ECONOMY - 2016 September

September 1

Economic growth recorded 7.1% in first quarter.
India’s GDP growth slowed to 7.1 per cent in the first quarter of this financial year, with private consumption still the mainstay of the expansion.
GDP growth stood at 7.9 per cent in the fourth quarter (January-March) of the previous financial year and at 7.5 per cent in Q1 of 2015-16.
The slowdown in the first quarter of this year was mainly driven by a slowdown in mining, construction and agriculture sectors.

Foreign investors with Permanent Residency Status.
India has decided to grant Permanent Residency Status (PRS) to foreign investors who meet some set criteria in respect of minimum investment and employment generation.
Union Cabinet approved the scheme that will allow foreign investors who qualify for PRS status and their families multiple entries into the country for a maximum of 20 years without any stipulation governing their stay.
They will be exempted from registration requirement and given the right to purchase one residential property to live in.

September 2

LG Electronics Inc ties up with Amazon.com on smart-home services.
Tie-up will help enabling the services of Amazon such as the Alexa virtual assistant on some of the electronics maker's devices.
Alexa will work with its SmartThinkQ Hub, an LG device used to connect with home appliances over the internet.

RIL to create a Rs. 5,000 crore fund to invest in tech start-ups.
Company is setting up a Rs. 5,000 crore Jio Digital India Startup Fund to invest in digital businesses.
The corpus will be invested over the next five years. The company will also be setting up entrepreneurship hubs in key cities and towns.

September 3

Voonik acqui-hires styling app Dekkoh.
Voonik announced the acquisition of styling and personalisation app Dekkoh.
Dekkoh is a fashion-discovery platform that allows users to chat one-on-one with their own personal stylist and buy clothing and accessories that suit them.

Infosys sets up Joint Venture for Saudi Arabian market.
Infosys has entered into a joint venture with the Saudi Prerogative Company to offer IT services in the middle eastern country.
Joint venture will be in the ratio of 70:30 and the agreement is subject to the approval of the Saudi Arabian General Investment Authority.

September 4

BSNL Offers 1GB for Rs. 1 Data Plan & Free Unlimited Calls.
BSNL has made an offer of less than Rs. 1 per GB stating that from September 9 it will give ''unlimited'' wire line broadband services priced at a monthly pack of Rs. 249.
Users will get 2Mbps speed for the first 1GB of data, and thereafter get 1Mbps speed for the rest of the month. This means that if subscribers use about 300GB of data in a month, they are effectively paying less than Rs. 1 per GB of high-speed data.

September 5

Microsoft, Google sign up for EU US Privacy Shield.
Microsoft, Google and Salesforce have officially adopted the EU-US Privacy Shield framework, enabling them to receive personal data from the European Union (EU) in compliance with the new standards.
They are now among the 103 companies - out of the 5,526 signatories - that have so far signed up to replace the defunct Safe Harbour framework.
The European Commission adopted the Privacy Shield in July to facilitate the transfer of personal data from the EU to the US.

CCI slaps Rs. 6,700 crore fine on 10 cement companies.
Competition Commission of India (CCI) imposed the penalty of over Rs. 6,700 crore on 10 cement companies including ACC, Lafarge, Ultratech, Jayprakash Associates, Binani and their trade association the Cement Manufacturers Association (CMA) on charges of cartelisation in the sector.
CCI reconsidered the matter after the Competition Appellate Tribunal last December set aside its orders and asked the watchdog to take up the case afresh.

TCS joins hands with SASTRA Varsity to train school teachers.
Tata Consultancy Services has partnered with SASTRA Deemed University to train over 2,000 teachers from Tamil Nadu on digital teaching methods, and also set up a teacher’s training centre at the varsity campus.
The training programme would be offered predominantly to school teachers across primary, secondary, higher secondary and to professional college teachers.

September 6

Intel acquires Movidius.
Intel has acquired computer vision firm Movidius, which partnered with Google to develop 3D space mapping technology for Project Tango devices.
Intel is set to build on its RealSense technology, which allows for measuring depth in physical spaces and is used in drones to help them avoid obstacles, as well as in webcams for applications like motion capture and 3D object scanning.

