Respected Members,  

Please find attached herewith the Shri. T. Kishan Singh Vice President Secunderabad Report (2021-22) for your information and necessary action.

Thanks & Regards,

Bhavesh Gala

Hon. Secretary

T Kishan Singh representing TirumalaBalaji Paper Pvt Ltd Hyderabad

Dear Sirs,

Please find attached herewith the Vice President Reports

Shri. P. Rajesh Jain Chennai Report from 07.08.2022 TO 08.09.2022.

Shri. Subrata Sen, Kolkata

REPORT OF P.RAJESH JAIN

VP Report Subrata Sen 2022

Respected Members,  

Please find attached herewith the Reports (2021-22) of Convener of the Committee for your information and necessary action.

Thanks & Regards,

Bhavesh Gala

Hon. Secretary

International Trade Convenor Report

Respected Members,  

Please find attached herewith the Reports (2021-22) of Vice Presidents and Conveners of the Committees for your information and necessary action.

Thanks & Regards,

Bhavesh Gala

Hon. Secretary

Vice President Report of Rajendra Mittal – Indore

Vice President Report of P. Rajesh Jain-Chennai

Report – Task Force to Counter Myth

Dear Members,

It is with great pleasure to inform You all, that FPTA is on Final Stages of Publishing of the All India Paper Traders Directory with all details as which was passed during the FPTA’s Goa Meeting of Managing Committee in 2019. And as resolved in the meeting each respective Association will contribute minimum or more than Rs. 50,000.00 towards the same, either by itself or through its members

We request All Members to actively participate by contributing to the Memorabilia, which has not been made in the last decade. The same would be published and printed and distributed to more than 7000 plus copies to Members and related Associations. The same is to be launched on September 17, 2022, by FPTA at its 61^st AGM in Nagpur.

The Participation by way of Advertising Cost as passed in the mentioned meetings are as under:

1. Back Cover Page                Rs. 3,00,000.00 + GST 18 %
2. Inside Front Cover Page   Rs. 2,00,000.00 + GST 18 %
3. Inside Back Cover Page    Rs. 2,00,000.00 + GST 18 %
4. Full Colour Page                Rs. 50,000.00 + GST 18 %
5. Half Colour Page               Rs. 25,000.00 + GST 18 %

(17.78 CM) X 9 in (22.86 CM).

Advertisements in Four (4) colours size 7 in (17.8 cms) X 9 in (22.9 cms). Pease reconfirm for the first 3 Advertisement slots with the FPTA before finalising on the same. Please send the confirmation of participants to the respective Associations and the local FPTA Vice President’s on the same. Please send the Advertisement in Open CDR format and PDF along with the payment details to FPTA and local Association and Vice Presidents of FPTA of its jurisdiction. Please remit the payment to as under:

Bank Details:

FEDERATION OF PAPER TRADERS ASSOCIATIONS OF INDIA

UNION BANK OF INDIA

MUMBAI SAMACHAR MARG BRANCH

CURRENT ACCOUNT NO 317901010016825

IFSC: UBIN0531791 

FPTA GSTIN: 27AAAAF0112H1ZE

Once the payment received with details, FPTA will raise GST Invoice and will confirm and finalise the advertisement. The last date for the advertisement with payment is June 30,  2022 and is only for the Members of Associations and Paper Trade. For any advertisement by Industry is subject to approval by the FPTA.

Do not miss the opportunity to be a part of Memorabilia which will be a Souvenir for Generations to come.

Thanks & Regards,

Bhavesh Gala

Hon. Secretary

Respected Members,  

Please find attached herewith the Reports (2021-22) of Vice Presidents and Conveners of the Committees for your information and necessary action.

Thanks & Regards,

Bhavesh Gala

Hon. Secretary

REPORT – COMMITTEE FOR WEBSITE AND SOCIAL MEDIA

Report – Committee Industry Affairs

Report – Consumer Relations and Arbitration Committee

Vice President Report of Jayesh Shah-Surat

Vice President Report of T Kishan Singh-Secunderabad

Dear FPTA,

We will be covering Instagram, Facebook, LinkedIn, Twitter and Youtube.

Also PFA the Invoice for the service.

For any clarifications let us know.

FEDERATION OF PAPER TRADERS ASSOCIATIONS OF INDIA – Invoice

December 29, 2021

Paperex Circular

To Affliated Associations,

 Dear Members,

FPTA is participating in Paperex 2022, World’s largest Paper Show from January 9 – 12, 2022 at India Expo Centre, Greater Noida. FPTA is inviting you to visit the Paperex and its stall number H01 in Hall 14 and grace the occasion with your presence.

Paperex is great forum to network with your Peers, Suppliers, Customers and Friends at one location. It is also a huge platform of WORLD PAPER FORUM to propagate the environmental friendliness of PAPER as it is 100% SUSTAINABLE, RECYCLABLE AND BIODEGRADABLE. FPTA wants to fight GREEN WASHING in India, with support of all stakeholders connected to paper like IPMA, IPPTA, IARPMA, INPMA and Printers Associations.

Members attending can either preregister directly at the given link https://india.paperex-expo.com/Visitor/Visitor-Registration or can fill in the details as per the attached excel file format and send the same to your respective association to compile and send us in a single file on or before January 6, 2022. Members are also requested to follow the Strict Covid Guidelines as attached in a separate pdf file while attending the Show.

FPTA and its committee members would be meeting various trade bodies like IPMA, IPPTA, IARPMA, INPMA and would like to represent its members and trade. If any members feels that some points can be taken up with these Trade Bodies and can benefit to all can write to us at [email protected] and [email protected] and cc to your respective Association on or before January 6^th, 2022.

Members who wish to display any Paper Products which are exclusive and can motivate many in Paper at the stall of FPTA can also write to Us, so we advise where to send the same directly.

Wishing You All in Advance a Happy, Prosperous New Year and Stay Safe and Healthy.

Thanks & Regards,

 Bhavesh Gala

(Hon. Secretary)

Invitation PPX 2022 FPTA

TIPS_COVID-19 – CS General Guide_PAPEREX

IGST on ocean freight can’t be imposed on importers, companies tell SC

They pleaded for quashing of a govt petition filed in the apex court against a Gujarat HC ruling that had declared IGST on ocean freight as violative of the Constitution
Importers have argued against the imposition of integrated goods and services tax (IGST) on ocean freight in the Supreme Court on Thursday. They pleaded for the quashing of a petition by the government filed in the apex court against a Gujarat High Court judgment that had declared IGST on ocean freight as violative of the Constitution.
Ocean freight is the cost incurred through an agreement between two foreign parties to ship goods to India. For instance, if goods are exported from Washington, the exporter concerned may enter into an agreement with a shipping line there and pay ocean freight to it.
A provision in the Central GST Act permitted levy of both basic customs duty and IGST on the cost, insurance and freight (CIF) value of goods brought into India. A government notification later also extended IGST to ocean freight on importers on the reverse charge mechanism. Under GST, service tax is usually paid by sellers of services, but where it becomes difficult for the government to receive tax from sellers, it imposes it on recipients of services. This is called the reverse charge mechanism.

Arguing on behalf of companies, Abhishek Rastogi, partner at Khaitan & Co., said Indian importers will not fall within the definition of recipient under the GST Act as the exporters of goods situated outside India are liable to pay ocean freight to the foreign shipping line.

He said only the recipient can be burdened with the tax on liability of services which draw GST.

Companies such as Gujarat Petrochem are respondents to the case in the Supreme Court.

Additional Solicitor General N Venkataraman, on the other hand, argued that the levy is not extra territorial and that it is not a case of double taxation. Last year, the Gujarat High Court had declared imposition of IGST on ocean freight as violative of the Constitution.

The court had said the levy and collection of tax on ocean freight was not permissible under the law.

Budget 2022: No major surprise expected in income tax slabs

The upcoming Union Budget 2022 is unlikely to bring any tweaks in the existing income tax rates.

The thinking in the government and among Budget makers is that, given the continued uncertainty around Covid-19 and its impact on household income and savings, any change in tax rates could be counter-productive.

“If the existing rates are changed, while some sections of taxpayers may benefit, others may see a rise in their income tax liabilities, since the government will also have to ensure that there is minimal revenue foregone. The view is that perhaps the populace is not ready for big changes in tax rates,” a top official told Business Standard .

