1. Mutual Funds Industry Asset Base Sees 21% Rise in 2015
Recent data from the Association of Mutual Funds in India reveals that the asset base of the Mutual Funds industry saw a 21% increase in 2015.
2. Non-subsidised LPG Cylinder Prices Hiked by Rs. 49.50
The Indian Oil Corporation has increased the price of non-subsidised LPG cylinders by Rs. 49.50. As a result, a 14.4 kg cylinder is priced at Rs. 657.50 in Delhi.
3. World Bank Grants $50 Mn Loan to Fund ‘Nai Manzil’
The World Bank has approved a loan of $50 Mn to India for the implementation of the Nai Manzil Education and Skills Training project. The project aims to facilitate skill development and education among the minority youth between the ages of 17 and 35 years in the below poverty line sector.
Additional Reading: Prime Ministers Social Security Schemes
4. Telangana Introduces E-Motor Insurance
Telangana has recently launched e-Motor insurance policies. This will make the issuance of Motor Insurance policies in digital format a reality across India. The verification of the policy information will be possible by scanning quick response codes issued by the government.
5. Insurers Get Rs. 10k Crore Calamity Claims in 3 Years
Insurance companies have received claims worth Rs. 10,000-12,000 crore in the past 3 years as a result of calamities. Insurers are expecting the insurance regulator to create a Natural Catastrophic Insurance Pool which will help in dealing with calamity claims.
6. Government Gives Approval for Start up Scheme for SC/ST Women
The Central Government recently approved the planned Start up India scheme. This scheme is expected to provide financial aid to at least 2.5 lakh scheduled caste, scheduled tribe and women entrepreneurs.
Additional Reading: Prime Minister’s Savings Schemes
7. Unified Payment Interface Expected by April
The National Payments Corporation of India is set to launch a Unified Payments Interface by April 2016. This interface would enable users to integrate various bank accounts on a single mobile application and transfer funds securely.
8. World Bank Revises Global Growth Forecast to 2.9%
The World Bank recently revised the global growth forecast, reducing it to 2.9% from the earlier projected 3.3%. The World Bank revealed that the global economy would have to adapt to modest growth among emerging markets that are driven by a reduced flow of trade and capital.
9. Tax Collection for April-December At Rs. 9.5 Lakh Crore
The Financial Services Secretary Hasmukh Adhia revealed recently that the Central Government collected Rs. 9.5 lakh crore in taxes for the April-December period in 2015.
Additional Reading: What to Do if You Get an Income Tax Notice
10. IREDA Bonds See 5 times Subscriptions on the First Day
Reports from the Bangalore Stock Exchange (BSE) show that the Rs. 1,000 crore tax-free bond of the Indian Renewable Energy Development Agency (IREDA) has received bids for 5.09 crore bonds when 1 crore bonds were available for sale. These bonds offer between 7.28% and 7.68% tax-free returns annually with tenures spanning 10 years to 20 years.