Present Fiscal Situation

Indian Government is committed to promoting and strengthening inclusive and sustainable development by ensuring proper and effective utilization of funds provided in the Annual...

Base Year of the Consumer Price Index (CPI)

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100...

PAN Now Mandatory For Opening Bank Accounts

PAN or Permanent Account Number is made mandatory for opening all bank accounts from 1 January, 2016. To reduce bank accounts with forged details, the...

Latest Data on Trade of India: February 2016

MERCHANDISE TRADE  EXPORTS & IMPORTS  : (Rs. Crore) (PROVISIONAL)     FEBRUARY APRIL-FEBRUARY EXPORTS(including re-exports)     2014-15 136379.94 1746265.60 2015-16 141515.41 1556576.47 %Growth2015-16/ 2014-15 3.77 -10.86 IMPORTS     2014-15 178205.35 2515834.93 2015-16 186155.30 2295116.34 %Growth2015-16/ 2014-15 4.46 -8.77 TRADE BALANCE     2014-15 -41825.41 -769569.33 2015-16 -44639.89 -738539.87 SERVICES TRADE EXPORTS & IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) January 2015-16 EXPORTS (Receipts) 84556.32 IMPORTS (Payments) 46007.30 TRADE BALANCE 38549.02  

Power Grid Corp to Electrify Rail Tracks

Power Grid Corp (PGCIL) will soon start project to electrify 1,000 km of rail tracks on a pilot basis. In the first phase, the electrification...

Rs65,250cr Declared Under Disclosure Scheme

More than 64,000 people declared hidden assets worth Rs 65,250 crore availing the 'Income Disclosure Scheme (IDS). 64,275 people revealed assets under the IDS, which...

SBI Reduces Share in Life Insurance

State Bank of India has decided to sell 3.9 per cent stake in its subsidiary SBI Life Insurance Company Ltd (SBI Life) for ₹1,794...

Advance Pricing Agreements Reached 130

The Central Board of Direct Taxes (CBDT),Department of Revenue, Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs). The four APAs...

Renewable Energy Bonds in News

The Union Cabinet has given its approval to Raising of Bonds of Rs. 2360 crores for Renewable Energy. The Bonds will be raised by the...

India Volatility Index

The National Stock Exchange (NSE) started trading of futures contracts based on the Indian VIX index from 26thFebruary, 2014. India VIX is the pet name...

IDFC Bank Included in Second Schedule List

RBI Current Affairs Dec 11, 2015: Newly constituted IDFC Bank Ltd has been included in the Second Schedule of the Reserve Bank of India...

Industrial Growth in India

The rate of industrial growth, measured in terms of Index of Industrial Production (IIP) increased by 4.8 per cent during April-October, 2015-16 as compared...

World Bank Loan for Solar Photovoltaic Projects

State Bank of India has inked agreements with the World Bank for a $625-million (around Rs. 4,200 crore) facility to support grid connected rooftop...

Norms Issued for Closure of CPSEs

Faced with inordinate delay in closing down sick Central Public Sector Enterprises ), the government has come out with timelines for disposal of movable...

Measures Taken to Increase Supply of Currency Notes

The Prime Minister Narendra Modi reviewed the supply and availability of currency notes. The meeting was attended among others by the Union Minister of Home...

Advance Pricing Agreements: Latest Developments

The Central Board of Direct Taxes (CBDT) has started the year 2017 by entering into three unilateral Advance Pricing Agreements (APAs). The three APAs signed...

Services Sector of India: Latest Data on Foreign Investment

Foreign investments in the services sector increased 77.6 per cent to $7.55 billion in the current fiscal. Services sector, which includes banking, insurance, R&D, outsourcing, courier...

10% Basic Customs Duty Imposed on Mobiles

The Government had constituted Inter Ministerial Committee comprising of officers from Ministry of Electronics and Information Technology (MeitY), the Department of Commerce (DoC), Department...

Railway Budget 2016-17

Theme of the Railway Budget 2016-17 Overcoming challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar Kuch Naya Karen’ Three pillars of the strategy i.e. Nav...

Important Facts on Tourists in India

A total of 1,03,617 tourists arrived in India on e-Tourist Visa in December, 2015 as compared to 14,083 during the month of December, 2014...

FDI Tide Turns in India’s Favour

Foreign direct investment (FDI) inflows into India are on the rise. According to the IMF, FDI refers to “an investment made to acquire lasting interest...

Production of Various Minerals in India

The index of mineral production of mining and quarrying sector for the month of July (new Series 2004-05=100) 2016 at 118.7. The cumulative growth for...

Pradhan Mantri Khanij Kshetra Kalyan Yojana

Section 9B of Mines and Minerals (Development and Regulation) (MMDR) Act, 1957 provides for establishment of District Mineral Foundation(DMF) in each district affected by...

