General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Jun 11, 2024

CBIC Initiates Electronic Disbursal of Duty Drawback Amount Directly to Exporter's Bank Accounts ...

In an effort to facilitate trade, Central Board of Indirect Taxes and Customs (CBIC) will electronically disburse duty drawback amount directly to exporter's bank account in a transparent and efficient manner with immediate effect.
The payment of duty drawback amounts into the exporters' accounts will be facilitated through the Public Finance Management System (PFMS) automatically. This is another initiative of the CBIC towards paperless Customs and enhanced trade facilitation.
This new functionality will reduce time taken for payment of drawback amount by eliminating manual intervention in the drawback disbursal mechanism and increase transparency.
Duty Drawback under section 75 of the Customs Act, 1962 rebates customs duty chargeable on any imported materials or excisable materials used in the manufacture of export goods. Duty Drawback claims are processed through the Customs Automated System (CAS), enumerated in a scroll, Computerised Customs Drawback Advice (CCDA) is printed and sent to the Authorised Bank branch along with supporting single cheque of consolidated amount for payment of duty drawback amounts into the exporters' accounts. This contributes to the delay in the disbursal of duty drawback.

Krishan Sharma New SBI CGM

Krishan Sharma assumed the charge of Chief General Manager (CGM) at the State Bank of India (SBI), Local Head Office, Chandigarh Circle.
This Circle encompasses SBI's operations in the states of Punjab, Haryana, Himachal Pradesh, and the Union Territories of Chandigarh, Jammu & Kashmir, and Ladakh.
Sharma started his career with SBI as a Probationary Officer in 1991 and has since served in various key roles over his distinguished career.
He brings extensive operational experience, having served in various key roles across Bhopal, Bhubaneshwar, Hyderabad, Amaravati and Bengaluru Circles.
Before his current assignment, Sharma was the Chief General Manager of the Bengaluru Circle.

Market Regulator SEBI Fines 11 Individuals for Pump and Dump Scheme

The Securities and Exchange Board of India (SEBI) slapped a fine of Rs. 7.75 crore on 11 individuals for allegedly operating a 'pump and dump' scheme in scrip of Svarnim Trade Udyog. The markets regulator also debarred them from the securities market and ordered disgorgement of Rs. 92.37 lakh with 12 per cent annual interest.
In the stock market, a pump and dump scheme is a type of manipulation activity that involves artificially inflating the price of a stock through false and misleading information, only to sell the stock at the inflated price and leave investors with significant losses.
It is particularly prevalent in the micro-cap and small-cap sectors, where companies often have limited public information and trading volumes are lower.

Jun 10, 2024

India's EXIM Bank Opens East Africa Office to Boost Business & Trade in Continent

The Export-Import Bank of India (India Exim Bank) opened its East Africa Representative Office in Nairobi, Kenya. This is part of a plan to grow its business around the world. The goal of this project is to improve India's trade and business ties with East Africa, which is known for having a lot of resources and young people.
The India Exim Bank is the country's main bank. Its job is to finance, facilitate, and promote India's foreign trade and investments. As part of India's economic diplomacy, one important part of its job is to help make policy and provide money for projects that will be exported. The Bank has offices in Abidjan, Côte d'Ivoire, and Johannesburg, South Africa. These strategic locations in important African cities show that the Bank is committed to building economic ties with the region.

Bharti Airtel Enters India's $100-billion Market Cap Club

Telecom major Bharti Airtel became the fourth Indian firm to have crossed $100 billion or Rs. 10,000 crore in market capitalisation. India now has four companies, Bharti Airtel, Reliance Industries, Tata Consultancy Services (TCS) and HDFC Bank, with a market cap of over $100 billion.
According to brokerage firm CLSA, the telecom's entry to the $100 billion club is led by the success of its mobile business. Strong India mobile growth backed by management execution is driving this mega-corporation.

Jun 09, 2024

Adani Solar 'Top Performer' In Kiwa PVEL's PV Module Reliability Scorecard for 7th Year

Adani Solar, the solar photovoltaic (PV) manufacturing arm of the Adani Group, was recognised as a 'Top Performer' in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard.
Adani Solar is the only Indian manufacturer to have maintained Top Performer status for seven consecutive years.
Kiwa PVEL is a leading independent laboratory serving the downstream solar industry. Their annual Scorecard highlights manufacturers that have produced PV modules demonstrating noteworthy results in independent testing.

