New System Of Faceless Assessment And Appeal: The Finance Secretary has said that the new system of faceless assessment and appeal would help bring down tax disputes substantially. Tax Disputes (Data): As per official data, the amount involved in tax disputes was over Rs. 11 lakh crore in FY19-end, up 23% over a year-ago. Since […]
Category: Economics Current Affairs
Goa : 6th State To Complete Urban Local Bodies (ULB) Reforms
Urban Local Bodies (ULB) Reforms: Goa becomes the 6th State to complete Urban Local Bodies (ULB) reforms. Gets additional borrowing permission of Rs. 223 crore. Goa has joined five other States namely, Andhra Pradesh, Madhya Pradesh, Manipur, Rajasthan, and Telangana, who have completed ULB reforms. Reforms in ULBs and the urban utility reforms are aimed […]
Crude Oil Price Hike – Feb 2021 : Reasons and Impact on India
Crude Oil Price Hike: The price of Brent crude crossed the USD 60 per barrel mark after over a year. The rise in prices is because of production cuts by oil-producing countries and expectations of improvements in global demand as the Covid-19 vaccine is rolled out across the world. In April 2020, the West Texas […]
Financial Literacy Week 2021 : RBI
Financial Literacy Week 2021: The Reserve Bank of India (RBI) has launched the Financial Literacy Week (FLW) for the year 2021. The literacy week started from February 8 and will conclude on February 12, 2021. Financial Literacy Week (FLW)-2021 This year, the Financial Literacy week will focus on ‘Developing the credit discipline and encouraging availing […]
What are Index-linked Insurance Policies (ILIPs) ?
Index-linked Insurance Policies (ILIPs): A committee was set up by the Insurance Regulatory and Development Authority of India (IRDAI) on the request of some insurers. The committee has recommended introducing index-linked insurance policies (ILIPs). Index-linked insurance policies (ILIPs): The returns coming from the ILIPs will be linked to benchmark indices. ILIPs are the Insurance products […]
Open Market Operations : RBI Announces Rs. 20,000 Crore
Open Market Operations: RBI announces ₹20,000 crore open market operations on February 10. Open market operations are the sale and purchase of government securities and treasury bills by RBI or the central bank of the country. The objective of OMO is to regulate the money supply in the economy. It is one of the quantitative […]
Direct Access To Its Government Securities Trading Platform : RBI
Direct Access To Its Government Securities Trading Platform: The Reserve Bank of India (RBI) has given small investors direct access to its government securities trading platform. Now, Retail investors can directly open their gilt accounts with RBI, and trade in government securities. What is the need for the current proposal, then? The g-sec market is […]
RBI Monetary Policy 2021 : GDP Forecast
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 […]
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 […]
