Current Affairs on Finance

Axis Bank has tied up with Wells Fargo (which was recently much hyped company becuase of corruption) to offer real time remittances from the Indian diaspora to their relatives back home.
Under the arrangement  any member of the Indian diaspora with an account with the Wells Fargo will be able to transfer money to their relatives back home and there will be no transaction fee.​The bank has its head office in Mumbai and Registered office in Ahmedabad.

The Loan Agreement for New Development Bank (NDB) financing of US$ 350 Million for Development and Upgradation of Major District Roads Project in Madhya Pradesh (implementation is 5 years) was signed between Government of India and the New Development Bank (NDB) and is the First Loan Agreement for NDB assisted project in India. 

1. From 1 April 2017, IRDAI has proposed up to 50 per cent increase in insurance premium for cars, motor cycles as well as commercial vehicles.
2. The hike proposed in mid-segment cars (1,000 – 1,500 cc) as well as bigger cars and SUVs is 50 per cent while no proposal is made to increase the third party motor insurance premium for small cars (up to 1,000 cc) from Rs 2,055.

1. The government has notified Specified Bank Notes (Cessation of Liabilities) Act, 2017, the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs 10,000.
2. It was signed by President Pranab Mukherjee and thus now it provides for a minimum fine Rs 50,000 for false declaration by persons who were abroad.

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.

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.