The Delhi High Court has asked the Reserve Bank of India (RBI) to explain how Google was operating its payment services in India without taking any approvals or licence from the RBI. Google’s GooglePay uses BHIM unified payments Interface (BHIM UPI) for money transfers. The court’s query has come in the backdrop a plea which… Continue reading How is Google’s GPay operating without authorisation, Delhi HC asks RBI
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.
Commerce ministry asks health ministry to frame law to ban manufacture, sale of e-cigarettes
The commerce ministry has asked the Health Ministry to frame law banning manufacture and sale e-cigarettes in India. This is because unless it is banned under domestic laws, it would not be possible to put a blanket ban on its import as it would violate global trade norms. Earlier, health ministry had asked the commerce… Continue reading Commerce ministry asks health ministry to frame law to ban manufacture, sale of e-cigarettes
India seeks to push reforms,development agenda at WTO
India will be hosting the second informal meeting of trade ministers from about 20 member nations of the World Trade Organization (WTO) on May 13,2019. This meeting assumes significance as several countries are raising questions over the relevance of the WTO.Many countries are also taking protectionist measures which is impacting the global trade. However,India has… Continue reading India seeks to push reforms,development agenda at WTO
India’s gold reserves increase marginally in February: WGC
According to the latest data from World Gold Council (WGC), India has marginally increased its gold holding in February 2019. India’s gold holding increased from 607 tonnes in January to 608.7 tonnes in February. Gold holding is a central banks’ total holding of gold as a percentage of their foreign exchange reserves. Early in March,… Continue reading India’s gold reserves increase marginally in February: WGC
Reserve Bank of India issues norms for banks to set up currency chests
The Reserve Bank of India has come out with guidelines for banks to set up new currency chests. The guidelines issued are (a)New currency chests should include minimum area of 1,500 square feet for strong room/Vault.For those situated in hilly/ inaccessible places,the strong room/ vault area should be at least 600 sq ft (b)The new… Continue reading Reserve Bank of India issues norms for banks to set up currency chests
IMF forecasts dip in global growth in 2019
The International Monetary Fund (IMF) in its World Economic Outlook(WEO) report has said that India is projected to grow at 7.3% in 2019 and 7.5% in 2020.The growth will be supported by the continued recovery of investment and robust consumption,thus remaining the fastest growing major economy of the world. IMF expects inflation to remain below… Continue reading IMF forecasts dip in global growth in 2019
India highest recipient of remittances at $79 bn in 2018: World Bank
According to the World Bank’s Migration and Development report,India has retained its position as the world’s top recipient of remittances with its diaspora sending a USD 79 billion back home in 2018.India was followed by China,Mexico,Philippines and Egypt. A foreign remittance is a transfer of money from a foreign worker to their family or other… Continue reading India highest recipient of remittances at $79 bn in 2018: World Bank
WB pegs India’s GDP growth at 7.5%
According to World Bank report,India’s GDP growth is expected to accelerate moderately to 7.5% in Fiscal Year 19-20.The growth will be driven by (a)investment strengthening (b)improved export performance and (c)resilient consumption. The report said that on the demand side,domestic consumption has remained the primary growth driver but gross fixed capital formation and exports also made… Continue reading WB pegs India’s GDP growth at 7.5%
U.S. Treasury official David Malpass named World Bank President
David Malpass has been unanimously elected as the new President of the World Bank.He will be the 13th President and will start his five year term from April 9,2019.He was nominated by the US president.David Malpass was a US government official and economic analyst.He has served as the Under Secretary of the Treasury for International… Continue reading U.S. Treasury official David Malpass named World Bank President
Angel investors get further relief
The government has announced that it will be mandatory to disclose holdings in unlisted companies while filing tax returns.This data will be matched with filings of startups which have been asked to disclose the list of investors along with some of their details.This may give some relief to the angel investors from notices of the… Continue reading Angel investors get further relief
