General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Dec 27, 2018

Nepal Imposed Limit on Expenditure of its Citizens in India

Nepal imposed a monthly limit on the amount of Indian currency its citizen can spend in India.
As per a spokesperson of the Nepal Rastra Bank (NRB), a visiting Nepali citizen would not be able to spend more than Rs. 1 lakh every month while paying for goods and services in India and that the decision was taken to deal with the current account deficit of Nepal.
The announcement is a historic first as it is the first time that Kathmandu has enforced such a limit on individual Nepali citizens and businessmen in India.
The policy is applicable to prepaid, credit and debit cards of Nepali banks.

US-made GE Locomotives to Railways

Adani Ports and Special Economic Zone concluded the import and delivery of 50 U.S.- made GE locomotives to the Railways.
They were manufactured by GE Electromotive Division in the U.S. and imported to Mundra Port.
The final locomotive was handed over to the Railways at the Roza Loco Shed (U.P.).

RBI's Economic Capital Framework Panel

The Reserve Bank of India, in consultation with the government, has set up a six-member committee to review the economic capital framework of the central bank.
Former RBI Governor Bimal Jalan will be the committee's chairman and former Deputy Governor Rakesh Mohan deputy chairman.
The other members are Economic Affairs Secretary Subash Chandra Garg, RBI Deputy Governor N. S. Vishwanathan and two board members of the RBI, Bharat Doshi and Sudhir Mankad.

Norms Tightened for E-commerce Firms

Tightening norms for e-commerce firms like Flipkart and Amazon, the government took host of steps and barred them from selling products of the companies in which they have stake.
The commerce and industry ministry also prohibited e-commerce companies from entering into an agreement for exclusive sale of products.
An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity.

Manufacturing Posted Strong Sales Growth

As per RBI, the manufacturing sector, particularly the textile, iron and steel segments, maintained the pace of sales growth in the second quarter of 2018-19 compared with the year-earlier period.
Demand conditions in the manufacturing sector maintained its pace in the September quarter 2018-19 as reflected in strong sales growth (year-on-year), as per the RBI analysis of 2,700 listed private sector non-financial companies.

Dec 26, 2018

RBI to Release New Rs. 20 Notes

The Reserve Bank of India will soon introduce new Rs. 20 notes with additional features.
According to the RBI data bank, there were 4.92 billion pieces of Rs. 20 note in circulation as on March 31, 2016.
The number more than doubled to about 10 billion pieces by March 2018.

Japanese Firms in India Have Gone Up

Ambassador of Japan to India Kenji Hiramatsu said that the number of Japanese firms operating in India has gone up by 72 to 1,441 till October this year.
He also said that there was a significant rise in the number of firms in metal manufacturing and services.

Vedanta to Invest in Electrosteel

Vedanta Ltd, the Indian subsidiary of Vedanta Resources Plc. is planning to invest more than $3 billion to expand the capacity of Electrosteel Steel's plant in Jharkhand whose possession it secured earlier this year through an insolvency resolution process.
The investment is proposed to be made in two tranches.

Dec 25, 2018

Merger of Radiant Life and Max Healthcare

Radiant Life Care, backed by private equity major KKR, will acquire a majority stake in Max Healthcare through a merger to create an entity with valuation of Rs. 7,242 crore.
The combination of Radiant and Max Healthcare will create the largest hospital network in North India.
The merged entity will figure among the top three hospital networks in India by revenue and the fourth-largest in India in terms of operating beds.

Sterlite Power Won Contract

Sterlite Power won a $600 million transmission project in Brazil.
The project would be executed over the next 3-5 years at Rio Grande do Sul in the southern region of the country.
With this order, the company's investment in Brazil's transmission sector crossed $2 billion with a portfolio of 10 projects.

Operations of Iran's Strategic Chabahar Port

India formally took over operations at Chabahar Port in Iran, giving a major boost to the country's efforts to support war-torn Afghanistan.
New Delhi's efforts to develop the port, which allows India to ship supplies to Afghanistan while bypassing Pakistan, received a fillip when Washington exempted Chabahar from Iran-related sanctions in November.
Iran formally handed over the port to India during a first meeting of the follow-up committee for the implementation of the Chabahar Agreement between Iran, Afghanistan, and India in the port city Tehran.

Standard GST Rate Between 12% and 18%

According to Arun Jaitley, India will soon move to a new standard rate between 12% and 18%, with "luxury and sin goods as an exception, maintaining the government's position that the current goods and services tax regime will be simplified and standardised over time.
When this happens, India will effectively have three GST rates of 0%, 5%, and the standard rate, which will apply to most products and services.

Dec 24, 2018

Infusion by FPIs

Foreign investors have pumped in close to Rs. 4,000 crore in the Indian capital markets this month so far on strengthening rupee and easing global crude prices.
This follows a 10-month high net inflow of over Rs. 12,266 crore in the capital markets by foreign portfolio investors (FPIs) in November.

Dec 23, 2018

Six Major Companies Shortlisted by RBI

The Reserve Bank of India (RBI) shortlisted six major IT companies, including TCS, Wipro and IBM India, to set up a digital public credit registry (PCR) for capturing details of all borrowers and wilful defaulters.
The proposed PCR will also include data from entities such as markets regulator SEBI, the Corporate Affairs Ministry, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI), to enable banks and financial institutions to get a 360-degree profile of existing as well as prospective borrowers on a real-time basis.

GST Cut on Items

The GST Council has reduced tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks.
With this, only 28 goods are left in the highest 28 per cent tax bracket. Monitors and TV screens up to 32-inches and power banks will attract 18 per cent GST, as against 28 per cent earlier.

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