MobiKwik launches one step offline payments with 'Bubble Pin'.
MobiKwik has launched ''Bubble Pin'' a one-step offline payments mode, which allows users to make payments even without data connection.
MobiKwik app will generate a pin with a 60-second validity when the 'Pay at store' option is clicked. To make a payment, the user needs to share this pin with the retailer.

Amazon India considers investment in online food delivery startup Swiggy.
E-commerce giant Amazon is reportedly looking to invest in online food delivery startup Swiggy.
Alibaba-backed Chinese food delivery venture Ele.me has also displayed interest in investing in Swiggy.

September 7

Sun Pharma inks distribution pact with Mitsubishi Tanabe.
Sun Pharma has announced initiation of a phased transfer of manufacturing and marketing rights of 14 brands, it acquired from Swiss drug firm Novartis in Japan.
Sun Pharma will aim to expand its sales channels in Japan while ensuring a steady supply of healthcare information.

Nissan exits ventures with Ashok Leyland.
Nissan Motor Company has decided to end its over eight-year-old joint venture arrangement with the commercial vehicle maker Ashok Leyland.
Nissan will sell its entire share in the three joint ventures to Ashok Leyland. These joint ventures were formed in 2008.

Tata arm to manufacture panels for Boeing’s P-8 warplane.
Boeing Company has entered into a contract with Tata Advanced Materials Ltd (TAML), a subsidiary of Tata Industries Ltd, to source composite interior closeout panels for its P-8 aircraft.
Panels to be supplied by TAML will cover the interior wall structure of the aircraft.
The P-8 is designed for long-range anti-submarine and anti-surface warfare, as well as armed intelligence, surveillance and reconnaissance missions.

Wipro wins 3-year contract from NSB Group.
Wipro won an IT contract from one of Norway’s largest transportation entities, the NSB Group.
As part of the three-year agreement, Wipro will implement its Boundary-less Datacenter (BLDC) and workspace solutions and utilise its delivery framework to deliver services which will help NSB variablise their IT operations.

September 8

FIA opposes SEBI’s proposals on algorithmic trading.
Futures Industry Association (FIA), a leading global trade organization for derivatives, has opposed most of the proposals in a Securities and Exchange Board of India (SEBI) discussion paper on regulating algorithmic trading.
Most of the recommendations like forced speed delays, increased resting time between orders and a cap on order-to-trade ratio could impact liquidity and increase trading costs for investors.

CPCL mulls adding refinery at Narimanam.
Chennai Petroleum Corporation Ltd., (CPCL), a subsidiary of Indian Oil Corporation, is planning to set up an additional refinery at Narimanam in Nagapattinam District of Tamil Nadu to meet higher demand for petroleum products in the state.
As per the proposed plan, CPCL may set up either a six million tonnes or nine million tonnes refinery. The cost per tonne is estimated to be between Rs. 2,200 and Rs. 2,500 per tonne. It would take roughly four to five years to set up the unit.

Mahindra, Ola enter partnership, target vehicle financing of Rs. 2600 crore.
Mahindra & Mahindra Ltd and Ola formed an ''non-exclusive'' alliance where the automaker will sells its cars and services to earn Rs. 2,600 crore in revenue over the next two years.
An 'unified special package', announced by the two companies, will enable more than 40,000 drivers of Ola, to buy Mahindra cars at special prices, low interest rate financing with zero down payment from Mahindra Finance.

September 9

Ananya Birla launches luxury e-commerce startup.
Ananya Birla, daughter of Aditya Birla Group Chairman Kumar Mangalam Birla launched 'CuroCarte', a luxury e-commerce platform which will go live on September 11.
CuroCarte will offer products priced at Rs. 7,000-12,000 curated from nine countries including Spain, Thailand, Morocco and France.
Birla's first venture was a micro-finance institution aimed at empowering women in rural areas.

