Current Affairs - Finance

Bajaj Allianz General Insurance successfully processed its first claim through the National Health Claim Exchange (NHCX) platform. This platform, introduced by the National Health Authority (NHA), standardizes data, facilitates seamless information exchange, and unifies stakeholders by utilizing the Ayushman Bharat Health Account (ABHA) ID, thereby enhancing claim settlement efficiency.

The Asian Development Bank (ADB) approved a $200 million loan for the Nagpur Metro Urban Mobility Project to enhance and expand metro rail connectivity. The project includes the construction of 43.8 km of elevated rail corridors with 32 stations, integrating with city transport services, promoting non-motorized transport, and developing a 5-year action plan. ADB, headquartered in the Philippines and led by President Masatsugu Asakawa, plays a crucial role in funding and supporting infrastructure projects across Asia.

The revised Model Skill Loan Scheme introduced by the Centre offers collateral-free loans up to Rs. 7.5 lakh. This scheme aims to provide financial support for advanced skill development courses, removing financial barriers for the nation's youth. By including Non-Banking Financial Companies (NBFCs), NBFC-Micro Finance Institutions (NBFC-MFIs), and small finance banks as eligible lenders, the scheme seeks to expand access to high-cost skill courses that are essential for meeting the demands of emerging industries, thus empowering young people to enhance their skills without the burden of collateral requirements.

The MUDRA Yojana, which aims to provide financial support to non-corporate, non-farm small/micro enterprises, has increased the loan limit under the Tarun category to Rs 20 lakh for those who have repaid previous loans. This enhancement in the Union Budget is a significant boost to the MSMEs, allowing greater access to funds for business expansion and development.

The angel tax, introduced in 2012 under Section 56(2)(vii B) of the Income Tax Act, 1961, was designed to curb black money laundering through inflated share sales by taxing excess funds raised above fair market value at a rate of 30.9%. Recently, in the Union Budget 2024-25, the Union Minister for Finance proposed to abolish the angel tax for all classes of investors. This decision aims to boost investment in startups and simplify the tax landscape for emerging businesses.