Business, Economy & Banking Current Affairs - 2019

Category Wise PDF Compilations available at This Link

Enforcement Directorate sent 220 FEMA Notices in past 3 Years

Enforcement Directorate (ED) sent 220 show cause notices under Foreign Exchange Management Act (FEMA) in past 3 years. These notices were issued in context with the illegal funds transfer in India through illegal channel.
The ED did not register the cases related with illegal money transfer from external sources in respect to the state government.
Foreign Exchange Management Act (FEMA):

  • Passed in 1999
  • Objective: To replace FERA (Foreign Exchange Regulations Act), 1973 which had become incompatible after economic reforms and pro-liberalization policies of the Government of India.
  • Seeks to make offenses related to foreign exchange civil offenses.
  • Allows only the authorized people to deal with foreign security or foreign exchange.

Month: Categories: Business, Economy & Banking

Tags:

The ‘NH-4 Bank’ plans to become pan-India player

Which Bank in India is often imagereferred to as the ‘NH-4’ Bank ?

  • The Ratnakar Bank is often referred to as  the ‘ NH4 Bank’ in the banking circles, .
  • Reason: As majority of the business of Ratnakar Bank comes from cities in and around the 1,235-km-long National Highway-4 (NH-4) that connects four of the 10 most populous cities in India.
  • The Kolhapur based private bank will keep serving the local community of traders, small businessmen and farmers while it now aims to become a pan-India player.

Month: Categories: Business, Economy & Banking

Tags: