Page-48 of Economy & Banking Current Affairs - 2022

Downgrade in Russia’s Ratings

Following severe sanctions implemented on Russia by the western countries, Moody’s and Fitch downgraded the country’s sovereign rating to ‘junk’ grade. Overview: Russia’s long-term issuer and senior unsecured (local and foreign-currency) debt ratings have been downgraded to ‘B3′ from ‘Baa3’ by Moody’s Investors Service. Fitch meanwhile has downgraded Russia’s rating to ‘B’ from ‘BBB’, putting ..

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Canada’s digital services tax

Canada has decided to impose a digital services tax on large companies that sell various services in Canada. About the tax Under the new rules of the Canadian government, a 3% digital services tax will be imposed on the companies with total annual revenue of at least $850 million and profits of $16 million or ..

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International Financial Services Centres Authority (IFSCA)

IFSCA is a unified authority for the development and regulation of financial products, financial services, and financial institutions in international financial services centers. About International Financial Services Centre (IFSC) An IFSC caters to customers outside the jurisdiction of the domestic economy. IFSC centres deal with flows of finance, financial products and services across borders. London, ..

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Draft framework on Sustainable Financial Lending

On March 2, 2022, the International Financial Services Centres Authority (IFSCA) invited public to comment on “draft framework on sustainable and sustainability-linked lending by financial institutions” in the IFSCs. Highlights The draft guidance framework seeks to encourage the IFSC banking units (IBU) and finance companies or finance units (FC/FUs) for internally developing a comprehensive board ..

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Quami Waqf Boards Taraqqiati Scheme

Union Ministry of Minority Affairs’ have revised the deadline for long-delayed project to geotag all Waqf properties across India, from March 2022 to November 2023. Key Facts This project was started in 2017 under the ‘Quami Waqf Boards Taraqqiati Scheme’. Central Waqf Council, New Delhi is the Nodal Agency for implementation of this Scheme. This ..

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GST Revenues in February

The February 2022 collection of GST (Goods and Services Tax) stood at Rs. 1,33,026 crores which is 18 per cent higher than February 2021. This year’s collection was higher by 26 per cent in comparison to the GST collection in February 2020. Overview: For the fifth time GST collection has crossed the mark of Rs ..

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