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Ola and Uber drivers to go on an indefinite strike from Monday

Ola and Uber's drivers have planned to go on an indefinite strike from Monday across major cities including Delhi, Mumbai, Bangalore, Pune etc. as the drivers have claimed that they are not being able to cover the costs due to falling business. The strike has been called by the transport wing of Maharashtra Navnirnam Sena.

Prime Minister to address India-Korea Business Summit Today

Prime Minister Modi is going to address the second India-Korea Business Summit in New Delhi on Tuesday. The theme of the summit is “India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”. The third (India) and fourth (Korea) largest economies in Asia will be carrying two-way trade of nearly 17 billion dollars.The Business Summit will be also be addressed by Finance Minister Arun Jaitley, Commerce Minister Suresh Prabhu, Minister of Electronics and IT Ravi Shankar Prasad, and Top Officials of Ministry of Commerce and Industry.

11,500 crores rupees fraud shocks Punjab National Bank

The Punjab National Bank (PNB) has detected a fraud of nearly 11,500 crores in one of its branch in Mumbai. The fraud is considered as one of the biggest frauds in the Indian Banking System. As per reports, PNB detected unauthorized transactions worth 11,500 rupees and has suspended 10 officers due to this scam. The case has been referred to the CBI for further investigation.

RBI Monetary Policy Statement for 2017-2018 to be announced today

The Reserve Bank of India is going to announce its sixth bi-monthly monetary policy decision at 2:30 pm on Wednesday. A 2-day meeting was started yesterday by The Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, in Mumbai. All eyes are on the outcome of the 6-member MPC meeting which is being keenly awaited by stakeholders amidst a huge sell-off in the stock markets globally.

Union Budget of 2018 released, no change in income tax rates

The last budget of Modi Government was released this Thursday. The budget has introduced reforms in various sectors but there is no change in income tax rates. The Finance Minister Arun Jaitley announced the world's largest health care program. Agricultural production and rural development is given the utmost importance in the budget of 2018. The salary of President, Vice President and Governors also witnessed a hike this year. The budget of 2018 also reflected the commitment of the government towards digitalization.

New E-way bill system comes into effect from today

The E-way bill, which is an important part of GST architecture, has come into effect from today. Under this new system, the transporters have to carry a system generated bill in order to move goods from one place to another. This would prevent underreporting and evasion of the taxes. The E-bill will help in introducing uniformity across the states for smooth inter-state movement of goods.

Ola to enter Australia for sharing rides

Ola has confirmed that it is soon going to enter the Australian market. It is Ola's first venture overseas. It has planned to first launch in Perth, Sydney, and Melbourne. As per reports, Ola has to face its biggest rival in Australia too as the taxi-hailing app in Australia is dominated by Uber. Ola is an online transportation network company. The Bangalore-based company started operations in the year 2011.

PM Modi to share his vision for New India in Davos

The Prime Minister of India Narendra Modi is going to deliver a speech at the 48th World Economic Forum Meeting on Tuesday. He will make the keynote speech that will formally open the annual meeting. Prime Minister Modi is the first Indian PM to attend this summit in two decades. He is going to state his role as a global statesman in the speech, who believes in democracy and dialogue. He is also going to project India as a global growth engine and an investment destination.

Aadhaar Card Linking Date Extended

The government mandate of linking all your bank accounts with Aadhaar card has seen a relaxation in the deadline. Earlier the deadline was 31 December 2017, but now it is extended to 31 March 2018. The Aadhaar card linking has been mandatory in order to put a stop on money laundering and black money generation. The deadline was extended on December 7.

Mukesh Ambani says GDP of India would double to $5 trillion in the next seven years

Speaking at the HT Leadership Summit in Delhi, Reliance Industries Ltd Chairman and MD Mukesh Ambani stated that the GDP of India would double to $5 trillion in the next seven years and to $10 trillion by the end of 2030. Ambani further stated that within this century, the country can become the most prosperous nation in the world and can overtake both China and the United States.

Paytm Payments Bank formally launched

The Paytm Payments Bank was formally launched on Tuesday. The bank was launched by CEO Vijay Shekhar Sharma. With this formal announcement, the offline services of the Paytm Payments Bank have also begun. Finance Minister Arun Jaitley was present on the occasion. At the event, the chief executive and founder shared details of the progress made by the bank so far and also talked about how the Paytm Payments Bank will grow.

BharatNet phase 2 launched
Governmnet of India has launched BharatNet Phase 2 to provide high-speed broadband service in all Gram Panchayats by March 2019. It is expected to cost around 34 thousand crore rupees.
Department of Telecommunications (DoT) has signed MoUs with states for the implementation of the second phase of BharatNet. Under this phase, broadband connectivity will be provided in remaining 1.5 lakh Gram Panchayats in the country. Broadband infrastructure on Optical Fibre network has been made available in more than one lakh Gram Panchayats as part of BharatNet Phase-1 and by December this year, all these Panchayats will be operational on the BharatNet infrastructure.
Almost 90 thousand installations have been completed and broadband services are expected to commence in 80 thousand Gram Panchayats soon.
GST rate on mass consumption items reduced

According to reports, GST Council has decided to reduce the tax rate of mass use items from 28 to 18 percent.  The Goods and Services Tax (GST), implemented "from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

This is being announced at the full GST council meeting headed by Union Finance minister Arun Jaitley, is deliberating on to review the impact of the new tax regime.This decision will reduce rate of 177 goods from 28 to 18 percent.

