May 2021 Economic Affairs

Sakshi Education

IFSCA constitutes an expert committee on Investment Funds
The International Financial Services Centres Authority, IFSCA has constituted an expert committee on Investment Funds.

The Committee under the Chairmanship of Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Co. Ltd, will recommend the road map for the funds industry in the International Financial Service Centres,IFSCs.

The Committee comprises leaders from the Fund Management sector.

The Union Finance Ministry has informed that the committee has been constituted to holistically review the global best practices and make recommendations on the roadmap for the industry.

The IFSCA has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the IFSCs in India.

The Fund Industry has been playing a significant role in intermediating between seekers of capital and investors.
Amazon buys James Bond owner MGM for 8.45 billion dollars
Amazon.com Inc said that it is buying MGM, the fabled US movie studio home to the James Bond franchise, for 8.45 billion US Dollars. The deal will give Amazon a huge library of films and TV shows and ramp up competition with streaming rivals led by Netflix and Disney.

Mike Hopkins, senior vice president of Prime Video and Amazon Studios said that the real financial value behind this deal is the treasure trove of intellectual property in the deep catalog that Amazon plans to reimagine and develop together with MGM.

The acquisition is Amazon’s second-biggest after Whole Foods Market, which it bought for 13.7 billion US Dollars in 2017.

Privately-held MGM, or Metro Goldwyn Mayer, was founded in 1924, owns the Epix cable channel and makes popular TV shows including Fargo, Vikings and Shark Tank. MGM also has a massive library of classic films including Rocky, Moonstruck, and The Silence of the Lambs.
Money kept in various cash wallets can be withdrawn from ATM & PoS terminals
Now Money kept in various online wallets like Amazon pay, Ola money, Mobikwik, Phone pe, Delhi Metro Card etc. can be withdrawn using an ATM or Point of Sale Terminal.

In a notification issued Reserve bank of India permitted cash withdrawal of Rs. 2,000 per transaction with maximum limit of Rs. 10,000 per month.

All non-bank Payment prepaid instruments can provide this service. But, for such transaction using card or wallet PIN or other additional authentication will be mandatory.

Till date RBI has permitted 37 PPIs in country. Now maximum two lakh rupee can be kept in various wallets after completion of full KYC.

RBI has also asked all payment instruments providers to ensure interoperability by 31st of March next year.
ADB commits record USD 3.92 billion loan to India in 2020
The Asian Development Bank informed on May 14, 2021 that it has committed a record USD 3.92 billion loan for 13 projects in India in 2020.

The loan amount also includes the USD 1.8 billion in COVID-19 related projects to support the government's response to the pandemic.