Tax experts have said that the Banning of Unregulated Deposit Schemes Ordinance, 2019 does not cover gold schemes. There has been a lack of clarity on whether deposits taken by jewellers from customers falls under the ambit of the ordinance. Several gold jewellers across India run monthly deposit schemes to improve liquidity for working capital… Continue reading ‘Deposits ordinance does not cover gold schemes’
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.
Vedanta finds oil in Krishna Godavari basin
Vedanta Limited has notified the Management Committee, Directorate General of Hydrocarbons and Ministry of Petroleum and Natural Gas of an oil discovery in the Krishna Godavari basin. Oil has been discovered in the second exploratory well H2, located in the offshore block KG-OSN-2009/3, Krishna-Godavari basin. The Krishna Godavari basin is a proven petroliferous basin with… Continue reading Vedanta finds oil in Krishna Godavari basin
66% employers looking for different skills than three years ago’
A new study released by the International Labour Organisation in collaboration with the International Organisation of Employers has revealed recruiting people with relevant skills is a major challenge for businesses in India. The report has revealed that 66% of Indian businesses look for quite different skills in new recruits than that they looked for 3… Continue reading 66% employers looking for different skills than three years ago’
RBI receives aggressive bids, infuses ₹34,500 cr. liquidity
The Reserve Bank of India has successfully concluded a forex swap auction intended to ease liquidity conditions.The central bank bought the targeted $5 billion as part of the long term Dollar/Rupee swap auction with a three-year tenor.In turn, Rs 34,561 crore was infused into the Indian banking system. Recently,RBI has decided to inject long-term liquidity… Continue reading RBI receives aggressive bids, infuses ₹34,500 cr. liquidity
Shift to formal trade slower than expected
According to a recent report,Goods and Services Tax (GST) which was introduced in 2017 has seen the Indirect tax collections increased.However, shift in trade towards a formal economy has been slower than expected. The report also said that under GST regime,the manufacturing sector witnessed an increase in working capital requirements while the services sector has… Continue reading Shift to formal trade slower than expected
Let Finance Commission function the way it does now
According to former Reserve Bank of India Governor,Finance Commission should be allowed to function in the same manner as it is doing currently.He said that the permanent structure would dilute the neutrality of the Finance Commission between the Union and the States through a process of continuous association with the government. Earlier,Present RBI Governor had… Continue reading Let Finance Commission function the way it does now
Focus is now on personal insolvency: Injeti Srinivas
Corporate Affairs Secretary has said that majority of corporate insolvency cases have been resolved and the focus is now on resolving personal insolvency. Insolvency is a term for when an individual or organization can no longer meet its financial obligations with its lender as debts become due.There are different types of insolvency procedure for individuals… Continue reading Focus is now on personal insolvency: Injeti Srinivas
Norms soon for regulatory sandbox for fintech sector
Addressing the Fintech conclave,Reserve Bank of India Governor said that RBI will release the guidelines for the creation of a ‘regulatory sandbox’ for the fintech sector. NITI Aayog had organised FinTech Conclave.The objective was to deliberate steps for India’s rise in Financial Technology (FinTech) and to deepen financial inclusion. FinTech or financial technology is an… Continue reading Norms soon for regulatory sandbox for fintech sector
IRDAI moots public disclosure norm
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a draft detailing the Public disclosure norms.The draft requires insurers to share details about their financials performance at specified intervals.These norms are proposed to be implemented from 2019-20. IRDAI has said that the objectives of the norms is to (a)ensure safety of policyholders (b)serve… Continue reading IRDAI moots public disclosure norm
Lesser clicks, a boon for bricks
The Department of Industrial Policy & Promotion new rules on the foreign direct investment (FDI) policy for e-retail has benefitted the offline retailers also known as brick and mortar (B&M) retail sector. Brick and mortar(B&M) refers to businesses that are bound to a physical space,like a specific building that customers go to in order to… Continue reading Lesser clicks, a boon for bricks
