24th Meeting of the Eastern Zonal Council at Bhubaneswar on 28th February, 2020.

The 24th meeting of the Eastern Zonal Council, comprising of the States of Bihar, Jharkhand, Odisha and West Bengal, is scheduled to be held on 28th February 2020 at Bhubaneswar. The last meeting of the Eastern Zonal Council was last held in Kolkata on October 1, 2018.

Bajaj Auto to develop electric scooter at affordable price.

Bajaj Auto is gearing up to develop its own inexpensive electric two-wheeler for its startup Yulu, a rental startup that offers low-cost electric scooters. It will be a one-seat, low-power electric scooter. They cost between Rs 30,000-35,000.

Bangalore-based Yulu is a company that imports electric car kits from China and assembles them in India. Yulu hopes to reduce the cost of importing the electric scooter kit from China as they are made in India. Each electric bike now costs 600 dollars. By building Bajaj Auto, the cost of a bike can be reduced to 500 dollars. 

Prepaid taxes come to prevent tax evasion on online sales...

The Government of India has begun to eliminate the GST and Customs duties and to stop the sales of foreign e-commerce platforms in India. With the introduction of a prepaid tax system for cross-border transactions, purchases of products through overseas e-commerce platforms are expected to cost up to 50 per cent.

Public Sector Bank Merging...

Finance Minister Nirmala Sitharaman says the decision to merge ten public sector banks will not be backed down. The Finance Minister said this amid speculation that the merger would not take effect on April 1, the date announced earlier. "The four big lending institutions will not be allowed to be delayed until they come into existence," she said. 

Reduction of cost of compliance for companies.

The Ministry of Corporate Affairs (MCA) administers Companies Act/ Limited Liability Partnership Act. The MCA has been taking steps on an ongoing basis by amending the Act and the rules and forms thereunder, from time to time in the years 2015, 2017 & 2019, to reduce the cost of compliance and for ease of doing business.

Web Portal Launched for Star Rating of Mines in India...

In order to promote green, safe and sustainable mining practices using technology as a tool, Ministry of Coal (MoC) has launched a web portal for star rating of coal mines. Which enables all operational coal mines across India for self-rating, their subsequent validation by Coal Controller’s Organization (CCO), further evaluation and finally award of star rating. 

Increased taxes; Kerala Budget 2020

Finance Minister Thomas Isaac says the promotion of electric vehicles is the government's policy. The first five years of electric autorickshaws will be completely exempted from tax. The first five-year tax rebate on newly purchased petrol and diesel autos has been lifted. Instead, the first five years of such vehicles will be taxed at Rs 2,500. 

RBI announces monetary policy on 6th February 2020

During the Central Budget, everyone's attention is turned to the RBI's monetary policy review. The final meeting of the six-member Financial Monitoring Committee (MPC) will be chaired by Reserve Bank Governor Shaktikanta Das. GDP growth is expected to reduce interest rates as the GDP declines to 5 per cent in the April-June quarter from 4.50 per cent in the July-September quarter, but MPC was not willing to do so in December. The main interest rate remained unchanged, pointing to the onset of inflation. Retail inflation rose to 4.62 per cent in October from 3.99 per cent in September.

NRIs will be taxed only on Indian income, not on foreign income...

The government has made it clear that expatriates only have to pay tax on their income from business or work abroad. Income from work or business abroad is not taxed in India. The Finance Ministry made the announcement on Sunday in the wake of misinterpretations in the media of its budget proposal to stay abroad for at least 240 days. The Budget Proposal is not intended to bring in foreign workers to the tax bracket.

Insurance cover for bank deposits may double...

RBI plans to increase insurance coverage amid rising demand from various sectors in connection with the collapse of the PMC bank. Insurance coverage for bank deposits may be raised to Rs 2 lakh. The announcement will be made in the budget. 

The amendments will be introduced in the Act for the Deposit Insurance and Credit Guarantee Corporation Act to provide insurance protection for investments. There is currently an investment of up to Rs. This was fixed 25 years ago. As per the current average, 70% of the accounts hold less than Rs 2 lakh. 


