Banking, Financial and Economic Awareness of 25 November 2019

1. RBI extends the scope of Special Non-Resident Rupee (SNRR) Accounts

• Reserve Bank of India has extended the scope of Special Non-Resident Rupee (SNRR) accounts to promote cross-border transactions in Indian rupee.
• The persons residing outside India can now open such accounts for the following purposes:-
  • External Commercial Borrowings in INR
  • Trade Credit in INR, or
  • Export/Import Invoicing in INR
• SNRR Account:
  • It is a non-interest earning account that can be opened for the specific business.
  • Any person residing outside India, having a business interest in India can open such type of account with an authorized dealer.

2. Govt. plans to launch a new scheme for testing MSMEs manufactured defence products

• The Ministry of Defence will soon launch a scheme worth Rs 400 crore to set up new facilities for testing defence products manufactured by MSMEs.
• 6-8 units will be set up in the South and North defence corridor.
• 75% of the cost of equipment for the testing facility will be provided as grant-in-aid, while the remaining will be funded by a consortium of private investors.
• Each unit will function as a Special Purpose Vehicle (SPV).

3. Samples of Betnovate and Panderm Failed quality tests

• Central Drugs Standard Control Organisation (CDSCO) has labeled around 35 batches of medicines including Betnovate-C, Betnovate-N and Panderm ++ as "not of standard quality".
• While the manufacturers claimed that the samples are counterfeit, hence, the quality does not match.
• CDSCO:
  • It is a regulatory body for pharmaceuticals and medical devices.
  • It functions under the Directorate General of Health Services, Ministry of Health & Family Welfare.
  • Headquarters: New Delhi

4. Periodic Labour Force Survey for Jan-March released

• The Periodic Labour Force Survey for the Jan-March of the year 2019 shows the unemployment rate in urban areas to be 9.3%, which is the lowest in at least four quarters.
• The female unemployment rate was higher than the overall rate in Jan-march while it is lower than that is Oct-Dec 2018.
• Female unemployment was highest in Jammu & Kashmir, while the male unemployment rate was highest in Odisha.
• The annual PLFS report is different as it covers both rural and urban areas
• The first annual PLFS report was released in May 2019 for July 2017-June 2018 while the second annual PLFS report is yet to be released.
• PLFS was launched by the National Sample Survey Organisation (NSSO) in 2017.