CS SURBHI SAXENA

About Surbhi Saxena edits the daily Current Affairs News. The author is qualified member of The Institute of Company Secretaries of India (ICSI).

Union Cabinet

Cabinet approves Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS)

On account of the disruptions caused by the second wave of COVID 19 specially on healthcare sector, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) enabling funding to the tune of Rs. 50,000 crore to provide financial guarantee cover for brownfield expansion …

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Union Cabinet

Cabinet approves extension of last date of Registration under Aatmanirbhar Bharat Rojgar Yojana (ABRY)

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for extending the terminal date for registration of beneficiaries for availing the benefit under Aatmanirbhar Bharat Rojgar Yojana (ABRY) for another nine months i.e. from 30th June, 2021 to 31st March, 2022. Consequent upon this extension, it is expected that …

Cabinet approves extension of last date of Registration under Aatmanirbhar Bharat Rojgar Yojana (ABRY) Read More »

Ministry of Finance

SBI authorised to issue and encash Electoral Bearer Bond 2018 through its authorised branches

The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in …

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Union Finance Minister-cd78a149

Stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance Smt. Nirmala Sitharaman

A  1.1 Lakh Cr Loan Guarantee Scheme for COVID Affected Sectors Health Sector: Rs. 50,000 crore Aimed at scaling medical infrastructure targeting underserved areas. Guarantee cover for expansion and new projects related to health/medical infrastructure in cities other than 8 metropolitan cities. The Guarantee coverage is 50% for expansion & 75% for new projects and …

Stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance Smt. Nirmala Sitharaman Read More »

NIRMALA SITHARAMAN

Announcements By Finance Minister: Economic Package for Travel Sector and Tourism

Reviving Tourism:- Under new Loan Guarantee Scheme for COVID Affected Sectors, working capital/personal loans will be provided to people in the tourism sector to discharge liabilities and restart businesses impacted due to Covid-19. The scheme will cover: 10,700 regional level tourist guides recognized by the Ministry of Tourism and tourist guides recognized by the State …

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S&P

S&P cuts India’s Growth Forecast to 9.5% from 11% for FY 2022

S&P Global Ratings cut India’s FY22 growth forecast for the current fiscal to 9.5 per cent, from 11 per cent earlier, and warned of the risk to the outlook from further waves of COVID pandemic. The agency lowered the growth outlook due to severe second COVID-19 outbreak in April and May which led to lockdowns …

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Ravi Shankar Prasad

‘itat e-dwar’, an e-filing portal of Income Tax Appellate Tribunal launched

Shri Ravi Shankar Prasad, Union Minister for Law & Justice, Communications and Electronics & IT, formally launched the e-filing portal of Income Tax Appellate Tribunal (ITAT), ‘itat e-dwar’,on the 25 June 2021 in New Delhi. The newly developed e-Filing Portal would enable the parties to file their Appeals, Miscellaneous Applications, documents, paper books, etc., electronically.  …

‘itat e-dwar’, an e-filing portal of Income Tax Appellate Tribunal launched Read More »

PMC

RBI extends PMC Bank Limited restrictions till 31st December, 2021

In response to the Expression of Interest (EOI) dated November 3, 2020 floated by PMC Bank for its reconstruction, certain proposals were received. After careful consideration, by RBI the proposal from Centrum Financial Services Ltd. (CFSL) along with Resilient Innovation Pvt. Ltd. it has been found to be prima facie feasible. Accordingly, in specific pursuance …

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CCI

Acquisition of Zuarinagar plant of Zuari Agro Chemicals Limited by Paradeep Phosphates Limited gets CCI approval

The Competition Commission of India (CCI) approves acquisition of the Zuarinagar plant of Zuari Agro Chemicals Limited by Paradeep Phosphates Limited. The proposed combination envisages acquisition of the Zuarinagar, Goa plant of Zuari Agro Chemicals Limited (ZACL) by Paradeep Phosphates Limited (PPL). As a result of the acquisition, PPL shall acquire business of developing and …

Acquisition of Zuarinagar plant of Zuari Agro Chemicals Limited by Paradeep Phosphates Limited gets CCI approval Read More »

Ministry of Finance

Public Debt Management report for the quarter of January March 2021released

During Quarter 4 of FY21, the Central Government issued dated securities worth Rs 3,20,349 crore as against Rs 76,000 crore in Q4 of FY20, while repayments were at Rs 29,145 crore. The weighted average yield of primary issuances increased to 5.80 per cent in Q4 FY21 from 5.68 percent in Q3 of FY21. The weighted …

