GOOD NEWS – Facebook page of “Hunar Haat” launch

16-02-2017

  Minority Affairs Ministry plans to organize more Hunar Haat at various parts of the country   Minister of State for Minority Affairs (Independent Charge) and Parliamentary Affairs Shri Mukhtar Abbas Naqvi launched Facebook Page of second “Hunar Haat” of Minority Affairs Ministry in New Delhi today. While launching of Facebook page https://www.facebook.com/hunarhaat17/Shri Naqvi said that the second “Hunar Haat”, based on the theme of “Craft Aur Cuisine Ka Sangam”, has been visited by more than 15 lakh people so far. This “Hunar Haat” is unique in the sense that it is showcasing crafts and traditional cuisines brought from different parts of the

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Demand of Point of Sales (PoS) / Electronic Data Capture (EDC) machines in the country
February 3, 2017

The demand of such machines in the country has increased after November 9, 2016, which is evident from the fact that during the months of November and December 2016, 2.52 lakh PoS machines have been installed. Neither the Government has undertaken any study to assess the number of PoS machines needed to ensure smooth cashless economy in the

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Proposal to waive off bank transaction charges and decrease interest rate for credit cards to promote cashless transactions
February 3, 2017

Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions. RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to

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Credit and debit cards including RuPay Cards issued by the public sector banks
February 3, 2017

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 the end of March 31, 2014) 2014-15 (As at the end of March 31,

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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 Currencies (VCs), including Bitcoins about the potential financial, operational, legal customer protection and security related risks that they are exposing themselves to. The creation, trading or usage of VCs including Bitcoins, as a medium for payment have not been authorised by the Reserve Bank of India. This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha
February 3, 2017

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

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Utilisation of Foreign Exchange Reserves
February 3, 2017

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) with the IMF. The level

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Tax Relaxation under NPS
February 3, 2017

The Finance Act, 2016 amended the Income-tax Act, 1961 (the Act) to provide that 40% of the amount payable to the employee subscriber of NPS on his closure of account or his opting out of the scheme, shall be exempt from tax. Further, Finance Bill, 2017 has proposed to amend the Act to provide exemption from tax at the time of partial

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