Economy and Banking Current Affairs February 2017
NRIs Deposit Limit Extended
- In the case of NRIs, the facility of returning the demonetised notes will be available till June 30, 2017 to allow them adequate time to plan a visit as per their convenience on January 1, 2016.
- Non-Resident Indians (NRIs) and Indian citizens overseas can deposit the demonetised currency up to Rs 25000 during the grace period of 3-6 months, but only if they declare the junked banknotes to the Customs officials at the airport and get a declaration form stamped.
- According to the RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
- The NRIs will also be required to present a certificate from the customs department about the import of the old Indian currency notes.
CBDT Signed 2 Unilateral APAs with Taxpayers
- The Central Board of Direct Taxes (CBDT) signed two more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing on December 30, 2016.
- The two APAs signed pertain to the Information Technology and automobile sectors. The international transactions covered in these agreements include software development services, IT-enabled services, manufacturing and business support services.
- With this, the total number of APAs entered into by the CBDT has reached 117. This includes 7 bilateral APAs and 110 Unilateral APAs.
BHEL Commissioned another 600 MW Thermal Unit in Telangana
- Bharat Heavy Electricals Limited (BHEL) commissioned a 600 MW coal-based thermal power plant in Telangana on December 30, 2016.
- The unit has been commissioned at the upcoming 2×600 MW Singareni Thermal Power Project (TPP) located in Adilabad district in Telangana. The project is developed by Singareni Collieries Company Limited (SCCL).
- This is the second thermal plant commissioned by BHEL in Telangana within three months. Earlier in December, 2015, BHEL had commissioned a 600 MW thermal power plant at Kakatiya in Telangana.
Government Removed Minimum Export Prize on Potato
- The Indian government on December 29, 2016 has decided to remove the minimum export price of potato as its availability has increased and prices have eased in domestic market.
- In June 2015, the government imposed MEP of $ 450 per tonne on potato to increase domestic availability and cool prices.
- The removal of existing MEP on potato will help farmers in realising better and remunerative prices and would also help the exporters in earning valuable foreign exchange for the country through exports.
‘Au Financiers’ got Approval to Start Small Finance Bank
- Non-banking finance company Au Financiers (India) received final approval of the RBI to start operations as small finance bank on December 28, 2016.
- The company has operations in 10 States with 300 branches and finances commercial and personal vehicle loans, as well as caters to micro, small and medium enterprises. It will focus on world-class technology and create unique and digitally differentiated experience for the customers.
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