Provident Fund (PF) Accounts The government has decided to split existing Provident Fund (PF) accounts into two separate accounts in order to operationalise the new tax on PF income arising out of employee contributions exceeding ₹2.5 lakh a year. The Finance Ministry notified new Income Tax rules to this effect, but experts said this could […]
Category: Economics Current Affairs
Types of Economic Recovery
Economic Recovery: The National Statistical Office data has revealed that the Indian economy grew at a record pace of 20.1% in April-June 2021, as compared to the corresponding period last year. Last year, Gross domestic product (GDP) contracted 24.4% in the same period, when the national lockdown due to the Covid-19 pandemic had nearly halted […]
Special Drawing Rights (SDR)
Special Drawing Rights (SDR): The International Monetary Fund (IMF) has made an allocation of Special Drawing Rights (SDR) 12.57 billion (equivalent to around $17.86 billion at the latest exchange rate) to India. Now, the total SDR holdings of India stand at SDR 13.66 billion. Special Drawing Rights (SDR): The SDR is neither a currency nor […]
Loan Guarantee Scheme For Covid-affected Sectors (LGSCAS)
Loan Guarantee Scheme For Covid-affected Sectors (LGSCAS): The Finance Minister has asked all stakeholders to conclude Rs 50,000 crore Loan Guarantee Scheme for Covid-Affected Sectors (LGSCAS) in non-metros in time to deal with any future third wave. The LGSCAS scheme is aimed at boosting medical infrastructure in the country, specifically targeting underserved areas. The scheme […]
Draft E-Commerce Rules, 2021.
Draft E-Commerce Rules, 2021.: Amid criticism from industries and some sections of government, the Department of Consumer Affairs is learnt to be revisiting some provisions pertaining to draft e-commerce rules, 2021. Earlier, the Ministry of Consumer Affairs, Food, and Public Distribution notified and made effective the provisions of the Consumer Protection (E-Commerce) Rules, 2020 under […]
India’s GDP Growth: Q1 2021
India’s Gross Domestic Product (GDP): India’s Gross Domestic Product (GDP) grew by 20.1% in the first quarter of 2021-22, compared with the 24.4% contraction recorded in the corresponding quarter a year ago, but economic activity remained well below the pre-pandemic levels, thanks to the second wave of COVID-19. Gross Value Added (GVA) in the economy […]
Small Finance Bank
Small Finance Bank: The Reserve Bank of India (RBI) has received applications from two more entities under the “on-tap” small finance bank licensing guidelines of 2019. An “on-tap” facility would mean the RBI will accept applications and grant licences for banks throughout the year. These are the financial institutions which provide financial services to the […]
15th Finance Commission: Recommendation
15th Finance Commission: water and sanitation: Rs. 1,42,084 Crore tied grant to rural local bodies (RLBs)/ panchayats for water and sanitation for the five years 2021–22 to 2025–26, which has been recommended by the 15th Finance Commission, will have a huge impact on ensuring these services in villages and thus on public health and quality […]
National Monetisation Pipeline : NITI Aayog Recommendations
National Monetisation Pipeline (NMP): To make the National Monetisation Pipeline (NMP) a success, the government should give Income Tax breaks to attract retail investors into instruments such as Infrastructure Investment Trusts (InvITs), the NITI Aayog has recommended. The Centre’s think tank driving the NMP, estimated to raise almost ₹6 lakh crore for the exchequer over […]
Sovereign Gold Bond Scheme 2021-22 Series VI
Sovereign Gold Bond Scheme: The Reserve Bank of India (RBI) has announced the Sovereign Gold Bond Scheme 2021-22 Series VI, which will be open for subscription for the period August 30-September 3, 2021. About the Sovereign Gold Bond Scheme: The sovereign gold bond was introduced by the Government in 2015. Government introduced these bonds to […]