CPSE Exchange Trade Fund Oversubscribed

The Central Public Sector Enterprises (CPSE) Exchange Trade Fund (ETF) gets overwhelming response as issue gets over-subscribed by wide margin. CPSE ETF FFO gets bids...

Government Approves Listing of CPSEs on Stock Exchanges

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Modi has given its approval for listing of the following 11 CPSEs (Central...

‘Long Term Irrigation Fund’ in News

The Union Cabinet has approved raising extra budgetary resources up to 9,020 crore rupees for Long Term Irrigation Fund in 2017-18. The amount will...

Monetary Limit Increased for Tax Cases

In order to reduce tax litigation by about 50 per cent, the Ministry of Finance raised the monetary limit for filing appeals to Rs...

Indirect Tax Collections Surpass Target

The Centre's indirect tax collections have surpassed the revised estimate target of Rs. 7.04 lakh crore for 2015-16. As against revised estimate target of Rs....

NABARD Rs204 cr Loan for Haryana

National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs 204.67 crore under Rural Infrastructure Development Fund (RIDF) for rural...

Spectrum Auction Garners 65,789cr

Spectrum auction by Indian government has ended with the government raising Rs.65,789.12 crore in revenue. The money is just a fraction of the Rs5.63 trillion...

LIC Increases Its Stake in Bata India

Life Insurance Corporation (LIC) has hiked its stake in Bata India by 2.03 per cent, taking its total shareholding to 7.05 per cent in...

Border Adjustment Tax in News

Republicans in USA are proposing a tax concept common in other countries but novel in the U.S. The idea is "border adjustment." Under the plan,...

Nokia and Apple Sign New Patent Agreement

Nokia has settled its legal battle with Apple and signed a new patent licence agreement and  business deal. A previous patent licence contract between the companies...

RBI Issues New Rs.200 and Rs.50 Notes

The Reserve Bank issued new Rs 200 and Rs 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of RBI Governor Urjit...

RBI Guidelines for Cross-Currency Futures

The Reserve Bank of India issued guidelines for introduction of cross-currency futures and exchange traded cross-currency option contracts in multiple currency pairs. The cross currency...

Govt Earns $5 Billion From Disinvestment

Government has earned over Rs.35,000 crore  through disinvestment of PSU share sales. At a record high of Rs.35,236 crore ($5.3 billion), the total funds...

India Post Payments Bank Approved

The Union Cabinet has given its approval for setting up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department...

Data on Tourists of August Month

A total of 66,097 tourists arrived in August 2016 on e-Tourist Visa as compared to 22, 286 during the month of August 2015 registering...

Availability of New Currency Notes in India

The Union Finance Ministry reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and...

Highlights of Main Economic Reforms Initiatives

Foreign Direct Investment Consolidated FDI Policy Circular of 2016: The ninth edition of this series was released on 7th June, 2016, incorporating all FDI policy...

SBI Introduces Charges for Not Maintaining Minimum Balance

State Bank of India has decided to reintroduce penalty on non-maintenance of minimum balance in accounts from April 1, 2017. Failure to maintain Monthly Average...

Goods and Services Tax Identification Number

The rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These rules have been brought into effect from 22nd...

FDI Proposals Worth Rs 5,240 Crore Cleared

The Foreign Investment Promotion Board (FIPB) has approved seven foreign direct investment (FDI) proposals worth Rs 5,240 crore. The clearances were given based on recommendations...

RBI Unveils Norms For ‘On Tap’ Bank Licenses

As part of its plan to put universal bank licences ‘on tap’, the Reserve Bank of India unveiled draft guidelines that could encourage big...

Indian Oil, GAIL Takes Stake in DLTPL

Indian Oil Corporation Limited and GAIL (India) Limited signed an MoU with Dhamra LNG Terminal Private Limited (DLTPL) for taking equity in the 5...

Measures to Prevent Misuse of Debit Cards

Reserve Bank of India (RBI) has informed that number of debit cards outstanding at the end of August 2016 was 71.2 crore. RBI has informed...

State Bank of India to Get Rs.1,894cr Capital

The government has declared to infuse Rs. 1,894 crore capital into State Bank of India. It has asked the country’s largest lender SBI to take necessary...

Special Purpose Vehicle ‘Government e-Marketplace’ Setup

The Union Cabinet has given its approval for the setting up of a Special Purpose Vehicle to be called Government e-Marketplace (GeM SPV) as...

Online Registration for ‘Custodians of Securities’

Securities and Exchange Board of India, SEBI, has introduced an online registration mechanism for custodians of securities to make it convenient for them to...

New Income Tax Authority Setup

The CBDT notified the new Income Tax department authority which will now be empowered to receive due taxes and penalty from those who had...

Fiscal Targets for 2015-16 on Track

The Centre is well on course to achieve its fiscal targets for 2015-16 going by the various revenue related data points available as on...

