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Tag Wise Current Affairs
Tag: Banking & Financial Sector
Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched
Tags: Health, Banking & Financial Sector, Society
Published on: 05 March 2019
Elephant bonds for declaring undisclosed income
Tags: Infrastructure, Banking & Financial Sector
Published on: 19 July 2019
Digital measures to make bank accounts secure
Tags: Banking & Financial Sector
Published on: 29 August 2019
Government’s Aatmanirbhar Bharat Abhiyan package
Tags: Banking & Financial Sector
Published on: 14 May 2020
Gujarat’s Aatmanirbhar small loans scheme
Tags: Banking & Financial Sector
Published on: 18 May 2020
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Prime Minister Narendra Modi launched mega pension scheme- Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) for unorganised sector from Gandhinagar, Gujarat. It was announced in the Interim Budget 2019. It is voluntary and contributory pension scheme that will benefit as many as 10 crore workers in unorganised sector. It will be one of largest pension schemes of world (become largest in 5 years) in terms of subscriber targeted base.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide assured monthly pension of Rs 3000 to employees of unorganised sector after 60 years of age based on their monthly contribution of small affordable amount during their working age.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Intended beneficiaries: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector workers with monthly income upto Rs. 15,000 and belonging to entry age group of 18-40 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-eligible:</span></strong><span style="font-family:"Quicksand",serif"> Organized workers covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO) are not eligible for it.<strong> </strong>Income tax payers are also not eligible.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Workers of unorganised sector: </span></strong><span style="font-family:"Quicksand",serif">Home based workers, agricultural workers, construction workers, mid-day meal workers, street vendors, head loaders, cobblers, rag pickers, brick kiln workers, washer men, rickshaw pullers, domestic workers, landless labourers, beedi workers, handloom workers, leather workers and similar other occupations.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Minimum Assured Pension: </span></strong><span style="font-family:"Quicksand",serif">Each subscriber under it will receive minimum assured pension of Rs. 3000 per month after attaining age of 60 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death during receiving pension (after 60 years), then his or her spouse will be entitled to receive 50% of pension as family pension. It will be only applicable to spouse.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death before age of 60 years then spouse of beneficiary will be entitled to continue scheme subsequently by payment of regular contribution or may even exit the scheme</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Contribution of Subscriber: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector worker, joining this scheme is required to contribute prescribed contribution amount from age of joining scheme till the age of 60 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Medium of contribution: </span></strong><span style="font-family:"Quicksand",serif">It will be through ‘auto-debit’ facility from savings bank account or from Jan- Dhan account of subscriber.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Central Government’s contribution: </span></strong><span style="font-family:"Quicksand",serif">Central Government will make prescribed age-specific contribution by the beneficiary on 50:50 basis.</span></span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income. This was suggested by high-level government-appointed committee on trade and industry headed by economist Dr. Surjit S. Bhalla. The recommendation of the advisory group regarding undisclosed income seems to be based on the fact that black money exists in domestic sector and it should be utilised in a productive manner.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">What are the elephant bonds?</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They are proposed sovereign bonds (debt instruments) to be issued for period of 25 years in which people declaring undisclosed income will be bound to invest 50 per cent, similar to an amnesty scheme. These funds will be utilised only for infrastructure projects, both new and old. Thus, these bonds will serve as specialised security product providing funds towards Long Term Infrastructure.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance of elephant bonds</span></span></strong> </span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Such bonds are necessary part of Central Government’s carrot and stick policy. This will allow past tax defaulters to join mainstream without attracting penalties. This will also provide conducive way to increase tax revenue along with increasing the number of taxpayers and beneficiaries in tax base who had not declared their assets previously. It will improve funding for long term infrastructure projects which are critical part in increasing economic growth. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Previous Amnesty schemes</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">These schemes were aimed at encouraging people to avoid prosecution and declare black money by paying penalty only. </span></span></span></span></p>
