Banking Awareness 19th November 2016 | Financial Affairs 19th November 2016

States innovate to stave off labour unrest


Bengal, Assam tell authorities to ensure timely payment

  • With the demonetisation shock severely affecting disbursal of salary to low-wage workers as they are paid mostly in cash.
  • States such as West Bengal and Assam have evolved a novel plan aimed at preventing any major labour unrest.

474 million

Total number of work force in India.

Labour Minister demands more mobile ATMs


ATMs needed near construction sites.

  • The Labour and Employment Minister Bandaru Dattatreya has requested the Finance Minister Arun Jaitley to deploy more mobile ATMs in areas where there is a large number of workers, such as in construction sites.

Bandaru Dattatreya

Labour and Employment Minister

Double whammy: Banks’ customers to earn less on FDs


Banks awash in liquidity have lowered deposit rates.

  • Bank customers, who have been struggling to access funds from savings accounts in the wake of the demonetisation, now face the prospect of earning less on their deposits as banks awash in liquidity have lowered deposit rates.
  • Most of the deposits that are coming to banks following the currency ban, flow into savings accounts

FD revised

  • SBI – 7.05 to 6.9
  • ICICI – 7.25 to 7.10

Volkswagen to shed 30,000 jobs, cut costs


Wide-ranging restructuring of its brand

  • Volkswagen announced plans to cut 30,000 jobs in a wide-ranging restructuring of its namesake brand as it tries to recover from a scandal over cars rigged to cheat on diesel emissions tests.
  • The German company said the job cuts are part of a long-term plan to improve profitability and shift resources and investment to electric-powered vehicles and digital services.

Other Brands of Volkswagen

  • Porsche
  • Audi
  • SEAT
  • Skoda and Lamborghini.

Zoho unveils product made in rural India


Industry’s first context-aware help desk software

  • Chennai-based Zoho Corporation, a cloud-based software firm, unveiled the industry’s first context-aware help desk software built completely in rural India.
  • Zoho Desk, it has been developed by a team of 150 engineers based in Tenkasi, Tirunelveli District.

Sridhar Vembu

CEO Zoho Corporation

Rupee weakens past 68; demonetisation adds pressure


Federal Reserve will raise interest rates

  • The rupee weakened past the psychologically important 68 to a U.S. dollar level for the first time since June as expectations that the Federal Reserve will raise interest rates next.
  • The rupee touched its lowest on February 25, 2016 at about 68.89 per U.S. dollar.


It is the lowest value of India rupee on US dollar.



‘India’s total solar capacity crosses 10 GW-mark’

  • India’s total installed solar capacity, including rooftop and off-grid segments, has crossed the 10-GW mark, according to a consultancy.
  • India is expected to add new solar capacity of 5.1 GW this year, which is a growth of 137 percent over last year.

Major solar power plant

  • Kamuthi Solar Power Project
  • The State of Gujarat has commissioned Asia’s largest solar park at Charanka village.

India to levy tax on Cyprus investments from April


Capital gains tax will be levied on sale of shares on investments

  • India and Cyprus on Friday signed the revised bilateral tax treaty under which capital gains tax will be levied on sale of shares on investments made after April 1, 2017.
  • The new agreement also provides for exchange of banking details and allows the use of such information for purposes other than taxation with prior approval of competent authorities of the country.

Forced heirship

After death the legacy will automatically go to family.

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