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Business & Economy – Current Affairs – May 2016 – Govt Jobs 2016

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Indian GDP grows at 7.5% for current year

The IMF (International Monetary Fund) in its latest report for Regional Economic Outlook (Asia) has mentioned that the Indian Economy is growing at 7.5% for the present year 2016-17. As per the estimates, the given rate of GDP growth for India in 2015 was 7.3% and the same will rise to 7.5% in the present year. A suggestion which was added to this report called the policy makers to foster their reform implementation and capitalize on the favourable situation.

SEBI makes tighter P-Notes policies to curb money laundering

On 20th May 2016, market regulator SEBI (Securities and Exchange Board) of India announced that it will tighten the P-Notes (Participatory Notes) investing norms. The policies will be tightened with the objective of checking money laundering. According to the current policies, it is mandatory for users of P-Notes to follow all provisions that follow under the PML (Prevention of Money Laundering) Act, 2002. As per the new norms, it is mandatory to report every suspicious transaction immediately. The due-diligence processes for issuance as well as transfer of the instruments have also been tightened by SEBI. The norms were laid upon as per the recommendations of Supreme Court appointed SIT.

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