<ol>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">First:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was introduced as part of Black Money (Undisclosed Foreign Income And Assets) And Imposition of Tax Rules, 2015. Under it, window was provided to declare income and assets parked in foreign countries between July 2015 to September 2015.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Income Declaration Scheme (IDS):</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was second such major initiative launched in May 2016. Under it, people with undisclosed income were given time between June 2016, to September 2016, to declare their income with a tax including penalty of 45% of the total undisclosed income.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Demonisation:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was announced in November 2016. Government had demonetised high currency notes to fight black money. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Pradhan Mantri Garib Kalyan Yojana</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> under which the government asked people with black money to pay 50% fine of the undisclosed income and deposit an additional 25% in government schemes which would be refunded without interest after four years. This scheme also expired on March 31, 2017.</span></span></span></span></li>
</ol>
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'keyword' => 'banking-financial-sector',
'id' => (int) 2039,
'title' => 'Digital measures to make bank accounts secure',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Supreme Court judgement pronounced on September 26 2018 in which it upheld the constitutional validity of unique identification project, with certain restrictions and changes.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p>
</li>
</ul>
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'tag' => 'Banking & Financial Sector',
'keyword' => 'banking-financial-sector',
'id' => (int) 3601,
'title' => 'Vivad se Vishwas scheme',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has introduced The <strong>Direct</strong> <strong>Tax</strong> Vivad se Vishwas Bill, 2020, which led to an uproar in Parliament.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At present there are as many as 4,83,000 direct tax cases pending in various appellate forums. The idea behind the scheme is to <strong>reduce</strong> <strong>litigation</strong> in the <strong>direct</strong> <strong>tax</strong> arena.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Bill is aimed at resolving direct tax related disputes in a speedy manner. In the last budget, Sabka Vishwas Scheme was brought in to reduce litigation in indirect taxes. It had resulted in settling over 1,89,000 cases.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vivad se Vishwas Scheme, which is to do for direct tax related disputes exactly what Sabka Vishwas did for indirect tax related disputes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the proposed Vivad Se Vishwas scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by 31st March, 2020. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Those who avail this scheme after 31st March, 2020 will have to pay some additional amount. However, the scheme will remain open only till June 30, 2020. The scheme also applies to all case appeals that are pending at any level.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of scheme</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Over Rs 9 lakh crore worth of direct tax disputes are pending in the courts. The government hopes to recover a big chunk of this in a swift and simple way, while offering the taxpayers the relief of not having to fight the case endlessly.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>How did ‘Sabka Vishwas scheme’ perform?</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government expected to have raised Rs 39,500 crore from the Sabka Vishwas scheme, which was only about indirect tax disputes. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The amnesty window for Sabka Vishwas closed on January 15 and close to 1.90 lakh crore applications, in relation to taxes worth Rs 90,000 crore were received.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the standout successes of this scheme was Mondelez India Foods Pvt Ltd (which was earlier known as Cadbury India) settled one of its most controversial tax disputes with the government under this scheme. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The firm was accused of evading taxes to the tune of Rs 580 crore (excluding taxes and penalties). In the end, Mondelez paid Rs 439 crore on January 20 under the amnesty scheme.</span></span></p>
</li>
</ul>
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'tag' => 'Banking & Financial Sector',
'keyword' => 'banking-financial-sector',
'id' => (int) 3857,
'title' => 'EPFO cuts interest rates',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Employees’ Provident Fund Organisation (EPFO) has cut the rate to 8.5 per cent for 2019-20 from the 8.65 per cent in the previous fiscal. This is the lowest interest on provident fund in seven years.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are over 6 crore active subscribers of EPFO and an interest of 8.5% will leave a surplus of Rs 700 crore for the government.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Both the Finance Committee and the Central Board of Trustees (CBT) met to decide the interest rate based on EPFO’s income projections for the current financial year. The CBT is the EPFO’s apex decision making body.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per calculations presented at a meeting, retaining the 2018-19 interest rate of 8.65% would have left a deficit of around Rs 350 crore, while cutting it to 8.45% would have resulted in a surplus of Rs 1,000 crore.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The overall rate regime is being viewed closely in view of the economic slowdown and rising inflation. The Reserve Bank of India (RBI) had kept the status quo on its key policy rate during its monetary policy review last month.