Topic: Committees/Commission/Taskforces
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.
Topic: Appointments
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.
Topic: RBI
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.
Topic: MoUs/Agreements
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.
Topic: Corporates/Companies
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.
Topic: Corporates/Companies
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.
Topic: Appointments
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.
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