Banking Awareness 17th November 2016 | Financial Affairs 17th November 2016

Commerce Ministry for blanket ban on FDI in tobacco sector


A ban would hit Indian companies hard

  • In what could lead to a complete ban on foreign direct investment (FDI) in the tobacco sector, the Commerce Ministry’s Department of Industrial Policy & Promotion (DIPP) is finalising a Cabinet note on the matter.
  • The department has now proposed a ban on FDI through the trademark or licensing route.

5,95,000 tons

Total production in India.

May take a month to recalibrate majority of ATMs: NCR India


Rejigging not a tedious process, but physical presence of engineers required

  • ATM-maker NCR India is quite hopeful that “majority” of ATMs deployed under its name by banks will get “recalibrated” in the next four-to-six weeks.
  • Recalibration of the nearly one lakh NCR in the country would lead to such machines dispensing RS 2,000 currency notes, which are new and smaller in size than the demonetised RS 500 and RS 1,000 notes.

ATMs per million people

  • India – 130.
  • US – 1500
  • China – 350

Bank on micro-ATMs and beat the queues.


Micro-ATM players are seeing a spike in transactions

  • Look for a micro-ATM in your city or town to offload these old notes and deposit money into your Aadhar-linked bank account before December. This could be a handy solution even in metros with many players looking to scale up their micro-ATM-based solutions.
  • Micro-ATMs are similar to point-of-sale (PoS) terminals and are used as a doorstep mobile banking arrangement-cum-mobile ATM device.

Features of Micro-ATMs

  • Cash withdrawal
  • Cash deposit
  • Balance enquiry
  • Remittances

India can no longer live with black money: Jaitley


The Finance Minister changes his Facebook cover photo with the message.

  • As debate on demonetisation rages on across the nation, Finance Minister Arun Jaitley has changed his Facebook cover photo which states that India can no longer live with black money.
  • Jaitley said that India cannot afford to live with black money any longer. Honesty, integrity and ethical conduct are requirements of India’s development.

Government wants to eliminate

  • black money
  • counterfeit notes
  • terror financing.

PayPal’s hackathon attracts over 150 developers



To create tech-based solutions for non-profit organisations

  • Online payments platform PayPal saw more than 150 IT developers participating in its hackathon event to create tech-based solutions for non-profit organisations, clocking nearly 5,400 hours of non-stop coding.
  • Guru Bhat, GM Technology & Head of Engineering – PayPal said, “Some highly innovative prototypes created to help the participating NGOs make a sustainable impact on our society.


Customers can send, receive and hold funds in 25 currencies worldwide.

BBC to broadcast in 4 more Indian languages


It is the biggest expansion since the 1940s.

  • BBC World Service today said it plans to broadcast in four more Indian languages as part of what it describes as its biggest expansion since the 1940s.
  • The new language services mean the BBC World Service will be available in 40 languages, including English, up from the current 29 languages.

Languages to be added

  • Gujarati,
  • Marathi,
  • Punjabi and Telugu

RBI asks banks to demand a copy of PAN card from customers


For deposit exceeding 50,000 rupees

In the wake of demonetisation of high-value currency, the Reserve Bank of India has asked banks to ensure that customers submit a copy of the Permanent Account Number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the account.


PAN – Permanent Account Number

The Income Tax Department directs Charitable organisations to submit information on cash balance


It should be submitted as on 8 November.

  • The Income Tax Department has issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemption.
  • These institutions have been asked to inform the Department about their cash balances as of the 8th of this month when the government demonetised 500 and 1,000 rupee notes.


Percentage of real estate profit has come down due to demonetisation

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