According to Income tax officials,people may not be able to file their income tax returns for the coming financial year.It is because they are unable to link their Aadhaar to the Permanent Account Number(PANs). Since a person’s identity is authenticated biometrically,Aadhaar allows initials in the name.On the other hand,PAN is based on an old system… Continue reading Initials hurdle hits PAN-Aadhaar link
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.
States overall deficit set to decline in FY20: Economists
State Bank of India(SBI) Economists has said that states have managed to contain the fiscal deficit at the aggregate level for FY20.All the states have projected a decline in fiscal deficit next year,except Odisha,Assam and Uttarakhand.Despite the increase,these three states are keeping the fiscal deficit below 3%. The factors that helped in reducing fiscal deficit… Continue reading States overall deficit set to decline in FY20: Economists
RBI again defers Ind AS implementation by banks
The Reserve Bank of India has again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration. The implementation of the new accounting rules require certain legislative changes in the format of financial statements to comply with disclosures under Ind AS.The change in format… Continue reading RBI again defers Ind AS implementation by banks
Govt. earns ₹85,000 crore from disinvestment, overshoots target
Government has exceeded the disinvestment target of Rs 80,000 crore set for the Financial Year 2019,which ends in March.Disinvestments have touched ₹85,000 crore which is Rs 5,000 crore more than the set target.The next financial year’s disinvestment target has been set at Rs 90,000 crore. The government was able to reach its target after it… Continue reading Govt. earns ₹85,000 crore from disinvestment, overshoots target
Fitch cuts India GDP growth forecast for FY20 to 6.8%
Global rating agency Fitch has cut its India’s Gross domestic product(GDP) growth forecast to 6.8% for 2019-20 from the earlier estimate of 7%.It was cut due to weak momentum in manufacturing and agriculture.However,it said India’s economic growth is expected to be 7.1% in 2020-21. The weak momentum has been due to (a)credit availability has tightened… Continue reading Fitch cuts India GDP growth forecast for FY20 to 6.8%
ED slaps ₹14.40 lakh penalty, confiscates ₹6.8 lakh in FEMA case against Geelani
Enforcement Directorate(ED) has fined Hurriyat Conference leader Syed Ali Geelani and booked him under the Foreign Exchange Management Act (FEMA).He has been booked for illegal possession of foreign exchange under FEMA act,1999. The Foreign Exchange Management Act,1999 (FEMA) is an Act of the Parliament of India to consolidate and amend the law relating to foreign… Continue reading ED slaps ₹14.40 lakh penalty, confiscates ₹6.8 lakh in FEMA case against Geelani
SpiceJet joins global Airlines grouping IATA
SpiceJet has joined global airlines grouping International Air Transport Association(IATA) as a member.It became the first Indian low-cost carrier to join the IATA. The membership will allow SpiceJet to explore and grow its collaborations with international member airlines of the IATA grouping through interlining and code shares.It will also enable the carrier in seamlessly expanding… Continue reading SpiceJet joins global Airlines grouping IATA
India’s first Real Estate Investment Trust subscribed 2.58 times
The initial public offering (IPO) of India’s first Real Estate Investment Trust (Embassy REIT) was subscribed 2.58 times,with the share sale generating a demand of over Rs 5,300 crore. REITs are similar to mutual funds.While mutual funds provide for an opportunity to invest in equity stocks,REITs allow one to invest in income-generating real estate assets.… Continue reading India’s first Real Estate Investment Trust subscribed 2.58 times
About 44% of PM-KISAN beneficiaries await payment from Centre
Under Pradhan Mantri Kisan Samman Nidhi (PM-KiSAN) scheme,only 2.74 crore families or about 56% out of the total list of 4.92 crore names submitted by States have been paid so far.The deadline for first instalment of ₹2,000 is by March 31,2019.The remaining beneficiaries are still under process or are caught somewhere within the validation process.… Continue reading About 44% of PM-KISAN beneficiaries await payment from Centre
RBI seeks modification of NCLAT order in IL&FS case
The Reserve Bank of India has decided to appeal in the National Company Law Appellate Tribunal(NCLAT) to seek a modification of its earlier order. Earlier,NCLAT had restrained banks from declaring accounts of Infrastructure Leasing and Financial Services (IL&FS) and its group companies as non-performing assets (NPA).NPA is a loan or advance for which the principal… Continue reading RBI seeks modification of NCLAT order in IL&FS case
