Govt. Extends RoSCTL Scheme till March 2024 for Exports of Apparel/Garments
The government approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as notified by the Ministry of Textiles for exports of apparel/garments and made-ups till March 31, 2024, with a view to boost exports and job creation in the textile sector.
After the introduction of GST in 2017, the RoSL (Rebate of State Levies) scheme was replaced by a new scheme – Rebate of State and Central Taxes Levies (RoSCTL) in March 2019.
Raymond Appoints Coca-Cola veteran Atul Singh to Lead the Group
Raymond announced that Atul Singh will lead the group.
The nomination and remuneration committee of Raymond has recommended his appointment as executive vice-chairman to the Board. It is subject to necessary regulatory clearances.
Singh has over 35 years of leadership experience, leading businesses across several geographies. He worked at Coca-Cola for about two decades at several senior leadership positions and concluded his journey there as chairman, Asia-Pacific. He also spearheaded businesses across 25 countries.
Prior to joining Coca-Cola, Singh worked at Colgate-Palmolive for 10 years where he held several key positions globally.
Israel Sells Haifa Port to Adani Ports, Israel's Gadot for $1.2 bn
Israel said that it will sell Haifa Port, a major trade hub on its Mediterranean coast, to winning bidders Adani Ports of India and local chemicals and logistics group Gadot for 4.1 billion shekels ($1.18 billion).
Gadot and Adani made it to the end of a two-year tender process that Israel hopes will lower import prices and help shorten notoriously long wait times at Israeli harbours.
The privatisation of the port of Haifa will increase competition at the ports and lower the cost of living.
Adani will have a majority 70% stake and Gadot will hold the remaining 30%.
Jul 14, 2022
TATA AIA Life Insurance & City Union Bank Announce Partnership
One of India's leading life insurance companies, Tata AIA Life Insurance Co. Ltd, announced a strategic alliance with City Union Bank (CUB) to offer life and health insurance solutions to the bank's consumers.
This partnership brings together two respected consumer centric brands that have been a part of India's consumer landscape for more than a century. This partnership will help City Union Bank consumers (existing and new) to benefit from Tata AIA Life's diverse and innovative products and services spanning term insurance, savings and investment, retirement, and health.
It will enable Tata AIA Life to expand its distribution through CUB's 700+ branches and contribute significantly towards increasing life insurance penetration in the country.
Fincare Small Finance Bank Launches Video Banking Services for Customers
Fincare Small Finance Bank announced an expansion in its state-of-the-art banking services with the launch of its video banking services for customers.
Aimed at reducing waiting lines and offering location agnostic banking services, the bank launched the video banking platform whereby customers can connect face-to-face with a customer service representative of the bank and also chat, simply by initiating a video call using the Bank's WhatsApp channel.
The channel supports increased drive towards modern, digital means of banking with elements of higher personalization, quick and convenient, with the pleasure of a full interaction without having to visit a physical branch. This channel not only brings the bank closer to the customer, but also helps bespoke services possible.
Jul 13, 2022
Madhulika Bhaskar Gets Additional Charge as NIACL CMD
General Manager Madhulika Bhaskar of New India Assurance Company Ltd (NIACL) was given additional charge as CMD for a period of three months.
The tenure of Atul Sahai as the Chairman-cum-Managing Director (CMD) of the company had ended in February 2022 following his superannuation.
The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a nationalised general insurance company. It is under the ownership of Ministry of Finance, Government of India. It is the largest nationalised general insurance company of India on the basis of gross premium collection inclusive of foreign operations. It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
Meena Hemchandra Part-time Chairman of Karur Vysya Bank
The Reserve Bank of India (RBI) approved the appointment of former RBI executive Meena Hemchandra as part-time chairman of private sector lender Karur Vysya Bank for three years.
In May, the bank had recommended Hemchandra's candidature for the position of non-executive independent (part-time) chairperson of the bank to the RBI for approval.
She is a career banker with over 35 years of banking experience in various departments of the RBI.
Hemchandra was the Executive Director of RBI from June 2015 to November 2017.
PM Modi to Participate in First I2U2 Leaders' Summit Virtually
Prime Minister Narendra Modi will participate in the first Leaders' Summit of I2U2, along with leaders of Israel, UAE and the US on July 14 virtually.
I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.
The I2U2 Grouping was conceptualised during the meeting of the Foreign Ministers of the four countries held in October 2021. Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation.
KKR India Chairman, TCS CEO among 29 Members Inducted in Board of Trade
The government nominated 29 non-official members from large and small enterprises and different sectors in the Board of Trade, which is a top advisory body on external trade. The inductees include chief executive officer of Tata Consultancy Services Rajesh Gopinathan, and KKR India Chairman Sanjay Nayyar.
