CURRENT AFFAIRS

Detailed explanation-1: -“All the ministries and departments of the Government of India have been now directed by the Ministry of Finance to ensure with immediate effect that all payments above Rs 5, 000 to suppliers, contractors, grantee and loanee institutions etc are made by issue of payment advises only, ” an official statement said.

Detailed explanation-2: -Analysis of States Budgets. Coordination work relating to States Market Borrowings and Guarantees. Coordination with RBI in connection with RBI Committees, Finance Secretaries meetings. Issue of Consent under Article 293 (3) for raising loans by the State Governments as providing in Annual Plans.

Detailed explanation-3: -Based on the estimated expenditure, the finance ministry prepares the estimates of revenue in consultation with the Central Board of Direct Taxes and the Central Board of Indirect Taxes. It is also assisted in this work by the income tax department and the central excise and customs department.

Detailed explanation-4: -Immediate Payment Services (IMPS) is a real-time interbank electronic fund transfer service capable of processing person to person (P2P), person to account (P2A) and person to merchant (P2M) transactions. Individuals can make payments 24x7 using their mobile number, Aadhaar number, bank account and IFSC code.