General Awareness

BUSINESS AND ECONOMY - August 2022

Aug 2022

Apr 19, 2023

CBIC Likely to Introduce New System of Publishing Daily Currency Exchange Rates

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly set to replace the existing fortnightly notification system for currency exchange rates with a daily publishing system on the integrated customs portal. The move is expected to capture daily fluctuations in exchange rates, enabling importers and exporters to calculate customs duties with greater precision.
The current system requires the CBIC to manually notify exchange rates of 22 currencies every fortnight, based on rates from the State Bank of India. The exchange rate data will now be automatically forwarded by SBI to ICEGATE, adjusted to the nearest five paise, and integrated with the Indian Customs EDI System before being published on the ICEGATE portal by 6:00 pm each day.
This new daily publishing system is expected to provide greater accuracy, time efficiency, and a contingency plan in case of technical snags. Experts believe the change will help prevent incorrect customs duties calculations, while giving importers and exporters a more informed understanding of their transactions.

Essar Oil Appoints Corporate Governance Expert Tony Fountain to Board

Essar Oil (UK) appointed Tony Fountain, managing partner at Essar Energy Transition (EET), as a non-executive board director.
Fountain's appointment came at a time as Essar works on its investment plan to become a low-carbon refinery. Tony's appointment will support EET's ambition to lead the UK's energy transition and invest $3.6 billion in developing low-carbon energy transition projects in the next five years. Of these investments, $2.4 billion will be at the Essar site in Ellesmere Port, between Liverpool and Manchester.
Fountain started his career at BP and he later worked as the Chief Executive Officer (CEO) of refining and marketing at Reliance Industries. This was followed by a period as the CEO of the UK Nuclear Decommissioning Authority.

Karnataka Bank Launches Home Loan Campaign

Karnataka Bank launched a special campaign 'KBL Centenary Mahotsav' for home loan till July 17 to mark its centenary year.
Customers may avail the benefits of digital banking and offers of the special campaign across all its 901 branches with discount in upfront fee, attractive rate of interest starting from 8.75%, nil processing charge for home loan, and other benefits.
Karnataka Bank developed digital loan products for home loans, allowing customers to enjoy seamless digital processing and immediate in-principle approvals at their convenience and comfort.

Apr 18, 2023

Origins by Mahindra Signs Mitsubishi Electric for $222 mn Chennai Project

Mitsubishi Electric India Pvt. Ltd. will set up a $222 million plant to manufacture air-conditioners and compressors at Origins by Mahindra, near Chennai.
It will be Mitsubishi Electric's first AC and compressor manufacturing facility in India and is expected to begin operations by October 2025.
Once fully operational, it will enable Mitsubishi Electric to achieve an annual production capability of 3,00,000 units of room ACs and 6,50,000 units of compressors.
An announcement to this effect was made by Mahindra Industrial Park Chennai Ltd., a joint venture between Mahindra World City Developers Ltd. and Sumitomo Corporation of Japan.

SBI Reintroduces 400 Days 'Amrit Kalash' Retail Term Deposit Scheme

State Bank of India (SBI) reintroduced its retail term deposit scheme, Amrit Kalash. The scheme offers a special tenor of 400 days and provides an interest rate of 7.6% for senior citizens and 7.1% for others. This deposit scheme had previously been launched by SBI on February 15, 2023, and was valid till March 31, 2023. The reintroduction of this scheme provides customers with another opportunity to avail themselves of the attractive interest rates offered by SBI.
The bank has reintroduced a scheme starting from April 12, 2023, which will remain valid until June 30, 2023. This scheme is applicable to domestic retail term deposits, including NRI Rupee Term Deposits that are below Rs. 2 crore.

Andhra Pradesh Govt. Changes Name of Greenfield Seaport in Srikakulam

The Andhra Pradesh government renamed the Bhavanapadu Port as Mulapeta Port, respecting the sentiments of local villagers in Srikakulam district.
Chief Minister Y. S. Jagan Mohan Reddy laid the foundation stone for the greenfield port on April 19.
Infrastructure and Investments (Ports) Special Chief Secretary Karikal Valaven said that the state government took this decision as farmers from Mulapeta and Vishnuchakram villages requested for the name change since Bhavanapadu village has no scope in the proposed port area, considering all the lands of Mulpeta and some from Vishnuchakram have been earmarked for acquisition.

Coca-Cola to Buy Minority Stake in Food Delivery Platform Thrive

Coca-Cola will acquire a minority stake in online food delivery platform Thrive. Set up in 2020, Thrive is a food search and delivery platform that competes directly with Swiggy and Zomato.
The strategic investment will give Coca-Cola a distinct edge over rivals, as it will push consumers to order only Coca-Cola's beverages along with the food orders they place on the Thrive app, help them to customise orders, sell package deals and meal combinations, and push loyalty codes.
Coca-Cola sells packaged Coke, Thums Up, Minute Maid juices, Georgia coffee, and Kinley water in India. It already has exclusive partnerships with the fast food chain McDonald's. In September, Coca-Cola launched its global meals platforms called Coke is Cooking in India.
The partnership with Thrive is expected to drive consumer demand for Coca-Cola's beverages.

Apr 17, 2023

YES Bank first Indian company with over 50 lakh shareholders

Private sector lender YES Bank has become the first Indian company to have over 50 lakh shareholders, according to the shareholding pattern of the bank on March-end.
Tata Power was a far second with 38.5 lakh shareholders, followed by Reliance Industries with 33.6 lakh shareholders, according to the December 2022 shareholding disclosures.
The bank had 50.6 lakh shareholders as of March 31, 2023, all of whom were public shareholders. This was an increase from 48.1 lakh shareholders as of December 2022, most likely owing to the end of the three-year lock-in period for shareholders that held equity shares of the bank when it underwent the reconstruction scheme in March 2020.