Google invites startups for launchpad program.
Google has invited late-stage app startups from India, Brazil, Indonesia and Mexico to apply for the third class of its Launchpad Accelerator program.
Under the program, startups will work closely with Google for six months, including a two-week all-expense-paid training at Google headquarters in Silicon Valley.

Zuckerberg’s philanthropic arm invests in Byju’s.
Education-tech startup Byju’s has raised $50 million (about Rs. 332 crore) led by Chan Zuckerberg Initiative (CZI).
This is the first Asian investment from the Chan Zuckerberg Initiative which is the philanthropic arm created by Facebook founder Mark Zuckerberg and his wife Priscilla Chan in 2015.

September 10

HDFC Ergo acquired L&T Insurance.
HDFC Ergo General Insurance Company (HDFC ERGO) has completed the acquisition of 100 percent shares of L&T General Insurance Company (L&T Insurance) for Rs. 551 crore.
Company has recently received approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India.

BSE becomes 1st Indian stock exchange to file for IPO.
BSE has filed draft papers with markets regulator SEBI to raise an estimated Rs 1,200-1,300 crore initial public offering.
Which will make the first Indian stock exchange to be listed.
The much-awaited public offer of BSE is expected to be entirely an offer for sale (OFS) by the existing shareholders.

September 11

CBDT launches e-nivaran to resolve I-T grievance.
Central Board of Direct Taxes (CBDT) has launched 'e-nivaran' (electronic resolution) facility for online redressal of taxpayers’ grievances.
Facility will be used for online redressal of taxpayers' grievances related to refunds, filing of e-returns, Tax Deducted at Source (TDS), PAN issues, and those pertaining to their Assessing Officer (AO).

FPIs invest INR 6.800 crore in capital markets in September.
Foreign Portfolio Investors (FPIs) have pumped in nearly 6,800 crore in the Indian capital markets so far in September, driven by strong global and domestic cues.
According to depositors' data, net investments stood at INR 3,178 crore in equities, while that for debt markets was at INR 3,617 crore.
Equity MF inflows hit 1-yr high of Rs. 6,505 crore in August.
Equity mutual funds registered a net inflow of 6,505 crore in August, the highest inflow since August 2015.
With this, the total mobilisation in equity schemes has reached 18,490 crore during this fiscal.

September 12

Direct tax collection rises by 15% in April-August.
Net direct tax collections during the April-August period has grown 15.03% from the year-ago period to Rs. 1.89 lakh crore.
Further, direct tax collections, comprising corporate income tax and personal income tax, till August is of the budget estimates for the fiscal. The increase has been attributed to robust collections in personal income tax.

Paytm launches Aadhaar-based system for KYC.
Paytm launched an Aadhaar-based eKYC (E-Know Your Customer) service.
KYC is a customer identification procedure followed by banks and wallet companies.
KYC-enabled Paytm customers are allowed a wallet balance limit of up to Rs. 1 lakh, as opposed to Rs. 10k for non-KYC ones. Paytm is set to launch its payments bank before November.

September 13

HP is buying Samsung’s printer business for $1.05 billion.
HP is buying Samsung printer business for $1.05 billion in a move aimed at ''disrupting'' the dusty and stale printing industry.
The deal will see Samsung’s Printing Business Unit spun out independently, with HP picking up full 100 percent ownership in the business.

PayU acquires Citrus Pay for $130 million.
PayU, the global online payment service provider has acquired Citrus Pay, a leading Indian payments technology player, for $130 million.
Citrus Pay's managing director Amrish Rau will take charge of the merged entity, and as chief executive of PayU in India.

September 14

25 bps rate cut likely in December Citi India.
Sharp fall in the Consumer Price Index (CPI) in August strengthens the case for a more than 25 basis point rate cut in the next 2-3 quarters.
Retail inflation fell sharply to 5.05 per cent in August from 6.07 per cent in July, thanks a sharp fall in food prices, which enjoy about 50 per cent weight in the inflation basket.

