Economy & Banking Current Affairs

What is HSN Code?

The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN or Harmonized System of Nomenclature code is a system for classification of goods across the ..

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What is 1.5 times formula for crops MSP? How is it calculated?

The 1.5 times formula is used to determine the minimum support price (MSP) for crops. This was introduced during the Union Budget 2018-19. According to this formula, the MSP is fixed at 1.5 times the production cost for crops as a ‘pre-determined principle’. Under this formula, the Commission for Agricultural Costs & Prices (the commission ..

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Uttar Pradesh Power Distribution Network Rehabilitation Project: Key Facts

The ADB-funded Uttar Pradesh Power Distribution Network Rehabilitation Project is aimed at improving the quality and reliability of electricity supply in Uttar Pradesh. The project involves conversion of 65,000 km of rural low-voltage distribution lines from bare conductors to aerial bundle conductors and construction of a parallel network of 11-kilovolt feeders to separate the distribution ..

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What is 100 Octane Petrol?

The Indian Oil Corporation recently launched the first 100 Octane petrol. This is the first time 100 Octane fuel is being launched in the country. The fuel was manufactured in the Indian Oil Corporation Mathura Refinery located in Uttar Pradesh. According to the Ministry of petroleum and natural gas, the fuel is to be available ..

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ADB Loan for Meghalaya Power Distribution Sector

The Government of India recently signed 133 million USD loan Agreement with the Asian Development Bank. Agreement was signed to strengthen the power distribution sector in the state of Meghalaya. Also, the loan is to be supplemented with a 2 million USD grant from the Asian Development Bank Japan fund for poverty reduction. This fund ..

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