India recently signed a pact with Singapore to amend a decade-old treaty to begin taxing capital gains on investments routed through the South East Asian nation. With the signing of the amended tax treaty, the government had closed all three channels—Mauritius, Cyprus and Singapore, from where domestic black money was flown out and then routed back to the country using these tax treaties. 

2016 was last a second longer as a ‘leap second’ added to the world’s clocks on New Year’s Eve by timekeepers. The extra second was inserted at the U.S. Naval Observatory’s Master Clock Facility in Washington, D.C., at 23 hours, 59 minutes and 59 seconds Coordinated Universal Time (UTC) which corresponds to 5:29:59 a.m. Indian Standard Time on January 1.

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