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MAY 16 2022













India overtakes Germany as 4th largest vehicle market: Report

India surpassed Germany to become the world's fourth largest automotive market in 2021, data by the Organisation Internationale des Constructeurs d'Automobiles (OICA) showed. As per the data, India saw 3,759,398 vehicles sold in 2021, compared to 2,973,319 vehicles in Germany. The most number of vehicles were sold in China, followed by the US and Japan.


PM launches Madhya Pradesh Startup Policy during the Madhya Pradesh Startup Conclave On 13th May 2022,

Prime Minister(PM) Narendra Modi launched the “Madhya Pradesh Startup Policy” during the Madhya Pradesh Startup Conclave held at Indore, Madhya Pradesh(MP) and addressed the startup community through video conferencing. • He also launched the Madhya Pradesh Startup portal which will promote the startup ecosystem.

About Madhya Pradesh Startup Policy:

 i.The new startup policy of MP offers special attention to the development of the startup ecosystem.

ii.The policy includes the decision of concession in stamp duty. Other suggestions received from youth will also be implemented.

 iii.The provision of the policy includes assistance in investment, program planning, lease rental, extension and patents to start-ups and incubators.

 Note: In order to give effect to the new start-up policy, Madhya Pradesh Venture Finance Limited and Madhya Pradesh Venture Finance Trustee Limited have been merged with Madhya Pradesh Laghu Udyog Nigam to form an exclusive venture capital (VC) for funding support to start-ups in future.

Features of the policy:

i.The new policy will provide an additional 20% support to women-led start-ups and create enthusiasm for innovation and start-ups among school and college-level students through special programs.

ii.Along with several discounts to start-ups, special incentive assistance of Rs 1 crore will also be given to selected start-ups and innovators.

 iii.Under the new policy, the government of MP will provide subsidies to start-ups towards rent for the workplace, salaries, and product patents. • Start-up working from a rented place will get Rs 5,000 per month for rent and it will also get Rs 5,000 per month per head for a salary of up to 25 employees.


Sanjiv Bajaj Assumes Charge As CII President

Sanjiv Bajaj, Chairman and Managing Director for Bajaj Finserv Limited, took charge as the President of Confederation of Indian Industry (CII) for 2022-23.Sanjiv Bajaj takes over Presidential responsibility from T V Narendran, CEO and managing director of Tata Steel Limited.

Pawan Munjal, chairman and CEO of Hero MotoCorp, has taken over as CII president-designate for 2022-23.

• R Dinesh, executive vice-chairman, TVS Supply Chain Solutions was named vice-president for 2022-23.

i.Sanjiv has engaged with CII at the state, regional, and national levels for many years.

 ii. He was the President-Designate for 2021-22 and the Chairman of the Western Region during 2019-20.

Confederation of Indian Industry(CII)

i.Non-governmental trade association and advocacy group.

ii.Founded in 1895. iii. Headquarters: New DELHI

Sri Lanka plans to privatise national airline to help pay off debt

Sri Lanka's new PM Ranil Wickremesinghe on Monday proposed privatising national airline Sri Lankan Airlines as part of reforms aimed at paying off the economic crisis-hit country's debts. "It shouldn't be that this loss has to be borne by the poorest of the poor," Wickremesinghe said. He added that the airline made a loss of SLR 45 billion in FY21.



RBI Restricts Withdrawals from Shankarrao Pujari Nutan Nagari Sahakari Bank

The Reserve Bank of India (RBI) has imposed several restrictions on Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur in Maharashtra, including on withdrawals, in view of the lender’s deteriorating financial position.

The restrictions will be in effect for six months from the close of business on May 13, 2022, and are subject to review. • RBI has issued restrictions in the exercise of its powers under Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, (As Applicable to Co-operative Societies).

Key Points: i. Given the bank’s current liquidity position, no amount from a depositor’s total balance across all savings bank or current accounts, or any other account, may be withdrawn, however they are allowed to set off loans against deposits subject to the conditions. ii. Among other restrictions, the bank cannot grant or renew any loans or advances without prior approval from the RBI, make any investment, incur any liability, or dispose of any of its properties or assets. iii. However, 99.84 % of the depositors are fully covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme. Deposits of up to Rs 5 lakh are covered under the DICGC insurance scheme. iv. These Directions shall remain in force for a period of six months from the close of business on May 13, 2022 and are subject to review. • The bank will continue to undertake banking business with restrictions as stated in the Directions till its financial position improves. The RBI also stated that it may consider modifications of the directions depending upon circumstances.

PAN Or Aadhaar Made Mandatory for Cash Deposits or Withdrawals Above Rs 20 Lakh

The Indian government has made the requirement of a Permanent Account Number (PAN) or Aadhaar number mandatory for deposits or withdrawals of Rs. 20 lakh or more in a fiscal year, or for creating a current account. On May 10, 2022, the Central Board of Direct Taxes (CBDT) issued a notification in this regard called the Income–tax (Fifteenth Amendment) Rules, 2022. The new regulations will take effect from May 26, 2022. The move is likely to aid the Income Tax Department in monitoring high-value cash transactions, deposits, and withdrawals where the individual would not otherwise pay tax on his or her income. PAN or Aadhaar will be required for the following transactions under the new rules: • Cash deposit or deposits aggregating to Rs 20 lakh or more in a financial year, in one or more account of a person with a banking company or a co-operative bank or a Post Office; • Cash withdrawal or withdrawals aggregating to Rs 20 lakh or more in a financial year, in one or more account of a person with a banking company or a co-operative bank or a Post Office; • Opening of a current account or cash credit account by a person with a banking company, a co-operative bank, or a post office. New Rules: i. Banks, post offices, and co-operative societies would be required to report deposits and withdrawals aggregating to Rs 20 lakh or more in a financial year.