Officials point towards the recently announced goods and services tax (GST) rate hikes for footwear and textiles. In order to rectify the inverted duty structure for these two sectors, GST was raised to 12 per cent effective from January 1, 2022. While experts praised the move, there was public criticism on social media and a section of the clothing industry decried it, saying that only a small group of the sector had an inverted duty structure.

“Even GST rate hikes to correct the inverted duty structure led to some backlash. This could happen in the case of direct tax rates as well, which shows that the time is probably not right for any changes,” the official said.

>Budget makers feel households yet to recover fully; Omicron variant adds to uncertainty

>Officials say the environment isn’t conducive for major changes in tax rates

>Had it not been for Covid, govt could have gone for major I-T reforms, sources say

>While tweaks would have had some benefit, officials say, others would have had a higher tax burden

>Given the upcoming elections, political leadership is likely to favour no changes in rates

India’s retail inflation rises to three-month high of 4.9% in November

India’s retail inflation rate rose to a three-month high of 4.91 per cent in November from 4.48 per cent in the previous month, despite the Centre and states reducing taxes on petrol and diesel.

This was primarily because of a rise in food inflation to 1.87 per cent from 0.85 per cent over this period, even as prices of vegetables, except for some items such as tomatoes, continued to fall. Besides this, a surge in input prices prompted companies to increase prices of their products and services as demand strengthened.

Though the consumer price index (CPI)-based inflation rate has not reached alarming levels yet, staying well within the Reserve Bank of India’s (RBI’s) target range of 2-6 per cent for the fifth straight month in November, experts cautioned that it could rise further, particularly in services, when demand improves.

ICRA Chief Economist Aditi Nayar said, “With input price pressures forcing producers to raise prices in many sectors, the November inflation accelerated slightly faster than we had expected, shrugging off the favourable base effect and the cut in fuel taxes.”

Inflation had a high base of 6.93 per cent in November

The Union government’s move to cut petrol prices by Rs 5 a litre and diesel prices by Rs 10 a litre from November 4, and a cut in value added tax by several state governments, had softened inflation in these items. While inflation in petrol fell to 23.78 per cent in November from 27.28 per cent in the previous month, that in diesel moved down to 22.45 per cent from 31.76 per cent over this period.

Food items have the highest weighting of 39.06 per cent in the CPI, and as such contributed to around one-sixth of the total inflation in November. However, vegetables continued to see deflation even as the rate of price fall declined from 19.43 per cent in October to 13.62 per cent in November. But, tomatoes saw inflation zooming up to 31.35 per cent in November from a deflation of 8.36 per cent in the previous month and 45.57 per cent in September.

Core inflation, which excludes food and fuels, remained sticky, rising to 5.9 per cent in November from 5.8 per cent in October. It has been at least 5.5 per cent for over a year now, and 5.9 per cent was the highest. Core inflation represents the structural part of retail inflation.

The services sector saw high inflation as health witnessed a price rise of 7.3 per cent, recreation 7.6 per cent, and transport and communication 10 per cent.

CARE Ratings Chief Economist Madan Sabnavis said this was a concern as the services sector was gradually opening. Higher costs, he said, would affect the wallet of customers. Of late, telecom companies have increased their charges, which is getting reflected here, he said.

India Ratings chief economist Devendra Pant said inflation in health, transport and communications had turned structural. “Supply shortages are further aiding higher inflation, which cannot be termed as transitory,” he said.

Madhavi Arora, lead economist at Emkay Global Financial Services, said she remained watchful of the pass-through of impending cost push pressures in core goods inflation and cost push via imported energy inflation. The re-opening-led demand revival in select contact-sensitive household services could pressure core services inflation ahead. “We see inflation averaging 5.4-5.5 per cent, which is higher than the RBI’s estimates,” Arora said.

The RBI’s monetary policy committee has pegged inflation at 5.3 per cent for the current financial year.

Vivek Rathi, director of research at Knight Frank India, said considering the high inflationary expectations, the RBI would be watchful of the inflation level.

Digitization of payments would democratise credit, says Nilekeni

Digitization of payments, in tandem with the adoption of Aadhaar across India, will lead to steady democratization of credit to small businesses and users in the country, said Nandan

Nilekani, co-founder and chairman of Infosys Ltd and founder-chairman of UIDAI.

Speaking at the Mint Annual Banking Conclave on Wednesday, Nilekani explained how the adoption of Aadhaar can transform lending and make instant loans available for many more users.

“Aadhaar and UPI (unified payments interface) are helping transactional efficiency, migrating to high-volume, low-cost and small ticket-size transactions. This leads to expanding the market, as well as social inclusion. What these are now doing is also creating a digital footprint. For example, when a small retailer sells or buys something digitally, there is a footprint of that transaction. Invoice details of digital purchases are uploaded automatically to the GST (goods and services tax) portal to file taxes. Hence, as more consumers and small businesses transact digitally, they create digital footprints,” Nilekani said.

These footprints, he said, have helped the Reserve Bank of India establish India’s Account Aggregator (AA) system in September.

“What AA does is empower consumers and small businesses to get access to financial services. They can get their bank statements, GST, TDS (tax deducted at source) and other data and request an AA to securely share this with lenders. This process will dramatically democratize lending, as for the first time, this is removing the knowledge asymmetry that is dissociated from small borrowers. They can borrow efficiently, quickly and at low cost—in near real-time,” Nilekani said.

“Many banks are already embracing this, and I expect all banks to get on board,” he further added.

However, Nilekani warned that lenders must be prepared to switch to lower operating margins to bring about this change.

“You’d go from low volume, high cost and high-value transactions to very high volume, very low cost and small-ticket transactions. This is key to market expansion. You have to lower the transaction cost to be able to reach a wider set of people,” he added.

Talking about the AA model, Nilekani said that the use of artificial intelligence and Big Data could help bring more individuals and businesses into the fold of the formal economy.

“Credit using data will fuel more consumption, as well as production. A lot of this will require Big Data and AI, as it’ll require sophisticated algorithms to figure out who is a deserving candidate and who’s a fraud. We will hence see a big push on lending. This is part of a larger process of formalization of the economy,” he said.

He also added that the scope of AA is wide and is an already accepted model that awaits adoption. “AA is already approved by the Financial Stability and Development Council (of the finance ministry). The first usage of AA may be with credit, but it will soon extend to personal finance, wealth management and so on.”

Nilekani also called on service providers to build consumer-facing portals that are digital-first.

“Consumerization of the user experience is very important. As more people use smartphones and experience the ease of use of everyday apps, they will expect the same experience from financial services. So, if we are to attract and retain them, we have to give them an app as simple, intuitive and digital-first as everything else.”

Finally, he also spoke about factors that banking providers in the digitization journey should be aware of.

“We will see a shift to the cloud, in combinations of public and private cloud models. This will require a whole new micro-services architecture for banks to implement technologies quickly. Cybersecurity will be increasingly important—as we expose more of our systems to the internet,” he said.

Maintain exposure to fixed income and gold

The end of the calendar year is a good time to do a thorough check of your financial portfolio. What makes this exercise crucial this year is the change in monetary policy stances of all the major global central banks.

Rebalance out of equities

The run-up in equity markets may have made your portfolio overweight on equities. “Though the equity markets have corrected slightly in recent weeks, this is still a good time to sell some of your equity holdings and return your portfolio to its long-term strategic asset allocation,” says Ankur Kapur, managing partner, Plutus Capital, a Sebi-registered investment advisory firm.

Over the past year, mid- and small-cap funds have far outperformed large-cap funds (see table). This would have made your portfolio overweight on the mid- and small-cap side, so rebalancing may be required here as well to reduce portfolio risk.

Rebalancing through selling must be undertaken if you will require the money within five years. If not, try to bring your portfolio back to its long-term asset allocation by investing fresh money in underperforming assets.

Maintain global exposure

Even though domestic funds may have outperformed international funds in 2021, maintain exposure to the latter. “Allocation to global funds is important so that your portfolio is not completely reliant on one geography. Investing globally will also provide you access to asset classes and themes not easily available in India. Don’t be guided by shortterm performance in this matter,” says Thomas Meichl, head of advisory, Kristal.AI.

Stick to quality stocks

Those who have invested in commodity stocks have witnessed strong gains in recent months. “Commodity stocks are driven by global demand-supply factors. Getting the timing right in them is difficult,” warns Kapur.

