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March 21st Business & Economy Current Affairs

Merger of Bharatiya Mahila Bank with SBI

  • The Indian Finance Ministry has announced merger of Bharatiya Mahila Bank with the State Bank of India. The decision was made to speed up the outreach of Banking services to women.
  • The main objective is to provide reasonable credit to women and promote women-centric products with the help of comprehensive network of the State Bank of India.
  • The most advantageous reason of this merger is the largest network of the India’s leading Bank.
  • In last three years,the Mahila Bank has provided Rs.192 crore loans and the State Bank of India provided loans worth Rs. 46,000 crore to women borrowers.
  • SBI has the total workforce of 2 lakh employees in which only 22% are women.

Initiative of Bharatiya Mahila Bank

The Bharatiya Mahila Bank was established up in 2013, to provide banking services exclusively for women. The bank accepts deposits from all sections of people, but lending will be predominantly for women. After Pakistan and Tanzania, India is the third nation to have a bank exclusively for women.

101 Super Rich Indians in ‘World’s Billionaires’ 2017

  • According to the Forbes list of the ‘World’s Billionaires’ 2017, includes 101 super rich Indians topped by the Reliance Industries Chief Mukesh Ambani.
  • For the first time the count of Indian Billionaires crossed 100 in the list. India emerged as the fourth largest group with 101 richest individuals.
  • The list contains world’s 2,043 of the wealthy people with a combined net worth of $ 7.67 trillion. The wealth is increased to record 18 percent compared over the previous year.
  • The United States is consistent with the maximum number of billionaires with a record 565 members in the list. There is increase in numbers over previous years 540 richest individuals.
  • China occupies the second position with 319 richest individuals. Germany is ranked third with 114 richest individuals.
  • The Microsoft co-founder Bill Gates topped in the lost for fourth consecutive year. Gates has been the richest person in the world for 18 times in the past 23 years. His fortune increased to $ 86 billion over last year’s $ 75 billion.
  • Berkshire Hathaway chief Warren Buffet ranked second with a new worth of $ 75.6 billion.
  • Amazon’s Jeff Bezos with a wealth of worth $ 72.8 billion, has been ranked third in the list.
  • US President Donald Trump has been ranked 544th on the list with his net worth of $ 3.5 billion.

The Union Cabinet Approves GST Related Bills

The Union Cabinet has approved the Goods and Services Tax (GST) bills, these bills were approved by the GST Councilafter consultation in the meetings. In the past 6 months 12 GST council meetings were held by the Government. The approval of this Bill paves great way for reforms in the taxation policy, particularly indirect taxes. The four bills passed by GST are:

The Central Goods and Services Tax Bill, 2017 (CGST Bill):

  • The tax will be leviedon inter-statesupply of goods or services by the Central Government.

The Integrated Goods and Services Tax Bill, 2017 (IGST Bill):

  • The tax will be levied on intra-state supply of goods or services by the Central Government.

The Union Territory Goods and Services Tax Bill, 2017 (UTGST Bill):

  • The Central Government will levy taxin the Union Territory without legislature.

The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill):

  • It aims to provide compensation to the states losing revenue arising onimplementation of the Goods and Services Tax. According to the constitutional provision section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.
  • The historic tax reform (GST) will be effective from 1st July 2017.
  • The Union Minister ArunJaitley during his budget speech had announced that government will explain the benefits of GST regime to the trade and industrial sector.
  • GST reduces double taxation and cascading effect on goods and services. It merges central and state taxes.

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