Initiatives to Revive Construction Sector

Construction sector has an important place in the Indian economy. It is the second largest contributor to economic activity accounting for about 8% of...

Inter-State Transmission Charges Waived

The Centre has waived inter-state transmission charges and losses on transmission of electricity generated from solar and wind projects. The waiver will be applicable for...

Canara Bank Raises 1000cr via Basel Bonds

Canara Bank has raised Rs. 1,000 crore of the permitted amount of Rs. 2,500 crore by issuing Basel-III complaint tier-I bonds with a coupon...

Latest Data on Direct and Indirect Taxes

The Tax Collection figures up to January 2017 show consistent trend of healthy growth. Indirect Taxes During January 2017, the Net Indirect Tax grew at the...

Baltic Dry Index Slips Below 1000 Points

The Baltic Dry Index (BDI) is an economic indicator issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index...

Blue Economy: Meaning and Explanation

Humanity’s relationship with the oceans, and how people use and exploit their resources, is evolving in important ways. While the oceans are increasingly becoming...

Banks to Bring Down SLR to 20.50%

The Reserve Bank allowed banks to bring down the statutory liquidity ratio (SLR) securities under held-to-maturity (HTM) category by 1.25 per cent to 20.50...

Steps Taken To Curb Black Money in India

Current Affairs: Union government has taken following steps to curb black money in the country: Constitution of Special Investigation Team(SIT) Constitution of a Special Investigation Team...

Latest Indian Accounting Standards in News

Companies with a net worth of Rs 500 crore or more will have to follow new Indian Accounting Standards (Ind AS) from April 1. The...

Direct Tax Dispute Resolution Scheme

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the...

Iran Becomes Top Oil Supplier to India

Iran overtook Saudi Arabia as India's top oil supplier in October. Iran used to be India's second-biggest oil supplier, a position it ceded to Iraq...

India’s National Income Estimates for This Year

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation have released the First Advance estimates of national income at constant (2011-12) and...

Public Sector Banks to Give Stock to Employees

Finance Ministry has agreed in-principle to allow public sector banks to offer stock options to their employees from next fiscal. Employee Stock Option plans (ESOPs)...

Tax Rate on Fertilizers Reduced to 5%

At the 18th meeting of the GST Council, it was decided to reduce the GST rate of fertilizers from the existing 12% to 5%....

PVR Cinemas to Acquire DT Cinemas

On 08.07.2015, the Competition Commission of India received a notice from PVR Limited relating to acquisition by PVR Limited (PVR) of DT Cinemas, which...

Foreign Exchange Data Sharing MoU Signed

The Commercial tax department of Bihar has signed a Memorandum of Understanding (MoU) with Directorate General of Foreign Trade (DGFT) for sharing of foreign...

Fund of Funds for Start-Ups Established

The Union Cabinet has approved the establishment of "Fund of Funds for Startups" (FFS) at Small Industries Development Bank of India (SIDBI) for contribution...

Gas Infrastructure Development in NE

The Cabinet Committee on Economic Affairs has approved viability gap funding / partial capital grant at 40 percent (Rs. 5,176 crore) of the estimated...

Non Performing Assets of Banks: Latest Data

The details of Total Advances and Gross Non-Performing Assets (GNPA) including the Number of accounts and Amount Involved of Public Sector Banks (PSBs) as...

NTPC Raises €500 mn from Bonds Sale

India’s biggest power producer, NTPC Ltd, has raised €500 million through overseas bonds sale. NTPC got bids for $2.4 billion, or nearly five times the...

Top 5 Reasons to Introduce Goods and Services Tax in India

Tax on sale or purchase of goods within a State as per Entry List II of Seventh Schedule of the Constitution is a State...

Govt Notifies New Rs.200 Notes

The government has given its approval to the RBI to issue 200 rupee notes. On the recommendations of the Central Board of Directors of...

Govt Releases 175 Crore For Mandi e-Platforms

Union government has released Rs. 175 crores to set up e-platforms to ensure easy flow of agricultural produce from one mandi to another. The Centre...

Gold Monetisation Scheme Norms Relaxed

The government has further eased norms for the gold monetisation scheme, giving investors the option to redeem the principal amount in medium- and long-term...

Central Inland Water Transport Corporation Dissolved

The Union Cabinet has given its approval to proposal for dissolution of Central Inland Water Transport Corporation Limited (CIWTC). The Voluntary Retirement Scheme for CIWTC...

250 Mandis Integrated With e-NAM

Government has integrated 250 mandis in ten states with the electronic national agriculture market (e-NAM) in the first phase. e-NAM is a pan India electronic...

Fine Imposed on 5 Foreign Banks

The Reserve Bank of India has imposed penalty ranging from ₹10,000 to ₹20,000 on five foreign banks — Bank of America, Bank of Tokyo...