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After the EPFO’s CBT recommends the interest rate, it has to be ratified by the Finance Ministry, after which the interest is credited to the accounts of the EPFO’s subscribers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Finance Ministry, however, has hinted at moving to a new regime for small savings rates starting April 1. As of now, small savings rates are linked to government securities, and are revised quarterly.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Saving schemes of government</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Sukanya Samriddhi Yojana (SSY) </strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sukanya Samriddhi Yojana Scheme was launched with an aim to encourage the parents to secure the future for their daughters. SSY account can be opened in the name of the girl from her birth to any time before she turns 10 years old. The minimum investment amount for this scheme is INR 1,000 to a maximum of INR 1.5 lakh per year. Sukanya Samriddhi scheme is operative for 21 years from the date of opening.</span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>National Pension Scheme (NPS)</strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is a retirement saving scheme open to all the Indians, but mandatory for all the government employees. NPS aims to provide retirement income to the citizens of India. Indian citizens and NRIs in the age group of 18 to 60 can subscribe to this scheme. Under NPS scheme, you can allocate your funds in equity, corporate Bonds and government securities.</span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Public Provident Fund (PPF) </strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Public Provident Fund or PPF is also one of the oldest retirement schemes launched by the Government of India. The amount invested in this scheme, interest earned and the amount withdrawn are all exempt from tax. Thus, the Public Provident Fund is not only safe, but can help save taxes at the same time.</span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>National Savings Certificate (NSC) </strong></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">National Saving Certificate or NSC is launched by the Government of India to promote the habit of savings amongst the Indians. The minimum investment amount for this scheme is INR 100 and there is no maximum investment amount.</span></span></p>
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'title' => 'Government’s Aatmanirbhar Bharat Abhiyan package',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Finance minister Nirmala Sitharaman unveiled the details of Aatmanirbhar Bharat Abhiyan package that aims to revive economy by providing financial impetus.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Prime Minister had announced the Aatmanirbhar Bharat package that will focus on making India self-reliant during his national address.</span></span><br />
</p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In a bid to provide support to the struggling MSME sector, the government announced collateral-free automatic loans worth Rs 3 lakh crore. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It also changed the definition of MSMEs by revising upwards the investment limit and bringing in an additional criterion of turnover size of the company. Further, it said it would no longer allow global tenders for government procurement of up to Rs 200 crore.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It aims at Rs 50,000 crore equity infusion through Mother fund-Daughter fund for MSMEs that are viable but need handholding. A fund of funds with corpus of Rs 10,000 crore will be set up to help these units expand capacity and help them list on Markets if they choose.<br />
For NBFCs/HFCs/MFI, Rs 30,000 crore special liquidity scheme for investing in investment grade debt paper of NBFCs, HFCs and MFIs. These NBFCs are those that are also funding MSMEs. These will be fully guaranteed by government of India.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For taxpayers, the government reduced the rates of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) by 25 per cent, with effect from May 14, 2020 to March 21, 2021. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It has extended<strong> </strong>the date for filing income tax returns to November 30, 2020 and tax audit to October 31, 2020. The EPF contribution was also reduced for businesses and workers for three months to 10 per cent from 12 per cent. </span></span></p>
</li>
</ul>
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</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">No property needs to be mortgaged to avail the loan. However, the banks will make their assessment, and fill in the applicant’s KYC (Know Your Customer) details.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loan becomes an NPA in case of default in repayment. The applicant must submit an affidavit agreeing to pay 8 per cent interest on the outstanding balance immediately if any detail in the application is found to be incorrect.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Apart from the 2 per cent interest that an applicant pays on the loan, the Gujarat government will reimburse the 6 per cent interest on a quarterly basis (generally it is done annually) to the lending agencies. The government estimates the payout to the lending agencies to be over Rs 400 crore during this three-year period.</span></span></p>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheme also aims to cover domestic helps, vegetable vendors, construction workers, and others who have lost their incomes in the Covid-19 lockdown.