GENERAL-KNOWLEDGE ARTICLES

Important Points of March -19

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The Finance Ministry has decided to keep the interest rate unchanged on small savings schemes for the three-month period beginning April 1. The unchanged interest rate means the NSC (5 years) and the PPF (15 years) will fetch 8% interest, while money deposited in KVP will double in little over nine years. At the same time, if one is parking money in a fixed deposit with a maturity of five years with the State Bank of India, he/she will get 6.85%. Senior citizens will get half a percent more 7.35%.

 

The OECD cut forecasts again for the global economy in 2019 and 2020, following on from previous downgrades in November, as it warned that trade disputes and uncertainty over Brexit would hit world commerce and businesses. The Organization for Economic Co-Operation & Development forecast in its interim outlook report that the world economy would grow 3.3 percent in 2019 and 3.4 percent in 2020. Those forecasts represented cuts of 0.2 percentage points for 2019 and 0.1 percentage points for 2020, compared to the OECD’s last set of forecasts in November.

 

The Reserve Bank of India (RBI) has decided to use a new tool for the first time to enhance liquidity in the system using which it will buy $5 billion from the banks in a swap deal that is capable of injecting around Rs. 35,000 crores into the system. Minimum bid size for the auction has been fixed at $25 million and multiple bids submission by banks will be allowed.

 

GST council approved a transition plan for new goods and services tax rates on residential properties under which developers of under construction buildings may either opt to shift to the revised lower rates without input tax credit or stick to the previous rates.

 

Fitch Ratings cut India’s economic growth forecast for the next financial year starting April 1, to 6.8% from its previous estimate of 7%, on weaker than expected momentum in the economy. The rating agency has also cut growth forecasts for FY20 and FY21 to 7% from 7.3% and 7.1% from 7.3%, respectively.

 

Markets regulator Securities and Exchange Board of India (SEBI) withdrew the 20% limit on investments by Foreign Portfolio Investors in corporate bonds of an entity. The regulator stated that the restriction is being withdrawn in accordance with a circular issued by the Reserve Bank of India (RBI).

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