a larger scale and to ensure wider area coverage.
Earlier, the project was started on a pilot basis at Mysuru in Karnataka and Dahod in Gujarat on 25 January 2017.
Indian Passport : Indian passport is issued by the President of India to citizens of the Republic of India for travelling abroad.
It also serves as proof of Indian citizenship as per the Passports Act (1967).
The Consular Passport & Visa (CPV) Division of the Ministry of External Affairs is responsible for issuing Indian passports on demand to all eligible Indian citizens.
At present, passports are issued at 37 locations across the country and at 162 Indian diplomatic missions abroad.
In 2014, more than 10 million passports were issued by India. The number is exceeded only by China and the US.
Renowned physicist and Nobel laureate Sir Peter Mansfield passed away on 8 February 2017 in London, England. He was 83.
Mansfield, along with Paul Lauterbur, had won the 2003 Nobel Prize for Physiology or Medicine for developing magnetic resonance imaging (MRI).
Sir Peter Mansfield : Sir Peter Mansfield was an English physicist. He also served as a professor at the University of Nottingham. Born on 9 October 1933 in London, he developed an interest in rocketry at the age of 18.
He took up a job with the Rocket Propulsion Department of the Ministry of Supply in Westcott, Buckinghamshire. Eighteen months later, he was called up for National Service.In 1959, he earned a BSc from Queen Mary's.
In 1962, he received a PhD. His thesis was titled Proton magnetic resonance relaxation in solids by transient methods.
In 1968, he was appointed Senior Lecturer at Nottingham University. In 1970, he was appointed as a Reader. During this period, his team developed the MRI equipment with the help of grants from the Medical Research Council. In 1990, he was appointed Professor of the Department of Physics until his retirement in 1994.
He is credited with showing how the radio signals from MRI can be mathematically analysed, making interpretation of the signals into a useful image a possibility.
He is also credited with discovering how fast imaging could be possible by developing the MRI protocol called echo-planar imaging.
The Private sector lenders HDFC Bank started operating its Bharat Bill Payment System (BBPS) on February 7, 2017 to ease the bill payment service for the customers.
Along with HDFC, Kotak Mahindra Bank also went live with the BBPS service.
BBPS was introduced by National Payments Corporation of India (NPCI). It is a centralized payment platform that offers speed and convenience to pay all types of bills.
A customer can pay multiple bills from a single platform without the need of visiting multiple websites or issuing individual cheques, or also registering billers with her bank for standard instructions for debit.
The BBPS offers integrated and interoperable bill payment service with security, certainty and reliability of transactions.
The service is available in multiple payment modes, online and through a network of agents. An instant confirmation is generated for the bill payments. The BBPS will transform the society from cash to electronic payment system, making it less dependent on cash.
The Union Ministry of Human Resource Development has constituted a sub-committee of Central Advisory Board of Education (CABE) under Chairmanship of Telangana’s Deputy Chief Minister Kadiyam Srihari to look into issues related to girls education
With the consultations of the Central/state governments and other stakeholders, the sub-committee will submit its report to the Union government within one year from the date of its constitution.
iiiThe other members of the sub-committee include: Minister for Finance and Planning Assam, Dr. Himanta Biswa Sarma, and Dr. Neera Yadav, Minister for Social Education and Literacy Development, Jharkhand. Besides, Rina Ray, Additional Secretary, School Education, MHRD, will be the member secretary.
The sub-committee would be responsible to examine the reasons for low participation oz girls in education including the socio-economic factors and suggest ways to reduce gender disparity
It will assess the current status of girls’ enrolment across the country at primary, upper primary, secondary education and senior secondary levels in rural-urban areas.
Besides, it will also examine the existing schemes, measures and incentives in use to enhance girls’ participation and ensure their retention in education and suggest improvements and modifications in the existing schemes.
The committee will further look into the issues of safety of girl students in schools, particularly in residential schools and hostels and identify infrastructure gaps.
Jharkhand Chief Minister Raghubar Das launched energy efficient fans and LED tube lights under the ‘Unnat Jeevan by Affordable LEDs and Appliances for All’ (UJALA) scheme in the state.
The UJALA scheme is being implemented by Energy Efficiency Services Limited (EESL), a JV under the administration of Ministry of Power, Government of India.