Public Debt Management report for the quarter of January March 2021released Read More »

Jameshtiji TATA

Jamsetji Tata tops EdelGive Hurun Philanthropists of the Century list

Jamsetji Nusserwanji Tata, Indian pioneer industrialist and founder of the Tata Group, has topped the inaugural, EdelGive Hurun Philanthropists of the Century list, which ranks the world’s 50 most generous individuals in the last century. As per the report, the total donations made by Mumbai-based Jamsetji Tata is estimated at US$102.4 billion. He is the …

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USISPF Address

Union Finance Minister addresses US-India Strategic Partnership Forum (USISPF) Board of Directors Investment Roundtable

The Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman on Thursday participated in the Global Investors Roundtable organised by the US-India Strategic Partnership Forum (USISPF) through video conferencing which witnessed participation from some of the largest foreign investors, including Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank and Warburg Pincus amongst others.   The event …

Union Finance Minister addresses US-India Strategic Partnership Forum (USISPF) Board of Directors Investment Roundtable Read More »

IFSCA

IFSCA constitutes a committee for development of avenues for Ship Financing and Leasing

International Financial Services Centres Authority (IFSCA) has constituted a committee to examine global best practices in ship financing and leasing, identify opportunities and devise a roadmap to enable such activities from GIFT IFSC. This committee will be chaired by Ms. Vandana Aggarwal, former Senior Economic Advisor, Government of India. The committee includes representatives from the …

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Reliance

Reliance 44th AGM 2021 Key Announcements

Reliance Chairman Mukesh Ambani made major announcements during the 44th Annual General Meeting (AGM). Here are the key highlights: Mr. Yasir Al-Rumayyan joins Reliance Board: Mr. Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor PIF joins Reliance board as an independent director, while YP Trivedi retires from Reliance board. Mr Mukesh Ambani said, to achieve …

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Income Tax Department

Search conducted by Income Tax Department in Raipur

Specific actionable intelligence was received by the Income Tax Department that a set of people were to carry out an outside-the-books cash transaction of a substantial amount at Raipur, Chhattisgarh. Upon further investigations, the input was found to be credible and the hawala dealer was identified. As a result, the Department carried out search and …

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The World Bank

Government of India signs $32 million loan with World Bank

The Government of India, Government of Mizoram and the World Bank have signed a $32 million Mizoram Health Systems Strengthening Project to improve management capacity and quality of health services in Mizoram, particularly for the benefit of under-served areas and vulnerable groups. The project will strengthen the governance and the management structure of the Department …

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SARFAESI ACT

SARFAESI ACT, 2002- Applicability, Objectives

What is SARFAESI ACT? Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, is also known as SARFAESI, Act. It is a law which allows banks and financial institutions to auction residential or commercial properties to recover their unpaid loan.  Narasimham Committee I and II and Andhyarujina committee were formed to examine …

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FDI

According to UN Report India was fifth largest recipient of FDI in 2020

As per the World Investment Report 2021 by the UN Conference on Trade and Development (UNCTAD), India was the fifth-largest recipient of Foreign Direct Investment (FDI) inflows in the world in 2020. The country received USD 64 billion FDI in 2020, which is an increase of 27 per cent, over USD 51 billion inflows in …

According to UN Report India was fifth largest recipient of FDI in 2020 Read More »

FDI Inflows grow 62% during first four months of current Financial

India attracted total FDI inflow of US$ 6.24 billion during April, 2021

Measures taken by the Government on the fronts of Foreign Direct Investment (FDI) policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country.  India has attracted total FDI inflow of US$ 6.24 billion during April, 2021and it is 38% higher as compared to April, 2020 (US$4.53 billion). …

India attracted total FDI inflow of US$ 6.24 billion during April, 2021 Read More »

UNDP

Tax Inspectors Without Borders (TIWB) programme launched in Bhutan in partnership with India

Tax Inspectors Without Borders (TIWB), a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD), launched its programme in Bhutan today. India was chosen as the Partner Jurisdiction and has provided the Tax Expert for this programme. This programme is expected to be of about 24 …

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Demonetization-0d4869cd

ITAT Agra Bench: No tax on cash deposits made by housewives during demonetization 2016

The Income Tax Appellate Tribunal (ITAT), Agra bench consisting of Judicial Member Lalit Kumar and the Accountant Member Dr Mitha Lal Meena has ruled that cash deposit made by the housewives during the demonetization scheme 2016, cannot be subject to addition if such deposits are below Rs 2.5 lakh and such amount shall not be …

