Government sets up Inclusive Innovation Fund
The Government has set up an Innovation Fund for inclusive economic growth. National Innovation Council in collaboration with Ministry of Micro, Small and Medium Enterprises (MSME) has proposed to set up a dedicated fund in the name of ˜India Inclusive Innovation Fund™ for promoting grass root innovations with social returns as well as modest economic… Read More
Proposal for setting up of new Development Bank for BRICS Countries
The BRICS - Brazil, Russia, India, China and South Africa. There is a proposal for setting up of a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. In March 2012, BRICS Leaders directed their Finance Ministers to consider the possibility of setting… Read More
RBI says – No Restrictions on Issue of Number of Cheques
Reserve Bank of India (RBI) has issued a Master Circular dated 02.07.2012 on ˜Customer Service in Banks™ which, inter-alia, provides that banks may issue cheque books with larger number of leaves (20 or 25) if a customer demands the same and also ensure that adequate stocks of such cheque books (20/25 leaves) are maintained with… Read More
CLR Snippets :: Amendment in Money Laundering Act
The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabling to handle the new evolving threats. Bullion traders have expressed that Germs and jewellery sector… Read More
IRDA prescribes Ceiling of 15% for payment of Insurance Agents’ Commission
The Insurance Regulatory and Development Authority (IRDA) prescribes ceiling of 15% for payment of agents™ commission. The exact rate of commission payable in a particular policy is to be decided by the insurer, which shall not exceed the ceiling prescribed by the IRDA. The Public Sector Undertaking insurers, in order to encourage younger population to… Read More
Kisan Credit Card (KCC) Norms Simplified
Kisan Credit Card (KCC) Norms Simplified The procedure for determining validity/renewal of Kisan Credit Card (KCC) has been simplified under the revised KCC Scheme issued by the Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) in 2012. As per the revised Scheme, the KCC is valid for five years… Read More
IRDA clarification on Process of providing Clearance to Insurance Products
The clearance to Insurance Products takes a lot of time in the country. Policyholders™ protection is the prime concern of the Insurance Regulatory and Development Authority (IRDA) and it does exercise a thorough diligence while approving products accordingly. IRDA has informed that the scrutiny process involves detailed examination of whether: ¢ Product is suitable to… Read More
Increase in Cases of Service Tax evasion
The cases of service tax evasion have increased during the recent time. The details are as under: Year No. of cases detected Service tax evasion involved (Rs. in crores) 2010-11 8399 14291 2011-12 8710 14608 2012-13 (uptoJanuary 2013) 9637 20335 The intensified drive against service tax evaders is the reason for the increase in number of… Read More
Year-on-Year Foreign Investment Requirement as a % of GDP
Increase in Capital Investment Various factors including the rates of savings and investment, productivity of resources, adoption of technology, availability of human capital and infrastructure, cost of finance, foreign trade and demand for the domestic product, capital flows, governance, nature of economic and regulatory institutions etc, influence the growth rate of an economy. Reducing impediments… Read More
No Proposal for Waiving off Education Loan for Students without jobs
At present, there is no proposal under the consideration of the Government to waive off the education loans sanctioned to the students who could not get a job after completing their studies. The Government had in the Budget 2012-13 announced setting up of a Credit Guarantee Fund for Education Loans to ensure better flow of… Read More
CLR Snippets :: India’s Foreign Exchange Reserves
The total foreign exchange reserves (comprising foreign currency assets, gold, special drawing rights and reserve tranche position in IMF) was US$ 304.8 billion at end-March 2011, US$ 294.4 billion at end-March 2012 and US$ 292.0 billion at end-March 2013. In the current fiscal, reserves stood at US$ 295.2 billion as on April 12, 2013. The… Read More
National Pharmaceutical Pricing Policy, 2012 – Price Control on Essential Medicines
Under the provisions of the Drugs (Prices Control) Order, 1995 (DPCO, 1995) the prices of 74 scheduled bulk drugs and the formulations containing any of these scheduled drugs are controlled. In respect of those scheduled medicines, which are part of National List of Essential Medicines-2011 (NLEM), National Pharmaceutical Pricing Authority (NPPA) fixes the prices as… Read More
RBI Governor to interact with Researchers and Analysts over Teleconference
RBI Governor's Interaction with Researchers/Analysts Apropos the announcement of the Monetary Policy Statement 2013-14, Dr. D Subbarao, Governor and Deputy Governors of the Reserve Bank of India will interact with researchers/analysts through teleconference between 2.30 p.m. and 3.30 p.m. on Monday, May 6, 2013. One can participate in the teleconference after registration. Click here for… Read More
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