Economy Current Affairs
Economy Current Affairs September 3rd Week 2016
Category : Economy Current Affairs
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1) CBDT launches e-nivaran to resolve I-T grievance.

  • Central Board of Direct Taxes (CBDT) has launched `e-nivaran` (electronic resolution) facility for online redressal of taxpayers’ grievances.
  • Facility will be used for online redressal of taxpayers` grievances related to refunds, filing of e-returns, Tax Deducted at Source (TDS), PAN issues, and those pertaining to their Assessing Officer (AO).
  • FPIs invest INR 6.800 crore in capital markets in September.
  • Foreign Portfolio Investors (FPIs) have pumped in nearly 6,800 crore in the Indian capital markets so far in September, driven by strong global and domestic cues.
  • According to depositors` data, net investments stood at INR 3,178 crore in equities, while that for debt markets was at INR 3,617 crore. 
  • Equity MF inflows hit 1-yr high of Rs. 6,505 crore in August.
  • Equity mutual funds registered a net inflow of 6,505 crore in August, the highest inflow since August 2015.
  • With this, the total mobilisation in equity schemes has reached 18,490 crore during this fiscal.
2) Direct tax collection rises by 15% in April-August.
  • Net direct tax collections during the April-August period has grown 15.03% from the year-ago period to Rs. 1.89 lakh crore.
  • Further, direct tax collections, comprising corporate income tax and personal income tax, till August is of the budget estimates for the fiscal. The increase has been attributed to robust collections in personal income tax.
  • Paytm launches Aadhaar-based system for KYC.
  • Paytm launched an Aadhaar-based eKYC (E-Know Your Customer) service.
  • KYC is a customer identification procedure followed by banks and wallet companies.
  • KYC-enabled Paytm customers are allowed a wallet balance limit of up to Rs. 1 lakh, as opposed to Rs. 10k for non-KYC ones. Paytm is set to launch its payments bank before November.
3) HP is buying Samsung’s printer business for $1.05 billion.
  • HP is buying Samsung printer business for $1.05 billion in a move aimed at ``disrupting`` the dusty and stale printing industry.
  • The deal will see Samsung’s Printing Business Unit spun out independently, with HP picking up full 100 percent ownership in the business.
  • PayU acquires Citrus Pay for $130 million.
  • PayU, the global online payment service provider has acquired Citrus Pay, a leading Indian payments technology player, for $130 million.
  • Citrus Pay`s managing director Amrish Rau will take charge of the merged entity, and as chief executive of PayU in India.

4) 25 bps rate cut likely in December Citi India.

  • Sharp fall in the Consumer Price Index (CPI) in August strengthens the case for a more than 25 basis point rate cut in the next 2-3 quarters.
  • Retail inflation fell sharply to 5.05 per cent in August from 6.07 per cent in July, thanks a sharp fall in food prices, which enjoy about 50 per cent weight in the inflation basket.
  • Quikr acquires Stayglad.
  • Quikr India Pvt. Ltd has acquired on-demand home beauty services provider StayGlad for an undisclosed sum after the start-up failed to attract new investors and ran out of cash.
5) RCom-Aircel merger to create 4th largest telco.
  • Anil Ambani-led Reliance Communications (RCom) has signed a definitive agreement to merge its wireless business with Aircel Ltd, marking the largest-ever consolidation in the Indian telecom sector.
  • RCom and Maxis Communications Berhad (MCB), the largest shareholder in Aircel, will each hold 50 per cent in the joint venture into which the two businesses would be merged, forming the 4th largest telecom operator by revenue in the country.
  • Uber partners with Maruti, NSDC to train 1 million.
  • Uber has announced a new initiative UberSHAAN in partnership with Maruti Suzuki and National Skill Development Corporation (NSDC), to create job opportunities for one million people by 2018.
  • Under the pan-India programme, the partners will work on skill development and driver-training programmes to provide micro-entrepreneurship opportunities to drivers under the Uber platform.
6) Bayer to buy Monsanto for $66 billion.
  • German drug and farm chemical maker Bayer AG finally reached an agreement to buy U.S. seed and weed-killer company Monsanto, in a deal that is valued at $66 billion.
  • Bayer expects the deal to close by the end of 2017.
7) Paytm To Power IRCTC`s Payment Gateway.
  • Paytm has tied up IRCTC to enable digital payments for travelers.
  • Paytm Wallet is already accepted on the IRCTC platform and is in addition to the native integration of Paytm’s payment gateway to the IRCTC application.
8) ItzCash now part of the Visa network.
  • Digital payment solutions company ItzCash announced that as a part of a strategic alignment, it has been approved as a member of the Visa network.
  • The move allows ItzCash, a non-bank institution, to get direct membership from the global payments technology company. 
  • ItzCash will now have direct access to the issuance of Visa branded payment instruments, acquire merchant transactions with mVisa, as well as offer Visa Direct for real-time P2P (peer-to-peer) payments and money transfers, amongst a host of other services.
9) Indian Oil plans Rs. 1.8 lakh crore expansion.
  • Indian Oil Corporation (IOC), has lined up a capital expenditure plan of Rs. 1.8 lakh crore to expand its refineries, oil exploration business and build marketing infrastructure, petrochemicals plants and LNG terminals.
  • Company is targeting to increase add another 24 million tonnes per annum of refinery capacity to exceed capacity of 100 mtpa by 2020.

