world focus magazine

world focus magazine

world focus magazine Published this article page no   96 Under Section 6 of the IT Act POEM is defined as a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are in substance made. It was introduced in 201718 to curb practice of limiting the scope for the Indian tax authorities by artificially shifting insignificant or isolated events related to control and management outside India to avoid residential status and thereby tax in India. Supplementar y grant The additional grant required to meet the required expenditure of the government is called Supplementary Grants. This grant is mentioned under Article 115 of the Constitution. Gini Coefficient Gini coefficient is a popular tool to measure income distribution inequalities globally. o Lorentz curve is the graphical representation of this inequality and intimately related to the Gini coefficient. Gini coefficient ranges from 0 (or 0%) to 1 (or 100%) with 0 representing perfect equality and 1 representing perfect inequality. Kshaped recovery Kshaped recovery happens when different sections of an economy recover at starkly different rates. While certain industries and individuals pull out of a recession others stagnate. Indias real estate sector sees Kshaped recovery where the residential segment experienced healthy growth the office segment remained lacklustre. K shaped recovery is also observed in Job market Lowerskilled workers lost their jobs disproportionately while job losses arent as significant for office workers in financial service sectors.  BANKING 2.1.1. PRIVATIZATION OF PUBLIC SECTOR BANKS Why in news? Recently the Finance secretary said that the government will eventually privatize most of the Public Sector Banks (PSBs) and keep its presence to a bare minimum. Benefits of PSBs Privatization Better human resource management through increased professional management. Improved competitiveness due to autonomous decision making (no government interference). Promote innovation and expertise development for cost effective services and higher customer satisfaction. Improved assets quality and efficiency of debt coverage and help them to retain and attract Urban and semiurban consumers. Concerns over PSBs Privatization Financial exclusion of the weaker sections due to profit driven private banks with concentration largely around the metropolitanurban areas. Reduced employment opportunities for the youth especially people from deprived sections with reservation. Concerns over safety of deposits due to removal of the sovereign guarantee behind the PSB. Macroeconomic effects of bank failures as happened in the past leading to bank nationalisation in 1969. Recent Steps to strengthen PSBs Enhanced Access and Service Excellence (EASE) was started in FY19 as part of PSBs reforms Agenda based on a unique Reforms Index. o For 202122 new reforms are designed under EASE 4.0 to further the agenda of customercentric digital transformation and deeply embed digital and data into PSBs ways of working. Launch of PSBloansin59minutes.com and adoption of the Trade Receivables Discounting System (TReDS) for digital lending for MSMEs and retail customers Empowerment of bank Boards to recruit the banks Chief Risk Officer from the market on marketlinked compensation world focus magazine buy.

world focus magazine