Decriminalisation of offences under GST Subject: Economy Context: As per the conclusion of the 48th GST Council meeting, the GST Council chaired by Finance Minister recommended decriminalising certain offences under Section 132 of the Central Goods and Services Tax (CGST) Act, 2017. Need to decriminalise offences: The GST law is still developing and […]
Export Credit Schemes Subject :Economy Context: Export financing declined at around 28 per cent during the first seven months of the current fiscal. Details: RBI data-export credit has fallen from Rs 23,330 crore as on March 25, 2022 to Rs 16,909 crore as on October 21, 2022. Concept: Export Credit Guarantee Corporation of […]
Conversion to Small Finance Banks Subject :Economy Context: Urban co-operative banks (UCBs) seem to have said thanks but no thanks to the Reserve Bank of India for its scheme for their voluntary transition into small finance banks (SFBs). Concept: On-tap Licensing? The detailed scheme for voluntary transition of UCBs into SFBs was announced […]
Commodities Board Subject :Economy Context: The commerce ministry is likely to engage with NITI Aayog to rework the five draft Bills pertaining to cash crops tea, coffee, spices, rubber, and tobacco. Details: It proposes the repeal of Tea Act, 1953; Spices Board Act, 1986; Rubber Act, 1947; Coffee Act, 1942 and updation of […]
Digital Markets Act Subject :Economy Context: The Parliamentary Standing Committee on Finance headed by Jayant Sinha is set to recommend stringent regulation of Systemically Important Digital Platforms (SIDP). Details: It aims to identify and regulate SIDPs and will form part of a report on ‘Anti-competitive practices by Big Tech companies’. Once firms are […]
Trade Deficit Subject :Economy Context: Exports grew by 0.6 per cent over November 2021 while imports grew by 5.4 per cent over the same month last year leading to widening of the current account deficit. Details: India’s trade deficit during April to November stood at $196 billion highest in the last 10 years. […]