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Marginal growth in core sector industries; Cotton sowing pushes up Kharif sowing acreage; Forex reserves hit life-time highs

By Abin Daya Change is an unavoidable part of life - and of doing business. One of the biggest changes to the way we do business happened last Friday, with the rolling out of the GST. Yes, there will be disruptions in the short term and the cost of compliance will go up. Also, many small businesses will lose the tax arbitrage that enabled them to price below that of the larger companies. It will also increase the financing cost of business, particularly for those engaged in foreign trade. Speaking of financing, even that is not going to be easy. While credit growth is down because of low credit demand driven by the leveraged position of corporates combined with muted demand, even where businesses ...

Major global cyber attack; JNPT port affected

The Dollar Business Bureau A major global cyber attack which disrupted Russia’s major oil company, Ukrainian banks and multinational banks, has affected the computer terminals at Jawaharlal Nehru Port Trust (JNPT), Mumbai, shutting down one out of its three operations. Sources from Press Trust of India report that the virus has affected many other terminals in the country. The powerful ransomware has impacted many central banks and large corporations in Europe. It has been rapidly spreading since Tuesday amidst growing concerns that many vital government infrastructure and networks are poorly equipped to deal with such an attack. It has been reported that many businesses in the Asia-Pacific region experienced disruptions due to the ransomware which has been code named as ‘Eternal Blue’ and ...

Reduction in insurance cost for exporters, ECGC

The Dollar Business Bureau In a much-needed relief to the exporters, the Export Credit Guarantee Corporation (ECGC) in its 60th year of operation has taken a customer friendly step by reducing the premium rate by an average of 17% for its whole turnover policy covers. This has reduced the transaction costs for short term business exporters from Rs.28.19 to Rs 25.46 per Rs 100 during FY 2016-17. The premier Export Credit Agency has also initiated several customer friendly steps to boost exports. In its press release on May 31st, the agency has listed out the initiatives taken during FY 2016-17. The agency has taken steps to make Export Factoring Scheme, cheaper for MSMEs. To give a fillip to the Medium & Long Term (MLT) ...

Reduction in insurance cost for exporters, ECGC

The Dollar Business Bureau In a much-needed relief to the exporters, the Export Credit Guarantee Corporation (ECGC) in its 60th year of operation has taken a customer friendly step by reducing the premium rate by an average of 17% for its whole turnover policy covers. This has reduced the transaction costs for short term business exporters from Rs.28.19 to Rs 25.46 per Rs 100 during FY 2016-17. The premier Export Credit Agency has also initiated several customer friendly steps to boost exports. In its press release on May 31st, the agency has listed out the initiatives taken during FY 2016-17. The agency has taken steps to make Export Factoring Scheme, cheaper for MSMEs. To give a fillip to the Medium & Long Term (MLT) ...

Mumbai and Delhi rank as 5th and 6th largest cities in Asia with a combined GDP of over $400 bn: JLL Global 300 Rankings

The Dollar Business Bureau A total of nine Indian cities figure on the latest edition of ‘Global 300’ cities – the annual JLL ranking exercise, which represents 300 major cities that are the focus of commercial activity and interest, 40% of the world’s economy, and three-quarters of global real estate investment according to Ramesh Nair, CEO & Country Head, JLL India. In an ever-changing world, more urban centres in India are rapidly emerging as players on the global stage – moving beyond the powerhouses of Mumbai, Delhi and Bangalore. While the megacities of Delhi and Mumbai rank in the ‘Global Top 30’ – thanks largely to their huge scale, other cities such as Bangalore, Chennai and Kolkata sit within the ‘Global Top 100’ – ...

Govt working with banks to ramp up PoS machines: Goyal

The Dollar Business Bureau  Coal and Power Minister Piyush Goyal said on Tuesday that the government is working with foreign companies and banks to increase the volume of point-of-sale (PoS) machines for cashless transactions. “We are certainly working with the banks and also with the international companies to see how we can ramp up PoS machines,” Goyal said while speaking at the ‘Digital Economy Forum 2016’ in New Delhi. The Minister further said that he personally feels that 6 months down the line PoS machines would slowly become irrelevant and may be 2 years down the line a new PoS machine would even not be needed. “Today, smartphones have become the PoS machines,” he added. In reply to a question, Goyal said, “It was Reserve ...

Urijit Patel finally breaks his silence on demonetisation

The Dollar Business Bureau (sourced from PTI) Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel today said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.Patel also said the RBI has announced an incremental CRR (Cash Reserve Ratio) of 100 per cent "because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes" and the decision would be reviewed immediately once the government issues adequate quantum of MSS (Market Stablisation Scheme) bonds which they have promised to do.In an exclusive interview to ...

Queues at banks thin, but some branches still face cash pain

PTI Bank branches across the country today witnessed very short queues, with the government banning over the counter exchange of the cancelled currency. However, some branches in urban centres faced cash crunch. The shortage at some branches is mostly because of focus of the government tilting towards rural areas, sources said, adding funds are being made available in rural and semi-urban pockets so that farmers get adequate cash for sowing rabi crop. There are reports that banks in major metros are getting one-sixth of the cash requirement, leading to chaos at the branches. According to a senior bank official, branches of various banks in Mumbai and Delhi are getting much less cash than their requirements, which is why all the customers ...