General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Oct 06, 2019

Bandhan Bank, Gruh Finance to merge on October 17

Kolkata-based Bandhan Bank and Ahmedabad-based Gruh Finance announced that all the regulatory hurdles have been overcome for their merger, with the National Company Law Tribunal (NCLT) clearing the scheme of amalgamation.
The scheme has been approved by NCLT's Kolkata and Ahmedabad benches.
October 17, 2019 has been fixed as the record date following the effectiveness of scheme for determining shareholders of the merged entity.

Uber Launches Helicopter Services In New York

Ride-hailing company Uber Technologies Inc (UBER.N) is taking to the air in New York City where users with a little cash to spare will soon be able to book helicopter flights to John F. Kennedy International airport through their apps.
The company announced its Uber Copter offer, saying flights to and from Lower Manhattan will become available to all Uber users.
The roughly eight-minute flight will cost between $200 and $225 per person and include ground transportation on either side of the trip. Passengers can bring along a small suitcase and have to watch a safety video before takeoff, similar to that on an airplane.
The flights are operated by HeliFlite Shares, a licensed company, and Uber's prices roughly compare to those of competitors offering helicopter rides to JFK.

Paytm, BSNL Join Hands To Let Users Connect To Nearby Wi-Fi Hotspots

Two of the leading companies have now joined hands to facilitate users in locating Wi-Fi hotspots in their area. BSNL and Paytm have collaborated for a smart Wi-Fi discovery feature that will be available to the app users of the latter.
Paytm users will be prompted whenever there is a BSNL Wi-Fi hotspot nearby, in addition to an option to buy packs and check the data usage.
When a Paytm user enters a location served by BSNL's Wi-Fi Internet, a message pops up on the screen inside the app. Tapping on the message will take the user to the login setup where a Wi-Fi plan can be purchased.
Once Wi-Fi is active on the user's number, Paytm app will track the data usage so that it is not maxed out. The validity of the plan will also be shown to the user within the app.
The app will also show if the user is accessing the Wi-Fi Internet in roaming.

Tripura Gets Its First-Ever SEZ

The Centre has given in-principle approval for setting up of Tripura's first-ever SEZ at Sabroom,. The estimated investment in the project will be around Rs 1550 Crore.
A proposal for setting up of the Agro Based (Broad Banded) Special Economic Zone (SEZ) at Paschim Jalefa, Sabroom was submitted to the Development Commissioner, Falta SEZ in June, 2019.
The Developer of the SEZ was decided to be Tripura Industrial Development Corporation (TIDC) Ltd.
Rubber based Industries – Tyres, Threads etc, Textile and Apparel Industries, Bamboo Industries and Agri-Food Processing Industries are the industries which will be set up.

Walmart Uses Blockchain Technology For Tracing Seafood In Andhra Pradesh

Global retail major Walmart said it is currently running a pilot project using blockchain technology among the shrimp farmers in Andhra Pradesh for ensuring traceability.
Through this technology, the retailer can now trace the shrimp that is sourced from the state to select Sam's Club locations in the US.
Since 2017, Walmart has been collaborating with IBM on the use of blockchain technology to enhance global food traceability.
As a part of the current project, the company worked closely with Andhra Pradesh-based seafood processor Sandhya Aqua and US-based supplier Stanley Pearlman Enterprises to add the shrimp supply chain to the block chain-enabled IBM Food Trust.

Oct 05, 2019

Microfinance Limits Raised

Reserve Bank of India raised the micro loan limits to ensure higher flow of funds to the economically weaker section as their role in the economy has grown over the years with the government's inclusive agenda.
In a twin-move, the regulator raised the household income limit for availing micro loans while enhanced the lending limit to Rs. 1.25 lakh per eligible borrower from Rs. 1 lakh earlier.
The decisions would provide a shot in the arm to the country's microfinance sector as they could cater to a wider market now. The income and loan limits to classify an exposure as eligible asset were last revised in 2015.
As per RBI, borrowers with annual household income up to Rs. 1.25 lakh in rural areas would now be eligible to take micro loans while the threshold limit was Rs. 1 lakh earlier.
Similarly, income limit has been raised to Rs. 2 lakh from Rs. 1.6 lakh for borrowers in urban and semi urban pockets.

RBI's Rate Cut Leaves Market Disappointed

The Reserve Bank of India (RBI) delivered another rate cut — the fifth in as many policy review meetings to boost a slowing economy. However, the move failed to cheer the market which was betting on a bigger rate reduction.
The six-member monetary policy committee decided to cut interest rates by 25 basis points (bps) to 5.1% with five members voting in favour of the quantum while R. H. Dholakia voted for a 40 bps cut. [100 bps = 1 percentage point]
The MPC also decided to continue with an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
The central bank also revised its growth forecast for the current financial sharply, from 6.9% projected in the August policy, to 6.1%. Growth forecast for the first quarter of the next financial year was also trimmed to 7.2% from 7.4%.
Inflation forecast for the second half of FY20 has been retained at 3.5-3.7%.