Quikr acquires Stayglad.
Quikr India Pvt. Ltd has acquired on-demand home beauty services provider StayGlad for an undisclosed sum after the start-up failed to attract new investors and ran out of cash.

September 15

RCom-Aircel merger to create 4th largest telco.
Anil Ambani-led Reliance Communications (RCom) has signed a definitive agreement to merge its wireless business with Aircel Ltd, marking the largest-ever consolidation in the Indian telecom sector.
RCom and Maxis Communications Berhad (MCB), the largest shareholder in Aircel, will each hold 50 per cent in the joint venture into which the two businesses would be merged, forming the 4th largest telecom operator by revenue in the country.

Uber partners with Maruti, NSDC to train 1 million.
Uber has announced a new initiative UberSHAAN in partnership with Maruti Suzuki and National Skill Development Corporation (NSDC), to create job opportunities for one million people by 2018.
Under the pan-India programme, the partners will work on skill development and driver-training programmes to provide micro-entrepreneurship opportunities to drivers under the Uber platform.

Bayer to buy Monsanto for $66 billion.
German drug and farm chemical maker Bayer AG finally reached an agreement to buy U.S. seed and weed-killer company Monsanto, in a deal that is valued at $66 billion.
Bayer expects the deal to close by the end of 2017.

September 16

Paytm To Power IRCTC's Payment Gateway.
Paytm has tied up IRCTC to enable digital payments for travelers.
Paytm Wallet is already accepted on the IRCTC platform and is in addition to the native integration of Paytm’s payment gateway to the IRCTC application.

ItzCash now part of the Visa network.
Digital payment solutions company ItzCash announced that as a part of a strategic alignment, it has been approved as a member of the Visa network.
The move allows ItzCash, a non-bank institution, to get direct membership from the global payments technology company.
ItzCash will now have direct access to the issuance of Visa branded payment instruments, acquire merchant transactions with mVisa, as well as offer Visa Direct for real-time P2P (peer-to-peer) payments and money transfers, amongst a host of other services.

Indian Oil plans Rs. 1.8 lakh crore expansion.
Indian Oil Corporation (IOC), has lined up a capital expenditure plan of Rs. 1.8 lakh crore to expand its refineries, oil exploration business and build marketing infrastructure, petrochemicals plants and LNG terminals.
Company is targeting to increase add another 24 million tonnes per annum of refinery capacity to exceed capacity of 100 mtpa by 2020.

September 17

UCC, PAN must for transaction on commodity bourses: SEBI.
SEBI made Unique Client Code (UCC) and Permanent Account Number (PAN) mandatory for all the persons transacting on commodity exchanges.
The exchanges would impose penalty on the member at the rate of 1 per cent of the value of every trade that has been carried out by the member without uploading the UCC details of the clients. The penalty collected by the exchanges would be transferred to the Investor protection Fund (IPF).

Aadhaar Number To Be Linked To Coal Mine Workers.
In a step aimed to benefit over 5 lakh coal mines workers across the country, Aadhaar number would now be linked to their provident fund and treated as the PF number.
Aadhaar number will be treated as the Coal Mines Provident Fund number. This proposal is to be implemented with effect from December 25, 2016 which is observed as the Good Governance day.

Tata AIG, Paytm to offer health insurance to cab drivers.
Tata AIG General Insurance and mobile payments firm Paytm have entered into an agreement to provide cab and auto drivers health insurance plans.
Tata AIG General Insurance has designed cashless insurance scheme, as required by Paytm, to provide drivers, quality medical care as per their need and budget.
Tata AIG General Insurance is a joint venture between the Tata Group and the American International Group (AIG).

September 18

BEL to set up night vision products unit.
Bharat Electronics Ltd is setting up an Advanced Night Vision Products factory at Krishna district in Andhra Pradesh.
The factory, coming up at Nimmaluru village near Machilipatnam, will be the largest such facility in the country once commissioned, covering over 50 acres.
The new facility will entail an investment of about Rs. 300 crore over a four-year period.

