Business

RBI takes decision to withdraw incremental CRR in phased manner-Telangana Today

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As much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 — the day when the currency was withdrawn from circulation — have been returned to banks.

Published Date – 05:12 PM, Fri – 8 September 23


RBI takes decision to withdraw incremental CRR in phased manner



Mumbai: The Reserve Bank on Friday decided to discontinue the Incremental Cash Reserve Ratio (I-CRR), which was put in place to absorb surplus liquidity following the withdrawal of Rs 2,000 currency notes, in a phased manner beginning Saturday.

On August 10, the RBI mandated banks to maintain an incremental cash reserve ratio (I-CRR) of 10 per cent on the increase in their net demand and time liabilities (NDTL) between May 19, 2023 and July 28, 2023.

The measure was intended to absorb the surplus liquidity generated by various factors, including the return of Rs 2,000 notes to the banking system.

“On a review, it has been decided to discontinue the I-CRR in a phased manner,” the central bank said in a statement.

Based on an assessment of current and evolving liquidity conditions, it has been decided that the amounts impounded under the I-CRR would be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner, it added.

The RBI said 25 per cent of the amount of I-CRR maintained by banks will be released on Saturday and another 25 per cent on September 23. The rest will be released on October 7.

While announcing the I-CRR, RBI Governor Shaktikanta Das had indicated that the provision was a temporary measure for managing the liquidity overhang.

The RBI had announced that the I-CRR would be reviewed on September 8, 2023, or earlier with a view to returning the impounded funds to the banking system ahead of the festival season.

Following the withdrawal of the Rs 2,000 notes, the liquidity with the banks had surged significantly, the I-CRR was aimed to absorb the excess cash.

As much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 — the day when the currency was withdrawn from circulation — have been returned to banks.

The total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023.

Business

Exide Industries invests over Rs 100 crore in subsidiary making advanced chemistry batteries-Telangana Today

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Automotive battery major Exide Industries Ltd said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary EESL.

Published Date – 06:46 PM, Fri – 8 September 23


Exide Industries invests over Rs 100 crore in subsidiary making advanced chemistry batteries

Automotive battery major Exide Industries Ltd said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary EESL.

Chennai: Automotive battery major Exide Industries Ltd on Friday said it has invested just over Rs 100 crore in its wholly-owned battery cell making subsidiary Exide Energy Solutions Ltd (EESL).

In a regulatory filing Exide Industries said it has invested just over Rs.100 crore (Rs 100,00,00, 015 – Rupees One hundred crore and fifteen only) by way subscribing to the rights issue of EESL.

The Rs 374.40 crore equity based EESL is into manufacturing battery cells of advanced chemistry as well as manufacturing, assembling, selling battery modules, battery packs and other related activities thereto.

EESL’s net worth as on 31.03.2023 was Rs 655.20 crore had logged a loss of Rs 59.81 crore for the year ended 31.3.2023.

Business

Volvo electric car C40 Recharge showcased in Hyderabad-Telangana Today

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Volvo Car India has showcased its Electric Car–C40 Recharge in Hyderabad with their business partner, Krishna Exclusive.

Published Date – 07:46 PM, Fri – 8 September 23


Volvo electric car C40 Recharge showcased in Hyderabad



Hyderabad: Volvo Car India has showcased its Electric Car–C40 Recharge in Hyderabad with their business partner, Krishna Exclusive. Volvo Car’s core offerings of safety and luxury form an integral part of C40 Recharge. The much- awaited C40 Recharge is available at an introductory ex-showroom price of 61,25,000.

Bookings for the C40 Recharge are exclusively online and can be done on the Volvo Car India Website. This is the second EV from Volvo in India and will be assembled at the company’s plant at Hosakote in Karnataka and it comes with an 11 kW charger.

“Hyderabad is among the fastest growing cities in the APEC region and the state of Telangana is the fastest growing state in the country. It is a very important market in India and is home to many aspiring and affluent families. The residents here have an eye for the best in the class products which C40 Recharge offers. The car offers 530km range as per international test conditions (WLTP) in single charge.

