Banking Awareness 21st January 2017 | Financial Affairs 21st January 2017

1. World Bank Sanctions Rs 1,376 Cr For Tripura Power Upgradation

• World Bank has sanctioned Rs 1,376 crore for upgradations and improvement of the Tripura power system network on this was announced by Tripura’s power minister Manik Dey.
• The Power Upgradation project is divided into 5 phases. SPML Infra Ltd has got the contract of the first phase with the budget of  Rs 461 crore .
• A large number of 132 KV and 33 KV substations will be constructed and upgraded under the project across Tripura.

2. 9.2 lakh Crore rupees remonetised till date:RBI

• RBI Governor Urjit Patel appeared before the Parliamentary Standing Committee on Finance and briefed the panel about government’s recent decision to demonetise high value currency.
• Patel informed the committee, headed by Congress leader Veerappa Moily that 9.2 lakh crore rupees in new currency has been introduced in the system after the decision.

3. FIPB Clear FDI Proposals Worth Rs 1187cr.

• FIPB has approved six investment proposals, including that of Star Den Media Services & Idea Cellular Infrastructure Services, envisaging foreign investments of Rs 1,186.5 crore.
• The total,  Recipharm Participation BV of Netherlands alone will bring in investment of Rs 950 crore.
• The Foreign Investment Promotion Board (FIPB) is headed by Economic Affairs Secretary Shaktikanta Das.

4. Alternative Investments Fund – SEBI

• The Securities and Exchange Board of India (SEBI) panel on Alternative Investment Funds(AIFs) has Proposed creating a favourable tax environment for investors, tweaking of safe harbour rules, unlocking domestic pools of capital, enabling onshoire fund management in India and reforming the AIFs regulatory regime.
• The headed of the panel is NR Narayana Murthy (Infosys founder).

5. GST: Tax evasion up to Rs 2 crore a bailable offence

• To make GST regime less onerous, the Centre and states have decided to water down the penal provisions to ensure a trader gets immediate bail if the alleged tax evasion is up to Rs 2 crore.
• The GST council at its last meeting, has decided that the provision of arrest will be restricted to forgery and non- deposit of collected taxes with the exchequer within the stipulated timeframe.

6. India Innovation Index to measure performance of Indian states

• The World Economic Forum, NITI Aayog, the World Intellectual Property Organization and the Cornell University are working together to develop an India Innovation Index that will provide impetus to Indian states to drive the innovative spirit.
• The first ranking is expected to be released at the India Economic Summit in New Delhi in October 2017.

7. NISM ties up with Moody’s arm for certification course in F&O

National Institute of Securities Markets an educational initiative by SEBI said on Friday it has tied up with Moody’s Analytics i.e., a subsidiary of Moody’s Corporation to launch an advanced certification course in derivatives — Certificate in Derivatives Market Strategies (CDMS).

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