ITAT Agra Bench: No tax on cash deposits made by housewives during demonetization 2016 Read More »

IndusInd Bank approved by Reserve Bank of India to operate as 'Agency Bank'

IndusInd Bank launches “IndusEasy Credit” a digital lending platform

IndusInd Bank launched ‘IndusEasy Credit’, a comprehensive digital lending platform that enables customers to meet their financial requirements from the comfort of their homes. With this, both existing, as well as non-IndusInd Bank customers, can instantly avail of personal loans or credit cards on a single platform in a completely paperless and digital manner. A …

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PMGKY

Cabinet approves additional foodgrain to NFSA beneficiaries under Pradhan Mantri Garib Kalyan Yojana (Phase IV) – for another period of Five months

The Union Cabinet has approved allocation of additional foodgrain under Pradhan Mantri Garib Kalyan Yojana (Phase IV) – for another period of 5 months i.e. July to November, 2021 @ 5 kg per person per month free of cost for maximum 81.35 Crore beneficiaries covered under National Food Security Act (NFSA) (Antyodaya Anna Yojana and …

Cabinet approves additional foodgrain to NFSA beneficiaries under Pradhan Mantri Garib Kalyan Yojana (Phase IV) – for another period of Five months Read More »

CWC

Merger of Central Railside Warehouse Company Limited (CRWC) with Central Warehousing Corporation (CWC) gets Cabinet approval

Union Cabinet has approved to merge and transfer all assets, liabilities, rights and obligations of ‘Central Railside Warehouse Company Limited’ (CRWC), a Mini-Ratna Category-II Central Public Sector Enterprises (CPSE) incorporated under the Companies Act, 1956 in 2007 with its holding enterprise ‘Central Warehousing Corporation’ (CWC). The merger will unify similar functions of both the companies …

Merger of Central Railside Warehouse Company Limited (CRWC) with Central Warehousing Corporation (CWC) gets Cabinet approval Read More »

Union Cabinet

Union Cabinet approves Agreement between India and Saint Vincent and The Grenadines

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved an Agreement between the Republic of India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes. This is a new Agreement between the Republic of India and Saint Vincent and The Grenadines. …

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India and Fiji MOU

MOU signed between India and Fiji for cooperation in the field of agriculture and allied sectors

Union Minister for Agriculture & Farmers Welfare, Shri Narendra Singh Tomar and Fiji’s Minister of Agriculture, Waterways & Environment, Dr. Mahendra Reddy signed a Memorandum of Understanding (MoU) for cooperation in the field of Agriculture and allied sectors between India and Fiji in a virtual meeting held today. Shri Tomar said that cordial and friendly …

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Goa Shipyard ltd MOU

Ministry of Defence and Goa Shipyard Ltd signs contract for construction of two Pollution Control Vessels for Indian Coast Guard

The Ministry of Defence signed a contract with Goa Shipyard Ltd (GSL) for construction of two Pollution Control Vessels (PCVs) for Indian Coast Guard (ICG) at a cost of about Rs 583 crore, on June 22, 2021. These Special Role ships will be indigenously designed, developed and built by GSL. The acquisition is under ‘Buy …

Ministry of Defence and Goa Shipyard Ltd signs contract for construction of two Pollution Control Vessels for Indian Coast Guard Read More »

CCI

Additional equity shareholding acquisition of United Breweries Limited by Heineken International B.V. approved by CCI

The Competition Commission of India (CCI) approves acquisition of additional equity shareholding by Heineken International B.V. (“HIBV”) of United Breweries Limited (“UBL”)under Section 31(1) of the Competition Act, 2002. The proposed transaction relates to HIBV’s potential acquisition of additional equity stake up to a maximum of approximately 16.40 percent shareholding in UBL. HIBV is an …

Additional equity shareholding acquisition of United Breweries Limited by Heineken International B.V. approved by CCI Read More »

Ministry of Consumer Affairs, Food and Public Distribution

Comments /suggestions sought by GOI on proposed amendments in Consumer Protection Act

Department of Consumer Affairs, Government of India has sought  comments /suggestions on proposed amendments in the Consumer Protection Act by 6th July, 2021. New business processes like E-commerce and other market developments have transformed the way Consumers make transactions these days. GOI has been holding a series of discussions with all the stakeholders to strengthen …

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