Banking Awareness 18th January 2017 | Financial Affairs 18th January 2017

‘Zero tolerance for acts lowering RBI esteem’

• RBI Governor Urjit Patel said the central bank would not tolerate any act which lowered the esteem of the organisation after some of its employees were arrested by the CBI over charges of assisting in illegal exchange of withdrawn currency.
• “I am confident that all of us working together will rise to the occasion and face challenges in a manner befitting the reputation of this esteemed organisation,” Dr. Patel wrote in an email to RBI employees

Existing BSE investors to net Rs. 1,244 cr. in IPO

• Asia’s oldest stock exchange, BSE, will soon become the first equity bourse in the country to go public.
• The initial public offer (IPO) of the exchange will open on January 23 wherein a total of 1.54 crore equity shares would be offered to the public in the price band of between Rs. 805 and Rs. 806.
• The offer size is almost Rs. 1,244 crore at the upper end of the price band.

Aadhaar app Vs other cards: How it will change the game for e-payments

• The Unique Identification Authority of India (UIDAI) is working with banks and the Reserve Bank of India (RBI) to ensure that merchants who use its mobile-based Aadhaar application for digital transactions earn commission up to one per cent of the transaction value.
• With UIDAI suggesting it is on path to get this in place in a couple of months, the Aadhaar Enabled Payment System (AEPS), could give debit cards and e-wallets a run for their money.

Transitional GST hiccups for firms

• GST roll-out on July 1, companies and retailers face challenges including inventory planning, logistics, budgeting and working capital requirements as they transit to the new regime.
• Whether dealers build on the inventories or not depends on the rate of claims to be set under the GST regime.

Tax breather for foreign investors: All you need to know

• Foreign portfolio investors (FPI) can now breathe easy with the Income Tax (I-T) Department on Tuesday putting in abeyance its controversial circular on taxing India-dedicated funds.
• Experts said clarity was necessary on the issue at the earliest so that FPIs were certain. They expect the finance ministry to amend the law in the Budget to put an end to the controversy.

Parliament panel to grill RBI governor Urjit Patel over note ban today

• RBI Governor Urjit Patel will face questions on demonetisation and its aftermath when he appears before the Parliament’s standing committee on finance on Wednesday.
• Opposition party members on the panel, said were not satisfied with the documents RBI and the finance ministry had given the committee, in support of Modi’s November 8 announcement banning Rs 500 and Rs 1,000 currency notes.

 

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