Banking and Financial Awareness Digest: April 2022

Published on Tuesday, May 03, 2022

Banking and Financial Awareness Digest: April 2022

All-Time High GST Collection in the Month of March 2022

  • The Gross GST collection in the month of March 2022 is 1,42,095 crore.
  • This is the highest ever GST collection to date.
  • The Previous record was INR 1,40,986 crore in January 2022.
  • CGST – INR 25830 crore | SGST - INR 32378 crore | IGST - INR 74470 crore | Cess – INR 9417 crore.
  • GST Revenue for the month of March 2022 is 15% higher compared to GST revenue of the same month last year.

Annual Merchandise Exports of USD 417.81 Billion

  • India has achieved an all-time high annual merchandise export in FY 22 of $ 417.81 billion.
  • This is 43% more than the merchandise export in FY 21.
  • It is 33.33% more than the merchandise export of FY 20.

India’s total trade in Merchandise in Billion USD

 

FY 22

FY 21

FY20

Exports

417.81

291.81

313.36

Imports

610.22

394.44

474.71

Deficit

192.41

102.63

161.35

India’s Agriculture Export – USD 50 billion

  • Directorate General of Commercial Intelligence and Statistics recently released provisional figures for agricultural export for FY 22.
  • The Agri export has touched USD 50.21 billion.
  • Growth of 19.92% from FY21 figures.
  • This is also the highest level of agricultural export ever achieved by India.
  • Wheat has recorded an unprecedented growth of more than 273%, jumping nearly four-fold from USD 568 million in 2020-21 to USD 2119 million in 2021-22.

Sprint01: Bank Tech

  • IFSCA recently announced the winners of Hackathon ‘Sprint01” BankTech’ under I-Sprint’21.
  • Aim of the event - To support the world-class FinTech Hub at GIFT IFSC.
  • It was a part of the InFinity Forum. Infinity Forum is IFSCA’s flagship financial technology event.
  • “Sprint01: BankTech under the banner of I-Sprint’21 was launched with a focus on Banking Sector.
  • The event was hosted by IFSCA, GIFT city, and NITI Aayog.

KYC Registration Agency (KRA) Regulations, 2011

  • SEBI has issued fresh guidelines in pursuance of SEBI KYC Registration Agency Regulations, 2011 on April 6, 2022.
  • As per the guidelines, KRA’s will continue to act as a repository of KYC data in the securities market.
  • They will have to independently validate records of clients whose KYC has been completed using Aadhar as OVD within 180 days from July 01, 2022.
  • Records of those clients whose KYC was completed using non- Aadhar documents will be validated on receiving the Aadhar number.
  • On successful completion of KYC validation – a unique client identifier shall be assigned by KRA to the client which may be used by the client to open an account with any other intermediary.

RBI Monetary Policy Key Highlights

  • Six-member Monetary Policy Committee today announced the first Monetary Policy after the budget of this year.
  • They unanimously voted to keep the repo rate unchanged at 4% and the reverse repo rate at 3.35%.
  • The stance has been retained as accommodative.
  • The projected GDP growth rate has been reduced to 7.2% for FY 23 from 7.8%.
  • The CPI inflation projection retained has been increased to 5.7% for FY23 as against 4.5% earlier.
  • RBI will manage excess liquidity of INR8.5lakh crore from the system from the beginning of this year.

Tax Revenue Collection in FY 22

  • Tax revenue collection in FY22 exceeded the budget estimate by almost INR 5 lakh crore.
  • The total Tax revenue collected is INR27.17 lakh crore against the budget estimate of INR 22.17 lakh crore. This is a growth of 34% over last year’s tax revenue (which was 20.27 lakh crore).
  • Direct tax grew by 49% and indirect tax by 20%.
  • Tax-GDP ratio was the highest at 11.7%.
  • Gross Corporate tax collection – INR 8.6 lakh crore.
  • CGST revenue – INR 5.9 lakh crore.
  • Customs Duty witnessed a growth of 48%.

SEBI Working Group

  • SEBI has set up working groups to review the Role and Eligibility of a Sponsor of a Mutual Fund and a working group to streamline the role and obligations of trustees of the mutual fund.
  • Chairman for a working group to review the Role and Eligibility of a Sponsor of a Mutual Fund – A Balasubramaniam (MD & CEO of Aditya Birla Sun Life and chairman of AMFI).
  • This working group has been formed to enable new players, who are otherwise not eligible to act as sponsors. This will foster competition in the mutual fund industry and also facilitate consolidation in the industry through mergers and acquisitions so as to reap the benefit of economies of scale.
  • Chairman for a working group to streamline the role and obligations of trustees of mutual fund – Manoj Vaish, Independent Trustee of Mirae Mutual Fund.

RBI Considers Introducing UPI for ATM Withdrawal

  • Post the 1st Bi-monthly Monetary Policy Committee (MPC) meeting, RBI Governor Shri Shaktikant Das indicated the rolling out of UPI as a mode of ATM withdrawal.
  • UPI (Unified Payment Interface) will be used to scan the QR Code displayed on the ATM Screen to process the withdrawal.
  • It includes 2 stage verification for better authentication. The transaction would be secure and would replace the risk of card cloning and skimming.
  • As of now, 900 million ATM Cards are issued to the customers. Though very popular amongst the users, with digital literacy improving UPI as a mode of payment, will improve the service.
  • As per RBI’s Financial Inclusion Index 2021, financial inclusion is at a tune of 53.9 percent as of March 2021. This augments the scope for better financial penetration of UPI-based ATM Withdrawal.
This digest is not complete. Read the complete digest on the Financial Awareness Course. 

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