Paytm to invest $150 million in e-commerce business.
Digital payments platform Paytm is planning to invest up to $150 million to develop its e-commerce business.

September 19

Twitter shuts down India engineering centre.
Micro-blogging website Twitter is shutting down its engineering centre in Bengaluru.
The company entered India through the acquisition of city-based mobile marketing and analytics company ZipDial in 2015.

Bharti Airtel rolls out eKYC solution based on Aadhaar.
Bharti Airtel had successfully rolled out over 20,000 units of Aadhaar-based e-KYC across India following a notification by the Department of Telecom last month.
Under the Aadhaar-based instant verification process, customers purchasing a new prepaid/ postpaid mobile connection need to submit/verify their biometrics (iris scan/ fingerprints) at the point of sale. The details will be instantly matched with the UIDAI database and following validation, the connection will be activated instantly.

Rays Power Infra launches 100 MW solar project in Uttarakhand.
Rays Power Infra to set up a 100 mw solar power plant at Tehsil – Bhagwanpur in Roorkee District in Uttarakhand under Uttarakhand Renewable Energy Development Agency’s (UREDA).
Project’s execution started in August 2016 and is expected to be commissioned by February, 2017.

September 20

Oracle to help Maharashtra govt accelerate smart city programme.
Oracle and the Maharashtra government have signed a Memorandum of Understanding intended to accelerate the State’s smart city programme.
According to the MoU, Oracle and the Maharashtra government will create a Center of Excellence in Mumbai. This will serve as a research platform to design, develop and test new capabilities that will deliver better government-to-citizen and government-to-business services.
Both Oracle and Maharashtra will invest in IT infrastructure, training and skillset resources as well as management of the CoE.

Uber, tech incubator T-Hub partner to handhold social impact start-ups.
US-based cab-hailing firm Uber is going to handhold about 20 'social impact' start-ups.
The cab aggregator will work with tech start-up incubator T-Hub to provide mentorship and help the start-ups scale up their operations.
The two entities signed an agreement to conduct the UberEXCHANGE programme.

BSE ties up with Twitter to provide live stock updates.
Investors can now track BSE updates real-time on Twitter by following the official Bombay Stock Exchange account.
The investors can now get live updates of BSE Sensex levels, stock prices and opening and closing figures of Sensex companies.

September 21

Cabinet approves Capital Grant to GAIL for development of Gas Infrastructure in Eastern part of the country.
Cabinet Committee on Economic Affairs has approved a viability gap funding/ partial capital grant of Rs. 5,176 crore for GAIL (India) Ltd’s 2,539 km long Jagdishpur-Haldia and Bokaro-Dhamra (JHBDPL) natural gas pipeline.
The cost of the entire project is Rs. 12,940 crore, which means the capital grant is 40 per cent of the total cost of the project.
The JHBDPL project will connect the eastern part of the country with the National Gas Grid. It will ensure the availability of clean and eco-friendly fuel to the industrial, commercial, domestic and transport sectors in the states of Uttar Pradesh, Bihar, Jharkhand, Odisha and West Bengal.

Cabinet approves USOF support to BSNL.
The Cabinet, chaired by the Prime Minister Narendra Modi approved the proposal to extend subsidy support of Rs. 1,250 crore to Bharat Sanchar Nigam Limited (BSNL) from Universal Service Obligation Fund (USOF).
The fund will be used as compensation for deficit incurred by BSNL in operating the rural wire-line connections installed prior to April, 1, 2002.
USOF since its inception in 2002 has been providing subsidy for BSNL for the rural wire line connections installed prior to April 2002. A total of Rs. 8,692 crore has been extended as USOF subsidy support till date.

Union Cabinet approves raising Extra Budgetary Resources to augment infrastructure spending.
Union Cabinet has given its approval to raise Rs. 31,300 crore in FY 2016-17 to augment infrastructure spending.
Besides, it has also given approval to service principal and interest against the Extra Budgetary Resources (EBR) of Rs. 16,300 crore by Union Government for infrastructure spending.
The EBR is proposed to finance funds to be raised by Indian Renewable Energy Development Agency (IREDA), Power Finance Corporation (PFC), Inland Waterways Authority of India (IWAI), and National Bank for Agriculture and Rural Development (NABARD).

