Rapid Fire
Rapid Fire Current Affairs
- 29 Jun 2023
- 5 min read
RBI Forecasts Further Decline in Gross Non-Performing Assets
In its recent Financial Stability Report (FSR) for June 2023, the Reserve Bank of India (RBI) projected a further decrease in the country's gross non-performing assets (GNPA) for scheduled commercial banks. The GNPA, which reached a 10-year low of 3.9% in March 2023, is expected to decrease to 3.6% by March 2024. The report also highlighted the strengthening of banking and corporate sector balance sheets, with sustained growth in bank credit and low levels of non-performing assets. FSR assesses the overall stability and health of the country's financial sector.
NPAs refer to loans and advances that have stopped generating income for the lender, usually due to default or non-payment by the borrower. GNPAs are the sum of all the loans that have been defaulted by the individuals who have acquired loans from the financial institution.
Read more: Financial Stability Report: RBI
Government Defers TCS on International Credit Card Spends under LRS
In a reversal of its earlier decision, the Indian government has decided to defer the inclusion of international credit card spending outside India under the Liberalised Remittance Scheme (LRS). This means that there will be no levy of Tax Collected at Source (TCS) on such transactions for now. The government has also extended the timeline for implementing the higher proposed TCS rates, pushing it from July 1 to October 1, 2023. The threshold of Rs 7 lakh per financial year per individual for TCS on all LRS payments will still apply, meaning that there will be no TCS on remittances up to Rs 7 lakh. Beyond this threshold, varying rates of TCS will be levied depending on the purpose of remittance.
TCS is the tax payable by a seller, which he collects from the buyer at the time of sale of certain goods or services. TCS is governed by Section 206C of the Income-tax Act, which specifies the goods or services on which TCS is applicable and the rates of TCS.
Read more: International Credit Card Spending Outside India under LRS
Canada’s Open Work Permit Stream for H-1B Visa Holders
Canada plans to create an open work-permit stream, allowing 10,000 American H-1B visa holders to come and work in Canada. The H-1B visa is a non-immigrant visa that enables US companies to hire foreign workers with specialized expertise. Approved applicants under the program will receive open work permits of up to three years, giving them the flexibility to work for any employer across Canada.
This move is expected to benefit a significant number of Indian tech professionals who have been impacted by recent layoffs at major US tech companies.
Read more: H-1B Visa, Recent Wave of Tech Layoffs
India's 5G & Beyond Hackathon 2023
The Department of Telecommunications (DoT), Government of India has announced the '5G & Beyond Hackathon 2023. The primary objective of this hackathon is to identify cutting-edge ideas with an India-focused approach that can be transformed into practical 5G and beyond products and solutions. It is open to individuals, students, start-ups, and academic institutions across India.
5G, short for "fifth generation," refers to the latest generation of wireless communication technology. 5G mainly works in 3 bands, namely low, mid and high frequency spectrum. It is designed to provide faster data speeds, lower latency (delay), increased network capacity, and improved reliability compared to its predecessors, such as 4G (LTE).
Read more: 5G
