- Punjab and Maharashtra Cooperative Bank Ltd.)
- Founded in 1984.
- PMC Bank was the youngest bank to get the status of a scheduled bank in 2000.
Why in News
- It has been put under the directions of the RBI.
What is the Issue
- It turned out that the bank had suppressed the sticky assets and under-reported them.
- The bank was funding a clutch of companies, mainly in the troubled real estate sector, led by Housing Development & Infrastructure Ltd (HDIL).
Which Act gives power to RBI to issues such directions?
- Sub-section (1) of Section 35A of the Banking Regulation Act, 1949 read + Section 56.
What are the directions?
Without the prior approval in writing from the Reserve Bank, the Urban Co-operative Bank will not be able to:
- Grant or renew any loans and advances
- Make any investment
- Incur any liability including borrowal of funds and acceptance of fresh deposits
- Disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise
- Enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI directions
- Usually, a few months after filing the returns, the department sends to all assesses an intimation under Section 143(1) of the Income Tax Act, showing side by side the computation of income tax as done by the assessee as well as by the department. A discrepancy often means a demand for more taxes, which you may have to pay up.
- Section 143(2), requiring the assessee to meet the assessing officer on a particular date and/or produce any evidence in support of the return. This is commonly called ‗scrutiny assessment‘. It is this personal interface between the tax department and the taxpayer that is being made online — or ‗faceless‘ — now.
- Every notice or order will be delivered to the assessee electronically: Either uploaded on the assessee‘s e-filing account or mobile app (Aaykar Setu).
Axis Bank’s QIP
- Its qualified institutional placement was over-subscribed.
- The transaction was anchored by several large marquee foreign portfolio investors, domestic mutual funds and insurance companies.
Higher Education Commission of India (HECI)
- It is set to replace the UGC.
- It will also take over the All-India Council of Technical Education (AICTE).
- A bill in this regard will be placed before the Cabinet.
- The Higher Education Commission of India will be a single regulator.
- It will promote the quality of academic instruction, maintenance of academic standards and encourage autonomy of good performing educational institutions for free pursuit of knowledge, innovation, skills and entrepreneurship.
- UGC is the regulator for universities across the country, AICTE acts as a regulator for engineering, pharmacy, management and other technical education colleges.
- It is under The Ministry of Human Resource Development (HRD).
Sardar Patel National Unity Award
- A new civilian award in the name of Sardar Vallabhbhai Patel that would recognise notable and inspiring contributions towards India‘s unity and integrity.
- It would not be conferred posthumously except in very rare and highly deserving cases, would comprise a medal and a citation.
- No monetary grant or cash reward would be attached to the award and not more than three awards would be given in a year.
- The award would be announced on the occasion of National Unity Day — the birth anniversary of Sardar Patel on October 31.
New method developed to measure soil erosion
- Involves disaggregation and displacement of soil.
- It leads to decrease in its organic content and eventually its fertility.
What is the method
- It measures the rate of soil erosion and associated decrease in organic content in soil by assessing levels of radioactive cesium in soil.
- This method can help in monitoring the effects of soil erosion and effectiveness of soil conservation strategies.
Indian PM held a meeting with the leaders of the Caribbean Community and Common Market (CARICOM).
This is the first-ever India-Caricom leaders‘ summit.
- Fighting climate change.
- Increasing India‘s participation with the grouping.
- A $14-million grant for community development projects in the CARICOM.
- Another $150 million line of credit for solar, renewable energy and climate-change related projects.
The Caribbean Community and Common Market grouping has 15 members-states and five associate members.
Gandhi Solar Park
- At a contribution of about one million dollars, India has gifted solar panels that have been installed on the roof of the UN Headquarters here, one panel each for every 193 UN Member State.
Bulgaria’s Kristalina Georgieva
- New Managing Director of International Monetary Fund (IMF).
- It continues the tradition of a European holding the role.
- But she becomes the first leader from an emerging market.
- She succeeds Christine Lagarde, a former French finance minister who led the fund from 2011.
- Christine is the incoming European Central Bank president