Banking, Financial and Economic Awareness

2019-12-16

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.
  • 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 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

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