General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Sep 06, 2018

Scope of Jan Dhan Yojana Extended

The government decided to expand the scope of the Pradhan Mantri Jan Dhan Yojana (PMJDY) to enable every adult member in an eligible household to open a no-frills bank account that will be topped up with free insurance cover of Rs 2 lakh.

The Union Cabinet also decided to double the overdraft facility through the accounts to Rs 10,000 with no questions asked for withdrawals up to Rs 2,000. The age limit for availing the facility had also been extended up to 65 years instead of 60 years at present in a bid to make it more accessible.

GSTR-2A Forms for Easy Refund of GST

Easing compliance burden for businesses, GST refunds can be claimed by simply submitting a printout of Form 'GSTR-2A' to the tax authorities instead of giving all purchase invoices of a month. The GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier. The proper officer shall rely upon Form GSTR-2A as an evidence of the account of the supply by the corresponding supplier in relation to which the input tax credit has been availed by the claimant. The proper officer may call for hard copies of invoices if he deems necessary for the examination of the claim for refund.

Bank of Baroda Hikes MCLR

The Bank of Baroda increased the marginal cost of funds based lending rate by 0.05 percent (5 basis points) across tenors. The one-year MCLR has been increased to 8.55 percent from 8.5 percent. The rise in MCLR will make home, auto, and other loans costlier.

Alibaba eyes content platforms in India

Chinese online behemoth Alibaba group said on Wednesday that it is looking to make "substantial investments" in India and acquire content platforms across print, video and web to increase reach within the country. UCWeb is the mobile browser and content platform of the Alibaba group, and enthused by the growth in online usage, it has now started scouting for content acquisitions across various languages

Sep 05, 2018

Cyient JV Bags Army Order

Cyient Solutions & Systems Pvt. Ltd., a joint venture between IT firm Cyient and BlueBird Aero Systems of Israel, has bagged an order from the Indian Army to supply mini UAV (unmanned aerial vehicle) systems for high altitude aerial surveillance.

The order is for the SpyLite mini UAV systems.

TCS Hits Rs. 8 Lakh Crore Market Capitalisation Mark

Tata Consultancy Services became the second Indian company to attain a market valuation of over Rs. 8 lakh crore mark.

Earlier on August 23, Reliance Industries (RIL) became the first Indian company to cross the Rs. 8 lakh crore market capitalisation mark.

TCS is also the country's most-valued firm in terms of m-cap.

Sep 04, 2018

Concessional Home Loan for Flood-hit Kerala

SBI, LIC Housing Finance and Muthoot Home have offered loans at concessional rate for repairing and renovation of homes to help people in flood-affected Kerala. State Bank of India (SBI) will offer the special term loan at 8.45 per cent for borrowings up to Rs. 10 lakh for repair and renovation of homes for flood-affected victims in Kerala.

Coal India Output Grows

Coal India Ltd. (CIL) clocked a 12% growth rate in the first five months of this fiscal, producing 216.2 million tonnes of coal. Most of the output growth came from CIL subsidiaries �" Eastern Coalfields Ltd., Northern Coalfields Ltd., South Eastern Coalfields Ltd. and Assam-based North Eastern Coalfields.

State Refiners to Use Iran Tankers

India is allowing state refiners to import Iranian oil with Tehran arranging tankers and insurance after firms including the country's top shipper Shipping Corp of India (SCI) halted voyages to Iran due to US sanctions.

Sep 02, 2018

India Post Payments Bank Launched

Prime Minister Narendra Modi launched India Post Payments Bank (IPPB) at the Talkatora Stadium with a view of taking banking to the farthest reaches of the country.

IPPB will leverage the vast network of the Department of Posts to help augment the reach of banking sector in the country. It will have 650 branches and 3250 Access Points across the country. All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31.

Drop in GST Collection

According to the Finance Ministry, GST collections dropped to Rs. 93,960 crore in August from Rs. 96,483 crore in the previous month.

The total number of GSTR (goods and services tax returns) 3B filed for the month of July up to August 31, 2018, is 67 lakh. This is slightly higher than 66 lakh returns of the month of June filed up to July 31, 2018.

Wipro Wins Its Biggest-ever Contract

Indian software services exporter Wipro Ltd won its biggest-ever contract worth more than $1.5 billion with US-based Alight Solutions LLC for digital services.

Hindustan Aeronautics New CMD

R. Madhavan took charge as the new Chairman and Managing Director of Hindustan Aeronautics Limited (HAL), the state-owned Indian aerospace and defence company headquartered in Bengaluru.

Madhavan took over from incumbent T. Suvarna Raju for the next five years.

He was earlier heading the HAL's Accessories Division in Lucknow as an Executive Director.

Sep 01, 2018

Indian Economy Growth Highest in 15 Quarters

According to the data released by the government, the Indian economy grew at 15-quarter high of 8.2% in the April-June quarter of the current fiscal.

The previous high quarterly GDP growth was recorded in July-September period in 2014-15 at 8.4%.

India's Largest Mobile Operator

The merger of Idea Cellular and Vodafone India has been completed, creating India's biggest telecom service provider with over 408 million subscribers.

A new board has been constituted for the merged entity "Vodafone Idea Ltd' with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman. The board has appointed Balesh Sharma as the CEO.

Vedanta Appoints New CEO

Vedanta Resources Plc. (Vedanta) has appointed Srinivasan Venkatakrishnan as the CEO with effect from August 31, 2018.

Mr. Venkatakrishnan replaces Tom Albanese who served as CEO from 2014-17 and Kuldip Kaura, the interim CEO since.

Essel Group Forays into Cruise Line Business

The diversified Essel Group has forayed into the cruise line business through its entity Zen Cruises Pvt. Ltd., which will operate in the sector with the Jalesh (Lord of the waters) brand.

The company has purchased a used vessel from P&O Australia, which will start sailing in Indian waters from May next year.

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