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Applicants to the scheme will need guarantors to help push their case before credit societies and urban and district cooperative banks that will hand out Rs 5,000 crore worth of collateral-free loans. They will also need to be aware of the penalties in case of a default.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The state government will bear the cost of an additional 6 per cent interest on the “unsecured loans”, which will have a moratorium of six months during which the applicant will not have to pay either the interest or the principal amount. The loans will, however, need to be paid back in equal instalments over the following 30 months.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheme is applicable to any conceivable business, provided the person falls under the category of a small trader, shopkeeper or self employed workmen. It is meant to arm them with working capital after their business was stalled for two or three months.</span></span></p>
</li>
<li>
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<li>
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</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The application form asks for the “purpose of loan”, apart from family income and monthly expenses, and details of existing loans. Applicants have to also provide “two guarantors” along with the details of their incomes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">No property needs to be mortgaged to avail the loan. However, the banks will make their assessment, and fill in the applicant’s KYC (Know Your Customer) details.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loan becomes an NPA in case of default in repayment. The applicant must submit an affidavit agreeing to pay 8 per cent interest on the outstanding balance immediately if any detail in the application is found to be incorrect.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Apart from the 2 per cent interest that an applicant pays on the loan, the Gujarat government will reimburse the 6 per cent interest on a quarterly basis (generally it is done annually) to the lending agencies. The government estimates the payout to the lending agencies to be over Rs 400 crore during this three-year period.</span></span></p>
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affairs, Get the latest Biodiversity information with us where you get all the latest information about Biodiversity', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'cacategories' } ] $breadcrumb = [ (int) 0 => [ 'name' => 'Home', 'link' => 'https://currentaffairs.studyiq.com/' ], (int) 1 => [ 'name' => 'Banking & Financial Sector', 'link' => 'https://currentaffairs.studyiq.com/tags/banking-financial-sector' ] ] $currentaffairs = [ (int) 0 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 342, 'title' => 'Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched', 'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Prime Minister Narendra Modi launched mega pension scheme- Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) for unorganised sector from Gandhinagar, Gujarat. It was announced in the Interim Budget 2019. It is voluntary and contributory pension scheme that will benefit as many as 10 crore workers in unorganised sector. It will be one of largest pension schemes of world (become largest in 5 years) in terms of subscriber targeted base.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide assured monthly pension of Rs 3000 to employees of unorganised sector after 60 years of age based on their monthly contribution of small affordable amount during their working age.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Intended beneficiaries: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector workers with monthly income upto Rs. 15,000 and belonging to entry age group of 18-40 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-eligible:</span></strong><span style="font-family:"Quicksand",serif"> Organized workers covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO) are not eligible for it.<strong> </strong>Income tax payers are also not eligible.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Workers of unorganised sector: </span></strong><span style="font-family:"Quicksand",serif">Home based workers, agricultural workers, construction workers, mid-day meal workers, street vendors, head loaders, cobblers, rag pickers, brick kiln workers, washer men, rickshaw pullers, domestic workers, landless labourers, beedi workers, handloom workers, leather workers and similar other occupations.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Minimum Assured Pension: </span></strong><span style="font-family:"Quicksand",serif">Each subscriber under it will receive minimum assured pension of Rs. 3000 per month after attaining age of 60 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death during receiving pension (after 60 years), then his or her spouse will be entitled to receive 50% of pension as family pension. It will be only applicable to spouse.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death before age of 60 years then spouse of beneficiary will be entitled to continue scheme subsequently by payment of regular contribution or may even exit the scheme</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Contribution of Subscriber: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector worker, joining this scheme is required to contribute prescribed contribution amount from age of joining scheme till the age of 60 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Medium of contribution: </span></strong><span style="font-family:"Quicksand",serif">It will be through ‘auto-debit’ facility from savings bank account or from Jan- Dhan account of subscriber.