Banking, Financial and Economic Awareness

Half Yearly (Jan - June 2021)
2021 Book

Banking Awareness

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

2. PM holds 34th interaction meeting of PRAGATI (Pro-Active Governance and Timely Implementation).

  • PM holds the 34th 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

3. Ministry of Corporate Affairs allows Board Meetings through video conferencing till June 30, 2021.

  • 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

4. Fourteen states agree to be included in Centralised Investment Clearance Cell being set up by DPIIT as part of single window clearance system.

  • 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

5. India started export of Moringa powder.

  • 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

6. Suneet Sharma appointed as new chairman & CEO of Railway Board.

  • 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.

 

 

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