November, 2016

Govt Realises Over ` 23,497 Cr from DisInv

The government has realised over 23,497 crore rupees from disinvestment as on the 15th of this month. In the current financial year, the budget estimate for disinvestment is 56,500 crore rupees. Finance Minister Arun Jaitley said the government has identified some central public enterprises for sale in sectors like mineral and metal, oil and capital goods.

Lok Sabha Passes Taxation Amendment Bill

Lok Sabha has passed the second amendment to Taxation Laws Bill. Bill seeks to tax up to 85% on those caught with undisclosed income post demonetisation. The Bill is aimed to levy tax up to 85 per cent on those caught with undisclosed income after demonetization. Union Finance Minister Arun Jaitley said that the money from the PM Gareeb Jan Kalyan Yojna will be used for welfare of the poor.

Gross NPAs of PSU Banks Touch over 6 L

Gross Non-Performing Assets (NPA) of public sector banks has touched around six lakh thirty thousand crore rupees at the end of Sept this year. Minister of State for Finance Santosh Kumar Gangwar said this in a written reply in the Rajya Sabha. He said, the total number of NPA accounts are around 66 lakh 40 thousand. The minister said six new Debt Recovery Tribunals have been established.

Akodara becomes First Digital Village

Akodara village in Sabarkantha district of Gujarat has earned the coveted tag of becoming India’s first digital village in India. The village with a total population of 1,191 people uses a various cashless system for payments. All transactions in the village are carried out through digital modes like SMS, net-banking or debit cards. The village was adopted by ICICI Bank in 2015.

Naidu Head Committee on Demonetisation

Andhra CM Chandrababu Naidu will head a committee of Chief Ministers to suggest measures to reduce hardships caused to the common man by demonetisation of ` 500 & ` 1000 notes. It will suggest measures to normalise the situation. The panel is also expected to work on ways to move towards a cashless economy. Naidu had been seeking a ban on high value notes as a way to combat black money.

Coal India Arm Signs Pact with SBI Caps

Central Mine Planning and Design Institute Ltd (CMPDI) the consultancy arm of Coal India Ltd has signed a MoU with investment banker SBI Capital Markets. The agreement is aimed at tapping each other’s strengths to increase their respective market share. The MoU covers areas like providing help for due diligence for the overseas coal and mineral properties for clients & advising bidders.

RBI Limits Withdrawal from Jan Dhan A/c

To check the misuse of Jan Dhan accounts, the RBI has restricted the withdrawal from such accounts to ` 10,000 per month. According to it, fully KYC-compliant Jan Dhan account holders will be allowed to withdraw ` 10,000 per month. While limited or Non-KYC compliant account holders can withdraw ` 5,000 per month. With regard to deposits, holders have a limit of ` 50,000.

HSBC Cuts BSE’s 2017 Target

HSBC has cut BSE index target to 30,500 by 2017-end from its previous forecast of 32,400. The target cut reflects fall in Indian equities since announcement of banknote ban and Trump’s win on November 8. The BSE is down 4.3 per cent since November 8. It said forex reserves are “substantial,” and rupee is less reliant on trade with the United States.

India Beat England by 8 Wickets

India beat England by eight wickets in the third cricket Test at Mohali to take a 2-0 lead in the five-match series. Resumig their second innings at their overnight 78 for four, on the fourth day,the visitors were all out for 236 runs. The hosts then surpassed the victory target of 103 runs by making 104. The first Test ended in a draw before India won the second game in Visakhapatnam.

Pankaj Advani Claims Bronze

Pankaj Advani was defeated against Andrew Pagett of Wales to settle for a bronze medal at the IBSF World Snooker Championship in Doha. His opponent Andrew reached the final after displaying a 14-74, 8-71, 0-87, 78-64, 0-81, 70-37, 7-80, 37-68, 19-74 win. The Indian is the only player in the world to compete at the world championship level in both sports & in all formats of both billiards & snooker.