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RBI to issue new Rs 50 & Rs 20 currency notes

1 day ago
Important for Exam: 2 people agreed

However, the old Rs 50 and Rs 20 notes will also continue to be legal tender.

‘Vittiya Saksharata Abhiyan’ launched by Union HRD Minister

Dec 2, 2016
Important for Exam: 18 people agreed

While inaugurating Vittiya Saksharata Abhiyan, HRD Minsiter cited different modes of digital payment like Pre-Paid Card, Debit Card/RuPayMobile Wallet to ‘Go Digital’.

India's GDP accelerated to 7.3% in Q2 of 2016-17: CSO

Dec 1, 2016
Important for Exam: 10 people agreed

The agriculture sector maintained the overall growth by registering a 3.3 percent GVA growth rate in Q2 of this financial year in comparison with 2 percent in Q2 of 2015-16.

Union Government forms Chandrababu Naidu Committee to promote digital economy

Dec 1, 2016
Important for Exam: 5 people agreed

The Committee will identify the best global practices for implementing an economy primarily based on digital payment.

Competition Commission of India approves merger of Bharatiya Mahila Bank with SBI

Dec 1, 2016
Important for Exam: 11 people agreed

On 17 May 2016, the SBI had informed the Bombay Stock Exchange that it is seeking in-principle sanction of the Union Government to enter into negotiation with its 5 subsidiaries and Bharatiya Mahila Bank for acquisition.

Himachal Pradesh Raj Bhawan adopts cashless system after PM’s appeal

Dec 1, 2016
Important for Exam: 18 people agreed

With a hope that the cashless economy would help in eliminating black money, HP Governor Acharya Devvrat appealed Raj Bhawan’s staff to adopt the cashless system.

RBI limits cash withdrawal from Pradhan Mantri Jan Dhan Yojana accounts

Nov 30, 2016
Important for Exam: 5 people agreed

PMJDY account holders, who want to withdraw more than Rs 10000 a month, will have to furnish appropriate documents to prove why they need the money.

RBI relaxes cash withdrawal limits from bank accounts

Nov 29, 2016
Important for Exam: 3 people agreed

This move comes as a relief for certain depositors who were hesitating to deposit their monies into bank accounts due to the current limits on cash withdrawals from accounts.

Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha

Nov 29, 2016
Important for Exam: 2 people agreed

Bill proposes to amend Section 115BBE of IT Act to provide for a steep 60% tax & 25% surcharge for those who choose to disclose it after Pradhan Mantri Garib Kalyan Yojana ends.

Union Government slaps safeguard duty on certain steel imports

Nov 26, 2016
Important for Exam: 4 people agreed

Revenue Department levied safeguard duty of 10% ad valor em minus the anti-dumping duty payable for imports at a price below $504 per tonne on CIF basis.

IBBI notifies three sets of regulations under Insolvency and Bankruptcy Code, 2016

Nov 24, 2016
Important for Exam: 3 people agreed

These regulations were notified under the Insolvency and Bankruptcy Code, 2016 and will come into effect from 29 November 2016.

RBI relaxes prudential norms on Income Recognition, Asset Classification

Nov 23, 2016
Important for Exam: 4 people agreed

Taking into consideration the problems being faced by small borrowers in repaying their loan dues, RBI decided to provide an additional 60 days time, provided that the value of the loan or crop loan is less than 1 crore rupees.

The Parallel Economy of Old 500 and 1000 Rupee Notes

Nov 21, 2016
Important for Exam: 7 people agreed

Despite demonetisation, old illegal currency is still being accepted at several local departmental stores, private chemists, small eateries, vegetable vendors and small retailers.

Islamic Window to be considered in conventional banks

Nov 21, 2016
Important for Exam: 4 people agreed

Islamic banking may be introduced in the country in a gradual manner, considering the inexperience of Indian banks in the sphere and complexities of Islamic finance.

Union Government announced new measures to tackle demonetisation problems

Nov 17, 2016
Important for Exam: 4 people agreed

The existing limit of 4500 for exchange of old 500 and 1000 rupee notes has been reduced to 2 thousand rupees.