The Board, chaired by commerce and industry minister Piyush Goyal, advises the government on policy measures to improve the country's foreign trade.
The government had in 2019 merged the Council of Trade Development and Promotion with the Board of Trade to bring greater coherence in the consultation process with all stakeholders for promoting exports and imports, according to an official notification.
Jul 12, 2022
GoM on GST Appellate Tribunal Set Up, Headed by Dushyant Chautala
The Goods and Services Tax (GST) Council has set up a six-member group of ministers (GoM) to recommend necessary amendments required in the GST laws and other legal changes for setting up the GST Appellate Tribunal (GSTAT).
The GoM will be headed by Haryana Deputy Chief Minister Dushyant Chautala.
The 47th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, had last month decided to constitute a GoM to address various concerns raised by the states in relation to the constitution of the GSTAT.
Eureka Forbes Names Pratik Pota as MD & CEO
Private equity firm Advent International announced that it will be partnering with Pratik Pota to lead its portfolio company, Eureka Forbes.
Pratik Pota will have the title of Managing Director and CEO of Eureka Forbes.
Pratik will lead the management team to continue scaling the business, solidifying Eureka Forbes' market leadership position, and delivering innovative products for a growing customer base.
Axis Bank Signs MoU with Indian Air Force
Private sector lender Axis Bank signed an MoU with the Indian Air Force (IAF) to manage salary accounts of the defense personnel.
Offering benefits and features to Air Force personnel under its 'Power Salute' initiative, Axis Bank said that it will offer numerous benefits to all ranks of the defence staff, including veterans, cadets/recruits.
The salary account offered by Axis Bank will have benefits such as personal accidental cover of up to Rs. 56 lakh, total permanent disability cover benefit of Rs. 46 lakh, air accident cover of Rs. 1 crore among others.
RBI Allows Settlement in Rupee to Settle Trade with Russia, Sri Lanka
The Reserve Bank of India (RBI) allowed trade settlements between India and other countries, including Sri Lanka and Russia, in rupees.
Banks have to take approval on doing such transactions.
The exchange rate between the currencies of the two trading partner countries may be market-determined.
Jul 11, 2022
Max Life Launches Life Insurance Product, Smart Capital Guarantee Solution
Max Life Insurance rolled out a new market-linked life insurance product.
Named Smart Capital Guarantee Solution, it combines the features of two of Max's existing products – 'Max Life Smart Wealth Plan' and 'Max Life Flexi Wealth Advantage Plan'.
The product takes customers through three stages of on-boarding: pre-issuance, issuance, and post-issuance. The policy also comes with a unified issuance and unique identifier that simplifies premium payments, thus resulting in better customer experience. Buyers also have the flexibility to choose from different premium term payment options.
Maharashtra Leads States with 13,541 Govt-recognised Start-ups: DPIIT Data
Maharashtra has the maximum number of government-recognised start-ups, followed by Karnataka and Delhi, data shared by the industry department showed.
As many as 13,541 active Department for Promotion of Industry and Internal Trade (DPIIT) recognised start-ups were from Maharashtra, out of the total 73,205 such government-approved new age companies in the country. This means Maharashtra has a share of 18 per cent with respect to the total number of start-ups.
Karnataka with 8,902 start-ups was followed by Delhi with 8,670 enterprises as of July 2022.
These start-ups have created more than 750,000 jobs with an average of 11 jobs per enterprise, the data showed.
Panel on GST Appellate Tribunal Formed
The GST Council set up a Group of Ministers, chaired by Haryana Deputy Chief Minister Dushyant Chautala, to suggest required changes in the law for setting up the GST Appellate Tribunal (GSTAT).
The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, had ecided to constitute a Group of Ministers (GoM) to address various concerns raised by states in relation to constitution of the GSTAT.
As per the Terms of Reference (ToR) of the GoM, the panel would recommend required amendments in the GST law to ensure that the legal provisions maintain the right federal balance and are in line with the overall objective of uniform taxation within the country.
CoinSwitch Appoints Former Myntra VP as Head of Crypto Engineering
Crypto investing app CoinSwitch appointed Sudheer Tumuluru as its head of crypto engineering. His role includes leading the company's efforts to build the technology stack that drives crypto trading, exchange, and emerging crypto products.
Tumuluru joins CoinSwitch from Myntra where he was vice president of engineering. With over two decades of experience, he has built cloud, Big data and infrastructure platforms at tech companies in India and the US.
Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari, CoinSwitch is backed by investors such as Andreessen Horowitz (a16z), Tiger Global and Sequoia Capital.
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