This along with a host of new features will find good favour with our customers in the city. The introduction of our second EV offering showcases the company’s commitment of being an all-electric company by 2030” said Jyoti Malhotra – Managing Director of Volvo Car India.

“It gives us great pleasure to present the C40 Recharge in Hyderabad. Our customers have been looking forward to seeing the C40 Recharge in Hyderabad and we look forward to making the deliveries. Along with advanced technology, the car incorporates safety that Volvo is known for globally.” said Sumit Passi, Dealer Principal of Volvo Hyderabad – Krishna Exclusive.

The features of C40 Recharge Born Electric include:

– Power: 408 hp

– Torque: 660 Nm

– Battery : 78 kWh

– Battery Type: Li-Ion

– Battery weight: 500kgs

– Acceleration: 0-100 kms – 4.7 s

– Battery warranty: 8 years/160,000 km

– Top speed: 180 km/h

– Power distribution ratio : 40/60

– Power (Front/Rear) – 163 hp/ 245 hp

– WLTP Range: 530 kms

– ICAT Range : 683 kms

– Front storage (Frunk): 31 ltrs

– Rear storage (boot space): 413 ltrs

– Ground Clearance (kerb weight 1 person): 171mm

– One Pedal Drive option

– Leather-free interiors

– Unique battery safety cage

– A new silhouette aero-dynamically designed slimmed roof line

– Neatly packaged sensors for the Advanced Driver Assist Systems sensor platform

– 84-pixel LED (each side) that automatically adjusts to light conditions

– Large Panoramic Sunroof that minimizes glare and provides effective UV protection.

– Digital Services with 5 years subscription

– Google Built-in (Google Assistant, Google Play, Google Maps)

– Volvo Cars App

– Harmon Kardon Premium Sound System (600W, 13 speakers)

– Volvo On Call

– Advanced Air Purifier System with PM 2.5 sensor

– 360-degree camera

– Blind Spot Information System with Cross traffic alert

– Adaptive Cruise Control

– Pilot Assist

– Lane Keeping Aid

– Collision Mitigation Support (front & rear)

– Parking Assistance Sensors (front, side & rear)

– 7 airbags

– Wireless Charging for smartphone

Business

Sovereign Gold Bond issue price fixed at Rs 5,923 per gram; subscription to open on Sep 11-Telangana Today

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“The nominal value of the bond based on the simple average of closing price (for gold of 999 purity)… works out to Rs 5,923 per gram of gold,” it said, while announcing the issue price of Sovereign Gold Bond Scheme 2023-24 Series II (second tranche).

Updated On – 07:54 PM, Fri – 8 September 23


Sovereign Gold Bond issue price fixed at Rs 5,923 per gram; subscription to open on Sep 11



New Delhi: The Reserve Bank of India (RBI) on Friday said the issue price for the next tranche of Sovereign Gold Bond has been fixed at Rs 5,923 per gram and will open for subscription from September 11.

“The nominal value of the bond based on the simple average of closing price (for gold of 999 purity)… works out to Rs 5,923 per gram of gold,” it said, while announcing the issue price of Sovereign Gold Bond Scheme 2023-24 Series II (second tranche).

The government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to investors applying online and making the payment against the application through digital mode.

For such investors, the issue price of gold bond will be Rs 5,873 per gram, it said.

The issue will be open from September 11-15, according to the statement.

The bonds will be sold through banks, Stock Holding Corporation of India Ltd (SHCIL), designated post offices, and recognised stock exchanges — the NSE and the BSE.

The scheme was launched in November 2015 to reduce the demand for physical gold and shift a part of domestic savings — used for the purchase of gold — into financial savings.

The price of the bond is fixed in Indian rupees on the basis of simple average closing price of gold of 999 purity, published by the India Bullion and Jewellers’ Association Ltd for the last 3 working days of the week preceding the subscription period.

