Economy (Business & Banking) Current Affairs for SSC CGL, SBI Clerk and Upcoming Competitive Exams
- The 2014-15 Interim Budget has implemented a 10 % surcharge on super-rich people (having income above Rs 1 crore in a year)
- The Securities and Exchange Board of India (SEBI) has approved the new corporation governance norms in a meeting held in New Delhi on Feb 13, 2014. The new corporate governance norms issued are in line with the global practices and in accordance with Companies Act, 2013
- The Union government, on Feb 6, 2014. approved the increase in the Fair and Remunerative Price (FRP) for sugarcane by Rs. 10 per quintal for 2014-15 marketing season.
- The Reserve Bank of Zimbabwe (RBZ) announced Indian Rupee as a legal tender on Jan 29, 2014. The RBZ was adding Indian Rupee and three other currencies to the basket of currencies to be circulated in the country. These include China, Japan and Australia.
- The tea production of India has gone up y 6.5% in the year 2013. In its report, Indian Tea Association (ITA) organisation said that the country's production has rose to 1200 million kg in 2013 as against 1126 million kg in 2012.
- Railway Minister, Mallikarjun Kharge, on Feb 12, 2014, has introduced 72 new trains in the Interim Rail Budget 2014-15.
- National Bank for Agricultural and Rural Development (NABARD) announced to form a new concept called Joint Liability Group (JLG). It aimed to provide institutional credit to small farmers like sharecropper, oral lessees and agricultural labourers.
- In union Budget 2014-15, to stimulate growth, the government has slashed excise duty to 10% from 12 %
- The Reserve Bank of India (RBI), on March 3, 2014, extended the date for exchange of the pre-2005 banknotes to January 1, 2015. The RBI had advised the banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public.
- The government of India, on March 4, 2014, hike the interest rates on fixed deposit scheme. offered by post offices up to0.2% aid. The new interest rates on the Small Saving Schemes will come into effect from April 1, 2014.
- The Union Finance Minister approved a proposal to provide minimum monthly pension of Rs.1000 to workers of organised sector, under the Employees Pension Scheme 1995(EPS-95)
- The Cabinet Committee on Economic Affairs (CCEA) gave its nod for the implementation for the Rural Water Supply and Sanitation project for low income states of Asom, Bihar, Jarkhand and ?Uttar Pradesh.
- Wipro company has been named as "Leader in Worldwide Life Science Maufacturing and Supply Chain ITO" .
- India and Fiji has signed a Double Taxation Avoidance Agreement (DTAA) for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income .
- The Interim Budget 2014-15 has sanctioned Rs.21000 crore to the Ministry of Women and Child Development and Rs. 7000 crore for Panchayati Raj Ministry.
- Aravind Mayaram headed panel has recommended all investments above 10% as Foreign Direct Investment (FDI) .
- The Empowered Group of Ministers (EGoM) approved a Spectrum Usage Charge (SUC) 5% of the annual gross revenue on all new airwaves acquired in action.
- The Reserve Bank of India allowed the Non-Banking Fiancial Companies (NBFCs) to lend up to 75% of the value of Gold.
- The RBI relaxed the norms for participation of Non-Banking Finance Companies (NBFCs) in the insurance joint ventures by allowing them to hold more than 50 % in such companies.
- Afghanistan has signed an agreement with the Asian Development Bank (ADB) for the development of road network in the country at a cost of $220 millions.
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