Banking, Financial Awareness & General Awareness- 10/09/2016

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Meghalaya house ratifies GST bill

gst123451-580x395SHILLONG: The Meghalaya assembly unanimously ratified the Goods and Services Tax(GST) bill on Friday and became the 21st state to do so. Meghalaya is the third Congress-ruled state after Himachal Pradesh and Arunachal Pradesh to ratify the GST bill.The bill was passed without any discussion on the first day of the autumn session of the assembly after minister in-charge of law, Roshan Warjri, moved a government resolution to ratify the Constitution (122 Amendment) Bill, 2014. It was unanimously approved by the house by voice vote.CM Mukul Sangma expressed happiness over the passing of the bill. “The GST Act will bring much-needed transparency and higher investment in the coming years, “State taxation minister Zenith Sangma said Meghalaya would stand to ‘benefit a lot’ with the implementation of GST Act.

Tata Power, ICICI Venture team up, eye power assetes


With the government relaxing rules following a surge in bad loans, funds have been attracted by the prospects of acquiring troubled assets at deep discounts. Tata Power, which pioneered electricity generation in the country, and ICICI Venture, one of India’s biggest domestic private equity fund, on Friday teamed up to take over stressed power assets in Asia’s third largest economy. The Tata Power-ICICI Venture is the latest alliance in the stressed assets space after Piramal-Bain  Tata Power has routed its equity in Resurgent through its wholly owned subsidiary Tata Power International, while ICICI Venture has structured its investment through parent ICICI Bank’s Bahrain branch. Resurgent, constituted in Singapore, has got the backing of Canada’s second largest pension fund, Caisse de depot et placement du Quebec, and of sovereign wealth funds—Kuwait Investment Authority and State General Reserve Fund of Oman. The power platform will initially raise $850 million with the three global funds putting in about $500 million.

HDFC ERGO General acquires L&T General Insurance

“This is an important milestone for the insurance industry. We are excited by the great potential this merger brings to all stakeholders,” Deepak Parekh, Chairman of HDFC and HDFC ERGO, said.”We welcome the policy holders of L&T Insurance into the HDFC Family,” he added.Ritesh Kumar, MD & CEO of HDFC ERGO, said, “We would like to assure the policy holders of L&T Insurance of the continuity, highest service standards and access to the combined suite of products of both the companies.”

Raghuram Rajan took many steps to put banking system in right direction

raghuram-rajan Just retired RBI Governor Raghuram Rajan’s clean-up of more than USD 100 billion of stressed assets on the books of banks today came in for praise from President Pranab Mukherjee who felt rising NPAs are not a desirable situation.”Of course more than often you listen to NPAs of banking system, which is no doubt a matter of concern. And Governor of RBI who has just retired, Mr Rajan , took many appropriate steps to put the system in the right direction,” he said at the centenary celebrations of KarurVysya Bank here. The stressed advances to gross advances of scheduled commercial banks have increased from 10.90 per cent in March 2015 to 11.40 per cent in March 2016, he said, adding the aggregate provisions for NPAs has increased from Rs 73,887 crore to Rs 1,70,630  crores.  Also, net profits of the banks have come down from Rs 79,465  crore  in March 2015 to Rs 32,285  crores  in March 2016

President Pranab Mukherjee Hopes Government Will Set Up GST Council Soon

pranab-mukherjee With landmark Goods and Services Tax (GST) now a law, President Pranab Mukherjee on Saturday hoped the government will set up a GST Council soon and reduce cascading effect of indirect taxes. The GST , which will transform India’s USD 2 trillion economy and 1.3 billion consumers into a single market for the first time, has been ratified by 19-20 states after Parliament nod last month, thereby qualifying to Presidential assent, he said. “And I do hope the finance ministry will take appropriate steps to set up the GST council to fix the rate because it is the responsibility of the GST Council that one uniform rate of goods and services is introduced in our economy,” he said at the centenary celebrations of Karur Vysya Bank in Chennai.