The bonds are denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor of the bond will be 8 years, with an exit option after the fifth year to be exercised on the next interest payment dates.

The minimum permissible investment is 1 gram of gold. The maximum limit of subscription is 4 kg for individuals, and 20 kg for trusts and similar entities each fiscal.

Business

Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country-Telangana Today

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It is the first public sector bank to launch UPI ATMs, in coordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB said in a statement.

Published Date – 08:32 PM, Fri – 8 September 23


Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country



New Delhi: State-owned Bank of Baroda (BoB) on Friday announced that it has enabled the UPI ATM facility at over 6,000 ATMs across the country.

It is the first public sector bank to launch UPI ATMs, in coordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB said in a statement.

Customers as well as customers of all participating issuer banks using any UPI-enabled Mobile app can withdraw cash from Bank of Baroda UPI ATMs without using their debit card, it said.

Using the Interoperable Cardless Cash Withdrawal (ICCW) technology, which facilitates cardless cash withdrawals through ATMs, the UPI ATM enables seamless QR-based cash withdrawals, doing away with the need to carry a Card to withdraw cash, it said.

One of the major benefits of the UPI ATM facility is that customers can withdraw cash from multiple accounts linked to UPI, it said.

UPI ATM transactions are also quicker, convenient, and secured as they generate a single-use dynamic QR code for every transaction and ensure a safe banking experience, it said.

Business

Panasonic to invest another Rs 300 cr in Andhra facility by 2026, aims higher exports from India-Telangana Today

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The Japanese company is looking to use the facility for exports and will primarily target the Middle East and African markets, they told reporters here.

Published Date – 08:42 PM, Fri – 8 September 23


Panasonic to invest another Rs 300 cr in Andhra facility by 2026, aims higher exports from India



Varanasi: Panasonic Electric Works India (PEWIN) will invest another Rs 300 crore to increase capacity at its unit in Sri City, Andhra Pradesh, company officials said on Friday.

The Japanese company is looking to use the facility for exports and will primarily target the Middle East and African markets, they told reporters here.

“We have invested Rs 300 crore as part of the first phase of the project, and will be investing another Rs 300 crore by 2026,” PEWIN Director for power business unit, Rajesh Nandwani, said.

At present, the overall production capacity of the company, which operates plants in Daman and Haridwar as well, is 62 crore pieces per year, which will grow to 70 crore by 2025 and 100 crore by 2030, Nandwani said.

The company produces various products such as switches and switchboards.

PEWIN Managing Director Yoshiyuki Kato said the company’s revenues stood at Rs 5,100 crore in FY23, and is aiming to increase it three times by 2030 because of the opportunities it sees here.

Nandwani said exports constitute 2 per cent of the overall revenue at present, and it is aiming to push it up to 10 per cent of the targeted revenue by 2030.

To boost exports, the company will launch products aimed at local market conditions and also increase its distribution strength, Nandwani said.

The company is also open to inorganic growth opportunities and will be looking at proposals that help it increase its market share and capabilities, Nandwani said.

About three-fourths of the revenues for PEWIN are contributed by the power unit, while the rest come from lighting and solar verticals.
PEWIN employs 8,900 people in India at present.

The company will look to become more solutions-centric rather than product-centric, Raja Mukherjee, its head for the lighting business unit, said.

Government business contributes a third of the topline for the lighting unit at present, he said.

Amit Barve, who heads the solar power solution unit, said the company is looking at solar lighting along highways as a big opportunity, given the mandate to have a fifth of the country’s roads to be lit up using solar power.

Business

ICICI Bank gets RBI nod to make I-Process Services as wholly-owned subsidiary-Telangana Today

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The bank has received approval from the Reserve Bank of India for making iProcess its wholly-owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing.

Updated On – 10:26 PM, Fri – 8 September 23


ICICI Bank gets RBI nod to make I-Process Services as wholly-owned subsidiary



New Delhi: ICICI Bank on Friday said it has received a green signal from the Reserve Bank to make I-Process Services (India) Private Ltd a wholly-owned subsidiary of the lender.

