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Tags: Economy/Finance
The Tata Power Solar Systems has commissioned India’s largest floating solar power projects of 101.6 MW in Kerala on 25 June 2022.
The project is installed on a 350-acre water body in Kayamkulam, Kerala.
Tags: Economy/Finance
The Union Finance Ministry on 25 June 2022 has notified the extension of the levy of GST (Goods and Service Tax) compensation cess by nearly 4 years till March 31, 2026. The levy of the cess was to end on June 30, 2022.
GST is an Indirect tax system which has replaced many central and state government Indirect tax.
Cess : It is also called as tax on tax . It is an extra tax which is levied on existing taxes.
Tags: Economy/Finance
The Reserve Bank of India (RBI) on 23 June 2022 has increased the limit of housing loans provided by the Urban Cooperative Banks (UCB).The last time these limits were revised was in 2011.
New Limit
The tier 1 UCB can provide home loans upto Rs 60 lakh, the earlier limit was Rs 30 Lakhs
The tier II UCB can now provide a maximum housing loan upto Rs 1.4 crore. Earlier the limit was Rs 70 Lakhs.
Exposure Limits
Other new rules for UCB
Urban Cooperative Banks
Urban Cooperative Banks are regulated by the Reserve Bank of India.
UCB has been classified into two by RBI.
Tier -1 UCB
Tier-I UCBs are those UCB which satisfy the following criteria:
Tier-II UCB
UCB which are not tier-I are considered as Tier-II UCB.
Tags: Economy/Finance
The World Bank has approved a USD 245 million loan to support India’s efforts to modernize rail freight and logistics infrastructure.
The Rail Logistics project will help India shift more traffic from road to rail, making transport — both freight and passenger — more efficient and reducing millions of tonnes of greenhouse gas emissions (GHG) each year.
IBRD (International Bank for Reconstruction and Development)
Headquarters: Washington D.C, United States
Member Countries: 189
Tags: Economy/Finance
Prime Minister Narendra Modi launched a new portal - NIRYAT (National Import-Export Record for Yearly Analysis of Trade) - which is developed as a one stop platform for stakeholders to get all necessary information related to India’s foreign trade.
He also inaugurated the new premises of the Ministry of Commerce and Industry - ‘Vanijya Bhawan’ . Constructed near India Gate, the Vanijya Bhawan is designed as a smart building which incorporates the principles of sustainable architecture with a special focus on energy saving.
It will serve as an integrated and modern office complex that will be used by the two Departments under the Ministry i.e. Department of Commerce and Department for Promotion of Industry and Internal Trade (DPIIT).
Union Minister for Commerce and Industry: Piyush Goel
Tags: Economy/Finance
According to the World Gold Council (WGC) report titled ‘Gold refining and recycling’, India has been ranked the fourth in the world for recycling 75 tonnes of gold in 2021.
China topped the chart by recycling 168 tonnes of the gold, followed by Italy in the second position with 80 tonnes and the US at the third rank with 78 tonnes in 2021.
The report estimated that from 2013 to 2021, India’s gold refining capacity increased by 1,500 tonnes, or 500%, to 1,800 tonnes. Furthermore, over the past five years 11% of the country’s gold supply came from ‘old gold’; driven by movements in the gold price, future gold price expectations and wider economic outlook.
It expects the holding periods of jewellery will continue to decline in India as younger consumers look to change designs more frequently.
This trend could contribute to higher levels of recycling of gold in India.
World Gold Council
It is an association of leading gold mining companies in the world.
It works to promote gold as a suitable investment for individuals, companies, etc.
Headquarters: London, England
Tags: Economy/Finance
Leading Indian private sector bank, Yes Bank has launched a floating rate repo rate-linked fixed deposit which will be linked to the existing repo rate.
It means that if the Reserve Bank of India (RBI) increases the policy repo rate then the interest rate on the Fixed Deposit will also increase automatically and if the RBI decreases the repo rate then the interest rate on the FD will decrease automatically.
However the bank will use the repo rate of the previous month to reset the interest rate on the FD. It means that if the RBI has increased the repo rate to 5% from 4.9% in June month then the bank will increase the interest rate of the FD by 0.1% in July.
The bank will offer a mark-up rate (additional interest rate) in addition to the existing repo rate. For deposits with tenure between a year and 18 months, the bank will offer a mark-up rate of 1.1% in addition to the repo rate. For deposits maturing between 18 months and 3 years, the mark-up rate will be 1.6%.
