Cess and surcharge as deductions Subject :Economy Section :Fiscal policy Context: The Finance Ministry has proposed that deduction claimed for cess and surcharge under the Income Tax Act will be treated as “under-reported” income. Amendment to Finance Bill inserts a new clause to Section 155 of the IT Act. If declared ‘under-reported’, total […]
RBI Innovation Hub Subject: Economy Context: RBI Governor inaugurated the Bengaluru based RBIH, which has been set up as a Section 8 company under Companies Act, 2013 with an initial capital of Rs. 100 Cr. Concept: RBI Innovation Hub (RBIH): It is an investment for the future aimed at facilitating an environment that […]
New export destinations for GI Agri Products Subject: Economy Section: Agriculture Context: Of the over 100 niche GI tagged products, 49 have got new export markets. Concept: There are 417 registered GI products and around 150 of them are agricultural and food products. Agricultural and Processed Food Products Export Development Authority (APEDA) is […]
Cryptocurrency Subject: Economy Section: Monetary policy Context: Cryptocurrency being taxes Concept: A cryptocurrency or crypto, is a virtual currency secured by cryptography. It is designed to work as a medium of exchange, where individual ownership records are stored in a computerised database using blockchain technology. The pioneer cryptocurrency, Bitcoin, was traded at just […]
Green Bond Subject: Economy Section: Economic Growth Context: Recently, the Finance Minister in the Budget 2022 announced that the government proposes to issue sovereign green bonds to mobilise resources for green infrastructure. In 2007, green bonds were launched by few development banks such as the European Investment Bank and the World Bank. Subsequently, […]
Bank Credit Subject: Economy Section: Economic Growth Context: Domestic banks’ share in the overall commercial credit plunged to a low of 34% in FY21 from 56% in FY11 partly due to the pandemic and more because companies were moving away from banks for funds. The share of non-banks in commercial credit has more […]