Reserve Bank Financial Sustainability Report...

The financial stability report released on Friday said that the Reserve Bank of India (RBI) has the recovery of consumption and private investment are two of the key components of growth. Consumption declined sharply in the second quarter of the current fiscal. The RBI said that when the growth rate slows, the situation is likely to get worse. As the report points out.

Palladium is now costlier than Gold...

Palladium, a metal star, was soon to emerge. It's been almost a year since this white metal boom began. Palladium is now outperforming gold in terms of price. Palladium, used to reduce pollution in vehicles, caused a sudden shortage of fuel. The price of Palladium per gram today is Rs 5612.40. In Kerala gold is Rs. 3892 / gram and platinum is Rs. Palladium is also in high demand in the commodity market.

Cyptocurrency not banned in India, RBI says in Supreme Court...

The Reserve Bank of India has not banned cryptocurrencies including Bitcoin. The RBI said that it had only made restrictions on the risk of the crypto transaction. The affidavit, filed by the Internet and Mobile Association of India (IAMAI), was announced in the affidavit. 

The RBI said that it should not be seen as an act against technology while controlling money laundering and money laundering to promote terrorism. 

Zomato Buys Uber's Food Delivery...

Uber Eats India, the online food distribution start-up Zomato Uber Technology has acquired India. Zomato has announced that it has purchased the entirety of Uber Technology's food distribution network in India. It has also decided to give Uber a 10 per cent stake in Zomoto. 

According to reports, Zomoto acquired Uber Eats for $ 35 billion. Uber Technology launched its Food Distribution Initiative in India in 2017. But Uber Eats did not overcome the domination of local companies such as Zomato and Swiggy in the Indian market.

Halva Ceremony! Before Budget …

The Halwa Ceremony will take place on Monday in the North Block of Parliament as part of the preparations for the Union Budget for the 2020-21 fiscal year.  The function is related to the printing of budget documents. The function is to cook and distribute halwa to the officials. Nirmala Sitharaman presents the second budget of the Modi government.

UN report projects India's growth rate at 5.7% for 2019-20.

The Indian economy is projected to grow by 5.7% in the fiscal year 2019, according to the United Nations. According to the World Economic Situation and Prospects Report released on Thursday, it is expected to reach 6.6 in the 2020-21 financial year. The World Bank had predicted that India's growth would be five percent just days ago. What is significant is that the UN estimates more.

Inflation rises sharply in the country; At the peak of five years ...

India's inflation rate rises sharply Retail inflation rose to 7.35 per cent in December. The Reserve Bank of India has crossed the 5.54 per cent mark in November and reached 7.35 per cent. This is the highest inflation since July 2014. In July 2014 it was 7.39 per cent. The country's economy is facing a slowdown. 

Mission PURVODAYA will script rise of Eastern India by accelerated development of steel sector...

Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan launched PURVODAYA: Accelerated development of eastern India through integrated steel hub in Kolkata, West Bengal.”

Revamp of SEZ policy to meet challenges faced by exporters.

Commerce and Industry & Railways Minister Piyush Goyal chaired a meeting in New Delhi to review the remaining recommendations of the Baba Kalyani report on Special Economic Zone (SEZ) policy of India. The meeting was attended by members of the Baba Kalyani group along with representatives from the Department of Revenue, Department of Legal Affairs and legal firms.

World Bank to cut growth rate.

The World Bank has slashed its growth forecast for the current fiscal year ending March 6 to 5 percent. This is the lowest in 11 years. The World Bank forecasts a 5.8% growth next fiscal. The Central Statistics Office also estimates that the growth rate will fall to five per cent. 

The year-on-year estimate is the worst since the 2008 global recession. Low economic growth is a major concern for the manufacturing sector. The manufacturing sector is projected to grow at two per cent this fiscal. It is expected to grow by 6.9% in 2018-19.


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