Banking, Financial and Economic Awareness
1. Chhattisgarh tops Digital States of India 2019 report
- Chhattisgarh has topped the Digital States of India 2019 report by Coeus Age Consulting.
- Maharashtra, Haryana, Andhra Pradesh and Madhya Pradesh follow Chhattisgarh.
- The report assesses states and Union Territories with regard to Policy and Infrastructure Readiness (PIR) and Mission Mode Projects (MMPs) performance.
- Madhya Pradesh was in the first place in the Digital States of India 2017.
- In the 2019 report, Haryana moved to 3rd place from 10th in 2017.
- Coeus Age Consulting:
- It is a Gurgaon-based research and consulting organization.
- Founder and CEO: Dr. Kapil Dev Singh
2. Confederation of All India Traders (CAIT) demands action against e-commerce companies
- CAIT has demanded that the government should take action against e-commerce companies that flout FDI norms and become involved in unfair practices.
- It also urged the government to enforce e-commerce policy and national retail policy as well as form an e-commerce ombudsman and a Retail Regulatory Authority.
- CAIT also wants the Government to take urgent steps for developing an e-commerce marketplace that is indigenous and free from unfair practices to help the consumers in getting the best products at reasonable prices.
- Confederation of All India Traders (CAIT):
- It is an apex forum for the trading community of India.
- National Headquarter: Vyapar Bhawan, New Delhi
- National Chairman: Mr. Mahender Shah
3. NMDC and RINL allotted one coal mine each
- Ministry of Coal has allotted Rohne Coal Mine and Robodih OCP coal mine in Jharkhand to NMDC and RINL, respectively.
- The ministry has allotted both mines under Coal Mines (Special Provision) Act, 2015.
- National Mineral Development Corporation Limited (NMDC):
- It is the largest iron ore producer of India.
- It is under the control of Ministry of Steel.
- Headquarters: Hyderabad
- Rashtriya Ispat Nigam Limited (RINL):
- It is a Public Sector Undertaking (PSU) involved in steel production.
- Headquarters: Visakhapatnam
4. Google LLC cites India’s UPI to US Federal Reserve
- Google LLC has cited an example of India’s UPI to the US Federal Reserve for its proposed interbank gross settlement service.
- The proposed interbank gross settlement service is named as FedNow and may be introduced by 2023-2024.
- Google has earlier integrated Google Pay with UPI.
- Unified Payments Interface (UPI):
- It was introduced on 11 April 2016.
- It was developed by National Payments Corporation of India (NPCI).
- It is an inter-bank real-time payment system.
5. Government starts pre-Budget consultations
- Finance Minister will organize pre-Budget consultations for presenting her second budget on the 1st February 2020.
- Along with industry bodies, farmer organizations and economists, FM will also consult stakeholders in Start-ups, Fintech and Digital Sector.
- Article 112 of the Indian Constitution provides for Annual Financial Statement, commonly known as a budget.
- Until 2016, Finance Minister used to present the budget on the last working day of February.
- Now, it is presented on the first day of February.
6. Linking Permanent Account Number (PAN) with Aadhaar compulsory
- Income Tax Department has said that linking Permanent Account Number (PAN) with Aadhaar by 31st December is compulsory.
- In September, CBDT has changed the deadline for linking Permanent Account Number (PAN) with Aadhaar from 30th September to 31st December.
- Central Board of Direct Taxes (CBDT):
- It was formed in 1963.
- It has a chairman and six members.
- Chairman: Pramod Chandra Mody