RBI Monetary Policy 2021: The Reserve Bank of India (RBI) has forecasted that real Gross Domestic Product (GDP), hit by the Covid pandemic in 2020-21, is expected to grow by 10.5% in 2021-22. RBI had previously introduced a number of measures in its Monetary Policy Report for dealing with the Covid-19 induced economic setback. GDP […]
Category: Economics Current Affairs
Increased Farm Exports in Q4 2020 : Key Points
Increased Farm Exports: According to the Ministry of Commerce and Industry, farm exports have registered 9.8% growth for the period of April-December 2020. Previously, the government of India launched the Remission of Duties or Taxes on Export Product (RoDTEP) scheme replacing Merchandise Exports from India Scheme (MEIS) to further improve exports. Data for April-December 2020: […]
What is Consumer Welfare Fund?
Consumer Welfare Fund: During the ongoing session, the Union Minister of State for Consumer Affairs, Food and Public Distribution has informed the parliament about Consumer Welfare Fund (CWF). It was set up under the Central Goods and Services Tax (CGST) Act, 2017. The consumer welfare fund rules of 1992 have been subsumed under the CGST […]
Provident Fund (PF) : Budget 2021 Proposed To Tax The Interest Income
Provident Fund (PF): Union Budget 2021-22 proposed to tax the interest income on Provident Fund (PF) contributions by employees exceeding Rs. 2.5 lakh a year. The Ministry of Finance expressed concerns over investments as much as Rs. 1 crore each month into PF and suggested it was unfair that they get tax concessions as well […]
Power Sector Reforms : Andhra Pradesh Became The Second State
Power Sector Reforms: Andhra Pradesh has become the second State to undertake the power sector reforms stipulated by the Department of Expenditure, Ministry of Finance. As part of the reforms, the State has started a Direct Benefit Transfer (DBT) of electricity subsidy to farmers with effect from September 2020. Thus, the State has successfully implemented […]
Hindi Word Of The Year 2020 : Aatmanirbharta Or Self-Reliance
Aatmanirbharta’ Or Self-Reliance: Oxford Languages has chosen ‘Aatmanirbharta’ or self-reliance as its Hindi word of the year for 2020. The 2019 Oxford Hindi word of the year was “Samvidhaan” or Constitution as the panelists felt that in 2019, the abrogation of Article 370 and the Supreme Court’s judgment on the Ram Janmabhoomi-Babri Masjid dispute brought […]
Unsolicited Commercial Communications (UCC): Guidelines by Delhi Court
Unsolicited Commercial Communications (UCC): The Delhi High Court (HC) ordered the Telecom Regulatory Authority of India (TRAI) to ensure “complete and strict” implementation of the regulation issued by it in 2018 for curbing Unsolicited Commercial Communications (UCC). UCC means any Commercial Communication which a subscriber opts not to receive, but does not include- any transactional […]
Asset Reconstruction Company – Budget 2021 : Key Points
Asset Reconstruction Company: In the Budget 2021-22, Asset Reconstruction Company (ARC) has been proposed to be set up by state-owned and private sector banks, and there will be no equity contribution from the government. The ARC, which will have an Asset Management Company (AMC) to manage and sell bad assets, will look to resolve stressed […]
New Amendments to The Companies Rules 2021: Key points
Amendment of The Companies Rules: The ministry of corporate affairs (MCA) has amended the definition of small companies by amending the Companies Rules. The new amendment allows the non-resident Indians (NRIs) to incorporate one-person companies (OPCs) in India. The changes were announced by finance minister Nirmala Sitharaman during the presentation of the Union Budget. These […]
Foreign Contribution (Regulation) Act, 2010 : New Guidelines to Banks
Foreign Contribution (Regulation) Act, 2010: The Ministry of Home Affairs (MHA) issued new regulating guidelines to banks under Foreign Contribution (Regulation) Act, 2010. It states that the donations received in Indian rupees by non-governmental organizations (NGOs) and associations from any foreign source (even if that source is located in India at the time of such […]
