CURRENT AFFAIRS

Detailed explanation-1: -It has been decided, in consultation with the Government of India, that the limit for Ways and Means Advances (WMA) for the first half of the financial year 2022-23 (April 2022 to September 2022) will be ₹1, 50, 000 crore.

Detailed explanation-2: -To take care of temporary mismatches in Government accounts, the Reserve Bank of India has fixed the Ways and Mean Advances (WMA) limit for H2 of FY 2022-23 at ₹50, 000 crore.

Detailed explanation-3: -Considering the uncertainties related to COVID-19, the RBI had raised the WMA limit to ₹51, 560 crores for all States. The higher WMA was applicable till March 31, 2022. How the central government meets the temporary cash needs?

Detailed explanation-4: -On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 7, 2022) decided to: • Increase the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points to 6.25 per cent with immediate effect.

Detailed explanation-5: -Current Repo Rate 2023. The Monetary Policy Committee (MPC) announced in December 2022 that the repo rate has been increased by 35 basis points and the rate is now 6.25%. During its meeting MPC has decided to keep the reverse repo rate unchanged at 3.35%.