ICICI Prudential Life IPO gets subscribed more than 10 times.
The Initial Public Offer (IPO) of ICICI Prudential Life Insurance Company Ltd a first by an insurance entityreceived a strong response from investors with the offer getting subscribed 10.47 times.
IPO received bids worth almost Rs. 46,250 crore. The issue size is more than Rs. 6,000 crore. The total offer is for 18.13 crore shares, which includes anchor investment portion of 4.89 crore shares.

September 22

Flipkart crosses 100 million customers.
India’s largest online retailer Flipkart company witnessed a strong growth in its customer base to 100 million registered users.
With this, Flipkart becomes the first company to reach this milestone in a single country outside the United States and China.

L&T bags $100 million Vietnam ship order.
Larsen & Toubro (L&T) has landed a $99.7 million contract from Vietnam Border Guard to design, construct and supply high-speed patrol vessels.
The contract also provides for L&T to transfer design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard.
The high-speed patrol vessels are purpose-built for controlling and protecting sea security and sovereignty, detecting illegal activities such as smuggling, and undertaking search and rescue missions.

Aurobindo gets tentative USFDA nod for HIV drug.
Aurobindo Pharma has received tentative approval from the USFDA to manufacture and market Dolutegravir used for the treatment of HIV, in the U.S. market.
Dolutegravir 50mg is indicated for the treatment of HIV-1 infection.

September 23

Wipro Consumer Care buys Chinese FMCG firm.
Wipro Consumer Care and Lighting has signed a definitive agreement to acquire 100 per cent shareholding of Zhongshan Ma Er Daily Products Limited, a Chinese Fast Moving Consumer Goods (FMCG) company.
Through the buyout the FMCG arm of Wipro Enterprises is looking at strengthening its presence in fast growing South China’s personal care business.

Centre names economists to monetary policy committee.
The Centre named three academics trained in economics as the external appointees on the monetary policy committee (MPC) that will work with the Reserve Bank of India’s three members to decide interest rates.
The three external members Pami Dua, Chetan Ghate and Ravindra Dholakia - will have a fixed four year term, which is non-renewable.

Vodafone Plc invests $7 billion in India unit.
Vodafone Plc injected Rs. 47,700 crore ($7 billion) into its Indian unit, Vodafone India.
The equity brought in via foreign direct investment (FDI) is the largest ever FDI infusion in the country.

September 24

Sebi eases norms for FPIs to trade.
Sebi relaxed its foreign investment norms in India by allowing foreign portfolio investors to directly trade in corporate bonds without a broker and also hiked the maximum permissible foreign investment limit in stocks exchanges from 5 per cent to 15 per cent.
Only category I and category II FPIs would be allowed to exercise the option.
Category I FPI includes government and government related investors such as central banks, governmental agencies, sovereign wealth funds and international or multilateral organisations or agencies.
Category II FPI are those funds, which are broad based in nature and are well regulated in their home jurisdiction such as mutual funds, investment trusts, insurance companies, university funds and pension funds among others.

GST council sets exemption threshold for tax at Rs. 20 lakh.
Goods & Services Tax (GST) Council has decided that businesses in the north-eastern and hill states with annual turnover below Rs. 10 lakh would be out of the GST net, while the threshold for the exemption in the rest of India would be an annual turnover of Rs. 20 lakh.

Sun Pharma signs deal to develop dengue vaccine.
Sun Pharma, has signed a deal with the Delhi unit of the International Centre for Genetic Engineering and Biotechnology (ICGEB) to develop a dengue vaccine.
This would be the first time a vaccine developed entirely in India for a vector-borne disease has been advanced for clinical development in India.
According to the World Health Organisation, 390 million dengue infections are globally recorded annually, of which 96 million manifest clinically. India has recorded one of the worst outbreaks this year with the Union Health Ministry noting 99,913 dengue cases and 220 deaths in 2015 and 33,310 cases and 20 deaths this year as of September 11.
Dengue is transmitted by the Aedes Aegypti mosquito and can be caused by any of four closely-related viruses.

