Banking Awareness 8th February 2017 | Financial Affairs 8th February 2017

1. Sundaram Clayton appoints Muthuraj as CEO

  • The Chennai-based company, which makes automotive components, has reported a six fold increase in its standalone net profit for the third quarter ended December 31, 2016Rs. 47.93 crore against Rs. 7.51 crore.
  • During the quarter, the company had made an investment of $1 million in one million equity shares of Sundaram Holding USA Inc., according to a BSE filing.

2. PSU banks to join BHIM by February-end

“The gap in the number of app downloads and the number of customers linking the app to their bank account has been because it is observed that most of these customers have downloaded BHIM without checking if their bank is active on the platform”.

3. ‘India economy could pip U.S. on PPP by 2040’

  • According to PwC, E7 economies comprising Brazil, China, India, Indonesia, Mexico, Russia and Turkey would grow at an annual average rate of almost 3.5% over the next 34 years, compared to just 1.6% for the advanced G7 nations of Canada, France, Germany, Italy, Japan, the U.K.
  • To become the world’s largest economy in Public-private partnership terms, while India currently stands in third place and is projected to overtake the U.S.

4. Japan eases permanent visa norms to draw global talent

The new ‘Japanese Green Card for Highly Skilled Foreign Professionals’ will substantially reduce the period of stay required before highly skilled foreign professionals can apply for permanent residence from the current five years to just one year in cases where the applicant secures the required points.

5. Rajiv Singh takes over as acting CEO of Prasar Bharati

  • Member (Finance) in Prasar Bharati Rajiv Singh today took over as the acting CEO of the countrys public service broadcaster.
  • Singh has taken over as per a resolution of the Prasar Bharati Boards Resolution taken on January 14 in a meeting in Hyderabad.
  • Suresh Panda, Member (Personnel), who was the acting CEO retired 5th Feb 2017.

6. Amend  on bilateral taxation treaty, agreed by India and Austria

  • The protocol will broaden the scope of the existing framework of exchange of tax related information which will help curb tax evasion and tax avoidance between the India and Austria
  • It will also enable mutual assistance in collection of taxes, an official statement said.
  • It was signed by Central Board of Direct Taxes.

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