• PAN is currently required for cash deposits of Rs 50,000 or more per day. With these rules, a threshold of Rs 20 lakh has been set for the entire financial year.

 ii. For the purposes of authentication referred to in section 139A, an individual’s PAN or Aadhaar number, along with demographic information or biometric information, shall be submitted to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), or the person authorized by either with the approval of the Board.

• It also stipulates that anyone intending to make these transactions apply for a PAN at least seven days before the transaction date. How will this benefit the tax department?

 i. The prerequisite of obtaining a PAN for deposits and withdrawals would aid the government in tracking movement of cash in the financial system.

 ii. These guidelines are likely to close more loopholes, in addition to the existing provision of Tax Deduction at Source (TDS) under Section 194N of the Income-tax Act, 1961.

• Section 194N was introduced in Union Budget 2019 for Tax Deduction at Source (TDS) on cash withdrawals exceeding Rs 1 crore.

• The TDS threshold limit under Section 194N was reduced to Rs 20 lakh in Budget 2020 for taxpayers who had not filed their income tax returns for the past 3 years.

 iii. The interchangeable Aadhaar-PAN provision in the rules would allow a bank or financial institution to seek Aadhaar if an individual stated that he or she did not have a PAN.

• The Finance Act, 2019, made PAN and Aadhaar interchangeable. Every person who is required to provide, intimate, or quote his PAN under the Income Tax Act and who has not been assigned a PAN but has an Aadhaar number may provide, intimate, or quote his Aadhaar in lieu of a PAN. About Aadhaar: Aadhaar is a Unique Identification number (UID) issued by the Unique Identification Authority of India (UIDAI), which is a statutory authority established under the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (“Aadhaar Act 2016”). UIDAI was established on 12 July 2016 by the Government of India, under the Ministry of Electronics and Information Technology (MeitY). • The Aadhaar Act 2016 has been amended by the Aadhaar and Other Laws (Amendment) Act, 2019

SpiceJet And Axis Bank Launch Co-Branded Credit Card

SpiceJet, an Indian low-cost airline, has partnered with Axis Bank, India’s third largest private sector bank, to Launch the most lucrative co-branded credit cards, which are available in 2 variants: SpiceJet Axis Bank Voyage and Voyage Black. It will be powered by Visa and will provide customers with a variety of privileges and benefits. In the presence of Ajay Singh, Chairman and MD of SpiceJet, and Amitabh Chaudhry, MD and CEO of Axis Bank,

the credit cards were officially launched at Indira Gandhi International Airport in Delhi, where they unveiled a special SpiceJet-Axis Bank credit card livery aboard a SpiceJet Boeing 737 MAX aircraft. • It aims to provide travellers with an exceptional travel experience through SpiceClub, India’s first frequent flyer Program by a low-cost carrier. Highlights: i.The products are designed to allow users to utilize their daily spending rewards to book flights and add-ons, encouraging both travel and digital payments while also incorporating SpiceJet’s SpiceClub frequent flyer club benefits. ii.The Voyage Black credit card, which is a top-tier offering in the travel credit card segment, offers customers up to 7% in rewards. • Furthermore, there are no blackout periods or festival demand restrictions on the redemption of earned points, and it is done on a first-come, first-served basis. iii. Cardholders will receive an exclusive SpiceClub membership with direct entry into the silver or gold tiers, and special benefits like complimentary or discounted travel add-ons, priority check-in, SpiceMax upgrade, preferred seat selection, complementary meals, and more.

About Axis Bank:

MD & CEO – Amitabh Chaudhry Establishment – 1993 (Began Operation- 1994) Headquarters – Mumbai, Maharashtra Tagline – Badhti Ka Naam Zindagi

SEBI bans Urja Global, 4 people from securities market for 2 years

The Securities and Exchange Board of India (SEBI) has banned energy provider and operator, Urja Global, and four individuals from dealing in the securities market for two years. It found that Urja Global made a false and misleading scheme for a corporate announcement in connection with Nippon Shinyaku. Various other disc lapses were also observed.

WhatsApp Pay to display user's legal name to avoid UPI frauds

WhatsApp will now display users' legal name for every transaction they make on WhatsApp Pay to mitigate fraud on UPI payments system. The company said the name associated with a user's bank account, identified using their phone number on WhatsApp, is the name that will be shared. WhatsApp users have the choice to pick any name on the app.



Padma Shri Awardee & Sanskrit Scholar Bhagirath Prasad Tripathi Passed Away

Padma Shri awardee and Sanskrit Scholar Bhagirath Prasad Tripathi also known as Vagish Shastri passed away in Varanasi, Uttar Pradesh.

About Bhagirath Prasad Tripathi: i.He was born on 15 July 1935 in the Khurai town of Sagar District, Madhya Pradesh. ii.He made immense contributions in making Sanskrit more popular among the youth using modern scientific methods. iii.Shastri had invented a unique technique of teaching Sanskrit grammar called ‘Vagyoga’, a mnemonic method to understand the soul of words. Awards Won: i.Shastri received Kalidas Award of Uttar Pradesh government in 1966 for Paniniya Dhatupatha Samiksa. i.In 1982 he was awarded with the title of ‘Mahamahopadhyaya’ by the Kashi Pandit Parishad. ii.He received President Award 2013 – President’s Certificate of Honour for Sanskrit. iii.He also received the fourth highest civilian award – Padma Shri in 2018 for his contributions in the field of Literature and Education.



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