|Google’s digital payment app 'Tez' launched||18 September 2017|
|GSTN reopens window for composition scheme for small traders||18 September 2017|
|UNCTAD Report 2017- India, China unlikely to be growth poles for global economy||16 September 2017|
Finance Minister Arun Jaitley has launched Google’s Unified Payments Interface (UPI)-based digital payment service called ‘Tez’. The new digital payments app is expected to make a major change in the digital payments landscape in India. It would support several local languages including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.
The facility for composition scheme was opened for taxpayers with a turnover of up to Rs 75 lakh. These taxpayers will be allowed to be a part of the scheme, which offers easy compliance for business as returns are to be filed only quarterly, till 30 September 2017. The scheme was reopened to facilitate about 75 lakh registered businesses who opted for the scheme but failed to be a part of the scheme till 16 August 2017.
The UNCTAD’s recently released Trade and Development Report (TDR) 2017, stated that India and China at their current levels of growth will not serve as “growth polls” for global economy in near future. The world economy in 2017 is picking up but not lifting off. The global growth is expected to reach 2.6%, well below pre 2008 financial crisis average of 3.2%. The Trade & Development report is a flagship report of the UNCTAD which evaluates the global economic climate.
The Cabinet gave its approval for release of additional 1 per cent Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners with effect from 1 July 2017. The release of the additional 1 per cent instalment of DA over the existing rate of 4 per cent of the Basic Pay or Pension has been done to compensate for price rise.
The Dairy Processing & Infrastructure Development Fund will be set up as a corpus of Rs 8004 crore with National Bank for Agriculture and Rural Development (NABARD). The project will focus on building an efficient milk procurement system by setting up infrastructure & installation of electronic milk adulteration testing equipment, creation of processing infrastructure and manufacturing faculties for Value Added Products for Milk Producer Companies.
The project involves engagement of large number of workers at local level where work is to be executed. This will likely generate direct as well as indirect employment for about 11000 people in the form of skilled and unskilled workers and suppliers for support services.
As per RBI, the Currency Verification & Processing (CVPS) machines are way superior to the note counting machines. RBI uses these machines in two shifts and has also been using other machines that are temporarily drawn from commercial banks after suitable modifications. RBI is also exploring other options to augment processing capacity even further.
As per the government rules, a firm is eligible for Maharatna status if it is already a listed Navratna firm, has an average turnover at least Rs 25000 crore, net worth of Rs 15000 crore and an annual net profit after tax of Rs 5000 crore in the last three years. In addition, the fim should have significant global operations.
The Union government has set up an online service facility that can be used by importers and exporters to resolve all foreign trade-related issues.
The RBI has identified private sector lender HDFC Bank Ltd as a Domestic-Systemically Important Bank (D-SIB).
The Central Board of Direct Taxes (CBDT) was on 4 September 2017 honoured by Minister of State for Personnel Jitendra Singh for successfully resolving public grievances.
Five banks of the BRICS (Brazil, Russia, India, China and South Africa) Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings.
The due-date for filing Income Tax Returns and various reports of audit prescribed under the Income-tax Act, 1961 has been extended from 30 September 2017 to 31 October 2017.
The high-value currency notes of Rs 500 and Rs 1000 were banned by Union Government in November 2016 as a means to combat counterfeiting, black money and the financing of terrorist activities.
The DIPP announced the initiation of new Industrial Policy. This new industrial policy will be aimed at making India a manufacturing hub through ‘Make in India’. It will suitably incorporate the use of modern smart technologies such as IOT, artificial intelligence and robotics for advanced manufacturing.
For the first time, the policy has included start-ups. As per the norms, start-ups can raise up to 100 per cent of funds from Foreign Venture Capital Investor (FVCI)
The Pradhan Mantri Jan Dhan Yojana started on the eve of Independence day in 2014. Since then this project has linked 30 crore families with the banking network and has deposited more than 65000 crore rupees in their accounts. In three years, Jan Dhan scheme unleashed JAM revolution which includes PMJDY, AADHAR and mobile.It is that effort which resulted into linking of 73.62 crore accounts with about 52.4 crore unique Aadhaar numbers in India.
The Reserve Bank of India has introduced two new denomination banknotes of Rs 200 and Rs 50 in the Mahatma Gandhi (New) Series, bearing the signature of RBI Governor Urjit Patel.
The Union government has restricted imports of gold and silver items from South Korea in a bid to check the surge in imports of precious metals from the country.
ABWI 2017 will focus on strengthening collaboration in agri-business and food, higher education and research as well as smart cities and infrastructures.
It is aimed at facilitating consolidation among the Nationalised Banks to create strong and competitive banks.
The Union Government has given a directive to the Reserve Bank of India to print new Rs 200 notes. According to Finance Minister Arun Jaitley, RBI will be deciding the date for issuing the new currency note.
In view of the continues poor physical and financial performance of the company for more than 10 years, in spite of financial assistance and other support provided by the Ministry of Railways combined with low probability of its revival in future, the BWEL is being wound up.
The note has other designs, geometric patterns that align with the overall colour scheme, both at the obverse and reverse sides.
The Union Cabinet has given its approval for raising Extra Budgetary Resources (EBR) of up to Rs 9020 Cr for Long Term Irrigation Fund as per the requirement during 2017-18.
The total food grain production in the country is estimated at 275.68 million tonnes, which is higher by 10.64 million tonnes (4.01%) than the previous record production of food grain achieved during 2013-14.
The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of Department of Investment and public Asset Management (DIPAM) for revision in the procedure and mechanism for strategic disinvestment.
To ensure the concessional crop loan reaches to genuine farmers, RBI has advised banks to ensure proper documentation including the recording of land details even when the farmer avails gold loans for such purposes.
Volume 2 of the Survey noticed a rekindled optimism on structural reforms in Indian economy riding on various factors such as Positive impacts of demonetization, Launch of the GST among others.
Parliament has passed the Banking Regulation (Amendment) Bill, 2017 with the Rajya Sabha approving it on 10 August 2017; the Lok Sabha has already passed it.