The Reserve Bank of India (RBI) is organising ‘Financial Literacy Week’ across the nation from June 4 to June 8. The main aim behind the initiative is to create financial awareness among bank customers about financial products and services, good financial practices and digitisation.
The Union Home Minister, Rajnath Singh has launched an Online Analytical Tool to facilitate closer monitoring of the flow and utilisation of foreign contributions received by various organisations registered or permitted under the Foreign Contribution (Regulation) Act, 2010.
The Tax Department has launched New Benami Transactions Informants Reward Scheme, 2018 to get people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion.
Prime Minister Narendra Modi launched RuPay, BHIM app and UPI by SBI app at the 'Business, Innovation and Community Event' in Singapore. The development is significant, as it would create multi-billion dollar transactions as some five million Indians travel to and transit through Singapore.
The Union Government has signed a $500 million loan agreement with the World Bank to provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project. The project aims to build 7,000 km of climate resilient roads, out of which 3,500 km will be constructed using green technologies.
The Union Government had earlier formed a 14-member Insolvency Law Committee (ILC) headed by corporate affairs secretary Injeti Srinivas to recommend amendments to the Insolvency and Bankruptcy Code, 2016.
NITI Aayog and ABB India have signed a Statement of Intent (SoI) to support the Indian government realise its vision of ‘Make in India’ through advanced manufacturing technologies that incorporate the latest developments in robotics and artificial intelligence.
The AfrAsia Bank Global Wealth Migration Review ranked India as the 6th wealthiest country in the world with a total wealth of $8,230 billion, while the United States was ranked as the wealthiest with a total wealth of $62,584 billion.
Venezuelan President Nicolas Maduro won another six years of term in an election that has been called as a sham by the opposition and other countries including the United States. The vote came amid opposition calls for a boycott.
The Cabinet Committee on Economic Affairs (CCEA) has approved an initial corpus of Rs 5000 crore for setting up of a dedicated ‘Micro Irrigation Fund’ with NABARD under Pradhan Mantri Krishi Sinchayee Yojana.
The move is a part of the RBI’s prompt corrective action against public sector lender Dena Bank in view of its high non-performing loans. The RBI initiated Prompt Corrective Action (PCA) for Dena Bank in May 2017 and imposed certain restrictions on the bank.
Walmart’s investment will benefit India in terms of quality and affordable goods for customers, creation of new skilled jobs and fresh opportunities for small suppliers, farmers and women entrepreneurs.
As per the UN report, India’s economic growth was pushed downward in 2017 due to the implementation of the Goods and Services Tax (GST) as well as due to issues such as bank balance sheet problems.
According to the latest report by Harvard University, India tops the list of the fastest growing economies in the world for the coming decade and is projected to grow at 7.9 per cent annually, ahead of even China and the United States.
The Goods and Services Tax (GST) Council has approved ownership change of GST Network (GSTN) structure into a government holding. The council approved converting of the firm providing IT backbone to the Goods and Services Tax (GST) into a government-owned entity from being a private company.
Return will be simplified by reducing the amount of information required to be filled in the return. Government aims to introduce the simplified return design at the earliest to reduce the compliance burden on the trade.
As per the report, Investors, based in the US, rank India the highest in terms of intention to invest. This could be a result of PM Modi’s ‘Make in India’ initiative, which aims to boost investment in India’s manufacturing sector.