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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
INTERNATIONAL
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.
BANKING, BUSINESS AND ECONOMY
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.
OBITUARY
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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