Development Of Enterprise And Service Hubs (DESH): The government plans to table the Development of Enterprise and Service Hubs (DESH) Bill to overhaul the special economic zones (SEZ) legislation. DESHs as the DESH Act will replace the current SEZ Act of 2005. WTO’s dispute settlement panel has ruled that India’s export-related schemes, including the SEZ […]
Category: Economics Current Affairs
Partnership For Global Infrastructure And Investment (PGII)
Partnership For Global Infrastructure And Investment (PGII): On June 26, the G-7 grouping of the world’s “most industrialised nations” Canada, France, Germany, Italy, the U.K., Japan and the U.S. along with the European Union (EU) launched a U.S.-led $600 billion Partnership for Global Infrastructure and Investment (PGII) at their summit in Germany’s Schloss Elmau, where […]
National Investigation Agency
National Investigation Agency: The Union Home Ministry handed over the probe into the barbaric killing of a pharmacist at Amravati in Maharashtra to the National Investigation Agency (NIA). The NIA is the Central Counter-Terrorism Law Enforcement Agency of India mandated to investigate all the offences affecting the sovereignty, security and integrity of India. It includes: […]
Financial Services Institution Bureau
Financial Services Institution Bureau: The Cabinet Appointments Committee (ACC) has passed a government resolution to establish the Financial Services Institutions Bureau (FSIB) in place of the Banks Board Bureau (BBB). The new framework was proposed by the Department of Financial Service, Ministry of Finance. The Financial Services Institutions Bureau will select the chiefs of public […]
Windfall Tax
Windfall Tax: Government slapped a windfall tax on domestic crude oil producers, imposed export duties on petrol, diesel and aviation turbine fuel (ATF), and hiked the import duty on gold in efforts to reduce pressure on the rupee, rein in the current account deficit (CAD), and increase the domestic supply of petroleum products. A windfall […]
External Debt
External Debt: India’s external debt rose to $620.7 billion at end-March 2022, recording an increase of $47.1 billion over the year earlier period, Reserve Bank of India (RBI) data showed. The external debt to GDP ratio declined to 19.9% at end-March 2022, from 21.2% a year earlier. Valuation gains on account of the appreciation of […]
Pay Roll Automation For Disbursement Of Monthly Allowances (PADMA)
Pay Roll Automation For Disbursement Of Monthly Allowances (PADMA): The Ministry of Defense inaugurated PayRoll Automation for Disbursement of Monthly Allowances (PADMA), an automated Pay & Allowances module for the Indian Coast Guard. PADMA is an automated platform leveraging latest technology which will provide seamless and timely disbursal of Pay & Allowances to around 15,000 […]
47th Meeting Of The Goods And Services Tax (GST) Council
47th Meeting Of The Goods And Services Tax (GST) Council: At the 47th meeting of the Goods and Services Tax (GST) Council, chaired by Union Finance Minister, officials approved hiking the rates for some goods and services while removing exemptions for several mass consumption items to simplify the rate structure. The Goods and Services Tax […]
Card Tokenisation
Card Tokenisation: The Reserve Bank of India (RBI) extended the timeline for tokenisation of debit and credit cards by three months till 30th September, 2022 to avoid disruption and inconvenience to cardholders. After 30th September, no entity in the card transaction or payment chain, other than the card issuers and card networks, should store the […]
Card On File Tokenisation (CoFT) : RBI
Card On File Tokenisation (CoFT) : RBI RBI has moved to introduce card-on-file tokenisation (CoFT) The word tokenisation refers to the replacement of an actual card number with an alternative code which will be converted into a token. It is considered safer as the actual card details are not shared with the merchant during transaction […]
