Banking, Financial and Economic Awareness

1. Several IRS officers give suggestions to generate resources against COVID-19

• In the report titled as Fiscal Options & Response to Covid-19 Epidemic (FORCE), several IRS officers have given suggestions to CBDT for generating resources against COVID-19.
• Some important measures are up to 40% tax rate for people with income of Rs 1 crore or more in a year and wealth tax for people with income of Rs 5 crore or more.
• Officers have also suggested Covid Saving Certificates and 4 % Covid relief cess in case of over Rs 10 lakh taxable income
• Suggestions have also been made to increase equalisation levy and campaign similar to Give It UP campaign.
• Give It UP campaign was launched in March 2015. Under the campaign, government promotes giving up of LPG subsidy.

2. Madhavan Menon gets extension as CSB Bank's part time chairman

• RBI has given extension to term of Madhavan Menon as Catholic Syrian Bank's part time chairman and he will continue till July 21, 2020.
• His term has been extended under Section 10B (1A) (i) of Banking Regulation Act, 1949.
• He was appointed on April 22, 2019 and his term was ending on April 22, 2020.
• He also holds the post of Chairman and Managing Director (CMD) of Thomas Cook (India) Ltd.
• He is also nominee director of FIH- Mauritius Investments Ltd.
• CSB is a private sector bank. It is headquartered in Thrissur (Kerala). Its CEO is C.VR. Rajendran.

3. HDFC gets 6.43% stake in Reliance Capital

• HDFC has got 6.43% stake in Reliance Capital by selling pledged shares.
• The shares were pledged by Reliance Capital while taking loan from HDFC.
• The value of acquired shares stands at ₹252 crore.

4. Chemicals and petrochemicals industry contributes maximum to India's export

• The export of chemicals from India between April 2019 and January 2020 increased by 7.43% and chemicals and petrochemicals industry now contributes maximum to India's export.
• The contribution of chemicals and petrochemicals industry now stands at 14.35% of total exports from India.
• The value of India's total chemical exports currently is 2.68 lakh crore rupees.

5. India's forex reserves increase by 3.09 billion dollars

• India's forex reserves have increased by 3.09 billion dollars till 17 April.
• The foreign exchange reserves currently stand at 479.57 billion dollars.
• The main reason for increase in India's forex reserves is rise in its foreign currency assets by 1.55 billion dollars.
• India’s gold reserves and special drawing rights with IMF have also shown increase.
• While gold reserves increased by 1.54 billion dollars, special drawing rights with IMF increased by 3 million dollars.
• There was no change in India's reserve position with IMF. It remained at 3.58 billion dollars.