The Life Insurance Corporation of India (LIC), India's largest insurer, launched "Bima Ratna" – a non-linked, non-participating, individual, savings life insurance plan. The new plan, which is aimed at the domestic market, provides both protection and savings.
The key features of the plan include Death benefits, Survival benefits, Maturity benefits, Guaranteed Additions, Settlement Options, Grace Period and Revival solutions among other things. The Bima Ratna plan from LIC provides financial assistance to the policyholder's family in the case of the policyholder's untimely death during the policy term. It offers for periodic payments for the policyholder's survival at specified intervals to address various financial demands.
Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis (monthly premiums can only be paid through the National Automated Clearing House (NACH)) or by deductions from salary.
Reliance Jio Starts Mobile Telephony Service on Kedarnath Trek Route in Uttarakhand
Badrinath-Kedarnath Mandir Samiti chairman Ajendra Ajay inaugurated the mobile and data services of Reliance Jio on the Kedarnath trek route. With this, Reliance Jio became the first operator to give mobile and data connectivity on the trek route between Gaurikund and the Himalayan shrine. Pilgrims en route to the temple will now stay connected with their loved ones through voice or video calls.
After a gap of two years during which the yatra was interrupted due to the Covid pandemic, there is a huge rush of pilgrims in 2022 for the Himalayan temples. A full capacity tower has been installed at Sonprayag, a very important halt location, in accordance with the plan to install five towers between Gaurikund and Kedarnath.
World's Richest Man, Elon Musk Was 2021's Highest Paid CEO
Tesla and SpaceX CEO Elon Musk topped the list of the most highly compensated CEOs on the Fortune 500 list in 2021. After Musk, the 10 most highly compensated Fortune 500 CEOs of 2021 are all tech and biotech CEOs, including the heads of Apple (Tim Cook), Netflix (Reed Hastings), and Microsoft (Satya Nadella).
In 2021, Musk realised compensation worth almost $23.5 billion, from exercising some Tesla stock options awarded in a 2018 multiyear "moonshot" grant. According to the Fortune 500, that was by far the biggest paycheck a CEO ever received.
May 30, 2022
RBI's Banknote Survey Revealed that ₹100 Banknote was the most Preferred
RBI's Banknote Survey of Consumers findings revealed that Rs. 100 was the most preferred banknote while Rs. 2,000 was the least preferred denomination.
Among coins, Rs. 5 denomination was the most preferred whereas Re. 1 was the least preferred.
Watermark of Mahatma Gandhi's image followed by windowed security thread was the most recognized security feature as per the survey.
Survey took the sample of 11,000 respondents from rural, semi-urban, urban and metropolitan areas.
US Trumps China as India's Top Trading Partner
The US surpassed China to become India's top trading partner in 2021-22, according to the data of the Commerce Ministry. In 2021-22, bilateral trade with the US was at $119.42 billion while that with China was $115.42 billion. In 2021-22, exports to the US increased to $76.11 billion from $51.62 billion in the previous fiscal. In contrast, exports to China were at $21.25 billion from $21.18 billion in 2020-21.
Imports from the US also rose to $43.31 billion as compared to about $29 billion in 2020-21. But imports from China jumped much more sharply to $94.16 billion from $65.21 billion in 2020-21.
China occupied the top slot as India's trading partner from 2013-14 till 2017-18 and also in 2020-21. The third spot in 2021-22 was occupied by the UAE with total trade of $72.9 billion, followed by Saudi Arabia ($42.85 billion), Iraq ($34.33 billion) and Singapore ($30 billion).
Govt. Launches Indian Business Portal to Help Indian Exporters Get Global Visibility
Minister of State for Commerce and Industry Anupriya Patel launched the Indian Business Portal in New Delhi. The portal will serve as an international trade hub for Indian exporters and foreign buyers. The portal is a business to business digital marketplace to empower small medium enterprises exporters, artisans and farmers to identify new markets for their products and grow their sales globally.
Indian Business Portal was developed by Federation of Indian Export Organisations to provide Indian Small and Medium Enterprises (SME) exporters, artisans and farmers, and foreign buyers a business to business marketplace on a single digital window.
