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Latest Current Affairs - July 2013

Month July 2013 Type Banking and Economy

14 Current Affairs were found in Month - July 2013 for Type - Banking and Economy 

1. EPFO (Employee Provident Fund Organization) to keep interest rate on PF at 8.5% in 2013-14.

2. Government allotted 50 Lac Tons of Food grains to be distributed to BPL Families (Below Poverty Line) in 2013 - 14. Planning Commission stated that

Person who spends more than 32 Rs. Per day in Urban and 26 Rs. per Day in Rural areas cannot be considered Poor.

3. Government approved amendments in SEBI act and empowered SEBI (Securities and Exchange Board of India) to keep track of all account activities

investors and companies in case of any doubt regarding unfair practices.

4. Government approved the Modified Industrial Infrastructure Up gradation Scheme (IIUS) Schemes during the 12th Five Year Plan period ending Marc

2017 to enhance the industry's competitiveness by p roviding infrastructure through the public-private partnership model in selected functional clusters

5. Government decided to Change FDI (Foreign Direct Investment) limit in Various Sectors. Current Values of FDI Limits in Various Sectors are -

Telecom - 100 % ( 74 % Initially).

Civil Aviation - 49 % (Unchanged).

Insurance - 49 % (26 % Initially)

Pension - 49 % (26 % Initially)

Defence - 26 % (Unchanged)

Basic and cellular services - 100 % (74 % Initially)

Single brand retail - 100% (Unchanged),

Petroleum - 49%

Power exchanges - 49%

Asset reconstruction companies - 100% (74 % Initially),

Credit information companies - 74% (49% Initially)Stock exchanges - 49 %

Tea Plantation - 100 %

Courier services - 100 %

** Note That in Telecom, Single Brand Reta il, Asset recons truction companies and Tea Plantat ion, 49% of FDI in These Sectors w ill be through automa

route and does not require Government pe rmission and rest 49-100% through FIPB (Foreign Investment P romotion Board).

6. Government decided to s implify Service tax refund norms for SEZs (Special Economic Zones) to enhance export and employment opportunities in SEZ

SEZ developers and units w ill not be required to pay tax on certain services for which they had to seek refund. Though the SEZs have been exempted

from service tax, developers and unit owne rs have to first pay the tax and then they can claim the refund.

7. Government increased Import Duty on Sugar to 15 % from 10 % initially.

8. Government notified a list of 158 products from engineering and electronics to be included in focus product scheme (FPS) to give a boost to e xports a

these products will be entitled for 2 per cent duty credit scrip bene fits.

Duty Credit Scrip - The duty credit scrips may be used for import of any capital goods including spares, office equipments furniture etc. at a

specified amount of Gain. For example, if you buy a duty credit scrip with a face value of Rs 100 at say Rs 80, then that can be used to pay duty

Rs 100 on imported goods. So, paying Rs 80 to the seller of the s crip and s aved duty of Rs 100, makes a neat gain of 20 %. Duty Credit scrip ma

also be used to regu larize de faults in export obligation under schemes covered in Foreign Trade Policy.

9. Government sta rted to stop functioning of DRDA (District Rural Development Agencies) till April 2014 that oversees the implementation of anti-povert

programs of the Ministry of Rural Development at the district Level. The decision is taken according to Suggestions o f V Ramachandran Committee

formed for analysis of DRDA.

10. IT and Communications Minister Kapil Sibbal issued released the National Cyber Security Policy 2013 With an aim to protect information and build

capabilities to prevent cyber attacks to safeguard both physical and business assets of the country.

11. SEBI (Securities and Exchange Board of India) has allowed mutual funds to accept investor funds in new offers under the new Rajiv Gandhi Equity

Savings Scheme (RGESS) for 30 days, as against a 15-day subscription period in other s chemes.

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12. The Mission Steering Group approved the increase in the monthly paid amount of Anganwad i Workers of Mini Anganwadi Cente rs from Rs. 1500- to R

2250.

13. To control stem fall in rupee value, SEBI (Securities and Exchange Board of India) has tightened the norms for currency derivatives that allow traders

and investors to take forward views on various currency pairs, including rupee-dollar, as it was being felt that large-scale speculations on their future

movements might be adding to the downward pressure on the Indian currency.

14. UNCTAD (United Nations Conference on Trade and Development)'s recent world investment report 2013 ranked India as third most preferred

investment destination across world. It ranked China and America at First and Second Place respectively.

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