Banking Awareness 9th February 2017 | Financial Affairs 9th February 2017

1. India to pitch global services accord to WTO chief Azevedo

• India will make a presentation on 9^th Feb 2017 to World Trade Organisation (WTO) Director General Roberto Azevedo and India Inc. on New Delhi’s proposal for a global pact to boost services trade.
• Besides, the proposal is to ensure cross-border insurance coverage to boost medical tourism, publication of measures impacting services trade and timely availability of relevant information in all the WTO official languages

2. RBI’s Monetary Policy February 2017 : Keeps repo rate unchanged at 6.25%

• The Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 per cent.
• Consequently, the reverse repo rate under the LAF remains unchanged at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

3. Bank of Baroda, IFFCO launch co-branded debit card for farmers

• In a novel initiative that would push digitalisation and cashless economy, Bank of Baroda (BOB) has tied up with IFFCO (Indian Farmers Fertilizer Cooperative ), a cooperative, to provide co-branded debit cards with inbuilt overdraft facilities to the farmers.
• Subsequently more cards will be issued across rest of India. These co-branded debit cards will be exclusively used for the purchase of IFFCO products only.

4. Adani appoints Purdie as CEO for renewable energy unit in Australia

Indian energy giant Adani Group has appointed Jennifer Purdie as the Chief Executive Officer (CEO) for its renewable energy business unit in Australia in a bid to drive its plans to become the largest renewable energy player in the country.

5. Lok Sabha passes Payment of Wages Bill

• The Lok Shaba on 7 Feb 2017 passed the Payment of Wages (Amendment) Bill, 2017 which seeks to enable employers to pay wages to workers through cheque or directly crediting to their accounts.
•  The bill, moved by Labour and Employment Minister Bandaru Dattatreya in the House, it will replace the Ordinance promulgated by the President on 28th December last year.

6. Central Board of Direct Taxes (CBDT) signs four more unilateral Advance Pricing Agreements (APAs)

• The Central Board of Direct Taxes (CBDT) has signed four more unilateral Advance Pricing Agreements (APAs).
• The four APAs signed pertain to the manufacturing, financial and information technology sectors of the economy.
• The international transactions covered in these agreements include contract manufacturing, IT enabled services and software development services.

7. Assam Finance Minister Himanta Biswa Sarma Presents Rs 2,350 crore Deficit Budget 2017-18

The Assam state Finance Minister, Himanta Biswa Sarma has recently presented the state Budget 2017-18 in the state assembly. “Resurgent Assam” is the theme of this budget. Rs. 2,349.79 crore amount has been merged under this Deficit Budget 2017.

 

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