Economic and Banking Affairs in September 2019
In this we have given, September Month Economic and Banking Current Affairs 2019 and other important events held on that day. This is very important for all Competitive exams like UPSC, SSC, RRB, and all PSC Examinations.
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India among top 10 nations in gold reserves
- India has pipped the Netherlands to move into the list of top ten countries in terms of total gold reserves. According to the World Gold Council, India has gold reserves totaling 618.2 tonnes, which is marginally higher than the Netherlands’ reserves of 612.5 tonnes.
- S. leads the pack with 8,134 tonnes followed by Germany with 3,367 tonnes.
Government imposes minimum export price for onion to check domestic prices
- The government has imposed a minimum onion export price of 850 US dollars per tonne to curb its exports and help bring down domestic prices. A notification to this effect was issued by the Directorate General of Foreign Trade. The Minimum Export Price is the rate, below which no exports are allowed.
New Reduction in corporate tax
- Finance Minister Nirmala Sitharaman announced reduction in corporate tax rate to 25.17 per cent from the current 30 per cent, to bring them on par with Asian rivals such as China and South Korea, hoping to boost demand and investments.
- Finance Minister said to attract fresh investment in manufacturing and to give a boost to ‘Make-in-India initiative, another new provision has been added in the Income-tax Act with effect from current fiscal.
Banking Affairs
RBI makes repo-linked interest rates mandatory
- The Reserve Bank of India has made it mandatory for banks to link all of their new loan products, be it personal, housing or auto to an external benchmark like the policy repo rate. RBI issued a circular saying that banks will have to link their products to an external benchmark with effect from 1st October 2019.
World Bank to provide Rs 3,000 crore aid for food parks
- Union Minister of State for Food Processing Industries Rameswar Teli has said, the World Bank will provide three thousand crore rupees assistance to finance, mini and mega food parks across the country
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