Banking Awareness 19th January 2017 | Financial Affairs 19th January 2017

Gear up for GST, trade and industry urged

• The trade and industry should familiarise themselves with the goods and services tax (GST) to be rolled out later this year and make all efforts in coordination with the tax departments to make it a success, according to the Commissioner of Customs, Central Excise and Service Tax B Hareram.
• He was speaking as chief guest at an awareness programme organised here on Wednesday by the AP Chambers of Commerce and Industry Federation. G Sambasiva Rao, president-elect of the federation, presided over the meeting.

India Ranks 60th in Inclusive Development Index 2017

• India has been ranked at 60th position among 79 developing economies with a score of only 3.38 in the Inclusive Development Index (IDI) of the World Economic Forum (WEF).
• WEF released its ‘Inclusive Growth and Development Report 2017’ on January 16, 2017 in Davos, Switzerland.
• The list has been topped by Lithuania among the 79 developing countries.

Yes Bank Launches India’s First Customisable Savings Account

• YES Bank has launched a first of its kind unique Customizable Savings Account to enable the customers to design an account as per their convenience.
• Mumbai-based bank has become the first bank in India to launch such type of account that enables the customer to choose various features of a savings accounts that suits one’s own lifestyle

Congress protests demonetisation, demands Urjit Patel’s resignation

 

• Thousands of Congress party workers and leaders protested in front of the Reserve Bank of India (RBI) offices in Nagpur and Chhattisgarh capital Raipur on Wednesday against the demonetisation.
• The protest in Nagpur was led by former Maharashtra Chief Minister Prithviraj Chavan, while the Congress General Secretary and Chhattisgarh in-charge, B.K. Hariprasad, led the protest in Raipur, along with the Chhattisgarh Congress chief, Bhupesh Baghel.

Industry seeks foreign partners for trade pact

India’s top industry bodies are attempting to build a coalition with counterparts in other nations with similar interests to give a fillip to the country’s proposal for a Trade Facilitation in Services (TFS) Agreement at the World Trade Organisation (WTO)-level.

Service tax kitty of Maharashtra, TN, K’taka, WB, Guj to swell in GST: Icra

 

• Icra has assessed that Maharashtra, Tamil Nadu, Karnataka, West Bengal and Gujarat are likely to gain significantly in service tax revenues under the goods and services tax (GST) regime, likely from July 1.
• Tax revenues related to services of nearly all states are likely to be favourably impacted after GST kicks in, it said.
• “Overall, we expect the transition to GST to be positive for some states, particularly on account of services,” Icra said in a note.

India ranked 78th in global ‘Passport Index’

• Indian passport has been ranked a lowly 78 in a global ranking of the world’s most powerful passports which was topped by Germany.
• Germany stands at the top with a visa-free score of 157, while Singapore overtakes South Korea and becomes the highest ranked Asian passport with a visa-free score of 156.

Manipur’s Karang is India’s first cashless island

• Karang, a small lake island in Manipur, has become the country’s first cashless island.
• The Union ministry of electronics and information technology under its Digital India program announced Karang as the first cashless island in India.
• Confirming it, deputy commissioner M Harekrishna of Bishnupur district stated that island fulfilled the Centre’s necessary criteria.
• The Karang island is located in the middle of Loktak, the largest freshwater lake in Northeast India.

 

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