The Hindu Review Daily Gk Update : 30th March 2019
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♦ Bandhan Bank-Gruh Finance merger
- Private sector Bandhan Bank is expecting to give a big push to the affordable housing sector after completion of its merger with Gruh Finance, its MD and CEO Chandra Sekhar Ghosh said.
- Ghosh told reporters here on Thursday said that the merger process, which has already got the approval from the Reserve Bank of India (RBI), was expected to be completed by December.
- “We have got the approval from the RBI. Now we are awaiting permission from the SEBI after which we will approach the NCLT”, Ghosh said on the sidelines of a bank branch opening at Burrabazar in north Kolkata.
- He said “the entire process is expected to be over by the end of this year, after which the bank will give a big push to the affordable housing sector”.
♦ GST Authority clarifies on change/transfer in ownership of sole proprietorship
- The Goods and Services Tax, GST Authority has clarified that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor.
- In a circular, Central Board of Indirect Taxes and Customs, CBIC said, that the transferee or the successor will be liable to be registered with effect from the date of such transfer or succession, where a business is transferred to another person for any reasons, including death of the proprietor.
- It said, the applicant will be required to mention the reason to obtain registration as death of the proprietor, in the registration form, GST REG-01 to be filed electronically in the common portal. The legal heir of the dead sole proprietor will be required to give application for cancellation of the existing registration.
♦ Centre to borrow ₹7.1 lakh crore in FY20: Economic Affairs Secretary
- Higher borrowing is due to repayment programme; Centre sticks to FY19 fiscal deficit target of 3.4%
- Gross borrowings of the government during the first half of financial year 2019-20 will stand at ₹4.42 lakh crore, which works out to 62.3% of the total target for the entire year, Economic Affairs Secretary Subhash Chandra Garg announced on Friday.
- “At the rate of ₹17,000 crore per week for 26 weeks of the first half of the year, this amounts to ₹4.42 lakh crore, which is 62.3% of the gross borrowing programme of the government for FY20,” Mr. Garg told the media. “The remaining ₹2.68 lakh crore will be the borrowing programme for the second half of FY20.”
♦ GAIL, BHEL sign pact for development of solar power projects
- State-owned gas utility GAIL India Ltd Friday said it has signed an agreement with Bharat Heavy Electricals (BHEL) for cooperation in the development of solar power projects.
- “GAIL shall be the project developer and BHEL shall act as an engineering, procurement, construction and project management contractor,” the company said in a statement.
- BHEL shall also provide operation and maintenance services during the initial period upon becoming successful bidder.
- “This development will help both the companies to leverage their competitive strengths to build a substantial portfolio in solar power projects.
- “The memorandum of understanding (signed Friday) aims at building a closer strategic partnership between the two Maharatna PSUs for jointly pursuing commercial solar power projects through participation in tariff / Viability Gap Funding (VGF) based competitive bidding process,” it said.
♦ ECI appoints Special Central Police Observer for States of Andhra and Telangana
- Election Commission of India has nominated Sh Vivek Dube (IPS AP 1981 Retd) as the Central Police Observer for the States of West Bengal and Jharkhand during General Elections 2019. Sh K K Sharma (IPS 1982 Retd DG Border Security Force) who was earlier nominated for these States has now been assigned the States of Andhra Pradesh and Telangana instead.
- These Observers would oversee the deployment and other security related issues in the said States.
♦ Chennai Metro services now available
- Starting today, Chennai Metro timings have been extended. At the four terminal stations of the Chennai Metro, which include Chennai Central, Chennai Airport, St. Thomas Mount and Washermanpet, the first trains will leave at 4.30 a.m. and the last ones will depart at 11 p.m.
- But passengers have to note that there will be a train every 30 minutes from 4.30 a.m. to 6 a.m. and from 10 p.m. to 11 p.m. That apart, in the regular peak hours and non-peak hours, there will be services every seven minutes and every 14 minutes respectively.
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