Business News Updates

MSME Support and Outreach Programme Launched

PM Narendra Modi launched the programme at Vigyan Bhavan in New Delhi on November 2, 2018. It was attended by Union Minister for Finance and Corporate Affairs Arun Jaitly, Union Minister of State for MSME Giriraj Singh, and other dignitaries.

Doing Business Report 2019 Report Released

The World Bank released the ‘Doing Business 2019: Training for Reform’ on October 31, 2018. India is at 77 from 100 last year. India’s Distance to Frontier score improved to 67.23 from 60.76 last year.

Section 7 of the Reserve Bank of India Act, 1934

The Section 7 of the RBI act when invoked by the government will provide autonomy for the Central Bank as clarified by the Union Ministry of Finance on October 31, 2018. The bank and the government will work in accordance to public interest and the requirements of the economy.

India’s First Blockchain Pay Executed

HSBC executed the country’s first blockchain transaction to facilitate an export order of Reliance Industries (RIL) to an American client. The electronic bill of lading within the blockchain allows digital transfer of the title of goods from the seller to the buyer.

Committees to Facilitate Easy Merger of Bank of Baroda, Vijaya Bank and Dena Bank

The three banks decided to form internal committees which will integrate the functions of the banks before the merger, on October 24, 2018. The committees will consist of the CEOs and Executive Directors of the banks. The merger was announced by the Union Finance Ministry on September 17, 2018.

The Insolvency Law Committee (ILC) Submits Report on Cross Border Insolvency

The ILC submitted the second report on the issue to Union Finance Minister Arun Jaitley, on October 22, 2018.

Special Courts for Benami Transaction Cases

A notification by the Union Government has appointed the sessions courts in 34 states in union territories to act as special courts for trial of benami transaction cases. Benami transaction is one which has been made under a fake name, or in which the owner is not aware of ownership of the property, or the person paying for the property is untraceable.