Russia India top oil supplier Subject: Economy Context: Russia is reported to have become India’s largest supplier of crude oil since October 2022 as refiners stepped up the purchase of discounted seaborne oil. Concept Traditionally, India has met the bulk of its crude oil needs from Iraq, Saudi Arabia and the United Arab […]
Account aggregator transaction Subject: Economy Context: A year after its official release, India’s Account Aggregator (AA) ecosystem boasts of 1.1 billion. Account Aggregator (AA) ecosystem Account Aggregator (AA) network is a financial data-sharing system. The AA ecosystem was conceived in 2016 but was officially launched in September 2021. It already has 23 banks […]
NHA building Health exchange platform Subject: Economy Context: The National Health Authority (NHA) is setting up a health exchange platform that will digitize and simplify the process of filing health insurance claims. The Health Exchange Platform It is a digital public good that aims to digitize the health insurance industry. It is a […]
Custom hiring center Subject: Economy Context: In Madhya Pradesh, farmers are given subsidies by the government for setting up Custom Hiring Centers (CHCs) up to Rs.25 lakhs. Sub Mission on Agricultural Mechanization (SMAM): The Sub-Mission on Agricultural Mechanization (SMAM) was launched in 2014-15 by the Ministry of Agriculture and Farmers’ Welfare, GOI. It […]
Income tax regime Subject: Economy Context: Budget may tweak the new I-T regime-bring new ITR form. Details: The Budget is also likely to lay the roadmap for a common Income Tax Return Form. Concept FY21 Budget laid a new personal income tax regime wherein income tax rates will be significantly reduced for individual […]
Anonymity in rupee transaction Subject: Economy Context: Reserve Bank of India (RBI) has said the e-Rupee transactions are anonymous, on-ground implementation is not clear on this front. E Rupee and anonymity The person making the payment and the one receiving it will get an SMS from the respective banks whose e-Re apps are […]
Foreign source under the Foreign Contribution (Regulation) Act 2010 Subject : Economy Context: The Union Home Ministry has released a list of 117 organisations whose contribution to Indian entities will not be covered under the Foreign Contribution (Regulation) Act, 2010. Details: The UN agencies and other international bodies-“to be not covered” by the […]
Subordinate debt and preference share Subject : Economy Context: The IRDAI permits foreign investors to invest in preference shares and subordinated debt issued by Indian insurers. Details: The investments by foreign investors in these two instruments — preference shares and subordinated debt— cannot exceed the sectoral cap (specified under FEMA). Total quantum of […]
RBI rule on loan securitisation Subject : Economy Context: Reserve Bank of India (RBI) issued new guidelines prohibiting securitization of loans with a residual maturity of less than a year. Details: Prohibiting short-term securitization would affect about 5% of the market, especially the gold loan financiers and microfinance institutions (MFI). Concept: Securitization is […]
Export cooperative bodies Subject : Economy Context: A conference to commemorate the 100th International Day of Cooperatives was held at Vigyan Bhavan. Major announcements The Centre will set up a National Cooperative Export Society to help enhance exports. Primary Agriculture Credit Societies may be allowed to sell petroleum products, run PDS shops. Computerisation […]