GUJARAT
Gujarat: Fintech hub, tax incentives to attract more players in GIFT IFSC
The International Financial Services Centre (IFSC) at GIFT City in Gandhinagar is set to attract
more players — both global and domestic — with the Union Budget on Monday providing
government’s support for the development of world-class Fin-Tech (financial technology)
hub at the IFSC. The FM also announced a slew of tax incentives for the IFSC.
The development of world-class fintech hub at GIFT City will go a long way in promoting and
developing fintech start-ups. GIFT City would provide a platform to fintech firms to expand
globally.
According to industry players, the fintech industry in Gujarat will further get impetus as the
state government is also planning to come out with a dedicated fintech policy for the state,
which will provide additional incentives as well.
INTERNATIONAL
World’s First ‘Energy Island’ to be built by Denmark in North Sea
The Government of Denmark has approved a project to build the world’s first energy island,
in the North Sea that will produce and store enough green energy to meet the electricity
needs of three million households in European countries.
The first-of-its-kind giant island will be as big as 18 football pitches (120,000sq m).
The estimated cost of the project is around 210bn kroner ($34bn) and is the biggest
construction project in Danish history.
The artificial island will be linked to hundreds of offshore wind turbines and will supply
power to households as well as green hydrogen for use in shipping, aviation, industry and
heavy transport.
South Korea to Build World’s Largest Offshore Wind Farm
President Moon Jae-in-led South Korea Government has approved a plan to build the
world’s largest wind power plant in the country by 2030.
The project will help to foster an environmentally-friendly recovery from the COVID-19
pandemic and fasten the step to achieve the target of becoming carbon neutral by 2050.
The Wind power Plant will be located in the southwestern coastal town of Sinan.
It will have a maximum capacity of 8.2 gigawatts.
Currently, the world’s largest offshore wind farm is Hornsea 1 in Britain, which has 1.12 GW
capacity.
NATIONAL
RBI keeps policy repo rate unchanged, GDP forecast at 10.5%
The Reserve Bank of India (RBI) said that the monetary policy review has decided to
continue with an accommodative stance of monetary policy to maintain status quo on key
policy rates.
The repo rate is kept unchanged at 4 percent and the reverse repo rate at 3.35 percent.
While announcing the policy review the RBI governor Shaktikant Das said that the GDP
growth is projected at 10.5 percent in the Financial Year 2021-22.
The projection of CPI inflation has been revised to 5.2 percent for the fourth quarter of the
current financial year.
The Threshold for Paid Up Capital and Turnover For Small Companies
The Ministry of Corporate Affairs (MCA) revised the threshold for paid-in capital and
turnover for Small Companies.
Change the threshold of paid-in capital from "not more than Rs 50 lakh" to "not more than
Rs 2 crore", and change the turnover from "not more than Rs 2 crore" to "not more than 20
crores" to define "small company".
No need to prepare a cash flow statement as part of the financial statement.
If other companies require detailed information on remuneration for directors and key
management personnel, small companies are required to provide details of only the total
remuneration drawn by directors in their Annual Returns.
No mandatory rotation of auditors is required.
Auditors of small companies are not required to report on the adequacy of internal
financial controls and their operational effectiveness in the auditor’s report.
Cyber Challenge 2020-21 by NCRB
The 2nd CCTNS Hackathon and Cyber Challenge 2020-21 organized by the National Crime
Records Bureau (NCRB).
The objective of the 2nd CCTNS Hackathon and Cyber Challenge 2020-21 is to strengthen
analysis and deepen the understanding of police personnel.
This hackathon is a continuation of the Hackathon and Cyber Challenge that ended in
March 2020.
Invite Police officials, especially from cutting edge level, academia, industry, students and
other fields to participate in the event to help improve existing IT applications and help
identify new IT applications to improve CCTNS
A new app called "Locate Nearest Police Station" was also launched.
This app will help various users including women commuters, interstate travelers, domestic
and foreign tourists, etc., especially in any emergency, and has the function of dialing 112.
Portal Gobardhan Scheme Was Launched
Union ministers jointly launched the Gobardhan Unified Portal to promote the Gobardhan
scheme and track real-time progress.
The Ministry of Jal Shakti initiated the Gobardhan Scheme (Galvanizing Organic Bio-Agro
Resources – DHAN).
It is being implemented as part of the Swachch Bharat Mission (Gramin).
The scheme aims to manage cattle and biodegradable waste, and also helps increase
farmers’ incomes.
The focus of the GOBAR-DHAN scheme is to keep the villages clean, increase the income of
rural households, and the generation of energy from cow dung, which is an important part
of the ODF-plus strategy of the Swachch Bharat mission.
The scheme aims to support villages to effectively manage their livestock and
biodegradable waste.
Gobardhan scheme to start in early 2018 to manage the widespread biological waste
problem in villages, including cow dung, and convert it into biogas and organic fertilizer to
improve the lives of villagers by providing economic and resource benefits to farmers and
families.
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