September 25

SEBI hikes staff quota in public offers to Rs. 5 lakh.
Securities and Exchange Board of India (SEBI) decided to relax its regulations to enable employees to apply for shares over the Rs. 200,000 limit.
The application for shares of the value in excess of Rs. 2 lakh shall be considered as application for additional shares and shall be considered only in the event of under-subscription in the employee reservation portion.
Value of total allotment to an employee under the employee reservation portion, including the additional allotment shall not exceed Rs. 5 lakh.
Unsubscribed shares available in the employee reservation portion shall be allotted on a proportionate basis to the employees who have applied for the additional shares.

Apple buys machine-learning tech start-up TupleJump.
Apple Inc has acquired TupleJump, a machine- learning technology company based in Hyderabad.
TupleJump, a three-year-old start-up, focused on a niche data mining and analysis platform. It helps firms in unifying and optimising workflows for data scientists, engineers and analysts, giving a novel approach to data processing and reporting.

September 26

NHAI sees 50-60% rise in road awards, plans $750 million Green Masala bonds.
NHAI is looking to raise $750 million via Green Masala bonds, Rs. 25,000 crore from LIC and Rs. 20,000 crore from Employees’ Provident Fund Organisation (EPFO).
NHAI is also exploring to raise funds through infrastructure investment trusts (InvITs), possibly with the National Investment and Infrastructure Fund (NIIF).

Cars from Chennai move to Gujarat via coastal route.
Coastal movement of cars from Chennai has re-commenced with a consignment of 2,000 cars to Kandla on the West Coast.
Hyundai, Renault and Ford cars were loaded on to roll-on roll-off pure car carrier Dresden, which left Kamarajar Port, to the North of Chennai with automobiles to Kochi and then to Kandla.
For the first time, on a pilot basis, Hyundai is transhipping cars using coastal shipping.
Hyundai is trying to innovate its distribution mechanism, and will be in a position to zero in on the best transport option or even take a long-term view on coastal shipping.

September 27

YouTube Go, Google Station unveiled.
Google announced a slew of products, such as YouTube Go and Google Station that are specially designed for India.
Google is working on building products and services for India which can be accessible ''regardless of devices, languages, networks they use''.
Firm announced extending its initiative to provide Wi-Fi at 400 railway stations in India in partnership with RailTel to include public places such as bus stops and malls.

NIIT acquires start-up Perceptron.
NIIT has acquired city-based start-up Perceptron Learning Solutions.
The acquisition will bring together complementary technology platforms and capabilities of NIIT and Perceptron, enabling NIIT to further accelerate its digital transformation initiatives.

Home-grown Trupay cuts intermediaries.
Trupay, is creating a home-grown alternative to Visa and MasterCard, allowing banks to do away with the transaction surcharge and longer settlement periods implemented by such payments networks.
On the customer end, the company’s app does away with the need for a one-time password or the constant topping up of online wallets.

September 28

Cabinet gives ex-post facto approval for Varishtha Pension Bima Yojana.
Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and VPBY 2014.
Approval has also been granted for the expenditure incurred on subsidy amount released to Life Insurance Corporation during the period 2003-04 to 2014-15 for VPBY 2003.
The schemes are implemented through Life Insurance Corporation and the difference between the actual yield earned by LIC on the funds invested under the scheme and the assured return committed by the Government is paid as subsidy to LIC.

Cabinet approves Administrative and Financial Sanction towards the implementation of the Project SAKSHAM.
Cabinet Committee on Economic Affairs approved 'Project SAKSHAM', a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC).
The total project cost involved is Rs. 2256 crore which will be incurred over a period of seven years.
The implementation strategy for the project will be to ensure readiness of CBEC's IT systems by April, 1, 2017, when GST is to be introduced.

