National Anti-Profiteering Authority (NAA) chairman has said that Consumer complaints are not the only reason for the authority to act.NAA offices can take with the help of mock purchases to check a trader’s invoice for profiteering. The NAA has been constituted under Section 171 of the Central GST Act, 2017 to ensure that the reduction… Continue reading Anti profiteering body can act sans complaints
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.
RBI says there is no change of stance on February 12 circular
The Reserve Bank of India has clarified that there is no change in its stand with regard to February 12 circular on stressed assets recognition and resolution. In February 2018,RBI had put out a circular on classification of non-performing assets that required banks to (a)stipulates a one-day default rule on term loans.A borrower missing repayment… Continue reading RBI says there is no change of stance on February 12 circular
SBI launches cardless ATM withdrawals
State Bank of India (SBI) has launched YONO Cash app using which customers can withdraw money from ATMs without using a card.It is a part of SBI’s digital banking platform,You Only Need One (YONO).The ATMs enabled for this service will be termed as Yono Cash Point. Customers can initiate the cash withdrawal process on the… Continue reading SBI launches cardless ATM withdrawals
Post fund infusion, ICRA revises rating for 6 PSBs
Credit Rating agency,ICRA has revised the outlook of six public sector banks,of which five are positive revisions.The ratings were revised after the capital infusion in these banks by the government. Earlier,RBI had also removed them from Prompt Corrective Action (PCA) after the infusion of capital in these banks.PCA is a process or mechanism to ensure… Continue reading Post fund infusion, ICRA revises rating for 6 PSBs
Exports rise 2.44%; trade deficit narrows
According to data released by the Ministry of Commerce,India’s trade deficit has reduced by $9.6 billion in February,2019.The country’s exports grew by 2.44% while imports declined by 5.4%. The exports grew because of higher shipments in sectors such as pharmaceuticals,engineering and electronics.On the other hand,decline in imports was mainly due to reduction in inward shipments… Continue reading Exports rise 2.44%; trade deficit narrows
Indirect tax collection may fall short, says Garg
The Central government has said that it may fall short of the Goods and Services tax(GST) target this financial year.However,government is confident of reaching its direct tax collection target for the current financial year. The government had targeted GST collections at Rs 1.3 lakh crore and direct tax collections at Rs 12 lakh crore for… Continue reading Indirect tax collection may fall short, says Garg
‘Grounding to cost airlines $4 bn.’
Frost & Sullivan, a consulting firm, has projected that grounding of Boeing 737 MAX 8 planes worldwide, could cost airlines a loss of $4 billion. A large number of countries have had decided to ground Boeing 737 MAX 8 planes in the aftermath of Ethiopian Airlines crash. On 10 March 2019, A 737 MAX 8… Continue reading ‘Grounding to cost airlines $4 bn.’
Enforce ban on surrogate liquor ads, HC tells UP
The Allahabad High court has ordered the Uttar Pradesh government and its Excise Department to enforce the ban on surrogate advertisement of liquor on TV and in cinema halls, newspapers and other mass media. A surrogate advertisement is an advertisement that duplicates the brand image of one product to promote another product of the same… Continue reading Enforce ban on surrogate liquor ads, HC tells UP
Wholesale price inflation quickens to 2.93% in February
The Wholesale price inflation has increased to 2.93% in February. The rise has been attributed to high food and fuel prices. Wholesale Price Inflation tracks changes in the price of goods in stages before the retail level i.e. goods that are sold in bulk and traded between organizations instead of consumers. It is measured by… Continue reading Wholesale price inflation quickens to 2.93% in February
Prices slashed for 463 cancer drugs
The National Pharmaceutical Pricing Authority (NPPA) has invoked powers under Drugs (Prices Control) Order,2013 and brought 463 non-scheduled cancer medicines under price control.This will reduce the trage margin of the drug.The trade margin is the difference between the price at which the manufacturers sell to trade and the price that patients pay(maximum retail price). NPPA… Continue reading Prices slashed for 463 cancer drugs
