Banking, Financial and Economic Awareness of 11 and 12 February 2020

1. Deadline for GSTR 9 and GSTR 9C not to be extended

• Supreme Court has ruled that the deadline for submitting GSTR 9 and GSTR 9C will not be extended.
• Earlier, Rajasthan High Court has passed an order to extend the deadline for submitting GSTR 9 and GSTR 9C. Now, Supreme Court has put a stay on order passed by Rajasthan High Court.
• In its order, Rajasthan High Court has said that no fee will be charged in case of failure to file GST returns for FY 2017-18 through GSTR 9 and GSTR 9C till February 12.
• For Rajasthan, the deadline for filing returns was decided to be February 5, 2020.
• Taxpayers registered under GST are required to file GSTR 9. It is to be filed annually. 
• GSTR 9C is to be filed by taxpayers with more than Rs 2 crore turnover in a financial year.

2. India seeks comment on draft quality control order for toys

• India has asked WTO members to comment on the recent draft of the quality control order for toys within 15 days.
• Draft quality control order for toys aims to ensure the quality of imported and locally manufactured toys. It also makes certification of toys by Bureau of Indian Standards (BIS) mandatory.
• Currently, India imports nearly 85% of total toys sold in its domestic market.
• Bureau of Indian Standards (BIS): 
  • It comes under the Ministry of Consumer Affairs, Food and Public Distribution.
  • It was formed in 1986.

3. Uniform law to regulate fisheries in EEZ

• The government has drafted National Marine Fisheries (Regulation and Management) Bill, 2019, to regulate fisheries between 12 nautical miles and 200 nautical miles, known as Exclusive Economic Zone (EEZ).
• Currently, fisheries in territorial waters (from baseline to 12 nautical miles) are regulated by Marine Fishing Regulation Acts (MFRA) of different states.
• Foreign fishing vessels fishing in the maritime zones of India are regulated by Maritime Zones of India (Regulation of Fishing by Foreign Vessels) Act, 1981, or MZI Act.   
• Fish production in India has increased by 6.6% from 2017-18 to 2018-19.
• Top fish producing states in India are Andhra Pradesh, West Bengal, Odisha, and Tamil Nadu.

4. RBI's draft framework to authorize pan-India NUE

• RBI has invited comments on its draft framework to authorize pan-India New Umbrella Entity (NUE) that will be focused on retail payment systems.
• As per the draft framework, RBI will authorize the pan-India umbrella entity / entities incorporated in India as a Company under Companies Act, 2013 and focused on retail payment systems.
• In the draft framework, minimum paid-up capital for NUE is fixed at Rs 500 crore, and shares of a single promoter/promoter group in NUE cannot be more than 40%.
• The draft framework also proposes that after five years of NUE's operations, shares of single promoter/promoter group in NUE will be lowered to a minimum of 25%. 
• NUE should always maintain a minimum net-worth of Rs 300 crore.
• Currently, the National Payments Corporation of India (NPCI) is the only organization that focusses on payment and settlement systems in India.
• National Payments Corporation of India (NPCI) was formed in 2008 by the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).

5. Karnataka Vikas Grameen Bank (KVGB) launches Vikas Yuva Prerana campaign 

• Karnataka Vikas Grameen Bank (KVGB) has launched the Vikas Yuva Prerana campaign to promote entrepreneurship.
• KVGB will increase awareness about self-employment opportunities and find out students who are in the final year and interested in entrepreneurship. These students will also be provided credit support.
• Karnataka Vikas Grameen Bank (KVGB) is a Regional Rural Bank (RRB).
• RRBs are formed to provide financial services in rural areas. But, they can operate in urban areas also.
• The central government owns RRBs and notifies their areas of operation. The central government, state government and sponsor banks hold shares in RRBs.

Multiple Choice Questions (MCQs)

1. In order to file GSTR 9C, the turnover of a taxpayer in a financial year should be more than

1. 1 crore
2. 1.5 crore
3. 2 crore
4. 2.5 crore
5. 3 crore

2.  Draft quality control order for toys makes certification of toys by Bureau of Indian Standards (BIS) mandatory. When was BIS formed?

1. 1947
2. 1975
3. 1983
4. 1986
5. 1991

3. Which of the following is the top fish producing state in India?

1. Andhra Pradesh
2. West Bengal
3. Odisha
4. Tamil Nadu
5. Gujarat

4. National Payments Corporation of India (NPCI) was formed in 2008 by

1. Reserve Bank of India (RBI)
2. Indian Banks’ Association (IBA)
3. Ministry of Finance
4. Ministry of Commerce
5. Both A and B

5. Which of the following Regional Rural Bank has launched Vikas Yuva Prerana campaign recently?

1. Kerala Gramin Bank
2. Karnataka Vikas Grameen Bank
3. Andhra Pragathi Grameena Bank
4. Assam Gramin Vikash Bank
5. Odisha Gramya Bank

Correct Answers:

1. C
2. D
3. A
4. E
5. B