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Daily G.K. - Top Stories

28 Jul 2016

BUSINESS AND ECONOMY

Cabinet Approves Changes to GST Bill

  • The Union Cabinet approved changes in the GST Constitutional Amendment Bill providing for full compensation to states for first five years of roll out of the new indirect tax regime.
  • The Bill in its present form provides that the Centre will give 100 per cent compensation to states for first three years, 75 percent and 50 percent for the next two years.
  • The government plans to roll out GST by April 1, 2017.

Foreign Shareholding Limit Raised in Stock Exchange

  • The Union Cabinet approved raising foreign shareholding limit from 5 percent to 15 percent in domestic stock exchanges for a stock exchange, a depository, a banking company, an insurance company, a commodity derivative exchange.
  • The Cabinet also approved the proposal to allow foreign portfolio investors to acquire shares through initial allotment.
  • The move will help in enhancing global competitiveness of Indian stock exchanges by accelerating/facilitating the adoption of latest technology and global best practices which will lead to overall growth and development of the Indian capital market.

Yes Bank Gets SEBI Nod for Mutual Fund

  • Yes Bank has received an in-principle approval from the capital markets regulator SEBI to sponsor a mutual fund and to set up an asset management company and a trustee company.
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SPORTS

Magsaysay for Two Indians

  • Two Indians, Bezwada Wilson and renowned Carnatic singer T. M. Krishna were selected for the prestigious Ramon Magsaysay Award 2016 along with four others.
  • The other four are: Conchita Carpio-Morales of the Philippines, Dompet Dhuafa of Indonesia, Japan Overseas Cooperation Volunteers and 'Vientiane Rescue' of Laos.
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