Banking, Financial and Economic Awareness of 1 and 2 January 2021

By PendulumEdu | Last Modified: 27 Jun 2022 14:33 PM IST

Main Headlines:

Topic: Regulatory Bodies/ Financial Institutions

1. Courier Imports and Exports (Electronic Declaration and (Processing) Amendment Regulations issued by CBIC.

Courier Imports and Exports (Electronic Declaration and (Processing) Amendment Regulations have been issued by CBIC.
The amendment regulations make a change in Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010.
The amendment regulations allow the import and export of Covid-19 vaccines without any value addition.
Temporary importation and re-exportation of vaccine containers having facilities for temperature maintenance and tracking devices have also been allowed.
Setting up of Task Force for efficient clearing of vaccines have also been decided.
Commissioners in charge of the International Courier Terminals, where ECCS (Express Cargo Clearance System) is in operation, will set up the Task Force.
Central Board of Indirect Taxes & Customs (CBIC):
- It was established on 1 January 1964. It is headquartered in New Delhi. It is headed by Muttoli Ajit Kumar (M. Ajit Kumar) since January 2020.
- It is a part of the Department of Revenue under the Ministry of Finance.
- After GST, the Central Board of Excise and Customs (CBEC) has been renamed as Central Board of Indirect Taxes and Customs as per legislative approval.
- It formulates and implements policies for Central GST, Central Excise Duty and Custom/Import Duty. It also deals with Narcotics in India.

Topic: Miscellaneous

PM holds the 34^th interaction meeting of PRAGATI (Pro-Active Governance and Timely Implementation) on 30 December 2020.
During the interaction, PM told states that they should try to achieve 100% enrolment in Ayushman Bharat scheme.
He also told State and UTs to draw the plan for meeting the targets under Jal Jeevan Mission.
During the interaction, PM reviewed projects of various ministries and took up grievances.
PRAGATI:
- It is an ICT based multi-modal platform for Pro-Active Governance and Timely Implementation started on March 25, 2015.
- The PRAGATI platform takes up the grievances of the citizens. It is also used for the review of various programs and projects of the centre and the state governments.
- PM holds a monthly programme with Government secretaries and Chief Secretaries once every month on Fourth Wednesday, known as PRAGTI Day.

Topic: Corporates/Companies

Ministry of Corporate Affairs has allowed Board Meetings through video conferencing till June 30, 2021.
The Ministry has issued Companies (Meetings of Boards and its Powers) Fourth Amendment Rules, 2020. The rules amend Companies (Meetings of Boards and its Powers) Rules, 2014.
Board Meeting will be allowed through video conferencing or audio visual means till June 30, 2021 for approval of annual financial statements and Board’s report.
Board Meeting will be allowed through these electronic means till June 30, 2021 for proposals on mergers, de-mergers, acquisitions and takeovers
The Ministry has earlier provided this facility up to 31 December 2020.
Companies Act 2013 allows Directors to attend Board Meetings physically and through video conferencing or audio visual means.
However, certain issues such as approval of annual financial statements, Board’s report, prospectus and matters about mergers, de-mergers, acquisitions and takeovers cannot be dealt at meetings held through electronic means.

Topic: Regulatory Bodies/Financial Institutions

Fourteen states have agreed to be included in the Centralised Investment Clearance Cell being set up by DPIIT as part of single window clearance system.
Government is hoping that single-window clearance system will be launched in April 2021 to provide clearances to investors at one point.
Centralised Investment Clearance Cell will be a one-stop digital national portal. It will bring together current clearance systems of various Ministries/Departments of the government.
Through the Centralised Investment Clearance Cell, investors will interact with concerned ministries of central government and states.
Single window clearance system being created by DPIIT will be a pan-India single window system. States such as Rajasthan, Uttarakhand and Tamil Nadu already have single window clearance systems.
Department for Promotion of Industry and Internal Trade (DPIIT):
- It comes under the Ministry of Commerce and Industry. It was formed in 1995.
- It was known as the Department of Industrial Policy & Promotion before January 2019.

Topic: Agriculture

India has commenced the export of Moringa powder in view of global demand.
The first consignment has been sent to the United States.
Agricultural and Processed Food Products Export Development Authority (APEDA) is facilitating the infrastructure for this export.
It will help in increasing the income of farmers.
Moringa powder:
- It is a nutritional supplement. It is a rich source of Vitamin C.
- It has been also used as medicine for some diseases.
APEDA:
- It is a government organization established in 1985. It is responsible for the promotion of the export of agro products.
- Its head office is in Delhi. It has five regional offices. It comes under the Ministry of Commerce and Industry.

Topic: Appointments

Suneet Sharma has taken charge as New Chairman & CEO of the Railway Board.
He has replaced Vinod Kumar Yadav.
He had served on various positions such as Chief Mechanical Engineer, Chief Workshop Manager, General Manager, etc. in Indian railways.
He is known for reforms such as increasing the speed of goods train, electrification in railways, and completion of various projects.
His appointment has been approved by the Appointments Committee of the Cabinet.
Appointment Committee on Cabinet:
- It is the committee that finalizes the appointment to some senior positions like chairman and member of Railway Board, Chiefs of three military services, RBI governor, etc.
- The committee is chaired by Prime Minister.