Lok Sabha has passed the Code on Wages Bill, 2019.The Bill seeks to subsume existing laws related to workers’ remuneration. The bill will replace the (a)Payment of Wages Act,1936, (b)Minimum Wages Act,1948 (c)Payment of Bonus Act,1965 and the (d)Equal Remuneration Act,1976. The bill provides that the Central Government will fix minimum wages for certain sectors… Continue reading Lok Sabha passes Wage Code Bill to ensure minimum wage for workers
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.
IRDAI to give green signal to sandbox experiment soon
The Insurance Regulatory and Development Authority of India (IRDAI) will soon allow the use of regulatory sandbox(RS) to promote new, innovative products and processes in the industry. Regulatory sandbox is an infrastructure that helps fintech players live test their products or solutions before getting the necessary regulatory approvals for a mass launch, saving start-up time… Continue reading IRDAI to give green signal to sandbox experiment soon
Anti-dumping duty imposed on PTA imports from South Korea,Thailand
The Finance Ministry has imposed anti-dumping duty on all imports of purified terephthalic acid (PTA) from South Korea and Thailand. PTA is the primary raw material in the manufacture of polyester chips, which in turn are used in a number of applications in textile, packaging, furnishings, consumer goods, resins and coatings. Dumping is the practice… Continue reading Anti-dumping duty imposed on PTA imports from South Korea,Thailand
Govt. did not try out GST system before rollout: CAG
Government has tabled the Comptroller and Auditor General(CAG) audit report on the Goods and Services Tax(GST) in the Parliament. The report has said that the government had failed to try out the GST system before its rollout leading to inadequate compliance mechanisms, and lower tax revenues. The report has also pointed out that the complexity… Continue reading Govt. did not try out GST system before rollout: CAG
RBI eases foreign borrowing norms for NBFCs, defaulters
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
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
