Banking, Financial and Economic Awareness

Topic: Taxation

1. Highest ever GST collection reported in March.

• Highest ever GST collection has been reported in March.
• GST collection stood at Rs. 1.23-lakh crore since the introduction of GST regime in July 2017.
• GST revenue for March is 27% higher than GST revenue in March last year.
• GST revenues improved steadily through 2020-21. It increased from negative 41% in the first quarter to negative 8% in the second quarter.
• It reached 8% and 14% in third and fourth quarters in comparison to the same time last year.
• All states and UTs, excluding two Union Territories (Daman & Diu and Andaman & Nicobar Islands), have reported growth in tax collection.

Topic: Miscellaneous

2. Government further extends deadline for thermal electricity generators to install flue gas desulphurization technology by up to three years.

• Government further extends the deadline for thermal electricity generators to install flue gas desulphurization technology by up to three years.
• Current deadline for plants to meet SO₂ emission standards was December 2022. New order extends the deadline to December 2024 for the plants not located in densely populated or heavily polluted areas.
• The plants due to retire soon will get time till December 2025, even if they are situated in heavily-polluted areas.
• Ministry of Environment, Forests, and Climate Change issued the order to extend deadlines on April 1.

Topic: Infrastructure and Energy

3. APSEZ is the only bidder for a tender by waterways authority to privatize multi-modal river terminal at Varanasi.

• Adani Ports and Special Economic Zone Ltd (APSEZ) is the only bidder for a tender by waterways authority to privatize a multi-modal river terminal at Varanasi.    
• APSEZ is one among four bidders, which filed qualification documents for privatizing the multi-modal terminal at Haldia. 
• Hindustan Infralog Pvt Ltd, Orissa Stevedores Ltd and IRC Natural Resource Pvt Ltd are the other three bidders.
• Inland Waterways Authority of India (IWAI) developed three multi-modal terminals and it is now seeking interests from bidders for running three terminals.
• Varanasi and Haldia multi-modal terminals are being privatised on the Equip, Operate and Transfer (EOT) model.  
• The contract at Varanasi will have a tenure of 10 years, which can be extended by two years.

Topic: Miscellaneous

4. India gives $3,00,000 to UN Women.

• India has given $3,00,000 to UN women and the Assistant Secretary-General and Deputy Executive Director of UN Women Anita Bhatia thanked India for it.
• United Nations Entity for Gender Equality and the Empowerment of Women is also called as UN Women.
• UN Women was founded in July 2010. It became operational in January 2011. It is headquartered in New York.

Topic: Indian Economy

5. Government withdraws rate cut order on small savings schemes.

• The Government withdraws the decision to reduce interest rates on PPF and other small savings schemes.
• Now, the rate on the small saving scheme will remain the same as they were during the January-March quarter.
• According to the new notification, Public Provident Fund Scheme and National Savings Certificate will offer interest of 7.1% and 6.8% for the next three months.
• Government usually revises interest rates on small saving instruments every quarter.
• Earlier, the government had slashed rates of small savings schemes for the first quarter of 2021-22.

Topic: Infrastructure and Energy

6. Bharti Airtel commissions a 14 MWp captive solar power plant for its data centres in UP.

• Bharti Airtel commissioned a 14 MWp (Megawatt peak) captive solar power plant for its data centers in Uttar Pradesh.
• This is first of two solar plants being set up by Bharati Airtel in collaboration with AMP Energy.
• It is located in Tilhar (Shahajahanpur, UP).  Second plant is located at Begampur.

Read Banking Awareness PDF - 3, 4 and 5 April 2021