India has emerged as the world’s second largest scrap importer.Turkey is still the world’s largest recycler and scrap importer of the world. According to the data,the scrap imports have increased by 35% in the first half of this year to 3.87 million tonnes. The imports have increased due to slowdown in the domestic steel industry… Continue reading India emerges second largest scrap importer
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.
RBI to set up central registry for tracking frauds in payment systems
The Reserve Bank of India has announced the creation of a central payments fraud information registry.The registry would ensure a quick and systemic response in cases of financial frauds. At present,there is a mechanism in place for banks to report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank. RBI has… Continue reading RBI to set up central registry for tracking frauds in payment systems
CBDT eases plight of start-ups with pending angel tax cases
The Central Board of Direct Taxes(CBDT) has issued a circular on angel taxes on start ups. The circular has instructed income tax officers that registered start up companies that have already been selected for verification under the angel tax provision will not be scrutinised. Further,even unregistered companies have been given relief with the assessing officer… Continue reading CBDT eases plight of start-ups with pending angel tax cases
Andhra govt to host international trade meet on August 9
Andhra Pradesh will host its first international trade and investment meeting on August 9. The event is being organised in collaboration with the Ministry of External Affairs The meet aims at exploring opportunities for collaboration in core areas like pharma, automobile, steel, textiles food processing, electronics At the event, the Andhra Pradesh government will showcase… Continue reading Andhra govt to host international trade meet on August 9
RBI lowers repo rate by 35 basis points to 5.40%
The Reserve Bank of India’s (RBI) monetary policy committee (MPC) has lowered its repo rate by 35 basis points to 5.4%.Repo stands for ‘Repurchasing Option’.It refers to the rate at which commercial banks borrow money from the RBI. RBI has also kept the door open for lowering rates further by retaining an accommodative policy stance.… Continue reading RBI lowers repo rate by 35 basis points to 5.40%
Explained: Why RBI’s monetary policy matters
The Monetary Policy Committee of the RBI has decided to cut the repo rate by 35 basis points to 5.4%. The monetary policy is important as any economic activity which is measured by GDP happens by (a) private individuals and households spend money on consumption (b)the government spends on its agenda (c)private sector investment and… Continue reading Explained: Why RBI’s monetary policy matters
RBI allows round-the-clock fund transfers under NEFT from December
The Reserve Bank of India(RBI) has announced that the National Electronic Funds Transfer(NEFT) systems would be available on a 24×7 basis from December 2019. At present,the NEFT payment system operated by the Reserve Bank of India is available to customers from 8am to 7pm on all working days with the exception of second and fourth… Continue reading RBI allows round-the-clock fund transfers under NEFT from December
Banks’ exposure limits, lending norms eased for stressed NBFCs
The Reserve Bank of India (RBI) has announced several measures to enhance credit flow to the cash-starved non-banking financial companies (NBFC) sector. The RBI has raised any bank’s exposure limit to a single NBFC from the existing 15% to 20% of tier-1 capital.This will ease liquidity pressure in the NBFCs. RBI has also allowed bank… Continue reading Banks’ exposure limits, lending norms eased for stressed NBFCs
Rajya Sabha passes Consumer Protection Bill
Rajya Sabha has passed the Consumer Protection Bill,2019.The bill has already been passed by the Lok Sabha. The bill replaces the Consumer Protection Act,1986.The bill seeks to strengthen the rights of consumers and provides a mechanism for redressal of complaints regarding defects in goods and deficiency in services. The bill defines a consumer as a… Continue reading Rajya Sabha passes Consumer Protection Bill
Government unveils draft e-com norms
The Ministry of Consumer Affairs has introduced the draft e-commerce guidelines for consumer protection. The proposed rules are aimed at curbing the sale of counterfeit goods, streamlining returns and refunds and delineating the liabilities of sellers and online marketplaces. The rules provides that every e-commerce entity needs to publish the name and contact details of… Continue reading Government unveils draft e-com norms
