Finance Current Affairs

New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023

New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023: The Income-tax Department has witnessed a remarkable surge in the filing of Income Tax Returns (ITRs) for Assessment Year (AY) 2023-24. The department thanks taxpayers and tax professionals for their prompt compliance, which has resulted in a new record of […]

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GST E-Invoice Rule Update: Companies with Turnover > ₹5 Crore Now Mandated to Generate E-Invoices

GST E-Invoice Rule Update: Companies with Turnover > ₹5 Crore Now Mandated to Generate E-Invoices: The Central Board of Indirect Taxes and Customs (CBIC) announced a substantial adjustment in India’s Goods and Services Tax (GST) laws on July 28, 2023. As per the new guidelines, companies with a turnover of more than ₹5 crore will

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Over 6.23 core loans sanctioned under Pradhan Mantri MUDRA Yojana in FY 2022-23

Over 6.23 core loans sanctioned under Pradhan Mantri MUDRA Yojana in FY 2022-23: Over 6 core 23 lakh loans were sanctioned under Pradhan Mantri MUDRA Yojana (PMMY) in Financial Year 2022-23. The objective of PMMY is to offer access to institutional finance to new or existing micro units or enterprises up to 10 lakh rupees.

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Rajasthan Assembly passed the ‘Rajasthan Minimum Guaranteed Income Bill, 2023’

Rajasthan Assembly passed the ‘Rajasthan Minimum Guaranteed Income Bill, 2023’: The Rajasthan Assembly passed the ‘Rajasthan Minimum Guaranteed Income Bill, 2023’, which aims to guarantee wages or pension to every adult in the state. Daily Current Affairs Quiz: July 2023 An Overview of the News The bill provides guaranteed employment of 125 days per year and

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Bangladesh and India Launch Trade Transactions in Rupees to Reduce Dollar Dependence

Bangladesh and India Launch Trade Transactions in Rupees Bangladesh and India have begun trading in rupees, hoping to lessen dependency on the US dollar and strengthen regional currency and commerce. This bilateral trade agreement marks a significant milestone for Bangladesh, moving beyond the US dollar for trade settlement with a foreign country. Daily Current Affairs

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After Merger, HDFC to vault into ranks of world’s most valuable banks

After Merger, HDFC to vault into ranks of world’s most valuable banks: According to Bloomberg, after the tie-up of HDFC Bank Ltd and Housing Development Finance Corp, the lender would rank fourth in equity market capitalization. It’s valued at about $172 billion. With the merger likely effective July 1, the new HDFC Bank entity will have around 120 million

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NHAI to develop 10,000 kms of ‘Digital Highways’ in India by 2025

NHAI to develop 10,000 kms of ‘Digital Highways’ in India by 2025: The National Highways Authority of India (NHAI) is preparing to develop around 10,000 km of optic fiber cable (OFC) infrastructure across India by the financial year 2025. An overview of the news This move is aimed at providing internet connectivity to remote locations and expediting the roll-out of new-age

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Net direct tax collections at Rs 16.6 lakh crore in 2022-23, up 160% from 2013-14

Net direct tax collections at Rs 16.6 lakh crore in 2022-23, up 160% from 2013-14: The Finance Ministry has revealed time series data demonstrating a huge growth in net direct tax revenues, which increased by 160% from Rs 6,38,596 crore in 2013-14 to Rs 16,61,428 crore in 2022-23. Gross direct tax collections also saw a

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MUDRA Loan scheme towards financial inclusion sanctioned 41 crore loans in eight years

Pradhan Mantri MUDRA Yojana (PMMY): In the last eight years, the Pradhan Mantri MUDRA Yojana (PMMY) has sanctioned 41 crore loans totaling 23.2-lakh crore, according to the Ministry of Finance. The scheme has been a huge success in terms of promoting entrepreneurship, with 68% of accounts under the scheme belonging to female entrepreneurs and 51%

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RBI penalises Mahindra Finance, Indian Bank over disclosure of interest rates to borrowers

RBI penalises Mahindra Finance, Indian Bank over disclosure of interest rates to borrowers: The Reserve Bank of India (RBI) announced penalties for noncompliance with regulatory norms against Mahindra & Mahindra Financial Services Ltd, Indian Bank, and Muthoot Money Limited. Mahindra & Mahindra Financial Services Ltd has been fined Rs 6.77 crore for failing to comply

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