Financial Affairs 11 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

October 12, 2016

Govt doubles excise duty evasion limit to ₹2 crore


  • The government has doubled the monetary limit in case of excise duty evasion to ₹2 crore.
  • The Central Board of Excise and Customs said that the move aims to maintain uniformity of practice in central excise and service tax.
  • In October 2015, the monetary limit for excise related offences was set at ₹1 crore.

Saudi Arabia sees its oil reserves lasting another 70 yrs


  • The world’s biggest oil exporter Saudi Arabia sees its crude reserves lasting for another 70 years.
  • The nation’s wealth was based mainly on oil, with crude sales accounting for 75% of total export earnings, it added.
  • Notably, international oil companies report their reserves to show they’re finding enough new deposits.

Centre may merge 2 large Mumbai banks: Vinod Rai


  • Bank Board Bureau chief Vinod Rai has said that the Centre may merge “two large Mumbai-based banks” in 2017-18, once the consolidation of non-performing assets has been done,
  • However, he declined to identify the banks and said that the deliberations were preliminary.
  • It depended on the success of efforts to restructure the balance sheets of other public sector banks, he added.

Airtel, Jio bought over 90% spectrum in 2,300 MHz 4G band


  • Airtel and Reliance Jio focused on increasing their 4G network capacity during the recently concluded telecom auction and bought over 90% of the spectrum available in 2,300 MHz band, a report has claimed.
  • According to analysts, this auction reinforces Airtel and Jio’s spectrum leadership in the high-speed  data  market. Airtel is currently the leader with a 22% spectrum market share.

Indian banks’ Tier 1 capital 3rd lowest in emerging markets


  • Indian Banks have been ranked third from the bottom in terms of Tier 1 capital ratio among major emerging market economies, according to the International Monetary Fund’s latest Global Financial Stability Report.
  • Only Russian and Chilean banks were ranked below India. Tier 1 capital is the core measure of a bank’s financial strength from a regulator’s point of view.

India to supply 500 MW power to SL via sub-sea cables


  • Union Power Secretary PK Pujari has said that India is planning to supply 500 MW power to Sri Lanka through a network of sub-sea underground cables,
  • Sri Lanka needs power from India to meet its domestic needs but nothing has fructified in the absence of an adequate transmission infrastructure. Pujari also added. “[Submarine cable] is a good technology at a reasonable cost,”

Centre to invest ₹1k cr in PSUs for skill development


  • The Centre is looking to pump in around ₹1,000 crore in public sector undertakings (PSUs) through the skill development initiative.
  • The Ministry of Skill Development and Entrepreneurship has reportedly held discussions with the PSUs over deploying 5 lakh apprentices as against 36,000 now.
  • Secretary Rohit Nandan has said that the ministry will pay these companies ₹18,000 per apprentice deployed,

BP withdraws from drilling in Great Australian Bightbritish-petroleom


  • British Petroleum (BP) on Tuesday announced it would not go ahead with plans to drill for oil in the Great Australian Bight.
  • BP said the decision was purely commercial and they would instead focus on projects they can exploit in the short-to-medium term.
  • This comes after BP’s environment plan for the region had been rejected twice by the Australian government.


You may be interested

Daily Vocabulary from THE HINDU  – Episode 128 – May 29, 2017
English Language
0 shares87 views
English Language
0 shares87 views

Daily Vocabulary from THE HINDU – Episode 128 – May 29, 2017

Santhosh - May 29, 2017

Hello Friends, Based on the requests received from many users, we have introduced antonyms of the words that we are…

Introduction to Indian Cultural Heritage –Indian Culture and Tradition
General Awareness
0 shares83 views
General Awareness
0 shares83 views

Introduction to Indian Cultural Heritage –Indian Culture and Tradition

Santhosh - May 29, 2017  In the first session we will be knowing gist of everything.. More than 1.3 billion people live in Indian…

Components of Computer System – An Introduction to CPU, I/O Devices
Computer Awareness
0 shares75 views
Computer Awareness
0 shares75 views

Components of Computer System – An Introduction to CPU, I/O Devices

Santhosh - May 29, 2017 Welcome to the second session of computer awareness series. In the last session, we have seen about the history…