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Financial Affairs 26 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams


FinMin scraps Mid-year Review in rush for Budget

A still image from video shows Britain's Chancellor of the Exchequer George Osborne (2nd R) taking his seat after delivering his Budget to the House of Commons, in central London, Britain March 16, 2016. REUTERS/UK Parliament via REUTERS TV NO COMMERCIAL OR BOOK SALES. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS TPX IMAGES OF THE DAY

  • Status report on implementation of major Budget proposals, and fidelity to FRBM targets, will be submitted.
  • The Finance Ministry is unlikely to present a mid-year report card of the economy from this fiscal.
  • Though the official date of the Budget is yet to be finalised, the government is left with little time to present a mid-year review.

WB report didn’t take note of key reforms


  • India's ranking in the World Bank's Doing Business report.
  • The report ranked India at 130 out of 190 countries.
  • Mr. Abhishek said that India will continue engagement with the World Bank and address their concerns to include these (12) reforms in the next year's report.

Bankruptcy Code may take effect by December


  • The Centre expects the Insolvency and Bankruptcy Code 2016 to become operational by the end of December.
  • We have a definite roadmap to implement the bankruptcy law, the Ministry of Corporate Affairs is working on it.

Workplace gender gaps persist: WEF

Retirement word on compass image with hi-res rendered artwork that could be used for any graphic design.

  • The Forum’s global gender gap rankings from 108 last year to 87 in 2016.
  • Overall, India ranks 136 in this pillar out of 144 countries, coming in at 135th for labour force participation and 137 for estimated earned income.
  • India has closed its gender gap by 2 per cent in a year.

Centre forms panel to resolve telco penalty row


  • TRAI’s recommendation of a Rs.3,050 crore penalty on top three telcos Airtel, Vodafone and Idea for denial of interconnection points to Reliance Jio, a senior official said.
  • While the recommended fine for Airtel and Vodafone amounts to Rs.1,050 crore for 21 service areas (all, expect Jammu and Kashmir),
  • Idea the penalty suggested for 19 service areas (all, except for Himachal Pradesh, Jammu and Kashmir and Northeastern States) pegged at Rs 950 crore.

India up one position in WB ease of business ranking


  • India improved its position to 130 in the World Bank Ease of Doing Business 2017 .
  • India which had been ranked 130 in the 2016 report, was placed at 131 according to the revised rankings for last year released on 24 Oct 16.
  • India has improved and is at 55.27 compared with last year’s 53.93, while the perfect score is 100.

After Note 7, now Samsung Galaxy S7 Edge explodes in US

Samsung says it is suspending production of the Samsung Galaxy Note 7 after reports that its batteries overheat and catch fire. The U.S. government recommends powering down and not using the device even if it is a replacement phone.

  • After the Note 7 fiasco, a Samsung Galaxy S7 Edge owner in the US has claimed that the device which he received as a replacement for the Note 7 exploded while charging.
  • "According to the owner, it was charging overnight using the OEM (original equipment manufacturer) charger.
  • The customer claimed he received the unit two weeks ago after turning in his replacement Note 7 smartphone (version 2 with the "safe" battery).

 SC directs Vijay Mallya to disclose foreign assets in a month

Force India team owner Vijay Mallya gives the thumb up at the end of the third practice session of the Italian F1 Grand Prix in Monza September 12, 2009. REUTERS/Max Rossi (ITALY SPORT MOTOR RACING) - RTR27QKS

  • The Supreme Court on Tuesday directed beleaguered businessman Vijay Mallya to give complete details of his assets outside India in four weeks, saying it was of the "prima facie view"
  • SBI had on August 29 told the Supreme Court that Mallya had deliberately not made full disclosure of his assets including the USD 40 million which he received on 25 Feb 16.
  • The liquor baron had also not agreed to deposit "substantial amount" as part of of Rs 9,400 crore loan due on him to establish his bonafide.



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