UP allows use of old currency for Land Registry

Nov 17, 2016
Important for Exam: 0 people agreed

The use of old currency notes have been permitted by various other state governments for specific purposes. Vinod Tawde, Minister of Cultural Affairs in Maharashtra announced his government’s decision of allowing the use of old notes in Marathi theatres.

SBI writes off debts owed by 63 willful defaulters

Nov 17, 2016
Important for Exam: 1 people agreed

The move is a part of a cleanup process of the SBI’s balance sheets.  Vijay Mallya’s Kingfisher Airlines tops the list with dues amounting to almost 1201 Crore Rupees. KS Oil, edible oil maker is the second in the list with dues amounting to 596 Crore Rupees.

India and ADB sign 500 million US dollar loan to build country's longest river bridge across Ganges River

Nov 16, 2016
Important for Exam: 4 people agreed

Along with ADB’s loan and 900000 US dollar in technical assistance to improve bridge operation and management, the Bihar Government will provide support equivalent to 215 million US dollar.

First set of new 500 banknotes rolled out in SBI branches

Nov 15, 2016
Important for Exam: 2 people agreed

The freshly released 500 rupee notes are expected to ease pressure on banks’ cash position and control the havoc caused by demonitisation of the high-denomination currency.

India, US launched USD 95 million clean energy projects

Nov 15, 2016
Important for Exam: 6 people agreed

The projects were announced under the United States aim to help the world in its transition to zero-and-low carbon energy sources.

Protocol amending India-Japan tax pact released

Nov 10, 2016
Important for Exam: 5 people agreed

The DTAC pact for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed on 11 December 2015 and entered into force on 29 October 2016 on completion of procedural requirements by both the countries.

Deposits above Rs 2.5 lakh to face tax, penalty on mismatch

Nov 10, 2016
Important for Exam: 7 people agreed

As per the decision, reports of any deposit above the threshold of 2.5 lakh rupees during the period will be sent to the ministry. These reports may bring penalty to the account holder.

RBI notifies withdrawal of Legal Tender Character of existing 500 and 1000 rupees bank notes

Nov 9, 2016
Important for Exam: 7 people agreed

However, a new series of Bank Notes called Mahatma Gandhi (New) Series having different size and design, highlighting the cultural heritage and scientific achievements of the country, will be issued.

Withdrawal of Legal Tender Character of the existing Bank Notes and associated FAQs

Nov 9, 2016
Important for Exam: 2 people agreed

This measure was necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes.

RBI issues new series of Rs 500 & Rs 2000 notes with improved features

Nov 9, 2016
Important for Exam: 21 people agreed

The Motif of Mangalayan on the reverse will depict the country’s first venture into the interplanetary space.  The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

Government Bans Tender of Rs 500 & Rs 1000 Currency 08 November 2016 Midnight

Nov 8, 2016
Important for Exam: 0 people agreed

Those with possession of these currency notes will be able to deposit the notes in their accounts in banks and post offices from 10 November to 30 December 2016.

RBI issues Clarifications on Hedging for External Commercial Borrowings

Nov 8, 2016
Important for Exam: 1 people agreed

The Clarifications were issued under section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.

HCC becomes first company to get RBI approval for debt recast under S4A scheme

Nov 7, 2016
Important for Exam: 5 people agreed

The RBI-mandated Overseeing Committee (OC) under the S4A approved HCC’s 5107 crore rupees debt recast passed by ICICI Bank-led joint lender forum in September 2016.

GST Council fixes four tier tax structure under Goods and Services Tax

Nov 4, 2016
Important for Exam: 13 people agreed

Under the tax structure of 5, 12, 18 and 28 percent, the lower rates will be applicable for essential items and the highest for luxury and de-merits goods that will also attract an additional cess.

Union Government to set up $2 bn clean energy equity fund for additional renewable energy

Nov 4, 2016
Important for Exam: 2 people agreed

The fund is being created to support government's ambitious target of adding 175 GW renewable energy generation capacity by 2022.

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