General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Sep 22, 2019

CBDT Issues Order To Set-Up National Centre For I-T e-Assessment

A National e-Assessment centre (NeAC) will be setup in the national capital as part of the government's ambitious plan to launch faceless and nameless assessment for income tax payers from October 2019.
The Central Board of Direct Taxes (CBDT), that frames policy for the Income-tax department, has issued an order for the creation of the Centre.
The Centre will have 16 officials and will be headed by a Principal Chief Commissioner of Income-tax (PCCIT) as its chief.

Postal Accounts To Be Linked With Aadhaar For Transparency

IT and Communications Minister Ravi Shankar Prasad has said postal accounts will be linked with Aadhaar for greater transparency.
He was speaking after inaugurating Bihar's first and the country's tenth Aadhaar Seva Kendra in Patna.
One thousand Aadhaar cards will be made at this centre and other facilities will be also available. Mr Prasad said 114 such Kendra will soon be operational in 53 cities in the country.

GST Council Meet Key Takeaways

After hours of deliberation, the GST Council announced rate cut on a number of items, amid a chorus of demands for measures to address the slowing economy. All GST rates will be effective from October 1, 2019.

Key takeaways from the meeting:

GST Council approves proposal to hike rates on caffeinated drinks from 18% to 28%, plus additional 12 % compensation cess. Aerated drinks shall no longer be under compensation scheme.
Council approves proposal to cut rates on hotel tariffs. Rooms with tariff Rs 7,500 and above will now be taxed at 18%. Prior to the cut, the GST rate on this category was 28%. GST on rooms with tariff between Rs 1001 and Rs 7,500 now stands at 12%. No GST on tariffs upto Rs 1,000.
GST on cups, plates made from flower, leaves and bio-friendly material has been reduced to zero from 5%.
GST on goods under Chapter 12 which includes supplies to railways has been hiked to 12% from 5%. This is without refund on the accumulated input tax credit (ITC).
Compensation cess on petrol motor vehicles with 10-13 person capacity reduced to 1%, while on diesel vehicles it has been reduced to 3%. Before the cut, the compensation cess was at 15 per cent.
GST on marine fuel cut to 5% vs 18% earlier.
Uniform rate of 12% on woven / non-woven polyethylene bags.
Exemption from GST/iGST is being given on import of specified defence goods not being manufactured indigenously. It is being extended only up to 2024. Supply of goods and services to FIFA & other specified persons are also exempted for Under-17 Women's World Cup in India.

Sep 21, 2019

In Liquidity Push, PSBs Plan 'Loan Melas' In 400 Districts

In a bid to dispel the notion that only the banks have liquidity and it is not flowing to the NBFCs and the customers, Finance Minister Nirmala Sitharaman announced that all scheduled banks will hold large gatherings in a total of 400 districts, where customers can come and take any type of loan they want from the banks and the NBFCs partnering with them.
The Finance Ministry, in a release, added that banks had already entered into 14 tie-ups with NBFCs for co-originating loans, with another 36 such tie-ups in the pipeline.

Telecom Body Okays ₹8,500 Cr For Mobile Towers, Optical Fibre Laying

The Digital Communication Commission, the highest decision making body in the Department of Telecom, approved multiple projects worth over ₹8,500 crore for setting up mobile towers and laying of optical fibre, with an aim to provide improved connectivity.
The commission also approved a special scheme to cover close to 12,000 uncovered villages in aspirational districts.
The approved infra projects include laying of BharatNet fibre in Tamil Nadu and Telangana, at an estimated cost of ₹1,815 crore and ₹2,065 crore, respectively.
Additionally, approval was given for setting up 1,917 mobile towers for uncovered villages in the North East.

SEBI Sets Up Panel to Suggest Norms for Social Stock Exchanges

The Securities and Exchange Board of India (SEBI) has constituted a working group on Social Stock Exchanges (SSE) under the chairmanship of Ishaat Hussain, Director, SBI Foundation.
The other members of the working group are TV Mohandas Pai, Chairman of Manipal Global Education; Roopa Kudva, MD, Omidyar Network India; Amit Chandra, Chairman, Bain Capital; Saurabh Garg, Principal Secretary to Government of Odisha; Shamika Ravi, Director of Research, Brookings India; Vineet Rai, Founder and MD; and Aavishkaar Venture Management Services among others.

Tata Motors Rolls Out New EV Powertrain Tech

In a bid to speed up adoption of electrical vehicles, Tata Motors unveiled a new technology platform aimed at finding solutions to concerns such as range, power, durability, safety and charging infrastructure.
Called 'ZIPTRON', this soon-to-be-introduced EV powertrain technology will power a range of Tata electric cars, starting with a new launch in Q4 of FY20.
The ZIPTRON technology will primarily serve the personal segment. Currently, Tata Motors does not cater to the personal segment as far as EVs are concerned.

