Banking Awareness of 11 and 12 May 2022

By Priyanka Chaudhary | Last Modified: 13 May 2022 16:55 PM IST
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Topic: Banking System

1. Union Bank of India launched online platform for export-import transactions.

  • The platform is named Trade nxt. It enables corporates and MSMEs to carry out all cross-border export-import transactions.
  • It offers seamless processing of letters of credit, bank guarantees, and export and import bills.
  • It also offers a disbursement of export credit, outward & inward remittances, dealer financing etc.
  • Union Bank of India was founded in 1919. Its CEO is Rajkiran Rai G. It is headquartered in Mumbai. It is a government-owned bank.

Topic: MoUs/Agreements

2. ICICI Bank and British bank Santander UK have signed an MoU.

  • ICICI Bank has signed an MoU to collaborate for the banking requirements of UK corporates operating in India.
  • ICICI Bank will offer banking solutions to the UK corporates operating in India.
  • It will also offer retail banking, supply chain, treasury solutions to the UK corporates operating in India.
  • Santander UK will help Indian corporates for their requirements in UK.
  • ICICI Bank (ICICI Bank Limited) is a private sector bank. Girish Chandra Chaturvedi is the Chairman of its board of directors. Its MD & CEO is Sandeep Bakhshi.

Topic: Corporates/Companies

3. CoinDCX Ventures will invest ₹100 crore in Web3 start-ups over the next 12 months.

  • CoinDCX has launched its investment arm, CoinDCX Ventures.
  • The investment will focus on five sectors. They are Investing Infrastructure, Investing products, Infra layer development, development tools and Web3 applications.
  • CoinDCX has appointed Rohit Jain to lead CoinDCX Ventures.
  • CoinDCX recently raised $135 million in Series D funding round (funding by venture capitalists).
  • CoinDCX is India's first cryptocurrency unicorn. It is India's largest and safest cryptocurrency exchange.

Topic: Committees/Commissions/Taskforces

4. SEBI has formed an advisory committee on ESG related matters in the securities market.

  • The SEBI committee on ESG (environment, social and governance) related matters has a total of 19 members.
  • Navneet Munot will head the Committee. Munot is the Chief Executive Officer (CEO) of HDFC Mutual Fund.
  • The committee also has experts including, R Mukundan, C Siva Kumar, Amit Talgeri, Sharad Kalghtagi, Amit Tandon, J N Gupta and Rama Patel.
  • Improvements in business responsibility and sustainability report (BRSR), ESG ratings and ESG investing are the terms of reference of the committee.
  • Securities and Exchange Board of India (SEBI):
    • SEBI was set up in 1988 and given statutory status in 1992. Its headquarters is located in Mumbai.
    • It is a regulator of the securities market in India and aims to protect the interests of investors in securities.
    • Ms. Madhabi Puri Buch is the current chairperson of SEBI.

Topic: Banking System

5. PAN will be required for withdrawal or deposit of ₹20 lakh or more from one or more bank accounts in a financial year.

  • This norm will also apply to open a current account.
  • It will apply to account(s) with a commercial bank, co-operative bank or with the post office. The rules will be applicable from May 26, 2022.
  • The amendments in the Income Tax Rules, 1962 have been notified by the Central Board of Indirect Taxes (CBDT).
  • In Budget 2020, TDS (Tax Deducted at Source) on cash withdrawal in excess of ₹20 lakh was introduced by the government.
  • Section 139A of the Income Tax Act deals with persons or transactions who should apply for and quote PAN.
  • Permanent Account Number (PAN):
    • It is a ten-digit alphanumeric number issued by the Income Tax Department.
    • As per provisions of Section 272B of the Income Tax Act 1961, a penalty of ₹10,000 can be levied on possession of more than one PAN.

Topic: Summits/Conferences/Meetings

6. Annual conference of Chief Commissioners of Customs & CGST held at Mahabalipuram, Tamil Nadu.

  • The two day conference was named SANKALP. The conference was held to discuss key challenges facing the Central Board of Indirect Taxes & Customs (CBIC).
  • In his inaugural address, Revenue Secretary Tarun Bajaj complimented all the officers of CBIC.
  • Vivek Johri, Chairman of CBIC highlighted the achievements of CBIC during the year 2021-22.
  • During the conference, the following subjects were discussed.
    • Compliance management strategy
    • Lessons from the national time release study
    • Introduction of a performance management system
    • Litigation management

Topic: Taxation System

7. Central Board of Direct Taxes (CBDT) issues guidelines for reassessment of Income-Tax Returns.

  • CBDT released guidelines after Supreme Court held re-assessment order issued under Section 148 of the Income-Tax Act as valid.
  • Section 148 is about the issue of notices when income has escaped assessment at the time it was replaced by section 148A (became effective from April 01, 2021).
  • As per CBDT, reassessment notices issued between April-June time period of 2021 come under the scope of Supreme Court orders.

Topic: Agriculture

8. Manghar village will be first 'Village of Honey' in the country.

  • On 16th May, Manghar, a village in Maharashtra’s Mahabaleshwar will become the first 'Village of Honey'.
  • Khadi and Village Industries Commission will implement the Village of Honey scheme as part of the Project Honeybee.
  • Out of 100 families in Manghar village, 80 are engaged in the business of beekeeping.
  • The objective of the scheme is to produce high-quality honey and to set up a hospital and laboratory for honeybees.
  • Under the “Village of Honey” initiative, the government will take necessary steps to increase the number of honeybees in the region.

 

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