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BUSINESS AND ECONOMY - December 2015

Dec 2015

Jan 15, 2020

SEBI Defers Deadline By 2 Years To Split Chairman & MD Post

Markets regulator SEBI has deferred by two years to April 2022 its directive for listed companies to split the roles of chairman and managing director in view of demand from corporates, and to keep compliance burden lower in the wake of the current economic scenario.
Under the Sebi norms, the top 500 listed entities by market capitalisation were mandated to comply with the requirement of separation of the roles of chairperson and managing director (MD) or chief executive officer (CEO) with effect from April 1, 2020.
The norms were aimed at improving corporate governance structure of listed companies.
Now, the date of implementation of the regulatory provision has been deferred to April 1, 2022.

Bajaj Auto Relaunches Chetak In An Electric Avatar

Bajaj Auto announced the formal launch of its much awaited electric scooter Chetak at an ex-showroom price of Rs 1 to 1.15 lakh in Pune and Bengaluru post all the subsidies.
The vehicle will be available in two variants - Urbane and Premium. A home charging station is included in the package. The Chetak Urbane edition with Drum Brakes is priced at Rs 1 lakh, while the Chetak Premium edition with disc brakes and luxury finish will be priced at Rs 1.15 lakh. Both prices are ex-showroom prices and inclusive of applicable subsidies and exclusive of insurance and road tax.

US Removes Currency Manipulator Label On China

The United States removed the currency manipulator label it imposed on China, in a sign of easing tensions between the economic powers after nearly two years of conflict.
Just two days before President Donald Trump is set to sign a "phase one" trade agreement with China, the US Treasury said in its semi-annual report to Congress that the yuan has strengthened and Beijing is no longer considered a currency manipulator.

Hallmarking Now a Must For Gold Jewellers

The government will make hallmarking of gold jewellery and artefacts mandatory by issuing a formal notification, but it will give one year's time to jewellers and retailers to register themselves with the Bureau of Indian Standards (BIS) and clear their old stock.
Gold hallmarking, which certifies the purity of gold, has so far been operating on a voluntary basis in recent years. It has being encouraged by the government because of widespread complaints about impurity of of gold sold in the market.
The BIS is already running a hallmarking scheme for gold jewellery since April 2000 and around 40% of gold jewellery is being hallmarked currently.
No jeweller will be allowed to sell any kind of gold ornaments without hallmark from January 15, 2021, food and consumer affairs minister Ram Vilas Paswan told. He said hallmarked ornaments would be available only in the caratage of 14, 18 and 22.

Banks, Bankers May Face Fines For Poor Progress

The Reserve Bank of India (RBI) is to impose heavy penalties on banks, and stipulate higher provisioning for stressed loans. RBI announced it earlier on 7 June 2019.
For the first time, RBI has said that the chief executive officers (CEOs) and senior management of banks can also be held liable for lack of progress. The fresh set of guidelines will be in the public domain by the end of March 2020.

Jan 14, 2020

Now 200 Channels Instead Of 100 In Rs 130

Telecom Regulatory Authority of India (TRAI) has made amendments to New Tariff Order (NTO) allowing consumers to have 200 channels instead of 100 at the same price of Rs 130.
TRAI chairman explained that this was done to remove distortions and unfair practices.
TRAI has reduced the prize of channels forming the part of bouquets from Rs 19 to Rs 12. Now the channels having an MRP of Rs 12 or less are permitted to be part of a channel bouquet.

Jan 13, 2020

RBI Releases "National Strategy For Financial Inclusion" Report

The Reserve Bank of India has released a report "National Strategy for Financial Inclusion (NSFI): 2019-2024". The National Strategy for Financial Inclusion for the period 2019-2024 has been formulated by RBI under the aegis of Financial Inclusion Advisory Committee (FIAC). The report has been ratified by the Financial Stability Development Council (FSDC).
The National Strategy for Financial Inclusion 2019-2024 sets forth the vision and key objectives of the financial inclusion policies in India to help expand and sustain the financial inclusion process at the national level through a broad convergence of action involving all the stakeholders in the financial sector.

India Lost Over $1.3 Billion To Internet Shutdowns Last Year

India lost over $1.3 billion in internet shutdowns across the country — lasting 4,196 hours in 2019 — making it the third-most economically affected country after Iraq and Sudan.
The report, titled The Global Cost of Internet Shutdowns, in 2019 by internet research firm Top10VPN, worked on calculating the data in major regions of the world using the COST tool. The tool was developed by internet monitoring NGO Netblocks and advocacy group The Internet Society, and uses indicators from the World Bank, ITU, Eurostat, and US Census.
The total cost of internet shutdowns across the world, according to the report, stood at $8.05 billion in 2019, an increase of 235 per cent since 2015-16.

