The European Union on 15th December 2022 adopted a plan for a 15% global minimum tax on multinational businesses. Key points About Two-Pillar The reform of international corporate tax rules consists of two pillars:
Category: Economy
NMDC releases Standard Bidding Document for Turnkey Projects
NMDC releases Standard Bidding Document for Turnkey Works on December 15 at its Head Office in Hyderabad. About turnkey project
PAC stresses fiscal prudence in implementing Public Financial Management System
The Public Accounts Committee (PAC) has tabled its 54th report on the “Implementation of Public Financial Management System [PFMS]”. The report was presented by PAC member Satya Pal Singh on behalf of chairperson Adhir Ranjan Chowdhury. Key highlights of the Read More …
India’s real interest rates turn positive
India’s real interest rate has turned positive after headline retail inflation eased below 6% for the first time in 2022.
94 Financial Institutions onboarded on Account Aggregator (AA) platform as Financial Information User (FIU)
As on date, 94 Financial Institutions have onboarded themselves on Account Aggregator (AA) platform as Financial Information User (FIU), out of which 73 are RBI regulated, 10 Securities and Exchange Board of India regulated, 9 Insurance Regulatory and Development Authority Read More …
Sand Mining Framework
The Ministry of Mines has prepared a ‘Sand Mining Framework’ in consultation with Mining Departments of the States incorporating best practices amongst States with the objectives of sustainability, availability, affordability, and transparency in sand mining. About Sand and administration
Single block and multiple debits functionalities of UPI
The Reserve Bank of India (RBI) on December 7 enhanced the capabilities of the Unified Payments Interface (UPI) by introducing a ‘single block and multiple debits’ functionality. Single block and multiple debits New services under Bharat Bill Payment System (BBPS) Read More …
Financial Benchmark India Pvt. Ltd (FBIL)
The Financial Benchmark India Pvt. Ltd (FBIL) is jointly owned by FIMMDA, FEDAI and IBA. It was formed in December 2014 as a private limited company under the Companies Act 2013. Key points
Centre approves National Mission on Natural Farming
Union Agriculture and Farmers Welfare Minister, Shri Narendra Singh Tomar on December 5 inaugurated the National Conference on Soil Health Management for Sustainable Farming. Steps to promote natural farming
Advisory group formed for boosting the Bamboo sector development
The Union Agriculture Minister Shri Narendra Singh Tomar had approved the formation of an Advisory Group for streamlining the development of the Bamboo sector. Government initiatives Uses of Bamboo
Paris Club proposes 10-year moratorium on Sri Lankan debt
Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the Sri Lankan debt crisis. Key points
Slow demand for cyber insurance despite rising attacks
Recently, services at the All India Institute of Medical Sciences (AIIMS), Delhi, were affected for over 10 days because of a ransomware attack. About cyber insurance
RBI revises regulatory framework for urban cooperative banks (UCBs)
The Reserve Bank of India (RBI) has revised the regulatory framework for urban cooperative banks (UCBs). Key provisions Financially sound and well managed (FSWM) UCBs
RBI launches retail digital rupee on pilot basis
The pilot project for Central Bank Digital currency (CBDC) in the retail segment went live on December 1, 2022. Key points
Remittance flows to India predicted to hit $100 billion for the first time
According to the World Bank’s Migration and Development brief, remittance flows to India are predicted to increase by 12 percent and hit $100 billion for the first time in 2022, way ahead of Mexico, China, and the Philippines. Key points