Banking Awareness and Financial affairs updates for April 13th , 2017 – for IBPS, SBI, SSC Exams

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Daily financial/banking affairs updates is prepared by keeping the exam pattern and the previously asked questions in IBPS, SBI, RBI, SSC Exams. This will be useful to update your GK on daily basis.

 Finmin Rejects Apple’s Tax Demands On Setting Up Manufacturing Line

Apple demanded for tax sops to ‘Make in India’

The Finance Ministry has rejected iPhone maker Apple’s demand for tax exemptions for setting up a manufacturing unit in India saying that the decision will have to be taken up by the GST Council.

The government has rejected demands for tax exemptions by Apple for setting up a manufacturing facility in India, arguing that such concessions to a company are not possible.

Petrol, diesel prices to change daily from May 1

To be revised daily in 5 cities from May 1

Industry sources said that India’s state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme.

To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North.

Wipro, BSNL bag KSWAN-II project costing Rs. 800 crore

Approved by karnantaka Cabinet

Giving a further push to the e-governance initiative, the State Cabinet on Wednesday cleared the ₹800-crore second phase of the Karnataka State Wide Area Network (KSWAN), which aims to establish an information highway connecting the State’s 10,000 offices.

Infosys Q4 net grows marginally to Rs 3,603 cr


Second Largest IT firm in India

The country’s second-largest IT services firm Infosys reported a marginal growth in consolidated net profit at Rs 3,603 crore for the quarter ended March 2017.

SWIFT to introduce tool to spot fraudulent inter-bank messages

Society for Worldwide Interbank Financial Telecommunication

Belgium-based SWIFT system is used transfer trillions of dollars between banks every day

Interbank messaging service SWIFT, which is used to transfer trillions of dollars between banks every day, will launch a new tool to spot fraudulent messages, seeking to restore trust in the system after millions of dollars were stolen in cyber raids.

Non-banking finance companies call for GST exemption on assignment of receivables


Finance Industry Development Council

Finance Industry Development Council, a representative body of non-banking finance companies (NBFCs), has called for GST exemption on any receivables assigned by NBFCs to banks and financial institutions.

Assignment of receivables are effectively used for securitisation and they act as a very important mode of refinancing for NBFCs, said a letter written by FIDC to the Working Group on GST (Banking, Financial and Insurance Sector)


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