Category: Economics Current Affairs

Operation Trishul: Under Operation Trishul,’ the Central Bureau of Investigation (CBI) has extradited 33 fugitives involved in various criminal activities in the past year. CBI raises requests through Interpol channels and seeks their deportation or extradition through a formal route. CBI uses Interpol’s Star Global Focal Point Network and analysis of financial crime files to […]

Virtual Digital Assets: The Finance Ministry recently brought out a notification placing all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act (PMLA). According to the Income tax act, ‘virtual digital asset’ refers to any information, code, number, or token (not being Indian currency or foreign currency) generated through […]

National Startup Advisory Council : Sixth Meeting To Be Held Soon The sixth meeting of the National Startup Advisory Council (NSAC) is to be held soon. National-Startup-Advisory-Council was constituted by the Department for Promotion of Industry and Internal Trade (DPIIT). It works under the Minister of Commerce and Industry It advises the government on measures […]

Money Laundering Provisions On Cryptocurrencies: The government has recently imposed money laundering provisions on cryptocurrencies. The Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services. The notification said, Exchange between virtual digital assets and fiat currencies, Exchange between one or more forms of virtual digital assets, […]

National Assessment And Accreditation Council : Facing Allegations The National Assessment and Accreditation Council (NAAC) has been facing allegations of irregularities in its functioning. There have been calls for the NAAC to adopt an Outcome-based approach (rather than a self-assessment input-based approach): In an outcome-based, the emphasis would be given to finding out if students […]

What Is Hindu Rate Of Growth? Former Reserve Bank of India (RBI) governor Raghuram Rajan recently said India was “dangerously close” to the ‘Hindu rate of growth’. Hindu Rate of Growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4%. The term was coined by […]

Hallmark Unique Identification Number: Bureau of India Standards (BIS) has prohibited the sale of hallmarked gold jewelry or gold artefacts without 6-digit alphanumeric Hallmark Unique Identification Number (HUID) after 31st March 2023. Hallmarked jewelry lying with consumers as per old schemes shall remain valid. Earlier, the old hallmarked jewelry with 4 marks without HUID was […]

Har Payment Digital Mission: At the launch of the ‘Har Payment Digital’ mission during the Digital Payments Awareness Week (DPAW) 2023, the Reserve Bank of India (RBI) has launched a programme to adopt 75 villages and convert them into digital payment enabled villages in observance of 75 years of independence. Under the initiative, Payment System […]

Emergency Credit Line Guarantee Scheme (ECLGS) : Extension The Union government is looking at a possible extension of the Emergency Credit Line Guarantee Scheme (ECLGS) amid global economic uncertainty and expectation of slower domestic growth next fiscal. Emergency Credit Line Guarantee Scheme (ECLGS) was launched by the Government of India in 2020 as a special […]

Liberalised Remittance Scheme (LRS): India’s wealthy individuals have invested all their surplus foreign remittances in various securities over the last few months to comply with a Reserve Bank of India (RBI) diktat that ended last week. In August 2022 RBI had directed that any money remitted overseas by Indian residents that remains unutilised for more […]