UPDATES

Economy

⚫The Center's fiscal deficit is expected to touch 7.6% in 2020-21, more than double the Budget Estimate, as the country spends extra to minimize the impact of the Covid-19 pandemic while facing a shortfall in revenues.

⚫India and the US have signed an MOU to develop a strategic petroleum reserve in America and the two countries are in advanced stage of discussion to store crude oil in America to increase India's stockpile.

Finance
⚫The Finance Ministry said PSB's have sanctioned Rs 19,668.87 crore to 71 MSME hubs across the country under the Rs 3-trillion Emergency Credit Line Guarantee Scheme.

⚫The I-Tax Dept has issued refunds worth Rs 71,229 crore to over 2.1 million taxpayers during April 8 to July 11. It is further emphasised that all the refund related cleaning up of the tax demands is being taken up on priority and is likely to be completed by August 31, 2020.

Current Affairs
⚫The Railways terminated the contract of a Chinese firm for signaling and telecommunication work on the Eastern Dedicated Freight Corridor due to poor progress.
⚫Over 1,300 exporters who had claimed GST tax refunds of Rs 1,875 crore were untraceable at their principal place of business in a massive verification exercise the Govt initiated after identifying 7,516 risky exporters. Exporters are identified as 'risky' on the basis of specific risk indicators based on customs, GST, income tax and DGFT data.