Opening of the first batch of new Post Office Passport Seva Kendras The Ministry of External Affairs (MEA) and the Department of Posts (DOP) announced on 24 January, 2017 their decision to utilize the Head Post Offices (HPO) in the various States as Post Office Passport Seva Kendra (POPSK) for delivering passport related services to… Read More »
PM Narendra Modi’s reply to Motion of thanks to President’s Address in Lok Sabha (07/02/2017) PM Narendra Modi’s reply on Demonetization and Benami Property on 07.02.2017
Reforms in Labour Laws Reforms in labour laws are an ongoing process to update legislative system to address the need of the hour and to make them more effective and contemporary to the emerging economic and industrial scenario. Accordingly, Ministry of Labour & Employment have taken several reform initiatives, both legislative reforms as well as… Read More »
Percentage of milk producers/farmers with bank accounts increase from 49.27% to 63.42% after demonetization Cashless transaction to milk producers/farmers increases from 23.82% to 72.25% after demonetization Consequent upon the Central Governments decisions of demonetization, certain unintended impacts have been observed especially in the sectors thriving upon sheer cash transactions. In this regard, non-availability of funds… Read More »
Meeting conducted by RBI prior to demonitization RBI held a meeting of its Central Board on November 8, 2016. The agenda of the meeting, inter-alia, included the item : “Memorandum on existing banknotes in the denomination of Rs 500 and Rs 1000 – Legal Tender Status” The following Directors of Central Board of Reserve Bank… Read More »
Credit and debit cards including RuPay Cards issued by the public sector banks Reserve Bank of India (RBI) collects information on the number of debit and credit cards outstanding by the Scheduled Commercial Banks (SCBs). The credit and debit cards outstanding for the last three years is placed below: (in millions) 2013-14 (As at… Read More »
Use of Bitcoins Promotion of Digital economy is in integral part of Government’s strategy to clean the system and weed out corruption and black money. The earlier initiatives of the Government to promote financial inclusion and the Jan Dhan-Aadhaar-Mobile (JAM) trinity were important pre-curser. However, RBI has cautioned the users, holders and traders of Virtual… Read More »
Utilisation of Foreign Exchange Reserves India’s foreign exchange reserves (FER) increased from US$ 341.6 billion at end March 2015 to US$ 360.2 billion at end March 2016 and US$ 360.8 billion as on 20th January 2017. India’s foreign exchange reserves (FER) comprise foreign currency assets, gold, Special Drawing Rights (SDRs) and Reserve Tranche Position (RTP)… Read More »
Money Credited in Bank Accounts Reserve Bank of India (RBI) has advised the banks vide in circular Ref. No.DBS.CO.PPD / 4220/11.01.005/2016-17 dated November 29, 2016 to take action to prevent / detect / contain the malpractices or wrongdoing by staff in branches exchange / deposit of Specified Bank Notes (SBN). The banks were also advised… Read More »
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.5/2017-CUSTOMS (N.T.), dated 19thJanuary, 2017, except as respects things done or omitted… Read More »