In its latest notification, the Income Tax department has established the Cost Inflation Index (CII) for the financial year 2024-25 at 363. This index is crucial for taxpayers as it aids in computing long-term capital gains arising from the sale of various capital assets, including immovable property, securities, and jewellery. The CII serves as a …
Continue reading “Income Tax Department Sets Cost Inflation Index for FY 2024-25”
The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience. Focus Areas of ADB’s Sovereign Loans The loans target projects fostering India’s structural transformation, job creation, infrastructure enhancement, green growth, and socioeconomic inclusiveness, integrating smart …
Continue reading “Asian Development Bank’s $2.6 Billion Sovereign Lending to India in 2023”
The Yamuna River, one of India’s major rivers, originates from the Yamunotri Glacier in the Himalayas. Flowing through several states including Uttarakhand, Haryana, and Uttar Pradesh, it is revered in Hinduism and holds cultural significance. However, it faces severe pollution challenges due to industrial waste and sewage discharge, impacting both ecosystems and human health. Efforts …
The National Asset Reconstruction Company (NARCL), India’s state-owned bad bank, has appointed P Santhosh as its new Managing Director and Chief Executive Officer. The decision was made by NARCL’s board, which recommended Santhosh for a three-year term at the helm of the asset reconstruction company. Interim Leadership to Permanent Role Santhosh’s appointment comes after he …
Continue reading “P Santhosh Takes the Helm as MD & CEO of NARCL”
The Reserve Bank of India (RBI) has taken stringent action against Edelweiss Group’s lending and asset reconstruction arms due to concerns regarding the manipulation of loans and structured transactions. This move comes amidst the central bank’s ongoing efforts to curb evergreening of loans and ensure regulatory compliance in the financial sector. Restrictions on Edelweiss Arms …
Continue reading “RBI Imposes Business Restrictions on Edelweiss Group”
The Reserve Bank of India (RBI) has levied a penalty of Rs 36.38 lakh on HSBC Limited for breaching regulations outlined in the Foreign Exchange Management Act (FEMA). Specifically, HSBC failed to adhere to reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999. The central bank’s action follows a thorough review of the case, …
Continue reading “RBI Imposes Penalty on HSBC for FEMA Violations”
Railways serve as a vital mode of transportation for any country, facilitating the movement of both passengers and goods. In India, the railway network is often referred to as the lifeline of the nation, with over 25 million passengers traveling daily and a significant volume of freight being transported. While many are familiar with India’s …
Continue reading “Where is World’s Largest Railway Station Located?”
The Reserve Bank of India (RBI) has penalized ICICI Bank and YES Bank for violations of regulatory norms pertaining to their financial positions as of March 31, 2022. Following supervisory inspections, the RBI issued notices to both banks, which subsequently failed to provide satisfactory explanations for the identified lapses, leading to the imposition of penalties. …
Continue reading “RBI Imposes Penalty on ICICI Bank and YES Bank”
European Union banks, including Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas, are facing hurdles in trading Indian government bonds and derivatives due to a deadlock between their home authorities and Indian policymakers regarding audit oversight rights. The European Securities and Markets Authority (ESMA) de-recognized the Clearing Corp of India (CCIL) in October 2022, …
Continue reading “European Banks Seek RBI Approval for Third-Party Transaction Model”
Indian Army has joined hands with the Indian Oil Corporation Limited (IOCL) for demonstration trials of Hydrogen Fuel Cell Bus technology. This collaboration underscores the Army’s commitment to innovation and environmental stewardship. Formal Agreement Signed A Memorandum of Understanding (MoU) was formally signed between the Indian Army and IOCL, marking the commencement of this mutually …
Continue reading “Indian Army and IOCL Join Forces for Hydrogen Fuel Cell Bus Technology Trials”
Welcome to the Current Affairs Section of Adda247. If you are preparing for Government Job Exams, then it is very important for you to read the Daily Current Affairs. All the important updates based on current affairs are included in this Daily Current Affairs 2024 article.
