Economic, Banking and Financial Awareness - 11 November 2019


2019-11-11 | Team PendulumEdu

1. IOCL to set up 2G ethanol plant in Panipat

  • Ministry of Environment, Forest and Climate Change (MoEFCC) has given environment clearance to Indian Oil Corporation Limited (IOCL) for setting up a new 2G Ethanol plant at Panipat.
  • The project aims at promoting the use of environment-friendly fuel and assisting the government in doubling farmers’ income.
  • MoEFCC has also revised the environmental standards for Tanneries, Iron & Steel Industries and Coffee Industries for promoting a green and clean environment.
  • IOCL is the government-owned oil and gas company and is headquartered in New Delhi.
  • Chairman of IOCL- Sanjiv Singh
  • Union Minister of Environment, Forest and Climate Change- Prakash Javadekar

2. Global Exhibition on Services 2019 to be held in Bengaluru

  • In order to attract investment and promote exchanges of trade in services, the fifth edition of the Global Exhibition on Services-GES 2019 will be organized in Bengaluru. 
  • GES is an annual event and this year, there will be participants from 100 countries, and India is looking forward to partnerships in various arenas like aviation and space program, infrastructure, telecom sector, etc.

3. No claimants for Indian’s dormant Swiss accounts

  • There have been no claimants for the dormant bank accounts that are linked to Indians. The funds in these accounts are at risk as these would be transferred to the Switzerland government after the expiry of the claim period.
  • In 2015, the swiss govt. made public the details of dormant accounts, but there had been not a single claimant for the dormant accounts linked to the Indians in the last six years.
  • The claim period for some accounts will expire next month.
  • The first batch of details regarding Indians accounts in Swiss bank has been given to India under the automatic information exchange deal. The next batch would be shared in September 2020.
  • Headquarters of Swiss bank corporation- Basel, Switzerland

4. India, EU to restart talks on a Free Trade Agreement

  • After India’s withdrawal from RCEP, India and European Union reiterated the need to have a bilateral Trade and Investment Agreement (BTIA).
  • Issues like India’s decision to cancel Bilateral investment treaties with 58 countries (including 22 EU countries) and the Brexit may delay the talks on FTA.
  • BTIA is a comprehensive agreement that includes trade in goods, services, intellectual property, and investment.

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