According to the Labour ministry notification,Pradhan Mantri Shram Yogi Maandhan (PMSYM) scheme will be open from February 15th, 2019. This scheme can be availed by the unorganised sector workers under the age of 40 years earning up to Rs 15,000 every month. The scheme provides a minimum monthly pension of Rs 3,000 after the age… Continue reading Pension scheme for workers in informal sector to kick-start from February 15
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.
Will try to lift more banks from PCA
1.The government said they will try to help lift the restrictions on other public sector banks too after the Reserve Bank of India (RBI) lifted restrictions under prompt corrective action (PCA) on three public sector banks last week. 2.The PCA framework kicks in when banks breach any of the three key regulatory trigger points —… Continue reading Will try to lift more banks from PCA
Startups to be listed for Angel tax exemption
1.The government on Friday agreed to compile a list of startups eligible for angel tax exemption, based on their audited financial statements and income tax returns of the previous year.2.The government has decided to raise the maximum time limit below which a firm would be deemed eligible for angle tax exemption from present 7 years… Continue reading Startups to be listed for Angel tax exemption
Startups to be listed for angel tax exemption
The Department for Promotion of Industry and Internal Trade (DPIIT) and the Central Board of Direct Taxes (CBDT) soon will come up with a list of startups eligible for angel tax exemption, based on their audited financial statements and income tax returns of the previous year Angel tax is imposed on the excess share capital… Continue reading Startups to be listed for angel tax exemption
Taxpayers, MPs, MLAs can’t avail farm income support
Government has announced income support scheme for farmers in Interim Budget 2019 which envisages the payment of ₹6,000 per annum to marginal and small farmers (each holding cultivable land up to 2 hectares). However, it also exclude some section of the society such as: a) former and present holders of constitutional posts, b) serving and… Continue reading Taxpayers, MPs, MLAs can’t avail farm income support
Only 50% of PAN linked to Aadhaar
Supreme Court ruled that the linking of PAN with Aadhaar is mandatory to file income tax returns from April 1, 2019 onward, it is mandatory for even those who do not need to file returns. According to Section 139AA of the Income Tax Act, not only is PAN mandatory for filing income tax returns but… Continue reading Only 50% of PAN linked to Aadhaar
Government proposed no modification in February 12 circular of the RBI.
The February 12 circular aims at quick reporting of defaults, resolution plan for defaulting companies and a time-bound referral of defaulting companies to the National Company Law Tribunal (NCLT) and makes it mandatory to map an account as NPA even on a single-day default. Power sector companies had challenged the the February 12 circular in… Continue reading Government proposed no modification in February 12 circular of the RBI.
RBI cuts repo rate by 25 bps:Loan EMIs likely to reduce
Six-member monetary policy committee (MPC) headed by RBI Governor lowered the repo rate by 25 basis points to 6.25 per cent, repo or repurchase rate is where RBI lends money to commercial banks.RBI last cut rates in August of 2017. RBI has taken this decision because India’s consumer price based inflation is averaged at 3… Continue reading RBI cuts repo rate by 25 bps:Loan EMIs likely to reduce
Cabinet clears amendments to Banning of Unregulated Deposit
The Banning of Unregulated Deposit Schemes Bill 2018 was introduced in Parliament on July 18, 2018 which bans unregulated deposit scheme not registered with the government. The bill will effectively tackle the menace of illicit deposit-taking activities and prevent such schemes from duping poor and gullible people . The principle is that the bill will… Continue reading Cabinet clears amendments to Banning of Unregulated Deposit
No unemployment data post-demonetization: Labour Minister
Amidst allegations of delaying the release of NSSO report on employment, the Central government has reported to the Parliament that there is no data available on unemployment post-demonetization. Labour Bureaus’ surveys on unemployment for which the latest data available is pre-demonetization, pegs unemployment rate at 3.7% in 2015-16 Sources of labour statistics include: a) Ministry… Continue reading No unemployment data post-demonetization: Labour Minister