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Central Government’s contribution: </span></strong><span style="font-family:"Quicksand",serif">Central Government will make prescribed age-specific contribution by the beneficiary on 50:50 basis.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'pradhan-mantri-shram-yogi-maan-dhan-yojana', 'image' => 'https://www.mediafire.com/convkey/f8f8/a1oy795975ncx596g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f8f8/a1oy795975ncx596g.jpg', 'metatitle' => 'Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched', 'metakeyword' => 'In Government Schemes Current Affairs, Prime Minister, Narendra Modi, launches, mega pension scheme, Pradhan Mantri Shram Yogi Maan-dhan Yojana. PM-SYM, unorganised sector ', 'metadescription' => 'Prime Minister Narendra Modi launched mega pension scheme- Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) for unorganised sector ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/gx8p1tihx0yhw4e/5Mar_Pradhan_Mantri_Shram_Yogi.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 1746, 'title' => 'Elephant bonds for declaring undisclosed income', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income. This was suggested by high-level government-appointed committee on trade and industry headed by economist Dr. Surjit S. Bhalla. The recommendation of the advisory group regarding undisclosed income seems to be based on the fact that black money exists in domestic sector and it should be utilised in a productive manner.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">What are the elephant bonds?</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They are proposed sovereign bonds (debt instruments) to be issued for period of 25 years in which people declaring undisclosed income will be bound to invest 50 per cent, similar to an amnesty scheme. These funds will be utilised only for infrastructure projects, both new and old. Thus, these bonds will serve as specialised security product providing funds towards Long Term Infrastructure.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance of elephant bonds</span></span></strong> </span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Such bonds are necessary part of Central Government’s carrot and stick policy. This will allow past tax defaulters to join mainstream without attracting penalties. This will also provide conducive way to increase tax revenue along with increasing the number of taxpayers and beneficiaries in tax base who had not declared their assets previously. It will improve funding for long term infrastructure projects which are critical part in increasing economic growth. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Previous Amnesty schemes</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">These schemes were aimed at encouraging people to avoid prosecution and declare black money by paying penalty only. </span></span></span></span></p> <ol> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">First:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was introduced as part of Black Money (Undisclosed Foreign Income And Assets) And Imposition of Tax Rules, 2015. Under it, window was provided to declare income and assets parked in foreign countries between July 2015 to September 2015.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Income Declaration Scheme (IDS):</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was second such major initiative launched in May 2016. Under it, people with undisclosed income were given time between June 2016, to September 2016, to declare their income with a tax including penalty of 45% of the total undisclosed income.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Demonisation:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was announced in November 2016. Government had demonetised high currency notes to fight black money. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Pradhan Mantri Garib Kalyan Yojana</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> under which the government asked people with black money to pay 50% fine of the undisclosed income and deposit an additional 25% in government schemes which would be refunded without interest after four years. This scheme also expired on March 31, 2017.</span></span></span></span></li> </ol> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'elephant-bonds-for-declaring-undisclosed-income', 'image' => 'https://www.mediafire.com/convkey/09af/e0plqvxbggl6mj76g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/09af/e0plqvxbggl6mj76g.jpg', 'metatitle' => 'Elephant bonds for declaring undisclosed income', 'metakeyword' => 'Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income', 'metadescription' => 'Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/2ueepck68778w5o/Elephant_bonds_for_declaring_undisclosed_income.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 2039, 'title' => 'Digital measures to make bank accounts secure', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Supreme Court judgement pronounced on September 26 2018 in which it upheld the constitutional validity of unique identification project, with certain restrictions and changes.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'digital-measures-to-make-bank-accounts-secure', 'image' => 'https://www.mediafire.com/convkey/1f5e/3nqrqllvnpw0mqz6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1f5e/3nqrqllvnpw0mqz6g.jpg', 'metatitle' => 'Digital measures to make bank accounts secure', 'metakeyword' => 'bank accounts, bank accounts secure, Digital measures ', 'metadescription' => 'The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/7xdqx4sjdy9gi4y/Digital_measures_to_make_bank_accounts_secure.