Banking Awareness 25th January 2017 | Financial Affairs 25th January 2017.

1. Cabinet clears Rs 2,254 cr world-class convention centre at Pragati Maidan.

First phase to be completed by 2019.

A new international convention and exhibition centre will be developed at a cost of Rs 2,254 crore at New Delhi’s iconic Pragati Maidan.

The first phase:

Demolition of the existing 23 state pavilions and six central ministry pavilions.

2. Has El Nino come or not, weathermen seem divided

El Nino has had an over-bearing impact on rainfall in India

The sudden rise in sea-surface temperature over the Tropical Pacific Ocean in the last 10-15 days as indicated by some global models, has divided the Indian meteorological community, with some seeing it as first signs of resurfacing of dreaded El Nino.

El Nino

An irregularly occurring and complex series of climatic changes.

3. Supreme Court agrees to hear SBI, PSU banks in Aircel-Maxis case on Feb 3

The SC had restrained transfer of 2G licences from Malaysia’s Maxis.

The Supreme Court agreed to hear on February 3 the plea of consortium of banks led by State Bank of India that it be heard in the Aircel-Maxis 2G spectrum case as it has got financial exposure in the firm concerned.

Maxis Group

Malaysian businessman T Ananda Krishnan, the owner of this group.

4. Finance Ministry may review tax regime on long-term capital gains

Gains from transactions in shares held for less than 12 month.

The finance ministry reviewing the long-term capital gains (LTCG) taxation regime ahead of the Union Budget 2017-18, in the backdrop of Prime Minister Narendra Modi’s suggestion of increasing contribution of financial market participants to the exchequer.

15% tax.

Gains from transactions in shares held for less than 12 months.

5. Banks want Budget to boost digital transactions, disincentivise cash

SBI has also installed at least 45,000 point of sale machines in the last 50 days

State Bank of India (SBI) Chairman Arundhati Bhattacharya said that the Bankers have told Finance Minister Arun Jaitley that they want Budget 2017 to include provisions for promoting digital transactions and dis-incentivising usage of cash

Arundhati Bhattacharya

State Bank of India (SBI) Chairman.

6. Viability gap funding likely for wind power

Budget 2017 could provide some relief to the wind power sector

The Union Budget is likely to introduce viability gap funding and an incentive scheme for power distribution companies procuring wind power.

28,279.40 megawatts (Mw).

The total wind power in the country.

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