Current Affairs Business

  Markets regulator Sebi has launched a mobile application ‘Sebi SCORES’ for convenience of investors to lodge grievances in Sebi Complaints Redress System (SCORES). “SCORES’ mobile app will make it easier for investors to lodge their grievances with Sebi, as they can now access SCORES at their convenience of a smartphone. The mobile app will encourage investors to lodge their complaints on SCORES rather than sending letters to Sebi in physical mode. SCORES is a platform for investors to lodge online complaints with Sebi against listed companies, registered intermediaries and market infrastructure institutions. According to Sebi norms, entities against whom complaints are lodged need to file an action taken report with the regulator within 30 days of receipt of the complaint.

 Indian digital payments platform Paytm’s subsidiary, Paytm Insurance Broking, has received the brokerage licence from the Insurance Regulatory and Authority of India (IRDAI). Paytm will now offer insurance in various categories namely automotive, health and life. In addition to this, Paytm customers can also get policy management and claim settlement at select merchant points. Paytm Insurance Broking aims to support its 16 Million merchant partners to sell its innovative insurance products all over India. Also, it aims to expand the outreach of its products in a hassle-free manner and empower the merchant by providing an alternate income source. Paytm has already partnered with 20 insurance companies and is now planning to get an additional 30 companies in future.

 The United States has surpassed China to become India’s top trading partner. According to the Commerce Ministry data, the bilateral trade between the US and India stood at nearly 88 billion dollars in 2018-19 fiscal. During the period, India’s trade with China was at 87.1 billion dollars. During April-December 2019-20, the bilateral trade between the US and India stood at 68 billion dollars against a nearly 65 billion dollars trade with China in the same period. The countries will finalise a free trade agreement (FTA), then the bilateral trade would reach different levels. FTA with the US will be very beneficial for India as the US is the biggest market for domestic goods and services. India’s exports, as well as imports, are increasing with the US, while with China both are declining. America is one of the few countries with which India has a trade surplus. On the other hand, India has a huge trade deficit with China. The data showed that China was India’s top trading partner since 2013-14 till 2017-18.

  The Mumbai airport has recently launched the world largest temperature-controlled facility to store agro and pharma products. The “Export Cold Zone” launched is capable of holding more than 700 tonnes of cargo.
  • Highlights
The terminal connects 500 cargo destinations spread across 175 countries. The unit is spread over 6,000 square metres. It is spread across 12 truck docks equipped with dock-levellers, automated workstations, spacious acceptance and examination area, X-Ray machines and Ball mat system for Unit Load Device. Mumbai Airport is one of the few airports in the world, first in the country and third in Asia to obtain IATA CEIV PHARMA accreditation.
It is an accreditation provided by International Air Transport Association. The Centre of Excellence for Independent Validators in Pharmaceuticals Logistics (CEIV Pharma) was launched by IATA in order to enhance the supply chain of pharma products all over the world. This accreditation establishes safety, security, efficiency and compliance in handling pharmaceutical products.

  Birla Estates has launched “LIDEA” for its customers on WhatsApp. “LIDEA” is an interactive AI Powered ChatBot solution launched by Birla Estates for its customers.
  • Advantages of LIDEA:
The users of “LIDEA” will be able to access authentic information of the projects which can be used for the evaluation of the residential developments of Birla Estates. LIDEA which is powered with artificial intelligence, also answers the queries of the users regarding Birla Estates developments. It will also offer features like viewing location, configurations, amenities, virtual tours and accepting site visit requests. The launch of the ChatBot on WhatsApp adds to the digital experience by providing immersive Virtual Reality experience to potential homebuyers.

 Securities and Exchange Board of India (SEBI) has permitted the market players to use regulatory sandbox on select customers. SEBI will grant limited registration for such testing purposes. The decision has been taken to facilitate the use of latest fintech innovations in capital markets. The decision was taken at the board meeting of the market regulator Securities and Exchange Board of India.
  • What is a “Regulatory Sandbox”?
Regulatory Sandbox is a system that enables the market players to live test their new products, services and business models on select customers. The proposed system intends to perform as a testing platform for new business models and technologies that can provide an advantage to investors, Indian markets as well as the Indian economy at large. The Regulatory Sandbox framework allows the regulated entities to experiment with fintech solutions in a live environment and on real customers with the help of some certain facilities and flexibilities. The whole activity is being done while ensuring the necessary safeguards for investor protection and risk mitigation. The Securities and Exchange Board of India expects that the adoption and usage of emerging financial technology can proved to be a key instrument in the development and maintenance of an efficient, fair and transparent ecosystem.

  The National Company Law Appellate Tribunal has approved the Rs 19,700 crore resolution plan of JSW Steel to take over the bankrupt Bhushan Power and Steel. The approval comes with the immunity sought by the new owner against investigations being carried out against the erstwhile promoters of Bhushan Power and Steel. This comes after the government recently amended Section 32A of the Insolvency and Bankruptcy Code, providing immunity to the bidders and the insolvent company’s assets from the investigation.

  The US removed India from its list of developing countries that are exempt from investigations into whether they harm American industry with unfairly subsidised exports. The United States Trade Representative (USTR) eliminated a host of countries including Brazil, Indonesia, Hong Kong, South Africa and Argentina. The US removed India from the list on account of it being a G-20 member and having a share of 0.5% or more of world trade. The move has cast a shadow on India being able to restore preferential benefits under the Generalised System of Preference (GSP) as part of its trade talks with the US, as only developing countries are eligible for it. India’s share in global exports was 1.67% in 2018. In global imports, it was 2.57%.

  Reliance General Insurance Company Limited has launched a comprehensive health insurance plan named “Reliance Health Infinity”. The policy offers 90 days pre and 180 days post hospitalization cover, along with sum insured ranging from Rs 3 lakh to Rs 1 crore, and free restore benefits. This Insurance offers three main benefits under its Health Infinity plan: ‘more cover’, where the policyholder will get additional sum insured, along with ‘more time’, where the policyholder will get covered for additional period, and ‘more global’ wherein the policyholder will be insured not only in India but also globally for emergency hospitalization. This insurance plan also offers Ayush benefit, wherein all the expenses incurred are covered on treatment in a hospital under Ayurveda, Unani, Sidha and Homeopathy.

  Paytm has launched an Android POS device for small and medium businesses (SMEs) & merchant partners. The android based device will enable the merchants to accept payments in various ways like debit and credit cards, Paytm Wallet, UPI-based apps and cash. The device provides the merchants with the facility of producing GST compliant bills, to manage transactions and settlements through ‘Paytm for Business’ app. These services will increase the importance of digital payments in the business of small and medium businesses (SMEs) & merchant partners and will also bring to them the advantages of the digital economy.
The key features of the Android POS device are:
  • The device consists of a scanner, an in-built printer and will also generate bills.
  • It is empowered with the universal code support which works on all the contact and contact-less payments.
  • The device is also empowered with a billing software along with the customized solutions for different industry sectors ranging from ticketing, catering to parking among others.
  • Advantages of the POS device:
The new facilities includes employee salaries and customer refunds. The device will also provide other advantages like powering the start-ups and the developers to easily integrate their services with the help of the application programme interface of the payment gateway.
  • Impact of the device launch:
The above launch from the Paytm will give a new dimension to the digital payment structure in the businesses and will take one step head towards the vision of cashless economy. With the new device, there comes the facility of automated vendor payments that can be achieved through the POS device.

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