Many millennials start off by investing in good-quality companies. “As greed takes over, they deviate into penny stocks. This should be avoided as it could lead to huge losses,” says Nishant Kohli, founder and director, Mudra Portfolio Managers.

The high liquidity and low interestrate scenario is set to change. “A portfolio comprised of quality stocks will decline less during a correction and recover faster afterwards,” says Kapur. With valuations at elevated levels, Kohli suggests adopting avalue-oriented strategy.

Fixed income for capital preservation

With growth back on track but inflation proving to be less transient than estimated, global central banks are set to tighten monetary policy. The Reserve Bank of India is also expected to reduce surplus liquidity in the banking system, which could result in a gradual uptrend in rates at the shorter end of the yield curve.

With equities having yielded high returns over the past 18 months, mean reversion is inevitable. Investors need to allocate money to fixed-income instruments, including debt funds, for capital preservation (though returns may not be high even in 2022).

Match your investment horizon with the duration of the fund. “The yield curve is steep. Investors will get compensated for risk at the long end of the yield curve,” says Dhawal Dalal, chief investment officer-fixed income, Edelwiess Mutual Fund. He says investors need to extend their horizon and invest in the 5-10-year segment to earn positive real returns.

He further adds: “Opt for an appropriate target maturity fund based on your investment horizon for predictability of return and indexation benefit.” Kohli suggests sticking to shorter duration funds (for those with a shorter horizon) and floater funds. Longer-duration funds must be avoided by those having a shorter horizon.

Gold as a hedge

Gold, the safe-haven asset, disappointed in 2021 as economies got back on track and equities soared. Two factors will influence gold’s price in 2022. “Gold has traditionally served as a hedge against inflation. This will have a positive impact on gold demand and prices. But a tighter policy by the US Fed could cause the dollar index to appreciate. Gold prices have a negative correlation with the dollar,” says Naveen Mathur, director-commodities and currencies, Anand Rathi Shares and Stock Brokers. Though returns from gold may not be high in 2022, investors must maintain a 10-15 per cent allocation to it. “It will act as a portfolio diversifier and hedge your losses whenever equities tank,” says Mathur.

Is your term cover adequate?

Check your insurance portfolio to ensure your family is adequately protected. “People up to 35 years should have a sum assured about 20-25 times their annual income. Between 35 and 40, the sum assured can come down to 20 times. Between 40 and 45, it can decline to 15 times. At 55, even 10 times coverage is good enough as income levels are up by then,” says Indraneel Chatterjee, cofounder, Renewbuy. Those who have got married, had children, or bought a house should hike their sum assured. While buying a term cover, compare claim settlement ratios and the time taken by insurers to settle claims.

Check quantity and quality of health cover

Check whether your health cover is adequate. “People living in metros should have a base cover of ₹ 10 lakh, supplemented by a super top up of ₹ 90 lakh,” says Nayan Ananda Goswami, head-group business and retail sales and service, SANA Insurance Brokers.

Also check the quality of your policy. Senior citizens should ensure they don’t have a policy with co payment requirement (unless they wish to reduce the premium). Also, ensure that the waiting period for pre-existing diseases is minimal. In the wake of the Covid crisis, the cost of consumables had become a big issue. “Nowadays, many policies cover this cost as part of their base policy or as a rider,” says Goswami. This is a good feature to have.

Though their returns have been low, fixed income will preserve capital, while gold will provide hedge against equity market volatility

EQUITIES HAVE OVERWHELMINGLY OUTPERFORMED DEBT AND GOLD

Returns (%)

Equity funds                      YTD             3-year                     5-year

Large-cap                         24.7              17.3                        16.2

Mid-cap                            43.1              23.5                        18.9

Small-cap                         60.6              27.7                        20.6

Debt funds

Overnight                          3.1               4.1                         4.9

Liquid                               3                  4.5                         5.3

Ultrashort                          4.1               5.8                         6.3

duration

Low duration                     4.9               5.0                         5.9

Money market                   3.6               6.2                         6.5

Gold ETF                          -2.9              15                          11.1

Returns are of direct, growth funds. Above one-year returns are compound annualised Source: MFI Explorer

_______________________________________________________________________________________________________________

Partnership firm can file consumer complaint

Rajkumar Goyal and Ashok Kumar Mangla were partners of Shree Jagdamba Stone Crushers. They approached Sudhir Gensets to purchase a generator set. The company failed to provide a generator set of the specifications mentioned in the order, and instead supplied another type of genset whose specifications did not meet their requirements.

Since the generator was of no use, they requested the company to replace it with another one that would conform to the specifications given. As the company did not pay any heed, the firm and its partners approached the District Forum with a complaint against Sudhir Gensets and its chief executive officer cum managing director, Sudhir Seth.

The District Forum observed that the generator set was lying idle because it did not meet the required specifications. It held that the supply of an incorrect generator set with different specifications constitutes an unfair trade practice. It ordered Sudhir Gensets to refund ₹ 11,50,000 which had been paid for its purchase. It also ordered interest of 12 per cent to be paid from February 3, 2006, till the date of its purchase. Additionally, it awarded ₹ 1.5 lakh as compensation and ₹ 5,000 towards litigation cost.

Sudhir Gensets appealed against the order. The Haryana State Commission, which reappraised the evidence, concurred with the decision of the District Forum. It confirmed the Forums order and dismissed the appeal as being without merit.

The company then filed a revision petition questioning the correctness of the orders passed against it. The National Commission noted that both the District Forum as well as the State Commission had given a concurrent finding that the generator set which had been supplied was lying idle as it did not conform to the correct specifications. The National Commission ruled that this was not merely unfair but was also a deceptive act, and it was rightly held to be an unfair trade practice.

The company argued that it was not challenging the order on merits, but on the law point of whether a firm could be a consumer and was entitled to file a consumer complaint. It also argued that the compensation awarded was unreasonably high and arbitrary.

The National Commission rejected the technical objections since these had never been raised before the District Forum. It observed that the generator set was not purchased for resale, but for self -employment and to earn a livelihood. So, a consumer complaint would be maintainable even though the goods in question might be put to commercial use.

As regards the quantum of compensation, the National Commission observed that the interest rate was on the higher side and there was no justification for awarding an additional lumpsum compensation. So, by its order of December 3, 2021, delivered by Dinesh Singh and Karuna Anand Bajpayee, the National Commission modified the order. It set aside the compensation of ₹ 1.5 lakh and ordered that the refund of ₹ 11,50,000 would carry an interest rate of 9 per cent instead of the 12 per cent awarded by the District Forum. The order for payment of litigation cost was also maintained.

The writer is a consumer activist

Accounting bodies to get powers to act against erring firms

The federal government on Friday moved an modification Invoice to empower the three accounting our bodies — the CA Institute, the Firm Secretaries Institute and the Value Accountants Institute — to take disciplinary motion in opposition to erring companies, a long-pending demand of the skilled our bodies.

It, nonetheless, diluted the illustration of the skilled our bodies within the composition of the respective Disciplinary Committees.

Thus far, these skilled our bodies may solely act in opposition to their members and never in opposition to the companies they represented. The brand new Invoice — The Chartered Accountants, the Value and Works Accountants and the Firm Secretaries ( Modification) Invoice 2021 — launched within the Lok Sabha by Finance Minister Nirmala Sitharaman on Friday requires each agency to get itself registered with the Institutes involved.

The Councils of the Institutes must keep a register of companies with the main points of pendency of any actionable data or grievance or imposition of penalty in opposition to them. Additionally, the Councils are to be empowered to take away a agency from the Register of Companies if it has been debarred from enterprise any exercise or actions referring to the occupation of a chartered accountant in apply beneath any regulation or by any competent courtroom.

For fast disposal of disciplinary instances, the Invoice specifies a time restrict of 270 days.
Vital change

One of many vital adjustments is revamping the composition of the Disciplinary Committee and the Board of Self-discipline — a transfer seen by consultants as a blow to the skilled institutes because it takes away their powers to information the outcomes in disciplinary mechanism.

Per the Invoice, the Presiding Officer of the Disciplinary Committee can be a non-member of the Institute, which might imply that the Presidents of those our bodies can now not be the Presiding officer.

