The Reserve Bank of India(RBI) has accepted the Bimal Jalan panel recommendations.It was set up to review the RBI’s economic capital framework. The economic capital framework reflects the capital that an institution requires or needs to hold as a counter against unforeseen risks or events or losses in the future. The panel has recommended a… Continue reading Jalan panel proposes change in RBI accounting year, transparent accounts
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.
Open Market Operations(OMO)
The Reserve Bank of India (RBI)’s surplus for 2018-19 was higher than the surplus in recent years.This was due to the large amount of open market operations(OMOs) conducted by the central bank during the year. Open market operations is the sale and purchase of government securities and treasury bills by RBI or the central bank… Continue reading Open Market Operations(OMO)
Cabinet nod for sugar export subsidy
Cabinet Committee on Economic Affairs(CCEA) has approved sugar export subsidy for 2019-20. This move is aimed at countering the surplus sugar stock’s impact on prices.The lower sugar prices would make it difficult for mills to pay farmers dues. The subsidy will be provided for expenses on marketing costs including handling, upgrading , international and internal… Continue reading Cabinet nod for sugar export subsidy
Cabinet to consider relaxing FDI norms in single brand retail, digital media
The Union Cabinet is considering proposal to relax foreign direct investment (FDI) norms in several sectors. The sectors include (a)single-brand retail (b)digital media (c)coal mining and (d)contract manufacturing. In the existing FDI policy,100% foreign direct investment is permitted in the manufacturing sector under the automatic route.But the policy does not talk about contract manufacturing. Similarly,the… Continue reading Cabinet to consider relaxing FDI norms in single brand retail, digital media
Review capital framework every five years, says Jalan Committee
RBI had constituted a panel on economic capital framework to address the issue of RBI reserves.The panel was headed by Bimal Jalan. Economic capital framework refers to the risk capital required by the central bank as a counter against unforeseen risks or events or losses in the future. The committee has recommended a review of… Continue reading Review capital framework every five years, says Jalan Committee
E-commerce guidelines to be mandatory under consumer protection law
The government has decided to make the draft e-commerce guidelines mandatory under the new Consumer Protection Act,2019. The E commerce guidelines will be applicable on all business to consumer(B2C) e-commerce platforms. The guidelines seeks to protect personally-identifiable information of customers and set a 14-day limit for payments toward refund requests. The Consumer Act also sets… Continue reading E-commerce guidelines to be mandatory under consumer protection law
Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go
Government had constituted a committee to draft a new direct tax law to replace the existing Income Tax Act,1961.The committee was headed by Akhilesh Ranjan.It has submitted its report to the government. The task force has recommended retaining the long-term capital gains (LTCG) tax and the securities transaction tax(STT) while abolishing the dividend distribution tax(DDT).… Continue reading Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go
RBI board approves Rs 1.76 lakh crore transfer to govt
The Reserve Bank of India(RBI) has decided to transfer a sum of 1.76 lakh crore rupees to the government.The surplus transfer was finalised in keeping with the recommendations of a committee headed by former RBI governor Bimal Jalan. RBI had constituted a panel on Economic capital framework(ECF) to address the issue of RBI reserves.The panel… Continue reading RBI board approves Rs 1.76 lakh crore transfer to govt
CBIC compulsorily retires 22 tax officials over charges of corruption and bribery
The government has compulsorily retired 22 senior tax officials under Rule 56 (j) of Fundamental Rules. This decision has been taken in the backdrop of charges of corruption, extortion and professional misconduct against them. All Central government employees are governed by the ‘fundamental rules (FR)’ and the Central Civil Services (CCS) rules and compulsory retirement… Continue reading CBIC compulsorily retires 22 tax officials over charges of corruption and bribery
India’s GDP to grow at 6% in April-June: FICCI survey
According to FICCI report,India is projected to grow at 6.9% for the year 2019-20. They have also said that the RBI will continue its accommodative stance with a further cut in the repo rate in the remaining part of 2019-20. The report has identified four key areas of improvement that would help create more jobs… Continue reading India’s GDP to grow at 6% in April-June: FICCI survey