Cabinet approves financial assistance to retired employees of Bharat Pumps and Compressors Limited, Allahabad.
Cabinet Committee on Economic Affairs has approved the proposal of Department of Heavy Industry for providing financial assistance amounting to Rs. 111.59 crore as Non-Plan loan to Bharat Pumps and Compressors Limited, Allahabad.

September 29

Microsoft signs up Adobe for its Azure cloud computing services.
Microsoft and Adobe announced a major partnership that will see Adobe deliver its cloud services on Microsoft Azure and that will make Adobe the preferred marketing service for Microsoft’s Dynamics 365 Enterprise CRM solution.

BRICS nations plan to formalise labour, social security net.
BRICS Labour & Employment Ministerial Declaration has called for strong interventions and action in areas concerning employment generation, social security and formalisation of labour markets, leading to inclusive and sustainable development.
The member countries Brazil, Russia, India, China and South Africa agreed to pursue bilateral social security agreements.

SEBI unveils options trading in commodities.
SEBI allowed commodity derivative exchanges to introduce trading in ‘options’, which is expected to deepen the commodities market, expand the product basket and draw new participants.
SEBI’s move was in effect a first-anniversary gift for the commodity derivatives market. Exactly a year ago, it had merged the erstwhile commodities regulator Forward Markets Commission with itself.
Currently, the only instrument available in the commodity derivatives market is ''futures'' on individual commodities.

September 30

India to grow at more than 7 per cent: IMF.
International Monetary Fund, IMF, stated India is embarking on significant reforms and will grow at more than 7 per cent.
India has adopted structural reforms to attract more foreign direct investment and passed a legislation to allow a national tax that will create a more integrated and productive economy.

Fintech start-up Zeta launches new tax-saving e-solutions.
Fintech start-up Zeta has launched three new digital solutions that will allow working professionals to increase their take-home salaries by up to Rs. 80,000 per head per annum.
The e-solutions Fuel and Travel, Books and Periodicals, and Communications form part of Zeta’s employee tax-benefits product portfolio, which already offers four tax-saving solutions as per legal provisions in the Income Tax Act.
The firm offers digital, paperless solutions where supporting bills and manual verifications of medical reimbursements, for instance, can be avoided using Zeta card and Zeta wallet. The solutions are offered free to corporates and employees, while Zeta gets a 1.1 per cent commission on every transaction from its 10,000 merchant partners. More than 300 corporates across industries have implemented Zeta’s solutions.

Henry Ford Health, Pearl Human to set up hospital.
Detroit-headquartered $6 billion Henry Ford Health System has entered into a 20-year licensing agreement with Pearl Human Care Pvt. Ltd. to set up a super speciality hospital in Vellore, Tamil Nadu.
To be built at a cost of Rs. 330 crore, Naruvi Hospitals will come upon on three-acre land located close to the existing Christian Medical College and Hospital. It will start functioning from January 2019.

7% stake of Government in Hindustan Copper Limited fully subscribed and Government to get approximately Rs. 400 crore from this disinvestment.
Hindustan Copper Limited is a vertically integrated company in the mining and metal sector, under Ministry of Mines. Government of India.
Government offered 6,47,65,260 shares (comprising 7% of total paid up equity) to public through OFS route, at floor price of Rs. 62 per share of face value Rs. 5/-. 20% of the offer size, i.e. 1,29,53,052 shares were reserved for retail category.

CBDT notifies 7 districts of Andhra Pradesh for availing tax incentives under the Income-tax Act.
Under the Andhra Pradesh Re-organisation Act, 2014 the Government of India is extending special assistance to four districts of Rayalseema and three districts of North coastal Region of Andhra Pradesh.
To further boost the industrial activities, the CBDT has notified these seven districts for availing tax incentives under section 32(1)(iia) and section 32AD of the Income-tax Act.
(1) Anantapur
(2) Chittoor
(3) Cuddapah
(4) Kurnool
(5) Srikakulam
(6) Vishakhapatnam
(7) Vizianagaram


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