Banking Awareness 18th November 2016 | Financial Affairs 18th November 2016

No indelible ink so banks use markers

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Permanent markers are used to track repeated cash exchange.

  • In the absence of indelible ink at many banks in Delhi and NCR, officials at many branches are using “permanent” markers to prevent customers from repeatedly returning for exchange of cash.
  • Bank officials concede that the ink of these marker pens can be rubbed away, nullifying the purpose of deterring repeat visits to banks.

Marker

Mark is kept over the nails to stay for some more days.

VMC coffers swell as defaulters fall in line

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Fears that I-T Dept. will take a hard look at high-value payments

  • The demonetisation of the Old High Denomination bank notes has turned out to be a boon for the Vijayawada Municipal Corporation as its coffers are being filled with an influx of cash in Rs. 500 and Rs. 1,000 denominations from taxpayers.
  • People, who had been skipping payment, particularly the Vacant Land Tax (VLT), are now making a beeline for Meeseva centres and the VMC office.

Rs. 122 crore

Amount paid by tax payers so far

Israel seeks FTA with India to boost trade

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Israel wishes to partner in India’s ‘Clean Ganga’ project and solar energy sector.

  • Israeli President Reuven Rivlin pitched for a bilateral free trade agreement with India and Israel wishes to partner in India’s ‘Clean Ganga’ project and solar energy sector.
  • Mr. Rivlin said that Israel, a rain-deficit country, had evolved technology solutions to meeting its water needs, adding that its waste water management know-how could be of immense use for India.

$5 billion

Amount Invested on bilateral trade.

e-Grocers extend delivery time as demand surges

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They are dealing with the sudden demand surge post-demonetisation.

  • Given the rush for buying fruits and vegetables online through cards and m-wallets, customers may not get deliveries as and when required for at least another 10 days as e-grocers try to deal with the sudden demand surge post-demonetisation.
  • Meanwhile, Grofers, which runs on a marketplace model, said they have not only seen a spike of around 60 per cent in new customer additions, but also an increase of about 10-15 per cent in average ticket size of existing customers.

10-15

Percentage of growth shown due to demonetization.

India’s CAD to stay at $10.1 bn. in FY17: Citigroup

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CAD to stay strong due to demonetization

  • India’s current account deficit is expected to stay comfortable at $10.1 billion in this financial year, largely on account of likely demand moderation post the demonetisation move.
  • According to the global financial services major, the country’s current account could likely widen in fiscal year 2017-18 to $30 billion or 1.2 per cent of GDP.

Growing sectors

  • Gold
  • Crude oil

Sugar output rises by about 2% to 7.87 lakh tonnes

various types of sugar

UP and Karnataka started its process early this year.

  • India’s sugar production has increased marginally by nearly two per cent to reach 7.87 lakh tonnes compared to last year, mainly on account of early crushing in states like Uttar Pradesh and Karnataka
  • Sugar marketing year runs from October to September. This is mainly because sugar mills in UP and Karnataka have started earlier than their usual time.

15,000

Tons of sugar produced annually.

Solar power generation capacity touches 8.7 GW

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Early addition of 1,964.76 MW for seven months

  • An addition of 1,964.76 MW in the first seven months of the current fiscal has taken the total solar power generation capacity in the country to 8,727.62 MW.
  • Piyush goyal stated that 1,964.76 MW of solar power generation capacity has been added in the country till October-end of this financial year.

$625 million

Loan amount approved by World Bank for Clean Technology Fund.

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