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 3601, 'title' => 'Vivad se Vishwas scheme', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has introduced The <strong>Direct</strong> <strong>Tax</strong> Vivad se Vishwas Bill, 2020, which led to an uproar in Parliament.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">At present there are as many as 4,83,000 direct tax cases pending in various appellate forums. The idea behind the scheme is to <strong>reduce</strong> <strong>litigation</strong> in the <strong>direct</strong> <strong>tax</strong> arena.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Bill is aimed at resolving direct tax related disputes in a speedy manner. In the last budget, Sabka Vishwas Scheme was brought in to reduce litigation in indirect taxes. It had resulted in settling over 1,89,000 cases.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vivad se Vishwas Scheme, which is to do for direct tax related disputes exactly what Sabka Vishwas did for indirect tax related disputes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the proposed Vivad Se Vishwas scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by 31st March, 2020. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Those who avail this scheme after 31st March, 2020 will have to pay some additional amount. However, the scheme will remain open only till June 30, 2020. The scheme also applies to all case appeals that are pending at any level.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of scheme</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Over Rs 9 lakh crore worth of direct tax disputes are pending in the courts. The government hopes to recover a big chunk of this in a swift and simple way, while offering the taxpayers the relief of not having to fight the case endlessly.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>How did ‘Sabka Vishwas scheme’ perform?</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government expected to have raised Rs 39,500 crore from the Sabka Vishwas scheme, which was only about indirect tax disputes. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The amnesty window for Sabka Vishwas closed on January 15 and close to 1.90 lakh crore applications, in relation to taxes worth Rs 90,000 crore were received.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the standout successes of this scheme was Mondelez India Foods Pvt Ltd (which was earlier known as Cadbury India) settled one of its most controversial tax disputes with the government under this scheme. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The firm was accused of evading taxes to the tune of Rs 580 crore (excluding taxes and penalties). In the end, Mondelez paid Rs 439 crore on January 20 under the amnesty scheme.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'vivad-se-vishwas-scheme', 'image' => 'https://www.mediafire.com/convkey/a233/zcltranut3m6ja66g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/a233/zcltranut3m6ja66g.jpg', 'metatitle' => 'Vivad se Vishwas scheme', 'metakeyword' => 'Vivad se Vishwas scheme', 'metadescription' => 'The government has introduced The Direct Tax Vivad se Vishwas Bill, 2020, which led to an uproar in Parliament.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/d6h4upv6wl399g7/Vivad_se_Vishwas_scheme.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 3857, 'title' => 'EPFO cuts interest rates', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Employees’ Provident Fund Organisation (EPFO) has cut the rate to 8.5 per cent for 2019-20 from the 8.65 per cent in the previous fiscal. This is the lowest interest on provident fund in seven years.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are over 6 crore active subscribers of EPFO and an interest of 8.5% will leave a surplus of Rs 700 crore for the government.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Both the Finance Committee and the Central Board of Trustees (CBT) met to decide the interest rate based on EPFO’s income projections for the current financial year. The CBT is the EPFO’s apex decision making body.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per calculations presented at a meeting, retaining the 2018-19 interest rate of 8.65% would have left a deficit of around Rs 350 crore, while cutting it to 8.45% would have resulted in a surplus of Rs 1,000 crore.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The overall rate regime is being viewed closely in view of the economic slowdown and rising inflation. The Reserve Bank of India (RBI) had kept the status quo on its key policy rate during its monetary policy review last month.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After the EPFO’s CBT recommends the interest rate, it has to be ratified by the Finance Ministry, after which the interest is credited to the accounts of the EPFO’s subscribers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Finance Ministry, however, has hinted at moving to a new regime for small savings rates starting April 1. As of now, small savings rates are linked to government securities, and are revised quarterly.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Saving schemes of government</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Sukanya Samriddhi Yojana (SSY) </strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sukanya Samriddhi Yojana Scheme was launched with an aim to encourage the parents to secure the future for their daughters. SSY account can be opened in the name of the girl from her birth to any time before she turns 10 years old. The minimum investment amount for this scheme is INR 1,000 to a maximum of INR 1.5 lakh per year. Sukanya Samriddhi scheme is operative for 21 years from the date of opening.