Business and Economy Current Affairs - June, 2021

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Read Current Affairs on Quickbytes and stay updated with latest Current Affairs events on daily basis. Our daily Current affairs on Business and Economy in June 2021 are for all those aspirants preparing for various competitive exams and entrance tests like Bank PO & Clerk, IBPS PO, Insurance SSC, PSC, UPSC and more.

Business and Economy Current Affairs - June, 2021

Business and Economy - June 2021

12th June, 2021

BSE sets up BASL for administering and supervising the activities of SEBI-RIA

Asia 1st and the world’s fastest stock exchange, BSE (Bombay Stock Exchange) has established a fully-owned subsidiary ‘BSE Administration & Supervision Ltd (BASL)’ for administering and supervising the activities of all the Registered Investment Advisors (RIA) of SEBI (Securities and Exchange Board of India). After this all the registered investment advisors as well as the new applicants of SEBI will have to get themselves registered with BASL as a member. The members of BASL will then be administered and supervised for their compliance with the SEBI’s rules.  

11th June, 2021

BharatPe acquires PAYBACK India

Indian Digital Payments application, BharatPe has acquired all the stakes of the multi-brand loyalty platform PAYBACK India backed by American Express and ICICI Investments Strategic Fund. This marks the first acquisition of BharatPe. Payback will now operate as a fully-owned subsidiary of BharatPe. BharatPe will utilize Payback’s platform for offering digital credit to its customers under its ‘Buy Now Pay Later’ services which expected to be launched sooner this year. BharatPe intends to build India’s largest and most engaged network of merchants by 2023 with over 2 crore active merchant users.

6th June, 2021

Singapore becomes the largest source of FDI to India in FY21, says DPIIT

As per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), Singapore has emerged to be the largest source of Foreign Direct Investment (FDI) to India in the Fiscal year 2020-21. United States of America (USA) is the 2nd largest source of FDI to India. Singapore is the largest FDI source to India from past three years. FDI worth USD 17.41 billion and USD 13.82 billion came from Singapore and USA respectively in the last fiscal.   

4th June, 2021

GST Council forms panel for examining tax exemption on COVID-19 material

The Goods and Services Tax Council (GST) Council has formed an 8-member panel for analyzing the need for GST concession or exemption on a range of COVID-19 essentials like drugs, vaccines, ventilators and testing kits. The panel will make recommendations on the rates of GST. The panel will be convened by the Meghalaya’s Chief Minister, Conrad Kongkal Sangma. At present, 5 % of GST is levied on domestically produced vaccines and 12 % on COVID-19 drugs and oxygen concentrators.

3rd June, 2021

Paytm plans to launch India’s largest IPO

Paytm backed by Softbank under the name of One97Communications Private Limited is planning on launching India’s largest Initial Public Offering (IPO) in the share market. Paytm aims to raise $ 3 billion (approx. INR 31,800 crores). This will make Paytm’s IPO debut the largest ever in Indian Share Market. Paytm is aiming to break the record of Coal India Limited’s IPO that rose more than INR 15,000 crores in 2010. Paytm’s current valuation is around $ 16 billion.

2nd June, 2021

SEBI signs MoU with Luxembourg CSSF for strengthening cooperation in regulation of securities

Securities and Exchange Board of India (SEBI) has signed a bilateral MoU with Luxembourg Commission de Surveillance du Secteur Financier (CSSF) for technical assistance and mutual cooperation. The MoU will enhance the performance of the supervisory functions, enable effective law enforcement and also promote effective regulations governing the securities markets. The MoU will also strengthen cross-border exchange of information and cooperation for the dissemination of SEBI’s regulatory mandates.

1st June, 2021

PharmEasy becomes India’s largest e-pharma company after acquiring Medlife

PharmEasy has acquired all the stakes of its rival, Medlife and has become India’s largest e-pharma company. PharmEasy backed by API Holdings has acquired 100 % equity shares of Medlife in return for 19.59 % equity share capital at an estimated price of $ 250 million. The users of Medlife will automatically become the users of PharmEasy which will increase its customers to 2 million per month. Medlife ceased to operate after 25th May, 2021 due to the merger.

WazirX launches India’s first NFT Marketplace

India’s largest cryptocurrency exchange platform, WazirX has announced the country’s first marketplace for Non-Fungible Tokens (NFTs). It is also the 1st of its kind marketplace in Asia. NFTs are the digital tokens existing in the blockchain that represent ownership of non-fungible or digital items like music, artwork etc. WazirX’s own NFT marketplace will run on the Binance Smart Chain using its own WRX Token. WazirX intends to giveaway 50,000 tokens initially. The marketplace will be divided into two main sections, ‘Spotlight’ and ‘Discover’.