Financial Affairs 20 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams
Sebi to use drum-beaters, loudspeakers for attachment notices
- Fraudsters and defaulters who failed to return investors’ money may soon announcing summons to them.
- Sebi given powers to attach properties in the wake of large-scale defaults by entities collecting money fraudulently from gullible investors.
- At the time of affixture, the addressee is found to be available at the address the notice may be served personally on the addressee.
Bharti Airtel rises on inking 4G network deployment deal with Nokia Networks
- They deal with Nokia Networks to install and maintain 4G services in three new circles, with the new network roll out.
- Nokia will focus on better delivery of video content and other streaming applications and services.
- Nokia will deploy its 4G FDD-LTE & TD-LTE technology across 9 circles of Bharti Airtel’s operations in India.
“Govt to provide support to gems & jewellery sector”
- Nirmala Sitharaman was speaking at the 37th ‘Festival of Gold’ being organised by state-run trading firm MMTC.
- She said exports are facing many challenges but this sector has stood the headwinds.
- we need to give all support to the sector.
- In September, gems and jewellery exports grew by 22.42 per cent year-on-year to USD 4.46 billion.
India, US explore ways to promote trade, investment
- US Trade Representative Michael Froman is leading a high-level delegation here for the 10th India—US Trade Policy Forum (TPF) meeting.
- Both the ministers will also hold delegation-level talks as a part of TPF.
- Issues such as market access for agriculture items& IPRs are likely to figure in the meeting.
‘Xiaomi sells record 1 million handsets in India’
- Xiaomi has sold a record 1 million smartphones in India in 18 days during the Diwali festivel season.
- The company now aims at becoming largest smartphone vendor in India.
- India has become our largest market outside of the Chinese mainland.
“PPP needs to develop to boost infra investment”
- PPP model in India’s infrastructure needs to be developed further to attract more private investment for the sector that would help propel growth.
- Stating that historical under investment and rapid economic growth are straining India’s existing infrastructure.
- The country’s PPP mechanism has seen reasonable success in some sectors over the last 20 years.
Dai-ichi Life eyes stake in Union KBC AMC
- It is in preliminary talks with the fund house’s current majority shareholder Union Bank of India.
- Last month, Union Bank had completed acquisition of 49 per cent shareholding of Union KBC AMC and Union KBC.
- The Union KBC Asset Management Company and Union KBC Trustee Company have become wholly owned subsidiaries of the bank.
‘Exempt gems, jewellery exports from GST’
- At present, gems and jewellery exports are effectively zero-rated.
- Hence any element of tax in exports is required to be rebated.
- The council said not more than 1.25 per cent GST should be levied on sale of gold and diamond jewellery in the domestic market.
Essar-Rosneft deal not violative of sanctions: U.S.
- US does not see violation of any U.S.-EU sanctions in the recent deal between India’s Essar Oil and the Russian oil giant Rosneft.
- These sanctions have specifically targeted Russian oil and defence companies.
- Rosneft is one of the five energy companies under U.S. and EU sanctions.
RBI asks banks to replace 17.5 lakh debit cards
- RBI asked banks to replace debit cards whose security is suspected to have been compromised after being used in some ATMs.
- The issue was first suspected by payment gateways such as Visa, Mastercard and Rupay.
- Debit cards face security issues when unauthorised parties access confidential details in the card.
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