Banking, Financial and Economic Awareness of 01-02 December 2019

1. GST revenue collection of more than Rs 1 lakh crore in November 2019

• GST revenue collection grew negatively for two months preceding November 2019.
• The collection of November 2019is six percent more than that of November 2018.
• Goods and Services Tax (GST):
  • It is an Indirect tax.
  • It was launched on 1^stJuly 2017.
  • It is a destination-based tax that is imposed at the point of consumption and not at the origin.

2. PayPay achieves 15 million user base

• Paytm's digital payments app in Japan (PayPay) has achieved 15 million user base within 10 months of its launch.
• PayPay was launched in October 2019 by Paytm in partnership with SoftBank and Yahoo Japan.
• Japan, through a point-based tax rebate system,is trying to encourage digital payments.
• Paytm:
  • Its parent organization is Noida-based One97 Communications.
  • Its CEO is RenuSatti and the founder is Vijay Shekhar Sharma.       

3. Resolution plans of only 15% corporate insolvency cases approved in nearly three years

• The latest IBBI data show that only 156 corporate insolvency cases have been approved between December 1, 2016 and September 30, 2019.
• This is only 15% of the total 2,542 cases filed before various National Company Law Tribunal (NCLT) benches.
• Corporate insolvency cases admitted to NCLT benches till September 30 of current fiscal year under Insolvency and Bankruptcy Code (IBC), 2016have increased by nearly 51% over corresponding period last year.
• Insolvency and Bankruptcy Board of India (IBBI):
  • It was formed on 1 October 2016.
  • Its governing board will have ten members.
  • Presently, it has 9 members.

4. Six airports recommended for privatisation

• AAI has recommended six airports located in Amritsar, Varanasi, Bhubaneswar, Indore, Raipur and Trichy for privatization.
• Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati airports were privatized in February 2019.
• Airports Authority of India (AAI) :
  • It is under the Ministry of Civil Aviation.
  • It manages 126 airports. Out of these, 11are international airports.
  • Arvind Singh is its current chairman.

5. Changes in WTO dispute settlement understanding rules proposed

• The changes have been proposed in a draft decision of WTO General Council (GC) and agreed by 163 countries.
• The changes may be approved at the WTO GC meeting on December 9.
• The changes are related to the Appellate Body of WTO and its functioning.
• Appellate Body of WTO:
  • It is the highest adjudicating body for trade disputes between WTO members.
  • It was founded in 1995.
  • It can have 7 persons, of whom at least three members are required for its functioning.
  • Two out of its current three members will retire on December 11.

6. MobiKwik and ABHICL partner for providing Cancer Protect Cover

• Aditya Birla Health Insurance Co. Limited (ABHICL) has partnered with MobiKwik to provide health insurance products.
• Cancer Protect Cover will be the first product to be launched under partnership.
• Insurance covers like heart secure and accidental hospitalization will also be offered by ABHICL.
• Aditya Birla Health Insurance Co. Limited (ABHICL):
  • It is a subsidiary of Aditya Birla Capital Ltd.
  • It is a joint venture between Aditya Birla Group and MMI Holdings of South Africa.
  • CEO: Mayank Bathwal
• MobiKwik:
  • It is a fintech (Financial technology) platform.
  • It was founded by Bipin Preet Singh and Upasana Taku.
  • CEO: Bipin Preet Singh