The board of the bank had, at its meeting held on February 17-18, 2023, approved a proposal for making I-Process Services (India) Private Limited (iProcess) a wholly-owned subsidiary of the bank, subject to receipt of requisite regulatory and statutory approval.

The bank has received approval from the Reserve Bank of India for making iProcess its wholly-owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing.

The bank currently holds a 19 per cent stake in iProcess, it said.

Started in 2005, I-Process Services (India) Private Ltd was set up to provide staffing solutions services for some of India’s top financial institutions.

With in-depth experience across recruitment, HR operations, payroll, compliance and training, I-Process can smartly negotiate market challenges and evolving social dynamics to always offer cutting-edge solutions.

Business

Legislation introduced in US House to remove high-tech export barriers to India-Telangana Today

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The legislation was introduced on Friday by Congressmen Gregory Meeks, Ranking Member of the House Foreign Affairs Committee, and Andy Barr, vice chair of the House India Caucus

Published Date – 10:05 AM, Sat – 9 September 23


Legislation introduced in US House to remove high-tech export barriers to India



Washington: As President Joe Biden visited New Delhi, two powerful lawmakers have introduced legislation in the US House of Representatives to remove high-tech export barriers to India to give a big boost to the unrestricted export of sensitive technologies to the country and bolster bilateral technology cooperation.

The legislation was introduced on Friday by Congressmen Gregory Meeks, Ranking Member of the House Foreign Affairs Committee, and Andy Barr, vice chair of the House India Caucus.

The “Technology Exports to India Act” aims to facilitate the sale of high-performance computers and related equipment to India and strengthen United States-India technology cooperation.

“As President Biden visits India for the G-20 Summit, we are happy to introduce the ‘Technology Exports to India Act’ to bolster technology cooperation between the United States and India,” the two lawmakers said in a joint statement.

“This bill removes restrictions on the sale of US products, such as digital computers and electronic assemblies, to India without a Department of Commerce license, thereby enhancing US-India technology trade, linkages between our technology companies, and supply chain resilience for a critical industry,” they wrote.

“In light of the further strengthening of our strategic partnership with India, this legislative change reduces regulatory barriers to technology cooperation,” Meeks and Barr said.

The bill says Congress feels that greater technological and defence cooperation with India is critical to tackling shared geopolitical and security challenges.
As such it is important to reduce regulatory barriers to technological cooperation with India in ways that enhance national security and advance strategic priorities, the bill says.

The bill says President Biden providing flexibility to export high-performance computers to India would bolster United States-India technological cooperation and demonstrate Congress’s commitment to India as a strategic partner.

As such, removing India from the ‘‘Computer Tier 3” eligible countries’ list in section 740.7(d) of title 15 of the Code of Federal Regulations would help to strengthen the bilateral relationship, the bill says.

Noting that the United States designated India a US Major Defence Partner, providing it access to a wide range of military and dual-use items regulated by the Department of Commerce, the bill says for the items controlled for national security reasons by the Department of Commerce, India is subject to a general policy of approval for licenses for civil or military end uses in India or for the Government of India so long as the items are not for nuclear, missile or chemical or biological activities.

However, currently, the export of high-performance computers meeting certain specifications to India requires authorisation of the United States Government under section 1211 of the National Defence Authorisation Act for Fiscal Year 1998.

The US President does not have the authority to remove or delete India from the excluded Computer Tier 3 eligible country list. The bill once passed by Congress would help facilitate that.

On Friday, Prime Minister Narendra Modi and US President Biden met in New Delhi on the sidelines of the G20 summit and the two leaders vowed to deepen and diversify the bilateral major defence partnership.

