Banking Awareness 27th December 2016 | Financial Affairs 27th December 2016

India needs lower taxes, higher compliance: Jaitley

“Payment of legitimate taxes is part of a citizen’s duty”

• Finance Minister Arun Jaitley said India needs lower levels of taxation to compete globally and that voluntary tax compliance by citizens should be encouraged by a tax-friendly administration.
• He was inaugurating professional training of the 68th batch of Internal Revenue Service officers at the National Academy of Customs, Excise and Narcotics

Arun jaitley

Finance Minister of India.

Sensex slides amid tax fears

BSE’s 30-share benchmark index slumps to lowest close

• The benchmark 30-stock Sensex fell to its lowest level in more than a month amid concerns that the Centre may opt to increase taxes on gains from investments in financial markets.
• The broader Nifty surrendered all its gains of 2016 and slid to a seven-month low.

Foreign institutional investors (FIIs)

FIIs were net sellers at Rs. 18,244 crore in the month of November.

India’s iron exports under scrutiny by EU, S. Korea

South Korea have come under the scanner

• India’s exports of certain iron items to the European Union (EU) and shipments of ferro alloys to South Korea have come under the scanner of local authorities in those jurisdictions.
• The European Commission (EC) has initiated an investigation into certain items of grey iron and ductile cast iron from India on allegations that they were being ‘dumped into the EU region.

Sponge iron

Largest producer of sponge iron in the world.

Gold slumps to 11–month low on weak demand from jewelers

Gold prices slumped by Rs. 250.

• Gold prices slumped by Rs. 250 to hit a more than 11–month low of Rs. 27,550 per 10 gram at the bullion market here due to weak demand from jewellers and lower advices from futures trade.
• Silver also fell by Rs. 210 to Rs. 38,600 per kg on reduced offtake by industrial units and coin makers.

Indian Exports in 2015.

India: $5.3 billion (1.8%).

‘Centre to invest Rs. 5 lakh crore under Sagarmala

Promoting port-led economic development projects

• Road Transport and Highways Minister Nitin Gadkari said that the Centre will implement projects worth Rs. 5 lakh crore till May 2019 under the Sagarmala project.
• Sagarmala Development Company (SDC) has been formed to provide equity support to the government’s ambitious Sagarmala programme, which is aimed at promoting port-led economic development projects.

Rs. 12 lakh crore

Rs. 8 lakh crore would be spent on industrial clusters.

The post Banking Awareness 27th December 2016 | Financial Affairs 27th December 2016 appeared first on Exambin | Social Competitive Learning.