</span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>National Pension Scheme (NPS)</strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is a retirement saving scheme open to all the Indians, but mandatory for all the government employees. NPS aims to provide retirement income to the citizens of India. Indian citizens and NRIs in the age group of 18 to 60 can subscribe to this scheme. Under NPS scheme, you can allocate your funds in equity, corporate Bonds and government securities.</span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Public Provident Fund (PPF) </strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Public Provident Fund or PPF is also one of the oldest retirement schemes launched by the Government of India. The amount invested in this scheme, interest earned and the amount withdrawn are all exempt from tax. Thus, the Public Provident Fund is not only safe, but can help save taxes at the same time.</span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>National Savings Certificate (NSC) </strong></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">National Saving Certificate or NSC is launched by the Government of India to promote the habit of savings amongst the Indians. The minimum investment amount for this scheme is INR 100 and there is no maximum investment amount.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'epfo-cuts-interest-rates', 'image' => 'https://www.mediafire.com/convkey/6e44/ru69jd9caahiyxy6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/6e44/ru69jd9caahiyxy6g.jpg', 'metatitle' => 'EPFO cuts interest rates', 'metakeyword' => 'EPFO cuts interest rates', 'metadescription' => 'The Employees’ Provident Fund Organisation (EPFO) has cut the rate to 8.5 per cent for 2019-20 from the 8.65 per cent in the previous fiscal. This is the lowest interest on provident fund', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/xkncws7sulsrwmh/EPFO_cuts_interest_rates.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 4533, 'title' => 'Government’s Aatmanirbhar Bharat Abhiyan package', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Finance minister Nirmala Sitharaman unveiled the details of Aatmanirbhar Bharat Abhiyan package that aims to revive economy by providing financial impetus.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Prime Minister had announced the Aatmanirbhar Bharat package that will focus on making India self-reliant during his national address.</span></span><br /> </p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In a bid to provide support to the struggling MSME sector, the government announced collateral-free automatic loans worth Rs 3 lakh crore. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It also changed the definition of MSMEs by revising upwards the investment limit and bringing in an additional criterion of turnover size of the company. Further, it said it would no longer allow global tenders for government procurement of up to Rs 200 crore.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It aims at Rs 50,000 crore equity infusion through Mother fund-Daughter fund for MSMEs that are viable but need handholding. A fund of funds with corpus of Rs 10,000 crore will be set up to help these units expand capacity and help them list on Markets if they choose.<br /> For NBFCs/HFCs/MFI, Rs 30,000 crore special liquidity scheme for investing in investment grade debt paper of NBFCs, HFCs and MFIs. These NBFCs are those that are also funding MSMEs. These will be fully guaranteed by government of India.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For taxpayers, the government reduced the rates of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) by 25 per cent, with effect from May 14, 2020 to March 21, 2021. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It has extended<strong> </strong>the date for filing income tax returns to November 30, 2020 and tax audit to October 31, 2020. The EPF contribution was also reduced for businesses and workers for three months to 10 per cent from 12 per cent. </span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'governments-aatmanirbhar-bharat-abhiyan-package', 'image' => 'https://www.mediafire.com/convkey/fe43/qxqpuqiw8hrcpea6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/fe43/qxqpuqiw8hrcpea6g.jpg', 'metatitle' => 'Government’s Aatmanirbhar Bharat Abhiyan package', 'metakeyword' => 'Government’s Aatmanirbhar Bharat Abhiyan package', 'metadescription' => 'Finance minister Nirmala Sitharaman unveiled the details of Aatmanirbhar Bharat Abhiyan package that aims to revive economy by providing financial impetus.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/748ojqt3u8s7ad9/Government%25E2%2580%2599s_Aatmanirbhar.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 4575, 'title' => 'Gujarat’s Aatmanirbhar small loans scheme', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gujarat government has announced a “Aatmanirbhar Gujarat Sahay Yojana” that offers a loan of up to Rs 1 lakh for a period of three years to small entrepreneurs and self-employed workers such as electricians, plumbers, and carpenters.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheme also aims to cover domestic helps, vegetable vendors, construction workers, and others who have lost their incomes in the Covid-19 lockdown.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Applicants to the scheme will need guarantors to help push their case before credit societies and urban and district cooperative banks that will hand out Rs 5,000 crore worth of collateral-free loans. They will also need to be aware of the penalties in case of a default.