Currently, the policy repo rate stands at 4.90%. It means that FD with a tenure between a year and 18 months will get an interest rate of 6 %( Repo rate of 4.9%+1.1% mark-up rate).
The bank will accept a minimum deposit amount of Rs 10,000, with the tenure ranging from a year to 3 years.
Senior citizens (60years-80 years) will get an additional 0.5% interest rate for deposits of less than Rs 2 crore.
The bank will also offer an overdraft facility on up to 90% of the principal value of the FD.
Points to be noted
RBI has allowed the banks the freedom to offer additional interest rates on Term Deposits. The interest rates on deposits are decided by the banks themselves.
Term deposits include Fixed Deposit and Recurring Deposits.
Policy repo rate is the rate at which RBI provides short term loans (up to 24 hours) to the banks.
Yes Bank
It is a private sector scheduled commercial bank in India, founded in 2004
Headquarters: Mumbai
Chairman: Sunil Kumar
Chief Executive Officer (CEO) and Managing Director (MD): Prashant Kumar
Tagline: Experience our expertise.
Tags: Economy/Finance Government Schemes
Union Minister of Housing and Urban Affairs (MoHUA) Hardeep Singh Puri launched an innovative project named National Initiative for Promoting Upskilling of Nirman workers (NIPUN) for skill training of 100,000 construction workers on 20 June 2022.
The NIPUN project was launched under the Ministry’s flagship scheme of the Deendayal Antyodaya-Yojana National Urban Livelihoods Mission (DAY-NULM) to train construction workers through fresh skilling and upskilling programs which will provide them with work opportunities in foreign countries also.
Nodal agency of NIPUN
The National Skill Development Corporation (NSDC), under the Ministry of Skill Development & Entrepreneurship, Government of India will implement the NIPUN project.
Feature of the scheme
The NIPUN project implementation is divided into three parts,
Onsite skill training will be provided to approximately 80,000 construction workers through industry associations under the RPL (Recognition of Prior learning) certification, while about 14,000 candidates will receive fresh skilling through plumbing and infrastructure Sector Skill Council (SSC) in trades having promising placement potentials.
Under NIPUN, it is also envisaged that NSDC will place approximately 12,000 people in foreign countries such as the Kingdom of Saudi Arabia, UAE and other Gulf Cooperation Council countries.
NSDC will be responsible for the overall execution of training, monitoring and candidate tracking. It will provide trainees with
Tags: Committee Economy/Finance
Capital market regulator SEBI (Securities Exchange Board of India) has set up an advisory committee on hybrid securities, which will make recommendations for giving a push to the growth of such instruments, including measures focusing on ease of issuance and attracting domestic and global capital.
Hybrid instruments are financial instruments which include the features of both equity shares and debt instruments.
Chairman of the committee
The 20-member committee will be chaired by K V Kamath, Chairperson of National Bank for Financing Infrastructure and Development.
In addition, the committee comprises top level officials of Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs), finance as well as legal experts and representatives of SEBI.
REITs (Real Estate Investment Trust) and InvITs (Infrastructure and Investment Funds) are classified as hybrid securities and they are relatively new investment instruments in the Indian context.
Function of the committee
The committee has been given the task of advising SEBI on issues related to development and regulation of primary and secondary markets of hybrid securities in the country.
It will identify use case scenarios of hybrid securities in the context of the infrastructure financing needs of the Indian economy and make recommendations for developing instruments to meet the needs of the infrastructure sector
SEBI
Securities Exchange Board of India (SEBI) was set up on 12 April 1988 and it was given statutory status by the SEBI Act 1992 on 30 January 1992.
Tags: Economy/Finance
The first tranche of Sovereign Gold Bond or SGB scheme for the 2022-23 financial year opened for subscription on 20 June 2022. The issue price has been fixed at ₹5,091 per gram of gold.
Why was it launched
The Sovereign Gold Bond scheme was launched by the RBI in 2015. The objective of this scheme was to encourage people not to invest in gold as money invested in gold is considered as unproductive investment.
Instead people were encouraged to buy sovereign gold bonds.
The repayment on the bond was guaranteed by the Government of India and people would also be able to earn extra interest on it.
The money collected in this way will be used by the government for investment in those areas of the economy, which will lead to economic development of the country.
Features of the Sovereign Gold Bond
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