From the present scenario the place the five-member disciplinary committee consists of three Institute nominees, together with the President, and two authorities nominees, the Invoice moots a shift to 2 Institute members and three non-members together with the Presiding

Officer appointed by the federal government.

The blow has, nonetheless, been softened by permitting the collection of the Presiding Officer from a panel advisable by the Council of the Institutes.

What ICAI says

Reacting to the provisions of the Invoice, the Institute of Chartered Accountants of India (ICAI) President, Nihar Jambusaria, advised BusinessLine that the federal government had, by and huge, thought-about their suggestions. “The modification Invoice will additional make the functioning of the ICAI extra cohesive and end in strengthening the company governance and high quality of preparation and reporting of key statutory paperwork,” he added.

Empowering the CA Institute to take motion in opposition to the erring companies, a long-standing demand of the ICAI, is a progressive provision, he mentioned.

On the disciplinary committee revamp, Jambusaria, nonetheless, admitted that this was not one of the best consequence for the CA Institute and added that the ICAI has already written to the Ministry of Company Affairs looking for a re-look on the provision significantly with regard to the composition of Disciplinary Committee and the Board of Self-discipline.

“We would like the present composition of three+2 (three Institute members and two authorities nominees) to proceed as an alternative of the proposed 2+3 components (two Institute nominees and three non-Institute members). Even when this isn’t acceptable, it could be higher if authorities does a rethink on the presiding officer being a non-member of the institute. The Presiding Officer must be a member of the institute and a chartered accountant for the disciplinary mechanism to work effectively,” he added.

To,

Sir / Madam,

After registering, you will receive a confirmation email containing information about joining the webinar.
 
Webinar Speakers
 
Mr Rakesh Sachar (VP National Sales @ITC pspd)
Civil Engineer by education ; joined ITC specialty papers as a project Engineer, became a paper-maker and then moved to sales .
 
Mr.Nick CHANG (EDITOR, PPI ASIA @Fastmarkets RISI)
Nick manages the PPI Asia editorial team and reports on the Asian pulp and recovered paper markets, and has been with RISI for over ten years. He speaks Mandarin Chinese, the Chinese dialect Hokkien, English and reads Japanese.
 
Thanks & Regards,
Bhavesh Gala

Hon. Secretary

FEDERATION OF PAPER TRADERS’ ASSOCIATIONS OF INDIA (FPTA)
401-A, Commerce House, 140 Nagindas Master Road, Fort Mumbai, India.
Tel.: +91-22-22677708/49732041 Mobile +91-9920355333 Website : www.fptaindia.in

FPTA Webinar

India nearing early harvest trade deal with UK: Piyush Goyal

Commerce and industry minister Piyush Goyal on Friday said India is negotiating trade agreements with “democracies” that believe in “transparent rule-based trading opportunities”, and it is in an advanced stage to conclude the early harvest under a free trade agreement (FTA) with the UK.

His remarks came in the context of the China-centric Regional Comprehensive Economic Partnership (RCEP) deal that Prime Minister Narendra Modi had rejected at the eleventh hour on November 4, 2019, in Bangkok as it did not satisfactorily address New Delhi’s concerns that could hamper the interests of Indian industry.

Speaking at a meeting of the textile industry, Goyal said when Modi announced that India was not joining the RCEP, “I think, the entire country heaved a sigh of relief”. Goyal is also the textiles minister.

He said the RCEP negotiations were historical since 2011-12 and the contour of the trade deal was inherited by the Modi government from the Congress-led United Progressive Alliance (UPA). “After going through the whole process, we realised that it would literally not benefit our Indian industry as much as we would be, let’s say, opening up the Indian market to the others,” he said. The RCEP is the world’s biggest free trade deal involving 10 members of the Association of Southeast Asian Nations (Asean), Australia, China, Japan, New Zealand and South Korea.

He said the government is working with different countries to expand market access for Indian industry and clarified that India is keen on having FTAs or preferential trade agreements (PTAs) with democratic nations that believe in transparent rules-based trade that would be mutually beneficial.

“We are engaged with… advanced stage of discussions with UK,” he said, adding that India has also launched negotiations with the EU. “Though, I think, UK will happen faster. At least the early harvest… EU is a longer drawn process… [involving] 27 countries,” he said.

The UAE and Australia are also “promising FTAs or PTAs” that India would look at in the near future, he said. “Canada has shown interest but Covid has actually put us on the back foot over there,” he added.

He asked the industry to become competitive as market access is two-way traffic. “One problem I face when I do FTA negotiations… An industry cannot say open access for me… I want access in other countries, but please don’t allow them to come to India… It is a two-way traffic,” he said.

Eyeing a deal by December, India & UAE to start FTA talks today

NEW DELHI: India and the UAE on Wednesday announced the launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with the UAE joining the United Kingdom, Australia and the European Union among countries with which New Delhi is seeking to prioritise talks for a free trade agreement.
The UAE is India’s third largest trading partner after China and the US with trade estimated at $43 billion last year. “A new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion within five years of the signed agreement and increase trade in services to $15 billion,” an official statement said, adding that the first round of talks will be held on Thursday and Friday.

“Both sides have drawn up a very aggressive and ambitious timeframe and aim to conclude the negotiation by December 2021 itself. And we hope to sign the formal agreement in the early part of 2022 after the completion of internal legal procedures and necessary ratification process,” commerce and industry minister Piyush Goyal told reporters after a meeting with after a meeting with Thani bin Ahmed Al Zeyoudi, UAE’s junior minister for foreign trade.

The commerce minister said that both the countries will focus on products that will have an early impact on trade. “We decided that items in which we have a clear competitive and comparative advantage for trade between the two countries on both sides in goods and services, will focus on getting items of immediate importance to be agreed upon,” Goyal stated.

UAE is India’s second largest export destination after the United States of America, with exports of nearly $17 billion in 2020-21. Besides, it is the eighth-largest investor in India, having pumped in $11 billion between April 2000 and March 2021, while investment by Indian firms in UAE is estimated to be over $85 billion.
Apart from petroleum products, India exports precious metals, gems and jewellery, food products and engineering goods and machinery to the UAE, with crude oil being the most important import item. A trade deals on the goods side will help Indian exporters get more competitive in the UAE.

India Australia early FTA set to cover half of goods trade

NEW DELHI: As part of a Comprehensive Economic Cooperation Agreement (CECA), India and Australia are looking to conclude an early harvest scheme — covering tariff cuts on items that account for nearly half the trade as well as easier rules for service sectors — by December, over a decade after talks first started.
If the negotiations go as per plan, this will be the first among a set of trade deals that India is looking to clinch, with talks with the European Union, the United Kingdom, Canada and the UAE being pursued. While negotiations on many of them had started almost a decade ago, they are being pushed more aggressively after India exited a dialogue to be part of RCEP, the trade grouping with China, Japan, Korea, Australia, New Zealand the Asean countries.

There are, however, gaps that need to be narrowed down with Australia. For instance, when it comes to trade facilitation, India is unwilling to go beyond what it has committed at the WTO. Plus, it has had concerns over allowing agriculture and processed food items. India is hoping that the agreement will open the doors for its professionals, such as those in the IT sector, to get better access in Australia.

Both sides are, however, confident of narrowing the differences. The December target was agreed upon during a meeting between commerce and industry minister Piyush Goyal and his Australian
counterpart Dan Tehan

During the meeting, sources said, Goyal set a mid-September deadline for finalising the overall scope of the early harvest scheme. “The ministers appreciated the progress made in three rounds of talks between the chief trade negotiators of both sides and discussed the way forward for an early conclusion of a bilateral CECA… the ministers directed officials to speed up the negotiations and to meet as often as required to achieve an early harvest announcement by December 2021 on an interim agreement to liberalise and deepen bilateral trade in goods and services, and pave the way for a comprehensive agreement,” a joint statement issued on Friday said.

Since the Covid-19 outbreak, India along with Japan has also been working closely with Australia on a resilient supply chain initiative, which seeks to reduce dependence on China. In recent months, Australia, which had signed a trade agreement with China a few years ago, has seen massive trade tension with Beijing.

Is the anti-plastic movement going to become a leading driver for the shift towards paper packaging?

Here’s a sneak-peek into what the sustainability trends could mean for the pulp and paper industry 

Did you know that only 9% of the plastic produced since the 1950s has been recycled? This means that 91% of the plastic is still hovering like a storm-filled cloud that’s ready to burst – and wreak havoc on some of nature’s most valuable gifts. 

