1. Finance Ministry notifies rules to share information about individual assesses
- Finance Ministry notifies rules to share information about individual assesses to help in identifying eligible beneficiaries under PM-KISAN Yojana.
- Information about individual assesses is not normally shared by Income Tax Department.
- But, Income Tax Act, 1961 has a section 138 that allows Joint Secretary (Farmers Welfare) to get information about income tax assesses.
- The sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the IT Act, 1961 allows the exception for information sharing.
- PM Kisan scheme:
- The PM Kisan scheme has been functioning since December 1, 2018.
- Under scheme, Small and marginal farmer families get annual income support of RS 6,000 in 3 equal instalments.
- The scheme was expanded to all eligible farmer families on May 31. Size of landholdings is not a criterion for scheme.
2. CCC appeals to Ministry of Personnel, Public Grievance/ Pensions
- Coimbatore Consumer Cause (CCC) has appealed to Ministry of Personnel, Public Grievance/ Pensions to ask banks for sending Form XVI by post.
- As of now, banks are calling pensioners to branch for collection of Form XVI, which is used for filing Income Tax Return.
- Ministry of Personnel, Public Grievance/ Pensions was formed in 1970. Prime Minister is the current Minister of Personnel, Public Grievance/ Pensions.
- Mr. Jitendra Singh is the Minister of State for Personnel, Public Grievance/ Pensions.
3. RBI approves ROIC's proposal to raise stake in IndusInd Bank
- RBI has approved ROIC's proposal to raise its stake in IndusInd Bank from 4.96% to 10%.
- Route One Investment Company (ROIC)'s stake or shareholding will be increased up to 10% of IndusInd Bank's paid-up voting equity capital.
- IndusInd Bank:
- It is a Pune-based bank.
- It was started in 1994.
- Sumant Kathpalia is its CEO.
- Its tagline is we make you feel richer.
4. Long-Term Issuer Default Rating (IDR) of Future Retail downgraded
- Long-Term Issuer Default Rating (IDR) of Future Retail has been downgraded by Fitch.
- Company's earlier rating was CCC+. It has been now downgraded to C.
- Fitch has also downgraded rating on company's $500 million 5.6% senior secured notes from CCC+ to C.
- Earlier S&P has also warned company that it may downgrade company as it failed to make payments.
- Decreased sales due to COVID-19 and increasing debt has caused severe liquidity crunch before Future Retail and its holding company.
5. Consumer Protection (E-Commerce) Rules, 2020 notified
- Consumer Protection (E-Commerce) Rules, 2020 have been notified by government.
- The new rules mandate that e-commerce companies should display country of origin on products and expiry date of goods.
- The rules will be applied to all electronic retailers registered in India or abroad and selling goods and services to Indian consumers.
- The new rules also require display of total price of goods and services and other charges.
- Additionally, details about return, refund, exchange, warranty and guarantee, delivery and shipment should also be displayed.
- As per the new rules, e-commerce companies should also display any other information that consumers may require to make informed decisions.
- If e-commerce companies will violate rules, they will be penalized under Consumer Protection Act, 2019.
- The new rules prohibit e-commerce companies from imposing cancellation charges unless they are willing to pay similar charges to consumers if the companies cancel order from its side.
- Under the new rules, e-commerce companies cannot manipulate prices and discriminate between consumers or arbitrary classify them.
6. Acquisition of Krishnapatnam port approved by CCI
- Acquisition of Krishnapatnam port by APSEZL has been approved by Competition Commission of India.
- After the approval, Adani Ports and Special Economic Zone Limited (APSEZL) will acquire equity shareholding and management control in Krishnapatnam Port Company Limited (KPCL).
- Adani Ports is an integrated port infrastructure service provider company. KPCL operates deep water port at Krishnapatnam, Andhra Pradesh.
- In September 2019, CCI has approved acquisition of 70% stake in Saudi Basic Industries Corporation (SABIC) by Saudi Aramco.