Current affairs briefing for 7th May, 2007.

Hi friends,

Here goes our link for today:

http://indiancurrentaffairs.blogspot.com/2007/05/07052007.html

In today's briefing:

1.  Let's take a look at how our duty free business gets hit by restrictions imposed by developed world.

2.  Ever heard of determinate trusts?  See how they are taxed as VCFs.  One more take on pass-through status, to reinforce your learning.

3.  A section in India feels that we should grant Market Economy status to China.  What does this mean?

4.  We all have at least heard the phrase in 'cognizable offence' in court scenes in quite a few movies.  But what exactly is a cognizable offence?  Non-lawyers among you should try to answer this before referring to the blog.

5.  You would have read at least umpteen times something about Basel II norms in our blogs.  Take a look at an excellent article that appeared in today's ET.

6.  World Laughter Day.  Something about this.  Good info.

7.  Kim Clijsters announces retirement.  Can you spell her name correctly?  Did I?  What is her nationality?

8.  Nepal has the place where Buddhist paintings are discovered recently.

9.  What is IMDEX 2007?  Who is participating in it from India?

And a couple of other tidbits.

Happy reading.

Ramakrishna

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My Blogs:
http://indiancurrentaffairs.blogspot.com
http://discover-it.blogspot.com

Test your current affairs knowledge:
http://discover-it.blogspot.com/2006/09/quiz.html
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