Reserve Bank of India will only be transferring Rs. 30,659 Crores as dividend for this year. The amount is less than half of what the apex bank had transferred last year. In previous year the amount paid as dividend by RBI to government was Rs 65876 crore.
Here are the most probable reasons for less money given to Government:
Demonetisation is considered as the major reason behind this low supply. Because of being busy in applying demonetisation changes, the apex bank could not concentrate more on other operations.
High Reverse Repo Rate is another probable reason considered. So RBI had to pay more to banks.
Most of the foreign companies gave negative or low return during this financial year.
High cost of printing new Currency notes could also be one reason. As there was huge increase in number of currency notes to be printed, so it increased the costs. Before demonetisation, the cost of printing was just 20% of the total expenses. But, after demonetisation it is estimated to be more than double.
After demonetisation of 500 and 1000 Rupees notes, it was RBI’s duty to collect all the old currency notes. Public deposited the notes in the banks and then RBI made arrangements to collect that money from banks. So, transportation expenses might also have cost.
Economist Dr. Rajeev kumar has been selected as new vice chairman of NITI Ayog. His name was announced after earlier Vice Chairman Arvind Pangadhia announced on 31 August that he is leaving the post of vice chairman and is going back to Columbia University.
Along with Dr. Kumar, Dr. Vinod Paul has also been selected as a member of NITI Ayog. Dr. Paul is a Child Specialist in AIIMS.
About Dr. Rajeev Kumar:
Kumar has done DPhill in economics from Oxford University and have done PHD from Lucknow University. He is a Senior Research fellow at CPR (Centre for Policy Research).
He has written many books on Indian Economy and India’s National Security. Earlier in his career, he has also provided his services as Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI). Kumar has also served in Indian Council for Research on International Economic Relations (ICRIER) as department’s Chief Executive and Director, Chief Economist at CII(Confederation of Indian Industries), Worked at Asian Development Bank and at ministry of finance on various positions.
Kumar is also the member of various international and national Organizations like King Abdulla petroleum studies and research center Riyadh, Economic Research Institute for ASEAN and Asia , State Bank of India and Indian Foreign Trade Institute.
Niti Ayog:(History): NITI Ayog is Indian government’s major think tank which was formed by passing a resolution by Union Cabinet on January 1, 2015. It replaced earlier Planning Commission which was following top-down approach and was functioning from 1950s. So, there was a need of a new system and that is why NITI Ayog was formed to serve Indian people in a better way.
Members of NITI Ayog: As far as members are concerned NITI Ayog consists of Chairman, Vice Chairman, Chief Executive officer and members. At present NITI Ayog has Prime Minister Narendra Modi as Chairman, Mr Amitabh Kant working as Chief Executive Officer and has three full time members Prof. Ramesh Chand, Shri V.K. Saraswat, Shri Bibek Debroy respectively.
Functions of NITI Ayog: As mentioned above it is the main think tank of Government of India which gives directions and inputs on various policies. It also helps center and states by providing them with required and relevant technical advice.
The Ayog consists mainly of two parts depending upon its functioning-
1. Team India Hub: This part ensures proper engagement of states and Center Government.
2. Knowledge and Innovation Hub: It works on Capabilities of NITI Ayog.
Indian Overseas bank has started offering National Payment Corporation of India’s Bharat Bill Payment System (BBPS) to its customers.
with this the bank has become the third bank to get approval for this kind of service from RBI after Bank of Baroda and Union Bank of India.
It is the kind of integrated bill payment system where customers can pay their bills like electricity, telecommunication, gas and water.
Indian Overseas Bank was established on Feb 10, 1937 with headquarter at Chennai. Currently Mr. R. Subramania is its MD and CEO. it has total 3700 branches in India out of which 1150 are in Tamil Nadu and has 3 extension counters. The bank also has its presence in overseas with 8 branches which are in Singapore, Hong Kong, Colombo, Seoul, and Bangkok and have representative offices in Guangzhou, Vietnam, and Dubai.
It has more than 3300 ATMs in the India.
The time has come to launch most awaited GST – goods and services tax. Government has done all the preparations to start this new tax system. A notification regarding the roll out has been released and from tomorrow midnight that is from 1st July, 2017, the new tax regime will be functional.
A special program has been organized which will be held at Central Hall of Parliament. The programme will be attended by all the important personalities of the country like President Pranab Mukhrejee, PM Narendra Modi, Finance minister Mr. Arun Jaitley, all senior ministers and bureaucrats.
Speaking about the GST finance minister Mr. Jaitley said that as per the amendments approved by the parliament in last year, government is given time till 15th of September, 2017 to change the existing indirect tax system with GST. It means there is no possibility of delaying nation’s biggest economic reform.
GST is one of the major, plus most affecting changes in the tax system of India. There is possibility of a GST crises that is why a ‘war room’ has also been setup to deal with the crises on 28 June.
Central Board of Excise and Customs (CBEC) chief Vanaja N. Sarna said that the division will act rapidly on questions of central and state bureaucrats regarding any concern associated to GST. The unit will work for 15 hours form 8 A.M to 10 P.M to make things work properly and quickly.
Here are more specialties of the war room:
A feedback and action room is also set up by the Finance Ministry especially for government officials. The officers can approach it in case of imperative questions related to problems in their respective zones.
The room is equipped with latest technology computers, phone lines and team of young technical officers to provide assistance to executives in solving the queries.
Google has been penalised by the EU’s antitrust chief for benefiting its own shopping business with the help of its domination in online search community. The fine of 2.42 billion-euro which is equivalent to $2.72 was imposed on 27 June, 2017.
As per the report it is the highest ever fine imposed on any company by the European Union. It surpassed earlier fine imposed by the EU in 2009 on Intel which was 1.06-billion-euros.
The fine has been enforced after a seven year long investigation on complaint filed by competitors of Google like Yelp, TripAdvisor, UK price comparison site Foundem, News Corp and lobbying group FairSearch.
Further Google has been asked to stop this activity within 90 day otherwise more fine may be imposed which may be the 5% of its total worldwide revenue from its parental company Alphabet.