India’s Wheat Imports Highest in a Decade

India has bought more than five million tonnes of wheat since mid-2016, already its biggest annual purchase in a decade, after it began an...

Capital Gains Tax: Latest Developments in India

The Central Board of Direct Taxes (CBDT) has come out with a final notification specifying the securities transactions that would attract capital gains tax...

Government Securities Repayment Declared

The outstanding balance of 6.25% Government Stock 2018 is repayable at par on January 02, 2018. No interest will accrue there on from January...

Sebi Norms on Outsourcing by Depositories

Securities and Exchange Board of India (Sebi) issued a new set of guidelines governing outsourcing by depositories to safeguard capital markets from outside risks. SEBI...

WTO Receives 6 Ratifications for TFA

Current Affairs: U Win Myint, Myanmar’s Union Minister of the Ministry of Commerce, presented his country’s instrument of acceptance to Director-General Roberto Azevêdo in...

Income Declaration Scheme 2016

The four-month window for declaring black money held in the country will open on June 1. Under the Income Declaration Scheme 2016, individuals can come...

India’s Foreign Trade in August

MERCHANDISE TRADE EXPORTS & IMPORTS  : (US $ Million) (PROVISIONAL)       AUGUST APRIL-AUGUST EXPORTS(including re-exports)     2015-16 21582.67 111853.88 2016-17 21518.60 108519.94 %Growth2016-17/ 2015-16 -0.30 -2.98 IMPORTS     2015-16 33981.73 170234.30 2016-17 29192.74 143189.49 %Growth2016-17/ 2015-16 -14.09 -15.89 TRADE BALANCE     2015-16 -12399.06 -58380.42 2016-17 -7674.14 -34669.55 EXPORTS & IMPORTS  : (Rs. Crore) (PROVISIONAL)     AUGUST APRIL-AUGUST EXPORTS(including re-exports)     2015-16 140443.43 713808.46 2016-17 144044.67 726776.04 %Growth2016-17/ 2015-16 2.56 1.82 IMPORTS     2015-16 221126.92 1086515.26 2016-17 195415.03 959102.25 %Growth2016-17/ 2015-16 -11.63 -11.73 TRADE BALANCE     2015-16 -80683.49 -372706.80 2016-17 -51370.36 -232326.21 SERVICES TRADE EXPORTS & IMPORTS...

Status of Pradhan Mantri Awas Yojana

Under Pradhan Mantri Awas Yojana (PMAY), launched in June 2015, a total of 12,27,088 affordable houses for Economically Weaker Sections (EWS) in urban areas...

Rising Trend of Bitcoins All Over the World

There is a surge in the use of Bitcoins or the digital currency recently. It has tipped to become a new safe haven asset...

Latest Data on Per Capita Debt in India

There has been a rise in the per capita debt on March 31, 2016 as compared to March 31, 2015. There has been a rise...

FAO Food Price Index: Latest Monthly Data

Rising prices of cereals, meat and dairy products have pushed the global food price index up by 1.4 per cent compared to last month...

Indian Overseas Bank to Raise 1570 Crore

Indian Overseas Bank (IOB) proposes to raise up to Rs 1,570 crore at the current market price from the public offer to fund its...

Latest Rabi Crops Sowing Area

As per preliminary reports received from the States, the total area sown under Rabi crops as on 15th  January, 2015 stands at 577.30 lakh...

How Disputes are Settled in WTO ?

Settling disputes is the responsibility of the Dispute Settlement Body (the General Council in another guise), which consists of all WTO members. The Dispute Settlement...

3 FDI Proposals Approved

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 239th meeting held on 30th August 2016, the Government of India has...

Steps Taken to Check Prices of Pulses

In the Report of the Working Group on ‘Foodgrains-Balancing Demand and Supply’ for the 12th Five Year Plan, the estimated demand of pulses in...

Highlights of Union Budget 2017

Following are the highlights of Union Budget 2017, presented by Finance Minister Arun Jaitley in Parliament: 1. Tax rates halved to 5% for income...

International Financial Services Centre Becomes Operational

Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in a Special...

Factors Responsible for Widening of Current Account Deficit

India’s current account deficit (CAD) at US$ 3.4 billion (0.6 per cent of GDP) in Q4 of 2016-17 was higher than US$ 0.3 billion...

New Rules For Banks on Lending Rates

The Reserve Bank of India (RBI) set new rules on how banks can calculate their lending rates, making them more closely based on market...

Safeguard Duty on Steel Imports

The government has extended safeguard duty on steel imports till March 2018. The move is aimed at protecting the Indian industry from cheap China...

Project Development Fund Approved

The Union Cabinet has given its approval to create a Project Development Fund (PDF) with a corpus of Rs 500 Crore for catalysing Indian...