General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 13, 2024

India & UAE Forge New Path with Local Currency Settlement System

India and the UAE embarked on a groundbreaking initiative with the introduction of the Local Currency Settlement System (LCSS), aimed at transforming their economic relations. This system allows transactions between the two nations to be conducted in their respective domestic currencies, Indian Rupees and UAE Dirhams, thus reducing reliance on intermediary currencies like the US Dollar. The LCSS promises to significantly cut transaction costs and settlement times, fostering a more streamlined and efficient trade environment.
During Indian Prime Minister Narendra Modi's visit to the UAE, pivotal steps were taken to establish the LCSS, marked by a Memorandum of Understanding between the Reserve Bank of India and the Central Bank of the UAE.

GAIL to Set Up India's Largest Ethane Cracker Project with Rs 60,000 Crore Investment in MP

GAIL (India) plans to establish a 1500 KTA Ethane Cracker Project in Sehore, Madhya Pradesh, with an estimated capex of Rs. 60,000 crore. The project aims to produce a range of ethylene derivatives, bolstering the petrochemical infrastructure in the region.
The project will be situated in Ashta, District Sehore, spanning approximately 800 hectares. The Madhya Pradesh Industrial Development Corporation Limited is facilitating land acquisition for the project, with the state government already initiating the process.

COAI Names VI's Abhijit Kishore as Chairperson; Bharti Airtel's Rahul Vatts Vice-chair

Telecom industry association Cellular Operators Association of India (COAI) named Vodafone Idea's COO Abhijit Kishore as its Chairperson and Bharti Airtel's Chief Regulatory Officer Rahul Vatts as the Vice Chairperson of the association, effective June 2024. The announcement came after COAI (Cellular Operators Association of India) concluded its annual general body meeting for 2023-24.
Kishore brings to the board a wide-ranging experience of over three decades with the Indian telecom industry across functions, organisations and geographies. He took over the charge from Pramod K. Mittal, a president at Reliance Jio Infocomm.
Vatts also has 29 years of experience and expertise in telecom and broadcasting licensing, economic regulations, spectrum management and regulatory litigation. He is also a governing council member of various telecom standardisation bodies in India.

Jun 12, 2024

Visakhapatnam Port Ranks in Top 20 of World Bank CPPI

Visakhapatnam Port achieved the 18th position in the Container Port Performance Index 2023, surpassing Mundra Port.
The Container Port Performance Index 2023, curated by the World Bank and S&P Global Market Intelligence, evaluates port efficiency globally, emphasizing vessel time in port.

PhonePe Partners with PickMe to Offer UPI Payments for Indians in Sri Lanka

The Indian digital payment company PhonePe announced a partnership with Sri Lankan ride-hailing platform PickMe. This collaboration allows Indian travellers in Sri Lanka to use PhonePe's UPI payment option to pay for PickMe rides, enabling cashless transactions and enhancing travel convenience.
This partnership follows the launch of PhonePe in Sri Lanka, supported by Indian High Commissioner H.E. Santosh Jha, who advocated for collaboration between Sri Lankan and Indian companies to build the UPI network. The move is part of PhonePe's strategy to expand its international presence and cater to the growing number of Indian tourists visiting Sri Lanka.

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'.

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