May 29, 2022
Govt. Brings Import of Paper under Compulsory Registration from Oct 1
In a bid to protect the domestic paper industry, the commerce and industry ministry decided to make registration compulsory for importing major paper products such as newsprint, handmade paper, envelopes, among others. All imports arriving on or after October 1, 2022 will be governed by the Paper Import Monitoring policy that aims to put an end to dumping of such products and address the issue of re-routing of goods through other countries in lieu of trade agreements.
This order will be applicable on a range of paper products such as newsprint, handmade paper, wallpaper base, duplicating paper, coated paper, uncoated paper, litho and offset paper, tissue paper, parchment paper, carbon paper, wall paper, envelops, toilet paper, cartons, account books, labels, bobbins, among others.
Paper products like currency paper, bank bond and cheque paper, security printing paper, among others, have been excluded from the monitoring system.
Number of Rs. 2000 Currency Notes Continue to Decline
The number of bank notes of Rs. 2000 denomination steadily declined over the years to touch 214 crore or 1.6 per cent of the total currency notes in circulation at the end of March 2022, according to RBI annual report. The total number of currency notes of all denominations in circulation stood at 13,053 crore as of March, up from 12,437 crore from the year-ago period.
In value terms also, the Rs. 2000 denomination notes dipped from 22.6 per cent of the total value of currency notes in circulation to 17.3 per cent at the end of March 2021 and further to 13.8 per cent at the end of March 2022.
In volume terms, Rs. 500 denomination constituted the highest share at 34.9 per cent, followed by Rs. 10 denomination bank notes, which constituted 21.3 per cent of the total bank notes in circulation as on March 31, 2022. The Rs. 500 denomination notes accounted for 31.1 per cent share at the end of March 2021 and 25.4 per cent as of March 2020. In value terms, these notes rose from 60.8 per cent to 73.3 per cent from March 2020 to March 2022.
May 28, 2022
RBI Reduces Net-Worth Requirement for Non-Bank Bharat Bill Payment Units
The RBI eased norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the net-worth reqirement to Rs. 25 crore, with a view to encourage more players in the segment. At present, a net worth of Rs. 100 crore is required to obtain authorisation for a non-bank BBPOU (Bharat Bill Payment Operating Units). Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills.
The requirement of Rs. 100 crore net worth for a non-bank BBPOU to obtain authorisation was viewed as a constraint to greater participation. To increase participation, the RBI had decided to align the net worth requirement of non-bank BBPOUs with that of other non–bank participants which handle customer funds (like payment aggregators) and have a similar risk profile.
RBI to Adopt 'Graded Approach' to Introduce Digital Currency
The Reserve Bank of India (RBI) is proposing to adopt a graded approach towards the launch of central bank digital currency (CBDC) in the country to ensure conformity objectives of monetary policy, financial stability and efficient operations of currency and payment systems.
RBI has been exploring the pros and cons of introduction of CBDC in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination.
Finance Minister Nirmala Sitharaman had announced in the Union Budget for 2022-23 that the RBI will introduce the CBDS as India's official digital rupee in 2022-23. The digital currency is expected to be tethered to the fiat version of the Indian rupee, and will use blockchain and related technologies to operate.
May 27, 2022
SBI Introduces Xpress Credit on YONO
State Bank of India (SBI) introduced Real-Time Xpress Credit on its Yono platform, allowing eligible customers to get personal loans of up to Rs. 35 lakh. The bank said its flagship personal loan product for salaried customers "Xpress Credit" now has a digital avatar and customers can now avail of it through Yono.
Real-Time Xpress Credit, central, state government and defence salaried customers of SBI will no longer be required to visit the branch for availing of a personal loan. It would be a 100% paperless and digital experience and an end-to-end eight-step journey.
Delhi Customs Launches Project 'NIGAH' at ICD Garhi Harsaru, Gurugram
Project NIGAH is an initiative to track container by using ICTM (ICD Container Tracking Module) which will help in better visibility of the container movement inside the ICD. It will help Customs to expedite long standing containers and monitor timely clearances, thereby enhancing Ease of Doing Business along with ensuring lead preventive checks. ICTM has been developed in collaboration with the Custodian M/s. GRFL. A live demo of the project was given to all the participants.
On this occasion, the Chief Commissioner thanked the Custodian M/s. GRFL for this innovative development at local level to provide granular level visibility supporting ease of monitoring and to synergise the technological platforms introduced by the government with other stakeholders' platforms, which will lead India to high standards of EXIM trade. He encouraged other Custodians to replicate the project at ICDs for the benefit of trade.
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