Letter of Comfort (LoC): The Finance Ministry recently asked central public sector undertakings (CPSUs) to issue letters of comfort (LoCs) based on their own financial strength. An LoC is a letter issued to a lending institution by a stakeholder of the company acknowledging the support of the attempt for financing asked by that company. They […]
Category: Economics Current Affairs
Jharniyojan Portal : Jharkhand Govt
Jharniyojan Portal : Jharkhand Govt The Jharkhand government has launched a portal called ‘Jharniyojan’ to ensure 75% local quota in pvt sector The portal requires: All private establishments in the state register themselves. Employers to adhere to the ‘Jharkhand State Employment of Local Candidates in Private Sector Act, 2021 The act reserves 75% of jobs […]
Kudumbashree And Project Unnati
Kudumbashree And Project Unnati: The President attended celebrations of Kudumbashree and Project Unnati-associated events in Kerala. Kudumbashree, the Kerala State Poverty Eradication Mission was launched in May 1998. It was inaugurated by the Prime Minister, Shri Atal Bihari Vajpayee. Objective: to eradicate absolute poverty within a definite time frame of 10 years under the leadership […]
Trade Receivables Discounting System (TReDS) Platform
Trade Receivables Discounting System (TReDS) Platform: The Reserve Bank of India (RBI) Governor recently said that the TReDS platform introduced in 2014 for MSMEs to finance or discount their invoices — finances around 35,000 factoring units (FUs) monthly. Trade Receivables Discounting System (TReDS) platform is an electronic platform for facilitating the financing/discounting of trade receivables […]
PM MITRA Parks For The Textile Industry
PM MITRA Parks For The Textile Industry: The Government of India recently announced the sites for setting up of 7 PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the Textile industry. Seven sites were chosen out of 18 proposals for PM MITRA parks which were received from 13 States. The Parks will […]
New Chairperson Of The PFRDA
New Chairperson Of The PFRDA: The Central government recently appointed the new Chairperson of the Pension Fund Regulatory and Development Authority(PFRDA). Centre appoints Deepak Mohanty as PFRDA Chairperson Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body set up under PFRDA Act enacted in 2014. Objective is to promote old age income […]
Operation Trishul
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
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
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
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, […]
