Banking Awareness 12th November 2016 | Financial Affairs 12th November 2016

Centre to pay Rs. 500 cr a year to GST network as service charge


Annual pay on GST for Tax payers.

  • The Centre will annually pay nearly RS.500 crore to Goods and Services Tax (GST) Network as service charge on behalf of taxpayers. There was a plan to charge the assessees but Government said since they will be paying tax to government, it will not be correct to charge them.
  • The Centre and States have 24.5 per cent stake respectively while financial institutions have 51 per cent in GSTN.

320 crores

Monthly invoices upload as GST network.

India aims to be world’s most open economy: PM


Government to pursue to make India the world’s most open economy.

  • Prime Minister Narendra Modi today invited Japanese investments, saying India has a huge and substantial need for finances and his government was pursuing reform policies to make the country the world’s “most open” economy.
  • PM said his government was committed to further reform policies to boost ‘Make in India’ and for creating a conducive business environment through stable and transparent regulatory mechanisms.

US$63 billion

Amount received in FDI(Foreign Direct Investment)

India, US lock horns over intellectual property at WTO


Issues on rights and the right-to-protect access to cheap lifesaving medicines

  • India and the US have locked horns yet again on the issue of intellectual property rights and the right-to-protect access to cheap lifesaving medicines — this time at the World Trade Organisation.
  • Many developing countries, on the other hand, want a Ministerial decision of excluding such disputes permanently.


Headquarters in Geneva Switzerland.

Mallya PMLA case:

Force India Chairman Vijay Mallya arrives in the paddock during final practice prior to qualifying for the Indian Formula One Grand Prix at Buddh International Circuit in Greater Noida on oct 27th 2012. Express photo by RAVI KANOJIA.

ED to seize fresh Rs 1,700 cr assets

  • With a special PMLA court allowing its plea for further attachments, ED will soon seize fresh assets worth Rs. 1,700 crore under CRPC laws, of liquor baron Vijay Mallya in connection with its money laundering case against him and others.
  • The agency had moved the court last month seeking that Mallya be declared a proclaimed offender and his properties be attached as he did not comply with a proclamation order issued against him in June, requiring him to appear before the court.

Rs. 8,041 crore

The total attachment made by the agency in this case

Centre eases renewal norms for broadcasters


Simplified process of obtaining annual renewal permissions.

  • As part of its initiative to promote ease of doing business, the Information and Broadcasting Ministry has decided to simplify the process of obtaining annual renewal permissions for television channels.
  • TV broadcasters can now simply pay their annual permission fee up to 60 days before due date to continue operations.


Total TV channels in India.

Crackdown on black money will bring down inflation


Demonetisation will flush out black money and bringing down inflation.

  • Expressing confidence that the Centre’s demonetisation decision will go a long way in flushing out black money and bringing down inflation.
  • NITI Aayog Vice-Chairman Arvind Panagariya said the crackdown will ensure that more transactions take place through the banking system.


The annualised inflation rate in India as of August 2015.

IMF urges care in currency move


Help to fight against corruption through demonetisation.

  • The IMF said it supports India’s efforts to fight corruption through demonetisation, but noted that the transition needs to be managed “prudently” to minimise any disruption.
  • They also said they will support the measures to fight corruption and illicit financial flows in India.


Washington, D.C., United States.

Dish TV, Videocon d2h


Merge into Rs,17,000-cr firm

  • India’s direct-to-home company, Dish TV, and Nasdaq-listed Videocon d2h will merge to create a leading cable and satellite distribution platform, valued at about Rs.17,000 crore.
  • The merged entity, to be renamed as Dish TV Videocon Limited, would serve 27.6 million subscribers in India, out of a total of 175 million TV households in India, highlighting a significant room for growth.


Shares owned by Dish TV on Videocon d2h

PMO pushed to print new notes in India, says official


A new facility in Mysuru was used to print the new Rs 2,000 denomination notes.

  • India imports bank note papers from European firms like Louisenthal in Germany, De la Rue in United Kingdom, Crane in Sweden and Arjo Wiggins in France and Netherlands.
  • Currently, 70 per cent of the notes are being produced in India and in the next two years, the target is to achieve 100 per cent self-reliance


Headquarters in Brussels. Belgium.

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