Banking Awareness 21st November 2016 | Financial Affairs 21st November 2016

7-year jail for putting black money in another’s account


Benami Transaction Act will be used

Warning people against depositing their unaccounted scrapped currency in someone else’s bank account, the Income-Tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of up to seven years.

Both parties

Under the Act both Depositor and whom the money is will be victims.

Cooperative banks to move apex court against RBI curbs


To challenge RBI decision on Co-ops on exchange of old notes

A meeting of district cooperative bank presidents and top officials of the Department of Cooperation, and presidents of District Cooperative Banks (DCBs), is understood to have decided to move the Supreme Court against the restrictions imposed by the Reserve Bank of India on cooperative institutions in participating in the exchange of demonetised high-value currency notes.


No of State Co Operative Banks

Post G-20, China sees India as partner to boost global economy


Expects Global South for more participation

  • Taking cue from the G-20 summit in Hangzhou, China is advocating greater participation of the Global South and the emerging countries in the world economy, including closer ties between Beijing and New Delhi.
  • At a major brainstorming exercise marshalled by the Communist Party of China (CPC), several speakers recognised that western economies were avoiding structural reforms, which were necessary to revive an anaemic global economy.

Purpose of G-20

Bring together systemically important industrialised and developing economies

Panic following withdrawal of notes has largely faded


PNB accepted 47K crore deposits after Nov 8

  • The panic and anxiety that followed in the immediate wake of Prime Minister Narendra Modi’s demonetisation announcement had largely died down, Punjab National Bank (PNB) CMD Usha Ananthasubramanian said.
  • She added that improved supply of Rs.500 notes would further ease the pressure.

Punjab National Bank (PNB) CMD

Usha Ananthasubramanian

Growth between 7 and 8% likely, says Panagariya


Present growth is at 7.5%

  • NITI Aayog vice-chairman Arvind Panagariya has said that the Indian economy will grow between 7 per cent and 8 per cent for 2016-17.
  • However, he said that he isn’t certain about hitting the 8 per cent GDP growth milestone over a full financial year by 2018-19.

Arvind Panagariya

Vice Chairman of Niti Aayog of India.

DIPP may be made nodal dept for e-comm


NITI Aayog chief presents proposal to PMO

The Department of Industrial Policy and Promotion (DIPP), which is at present under the Ministry of Commerce and Industry, may get the mandate to govern the e-commerce industry if Prime Minister Narendra Modi gives the go-ahead to a suggestion put forth by NITI Aayog


The Department of Industrial Policy and Promotion

Stalemate over jurisdiction of GST continues


Control on assessees  undecided

Mr. Jaitley’s informal meeting with state finance ministers failed to arrive at a common ground on how the Centre and states will control assessees under the new regime that will subsume an array of taxes like excise duty and service tax as well as VAT, multiple ministers participating in the meeting said.

April 1, 2017

Proposed date to effect GST

RBI proposes ‘Islamic window’ in banks


Gradual” introduction of interest-free banking in the country

  • The Reserve Bank of India (RBI) has proposed the opening of “Islamic window” in conventional banks for “gradual” introduction of Sharia-compliant or interest-free banking in the country.
  • Both the Centre and the RBI have been exploring the possibility of introduction of Islamic banking for a while now to ensure financial inclusion of those sections of society that remain excluded due to religious reasons.

Islamic Banking

No interest for Deposits and Loans

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