Central Board of Direct Taxes (CBDT) is celebrating the 159th Income Tax Day which is also called as Aaykar Diwas. Income Tax was introduced for the first time in India by Sir James Wilson on 24th July,1860 to compensate for the losses incurred by the British regime during the first war of independence against British… Continue reading CBDT celebrates Aaykar Diwas
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.
Explained: What are sovereign bonds, and what are their risks and rewards?
Finance Minister has announced in the Budget that it plans to raise a portion of its gross borrowing from overseas markets using sovereign bonds. A government bond or sovereign bond is a form of debt that the government undertakes wherein it issues bonds with the promise to pay periodic interest payments and also repay the… Continue reading Explained: What are sovereign bonds, and what are their risks and rewards?
Lok Sabha passes Bill to tackle illicit deposit schemes
The Lok Sabha has passed the Banning of Unregulated Deposit Scheme Bill, 2019. The bill provides for a comprehensive mechanism to ban unregulated deposit schemes and to protect the interests of depositors. The bill has amended three legislations namely (a)Reserve Bank of India Act,1934 (b)Securities and Exchange Board of India Act,1992 and (c)Multi-State Co-operative Societies… Continue reading Lok Sabha passes Bill to tackle illicit deposit schemes
IMF cuts India’s growth forecast for 2019-20 to 7%
The International Monetary Fund(IMF) has released the World Economic Outlook report.The report has projected a slower growth rate for India in 2019 and 2020.It has projected that Indian economy will grow at 7.0% in 2019 and 7.2% in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than expected outlook for… Continue reading IMF cuts India’s growth forecast for 2019-20 to 7%
Government aims to cut patent examination time to six months
Department for Promotion of Internal Industry and Trade(DPIIT) aims to reduce the time taken to examine patents to six months as part of its five year plan from 18 months currently. A patent is a form of intellectual property.A patent gives its owner the right to exclude others from making,selling and importing an invention for… Continue reading Government aims to cut patent examination time to six months
PayPal mulls data localisation for India
American digital payments player PayPal has said that it is working with its partners on data localisation as mandated by the Reserve Bank of India(RBI). Data localisation is the act of storing data on any device physically present within the borders of a country.Localisation mandates that companies collecting critical data about consumers must store and… Continue reading PayPal mulls data localisation for India
Labour Bills meets with protest
The government has introduced the Code on Occupational Safety, Health and Working Conditions Bill,2019 and the Code on Wages Bill, 2019 in the Lok Sabha. The Code on Wages Bill,2019 aims to simplify the wage and bonus payments rules besides mandating a national minimum wage. The code on Occupational Safety, Health and Working Conditions Code,… Continue reading Labour Bills meets with protest
Rise in government borrowings might have triggered NBFC crisis
RBI Deputy Governor has expressed the possibility that the rise in government borrowings might have led to the asset-liability mismatch in the non-banking financial companies(NBFC) sector. In the case of NBFCs,the ability to borrow long-term comes down when government borrowing rises increasing the risk of financial stability. This has led to the crisis in finance… Continue reading Rise in government borrowings might have triggered NBFC crisis
Cryptocurrency panel for ban on private digital currencies, jail time of up to 10 years
Government had constituted a panel to examine all issues related to cryptocurrencies.The panel has drafted a law,‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’. The panel has said that anybody who mine, hold, transact or deal with cryptocurrencies in any form whether directly or indirectly through an exchange or trading should attract… Continue reading Cryptocurrency panel for ban on private digital currencies, jail time of up to 10 years
China’s NASDAQ style ‘STAR MARKET’
China has launched a new stock market for homegrown technology companies called as Science and Technology Innovation Board or STAR Market.The market is modelled after a NASDAQ system. According to the regulations,red-chip companies which means Chinese based firms incorporated and listed outside China are allowed to be listed on the STAR market. The STAR Market… Continue reading China’s NASDAQ style ‘STAR MARKET’
