1. Auditing and Assurance Standards Board (AASB) of the CA Institute has constituted an expert panel.
- The expert panel will help practicing chartered accountants. It will deal with their concerns on statutory audit related aspects.
- The conveners of expert panel will be Sanjeev Kumar Singhal, Chairman, AASB, and Vishal Doshi, Vice Chairman, AASB.
- G Ramaswamy, former CA Institute President, described the setting up of panel as the best initiative by ICAI’s Audit and Assurance Standards Board.
- G Ramaswamy was a member of Company Law Committee (CLC). It was appointed by Ministry of Corporate Affairs. It recently submitted its third report.
Topic: Financial/Regulatory Bodies
2. SIDBI has given first approval to Maharashtra government under its SIDBI Cluster Development Fund (SCDF).
- SIDBI has agreed in principal to provide Rs 600-crore assistance to Maharashtra government for revival of ITIs/polytechnics.
- Expert Committee on MSMEs has recommended SIDBI to engage with State Governments in a more focused way for MSME development and promotion.
- This expert committee was headed by UK Sinha. SIDBI Cluster Development Fund was established with the support of RBI.
- It was set up to help infrastructure facilities in pan-India clusters. The fund is intended to support MSME infrastructure in areas other than agriculture.
3. Government has appointed noted economist Dr. Suman K Bery as new vice chairman of NITI Aayog.
- After Dr Rajiv Kumar stepped down as Chairman of the NITI Aayog, Suman K Bery has been named Vice-Chairman.
- On May 1st, he will take over as Vice Chairperson of NITI Aayog. He will be the third vice chairman of NITI Aayog.
- Dr. Suman K Bery previously worked at the National Council of Applied Economic Research (NCAER) in New Delhi as Director-General.
- He was a member of National Statistical Commission and Economic Advisory Council to the Prime Minister.
- NITI Aayog:
- It was formed on January 1, 2015. It replaced the Planning Commission.
- The Prime Minister is the ex-officio Chairman and the Prime Minister appoints the Vice-Chairperson.
- Its headquarters is in New Delhi. Amitabh Kant is its CEO.
4. RBI has imposed a penalty of RS 17 lakh on Manappuram Finance.
- The monetary penalty has been imposed for non-compliance of KYC, Prepaid Payment Instrument (PPI) rules.
- While imposing the fine, RBI has exercised its powers under Section 30 of Payment and Settlement Systems Act, 2007.
- Section 30 of Payment and Settlement Systems Act, 2007 gives RBI power to impose fines.
- Manappuram Finance is a NBFC (Non-Banking Financial Company) based in Kerala.
5. A MoU has been signed by Dhanlaxmi Bank with Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) for collection of taxes.
- This will make it possible for the customers to pay their direct taxes and GST payments through the bank’s branch network and digital platforms.
- The customers will also be able to pay other indirect taxes through bank’s branch network and digital platforms.
- RBI has authorized the bank for collection of taxes on the basis of recommendation by Controller General of Accounts.
- In October 2021, RBI empaneled the bank as Agency Bank to carry out general banking businesses of central and state government on RBI’s behalf.
- In 2020, RBI appointed D K Kashyap (General Manager of RBI) on bank’s board for two years.
6. NMDC has won first prize in four categories of Public Relations Awards 2022 presented by Public Relations Society of India (PRSI).
- The mining company got the awards for its Corporate Website, Annual Report, Layout and Design of Newsletter, and CSR Corporate Video.
- ED (Personnel) Praveen Kumar and DGM Ch. Srinivasa Rao received the awards on the behalf of NMDC.
- A conference was also hosted on the theme of ‘Emerging Trends in Modern Public Relations’.
- National Mineral Development Corporation (NMDC) is the country’s largest Iron Ore producer. It is a Central Public Sector Enterprise under the Ministry of Steel. It is headquartered in Hyderabad.
7. British PM Boris Johnson has inaugurated JCB India’s new £100-million factory.
- The factory has been launched near Vadodara in Gujarat.
- This factory will be JCB India’s 6th factory in India. 50% of the factory’s staff will be women.
- The factory is expected to start full production in October. India is an export hub for complete machines of JCB.
- British PM Boris Johnson was on a two-day visit to India. PM Modi and British PM Boris Johnson have decided to conclude negotiations on the Free Trade Agreement by end of 2022.
- JCB India is a fully-owned subsidiary of UK-based J C Bamford Excavators.
8. Aditya Birla Capital has appointed Vishakha Mulye as its next CEO.
- She will join the organization on June 1, 2022. She will replace Ajay Srinivasan.
- Mulye is currently the Executive Director of ICICI Bank.
- She will be the first female, who will join the board of Aditya Birla Management Corporation.