Govt Extends RoDTEP Benefits to SEZ Units
The government has announced the extension of the RoDTEP scheme support to additional export sectors, including SEZ units, to boost India’s export competitiveness in international markets. What is RoDTEP? RoDTEP stands for Remission of Duties and Taxes on Exported Products. It is an export promotion scheme that aims to refund various central, state, and local […]
RBI Tough Act: NBFCs Fear Bank Lending Impact
The Reserve Bank of India (RBI) has decided to raise risk weight on bank lending to those non-banking financial companies (NBFCs) where risk weights are below 100 per cent, by 25 percentage points. The move by RBI is expected to have significant ramifications, affecting loan growth, lending rates, and capital adequacy, particularly for weaker lenders […]
National Cooperative Database Launched by Amit Shah
Union Home Minister and Minister of Cooperation Amit Shah launched the National Cooperative Database (NCD) on Friday, March 8, 2024, in New Delhi. The NCD is an online digital dashboard that captures vital information about India’s vast cooperative sector. It serves as a crucial tool for efficient communication between the Central Ministry, States/UTs, and Cooperative […]
Pay to Nepalese Merchants Using UPI Now
In a landmark development, the Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal. This follows a tie-up between the NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd, Nepal’s largest payment network, in September last year. What is UPI and how does it work? UPI is an instant […]
TDS Not Applicable for Certain IFSC Unit Payments
The Indian government has announced a major relief for the units of 14 service sectors in the International Financial Services Centre (IFSC) by exempting certain payments made to them from TDS (Tax Deducted at Source) provisions, effective from April 1, 2024. This move aims to reduce the tax compliance burden and to promote IFSC as […]
Cabinet Approves 4% DA Hike; ₹12,900 Cr Outgo
The Union Cabinet has approved a 4% hike in dearness allowance (DA) for central government employees and pensioners, effective from January 1, 2024. The move will boost the income and spending of over 10 million beneficiaries and stimulate the economy. The Union Cabinet on Thursday approved the release of an additional instalment of dearness allowance […]
Spectrum Auction Set to Begin from May 20
The Department of Telecom (DoT) has announced that it will hold spectrum auctions for IMT/5G telecom services starting from May 20, 2024. The auction will include all the available spectrum in various bands, ranging from 600 MHz to 26 GHz. The spectrum allotted through this auction can be used for 5G or any other technology […]
PM Modi Announces Rs 100 Cut in LPG Cylinder Prices
Prime Minister Narendra Modi on Friday announced a cut of Rs 100 per cylinder in cooking gas LPG price on the occasion of the International Women’s Day. The price reduction, which comes just days before the likely announcement of the 2024 Lok Sabha polls, is set to benefit nearly 33 crore domestic consumers of liquefied […]
Record 40 Million Farmers Enrolled Under PMFBY
Pradhan Mantri Fasal Bima Yojana (PMFBY), the flagship crop insurance scheme of the Union Government, has registered a record enrollment of 40 million farmers in the Kharif season of 2021. This is an increase of 36% from the previous year, when 29.4 million farmers were enrolled under the scheme. The total area insured under PMFBY […]
Govt raises Raw Jute MSP by Rs 285 for FY25
The Cabinet Committee on Economic Affairs (CCEA) has approved a hike in the minimum support price (MSP) of raw jute by Rs 285 to Rs 5,335 per quintal for the 2024-25 season. The decision is expected to benefit farmers in eastern states, especially West Bengal, where jute cultivation is predominant. The new MSP is 65 […]