DOWNLOAD PDFCURRENT AFFAIRS 5th Feb., 2015
1. Reserve Bank of India Governor Raghuram Rajan suggested that the yearly investment limit of Rs. 1.5 lakh in long-term tax saving instruments should be raised in the coming budget. The Union Budget for 2014-15 had upped the investment limit under Section 80C of the Income-Tax Act from Rs. 1 lakh to Rs. 1.5 lakh.
2. India’s ranking has moved up one notch from last to second last in the international intellectual property (IP) index released by the US Chamber of Commerce. The annual IP index evaluates 30 countries according to their IP environment. US tops the list while Thailand holds the last position.
3. Upcoming Budget is likely to propose demat-linked bank accounts. This could be for existing as well as for new bank account holders. A bank account holder should be given the option of having a demat account without fulfilling KYC (Know Your Customer) procedures separately.
4. Anil Goswami was removed from the post of home secretary. Rural Development Secretary L C Goyal, a 1979 batch Indian Administrative Service (IAS) officer of the Kerala cadre, has been appointed Goswami's successor.
5. Centre is likely to come out with rules shortly on the ways in which foreign promoters can raise stakes in domestic insurance companies. Insurance ordinance in December had raised the foreign investment limit in the insurance sector to 49 per cent from 26 per cent.
CURRENT AFFAIRS 4th Feb., 2015
1. In its sixth bi-monthly monetary policy, Reserve Bank of India has kept key interest rates unchanged - repo rate (the rate at which the RBI lends short-term to banks) was left unchanged at 7.75 per cent, preferring to wait for fresh triggers, especially the Union Budget to take a decision on further easing. The statutory liquidity ratio is at 21.5 per cent from 22 per cent to provide banks liquidity to the tune of about Rs. 45,000 crore. The banks should use this headroom to increase their lending to productive sectors on competitive terms to support investment and growth.
2. The Reserve Bank of India proposes to allow banks to take “non-callable deposits” which will not allow the customer to withdraw the money till the end of the tenure. Banks may pay higher interest rates on non-callable deposits to compensate the depositor for sacrificing the discretion to withdraw his money when he wants.
3. Reserve Bank of India is in consultation with capital market regulator SEBI to prevent loss to banks while restructuring debts of companies. When banks acquire shares of borrower companies by converting the loans into equity following RBI’s guidelines, they also have to conform to SEBI’s regulations on public offerings and takeovers.
4. Reserve Bank has doubled the eligibility limit for foreign exchange remittances under the Liberalised Remittance Scheme (LRS) to $250,000 per person a year in the light of Strong foreign exchange reserves position and lower current account deficit (CAD).
5. India is now Number 3 replacing Russia in the Hurun Global Rich List 2015, a ranking of the dollar billionaires across the world. The US and China make up half of the world’s billionaires. India has 97 billionaires, 27 more than last year. Mukesh Ambani (worth $20 billion and rank 41 on the Hurun List) retains his rank as the richest Indian.
1. Reserve Bank of India Governor Raghuram Rajan suggested that the yearly investment limit of Rs. 1.5 lakh in long-term tax saving instruments should be raised in the coming budget. The Union Budget for 2014-15 had upped the investment limit under Section 80C of the Income-Tax Act from Rs. 1 lakh to Rs. 1.5 lakh.
2. India’s ranking has moved up one notch from last to second last in the international intellectual property (IP) index released by the US Chamber of Commerce. The annual IP index evaluates 30 countries according to their IP environment. US tops the list while Thailand holds the last position.
3. Upcoming Budget is likely to propose demat-linked bank accounts. This could be for existing as well as for new bank account holders. A bank account holder should be given the option of having a demat account without fulfilling KYC (Know Your Customer) procedures separately.
4. Anil Goswami was removed from the post of home secretary. Rural Development Secretary L C Goyal, a 1979 batch Indian Administrative Service (IAS) officer of the Kerala cadre, has been appointed Goswami's successor.
5. Centre is likely to come out with rules shortly on the ways in which foreign promoters can raise stakes in domestic insurance companies. Insurance ordinance in December had raised the foreign investment limit in the insurance sector to 49 per cent from 26 per cent.
CURRENT AFFAIRS 4th Feb., 2015
1. In its sixth bi-monthly monetary policy, Reserve Bank of India has kept key interest rates unchanged - repo rate (the rate at which the RBI lends short-term to banks) was left unchanged at 7.75 per cent, preferring to wait for fresh triggers, especially the Union Budget to take a decision on further easing. The statutory liquidity ratio is at 21.5 per cent from 22 per cent to provide banks liquidity to the tune of about Rs. 45,000 crore. The banks should use this headroom to increase their lending to productive sectors on competitive terms to support investment and growth.
2. The Reserve Bank of India proposes to allow banks to take “non-callable deposits” which will not allow the customer to withdraw the money till the end of the tenure. Banks may pay higher interest rates on non-callable deposits to compensate the depositor for sacrificing the discretion to withdraw his money when he wants.
3. Reserve Bank of India is in consultation with capital market regulator SEBI to prevent loss to banks while restructuring debts of companies. When banks acquire shares of borrower companies by converting the loans into equity following RBI’s guidelines, they also have to conform to SEBI’s regulations on public offerings and takeovers.
4. Reserve Bank has doubled the eligibility limit for foreign exchange remittances under the Liberalised Remittance Scheme (LRS) to $250,000 per person a year in the light of Strong foreign exchange reserves position and lower current account deficit (CAD).
5. India is now Number 3 replacing Russia in the Hurun Global Rich List 2015, a ranking of the dollar billionaires across the world. The US and China make up half of the world’s billionaires. India has 97 billionaires, 27 more than last year. Mukesh Ambani (worth $20 billion and rank 41 on the Hurun List) retains his rank as the richest Indian.
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