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Central Information Commission (CIC) Annual Report 2016-17: Highlights Of The Trends

Annual report of the Central Information Commission (CIC) was tabled in Lok Sabha and Rajya Sabha on 14th and 15th March 2018 respectively. The trends of Annual Report are as follows:

 o During the reporting year 2016-17, 9.17 lakh RTI applications were received by the registered Central Public Authorities (PAs). This is lower by 59,670 or 6.1% than what was reported during 2015-16.

Data On India’s Balance Of Payments During 3rd Quarter (Oct-Dec) Of 2017-18

Mar 16, 2018: Preliminary data on India’s balance of payments (BoP) for the third quarter (Q3), i.e., October-December 2017-18 are presented in Statements I (BPM6 format) and II (old format).

Key Features of India’s BoP in Q3 of 2017-18

 o India’s current account deficit (CAD) at US$ 13.5 billion (2.0 per cent of GDP) in Q3 of 2017-18 increased from US$ 8.0 billion (1.4 per cent of GDP) in Q3 of 2016 -17 and US$ 7.2 billion (1.1 per cent of GDP) in the preceding quarter.

Data On India’s International Trade In Services: January, 2018

Mar 15, 2018: The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days.

The value of exports and imports of services during the month of January, 2018 are given in the following Table.

Table: International Trade in Services

(US$ Million)

[RBI] Sources Of Variation In Foreign Exchange Reserves In India During April-December 2017

Mar 16, 2018: Earlier today, the Reserve Bank of India released balance of payments (BoP) data for October-December 2017 on its website. On the basis of these data, the sources of variation in foreign exchange reserves during April-December 2017 have been compiled.

During April-December 2017, there was an increase in the foreign exchange reserves. The sources of variation in the foreign exchange reserves are set out in Table 1.

CBEC Clarifies On Pending GST Refunds (Exports) Estimates Being Published By Various Print Media

Mar 16, 2018: It has been noticed that at regular intervals, unverified estimates of pending GST refunds on account of exports are published in the print media or put forward by various trade bodies. These figures are highly speculative and mostly inaccurate. It is a fact that while a number of exporters have not been able to get the export refunds so far others have been granted refunds.

In order to overcome the causes of the delay in sanctioning of refunds, Government has taken various steps, which includes amendments in the rules, changes in the business procedures of common portal and customs automated system to address the systemic issues. Many of the errors plaguing the claims for refunds are on account of inadequate familiarisation of the exporters with the GST laws and data entry errors in the various GSTRs / forms.

[SEBI] Revision Of Limits Relating To Requirement Of Underlying Exposure For Currency Derivatives Contracts

SEBI circular no. SEBI/HO/MRD/DP/CIR/P/2018/50 dated 15th March 2018, reads as follows:

1. This is further to SEBI circular no. CIR/MRD/DP/20/2014 dated June 20, 2014, wherein, limits were specified for the USD-INR, EUR-INR, GBP-INR and JPY-INR currency derivatives contracts beyond which market participants were required to establish proof of underlying exposure and SEBI circular no. CIR/MRD/DP/4/2015 dated April 08, 2015, wherein such limits were reviewed.

2. RBI vide A.P. (DIR Series) Circular no. 18 dated February 26, 2018 has revised the limits beyond which market participants would be required to establish underlying exposure in the currency derivatives segment. Copy of the RBI circular is enclosed for reference.

[RBI] Submission Of Returns By Government-owned Non-Banking Financial Companies(NBFCs)

RBI Notification No. DNBS.PD.CC.No.1925/66.08.001/2017-18 dated March 15, 2018, addressed to all Government-Owned Non-Banking Financial Companies (NBFCs) regarding "Submission of returns by the Government-owned Non-Banking Financial Companies", reads as follows:

1. In exercise of the powers conferred by sections 45JA, 45K and 45L of the Reserve Bank of India Act, 1934 (hereinafter referred to as the RBI Act), it has been decided to apply the Master Direction – Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 dated September 29, 2016 to all the Non-Banking Financial Companies, being Government Companies as defined in Clause 45 of section 2 of the Companies Act, 2013, and registered with Reserve Bank of India under section 45IA of the Reserve Bank of India Act, 1934 (“such NBFCs”).

[Customs] Exchange Rate Notification w.e.f. 16th March, 2018

CBEC has notified the rate of exchange of one unit of foreign currency equivalent to Indian rupees relating to imported and export goods, in its notification no. 19/2018 - Customs (N.T.) dated 15th March, 2018 (w.e.f. 16th March, 2018). The contents of the said notification are reproduced as under:—

[DGFT] Launch Of e-MPS Facility To Make Online Payment For Misc Applications

Directorate General of Foreign Trade's Trade Notice No. 25/2018 dated 14th March, 2018 addressed to all Regional Authorities of DGFT and Members of Trade, regarding "Launch of e-MPS facility to make online payment for miscellaneous applications", reads as follows:-

DGFT has always endeavoured to promote ease of doing business by providing online mode for submission of applications for various FTP schemes and digital payment for these applications. Still, there are applications like amendment of license, payment of composition fee etc. where facility of online payment is not available. To bridge this gap, a facility is being made available to make online payment of fee/ charges for all the applications where payment is currently being made through manual mode i.e. through Demand Draft/ Bank Receipt.

Trying To Explain Complex Concepts Through E-learning? 5 Reasons To Sprinkle Quizzes

E-learning enables instructors to gain a wide audience around the globe to teach a variety of topics ranging from personal development to software programming. It is also becoming widespread for businesses to train their employees with the help of online tutorials. Learning management systems are constantly evolving to facilitate online learning even further.

But there is a major challenge associated with e-learning that requires immediate instructor attention.

Indian Tea Exports Touch Record High In 36years At 240.68million Kgs In 2017

The previous high of 241.3 million kgs was achieved in the year 1981. It has been a continuous endeavour of Tea Board and the tea industry to strategize ways and means to increase export and enhance the share of Indian tea in the international market.

Focused and sustained initiatives like arranging buyer-seller meets, effecting exchange of delegations, participating in international trade fairs and undertaking generic promotion of Indian brands in key markets are showing results.