Banking, Financial and Economic Awareness of 5 and 6 July 2020

1. Shapoorji Pallonji Group among four international bidders for theme park in the UK

• Shapoorji Pallonji Group has found place among four international bidders for theme park in the UK.
• The theme park project is one among largest construction projects in Europe. Its location is on the banks of Thames River.
• Under the project two theme parks and a resort water park will be established.
• Earlier, Bharti Enterprises has won auction to take 45% stake in OneWeb satellite and Shapoorji Pallonji Group may become second Indian company to become involved in a British project.
• Thames River flows through southern England. It also flows through London. In terms of longest rivers in UK, Thames River comes at second place after the River Severn.

2. Rs 3,500 crore to be invested on data centres

• Rs 3,500 crore will be invested by Yotta Infrastructure on three different data centres.
• The data centres will be located in Mumbai, Delhi and Chennai.
• First data centre is ready at Panvel Datacentre Park. This data centre has received Uptime Institute Tier IV Certification of Design Documents Certification (TCDDUSA), which is highest certification for design of data centre.
• Construction work at Chennai data centre got delayed. It may be started on October 1 and completed by October 2021. Third data centre in Delhi may be completed by January 2022.
• Yotta Infrastructure is a company belonging to Hiranandani Group.

3. AatmaNirbhar Bharat App Innovation Challenge launched

• AatmaNirbhar Bharat App Innovation Challenge launched by Ministry of Electronics and Information Technology (MeitY) in partnership with NITI Aayog’s Atal Innovation Mission.
• The challenge has been launched on 4 July 2020 and entries can be submitted till July 18.
• The challenge has two tracks. Track 1 App Innovation Challenge is focused on identifying already used Indian Apps with potential to become world class Apps.
• After Track 1 Challenge, Track 2 challenge will be launched. The track 1 has been launched in eight broad categories.

4. Commerce and Industry ministry wants strict checking of goods from certain countries 

• The commerce and industry ministry wants strict checking of goods from certain countries to avoid routing of Chinese imports through these countries.
• The list includes Bangladesh, Sri Lanka, South Korea and the ASEAN bloc.
• The commerce and industry ministry has also requested the finance ministry for stricter rules of origin provisions so that customs officials can check abuse of FTAs.
• In the budget, government has amended Customs Act and added a new chapter on rules of origin.
• After the amendment, government can suspend and deny preferential tariff treatment.

5. Bills to close last coal-fired power plant approved in Germany

• Germany has approved bills to close last coal-fired power plant by 2038.
• Germany has become first industrialized country to commit phasing out of nuclear power and coal power.
• Germany has already committed that it will phase out nuclear power by 2022.
• Germany lies in central and western Europe. Its capital is Berlin. Denmark lies to its north.  Poland and the Czech Republic are located to the east of Germany. 
• Austria and Switzerland are located to its south. France, Luxembourg, Belgium, and Netherlands lie to its west.

6. Larger bench of ITAT to examine amendment to Section 254 (2A) of Income-Tax Act

• Larger bench of Income Tax Appellate Tribunal (ITAT) will examine amendment to Section 254 (2A) of Income-Tax Act.
• The hearing is related to a case in which IT department has insisted on 20% payment of tax demand on Tata Education & Development Trust.
• As per the original Section 254 (2A), ITAT was allowed to stay a demand for 180 days and extend it. ITAT was also allowed to fix the payment for the tax demand.
• As per the amendment to Section 254 (2A), assessee is required to pay minimum 20% of demand for grant of stay.
• Income Tax Appellate Tribunal (ITAT):
  • It is a quasi judicial body.
  • It was formed in January, 1941.
  • Its orders are final.

Read Banking Awareness PDF - 5 and 6 July 2020