National Electronic Fund Transfer (NEFT) NEFT is a nation-wide centralised payment system owned and operated by the Reserve Bank of India. It facilitates funds transfers from one bank account to another. One can access this service either by using Internet …
Background According to Section 47 of the RBI Act, profit of the RBI has to be transferred to the government periodically. However, before transferring, some amount of the profit is kept aside for maintaining reserves of the RBI. What constitutes …
Why in the News? Recently, the State of Working India (SWI) 2021 was brought out by the researchers at Azim Premji University. The report, which is an annual feature, documented the impact of one year of Covid-19 in India, on …
About WPI Wholesale Price Index measures and tracks the changes in the price of goods in the stages before the retail level. It provides estimates of inflation at the wholesale transaction level for the economy as a whole. WPI basket …
About GST Council Goods & Services Tax Council is a constitutional body under Article 279A of the amended Constitution, for making recommendations to the Union and State Government on issues related to Goods and Service Tax. The Council was introduced …
What is meant by “Foreign Exchange Reserve”? Foreign Exchange Reserve indicates the reserves held by RBI in the form foreign currency assets, gold, SDR and reserve tranche. Components of foreign exchange reserve: Foreign Currency Assets– Currencies of foreign countries are …
About Sovereign Gold Bonds (SGBs) are bonds that are issued by the RBI on behalf of the Government on payment of rupees but denominated in grams of gold. The value of these bonds is tied to the value of gold. …
CONTEXT The year 2021 marks 30 years of the landmark economic reforms that permanently altered the production and distribution structures of the Indian economy. Swayed by the success of the 1991 reforms, there has been a growing tumult from economic …
About Foreign Contribution (Regulation) Act, (FCRA), 2010 The FCRA 2010 regulates the acceptance and utilisation of foreign contribution by individuals, associations and companies. Foreign contribution is the donation or transfer of any currency, security or article (of beyond a specified …
What is dumping? Dumping is the practice of selling a product in a foreign market at an unfairly low price (a price that is lower than the cost in the home market, or which is lower than the cost of …