1)Banking and Finance
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Daily current affairs 6 -1-2017 Download free study materials from www.arunacademy.in 1 1) Banking and Finance: 16th Financial Stability and Development Council Meeting Held in New Delhi i. The 16th edition of the Financial Stability and Development Council (FSDC) meeting was held on January 5, 2017 in New Delhi under the Chairmanship of the Union Finance Minister Arun Jaitley. ii. Aim: The FSDC meeting was held to discuss about the obstacles faced by the economy and to bring out the solution to tackle them. Besides, it also aimed at bringing new suggestions and outcomes in order to benefit the upcoming Budget 2017-18. iii. While chairing the meeting, the Union Finance Minister, Arun Jaitley emphasized the significance of demonetization decision saying that the government’s measures to eliminate the shadow economy and tax evasion are expected to have a positive impact both on GDP and on fiscal consolidation in the long run. iv. Financial regulators gave suggestions to promote financial stability and also discussed the measures and initiatives to establish and promote the financial stability. Also, the regulators offered their suggestions for the upcoming Budget for 2017-18, which were discussed by the Council. Droom Partners with Axis Bank for quick sanction of loans i. Online automobile marketplace Droom has tied up with Axis Bank to provide quick sanction of loans on both new as well as used cars. ii. Loans will be provided for up to 85% of the value of the car with a tenure of 1-5 years. iii. Furthermore, loans on Used Cars can be availed on vehicles up to the age of 10 years. Government impose anti-dumping duty on Jute from Bangladesh, Nepal i. The Government on January 5, 2017, imposed an anti-dumping duty ranging from USD 6.30 to USD 351.72 per tonne on imports of jute and its products from Bangladesh and Nepal for five years. ii. The revenue department after considering the findings of the Directorate General of Anti-Dumping and Allied Duties (DGAD) imposed the anti-dumping duty in order to protect the domestic industry. According to DGAD, Performance of domestic industry has deteriorated in the terms of profitability, return on investments and cash flow and domestic industry is also facing injury due to dumped imports. iii. The import restrictive levy has been imposed on jute yarn, twine, Hessian fabric and jute sacking bags in all forms and specifications. iv. An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that are priced below fair market value. In simple terms, a penalty imposed on suspiciously low-priced imports, to increase their price in the domestic country so as to protect local industry from unfair competition. HSBC reported that India's GDP may have dipped to 5% in Dec quarter post note ban: India’s GDP is likely to have grown at a much slower-than-expected pace of 5% in the October-December period due to a slowdown in manufacturing and services sectors post demonetisation, an HSBC report said. Further, GDP may see 6% growth in the following quarter, it stated. Activity data, and consumption and investment have clearly taken a hit after demonetisation, it added. Under GST the exporters to get 90% tax refund within 7 days: The government has agreed to refund 90% of the duties paid by exporters within a period of seven days under the GST regime. The exporters would get interest on the refund in case of delays, it added. Earlier, Commerce and Industry Minister Nirmala Sitharaman said. The Commerce secretary Rita Teaotia also said the revenue department has committed that 90% of the refund will be made within seven days, while the remaining 10% “will be subject to For: BANK PO / CLERK, NEET, JEE, TNPSC Gr-I,II,IV,VII & VAO, SSC, RRB,TET,TRB, POLICE, SI,NIC-AO, LIC-ADO & AO,BSNL-JE AND ENTRANCE EXAMS E-MAIL: [email protected], cell: 9360246557 / 0427-4056557 Model Exam Website: www.arunacademy.in, www.facebook.com/arunacademy Branch Name: SALEM ERODE NAMAKKAL DHARMAPURI ATTUR Contact No: 9994949322 9942029422 9994953608 9994983313 9994953607 Daily current affairs 6 -1-2017 Download free study materials from www.arunacademy.in 2 whatever verification the revenue department is required to do”. Under the GST structure, taxes must be paid and that the refund will be provided. Single-window customs clearance for exporters is extended by Revenue department: The revenue department has extended the facility of single window customs clearance for export consignments with a view to bringing down transaction cost. In a circular, Central board of excise and customs department said, after the successful implementation of single window interface for facilitation of trade (SWIFT) for imports, it is proposed to implement online-release from partner government agencies for exports. A pilot project for exporters has been started at Chennai, Delhi and Mumbai air cargo complexes from yesterday. SWIFT provides importers and exporters a single point interface for Customs clearance of shipments thereby reducing interface with government agencies and cost of doing business. 500 Startups delays $25 million India-focussed Kulfi fund : California-based early-stage seed fund 500 Startups, has reportedly delayed its plans to raise a $25 million India- focussed fund called 500 Kulfi. The accelerator, led by angel investor Dave McClure, cited taxation and regulatory concerns as reasons for putting the fund on hold. 500 Startups has invested in over 50 companies in India since 2011 including Instamojo and CultureAlley. Karnataka Bank launches group Personal Accident Insurance Scheme The 'Karnataka Bank' has launched a month-long campaign to promote a group personal accident insurance scheme for savings bank account-holders. ‘KBL Suraksha’ was launched on 2nd January and will be in force till 31st January in association with Universal Sompo General Insurance. KBL Suraksha provides coverage against all types of accidental deaths. All savings bank account holders of the bank in the age group of 18-70 years can subscribe to this scheme by paying an annual premium of Rs. 100 for Rs. 10 lakh and Rs. 50 for Rs. 5 lakh coverage. SIDBI ties up with LIC for capital support to enterprises i.Small Industries Development Bank of India (SIDBI) on Thursday said it has tied up with Life Insurance Corporation of India (LIC) for augmenting capital support to enterprises in the country. ii.The idea behind tying up with the state-run insurance behemoth is to give a boost to the venture capital ecosystem for MSMEs. Awards and Honorary: 30 Indian-Origin Men & Women Inducted into 2017 Forbes’ Super Achievers List i. The 2017 edition of the Forbes’ list of super achievers under the age of 30 features about 30 Indian- Origin Innovators, Entrepreneurs and Leaders who made outstanding contribution towards transforming the world. ii. The 30 people listed belong to 20 different industries including healthcare, manufacturing, sports and finance. iii. Forbes List of super achievers under the age of 30 listed 600 people who were passionate to break the status quo and transform the world. iv. The list included Vivek Kopparthi of NeoLight, Prarthna Desai, Shaun Patel, Rohan Suri, Varun Sivram , Neha Gupta, Aditya Agarwal, Akshay Khanna, Anarghya Vardhana, Akshay Goyal Ajay Yadav among others. For: BANK PO / CLERK, NEET, JEE, TNPSC Gr-I,II,IV,VII & VAO, SSC, RRB,TET,TRB, POLICE, SI,NIC-AO, LIC-ADO & AO,BSNL-JE AND ENTRANCE EXAMS E-MAIL: [email protected], cell: 9360246557 / 0427-4056557 Model Exam Website: www.arunacademy.in, www.facebook.com/arunacademy Branch Name: SALEM ERODE NAMAKKAL DHARMAPURI ATTUR Contact No: 9994949322 9942029422 9994953608 9994983313 9994953607 Daily current affairs 6 -1-2017 Download free study materials from www.arunacademy.in 3 Shah Rukh Khan Named for 4th Yash Chopra Memorial Award i. Bollywood actor, Shah Rukh Khan, commonly known as SRK, has been named for the 4th Yash Chopra Memorial Award. The award would be presented to the actor at a function in Mumbai on February 25, 2017. ii. The actor will receive Rs 10 lakh, a gold medal, and a certificate as part of the award. iii. Shah Rukh Khan was chosen as the recipient by a four-member jury, consisting of Dr T. Subirami Reddy, Pamela Chopra, Padmini Kolhapure and Boney Kapoor. iv. Yash Chopra Memorial Award was instituted by the T. Subirami’s TSR Foundation as a tribute to the director Yash Chopra after his death in 2012. v. Previous recipients of the award includes Lata Mangeshkar, Amitabh Bachchan and Rekha 2) Appointments: Britain appoints Sir Tim Barrow as EU ambassador: UK's government has appointed career diplomat Sir Tim Barrow as its ambassador to the EU. The office of Britain's PM Theresa May said that Barrow is a seasoned and tough negotiator who will bring energy to Brexit talks. The former ambassador Sir Ivan Rogers had resigned after accusing the government of "ill-founded arguments and muddled thinking" over the Brexit negotiation. S Padmanabhan Appointed as Chairman of Tata Power i.Tata Sons has nominated S Padmanabhan as the Chairman of Tata Power Co Ltd with immediate effect, in place of Cyrus Mistry.He is also the executive chairman of Tata Business Excellence Group. Recently he was appointed as the head of group for human resources for Tata Sons. ii.He is associated Tata group for 34 years, of which 26 were with Tata Consultancy Services (TCS). Capgemini Appoints Anil Jalali of IBM as HR head for India Operation i.French Consulting Corporation, Capgemini has appointed Anil Jalali as Chief Human Resources Officer for its India operation . ii.Jalali takes over from BL Narayan who is joining Capgemini’s Business Services Strategic Business unit as head of solutions and sales support.