Banking Awareness of 5, 6 and 7 November 2024

Topic: Taxation

1. Quasi-judicial adjudication pertaining to indirect taxes and appeals must be heard in virtual mode.

• The AATO (Aggregate Annual Turnover) for reporting e-invoices on IRP portals within 30 days has been reduced from ₹100 crore and above to ₹10 crore and above through an advisory posted on the GST portal.
• The government has announced that starting in April of next year, GST assessees with yearly turnover of ₹10 crores and above will not be permitted to submit electronic invoices that are more than 30 days old.
• When the relevant authorities receive a special request from the party in question, they may make an exception to permit a personal hearing in physical mode.
• An earlier directive revising the August 2020 instruction was published on July 28, 2022.
• It was stated that only at the assessee's request will the adjudicating or appellate authority conduct a personal hearing virtually. It will not be required to use the virtual hearing mode.

Topic: Indian Economy/Financial Market

2. The timing of the release of CPI and IIP data has been revised by the Ministry of Statistics and Program Implementation (MoSPI).

• The revised release time coincides with the hours at which India's main financial markets close.
• According to MoSPI, the Consumer Price Index (CPI) and Index of Industrial Production (IIP) will now be released approximately ninety minutes earlier.
• The timing of the financial markets' operations is taken into consideration when doing this.
• MoSPI has agreed to change the CPI and IIP release time from 5:30 p.m. to 4 p.m. on the 12th of each month.
• In the event that the 12th falls on a holiday for CPI, the release time will be the next working day; for IIP, it will be the day before the holiday.

Topic: Reports and Indices

3. India’s Services PMI reached 58.5 in October.

• India’s services sector witnessed a robust performance in October.
• The Services PMI climbed to 58.5 up from a ten-month low of 57.7 in September
• This shows a sharp acceleration in business activity.
• As per the report, input costs increased in October. It has grown at its fastest pace in three months.
• In October, the Indian services sector registered strong expansions in output and consumer demand.
• The October PMI results indicate strong momentum in India’s service sector.
• Employment generation hit a 26-month high in the service sector.
• Around 13 percent of panellists reported job creation, compared to 9 percent in September.

Topic: Taxation

4. The three-layered financial limit for interest reduction or waiver on unpaid taxes has been established by the Income Tax Department.

• This will assist assessors in approaching the precise hierarchy in order to receive relief.
• Either the Principal Commissioner or the Commissioner may waive or reduce interest up to ₹50 lakhs.
• The Chief Commissioner or Director General of Income Tax (DGIT) has the authority to offer relief for amounts between ₹50 lakhs and less than ₹1.5 crore.
• The Principal Chief Commissioner may reduce or waive any amount beyond ₹1.5 crore.
• The requirements for reduction or waiver have not changed. To receive relief, an assessee must meet all three requirements.
• First, the assessee has experienced or would experience actual hardship as a result of the payment of such a sum.
• Second, due to events outside the assessee's control, the amount on which interest has been paid or was due was not paid.
• Third, the assessee has cooperated in any investigation concerning the assessment or any action taken to recover any money owed to him.

Topic: Banking System

5. e-bank guarantee facility has been launched by Punjab & Sind Bank.

• Punjab & Sind Bank has launched this facility in partnership with National e-Governance Services Ltd (NeSL).
• e-Bank Guarantee (e-BG) facility replaces paper-based BG issuance process with stamping and signatures.
• This step will reduce the TAT (turnaround time) and increase ease of business for applicants and beneficiaries.
• NeSL’s e-BG is paperless. It is available in a digital form to the beneficiary of an e-BG on registration on the portal of NeSL.

Topic: MoUs/Agreements

6. Asian Development Bank (ADB) and Government of India signed $200 million loan agreement.

• The purpose of loan agreement is to help upgrade water supply, sanitation, urban mobility and other urban services in Uttarakhand.
• The signatories to the loan agreement for the Uttarakhand Livability Improvement Project were Joint Secretary, Ministry of Finance and Ms. Mio Oka, Country Director of India Resident Mission, for ADB.
• The project aims to create urban infrastructure that is resilient to climate and environmental risks.
• The project will enhance transportation, urban mobility, and overall public services in Haldwani.
• It will improve water supply delivery in Champawat, Kichha, Kotdwar, and Vikasnagar.

Topic: Appointments

7. Yamaha India has appointed Itaru Otani as the new Chairman.

• Otani brings more than three decades of experience with Yamaha Motor Company.
• Before this role, he served as Chief General Manager and led the Land Mobility Business Operations based out of Japan.
• Dr. Jacqueline d’Arros Hughes has been appointed as Secretary General of the World Agriculture Forum.
• Dr. Jacqueline d’Arros Hughes is the outgoing Director General of the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT).

Topic: Appointments

8. IFCI's current deputy MD Rahul Bhave has been recommended by FSIB for MD, CEO post of IFCI Ltd.

• Palash Srivastava has been recommended by FSIB for the position of Deputy Managing Director in IIFCL.
• At present, Srivastava is the Chief Executive Officer of IIFCL Projects Limited, a subsidiary of IIFCL.
• The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi will take final decision on both recommendations of FSIB.
• Financial Services Institutions Bureau (FSIB) is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.
• Its other members are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI's ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.

Topic: Banking System

9. Real-time tracking for international money transfers has been launched by IDFC FIRST Bank.

• With this, IDFC FIRST Bank has become the first Indian bank which is offering real-time tracking for money sent abroad.
• This service is developed in partnership with Swift.
• This service is accessible though the mobile app and internet banking platforms of the bank.
• With real-time tracking, the bank has empowered customers to monitor their cross-border transactions.
• The Swift GPI plugin provides customers a way to track their overseas money transfers.
• The tracker provides real-time updates on the status of funds.
• It shows whether funds are in transit or have been credited to the recipient bank.

Topic: Banking/Financial/Govt Schemes

10. On November 6, a 15-day Jal Utsav launched by NITI Aayog.

• A 15-day 'Jal Utsav' has been launched by NITI Aayog to create awareness and sensitivity towards water management, conservation and sustainability from 6th November.
• The campaign follows the vision of PM Modi, who mooted the idea of ​​'Jal Utsav' on the lines of 'Nadi Utsav' during the 3rd Chief Secretaries Conference held in December 2023.
• Jal Utsav is being implemented in 20 Aspirational Districts and Blocks from 6th to 24th November.
• Jal Utsav is being celebrated in partnership with National Jal Jeevan Mission, Department of Drinking Water and Sanitation and Ministry of Jal Shakti.
• Being organized in 20 states, the festival envisages community participation in conservation and protection of water resources.
• It aims to promote efficient use of water in households and instill a sense of responsibility towards water management among utilities and agencies.
• The initiative enrolls school students in water management activities, empowering them to act as catalysts of change in their families and communities.
• The fortnight-long celebrations began with a ‘Jal Bandhan’ – in which eminent personalities and local leaders tied a sacred thread on water resources.
• They also launched “Fact Sheets on Jal Sampada” of their blocks and districts.

Read Banking Awareness PDF -5, 6 and 7 November 2024