Business

Taxmen can seek details of ITRs filed by investors in startups-Telangana Today

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Income tax officials can seek details about ITRs filed by startup investors to ascertain if the amount invested is commensurate with the income shown in their personal ITRs

Published Date – 11:40 AM, Sat – 9 September 23


Taxmen can seek details of ITRs filed by investors in startups



New Delhi: Income tax officials can seek details about ITRs filed by startup investors to ascertain if the amount invested is commensurate with the income shown in their personal ITRs, the I-T department has said.

Replying to a post of former BharatPe co-founder Ashneer Grover on X on Friday, where he flagged that a number of startups have received tax notices in the last one month asking to furnish information about their shareholders, the I-T department said the Finance Act 2012 mandates that the source of funds from a resident shareholder in startup has to be also explained by an investor.

“In the present case, it appears that the AO has sought to examine the genuineness of the transaction and source of investment by the shareholder-investor, to verify if the amount invested is commensurate with the income shown in the ITRs of the investors.

“Alternatively, if the PANs of the investors are shared with the AO by the company, he can verify the ITRs of the investors,” the I-T department said.

Section 68 of the I-T Act under which the Assessing Officer (AO) has made the enquiry about creditworthiness of the shareholder/investor, places initial onus on the assessee-company (start up in this case) to prove — identity of the investor, creditworthiness of the investor and genuineness of the transaction.

“Finance Act, 2012 mandated that the nature and source of any sum credited as share capital, share premium etc., in the books of a closely held company (excluding venture capital fund or a venture capital company registered with Sebi) shall be treated as explained u/s 68 only if the source of funds from a resident shareholder is also explained by investor,” the I-T department said.

Grover in his post had said that the I-T department is asking startup companies to furnish three-year ITR of all shareholders.

“1) How and why will companies have ITR of shareholders ! 2) Why would a shareholder/individual share their ITR with a private company ?,” Grover had posted, adding it’s a case of an investor buying equity in a startup and not a case of a startup giving loan to its shareholders.

Business

Apple targets 7% market share in Android-dominated India by 2023-Telangana Today

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New Delhi: Driven by domestic manufacturing, Apple iPhones are set to garner 7 per cent market share in the Android-dominated smartphone market in India this year, latest data showed on Saturday, as the tech giant gears up to globally launch its flagship devices next week.

Apple iPhone shipments grew 68 per cent (year-on-year) in the first half of this year in the country.

In the first half, Apple secured a 6 per cent market share in the Indian smartphone market and dominated the super-premium smartphone segment (priced between Rs 50,000-Rs 100,000) with a robust 63 per cent market share, according to data from market intelligence firm CyberMedia Research (CMR).

CMR estimates the iPhone 15 shipments in the launch quarter to hover around 65 per cent, driven by an increased ‘Make in India’ initiatives.

iPhone domestic manufacturing in the country has significantly increased over the past four year.

In another push to its India manufacturing dream, Apple maker Foxconn started the local production of the next-generation of iPhone 15 at its Sriperumbudur facility near Tamil Nadu faster than ever.

A small set of ‘Make in India’ iPhone 15 units is likely to be exported to other countries within a short span of time from its global launch.

Other Apple suppliers in India like Pegatron and Wistron (being acquired by the Tata Group) will also assemble iPhone 15 as soon as possible, according to sources.

CMR anticipates a 25 per cent YoY growth in iPhone shipments with the iPhone 15 series.

iPhone 14 series shipments in launch quarter were around 58 per cent and iPhone 13 series were around 23 per cent in the country.

“Apple has enjoyed a positive growth trajectory in India in recent years, with sales of its older generation iPhones steering growth. The upcoming iPhone 15 series is poised to maintain this growth momentum,” Prabhu Ram, Head-Industry Intelligence Group, CMR, told IANS.

However, its success will hinge on Apple’s ability to effectively manage any potential production challenges and shipment delays with the 15 line-up, and especially the ‘Pro’ models, he added.

The market momentum for iPhones in India have been driven by the sales of the previous generaIon iPhones.

Apple is hosting its next big global product launch — showcasing the fresh lineup of iPhone 15 series — on September 12. The tech giant is also expected to announce new Apple Watches at the event.