UAE to Invest $5 Billion in Oil Refinery Project in Pakistan

The United Arab Emirates would invest a whopping USD 5 billion in an oil refinery project in cash-strapped Pakistan by the end of the year.
According to UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi, this project would show the strength of UAE-Pakistan relations and how the UAE is focusing on investment and future of Pakistan.
It is going to be an investment venture between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (Parco) and OMV (OMV Pakistan Exploration Gesellschaft).

Oct 04, 2019

RBI Increases PMC Bank Depositors Withdrawal Limit To Rs 25,000

The Reserve Bank enhanced the withdrawal limits for depositors of the scam-hit Punjab & Maharashtra Cooperative Bank to Rs 25,000 from Rs 10,000 per account over the next six months.
This is the second time the regulator has increased the withdrawal limits since its clamped down on the bank on September 23, 2019 when it had capped it a low Rs 1,000 per customer which led to lot of distress and criticism.

IRCTC IPO a Huge Hit Among Investors

The initial public offering of Indian Railway Catering and Tourism Corporation (IRCTC) was a huge hit among investors as it got subscribed 111.91 times on the final day of bidding.
The Rs. 645-crore IPO received bids for 225 crore shares against the total issue size of 2 crore scrips.
The category meant for qualified institutional buyers (QIBs) was subscribed 108.79 times, non-institutional investors (NIIs) was subscribed 354.52 times and retail investors was subscribed 14.65 times.

Meghalaya Government Signs Deal With Dalmia Cement To Turn Plastic Waste Into Fuel

The Meghalaya government has inked an environment-friendly deal with India's leading cement company, Dalmia Cement, to help make the state plastic-free by 2022.
Dalmia, along with one of Northeast's leading cement brands, Topcem Cement, has decided to buy plastic waste to be used as fuel instead of coal for producing clinkers.
The chief minister said that Dalmia cement firm that offered to buy the plastic waste had its factory retrofitted to consume plastics in place of coal.
The State Pollution Control Board would be monitoring the ambient air quality after the plastics are burned so that no harmful emission takes place.

Oct 03, 2019

US Widens Trade War With Tariffs On Airbus Planes, French Cheese, Scotch Whisky

The United States has said it would enact 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch, Irish whiskies and cheese from across the continent as punishment for illegal EU aircraft subsidies.
The announcement came after the World Trade Organization gave Washington a green light to impose tariffs on 7.5 billion dollars worth of EU goods annually in the long-running case, a move that could ignite a tit-for-tat transatlantic trade war.
The US target list for EU tariffs, set to take effect on October 18, 2019 includes large Airbus planes made in France, Britain, Germany and Spain for 10% tariffs.

DGTR Launches Online Filing System For Anti-Dumping Applications For Speedy Resolution

The commerce ministry's arm DGTR has launched an online system - ARTIS - for filing of anti-dumping applications by domestic industry with an aim to facilitate speedy resolution of dumping issues.
The Directorate General of Trade Remedies (DGTR) in a trade notice has said ARTIS (Applications for Remedies in Trade for Indian Industry and other Stakeholders) is developed for filing of applications, responses and other related submissions with respect to various trade remedial measures.

Oct 02, 2019

I-T Dept Has To Quote DIN To Taxpayer

The Central Board of Direct Taxes (CBDT) has launched a computer-generated documentation identification number (DIN) system which provides for a transparent and recorded communication between the income tax department and taxpayers.
A DIN will be mandatory for every type of communication with the income tax department, be it a notice, a letter, an order and summon, or any other correspondence.
Without it, the document and communication will be deemed invalid, said a CBDT statement.

TRAI Prescribes Rate Of Rs 6.46 For Mobile Number Portability Service

Telecom regulator TRAI prescribed nearly 66 per cent cut in per transaction charge to Rs 6.46 for port out services offered by mobile number portability service providers (MNPSPs).
The regulations would come into effect from November 11, 2019.

M&M Forms JV With Ford

Mahindra & Mahindra formed a joint venture (JV) with Ford Motor Company after buying a 51 per cent stake in the Indian unit of the US auto major.
The venture will manage Ford's Indian operations.
The completion of the transaction is expected to take place by the mid of 2020. The likely equity value for M&M's 51 per cent stake will be Rs 657 crore.

WTO Cuts Global Trade Growth Forecasts For 2019 To 1.2% Amid Slowdown

The WTO sharply cut global trade growth forecasts for 2019 to 1.2 per cent from the earlier 2.6 per cent, mainly due to trade tensions and sluggish global economy.
This growth projection will not augur well for India, as it is struggling to increase its exports.
World merchandise trade volumes are now expected to rise by only 1.2 per cent in 2019, substantially slower than the 2.6 per cent growth forecast made in April, 2019.

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