Banking, Financial and Economic Awareness

2019-12-02

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 1stJuly 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: MayankBathwal
  • MobiKwik:
    • It is a fintech (Financial technology) platform.
    • It was founded by BipinPreet Singh and UpasanaTaku.
    • CEO: BipinPreet Singh

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