It’s hard to believe that by 2050 there will be around 12 billion tons of plastic litter in

landfills and the environment. 12 billion! And we can only imagine the ill-effects this will have on our planet.

Consumer awareness and consciousness about the adverse effects of excessive plastic pollution has strengthened over the years – with many going for brands that are making more eco-friendly and plastic-free choices.

Governments have also been taking various initiatives and implementing new taxes and bans on plastic to dissuade businesses from using it for packaging, and encouraging them to substitute it with renewable alternatives. 

Let’s take a deeper look at those three leading market drivers:

Legislation 

To address the environmental crisis, government regulation has increased in many

countries to help drive change and reduce the impact of plastics’

Certain single-use plastics (e.g., drinking straws, coffee stirrers, plastic bottles, plates, cups, utensils, shopping bags) have been identified as leading contributors to plastic pollution and are the target of most legislation. While bans on polyethylene shopping bags have been in place in many parts of the world, the EU and UK are leading the way in implementing wider bans on single-use plastics:

• The United Kingdom has banned the sale of single-use plastic to end-users.
• The European Union has implemented a €.80/kg tax on non-recycled plastic packaging waste. 
• 23 states in the US have some form of plastic bag legislation enacted, and several cities have banned plastic drinking straws.
• China banned certain single-use plastic products in 2020 with a phased implementation.

Consumer

Public awareness of plastic waste in the environment has risen to an all-time high. Several well-known consumer goods companies have committed to reducing plastic content in their packaging:

• 77% of consumers think more highly of companies that package their products in paper-based packaging
• 84% of consumers express concerns about the environment
• 33% of consumers avoid plastic product packaging if they can
• Consumer research firm Mintel predicts sustainability is among the top five trends that will impact the packaging industry over the coming year: “Brands will be called to keep marine conservation at the forefront of packaging development.”.

Brand owners and retailers 

Packaging trend-watchers say the sustainable packaging trend is here to stay, and brands are making serious commitments to act upon the anti-plastics outcry.

Several well-known consumer goods companies have committed to reducing plastic content in their packaging:

• Nestle released its plan to make I00% of its packaging recyclable or reusable by 2025.
• Apple has a comprehensive paper and packaging strategy, which explains how it reduced plastic content of its iPhone 7 package by 84% versus the iPhone 6s, with a switch from plastic trays to fiber-based packaging.
• Samsung announced plans to replace plastic packaging with paper and other renewable materials, even if the alternate materials are higher 

Another indicator of the importance of replacing plastic is the number of innovations in renewable, eco-friendly packaging, which are being announced at a fast clip, for example:

• Ahlstrom-Munksjo has released its new Purpose Fil packaging papers, which uses fiber from responsible and legal sources to meet multiple sustainability goals. 
• Anheuser-Busch InBev, a Belgium-based beverage company, has launched a new sustainable packaging design for its Corona beer brand that uses leftover barley straw from farmers’ harvest to create a paper board for packaging.
• Absolut recently rolled out its paper bottle prototype, which is made of a mix of paper and recycled plastic.
• Graphic Packaging introduced its new Paper Seal MAP tray, a fiber-based alternative to plastic trays for meat, produce, etc.
• Beverage companies are adopting paperboard multi-packs for cans to replace shrink wrap and plastic rings, such as Molson Coors and WestRock’s CanCollar.
• Large retailers, especially in Europe, are also joining the movement to reduce plastic packaging.

For example, UK retailers lceland and Lidl have announced goals to remove plastic from certain product lines. In France, retailer Carrefour signed a French national pact to phase out plastic packaging by 2025, along with other companies including L’Oreal, Nestle, Danone and Unilever.

SCOPE, OF ACCEPTANCE OF DEPOSIT UNDER SECTION 73 READ WITH RULE 2 SUB CLAUSE (vi) BYAPRIVATE LIMITED COMPANY

“Rule 2(I)(c)(viii) of companies (acceptance of deposit) rules 2014 – Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the private company;

 Provided that the director of the company or relative of the director of the private company, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board’s report; “

Under these Rules a Private Limited company can accept the deposit as under:

(a) From the Director without any limit provided he furnishes a declaration that deposit is made from their own fund and invested funds are not borrowed fund;

(b) Shareholders who are not director of the company may also deposit with the company. Deposit in this case deposit cannot exceed by 100% of equity and free reserve of the company;

(c) Private Limited company can accept the deposit from another company and the amount of such deposit cannot be more than 60% capital and free reserve of the lender company;

(d) Relative of the director may also invest in the company as stated in above para (a) 

Term of the relative is defined in s ectlon2(77) of the companies Act and they are as under:

ln case of HUF members of HUR Husband, wife, father, mother, son, son’s wife’ daughter, daughter’s husband, brother, sister. Step father, stepmother, stepson, stepbrother, step sister are also included in the list of relative.

After going through the provisions, it is stated that partnership firm in which partners and directors are related even the firm cannot make direct deposit in the company and it will be routed only through partners.

Retail & Wholesale Trade: An MSME without benefits

Four years after being excluded from the category of micro, small and medium enterprises (MSMEs), the retail & wholesale trade was reincluded under the MSME sector by the Government of India, Ministry of Micro, Small and Medium Enterprises (Policy Division) vide Office Memorandum No. 5/2(2)/2021-E/P & G/Policy, (E-19025) on Friday the July 2nd 2021. This was done for the specific purpose of permitting the retail and wholesale trade to secure priority sector lending (PSL) by the banks and financial institutions according to an official release. Loans given to the MSME sector come under priority sector lending under the RBI guidelines.

The fact however remains that under the NDA -1, the Government of lndia, Ministry of Micro, Small and Medium Enterprises (SME Section) issued an Office Memorandum F. No. UAM/MC/01/2017-SME dated 27th June, 2017 amending NIC Code 45, 46 & 47 and thereby removed the retail and wholesale trade from the ambit of MSME saying that they were neither involved in manufacturing and nor were they service units. Due  to withdrawal  of  MSME status,  retailers and wholesalers were forced to either borrow at a higher rate or from informal financial sources. The retail and wholesale trade were also denied certain other benefits enjoyed by the MSME’s.

It was certainly an aberration and an anomaly for which there cannot be any justification.

The Micro, Small and Medium Enterprises Development (MSMED) Act, which was notified in 2006, had defined an enterprise for the purposes of small businesses in terms of “manufacturing and service entities”. The retail and wholesale businesses were included under the definition of MSMEs under the 2006 Act.

The National Industrial Classification (NIC) is based on Industrial Standard Industrial Classification (ISIC) and The Statistical Classification of Economic Activities in the European Community (NACE). The Organization for Economic Cooperation and Development (OECD) also categorizes the retail and wholesale trade as “Services”. The Government of India under the NIC also categorizes the retail and wholesale trade as services, following the international norm and practice.

Earlier, the criteria for defining MSME was investment in plant and machinery, now it is also based on turnover of the company.

The MSME Annual Report 2020-21 of the Government of India provides the undermentioned statistics on the number of MSME’s and employment provided by them.

(As per   the   National Sample Survey (NSS) 73rd round, conducted by National Sample Survey Office, Ministry of Statistics & Programme Implementation during the period   2015- 16, there were 633.88 lakh unincorporated non-agriculture MSMEs in the country engaged in different economic activities /1 9 6. 6 5 lakhs in Manufacturing. 0.03 lakh in Non -captive Electricity Generation and Transmission, 230 .35 lakh in Trade and 206.85 lakh in Other Services) excluding those MSMEs registered under (a)Sections 2m(i) and 2m(ii) of the Factories Act, 194_8, (b)Companies Act, 1956 and (c) construction activities falling under Section F of National Industrial Classification (NIC) 2008.)

Newsletter

Newsletter

Dear Members,

 Please find the details below on FICCI:Daily News Wrap – October 12, 2021 for your information and necessary action.

