Financial Affairs 24 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

Multiple rates in GST just old wine in new bottle

  • P. Chidambaram  finance minister said  Multiple rates in GST are nothing but old wine served in new bottle.
  • The senior Congress leader was speaking in a programme on the economic reforms, organised by the Observer’s Research Foundation and IIM (C).
  • ” Multiple rates in GST, is not GST. It is as good as the existing VAT rates. With this we will be fooling the country in name of GST.”


Union Government planning to fast-track irrigation projects in Indus basin


  • The sources said technically India can irrigate up to 13 lakh acres of land in Jammu and Kashmir. This target, they said, can be achieved when optimum storage capacity is achieved in the state.
  • Prime Minister Narendra Modi had last month chaired a meeting to review the 56-year-old IWT in the aftermath of the Uri attack, asserting that “blood and water cannot flow together.

Sorry PM Modi, but spending more and more won’t get you investors

Prime Minister of India Narendra Modi waves following a joint statement to the press with Mexican President Enrique Pena Nieto, in Los Pinos presidential residence in Mexico City, Wednesday, June 8, 2016. Modi met with the Mexican President Wednesday evening during a short working visit to the country.(AP Photo/Rebecca Blackwell)

  • India’s celebrated position as the world’s fastest-growing large economy conceals a dangerous weakness.
  • Too few people seem to want to invest in the country.
  • The government is struggling to make up for this lack of confidence with its own money.

Sebi Bars 8 Companies from Market


  • The Sebi has barred as many as eight “vanishing” companies and 40 directors from accessing the capital market.
  • They have been barred from accessing the capital market for the next five
  • Vanishing companies are those that failed to file statutory returns with the Registrar of Companies and stock exchanges for two years.
  • These firms failed to comply with the requirements of listing agreement.

    GST can be paid with debit, credit cards online

    GST or Goods and Services Tax alphabet letters with Malaysian currency. Concept of Government Service Tax. Slightly defocused and close-up shot.

  • The government proposes to roll out the new indirect tax regime from 1 April 17.
  • It has made registration, refunds, returns filing and payment processes online.
  • Hasmukh Adhia said GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.

    World Bank must aid countries to manage shift away from coal


  • The World Bank and other global development lenders like the Asian Development Bank must help countries such as India to finance the shift of their coal production to more efficient technologies.
  • So, they can meet their COP21 commitments, World Coal Association Chief Executive Benjamin Sporton.

Mr. Sporton said By not financing coal projects, the World Bank is actually pushing countries to use inefficient technologies leading to higher emissions.

‘Telcos liable for payment issues on apps’


  • ‘TRAI’ has said that operators would be liable for non-compliance to rules by third-party vendors like mobile apps for bill payment issues.
  • There are many mobile applications and websites such as Freecharge, Mobikwik, Oxigen that facilitate mobile recharge and bill payment facilities as channel partner of telecom companies.

Saudi Arabia looks to Russia to boost non-OPEC cooperation


  • Saudi Arabia’s Energy Minister Khalid al-Falih said on 23 oct 16 he had invited his Russian counterpart Alexander Novak to meet Gulf Arab energy ministers in Riyadh.
  • As part of efforts to cooperate with non-OPEC members to stabilise the oil market
  • Russia is one of the world’s biggest oil producers and is one of the influential parties in the stability of the oil market.

Banks eyeing ‘resolution’ of Rs.1.5 lakh cr. stressed assets


  • Enthused by speedy recovery of loans worth $2.5 billion by three lenders, including ICICI Bank, within days of a mega $13-billion Essar deal.
  • Banks are now looking at the resolution of stressed assets totalling about 1.50 lakh crore in the coming months.
  • The banks are now betting big on the ‘resolution’ part of what is being billed by some top bankers as the ‘3Rs’ formula to recover their dues.

In insurance, Big Data could lower rates for optimistic tweeters

Bluebird Cartoon
Bluebird Cartoon
  • When people take to Twitter to comment on the great evening they enjoyed with good food and wonderful friends, reducing their monthly insurance bill is probably the last thing on their mind.
  • Such tweets could help insurers to price premiums for individuals, with research suggesting a direct link between positive posts and a reduced risk of heart disease.
  • Swiss says technological advances will cut the price of insurance protection and help individuals and firms make better decisions offer advice and incentivise improvements.

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