Govt. Cuts Corporate Tax To Spur Investment

In its boldest gambit yet to stir up the economy, the government issued an ordinance to reduce the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points, effectively bringing India's tax rates on par with its competing Asian peers.
Finance Minister Nirmala Sitharaman said that the effective tax rate for domestic corporates, inclusive of surcharges, will fall from 34.94% to 25.17% if they stop availing any other tax sops.
For new manufacturing firms set up after October 1, 2019 and commencing operations by March 31, 2023, the effective tax rate will fall from 29.1% to 17%.

RBI Tightens Norms for Banks

The Reserve Bank prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints.
The financial compensation should be done suo motu by the bank, without waiting for a complaint or a claim by a customer, the RBI said.

Sep 20, 2019

Government Notifies 8.65 % Interest Rate For Over 6 Crore EPFO Members For 2018-19

The Central Government has approved 8.65 per cent interest rate on employees provident fund for 2018-19, which will now be credited into the accounts of over 6 crore subscribers of the Employees' Provident Fund Organisation (EPFO).
The EPFO has been settling EPF withdrawal claims at 8.55 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts on higher rate of 8.65 per cent for 2018-19.

Factory Investment At 3-Year Low Of Rs 3.31 Lakh Cr In 2017-18: Survey

Factory investment in 2017-18 hit a three-year low of Rs 3.31 lakh crore in actual terms, according to the annual survey of industries by the Statistics and Programme Implementation Ministry.
Factory investment measured in terms of gross fixed capital formation (GFCF) was Rs 3.79 lakh crore and Rs 3.69 lakh crore in 2015-16 and 2016-17, respectively, provisional estimates of the survey for 2017-18 showed.

DSCI, MeitY and Google India join hands for 'Digital Payment Abhiyan'

Nasscom's Data Security Council of India (DSCI) has collaborated with the electronics and IT ministry (MeitY) and Google India to launch a nationwide awareness campaign 'Digital Payment Abhiyan'.
Communications and Electronics & IT Minister Ravi Shankar Prasad launched the campaign that will educate end-users on the benefits of making digital payments and urge them to adopt security and safety best practices.
The campaign was launched at the Google for India event.
To drive the campaign objectives and amplify outreach to users across all states, DSCI has onboarded various digital payments ecosystem partners.

No Stressed Asset Of MSME To Be Declared NPA Till Mar 31, 2020: Sitharaman

State-owned banks will not declare stressed assets of MSMEs as non-performing assets (NPAs) till March 31, 2020, said Finance Minister Nirmala Sitharaman , listing more measures to lift up the economy by ensuring credit.
State-owned lenders will hold meetings with Non-Banking Financial Companies, or shadow banks and new retail customers in 200 districts till September 29, 2019 to explore giving credit.

Sep 19, 2019

T-Hub Inks MoU With Choose New Jersey

T-Hub signed a tripartite MoU with 'Choose New Jersey', an economic development organisation and 'VentureLink', a community hub for technology companies at the New Jersey Institute of Technology (NJIT) for Northern New Jersey.
T-Hub will provide Indian growth-stage startups with business opportunities, market understanding and access to clients in New Jersey.
The three entities will collaborate in the areas of startup innovation, funding and entrepreneurship.

Kishore Biyani-Backed Future Style Lab To Add 70 Stores Over 3 Years

Kishore Biyani-backed Future Style Lab that operates the Cover Story and Ancestry brands is planning to expand its presence by adding about 70 stores in the next three years, investing Rs 50-60 crore.
While the fashion brands are currently positioned as metro and top city products, next on the company's list for expansion are Jaipur, Chandigarh and Ahmedabad.
Future Style Lab makes a pre-store investment of Rs 60 lakh to Rs 1 crore on each of its Cover Story stores, inspired by London high-street fashion.

Govt Scraps Import Duty On Open Cell TV Panel To Boost Manufacturing

The government has scrapped import duty on open cell TV panel used to make television sets, as it aims to boost local manufacturing by lowering input costs for TV makers who have been complaining about a slump in demand.
The decision to remove 5 percent customs duty will help reduce manufacturing cost by around 3 percent but it wasn't immediately clear if all TV makers will pass on the benefit to consumers.
Panasonic said it will pass on the benefit of 3-4 percent reduction to consumers.
Finance Ministry in a notification said customs duty on "open-cell (15.6-inch and above), for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels" will be nil as against 5 percent import duty previously.