India Post and Payment Bank to become operational by April 2018

The government stated that India Post Payments Bank will become operational in all 650 districts of the country by April next year.

They will facilitate financial inclusion. Minister of Communications Manoj Sinha said in New Delhi that these banks will be linked to 1.55 lakh rural post offices and carry out banking services.

The Minister said, two such banks are already operational in Ranchi and Raipur.

India levies anti-dumping duty on steel from EU, China, Korea

According to a notification issued by the Department of Revenue, India has slapped anti-dumping duty on certain stainless steel products from the European Union and several other nations, including China and Korea, to protect the domestic industry from cheap imports. The duty has been imposed by the Revenue department following a recommendation by the Directorate General of Anti-Dumping and Allied Duties (DGAD).

In a notification, the Revenue department states that the levy ranges between 4.58 percent and 57.39 percent of the landed value of cold-rolled flat products of stainless steel. The duty will be in effect until December 10, 2020, while certain grades of stainless steel have been exempted from the levy. The anti-dumping duty will be imposed on the imports of stainless steel products from China, Taiwan, South Korea, South Africa, Thailand, the United States and the European Union.

Gold options trading on MCX launched

Finance Minister Arun Jaitley has launched gold options trading on the leading commodity bourse MCX. MCX is the leading commodity bourse in the country with a market share of over 90 per cent. Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or instrument at a specific price on or before a certain date.This is the first product for options trading that the regulator Sebi has allowed after 14 years of commencement of commodity exchanges in the country.The gold options contract launched today allows trading in 1kg gold.

IIP rises to 9-month high of 4.3% in August 2017

The data released by Central Statistical Organization shows that India's Industrial production is showing a nine-month high of four point three percent in August 2017. This has been due to robust performance of the mining and power sectors. Factory output had grown 4 percent in August 2016.

During August 2017, Manufacturing sector output grew 3.1 percent, mining sector output surged 9.4 percent, and electricity generation increased 8.3 percent.

Production of capital good rose 5.4 per cent in August. Consumer durables output increased 1.6 percent, and consumer non-durables output rose 6.9 percent during the month.

India to send 3 lakh youth to Japan for on-job training

According to reports, Union Minister Dharmendra Pradhan has stated that India will send three lakh youth to Japan for on-job training for 3-5 years as part of the government's skill development programme.

Japan will bear the financial cost of the skill training of Indian technical interns. This is as per the Memorandum of Cooperation (MoC) between India and Japan on the 'Technical Intern Training Program (TITP)'.

The minister stated that the agreement is expected to be signed during his three-day visit to Tokyo starting October 16.

State governments in India adopting GST at fast pace

According to Finance Minister Arun Jaitley, state governments in India, are adopting Goods and Services Tax (GST) at a fast pace. At an event jointly organised by CII and US India Business Council (USIBC) in New York, Jaitley said the global integration of Indian economy is happening at a time when other economies are becoming more protectionist. 

Finance Minister stated that India is now a better place to do business because of the series of steps taken by the government in the last three years. Finance minister also informed that India is now capable of taking big decisions and implementing them at a large-scale. He said as many as 250 highways projects are under construction. India is now having surplus power and capacity of Indian ports have been expanded, he said. 

Anti-dumping duty imposed on imports of steel wire rods from China

The Centre has imposed anti-dumping duty on imports of certain steel wire rods from China for five years. This has been done to safeguard the interest of domestic players from cheap in-bound shipments.The duty was imposed after the Commerce Ministry's Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended duty on such imports. Earlier the DGAD had concluded that wire rod of alloy or non-alloy steel has been exported to India at below the normal value due to which domestic industry has suffered material injury.

In a notification, Department of Revenue said that the anti-dumping duty imposed shall be effective for a period of five years from the date of its imposition and shall be payable in Indian currency. These steel products are used in many sectors such as automotive components, railway, engineering and construction.

India has already slapped anti-dumping duty on certain cold-rolled flat steel products from four nations, including China and South Korea. Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry.

FAQs and Answers on Indian History and Geography
Which cities in India have the metro railway system? The Metro rail service is operational in 10 cities in India. These are Kolkata, Delhi, Bengaluru, Gurugram, Mumbai, Chennai, Jaipur, Kochi, Hyderabad, and Lucknow. The Kolkata Metro rail is the oldest metro… Read More...
Which states in India have less population than Delhi? Delhi has a population of approximately 18.6 million people, as per the latest census. Delhi's area is much less as compared to many states and Union territories in India. But in… Read More...
Which State is biggest Jute producer? West Bengal is the largest producer of jute in India. India is the largest producer of jute in the world. Approximately 60 percent of the total world produce of jute is cultivated in India… Read More...