The Reserve Bank of India(RBI) has decided to relax the end-use restrictions relating to external commercial borrowings(ECB). RBI has allowed ECBs with minimum average maturity period of 10 years for working capital purposes and general corporate purposes.It has also permitted borrowing for on-lending by non-banking financial companies(NBFCs) for the 10 year maturity. Further,RBI has also… Continue reading RBI eases foreign borrowing norms for NBFCs, defaulters
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.
Parliament passes law banning unregulated deposit schemes
Parliament has passed the Banning of Unregulated Deposit Schemes Bill 2019. The bill provides for a comprehensive mechanism to ban unregulated deposit schemes and to protect the interests of depositors. The bill defines regulated deposits as all deposit-taking schemes which are overseen and regulated by regulators like (a)Reserve Bank of India (RBI) (b)Securities and Exchange… Continue reading Parliament passes law banning unregulated deposit schemes
Govt announces welfare board for traders
Commerce and industry ministry has notified the setting up of a ‘National Traders Welfare Board’. The main objectives of the board will include (a)suggesting simplifications of rules (b)reducing the compliance burden on traders (c)improving access to funds and (d)making recommendations on social security benefits like insurance,pension and healthcare for both traders and their employees The… Continue reading Govt announces welfare board for traders
7th Economic Census begins from Tripura
Government has started the 7th Economic Census from the north eastern state of Tripura. The census aims to get a complete count of all economic units in the country.The census is conducted by the Ministry of Statistics and Programme Implementation(MoSPI). MoSPI has partnered with Common Service Centres,CSC e-Governance Services India Limited,Special Purpose Vehicle (SPV) under… Continue reading 7th Economic Census begins from Tripura
SEBI should handle proxy firms’ disputes’
Securities and Exchange Board of India(SEBI) had set up a working group on issues related to proxy advisors in 2018.The group was headed by Sandeep Parekh. Proxy adviser is a person who provides advice to institutional investors or shareholder of a company in relation to exercise of their rights in the company including recommendations on… Continue reading SEBI should handle proxy firms’ disputes’
Rajya Sabha clears changes to Insolvency Code
The Rajya Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019. The Bill amends the Insolvency and Bankruptcy Code,2016.The Code provides a time-bound process for resolving insolvency in companies and among individuals.Insolvency is a situation where individuals or companies are unable to repay their outstanding debt. The bill provides that the resolution process… Continue reading Rajya Sabha clears changes to Insolvency Code
Govt panel says foreign firms need not mirror personal data in India
Recently,a high-level government panel has decided to do away with the need for foreign firms to store a copy of all personal data within India. But the panel has said that all critical personal data must still be stored and processed in the country. Further,the panel has decided to hold further discussions with all stakeholders… Continue reading Govt panel says foreign firms need not mirror personal data in India
Rural ministry to focus on 3-5 lakh women SHGs to scale up enterprises
Ministry of Rural Development(MoRD) has decided to focus on select 3-5 lakh women Self Help Groups(SHGs) with a view to convert their nano enterprises into micro enterprises. This Initiative is taken up as part of Aajeevika-National Rural Livelihood Mission(NRLM). The NRLM mission aims to organize the rural poor women into SHGs and continuously nurture and… Continue reading Rural ministry to focus on 3-5 lakh women SHGs to scale up enterprises
36th GST Council Meeting
The 36th GST Council Meeting was recently held under the chairmanship of Union Finance Minister. The GST Council has decided to reduce Goods and Services tax(GST) rate on electrical vehicles(EVs) from 12% to 5% and on EV chargers from 18% to 5% from August 1,2019. The Council has also approved GST exemption for hiring of… Continue reading 36th GST Council Meeting
Explained: Lok Sabha has passed amendments to The Companies Act. Here’s what they are
Lok Sabha has passed The Companies (Amendment) Bill, 2019.The Bill seeks to amend The Companies Act,2013. Under the 2013 Act,there were 81 compoundable offences that carry punishments of a fine and/or prison terms.These offences were heard by courts. The Bill makes 16 of these offences civil defaults where government appointed adjudicating officers may levy penalties.Some… Continue reading Explained: Lok Sabha has passed amendments to The Companies Act. Here’s what they are