10) UCC, PAN must for transaction on commodity bourses: SEBI.

  • SEBI made Unique Client Code (UCC) and Permanent Account Number (PAN) mandatory for all the persons transacting on commodity exchanges.
  • The exchanges would impose penalty on the member at the rate of 1 per cent of the value of every trade that has been carried out by the member without uploading the UCC details of the clients. The penalty collected by the exchanges would be transferred to the Investor protection Fund (IPF).
11) Aadhaar Number To Be Linked To Coal Mine Workers.
  • In a step aimed to benefit over 5 lakh coal mines workers across the country, Aadhaar number would now be linked to their provident fund and treated as the PF number.
  • Aadhaar number will be treated as the Coal Mines Provident Fund number. This proposal is to be implemented with effect from December 25, 2016 which is observed as the Good Governance day.
12) Tata AIG, Paytm to offer health insurance to cab drivers.
  • Tata AIG General Insurance and mobile payments firm Paytm have entered into an agreement to provide cab and auto drivers health insurance plans.
  • Tata AIG General Insurance has designed cashless insurance scheme, as required by Paytm, to provide drivers, quality medical care as per their need and budget.
  • Tata AIG General Insurance is a joint venture between the Tata Group and the American International Group (AIG).
13) BEL to set up night vision products unit.
  • Bharat Electronics Ltd is setting up an Advanced Night Vision Products factory at Krishna district in Andhra Pradesh.
  • The factory, coming up at Nimmaluru village near Machilipatnam, will be the largest such facility in the country once commissioned, covering over 50 acres.
  • The new facility will entail an investment of about Rs. 300 crore over a four-year period.
  • Paytm to invest $150 million in e-commerce business.
  • Digital payments platform Paytm is planning to invest up to $150 million to develop its e-commerce business. 
14) Twitter shuts down India engineering centre.
  • Micro-blogging website Twitter is shutting down its engineering centre in Bengaluru.
  • The company entered India through the acquisition of city-based mobile marketing and analytics company ZipDial in 2015.
15) Bharti Airtel rolls out eKYC solution based on Aadhaar.
  • Bharti Airtel had successfully rolled out over 20,000 units of Aadhaar-based e-KYC across India following a notification by the Department of Telecom last month.
  • Under the Aadhaar-based instant verification process, customers purchasing a new prepaid/ postpaid mobile connection need to submit/verify their biometrics (iris scan/ fingerprints) at the point of sale. The details will be instantly matched with the UIDAI database and following validation, the connection will be activated instantly.
16) Rays Power Infra launches 100 MW solar project in Uttarakhand.
  • Rays Power Infra to set up a 100 mw solar power plant at Tehsil – Bhagwanpur in Roorkee District in Uttarakhand under Uttarakhand Renewable Energy Development Agency’s (UREDA).
  • Project’s execution started in August 2016 and is expected to be commissioned by February, 2017.