GLOBAL REMITTANCES TO WITNESS SHARPEST FALL
Why in news? Global remittances are projected to experience their sharpest decline in recent times — 20% — owing to migrants losing jobs and wages because of the COVID-19 pandemic, the World Bank Group said in a report. This is in stark contrast to 2019 when they grew by 6.1%. In India, remittances for 2020 […]
ITAT HOLDS HEARING THROUGH VIDEO CONFERENCING
Why in news? A division bench of the Income Tax Appellate Tribunal (ITAT) through web-based video conferencing platform, heard and disposed of an urgent stay petition on 24th April 2020. It was the first time ever that hearing was done through video conferencing. The ITAT benches based in 27 locations are equipped to hold similar hearings […]
15TH FINANCE COMMISSION HOLDS MEETING WITH ITS ADVISORY COUNCIL
Why in news? The Fifteenth Finance Commission (XVFC) had online meetings with its Advisory Council on 23-24 April, 2020 and discussed various issues confronting the Commission now. What transpired in the meeting? In the meeting all of them were unanimous to suggest that the projections of real GDP growth made before March 2020 need to […]
Ways and Means Advances Meaning- for UPSC
India’s Central bank recently announced an increase in the Ways and Means Advances (WMA) limits to States enabling them “to undertake COVID-19 containment and mitigation efforts” and “to better plan their market borrowings”. For the first half of FY21, WMA limit of States has been increased by 60 per cent over the level as on […]
PAPERLESS LICENSING FOR PETROLEUM SERVICE STATIONS
Why in News? The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has launched paperless licensing process through Petroleum and Explosives Safety Organisation (PESO) for petroleum service stations (retail outlets storing and dispensing petrol/diesel for motor conveyances) under the Petroleum Rules, 2002. This initiative for petroleum pump licensing is […]
CBDT REVISING RETURN FORMS
Why in news? In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21). CBDT The Central Board of Direct Taxes (CBDT) is a Statutory Body functioning under […]
Explained: Why Oil Prices Dropped to Negative? – for UPSC Exam
The Free Fall of Oil Prices: Oil Economics- Of Brent, WTI and OPEC plus Explained for UPSC Exam (Read full article to understand how oil futures & contracts work, their impact on Oil prices) What is happening? For the first time ever, a key U.S. oil benchmark, West Texas Intermediate, went below zero on 20th […]
WHY GOLD PRICES HAVE BEEN RISING BEFORE AND DURING COVID-19?
Introduction to rising Gold Prices Much before Covid-19’s impact reverberated across economies and led to a crash in global stock markets, gold prices had started their upward glide since May 2019 to culminate into a nearly 40 per cent jump in less than a year. The present gold prices in India are even higher, as […]
SERVICES AT OUR DOORSTEP: DELIVERY WORKERS ARE THE NEW FRONT-LINE FORCE
Why in news? The ‘ferrymen’ of Wuhan, who have been providing groceries, food and medicines to citizens isolated in their homes, have been the backbone of cities that have been most hit by the novel coronavirus. Delivery infrastructure or digitally enabled micro-logistics are key to how citizens navigate their ‘social distanced’ lives during the pandemic. […]
IT’S WRONG TO PRESUME THAT MERGERS WILL SOLVE BANKS’ WOES
Hurdles in the proposed merger of nationalised banks The main hurdle will be to the smooth process of integration. In our country, all our banks have their own importance in terms of origin, growth, expansion and geographical [focus], and have been contributing to economic development in their own way. When banks were nationalised in 1969, […]