Saturday 7 January 2017

November 2016 - Business and Economy news

Ø  Aimed Audience – General news readers, CA students

         16 of 22 public sector banks skipped paying dividends to Government in 2015-16 due to mounting NPA
         New GST law requires, E-commerce giants Flipkart and Snapdeal will have to deduct 2% TCS while making payments to their suppliers
         Airtel launched India's First Payments Bank services (in name of Airtel Payment Bank Limited) in Rajasthan.
         Akodara village in Sabarkantha district of Gujarat became India's first digital village.
         PM Narendra Modi announced demonetization of currently circulated notes of 500 and 1000 denominations.
         Cabinet Committee on Economic Affairs (CCEA) hiked Minimum Support Price (MSP) of wheat and pulses to boost output of these rabi crops 
         Bank of America (BofA) lowered India’s economic growth estimates by 30 basis points to 7.1 % for the current fiscal after demonetization.
         Central Board of Direct Taxes (CBDT) signed 3 Bilateral Advance Pricing Agreements (APAs) with United Kingdom (UK), The total number of APAs signed [both- bilateral and unilateral] so far is 111 including this.
         Central Board of Excise and Customs (CBEC) extended duty drawback facility on all textile products for 1 year to boost exports.
         Competition Commission of India approved amalgamation of Bharatiya Mahila Bank (BMB) into State Bank of India (SBI).
         Central Board of Excise and Customs (CBEC) extended duty drawback facility on all textile products for 1 year to boost exports.
         GST Council finalised 4 tier Goods and Services Tax (GST) rate structure with a multiple-slab rates. GST will be levied at multiple rates ranging from 0% to 28%.
         Government allowed National Bank for Agriculture and Rural Development (NABARD) to disburse Rs 21,000 crore to help farmers to sow Rabi crops.
         Government announced that it will present Union Budget 2017 - 18 on February 1 .
         Government has set up target of increasing LPG coverage to 75% by 2019.
         Gross non-performing assets (NPAs) of Public sector banks (PSBs) rose to 6,30,323 crore as against 5,50,346 crore in June 2016, showing 14.5 % increase in a quarter.
         India’s GDP grew at 7.3% in 2nd quarter of 2016-17. 
         India’s first banking robot Lakshmi launched by Kumbakonam-based City Union Bank (CUB) in Chennai (Tamil Nadu). Lakshmi will be first on-site huamanoid (robot) in India.
         National Highways Authority of India (NHAI) reduced rate of interest for long term Capital Gain Tax Exemption Bonds (u/s 54EC of Income Tax Act 1961) to 5.25%, from 6
         PM Narendra Modi launched Pradhan Mantri Gramin Awas Yojana (PMAY-G), flagship housing for all scheme Under PMAY-G, Government aims to provide affordable and safe houses to every rural household living below poverty line by 2022..
         Taxation Laws (Second Amendment) Bill 2016 passed in Lok Sabha. Scheme namely Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 proposed in the Bill, That allows people to deposit undisclosed money in their accounts till April 1, 2017.




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