Economy Current Affairs
Economy Current Affairs October 1st Week 2016
Category : Economy Current Affairs
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1) Government Decides to Raise EPFO Investment in ETF from 5 Per Cent to 10 Per Cent.

  • Government has decided to raise the Employees Provident Fund (EPF) investment in Exchange Traded Funds from present 5 per cent to 10 per cent.
  • The last one year, the EPFO has invested 6,577 crore in ETF for the financial year 2015-16.
  • The decision has been taken considering the good returns in ETF. 
  • HCL and IBM enter into 15 year partnership.
  • HCL and IBM have entered into a 15 year partnership for automation and development operations. 
  • The partnership will enable the companies to focus on native cloud and cognitive solutions, as well as industry-specific opportunities.
  • Under the partnership, HCL will be building features and functions on the existing IBM platforms and products such as the Tivoli workload scheduler, rational testing and rational modeling construction and software for on-premises, hybrid and public cloud software as a service (SaaS) platform. 
  • Google to set up cloud region in India.
  • Google announced that it will open a new Google Cloud Region, in Mumbai.
  • India cloud region is aimed at offering Google Cloud Platform services to Indian developers and enterprise customers.
  • Google Cloud is a portfolio of products, technologies, and services that let customers operate in a digital world.

2) Black money: Rs. 65,250 crore disclosed under Income Declaration Scheme.

  • Union Finance Minister Arun Jaitley announced that the Central Board of Direct Taxes (CBDT) had received total disclosures of Rs. 65,250 crore under the Income Disclosure Scheme, 2016 in the form of cash and other assets.
  • The income tax and penalties collected under the scheme will be used for public welfare.

3) Hyderabad, Mumbai, Delhi lead income disclosures: Report.

  • Hyderabad, Mumbai, and Delhi accounted for nearly half of the Rs. 65,250 crore black money disclosures made under the Income Declaration Scheme.
  • Hyderabad reportedly topped the list with Rs. 13,000 crore, while Mumbai and Delhi received disclosures worth over Rs. 8,000 crore each.
  • Rafale - Reliance Group joins hands with Dassault Aviation for offset contract.
  • Reliance Group has formed a joint venture with Dassault Aviation of France to execute the offsets for the recently-concluded deal for 36 Rafale fighter jets.
  • Dassault Aviation recently won the contract for supplying Rafale fighter aircraft to India for Rs. 60,000 crore with 50 per cent offset clause.
  • The new joint venture called Dassault Reliance Aerospace will focus on aero structures, electronics and engines.