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Current Affairs on Finance

Current affairs on 21 February 2017

Oriental Bank launches wallet ‘Batuaa’
  1. Oriental Bank of Commerce (OBC) has launched of mobile wallet ‘Oriental Batuaa’.
  2. A new version of mobile banking, OBC has also launched two new cards, Oriental Premium card is a RuPay based Platinum international debit card.
Law to Compensate loss approved by GST
  1. GST Council approved a law to compensate states for any loss of revenue from the implementation of new national sales tax.
  2. Once the laws are approved, the Council will get down to fixing rates of taxes for different goods and services by fitting them into the four approved slabs of 5,12,18 & 28%.
RBI doubles gold loan limit for RRB
  1. The Reserve Bank of India increased the gold loan limit for RRBs (Regional Rural Banks) along with bullet repayment scheme.
  2. The gold laon is increased to Rs 2 lakh from the current Rs 1 lakh to help the farmers and artisans have access to credit who are willing to pledge gold as collateral.
  3. It is also worth to mention that the limit has been doubled for the loans not exceeding 12 months from the date of sanction.

Current affairs on 16 February 2017

I-T dept issues refunds of Rs 1.42 cr this fiscal; 41.5% higher than last year, 2016
  1. The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year, 2016. 
  2. Finance Ministry in a release stated that, 92% of the refunds issued are below 50 thousand rupees, due to the high priority given to expeditious issue of refunds to small taxpayers.
  3. It stated that, only 2% of refunds less than 50 thousand rupees remain to be issued. The Ministry said that 92% of all I-T returns were processed within 60 days. 

 

Posted on: 16th February 2017 Read complete Article →
National Career Services (NCS) and Jeevan Praman Facility for EPFO Pensioners Launched in Hyderabad Post Office
  1. The Union Minister of State for Labour and Employment Bandaru Dattatreya launched the National Career Service (NCS) for youths and Jeevan Praman facility to EPFO pensioners through Post Offices at DakSadan in Hyderabad.
  2. The Post Offices will serve as an Employment Registration Centres for Unemployed rural youth on behalf of the 'National Career Service' Portal where youths can register themselves for employment in 1,55,000 post offices established across the country for over 3000 occupations offered under 52 sectors in NCS

Current affairs on 14 February 2017

Task force set up to check tax evasion
  1. In the latest move to curb tax evasion, the government has set up a task force to monitor actions of deviant shell companies. 
  2. The setting of the task force is done under the co-chairmanship of revenue secretary Hasmukh Adhia and corporate affairs secretary Tapan Ray.
  3. force is constituted to review the functioning of shell companies to prevent their misuse for money laundering and tax-evasion, especially post-demonetisation.
Posted on: 14th February 2017 Read complete Article →

Current affairs on 10 February 2017

RBI's Monetory Policy February 2017 : Keeps repo rate unchanged at 6.25%
  1. RBI governor Urjit Patel led Monetary Policy Committee (MPC) kept the key repo rate unchanged at 6.25% in the first monetary policy review of 2017 and after Budget 2017. 
  2. 9.92 lakh crore new notes infused into market as on January 27, 2017.Inflation seen at 4-4.5% for April-September,2017. For January-March, 2017 CPI stay below 5%

Policy rates:
Repo Rate- 6.25%
Reverse Repo Rate- 5.75%
Marginal Standing Facility Rate- 6.75%
Bank Rate-  6.75%

Reserve Ratio:
CRR- 4%
SLR- 20.50%

Posted on: 10th February 2017 Read complete Article →
ICICI Securities partners with Saxo Bank
  1. ICICI Securities, a subsidiary of ICICI Bank, has entered into a strategic partnership with Saxo Bank, an online multi-asset trading and investment specialist.
  2. This partnership will offer Saxo's trading and investment capabilities via a digital platform to ICICI Securities' 4 million clients of ICICIdirect.com to diversify their investments outside of the domestic Indian market and access multi-asset investment opportunities on 36 stock exchanges across 24 countries, through SaxoTraderGo.
  3. Clients opting for these services to invest outside India will gain access to third party research with Tradingfloor.com.

Current affairs on 08 February 2017

India and Austria signs protocol
  1. India and Austria signed a Protocol amending the existing Convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
  2. The Protocol will help curb tax evasion and tax avoidance between the two countries.
Posted on: 08th February 2017 Read complete Article →

Current affairs on 07 February 2017

‘Operation Clean Money’ (‘Swachh Dhan Abhiyan’) laucnhed by the IT Department
  1. The Income Tax Department on 31 January 2017 launched the massive operation ‘Operation Clean Money’ (‘Swachh Dhan Abhiyan’) to unearth unaccounted money by scrutinizing around 18 lakh persons around the country and department is scrutinising these accounts and have asked taxpayers to revert to their queries in 10 days.
  2. Operation Clean Money is basically a programming software which will be used to get answers on all the deposits made and after preliminary answers from the people. Then only, if need be, the IT Department will take legal action against those people.
Posted on: 07th February 2017 Read complete Article →
Posted on: 07th February 2017 Read complete Article →