The Ministry of Corporate Affairs has amended the provisions relating to Differential Voting Rights(DVRs) under the Companies Act. This objective of amendment is to enable promoters of Indian companies to retain control of their companies even as they raise equity capital from global investors. The amendments made includes raising the existing cap of 26 %… Continue reading MCA amends provisions related to Differential Voting Rights under Companies Act
Category: Factly – Indian Economy
This category contains all Current Affairs Factly Articles for Prelims, related to the Indian economy. You can find all relevant Economy updates on this page. This page is specifically useful for UPSC Prelims exam.
Forex reserves at a new high of $430.57 bn
According to the latest RBI data,India’s foreign exchange reserves has reached a new high at USD 430 billion due to rise in foreign currency assets. Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies.These reserves are used to back liabilities and influence monetary policy. These assets serve many purposes… Continue reading Forex reserves at a new high of $430.57 bn
India’s tax administration needs a mindset change: Nirmala Sitharaman
Union Finance Minister has held a meeting with the tax officials.The meeting was aimed to interact with tax officials and taxpayers. Addressing the meeting,she called for inculcating technology-driven approach in dealing with the matters of tax administration. She said that in order to prevent the tax-terrorism,we need to promote faceless assessment and curb the interaction… Continue reading India’s tax administration needs a mindset change: Nirmala Sitharaman
CBIC seeks inputs to combat ‘gift’ import duty loophole
Recently,the Mumbai Customs department has stopped clearing parcels under the gifts and samples route. According to the Foreign Trade Act,gift items of a value of up to ₹5,000 received from foreign countries to people residing in India are exempted from customs duty. However,there is no cap on the number of gifts an individual can receive.… Continue reading CBIC seeks inputs to combat ‘gift’ import duty loophole
Plastics industry seeks export schemes, tax benefits for MSMEs
All India Plastics Manufacturers’ Association(AIPMA) has said that plastics industry is under severe stress due to environmental challenges. They have asked the government for export promotion schemes for Micro,Small, Medium Enterprises(MSMEs) in the plastic sector and removal of anti-dumping duty on machines not made in India. The industry has sought allocation of 25% of the… Continue reading Plastics industry seeks export schemes, tax benefits for MSMEs
Report of the Competition Law Review Committee
The Competition Law Review Committee headed by Injeti Srinivas has submitted its report to the Government. Government had constituted Competition Law Review Committee in 2018 to review the existing framework and recommend changes to strengthen it. The committee has recommended a ‘Green Channel’ for faster regulatory approvals for mergers and acquisitions that may have no… Continue reading Report of the Competition Law Review Committee
Govt. asks PSBs to find out reasons for rise in NPAs in last 5 years
The Finance Ministry has initiated a comprehensive consultative process with public sector banks(PSBs). The consultative process will start from branch level upwards to the State-level and then to the national level. The process aims to find out the reasons for the sharp rise in bad loans in the previous five years apart from outlining national… Continue reading Govt. asks PSBs to find out reasons for rise in NPAs in last 5 years
Government issues guidelines for ₹1 trillion partial credit guarantee for NBFCs
Government has operationalised a partial guarantee scheme announced in the budget for non-banking and housing finance companies(NBFCs and HFCs). The scheme provides for a one-time partial credit guarantee to Public sector banks(PSBs) for purchase of pooled assets of financially sound NBFCs. The scheme aims to address temporary asset liability mismatches of otherwise solvent NBFCs/HFCs without… Continue reading Government issues guidelines for ₹1 trillion partial credit guarantee for NBFCs
Panchamirtham of Palani temple gets GI tag
Palani panchamirtham has been granted GI Tag. It is served as prasadam at the Murugan temple, Palani, Dindigul district, Tamil Nadu. The panchamirtham is a combination of five natural substances — banana, jaggery, cow ghee, honey and cardamom. Dates and diamond sugar candies are added for flavour. It is served in a semi-solid state. Not… Continue reading Panchamirtham of Palani temple gets GI tag
CSR expenditure may be made tax deductible, says committee
Government had formed a High Level Committee on Corporate social responsibility(CSR) under the Chairmanship of Corporate Affairs Secretary Injeti Srinivas. The committee was formed to review the existing CSR framework and make recommendations on strengthening the CSR ecosystem including monitoring implementation and evaluation of outcomes. The committee has recommended that CSR expenditure should be eligible… Continue reading CSR expenditure may be made tax deductible, says committee
