.png "Banking & Financial Awareness GK Digest : December 2024")
GST collection increased by 8.5% to more than 1.82 lakh crore rupees in November 2024
Current Context: In November 2024, India's Goods and Services Tax (GST) collection experienced a significant increase of 8.5% year-on-year, surpassing Rs.1.82 lakh crore.Details
- This increase reflects a healthy economic activity and robust compliance.
- The collection figures were boosted by a 9.4% rise in domestic GST revenue and a 5.9% increase in revenue from imports.
- The GST collection data was released on December 1, 2024, indicating positive trends in tax compliance and revenue growth, which are critical for the government's fiscal health and its ability to fund various developmental projects and initiatives.
National Mission on Cultural Mapping and Roadmap (NMCMR)
Current Context: The National Mission on Cultural Mapping and Roadmap (NMCMR) is an initiative launched by India's Ministry of Culture on December 2, 2024.About
- Its goal is to preserve and promote India's rich and diverse cultural heritage.
- The Indira Gandhi National Centre for the Arts (IGNCA) is responsible for implementing this mission, which aims to document cultural resources and assess their potential to rejuvenate rural economies.
- As part of Azadi Ka Amrit Mahotsav, which commemorates 75 years of Indian independence, the mission has introduced the Mera Gaon Meri Dharohar (MGMD) portal.
- This portal seeks to document the cultural heritage of 6.5 lakh villages across India.
- By mapping these cultural assets, the initiative hopes to not only preserve traditions but also foster local economic growth through tourism and cultural activities.
- New framework to curb excessive speculation in stock market has been announced by SEBI.
Revised Instructions on Inoperative Accounts / Unclaimed Deposits in banks
Current Context: The latest update from the Reserve Bank of India (RBI) regarding inoperative accounts and unclaimed deposits was issued on December 2, 2024.
Key Points
- Reduction of Inoperative Accounts: Banks are urged to reduce the number of inoperative or frozen accounts. These are accounts that have not been operated for a long period (usually 10 years or more).
- Quarterly Progress Reports: Banks are required to report their progress in reducing inoperative accounts every quarter. This helps ensure that banks are actively working to manage these accounts.
- Seamless KYC Updates: To make the process of reactivating accounts smoother, banks should enable seamless KYC (Know Your Customer) updates. This can be done through mobile or internet banking, non-home branches, and video customer identification processes.
- Special Campaigns: Banks are encouraged to organize special campaigns to help customers reactivate their accounts. These campaigns can also be used to facilitate the updating of Aadhaar details for customers.
- Annual Review: Banks are advised to conduct an annual review of accounts with no customer-induced transactions for more than a year. This helps identify accounts that may become inoperative in the future and allows banks to take proactive measures.
- These measures aim to reduce the quantum of unclaimed deposits and return such deposits to their rightful owners.
- By making the process more customer-friendly and efficient, the RBI hopes to minimize the number of inoperative accounts and ensure that customers have access to their funds.
This digest is not complete. Read the complete digest on the Financial Awareness Course.
