Banking Awareness 08th December 2016 | Financial Affairs 08th December 2016

Ten-fold rise in merchant demand for PoS devices, says Mastercard

 

POS sale risen.

The Centre’s decision to demonetise high value currency notes has increased merchant demand for Point of Sale (PoS) devices ten-fold, and has resulted in a significant change in consumer behaviour, according to Mastercard.

ATM’s and POS in India.

200,000 ATMs

1.4 million PoS devices.

India, Russia eye reversing gas flow to China

India is in early talks with Russia to swap natural gas

• India is in early talks with Russia to swap natural gas with China and Myanmar as an alternative to building the world’s most expensive pipeline costing close to $25 billion.
• The two nations had in October signed an initial pact for building a 4,500 km to 6,000 km long pipeline from Siberia to the world’s third-biggest energy consuming nation.

Top 3 coal exporters

• Indonesia
• Australia
• Russia

ED issues summons to AirAsia India for FEMA violations

Foreign Exchange Management Act

• The Enforcement Directorate has registered a case against AirAsia India for alleged violations of the Foreign Exchange Management Act (FEMA) regulations and issued summons to officials of the airline.
• The agency started a preliminary investigation after taking cognisance of the allegations made in a Deloitte report, corporate governance issues raised by Cyrus Mistry and an article written by BJP leader Subramanian Swamy.

AirAsia

• Thai AirAsia
• Indonesia AirAsia
• Philippines AirAsia

Inflows into Jan Dhan slow

Decrease in the inflow of funds in Jan Dhan accounts.

• The Centre has announced that there has been a considerable decrease in the inflow of funds in Jan Dhan accounts.
• Between November 8 and 15, the total deposits received in Jan Dhan accounts was Rs.20,206 crore while in the second week, November 16 to 22, it declined to Rs.11,347 crore. The third week saw just Rs.4,867 crore being deposited into these accounts

Rs.13,113

The average per account deposit in Jan Dhan accounts.

Centre mulls licensing for ‘other tobacco items’

Tobacco related items under the ambit of compulsory

Commerce and Industry Minister Nirmala Sitharaman has said that the proposal to bring the manufacture of ‘other tobacco products’ such as khaini, tobacco blended pan masala, hookah or gooduku tobacco, zarda, bidis and other chewable/eatable tobacco related items under the ambit of compulsory licensing is under consideration to address public health issues.

Tobacco products

• Khaini
• Pan masala
• Hookah

Rural India hit most by cash crunch

On an average, a rural bank account received just Rs.350 of new notes

• Rural India has been severely hit by the lack of cash in circulation since the government’s decision to demonetise high-value currency notes.
• Illustrating this, Regional Rural Banks (RRBs) with 25 crore accounts across the country received just about Rs.8,000 crore of fresh currency from November 10 to November 30.

Rs.25,000

Withdrawal limit for farmers per week.

CM in mission mode for Haritha Keralam

CM ambitious about multi-dimensional development project

Chief Minister Pinarayi Vijayan appears to have got into mission mode to ensure the success of Haritha Keralam, his government’s first ambitious multi-dimensional development project to be launched since assuming power.

Pinarayi Vijayan

Chief Minister of Kerala.

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