In Jharkhand, EESL plans to distribute more than 25 lakh LED tube lights and one lakh energy efficient fans to people on upfront payment. It is estimated that over 5.5 lakh consumers will benefit from the scheme.
India and Austria signed a protocol to amend the existing bilateral taxation treaty for Avoidance of Double Taxation and the Prevention of Fiscal Evasion.
The protocol was signed between Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on behalf of India and Embassy of Austria Charge d’ Affaires Georg Zehetner on Austria behalf of Austria.
The protocol will broaden the scope of the existing framework of exchange of tax related information.
This will help to curb tax evasion and tax avoidance between the two nations as well as enable mutual assistance in relation to collecting taxes.
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved signing a Memorandum of Understanding (MoU) between India and Senegal in the field of Health and Medicine. Both countries will set up a Working Group to further elaborate the details of cooperation and to oversee the implementation of this MoU.
main areas of cooperation under
MoU Integrated Disease Surveillance.
Drugs and Pharmaceutical products and hospital equipments.
Any other areas of mutual interest.
The Reserve Bank of India (RBI) has decided to set up separate Enforcement Department to effectively monitor banks in case they violate regulations and speed up regulatory compliance.
The department will be operational from April 1, 2017 i.e. the next financial year (2017-18). It will mainly deal with the penalties imposed on banks for violation of norms.
Currently, the penalties are determined by the banking and non-banking supervision departments against banks violating rules.
The Enforcement Department will serve as centralised department to deal with penalties imposed on banks. This will help RBI follow-up and maintain a record on banks performance. It will deal with cases of non-compliance with regulations noticed either through the surveillance process or otherwise.
Regulation, enforcement and surveillance are three important facets of financial sector oversight mechanism. Regulations determine the framework in which financial entities function so that transparency, prudence and comparability are ensured on the one hand and customer interests are protected on the other.
Surveillance is the process through which adherence to the regulations is monitored. Currently, in the RBI, there is a clear demarcation of the surveillance and regulatory functions, but it was not in the case with enforcement of rules.
India will make a presentation on the proposed Trade Facilitation in Services (TFS) Agreement to World Trade Organisation (WTO) Director General Roberto Azevedo and India Inc.
The global pact proposed by India to boost services trade at the WTO-level aims to ease norms including those relating to movement of foreign skilled workers and professionals across borders for short-term work.
The proposed services pact is similar to the Trade Facilitation Agreement (TFA) in Goods adopted by the WTO Members in 2014 at Bali Summit to ease customs norms for boosting global goods trade.
Covers measures across all modes of supply for services delivery in cross-border trade, related to entry into the market as well as those applied post-entry. Seeks to ensure portability of social security contributions, as well as make sure charges or fees for immigration or visas transparent, reasonable and non-restrictive in nature.
Pave the way for a single window mechanism for foreign investment approvals. Ensure cross-border insurance coverage to boost medical tourism. Ensure publication of measures impacting services trade and timely availability of relevant information in all the WTO official languages as well as free flow of data and information for cross-border supply of services.
The Union Government has turned down the recommendation of Department-Related Parliamentary Standing Committee to come up with a new law for the Central Bureau of Investigation (CBI). The parliamentary committee has recommended replacing Delhi Special Police Establishment (DSPE) Act, 1946 which governs CBI. Government stated that it might impinge on the federal structure of the Constitution.
Powers given to the CBI under the DSPE Act are not adequate considering the pace of changing times as it has grown into a more dynamic agency specialising in prevention, investigation and prosecution of crimes. In this context, there is need for a separate statute for the CBI for making it an independent and accountable agency.
Separate statute for the CBI will necessitate amendment of Constitution which may also impinge on the federal structure of the Constitution. The mandate of Parliament to enact a law which would be in conflict with Entry 2 of List II of the Seventh Schedule which is in the domain of the States. In this case, CBI may be conferred with powers which will impinge on all the powers of investigation of offences which are conferred on the State police.
Central Bureau of Investigation (CBI) : CBI is the foremost investigative police agency in India. It is non constitutional and non-statutory body. It was established in 1941 as Special Police Establishment and was renamed to present nomenclature in 1963.