Hero Cycles Ties Up With Yamaha Motor To Launch Lectro e-Cycle Series

Hero Cycles has partnered with Japan's Yamaha Motor Co to launch Lectro e-cycle series.
Priced at Rs 1.30 lakh, Lectro EHX20 is a high performance e-cycle powered by Yamaha.
The cycle plans this product mainly for the metro markets, and target the high disposable income group, which are spending on healthy lifestyle and physical fitness.
Hero Cycles plans to add more models in 'Lectro e-cycle powered by Yamaha' series and will adopt multi-channel retail strategy to reach the customers through its own sales network, multi-brand stores and the online sales channels.

Sep 18, 2019

Airtel Payments Bank Launches 'Bharosa' Savings Account

Airtel Payments Bank launched "Bharosa" savings account services, designed for deepening the financial inclusion in the country.
Along with convenient banking services, Bharosa savings account would offer Rs 5 lakh personal accident insurance on maintaining balance of Rs 500 along with one debit transaction per month.

Govt Waives 3-Year Lock-In Period On Investments Made By NRIs In IDF Bonds

The government has waived the three-year lock-in period on investments made by non-residents in infrastructure debt funds (IDFs), to promote funding in the infrastructure sector.
A notification in this regard has been issued by the Central Board of Direct Taxes (CBDT).
With an aim to accelerate and enhance flow of long-term debt in infrastructure projects, amendments in the tax laws were made to provide exemption from income tax to infrastructure debt funds (IDFs) in 2011.

Mahindra And Mahindra Incorporates MBPL As Wholly-Owned Subsidiary

Home-grown auto major M&M said it has incorporated Mahindra Bangladesh Private Limited (MBPL) as its wholly owned subsidiary. MBPL has been incorporated in Dhaka, Bangladesh under the laws of Bangladesh, The Companies Act (Act XVIII) of 1994.
The objective of the move is to carry on the businesses of trading, distributing, supplying, storing, exporting, importing, servicing, manufacturing, developing, assembling, leasing, selling on hire-purchase or installment systems, research and development, of all kinds of passenger, transportation and utility vehicles including but not limited to tankers, tractors, agricultural machinery, multi-utility vehicles, trailers, lorries, trucks, buses, motor cars, motor cycles, three wheelers or others.

Bengaluru-Based Nitesh Estates Inks Pact With Garden City

Real estate firm Nitesh Estates has entered into a joint development agreement with realtor Garden City for three of its residential assets in the city. The move will help it pare debt by Rs 200 crore.
Bengaluru-based Nitesh Estates, which has been struggling with projects amid the slump in sale of residential units, had brought down its net debt of Rs 1,500 crore by Rs 450 crore earlier in 2019 by selling land in the city and exiting a joint venture mall project with Goldman Sachs.

Allahabad Bank Board Approves Merger with Indian Bank

The board of Allahabad Bank approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sector lender of the country.
Finance Minister Nirmala Sitharaman had on August 30, 2019 announced the consolidation of 10 state-run banks into four large-scale lenders.
In terms of SEBI (listing obligations and disclosure requirements), the board of directors in a meeting considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank.
Meanwhile, employees and officers of Allahabad Bank staged a demonstration in front of its headquarters here to protest against the merger.

Acewin Agriteck May Raise ₹300 cr

Acewin Agriteck Ltd., a Chennai-based software and digital solutions provider, has drawn up plans to enter into prawn hatchery and dairy farming, for which it is planning to raise ₹300 crore.
They are planning to set up two integrated projects covering aquaculture, agriculture, poultry and dairy farming at about ₹300 crore by early 2020.

Commerce And Industry Minister Launches Steel Import Monitoring System

Union Minister of Commerce & Industry and Railways, Piyush Goyal and Minister of State for Commerce & Industry, Hardeep Singh Puri launched Steel Import Monitoring System (SIMS) in New Delhi.
The system has been developed in consultation with Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system.
The SIMS will provide advance information about steel imports to Government and stake holders including, steel industry (producers), steel consumers (importers) to have effective policy interventions.

Govt Allows SAIL To Sell 25% Of Iron Ore Output

Ministry of Mines has allowed Steel Authority of India Limited, SAIL to offload in a year up to a quantity equivalent to maximum 25 per cent of total iron ore production in the year 2018.
It will be subject to clearance from the respective State Governments, where the mines are located, after following due procedure.
It is valid for a period of 2 years. Around 7 Million tonnes of iron ore, produced at its different mines in the States of Jharkhand, Odisha and Chattisgarh, can be offloaded by SAIL to the domestic market after getting necessary clearance from the State Governments.
This will enable SAIL to not only fulfill its own requirement, but also to partially cater to shortfall in domestic iron ore requirement.

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