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The state government will bear the cost of an additional 6 per cent interest on the “unsecured loans”, which will have a moratorium of six months during which the applicant will not have to pay either the interest or the principal amount. The loans will, however, need to be paid back in equal instalments over the following 30 months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheme is applicable to any conceivable business, provided the person falls under the category of a small trader, shopkeeper or self employed workmen. It is meant to arm them with working capital after their business was stalled for two or three months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to an illustrative list, rickshaw drivers, tractor repairers, plumbers, electricians, masons, fabricators, housemaids, dhobis, handcart owners, pastiwalas, painters, tea kiosk owners, sweetshop owners, cooks, tailors, cobblers, etc. can apply for a loan.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The disbursements of the loans have been left to the banks, which can accept or reject an application depending on the repayment capabilities of the applicant.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The application form asks for the “purpose of loan”, apart from family income and monthly expenses, and details of existing loans. Applicants have to also provide “two guarantors” along with the details of their incomes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">No property needs to be mortgaged to avail the loan. However, the banks will make their assessment, and fill in the applicant’s KYC (Know Your Customer) details.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loan becomes an NPA in case of default in repayment. The applicant must submit an affidavit agreeing to pay 8 per cent interest on the outstanding balance immediately if any detail in the application is found to be incorrect.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Apart from the 2 per cent interest that an applicant pays on the loan, the Gujarat government will reimburse the 6 per cent interest on a quarterly basis (generally it is done annually) to the lending agencies. The government estimates the payout to the lending agencies to be over Rs 400 crore during this three-year period.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gujarats-aatmanirbhar-small-loans-scheme', 'image' => 'https://www.mediafire.com/convkey/1af3/hga4e4i1jnld7fl6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1af3/hga4e4i1jnld7fl6g.jpg', 'metatitle' => 'Gujarat’s Aatmanirbhar small loans scheme', 'metakeyword' => 'Gujarat’s Aatmanirbhar small loans scheme', 'metadescription' => 'Gujarat government has announced a “Aatmanirbhar Gujarat Sahay Yojana” that offers a loan of up to Rs 1 lakh for a period of three years to small entrepreneurs', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/3gdgv5j2swsingm/Gujarat%25E2%2580%2599s_Aatmanirbhar_small_loans_scheme.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth 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style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Gujarat government has announced a “Aatmanirbhar Gujarat Sahay Yojana” that offers a loan of up to Rs 1 lakh for a period of three years to small entrepreneurs and self-employed workers such as electricians, plumbers, and carpenters.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheme also aims to cover domestic helps, vegetable vendors, construction workers, and others who have lost their incomes in the Covid-19 lockdown.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Applicants to the scheme will need guarantors to help push their case before credit societies and urban and district cooperative banks that will hand out Rs 5,000 crore worth of collateral-free loans. They will also need to be aware of the penalties in case of a default.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The state government will bear the cost of an additional 6 per cent interest on the “unsecured loans”, which will have a moratorium of six months during which the applicant will not have to pay either the interest or the principal amount. The loans will, however, need to be paid back in equal instalments over the following 30 months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheme is applicable to any conceivable business, provided the person falls under the category of a small trader, shopkeeper or self employed workmen. It is meant to arm them with working capital after their business was stalled for two or three months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">According to an illustrative list, rickshaw drivers, tractor repairers, plumbers, electricians, masons, fabricators, housemaids, dhobis, handcart owners, pastiwalas, painters, tea kiosk owners, sweetshop owners, cooks, tailors, cobblers, etc. can apply for a loan.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The disbursements of the loans have been left to the banks, which can accept or reject an application depending on the repayment capabilities of the applicant.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The application form asks for the “purpose of loan”, apart from family income and monthly expenses, and details of existing loans. Applicants have to also provide “two guarantors” along with the details of their incomes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">No property needs to be mortgaged to avail the loan. However, the banks will make their assessment, and fill in the applicant’s KYC (Know Your Customer) details.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The loan becomes an NPA in case of default in repayment. The applicant must submit an affidavit agreeing to pay 8 per cent interest on the outstanding balance immediately if any detail in the application is found to be incorrect.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Apart from the 2 per cent interest that an applicant pays on the loan, the Gujarat government will reimburse the 6 per cent interest on a quarterly basis (generally it is done annually) to the lending agencies. 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