U.S. emerges as India's biggest trading partner in FY23 at $128.55 billion; China at second position

According to the provisional data of the Commerce Ministry, the bilateral trade between India and the U.S. has increased by 7.65% to $128.55 in 2022-23 as against $119.5 billion in 2021-22. It was $80.51 billion in 2020-21.
Exports to the U.S. rose by 2.81% to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16% to $50.24 billion, the data showed.
On the other hand, during 2022-23, India's two-way commerce with China declined by about 1.5% to $113.83 billion as against $115.42 billion in 2021-22.
Exports to China dipped by about 28% to $15.32 billion in 2022-23, while imports rose by 4.16% to $98.51 billion in the last fiscal. Trade gap widened to $83.2 billion in the last fiscal as against $72.91 billion in 2021-22.
Exports to the U.S. rose by 2.81% to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16% to $50.24 billion
The U.S. has emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.

Kumar Mangalam Birla Gets Business Leader Of Decade Award

Kumar Mangalam Birla, Chairman of Aditya Birla Group, received the Business Leader of the Decade Award. In his acceptance speech, Birla said, "It is a very special award because it recognises longitudinal contribution over a period of ten years."
Jyotiraditya M Scindia, Union Minister of Civil Aviation and Steel, presented the 13th AIMA Managing India Awards to India's high-performing management leaders and institutions for their contribution to nation-building at a spectacular ceremony on Monday.
Scindia congratulated the awardees and called the awards a wonderful portrayal of Indian capability.
He emphasised that India has seen massive structural shifts combined with sustained strategic efforts to create an ecosystem of partners.

Karnataka Bank appoints Sekhar Rao as interim CEO

Karnataka Bank on April 15, 2023 said that it has appointed Sekhar Rao as interim managing director and CEO following the completion of the term of the incumbent CEO.
Mahabaleshwara M S, the incumbent managing director and Chief Executive Officer (MD & CEO) of Karnataka Bank, demitted the office on April 14, after successful completion of his second term of three years, the bank said in a regulatory filing.
Rao, Executive Director, assumed charge as an interim MD and CEO with effect from April 15, 2023, in terms of RBI approval dated April 12, 2023

Apr 16, 2023

Karnataka Bank Authorised to Collect Direct and Indirect Taxes

The Reserve Bank of India authorised private sector lender Karnataka Bank to collect direct and indirect taxes on behalf of CBDT and CBIC.
This was done on the recommendation from the Controller General of Accounts (CGA), Ministry of Finance.
Bank customers are already enjoying seamless online payments for custom duty by selecting Karnataka Bank in the Indian Customs Electronic Gateway 'ICEGATE' portal of CBIC.
The (ICEGA TE) portal of the Central Board for Indirect Taxes and Customs (CBIC) provides e-filing services to the trade, cargo carriers and other trading partners electronically.

Canara Bank and NPCI Launch Cross-Border Bill Payment Service for Indians in Oman

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) launched a service that allows Indians residing in Oman to make payments for their bills in India. Canara Bank achieved a significant feat by becoming India's first public sector bank to provide inbound cross-border bill payment services through BBPS. This breakthrough means that Indians residing in Oman can now conveniently and securely pay bills for services in their home country with ease.
Musandam Exchange, which is supervised by Canara Bank, launched cross-border inbound bill payment services and became the first exchange house in Oman to do so. The cross-border bill payment service is currently operational in Kuwait and is facilitating the process of inbound remittances for various utilities such as water, electricity, gas, mobile phone, credit card bills, and more. This service's introduction in Oman will enable Indians residing in Oman to avail themselves of these advantages for the first time, signifying a significant milestone in India's progress towards digital payments.

Apr 15, 2023

Yes Bank Becomes First Indian Company with over 50 lakh Shareholders

Private sector lender Yas Bank became the first Indian company to have over 50 lakh shareholders, according to the shareholding pattern of the bank on March-end 2023.
Tata Power was a far second with 38.5 lakh shareholders, followed by Reliance Industries with 33.6 lakh shareholders, according to the December 2022 shareholding disclosures.
The bank had 50.6 lakh shareholders as of March 31, 2023, all of whom were public shareholders. This was an increase from 48.1 lakh shareholders as of December 2022, most likely owing to the end of the three-year lock-in period for shareholders that held equity shares of the bank when it underwent the reconstruction scheme in March 2020.

HDFC Bank Signs Agreement with Export-Import Bank of Korea for $300 Million

HDFC Bank signed a "Master Inter Bank Credit Agreement" with Export Import Bank of Korea for a USD 300 million line of credit.
The pact was signed by the two entities at GIFT City in Gujarat's capital Gandhinagar on Wednesday, said a release by the HDFC Bank. This agreement will help HDFC Bank raise foreign currency funds which it would extend to Korea-related businesses.
This line of credit would be utilised by HDFC Bank towards funding requirements of companies having equity participation by Korean companies as well as companies having business relationship with Korean companies.

Solar Energy Corporation of India Gets 'Miniratna Category-I' Status

State-owned Solar Energy Corporation of India Ltd (SECI) got the status of Miniratna Category-I Central Public Sector Enterprise (CPSE). A communication to this effect was issued by the Ministry of New and Renewable Energy.
The SECI Incorporated in the year 2011, is the primary implementing agency for renewable energy schemes/projects of the Ministry of New and Renewable Energy towards fulfilment of India's international commitments.
Till date, SECI has awarded Renewable Energy (RE) project capacities of over 56 GW. SECI is also active in setting up of projects through its own investments as well as for other public sector entities as Project Management Consultant (PMC). SECI enjoys highest credit rating of AAA by domestic rating agency ICRA.

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