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BUSINESS AND ECONOMY - January 2023

Jan 2023

Jan 01, 2023

Reserve Bank of India Imposes Monetary Penalty on Mynd Solutions Private Limited

  • The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 13.9 lakh on Mynd Solutions Private Limited citing non-compliance with certain rules.
  • The penalty was imposed for not complying with the guidelines on trade receivables discounting system (TReDS) updated as on July 02, 2018.
  • It was imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act).
  • This action was based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.

India-Australia FTA to Provide Relief to Indian Textile Exporters

  • As per the Confederation of Indian Textiles Industry, the India-Australia Economic Cooperation and Trade Agreement, which came into force on December 29, is set to provide a big relief to Indian textile exporters.
  • Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one.
  • India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22.

Adani Group Acquires NDTV Promoters' additional 27.26% Stake

  • Billionaire Gautam Adani now owns a majority stake in Prannoy and Radhika Roy-promoted news broadcasting company New Delhi Television Ltd.
  • Adani Enterprises, through its indirect subsidiary RRPR Holdings, acquired additional 1.76 crore shares of NDTV for around Rs. 602 crore (Rs. 342.65 apiece) from the Roys, amounting to 27.26% in the company.
  • The transfer of shares was done through an inter-se transfer under the Securities and Exchange Board of India Regulations, 2011, which allows share transfer at a premium to current market price, if the company is an existing promoter group.
  • The Adani Group owns 64.71% in NDTV after acquiring Roy's stake.
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