October 12, 2021 – Tuesday

Key Developments

Bring plastic waste recycling model under PPP mode: Niti Aayog

Niti Aayog has suggested urban local bodies across states adopt the material recovery facility (MRF) model & implement it as a public-private partnership model for sustainable management of urban plastic waste. A materials recovery facility, also known as a materials reclamation facility or recycling facility is a specialized plant that receives, separates, and prepares recyclable materials for marketing to end-user manufacturers. “The MRF model for plastic waste management (PWM) needs to be funded and operated in the public-private partnership model,” NITI Aayog said in a handbook on sustainable urban plastic waste management, jointly released with United Nations Development Programme (UNDP) on Monday.

https://economictimes.indiatimes.com/news/economy/policy/niti-aayog-undp-call-for-efficient-public-waste-management/articleshow/86939100.cms

Commerce ministry provides alternate method for transfer of space by exiting unit in SEZ

The Commerce Ministry on Monday provided an alternate method for the transfer of space by an exiting unit in a special economic zone (SEZ), a move aimed at promoting ease of doing business. According to an instruction given to all zonal development commissioners of SEZs, the ministry said it has received representations from stakeholders expressing difficulties in following the procedures to exit from a zone as the exiting units are not able to recover the value of their financial assets. “The matter has been examined in consultation with concerned stakeholders. In order to facilitate the smooth operation of business activities by SEZ units and for the ease of doing business….clarifications are issued for the transfer of space under the extant provisions of Rule 74 of SEZ Rules, 2006,” the instruction said.

https://economictimes.indiatimes.com/news/economy/policy/commerce-ministry-provides-alternate-method-for-transfer-of-space-by-exiting-unit-in-sez/articleshow/86947604.cms

Govt may share data on import surges with industry to promote local substitution

The Indian industry may soon get access to periodic data on surges in imports of various products in the country so that it may be able to identify items with growth potential in the domestic market and assess feasibility of substituting the imports with local manufacturing, an official has said. The Commerce & Industry Ministry, which has put in place an import monitoring system to identify and act on import surges, has plans of making the data available online for easy access by the industry, an official tracking the matter told BusinessLine. Data are compiled on a fortnightly and monthly basis by officials under the mechanism.

https://www.thehindubusinessline.com/economy/govt-may-share-data-on-import-surges-with-industry-to-promote-local-substitution/article36949694.ece

PMO steps in after many states report alarmingly low coal stocks

The Prime Minister’s Office (PMO) will on Tuesday review coal positions at thermal power stations amid persistent worries over shortages and power supply disruptions. The coal and power ministries both sent out assurances that the situation would improve soon. The PMO has swung into action after several states reported alarmingly low coal stocks and some resorted to load-shedding. On Monday, home minister Amit Shah held an hour-long meeting with power minister RK Singh and coal minister Pralhad Joshi on the availability of coal for power plants and the current electricity demand, said people aware of the deliberations.

https://economictimes.indiatimes.com/industry/energy/power/pmo-steps-in-after-many-states-report-alarmingly-low-coal-stocks/articleshow/86954439.cms

Economy

Indian economy on path to swift recovery: Finance Ministry report

Strategic reforms and the rapid vaccination drive has placed the country on the path to swift recovery by enabling the economy to “navigate the ravaging waves” of the COVID-19 pandemic, according to the Finance Ministry’s Monthly Economic Review. Sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues suggest that the economy is progressing well, the September review said. “India is well-placed on the path to swift recovery with growth impulses visibly transmitted to all sectors of the economy… Strategic reforms undertaken so far along with new milestones in vaccination drive have enabled the economy to navigate the ravaging waves of the COVID-19 pandemic,” it said.

https://economictimes.indiatimes.com/news/economy/finance/indian-economy-on-path-to-swift-recovery-finance-ministry-report/articleshow/86933428.cms

DIPAM likely to decide on commercial matters for PSU privatisation

The Centre is looking to empower the Department of Investment and Public Asset Management (DIPAM) to take all commercial decisions regarding the sale of a public sector undertaking (PSU), a move that will cut approval layers for privatisation. This would include finalising preliminary information memorandum (PIM), request for proposal (RFP), share purchase agreement (SPA), and terms and conditions related to employee retention.

https://www.business-standard.com/article/economy-policy/dipam-likely-to-decide-on-commercial-matters-for-psu-privatisation-121101100018_1.html

Seven new PSUs this week, Defence Ministry approves Rs 65,000-cr orders

The defence ministry has cleared deemed contracts worth Rs 65,000 cr for the seven Public Sector Units (PSUs) being carved out of the Ordnance Factory Board under a ‘grandfathering clause’, with the new entities set to be launched this week by Prime Minister Narendra Modi. The new entities, which have been formed from 41 erstwhile OFB factories, will also get significant advance payments from the defence ministry, central armed police forces and state governments to help them move to a new corporatised structure. “All the indents previously placed on the OFBs by various services, CAPFs and state police have been converted into deemed contracts. Total number of such contracts numbering 66 have a cumulative value of more than ‘65,000 crore,” officials said, adding that the formal launch will take place on October 15.

https://economictimes.indiatimes.com/news/defence/seven-new-psus-this-week-defence-ministry-approves-rs-65000-cr-orders/articleshow/86946027.cms

Banking and Finance

RBI allows multinational banks to store limited data abroad

Bringing a closure to a contentious issue, the Reserve Bank of India (RBI) has allowed multinational banks operating in the country to store a limited set of data in offshore servers. Certain fields of static information such as name and address of client, some know-your-customer details along with select transaction particulars like date and amount, name of beneficiary, and reference number can be stored abroad by foreign banks. This was communicated a week ago by the regulator to the Indian Banks’ Association (IBA), an industry source told ET. “This is giving foreign banks a small leeway. There are close to 40 data fields, out of which around 30 are important. After several meetings and representations, RBI has now permitted the banks to keep a handful of data overseas.. I guess this brings an end to the matter which has been debated for more than three years now. Further concessions are unlikely, and banks should implement this ASAP,” said a banker.

https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-allows-multinational-banks-to-store-limited-data-abroad/articleshow/86954303.cms

RBI may hike rates in March quarter of 2022; coal and chip shortages a worry: Report

The Reserve Bank is likely to change the stance of its monetary policy and hike rates from the first quarter of 2022, a Japanese brokerage said on Monday. The central bank will start with liquidity normalisation moves this month, narrowing the difference between the rate at which it funds the system and at which it absorbs excess liquidity in December, Nomura said. The brokerage upped its consumer price index (CPI) inflation target for 2022 to 5.2 per cent from 5 per cent earlier.

https://economictimes.indiatimes.com/news/economy/policy/rbi-may-hike-rates-in-march-quarter-of-2022-coal-and-chip-shortages-a-worry-report/articleshow/86938452.cms

Securitisation volumes almost doubled in first six months of this fiscal: Icra

Secutisation volumes have almost doubled in the first six months of this fiscal supported by the improving economic conditions, milder lockdowns, increasing disbursements and collections by non banking finance companies (NBFCs). Rating agency ICRA expects the growth in securitisation volumes to continue for the second half of the fiscal as vaccinations pick up pace. Securitisation volumes in the first half of the current fiscal at Rs 42,200 crore were higher than the Rs 22,700 crore in the corresponding period of last year. ICRA estimates securitisation from loans originated by NBFCs at Rs 25,000 crore in the second quarter of the current fiscal up 65% from Rs 15,200 crore versus the same period last year.

https://economictimes.indiatimes.com/news/economy/indicators/securitisation-volumes-almost-doubled-in-first-six-months-of-this-fiscal-icra/articleshow/86937786.cms

Finance Ministry releases Rs 9,871 crore grant to 17 states

The Finance Ministry on Monday said it has released Rs 9,871 crore of revenue deficit grant to 17 states. The states which will receive money from the grant as recommended by the 15th Finance Commission are Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal. “The Department of Expenditure, Ministry of Finance has released 7th monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs. 9,871.00 crore to the States here today. With the release of this installment, a total amount of Rs 69,097.00 crore has been released to eligible states as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year,” an official statement said.

https://economictimes.indiatimes.com/news/economy/finance/finance-ministry-releases-rs-9871-crore-grant-to-17-states/articleshow/86936152.cms

Govt receives over Rs 2,593 crore dividend from NTPC, PGCIL this fiscal

New Delhi, The government has received nearly Rs 2,600 crore as dividend from NTPC and PGCIL this fiscal year, DIPAM Secretary Tuhin Kanta Pandey said on Monday. “Government of India has respectively received about Rs 1,560 crore from NTPC and Rs 1,033 crore from PGCIL as dividend in this FY recently,” Pandey tweeted. As per the Department of Investment and Public Asset Management’s website, the government has received Rs 7,515 crore as dividend from central public sector enterprises so far in the current financial year.