Tata Power Solar Bags Rs 1,505 Crore Project From NTPC Under CPSU Scheme

Tata Power Solar Systems Ltd has received a letter of award from NTPC for a 250 megawatt solar project under the central public sector undertakings (CPSU) scheme.
The scheme aims to set up 12,000 MW of solar capacity by government companies by financial year 2022-23. The Cabinet has already sanctioned a viability gap funding support of Rs 8,580 crore towards the scheme capped at Rs 70 lakh per MW.

Record Number Of Foreign Ministers To Attend India's Premier Foreign Policy Dialogue

Foreign Ministers from 13 countries, including Russia, Iran and Australia, would attend the Raisina Dialogue 2020, the fifth edition of the annual geo-political and geo-economic summit, which will begin in the Indian Capital on 14 January.
The three-day event, co-hosted by the Ministry of External Affairs, Government of India, and Observer Research Foundation, will also see the participation of many deputy foreign ministers, former Prime Ministers, former Presidents,national security advisors, military chiefs and other high level policy-makers, scholars and officials.

Centre Opens Up Coal Sector, Does Away With End-Use Restriction

The Union cabinet approved opening up of coal mining and further disinvestments, apart from deciding that the Centre will shoulder 60% of the expense for the North East Gas Grid project. It also extended the validity period of mining lease clearances ending in 2020 by two years.
In an attempt to attract investments in coal mining, the Cabinet approved the promulgation of Mineral Laws (Amendment) Ordinance 2020. The ordinance allows coal mining by any company present in sectors other than steel and power, and does away with the captive end-use criteria. While the move will help create an efficient energy market, usher in competition and reduce coal imports, it may also bring an end to state-run Coal India Ltd's (CIL) monopoly.

Jan 12, 2020

Govt Approves Ordinance To Remove End User Restrictions, Boost FDI In Coal Mining

India has opened up the coal sector completely for commercial mining for all local and global firms after easing restrictions on end-use and prior experience in auctions via an ordinance, but the mining minister said the move will not hurt state-monopoly Coal India.
The Union Cabinet approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend the Coal Mines (Special Provisions) Act, 2015, as well as the Mines and Minerals (Development and Regulation) Act, 1957. The amendment to the latter was required to begin auctions of iron ore mining leases before they expire in March 2020.

Jan 11, 2020

PayU Acquires Paysense At An Equity Value Of $185 Million, To Merge It With LazyPay

Digital payments gateway provider PayU has acquired a controlling stake in Mumbai-based consumer lending platform PaySense and all its assets at a valuation of $185 million. PayU, which is backed by South African internet and media giant Naspers, also said it will merge its existing pre-approved credit platform LazyPay with PaySense.
Additionally, PayU will inject up to $200 million in the newly created entity as equity capital. Around $65 million of the total amount will be immediately invested, while the balance corpus will be infused over the next 24 months to grow its loan book, PayU said.

RBI Launches Video-Based Identification Process For KYC

The Reserve Bank of India (RBI) launched Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on videos. The central bank has allowed video-based KYC (Know Your Customer) as an option to establish a customer's identity.
The V-CIP, which will be consent-based, will make it easier for banks and other regulated entities to adhere to the RBI's KYC norms by leveraging the digital technology.

In a First, HDFC Bank Launches Myapps To Boost Digital Payments

HDFC Bank launched myApps application to boost digital payments in India. myApps is a unique customised suite of banking products to benefit urban local bodies, housing societies, local clubs and gymkhanas and religious institutions.
In a first, HDFC bank is helping organisations to entirely digitise their ecosystem through myApps.
At present HDFC Bank is offering four types of applications — mySociety, myClub, myPrayer and myCity.

Odisha Approves Rs 8000-Crore New Alumina Project By Hindalco

The High Level Clearance Authority (HLCA), the apex body to clear investment projects in Odisha, approved a new greenfield alumina refinery unit, proposed by Aditya Birla Group-owned Hindalco Industries.
It is estimated to cost Rs 8,000 crore, is proposed to come up at Kansariguda near Rayagada in Odisha. With an envisaged nameplate capacity of two million tonnes per annum, the project is expected to spawn employment for 4,250 people.
Hindalco will bank on the Odisha government on raw material for feeding the refinery. This project is scheduled to go on stream in four to five years. Bauxite from any of the leases of Odisha Mining Corporation is likely to feed the planned refinery of Hindalco.

Forex Reserves Touch Record $461.16 Billion

The country's foreign exchange reserves touched a record high of $461.157 billion, after it surged by $3.689 billion in the week to January 3, 2020 baccording to the Reserve Bank of India (RBI) data.
The rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by $3.013 billion to $427.949 billion.

Govt. Inks Pact With KfW on Zero Budget Natural Farming

The State government signed a Memorandum of Understanding (MoU) with German firm KfW regarding Zero Budget Natural Farming (ZBNF).
The MoU is aimed at encouraging natural farming in the State. As part it, the government has taken a loan of ₹711 crore out of the estimated amount of ₹1,015 crore earmarked for ZBNF.

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