Economy and Banking Current Affairs September 2015 (Part 4)

POSCO Signed Deal with Shree Uttam Steel and Power

  • India’s Shree Uttam Steel and Power Limited announced on August 11, 2015 that it signed a deal with world’s sixth largest South Korean steelmaker POSCO to set-up a 3-million-tonnes-per-year integrated steel plant in Western Maharashtra.
  • This will be the first integrated steel plant for POSCO in India. POSCO already has steel processing centres in the cities of Pune, Chennai and near New Delhi. But it has made little progress and could scrap the Odisha project after a new law made it costlier to source-iron ore for the plant.
  • Shree Uttam Steel and Power is owned by the co-promoters of Uttam Galva Steels Limited, which is jointly owned by ArcelorMittal. Both POSCO and ArcelorMittal, the world’s largest steelmaker, have scrapped a number of other projects in India over the past two years, citing difficulties in acquiring land and mines.

Union Government Launched ‘Suraksha Bandhan’ Drive

  • Ministry of Finance, government of India launched ‘Suraksha Bandhan’ drive in a Mission Mode through Participating Banks and Insurance Companies to Facilitate Enrolment Under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
  • This drive facilitated through the Jeevan Suraksha Gift Cheques (Rs 351), the Suraksha Deposit Scheme (Rs 201) and Jeevan Suraksha Deposit Scheme (Rs 5001) And Atal Pension Yojana (APY), to Ensure Social Security for all Especially the Poor and Under Previleged Section of Society.
  • This ‘Suraksha Bandhan’ drive aimed to take forward the government’s objective of creating a universal social security system in India, targeted especially at the poor and the under-privileged. The envisaged social security initiative also includes the Alai Pension Yojana (APY).

Read Also – National Current Affairs October 2015 (Part 4).

CBDT has Amended Income Tax Rule

  • The Central Board of Direct Taxes (CBDT) has amended income tax rule to provide reporting of information with regards to financial assets and accounts to comply with Foreign Account Tax Compliance Act (FATCA) pact on August 9, 2015.
  • According to the new rule, the financial Institutions should maintain information of the each individual with them, for example Name, Address, date and place of birth, TIN number of each re-portable person.
  • The financial Institutions must maintain information regarding financial account and assets, participating and non-participating financial institutions and excluded accounts among others.

Government Capped Kerosene and LPG Subsidy

  • Petroleum Minister Dharmendra Pradhan announced on August TO, 2015 that subsidy payout is capped on kerosene at Rs 12 per litre and domestic cooking gas (LPG) atRs 18 per kg.
  • Kerosene through Public Distribution System (PDS) is sold at Rs 14.96 per litre against the actual cost of Rs 29.91. The difference bc’tween the two, Rs 14.95 per litre, is termed as under-recovery or revenue loss. While, the government will provide Rs 12 to meet most of this, the remaining Rs 2.95 will be borne by oil producers ONGC and Oil India Limited.
  • There is also an under-recovery or loss of Rs 167.18 on sale of every 14.2 kg subsidised LPG cylinder at- the current price of Rs 417.82, At current rates, all of the under-recovery is within the sanctioned subsidy limits.

Central Government Liberalised Single-brand Retail Norms

  • As per Central government’s new notification released on August 6, 2015, Non resident single-branded retailers in India can operate their own outlets, can franchise their stores and can even opt for wholesale business but they have to do business through subsidiaries in India.
  • This move is due to the proceeds from franchise business will come into the current account while proceeds from FDI will be accounted in the capital account which does not violates rules set for non-resident entities doing business in India.
  • All non-resident entities who are involved in FDI beyond 51% may get a relaxation from the Central government norm of 30% sourcing from Indian MSEs or cottage industries. At present, there is 100% FDI allowed in single-brand retail trading and require prior approval from government for the proposals beyond 49% FDI.

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Updated: December 30, 2015 — 5:45 am

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