https://economictimes.indiatimes.com/news/economy/finance/govt-receives-over-rs-2593-crore-dividend-from-ntpc-pgcil-this-fiscal/articleshow/86936837.cms

Subscribers under pension schemes rise to 4.63 cr at Sept-end: PFRDA

The Pension Fund Regulatory and Development Authority (PFRDA) on Monday said the number of subscribers in various pension schemes rose 24 per cent to 4.63 crore as at the end of September 2021. The total number of subscribers in pension schemes regulated by PFRDA had stood at 3.74 crore in the same month a year ago, the pension fund regulator said in a statement. As of September 30, the assets under management (AUM) in various pension schemes regulated by PFRDA rose to Rs 6,67,379 crore as against Rs 4,94,930 crore at the end of September 2020, showing annual growth of 34.84 per cent, it said.

https://economictimes.indiatimes.com/news/economy/indicators/subscribers-under-pension-schemes-rise-to-4-63-cr-at-sept-end-pfrda/articleshow/86944719.cms

Industry

Semi-conductor crunch, high input costs to crimp Q2 show for auto sector

Automakers are expected to report muted earnings for the quarter that ended in September, show the average estimates of four brokerages including Motilal Oswal, Yes Securities, IDBI Capital and Phillip Capital. While supply constraints led by the semiconductor shortage weighed on the passenger vehicle volumes, a tepid demand in the domestic market kept two-wheeler sales in check. As a result, the cumulative profit after tax (PAT) for the auto universe among the Nifty 50 companies (including Tata Motors consolidated) is expected to swing in a year-on-year (YoY) loss of Rs 399 crore against a cumulative profit of Rs 4,395 crore.

https://www.business-standard.com/article/automobile/semiconductor-crunch-high-input-costs-to-crimp-q2-show-for-auto-sector-121101101062_1.html

Corrugated packaging industry in deep trouble as raw material prices shoot up

Corrugated packaging industry has landed in deep trouble as prices of its principal raw material – kraft paper have started shooting up over the past few days. There has been a sharp price increase of Rs 5000 per tonne of kraft paper within a span of 10 days. The mills say that this is not the end and expect further increase in the coming days, said Federation of Corrugated Box Manufacturers of India (FCBM) in a release issued on Monday.The corrugated packaging industry has pointed out the reasons behind this surge in prices. Coal which is the main source of energy for paper mills has increased from Rs 5000 per tonne to Rs 15000 per tonne This has increased the cost of production of paper mills by about Rs 3500- 4000 per tonne.

https://economictimes.indiatimes.com/industry/indl-goods/svs/packaging/corrugated-packaging-industry-in-deep-trouble-as-raw-material-prices-shoot-up/articleshow/86938314.cms

Mobile shipment targets cut further amid record-low inventory levels

The handset industry is running at ‘historically low inventory levels’ with the latest power crisis in China adding to the already existing challenges around component shortages and supply chain hurdles, triggering market trackers to lower annual shipment targets further. “The outages are having an impact, but we see the situation stabilising in 3-6 months with a marginal impact on the supply chain. All these factors put together, including container shortages, has brought the industry inventories to historical lows,” said Pankaj Mohindroo, chairman of industry body India Cellular Electronics Association (ICEA).

https://economictimes.indiatimes.com/industry/cons-products/electronics/mobile-shipment-targets-cut-further-amid-record-low-inventory-levels/articleshow/86926764.cms

Icra slashes growth forecast for auto components industry to 17-20 pc for FY22

Ratings agency Icra on Monday revised downwards by 300 basis points the growth forecast for the auto components industry for the ongoing fiscal year citing the impact of semiconductor shortage on domestic vehicle manufacturers as well as on exports revenues. According to Icra, the components industry is now expected to grow at 17-20 per cent in 2021-22, partly aided by “the low base of last year and commodity passthrough” besides growth driven by domestic OEM, replacement and export volumes. “The healthy volume growth would, however, come on a low base of FY2021. The growth forecasts have been revised downward by 300 bps from the earlier estimates due to the impact of semiconductor shortage on domestic OEM and export revenues,” Icra said in a statement.

https://economictimes.indiatimes.com/industry/auto/auto-components/icra-slashes-growth-forecast-for-auto-components-industry-to-17-20-pc-for-fy22/articleshow/86934447.cms

Indian businesses have bullish hiring plans as they look to rebuild and grow, survey finds

Indian businesses have bullish hiring plans and are investing in their workforce as they look to rebuild from the pandemic, says a survey. According to HSBC’s Future of Work survey, which covered 2,130 business leaders globally, including over 219 respondents in India, hiring is a key focus area for economic recovery amongst Indian firms. “The biggest hiring spree is expected from Indian (joint highest with Mexico) firms as 80 per cent of the surveyed businesses expect to increase their full-time employee base over the next 12 months,” the survey said. The pandemic also impacted the benefits offered by corporates to its employees. The top three offerings by the surveyed Indian businesses to its employees during the pandemic include flexible working hours (52 per cent), improved health insurance (49 per cent), and guidance and resources for wellbeing (49 per cent).

https://www.financialexpress.com/economy/indian-businesses-have-bullish-hiring-plans-as-they-look-to-rebuild-and-grow-survey-finds/2348106/

Infrastructure

IRCTC launches tour package targeting temples, historical destinations

IRCTC (Indian Railway Catering and Tourism Corporation) Tourism launched a seven nights and eight days long tour package to Ayodhya, Chitrakoot, Nandigram, Prayag, Shringaverpur, and Varanasi. IRCTC announced it on its official Twitter handle recently. The total cost of the package will start at Rs 7,560 per person and will cover a significant number of temples and tourist destinations of historical importance. The tour date is slated for 27 November.

https://economictimes.indiatimes.com/industry/transportation/railways/irctc-launches-tour-package-targeting-temples-historical-destinations/articleshow/86931894.cms

Telecom

Trai to issue paper on licencing rules for satellite earth station gateways: P D Vaghela

The Telecom Regulatory Authority of India (Trai) will shortly unveil a comprehensive consultation paper on the licencing framework for setting up satellite earth station gateways in India, chairman P D Vaghela said Monday. Eventually, Trai’s recommendations on this score are likely to go a long way in clearing the air on the rules for setting up in-country satellite gateways by overseas non-geostationary satellite system operators (NGSOs), or LEO satellite service providers such as Bharti-backed OneWeb, Elon Musk’s SpaceX and Amazon’s Project Kuiper.

https://economictimes.indiatimes.com/industry/telecom/telecom-news/trai-to-issue-paper-on-licencing-rules-for-satellite-earth-station-gateways-p-d-vaghela/articleshow/86936471.cms

DoT, Trai exploring ways to optimise spectrum bands useful for both 5G and satellite services: DoT secy

The Department of Telecommunications (DoT) and the sector regulator are exploring ways to optimise the country’s “finite spectrum resources” as several airwave bands are useful for both 5G mobile broadband and satellite internet services, telecom secretary K Rajaram said Monday. “Since spectrum is a finite resource, it’s necessary to ensure efficient use of spectrum, and this (exercise) includes revisiting the users in the existing frequency bands as well as in the new frequency bands…we are engaged in this exercise in consultation with Trai,” Rajaram said, addressing delegates virtually at the launch of the Indian Space Association (ISpA), a grouping of space and satellite companies.

https://economictimes.indiatimes.com/industry/telecom/telecom-news/dot-trai-exploring-ways-to-optimise-spectrum-bands-useful-for-both-5g-and-satellite-services-dot-secy/articleshow/86938574.cms

DoT allows telcos to digitise CAFs; subscribers may soon get to update their data online

Telecom operators have been allowed to digitise customer application forms, a move that is expected to ease updation of subscribers’ data. The provision also frees telecom operators from storing paper customer application forms (CAFs) in warehouses. “Telecom service providers (TSPs) are permitted to store the digitally scanned coloured copies of the paper based CAF documents. Digitally scanned copies of the CAF documents must be maintained for all the active customers,” the Department of Telecom guidelines for digitisation of paper CAFs said on Monday.

