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Current Affairs on Finance

Current affairs on 21 December 2016

EPFO Lowers Interest Rate on EPF

  1. The decision was taken in line with the falling rate regime which has seen RBI cut key lending rates and thus Employees Provident Fund Organisation, EPFO has lowered the interest rate on provident fund deposits to 8.65 per cent for the current fiscal, from 8.8 per cent in 2015-16.
  2. The decision was taken by EPFO’s apex decision making body, the Central Board of Trustees (CBT), headed by the Labour Minister.

Centre extends farm loan interest period by 60 days 

  1. Following the recent demonetization decision, the Government decided on 20 December 2016 to provide an additional grace period of 60 days to such farmers, whose crop loan dues were due between 1st November, 2016 and 31st December, 2016. 
  2. If such farmers repay the same within 60 days with effect from the date on which the repayment was due, they will be eligible for prompt repayment incentives and is expected to provide a boost to the rural and agricultural economy. 

Current affairs on 20 December 2016

19 Insurers Remained Profitable in FY16

  1. According to the annual report by Insurance Regulatory & Development Authority of India out of the 24 life insurance companies operating in India, only 19 insurers remained profitable in 2015-16.
  2. During 2015-16, the life insurance industry reported profit after tax at 7,415 crore rupees.
  3. The life inflation adjusted insurance premium in India increased by 7.8 percent.
Posted on: 20th December 2016 Read complete Article →

Current affairs on 19 December 2016

Pradhan Madntri Garib Kalyan Yojana launched

  1. Offering one last chance to black money holders, the government notified that they have time until 31st March 2017 to come clean by paying 50 per cent tax of the unaccounted money under the Pradhan Madntri Garib Kalyan Yojana. 
  2. Government will use this money from penalty under this scheme for social schemes. 
  3. Government has notified changes to income tax law for the new black money disclosure scheme i.e 'Pradhan Mantri Garib Kalyan Yojana'. 
  4. Money received under this scheme as penalty will be used for the social schemes meant for poor. 
  5. ---This scheme starts from Dec 17 and declarations made under this scheme will be kept confidential
  6. --Any individual who has undisclosed income can disclose income under this scheme till March 31 2017
  7. --Any individual who declares unaccounted income, will have to pay a fine of 50% of the unaccounted money 
  8. ---25% of the amount will remain locked in for 4 years
  9. ---You can deposit the penalty on your undisclosed income in any bank or in the income tax department 
Posted on: 19th December 2016 Read complete Article →

VG Kannan Appointed CEO of IBA

  1. V G Kannan took charge as Chief Executive of the Indian Banks’ Association (IBA) as he succeeds M V Tanksale who demitted office as Chief Executive after being at the helm for three years.
  2. He had retired as Managing Director & Group Executive (Associates & Subsidiaries) of State Bank of India.
  3. IBA is a 70-year old body has 237 members and self-regulatory organisation of banks.

Cyprus Removed from India Tax Blacklist

  1. Cyprus has been formally removed from India’s tax blacklist.
  2. The Central Board of Direct Taxes (CBDT) has issued a notification, rescinding it’s executive order blacklisting the island nation from November 1, 2013 and the only country non-cooperative jurisdiction.

IBBI Notifies Norms for Liquidation

  1. The Insolvency and Bankruptcy Board of India (IBBI) notified regulations for liquidation process.
  2. An insolvency professional is barred from acting as a liquidator unless that individual is independent of the corporate debtor concerned.
  3. Among others,advocates,ca,company secretaries & cost accountants with 15 years of experience in their respective fields can serve as insolvency professional .

Niti Aayog announces two award schemes

  1. After the finance ministry declared multiple incentives ranging from discounts on fuel, highway toll and railway tickets for those using digital payment modes, Niti Aayog announced awards for people making payments through digital means.
  2. The scheme runs from Dec 25, 2016, to April 14, 2017 and on 14 April 2017, a mega award of Rs 1 crore will be announced for consumers.

Current affairs on 12 December 2016

Govt Decides to Print Plastic Currency

  1. Central Government has decided to print banknotes based on plastic or polymer substrate as it has an average life span of about five years and are difficult to imitate.
  2. RBI also for long has been planning to launch plastic currency note after field trials.
Posted on: 12th December 2016 Read complete Article →

Current affairs on 09 December 2016

RXIL to establish 1st trade receivables exchange platform

  1. The Reserve Bank of India has authorised the Receivables Exchange of India (RXIL), promoted by Sidbi and NSE, to launch the country's first trade receivables exchange platform for MSMEs, buyers and financiers. 
  2. Promoted by Sidbi, the apex financial institution for promotion and financing of MSMEs and the National Stock Exchange, RXIL has SBI, ICICI Bank, Yes Bank, SBI Caps, and ICIC Securities as other investors.
Posted on: 09th December 2016 Read complete Article →
Posted on: 09th December 2016 Read complete Article →
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