Saturday, April 21News That Matters

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GST (Goods and Services Tax)

GST (Goods and Services Tax)

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GST (Goods and Services Tax) What is GST? It is an indirect tax for the whole country on the lines of “One Nation one Tax” to make India a unified market. It is a single tax on supply of Goods and Services in its entire product cycle or life cycle i.e. from manufacturer to the consumer. It is calculated only in the “Value addition” at any stage of a goods or services. The final consumer will pay only his part of the tax and not the entire supply chain which was the case earlier. It has been established by the 101st constitutional amendment act and there is a provision of GST Council to decide upon any matter related to GST whose chairman in the finance minister of India. What taxes at centre and state level are incorporated into the GST? At the State Level: S
Benami Property

Benami Property

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Benami Property   What is Benami? Benami essentially means property without a name. In this kind of transaction the person who pays for the property does not buys it under his/her own name. The person on whose name the property has been purchased is called the benamdar and the property so purchased is called the benami property. The person who finances the deal is the real owner. ' The property is held for the benefit - direct or indirect - of the person paying the amount. What constitutes Benami property? Property that does not stick to the following criteria: a) Property held in the name of spouse or child for which the amount is paid out of known sources of income b) A joint property with brother, sister or other relatives for which the amount is paid out of known sources
Special Economic Zone (SEZs)

Special Economic Zone (SEZs)

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Special Economic Zone (SEZs) This policy intended to make SEZs an engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, both at the Centre and the State level, with the minimum possible regulations. India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set up in Kandla in 1965. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.   Facilities and Incentives offered
Reserve Bank of India (RBI)

Reserve Bank of India (RBI)

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Reserve Bank of India (RBI)   I. RBI established on April 1, 1935 under RBI Act 1934 (recommendations of John Hilton Young Commission 1926 – called Royal Commission on Indian Currency and Finance), is the central bank of the country and was nationalised w.e.f Jan 01,1949. II. Originally it was a shareholders’ bank which was taken over by the Central Govt. under Reserve Bank (Transfer of Public Ownership) Act 1948 (paid up capital Rs. 5 cr). III. RBI’s central office is in Mumbai. IV.  Urjit R. Patel is the current and 24th Governor of Reserve Bank of India. V.  Presently, 3 Deputy Governors of RBI. These are-          a) R. Gandhi          b) SS Mundra          c) N.S Vishwanathan   Functions of RBI:   Issuance of currency: RBI is the authority in India to issue curr
Regional Rural Banks (RRBs)

Regional Rural Banks (RRBs)

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(Regional Rural Banks)  Regional Rural Banks (RRBs) were established in 1975 under the provisions of the Ordinance promulgated on the 26th September 1975 and followed by Regional Rural Banks Act, 1976 with a view to develop the rural economy and to create a supplementary channel to the 'Cooperative Credit Structure' with a view to enlarge institutional credit for the rural and agriculture sector. The Government of India, the concerned State Government and the bank, which had sponsored the RRB contributed to the share capital of RRBs in the proportion of 50%, 15% and 35%, respectively. The area of operation of the RRBs is limited to notified few districts in a State. The RRBs mobilise deposits primarily from rural/semi-urban areas and provide loans and advances mostly to small and m
World Bank Group

World Bank Group

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World Bank Group  Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Our mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with our affiliate, the International Development Association (IDA) and other members of the World Bank Group, the International Finance Corporation (IFC), the Multilateral Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID). President- Jim Yong Kim became the 12th president of the World Bank Group on July 1, 2012. Headquarters- Washington, D
New Development Bank (NDB) 

New Development Bank (NDB) 

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New Development Bank (NDB)  Formation of New Development Bank (NDB) The idea for creation of the New Development Bank was first mooted in the Fourth BRICS Summit at New Delhi on March 29, 2012 to meet the development funding requirements of the five founding countries namely Brazil, Russia, India, China & South Africa (BRICS) and other emerging economies and developing countries as well.On July 15, 2014 at the sixth summit in Fortaleza, Brazil the member countries signed the Articles for the New Development Bank with an Authorized Capital of USD 100 billion. The founders established the Bank with a purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existin
MUDRA Bank

MUDRA Bank

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MUDRA Bank What is MUDRA Bank? Micro Units Development and Refinance Agency Bank (MUDRA Bank), is a new institution setup by the Government of India for development of micro units and refinance of MFIs to encourage entrepreneurship in India & provide the funding to the non-corporate small business sector. MUDRA Bank will need two type of product like refinance for the micro units having loan requirement from Rs 50 thousands to 10 lakhs and support to Micro Finance Institutions (MFI) for landing. MUDRA will refinance to micro business under the scheme of Pradhan Mantri MUDRA Yojana. Types of Loan provided by MUDRA Bank MUDRA SHISHU Yojana Under Mudra Shishu Yojana banks are providing loan upto 50,000/-. It is basic scheme and banks are charging very nominal i
National Bank for Agriculture and Rural Development (NABARD)

National Bank for Agriculture and Rural Development (NABARD)

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    National Bank for Agriculture and Rural Development - NABARD (National Bank for Agriculture and Rural Development) set up as an apex Development Bank by the Government of India with a mandate for facilitating credit flow for promotion and development of agriculture, cottage and village industries etc. CHAIRMAN Dr. Harsh Kumar Bhanwala, Chairman, NABARD, is a Post Graduate in Management from IIM, Ahmedabad HEAD OFFICE- NABARD has its head office at Mumbai, India. HISTORY At the instance of Government of India and Reserve Bank of India (RBI), constituted a committee to review the arrangements for institutional credit for agriculture and rural development (CRAFICARD) on 30 March 1979, under the Chairmanship of Shri B.Sivaraman, former member of Planning Commissio
INTERNATIONAL MONETARY FUND

INTERNATIONAL MONETARY FUND

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  (INTERNATIONAL MONETARY FUND) The International Monetary Fund (IMF) is an organisation of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. April 12, 2016 -- IMF Survey : Nauru Joins the IMF as 189th Member Each country or region is represented by a member on the Fund's Executive Board and numerous staff members. The ratio of board members from each country is based on the country's global financial position, so that the most powerful countries in the global economy have the heaviest representation.