Revolution in air: Domestic flight service on the cards


Raipur: Chhattisgarh government and Union ministry of civil aviation on Friday signed a memorandum of understanding (MoU) for introducing domestic air service in the state under the centre’s regional connectivity scheme.  MoU was signed by civil aviation ministry joint secretary AnilShrivastava and state’s aviation director Rajat Kumar in the presence of chief minister Raman Singh and Union minister for civil aviation minister Ashok Gajapathi Raju at the state secretariat.

Need to develop secondary market for low-rated corporate bonds: Arundhati Bhattacharya

1381149597_arundhati   Welcoming the recent steps taken by the Reserve Bank to develop a vibrant corporate bond market,  SBI chief Arundhati  Bhattacharya said there is a need to develop a secondary market for lower-rated papers for the market as a whole to gain traction.”The only problem that remains is the fact that this market is only open to higher-rated corporates. It is not yet accessible to people with lower ratings,” she told reporters on the sidelines of a SBI Caps Securities event.


Meet Amancio Ortega, the reclusive retailer who overtook Bill Gates as world’s richest

amancio_ortega Amancio Ortega, the 80-year-old founder of fashion group Inditex that owns Zara, overtook Microsoft founder Bill Gates as the world’s richest man for just two days last week on account of a rise in share prices of his company, said are port in Forbes. The ranking is based on the real time net worth. The stock of Spain-based Inditex, the world’s biggest retailer which operates over 7,000 stores in 91 countries, rose 2.5 percent on Wednesday lifting his wealth by $1.7 billion, according to the report. The shares fell on Friday morning by 2.8 percent. However, as per the real time data now, net worth of Ortega stands at $78 billion as on Friday and that of Gates at $77.4 billion.

Mariyappan’s Paralympics gold: A journey defying all odds

54264796 India’s gold medal winner at the 2016 Paralympics Games, Mariyappan Thangavelu was only five years old when his right knee was crushed in a bus accident. His journey from the day that left him permanently disabled to becoming only the third Indian paralympian to win a gold medal, has been nothing less than inspiring. Even today, when Mariyappan has helped India jump within the top 30 places in the medals tally, the family continues to be involved in a legal tussle against the state-owned transport corporation.

BJP launches mass contact campaign to ‘expose’ AAP’s anti women acts


With lawmaker Devinder Sehrawat alleging women exploitation, AAP is not only struggling to keep its party people intact but even its reputation. Taking a cue from the accusation by Sehrawat, BJP has come out to show its support to women security. BJP has decided to use both Sandeep Kumar sex scandal and Sehrawat’s allegation to potray Aam Aadmi Party as ‘anti-women’. The party will now be launching an extensive mass contact drive, with the agenda of ‘fulfilling their responsibility to society’.

President Mukherjee called to need more of India’s youth to work tirelessly in defending nation


President Pranab Mukherjee on Saturday called on the youth of the nation to step up and volunteer themselves in the service of the nation, adding that young men and women need to work tirelessly and selflessly, even at the peril of their lives in the service of India.  He said  “Always remember there are more than a billion Indian fellow citizens looking up to you every moment with admiration, awe and respect for what you are, the great Institution you serve in and what you are expected to do for this Nation at the time of reckoning. On your shoulders and through your professionalism may the Indian Army rise to even greater heights,”

Myanmar army discharges 55 child soldiers: UN


Suu Kyi has devoted her first few months in power to laying the groundwork for peace talks between the patchwork of ethnic minority insurgents and the military. The Myanmar army is accused of a long history of rights abuses, including the forced recruitment of children to work as porters and even human mine detectors. The army is accused of a long history of rights abuses, including the forced recruitment of children to work as porters and even human mine detectors. It has released a total of 800 former child soldiers since it signed a pact with the United Nations in 2012.“We welcome this discharge… while stressing the need for the government to continue making every effort to end the recruitment and use of children in its armed forces,” said Renata Dessallien, the UN’s Resident and Humanitarian Coordinator in Myanmar.


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