https://economictimes.indiatimes.com/industry/telecom/telecom-policy/dot-allows-telcos-to-digitise-cafs-subscribers-may-soon-get-to-update-their-data-online/articleshow/86942956.cms

Energy

Govt mandates energy accounting of discoms to reduce T&D losses

The government on Tuesday mandated electricity distribution companies to undertake energy accounting on periodic basis. A regulation in this regard was issued by Bureau of Energy Efficiency (BEE) with the approval of Ministry of Power, under the provisions of Energy Conservation (EC) Act, 2001, an official statement said. The notification stipulates quarterly energy accounting by DISCOMs, through a certified energy manager, within 60 days. There will also be annual energy audit by an independent accredited energy auditor. Both these reports will be published in the public domain.

https://economictimes.indiatimes.com/industry/energy/power/govt-mandates-energy-accounting-of-discoms-to-reduce-td-losses/articleshow/86936598.cms

Coal ministry conducts pre-bid conference for auction of 11 mines

The government on Monday organised a pre-bid conference for prospective bidders for the sale of 11 coal mines. The coal ministry launched the second attempt of the auction of 11 coal mines earmarked for the sale of coal last month. “Ministry of Coal has organised a pre-bid conference today for prospective bidders,” according to an official statement. These were the mines that were offered in the first attempt launched on March 25 and had fetched single bids.

https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/coal-ministry-conducts-pre-bid-conference-for-auction-of-11-mines/articleshow/86939801.cms

India set to hit 450 GW renewable energy installed capacity by 2030: MNRE

The Ministry of New and Renewable Energy (MNRE) has said that India is set to achieve 450 GW renewable energy installed capacity by 2030. Earlier this month, the MNRE in partnership with FICCI, organised a series of events, from October 6-8 during the Climate and Biodiversity Week at Expo 2020 Dubai. The events covered the themes like ‘India’s Renewable Energy Achievements and Ambitions; Emerging Areas and Opportunities for Renewable Energy in India. The events were anchored by the Solar Energy Corporation of India (SECI) and Indian Renewable Energy Development Agency (IREDA).An event on the theme of ‘One Sun One World One Grid (OSOWOG)’ was also organised by International Solar Alliance promoting interconnective across borders to harness solar energy without intermittency.

https://www.business-standard.com/article/economy-policy/india-set-to-hit-450-gw-renewable-energy-installed-capacity-by-2030-mnre-121101100921_1.html

International Energy Agency invites India to become full-time member: Hardeep Singh Puri

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member – a proposal if accepted will require New Delhi to raise strategic oil reserves to 90 days requirement. Oil Minister Hardeep Singh Puri on Monday said he held online discussions with IEA Executive Director Fatih Birol. “As a natural corollary to the India IEA strategic partnership, Dr Birol invited India to deepen its cooperation with IEA by becoming a full Member,” Puri tweeted without saying if the full-time member was acceptable to the government or not.

https://economictimes.indiatimes.com/news/india/international-energy-agency-invites-india-to-become-full-time-member-hardeep-singh-puri/articleshow/86939592.cms

States

Odisha government hikes remuneration of contractual staff by 50%

Three days after hiking the Dearness Allowance of its regular staff and pensioners from 17 per cent to 28 per cent, the Odisha government Monday decided to increase the remuneration of contractual government employees by 50 per cent and henceforth refer to them as Initial appointees. The decision was taken at a state Cabinet meeting helmed by Chief Minister Naveen Patnaik here, Law Minister Pratap Jena said. The Cabinet also took 16 other decisions concerning Finance, Food Supplies and Consumer Welfare, General Administration and Public Grievances, Home, Excise, Labour and ESI, Panchayati Raj and drinking water departments.

https://www.business-standard.com/article/economy-policy/odisha-government-hikes-remuneration-of-contractual-staff-by-50-121101101233_1.html

Healthcare

As input costs soar, small drug units reach out to Centre for help

A steep rise in raw material prices has begun to pinch the country’s drug manufacturers to the extent that some have sought government intervention to tame the prices and a top drug maker said it may be forced to pass on the cost increase to consumers. The prices of active pharmaceutical ingredients (APIs), excipients, glass vials and packaging material, among other inputs, have escalated over the last three months. Executives of some leading pharmaceutical companies told ET that the situation is in large part due to factory shutdowns and production cuts in China, the main source of APIs and key starting materials for Indian companies. APIs are required to manufacture finished formulations.

https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/as-input-costs-soar-small-drug-units-reach-out-to-centre-for-help/articleshow/86954611.cms?utm_source=ETTopNews&utm_medium=HP&utm_campaign=TN&utm_content=23

Drugs for treating diabetes, obesity & ageing can potentially be used to treat COVID-19: Researchers

Existing drugs used to treat diabetes, obesity and ageing can potentially be used to treat COVID-19, researchers from the Indian Institute of Science Education and Research (IISER) Bhopal have found. The team has recently published a review of the biomolecular relationships among COVID-19, ageing and diabetes. The review has been published in the journal Molecular and Cellular Biochemistry and offers insight into future directions in COVID-19 therapeutics.

“With the nearly two-year-long COVID-19 pandemic continuing to ravage the world, we are beginning to slowly understand the virus and its functioning. It is now known that the effects of the viral infection are severe on aging population and people with existing diabetic conditions.

https://www.financialexpress.com/lifestyle/health/drugs-for-treating-diabetes-obesity-ageing-can-potentially-be-used-to-treat-covid-19-researchers/2348119/

External

India pitches for ‘honest introspection’ by NAM to stay relevant

India on Monday urged the Non-Aligned Movement (NAM) to carry out an honest introspection about its functioning with an aim to ensure the grouping’s continuing relevance and influence on contemporary global issues. In an address at a meeting in Belgrade to mark the 60th anniversary of the NAM, Minister of State for External Affairs Meenakashi Lekhi also talked about the Afghanistan crisis and emphasised that the Afghan soil “cannot be and should not be” used to mount terror attacks against any country while referring to a UN Security Council resolution.

https://economictimes.indiatimes.com/news/india/india-pitches-for-honest-introspection-by-nam-to-stay-relevant/articleshow/86941521.cms

India agrees to USD 200 million Line of Credit to support development projects in Kyrgyzstan

India on Monday agreed to a USD 200 million Line of Credit support for development projects in Kyrgyzstan, as External Affairs Minister S Jaishankar held “cordial and constructive” talks with his Kyrgyz counterpart Ruslan Kazakbaev on a wide range of bilateral and global issues, including Afghanistan. Jaishankar arrived here on Sunday as part of his four-day visit to Kyrgyzstan, Kazakhstan and Armenia with an aim to further expand bilateral ties with the three Central Asian countries. “Cordial and constructive talks with FM Ruslan Kazakbaev of Kyrgyz Republic. Agreed on USD 200 million LoC to support development projects. Also concluded an understanding on executing high impact community projects,” Jaishankar tweeted.

https://economictimes.indiatimes.com/news/economy/finance/india-agrees-to-usd-200-million-line-of-credit-to-support-development-projects-in-kyrgyzstan/articleshow/86932816.cms

India’s trade minister Piyush Goyal to meet Chinese counterpart on Tuesday

India’s Trade Minister Piyush Goyal will have a one-on-one meeting with his Chinese counterpart on Tuesday at the G-20 summit in Italy, the government said in a statement. Goyal will also meet other trade ministers, including those from the United States, South Korea, Australia, South Africa, Brazil, and Canada, among others, the statement said on Monday.

https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-trade-minister-piyush-goyal-to-meet-chinese-counterpart-on-tuesday/articleshow/86929646.cms

EC to derecognise five agencies certifying organic exports from India

Five certifying agencies are set to be blacklisted from certifying organic product exports from India by the European Commission as Indian shippers, cleared by them, failed to meet the norms for ethylene oxide presence in their consignments, particularly sesame (til/gingelly). The action, which withdraws recognition granted to them to certify organic products from India, comes after the European Union issued at least 90 notifications in the Organic Farming Information System (OFIC) over the past few months. The decision was taken in early July during a meeting of the EC committee on organic production.

https://www.thehindubusinessline.com/economy/agri-business/ec-to-derecognise-five-agencies-certifying-organic-exports-from-india/article36949015.ece

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 Please find the details attached below on GST Tabliod Key Compliance for your information and necessary action.

GST Tabliod Key Compliance

News Article 24-12-2021