The Reserve Bank of India (RBI) has decided to set up an inter-disciplinary Standing Committee on cyber security to examine various threats and suggest measures to deal with it. The committee will suggest appropriate policy interventions to strengthen cyber security and resilience in a bid to strengthen cyber security system.
Review the threats inherent in the existing or emerging technology on an ongoing basis. Study adoption of various security standards and protocols and also act as interface with stakeholders. Suggest appropriate policy interventions to strengthen cyber security and resilience
The committee has been set up based on the recommendations of the expert panel on information technology examination and cyber security headed by Meena Hemachandra. In recent times, banks have taken steps to strengthen their defences against cyber-attacks, but the diverse and ingenious nature of recent attacks has necessitated an ongoing review of the cyber security landscape and emerging threats.
In 2016, as many as 32.14 lakh debit cards were compromised in the cyber-attacks. It was the biggest-ever breach of debit card data in India. Of the debit cards affected, about 26.5 lakh were Visa and Master Card-enabled and 6 lakh were RuPay enabled. To tackle the threat, RBI had issued swift guidelines to banks, mandating cyber security preparedness for addressing cyber risks.
The Union Home Minister Rajnath Singh on 8 February 2017 released the book titled - Veerappan, Chasing the Brigand.
The book was written by K Vijay Kumar, Senior Security Adviser in the Union Ministry of Home Affairs.
The book is considered as an authoritative narrative as the author K Vijay Kumar spearheaded the Tamil Nadu Special Task Force (STF) that planned and executed the Veerappan’s encounter in 2004.
Highlights of Veerappan, Chasing the Brigand : The book is a lucid and incisive account of the rise and fall of India’s most dreaded forest brigand.
The book narrates various incidents that shaped Veerappan’s life - whether it is his birth in Gopinatham in 1952 or his death in 2004 in a shootout in Padi.
It traces his dramatic rise from a small-time poacher and sandalwood smuggler to a brutal fugitive who held three states to ransom for two decades.
The book describes ruthless killings and high-profile kidnappings masterminded by Veerappan in a fascinating detail.
K Vijay Kumar : He is a former 1975 batch IPS officer of the Tamil Nadu cadre.
He headed the prestigious Sardar Vallabhbhai Patel National Police Academy (SVPNA) in Hyderabad in 2008.He also served as the Director General of Central Reserve Police Force (CRPF).
The Central Board of Direct Taxes (CBDT) on 6 February 2017 signed four Unilateral Advance Pricing Agreements (UAPAs) as part of the Advance Pricing Agreement Scheme.
The four UAPAs signed pertain to the manufacturing, financial and information technology sectors of the economy.
The international transactions covered in these agreements include contract manufacturing, information technology enabled services and software development services.
With the signing of these four APAs, the total number of APAs entered into by the CBDT has reached 130. This includes 8 bilateral APAs and 122 Unilateral APAs.
Transfer pricing is the setting of the price for goods and services sold between related legal entities within an enterprise.
For example, if a parent company purchases goods from its subsidiary, the price of those goods paid by the parent to the subsidiary is known as the transfer price.Over the years, it has been observed that the transfer pricing mechanism is prone to misuse by the multi-national companies (MNCs).
Some MNCs use the ‘transfer price’ method to transfer profits from a high-tax territory to a tax haven. It is in this context the mechanism of advance pricing agreement (APA) comes into the picture.
An APA is an agreement between a taxpayer and the tax authority determining the transfer pricing methodology for pricing the tax payer’s international transactions for future years.An APA provides certainty with respect to the tax outcome of the tax payer’s international transactions.
An APA can be one of the three types - unilateral, bilateral and multilateral.
A Unilateral APA is an APA that involves only the taxpayer and the tax authority of the country where the taxpayer is located.
Bilateral APA (BAPA) is an APA that involves the tax payer, associated enterprise (AE) of the taxpayer in the foreign country, tax authority of the country where the taxpayer is located and the foreign tax authority.
Multilateral APA (MAPA) is an APA that involves the taxpayer, two or more AEs of the tax payer in different foreign countries, tax authority of the country where the taxpayer is located and the tax authorities of AEs.The progress of the APA Scheme is an indication of the government’s resolve of fostering a non-adversarial tax environment.
The Indian APA program has been appreciated in India and across the world for being able to address complex transfer pricing issues in a fair and transparent manner.