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August 03, 2012

April - Current Affairs - Economy

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E-Filling Mandatory For Income Above 10 Lakhs

The Government had made it mandatory for individuals with income of over Rs. 10lakh to file their tax returns for 2011-12. Electronically E-filling has been made compulsory for the person who is an individual or a Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees for assessment year 2012-13 onwards.

India Spends Least On Healthcare

Data from World Bank confirm that among the comparable BRICS Nations, which have similar social, political & economic influence in the globe, India spends the least on public healthcare. Among all the BRICS nations, India’s share of public expenditure in the total health expenditure is the lowest in each of the years from 2004 to 2009 at 0.936%

RBI Cuts Repo Rate By 0.50%

After a gap of three years, Reserve Bank of India on 17 April 2012 cut the repo r ate from 8.5% to 8% And the  reverse repo rate reduced from 7.5 to 7%, As the CRR remains at 4.75%, which would stimulate growth and softening of inflation, And set the stage for a reduce in interest rate on home, auto and corporate loans.

Print of MICR & IFSC Code Mandatory on Passbooks, RBI

The Reserve Bank  of India on 21 April 2012 directed all commercial banks to print the MICR( Magnetic Ink Chracter Recognition) and IFSC (Indian Financial System Code) Code on the passbook and statement of account of the customer.

World Economic Outlook By IMF

The International Monetary Fund (IMF) in its World Economic Outlook (WEO), released ahead of the IMF World Bank Spring meetings, marginally lowered India;s economic growth forecast to 6.9% in 2012, from 7% projected earlier. The IMF projected world economic growth rate to slump to 3.5% in 2012 from 3.9% in 2011. It pegged India’s growth during the 2013 year at 7.3%. According to the estimates of India’s Central Statistical Organisaton ( CSO), the growth rate during the  financial year 2011-12 slipped to a 3 year low of 6.7%. the Union Government projected a growth rate of 7.6% for 2012-13 fiscal year .

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