Nvidia Surpasses Apple to Become Second Most Valuable Company

Chip manufacturer Nvidia crossed $3 trillion in market capitalisation, surpassing iPhone producer Apple Inc. in the process. With this, Nvidia now became the second most valuable publicly traded company in the US. Microsoft continues to remain the most valuable at $3.15 billion.
This isn't the first instance of the chipmaker being more valuable than Apple. The last time this happened though, was two decades earlier, in 2002, five years before the launch of the first iPhone. Back then, both companies were valued under $10 billion.

Muthoot Microfin and SBI Join Forces to Empower Rural Women Entrepreneurs

Muthoot Microfin announced a strategic co-lending partnership with the State Bank of India to extend its financial services to women in the economically weaker segment in rural and semi-urban regions across India.
Muthoot Microfin and SBI will co-lend to members of joint liability groups who are engaged in agricultural and allied activities as well as other income-generating enterprises.
The loan amounts will range from Rs. 10,000 to Rs. 3 lakh.

RBI Launches Global Hackathon HaRBInger 2024 to Combat Financial Frauds

The Reserve Bank of India (RBI) initiated its third global hackathon, HaRBInger 2024 –, aimed at developing innovative tech-based solutions to predict, detect, and prevent financial frauds in real-time. The hackathon features two key themes: 'Zero Financial Frauds' and 'Being Divyang Friendly'.

Jun 08, 2024

Sameer Bansal New MD and CEO of PNB MetLife

PNB MetLife India Insurance announced Sameer Bansal as its new Managing Director and Chief Executive Officer, effective from July 1, 2024. Bansal brings over 25 years of financial services experience to his new role. He will succeed Ashish Srivastava, who is transitioning to MD for MetLife Inc.'s Global Shared Services team in India.

Godrej Consumer Chief Resigns from VIP Industries Board Citing Differences

Godrej Consumer's executive chairperson Nisaba Godrej resigned as an independent director from the board of luggage and travel accessories maker VIP Industries, citing differences over leadership accountability and succession planning.
Nisaba Godrej was reappointed to the board of VIP Industries in April 2021 as an independent director and her term was ending on March 31, 2026.
An alumnus of Wharton School and Harvard Business School, Nisaba Godrej is the director of another Godrej group firm Godrej Agrovet. Besides, she is also an independent director of Bharti Airtel and Mahindra and Mahindra.

Arka Fincap Expands Financial Solutions with IRDAI License

Arka Fincap Limited, a subsidiary of Kirloskar Oil Engines Limited, obtained a Corporate Agency License from the IRDAI, marking a significant milestone. This license allows Arka to venture into insurance distribution, enhancing its existing financial solutions portfolio to meet customer needs comprehensively.
Arka Fincap Limited, a digitally enabled NBFC, specializes in providing secured and unsecured financing solutions to various sectors. With an impressive AUM and a widespread presence across India, the company aims to continue its growth trajectory with the addition of insurance offerings.

RBI Keeps Repo Rate Unchanged at 6.5%

Reserve Bank of India (RBI) Governor Shaktikanta Das said that Monetary Policy Committee (MPC) decided to keep the policy repo rate unchanged at 6.5 per cent as retail inflation continues to be above its target of 4 per cent. The decision comes amid economic uncertainties both domestically and globally. The MPC decided to keep the repo rate steady by a majority decision, RBI Governor said.
This marked the eighth time in a row that the policy rate was put on hold to keep the focus on battling high inflation.

Jun 07, 2024

Axis Bank and Bajaj Allianz Forge Bancassurance Alliance

Axis Bank and Bajaj Allianz General Insurance joined forces in a strategic bancassurance partnership aimed at boosting insurance penetration and financial inclusion in India. Through this collaboration, Bajaj Allianz General Insurance products will be distributed across Axis Bank's extensive network of over 5,250 branches.
The alliance will offer a comprehensive range of insurance solutions, including motor, health, home, travel, and commercial insurance products such as engineering and marine insurance, catering to diverse customer needs.

NPCI International and Reserve Bank of Peru Forge Landmark Partnership for UPI Payments

NPCI International and the Reserve Bank of Peru joined forces to introduce a UPI-like real-time payments system in Peru, marking a pioneering move for South America. This collaboration aims to revolutionize Peru's financial landscape, fostering economic growth and financial inclusion by leveraging India's renowned Unified Payment Interface (UPI) technology.
This initiative aligns with global efforts to promote digital public goods and establish resilient and innovative payment ecosystems worldwide.

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