Newsmakers: PAN card must for Rs 50,000 cash payments on hotel bills, Nov exports fall and more

Key business news events for the day

• 1/5

76% Indians not financially literate, says S&P survey As much as 76 per cent of Indians do not understand key financial concepts like inflation and interest rate, lower than the worldwide average, a S&P Ratings Services survey said on December 15, 2015. Standard & Poor's Ratings Services Global Financial Literacy Survey said in Asia, Singapore is home to the highest percentage of financially literate adults (59 per cent), followed by Hong Kong and Japan (both at 43 per cent). Less than a third of adults in China (28 per cent) are financially literate.

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Aussie court negates bid against Adani coal mineAn Australian court rejected a bid to stop Adani Enterprises building one of the world's biggest coal mines, saying the project should go ahead provided the firm complies with a host of environmental measures. The ruling by the Land Court of Queensland sets Adani back on track to proceed with the stalled A$10 billion ($7 billion) project in the undeveloped Galilee Basin that could generate billions of dollars in export revenue for Australia.

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Exports fall 24% in Nov, imports shrink too Contraction in exports continued for the 12th month in a row in November as outward shipments shrank 24.43 per cent to $20.01 billion amid a global demand slowdown. Imports too declined 30.26 per cent to $29.79 billion in November over the same month last year. Fall in imports had impact on the trade balance as deficit fell to $9.78 billion as against $16.23 billion in November 2014. However, the November trade deficit was marginally higher than $9.76 billion in October.

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Indian IT cos may again face $2,000 H1B fee in USA special $2,000 fee could return on H-1B and L-1 visas for Indian IT companies to fund a 9/11 healthcare act in the US with a group of Congressmen quietly mounting fresh efforts to reimpose it. Such a move has been made part of the James Zadroga 9/11 Health and Compensation Act which funds health screenings and treatments for 9/11 first responders.

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PAN card must for Rs 50,000 cash payment to settle hotel bills, foreign airfareQuoting PAN will be mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as the government tightened disclosure norms to check generation of domestic black money. The PAN requirement for non-luxury cash transactions will be Rs 2 lakh. However, in a relief to small investors, the requirement of furnishing PAN for making post office deposit of over Rs 50,000 has been dispensed with.