Banking, Financial and Economic Awareness of 15 and 16 December 2019

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 3^rd place from 10^th 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 1^st February 2020.
• Along with industry bodies, farmer organizations and economists, FM will also consult stakeholders in Start-ups, Fintech and Digital Sector.
• Budget:
  • 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 31^st December is compulsory.
• In September, CBDT has changed the deadline for linking Permanent Account Number (PAN) with Aadhaar from 30^th September to 31^st December.
• Central Board of Direct Taxes (CBDT):
  • It was formed in 1963.
  • It has a chairman and six members.
  • Chairman: Pramod Chandra Mody