Modi to set credit discipline in Banks

The ongoing Narendra Modi Government has initiated formulation of laws to secure prudential banking and help effect a culture of credit discipline.

Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted to create a unified framework for resolving insolvency and bankruptcy matters. IBC, by adopting a creditor-in-saddle approach, with the interim resolution professional taking over management of affairs of corporate debtor at the outset, coupled with debarment of wilful defaulters and persons associated with NPA accounts from the resolution process, has effected a fundamental change in the creditor-debtor relationship.

Banks to restrict Red Flagged Accounts

RBI has furnished inputs with respect to its instructions to the banks to bring changes as per its new guidelines to strengthen their monitoring mechanism.

A Circular of confidential nature was issued by RBI to all the banks in February 2018 to implement security and operational controls such as Straight-Through Process (STP) between CBS/accounting system and SWIFT messaging system, enable time-based restrictions in SWIFT, review logs at regular intervals, undertake reconciliation, etc in a time bound manner, and the banks were also advised that in case of non-compliance RBI may take enforcement action against them.

Public Debt Management Q2 announced!

Since Apr-June (Q1) 2010-11, Public Debt Management Cell (PDMC) (earlier Middle Office), Budget Division, Department of Economic Affairs, Ministry of Finance has been bringing out a quarterly report on debt management on a regular basis. The current report pertains to the quarter Jul-Sept 2018 (Q2 FY 2019).

During Q2 of FY19, the Central Government issued dated securities worth `₹ 1,44,000 crore as against ₹1,89,000 crore in Q2 of FY18.

The weighted average maturity (WAM) of new issuances stood at 15.04 years in Q2 of FY 19 (14.58 years in Q2 of FY 18). The weighted average yield (WAY) of issuances for the same quarter was 8.01 per cent compared to 6.76 per cent in Q2 of FY 18. The temporary cash flow mismatches were bridged through issuance of Cash Management Bills amounting to ₹20,000 crore during the quarter. The net average liquidity injection by RBI under Liquidity Adjustment Facility (LAF) including MSF was ₹16,097.2 crore during the quarter.

E-Commerce Market grows at 17%

As per the Economic Survey 2017-18, the electronic commerce (e-commerce) market in India is estimated at USD 33 billion, with a 19.1 percent growth rate in 2016-17. As per the National Association of Software and Services Companies (NASSCOM) Strategic Review 2018, in the Information Technology and Business Process Management (IT-BPM) sector in India, the Indian e-commerce market was USD 33 billion in 2017-18 and reached USD 38.5 billion, growing at a rate of about 17% in the financial year 2018-19.

As per extant Foreign Direct Investment (FDI) policy, FDI up to 100% is permitted under automatic route in companies engaged in e-commerce provided that such company engaged only in Business to Business (B2B) e-commerce. Further, 100% FDI under automatic route is permitted in marketplace model of e-commerce but FDI is not permitted in inventory based model of e-commerce.

De Beers diamond education to china

De Beers Group announce, it has officially launched its education partnership with the National Gemstone Testing Centre (NGTC), China’s leading authority in the testing and inspection of gems and jewellery, extending the accessibility of De Beers Group’s diamond education courses to students in China.

The partnership, which was officially launched at the Beijing Jewellery Show in China on 13 December, will provide a variety of diamond education courses, supporting the needs of multiple groups across the diamond industry. Courses will focus on a range of content, including:

CTF inks MoU with Tencent

Chow Tai Fook Jewellery Group Limited (CTF) announces that the Group and Tencent signed a memorandum of agreement. Starting from next year, WeChat Pay Hong Kong can be used for all purchases at designated CTF Jewellery stores in Mainland China, encouraging Hong Kong people to use digital payment in Hong Kong dollars and significantly enhancing Hong Kong consumers’ life experience.

The Group also plans to gradually promote WeChat Pay HK to more CTF Jewellery stores in the Greater Bay Area and other cities across Mainland China and further extend this convenient payment method to the points-of-sale of other brands under the Group.

24 Karat Gold Elixir for Beauty!

Set to beautify all skin types and turn back time with its potent composition, the 24 Karat Mehrunisa Gold Elixir has made its way to the lands of the UAE. This rich, skin-enhancing oil founded by Mehrunisa Shahid, is a serum infused with ingredients used by the ancient worlds to enhance beauty and sustain youth, a proprietary blend of natural ingredients that help brighten, hydrate and nourish the skin.

Encapsulating skin regime in a black magic bottle, the 24 Karat Mehrunisa Gold Elixir is a blend of pure essential oils infused with 24 Karat Gold. It is the ultimate luxurious anti-ageing treatment that re-energizes, lifts and firms the skin. It minimizes the appearance of wrinkles, helps fade blemishes and lightens the skin. Use at night for an opulent glow and radiating complexion. It also contains naturally occurring sun block, making it the perfect addition to your morning skin ritual. Nothing short of a glistening miracle!

Pure Gold Jewellers celebrates the festive season

Pure Gold Jewellers, an award winning jewellery retailer, is celebrating the festive season with ‘cost price' offer on its range of diamond necklaces including the Eternity collection, at no service charge. Perfect for any occasion, Eternity necklace is punctuated with fine-cut diamonds and available in white or yellow gold. The sophisticated design is for the passionate and stylish woman.

Dominion unearths 552 carat yellow diamonds

Dominion Diamond Mine, a world leading producer of responsibly mined diamonds, announces the recovery of the largest known gem quality diamond ever found in North America. The 552 carat yellow Canadamark diamond was unearthed in October at the Diavik Diamond Mine, approximately 135 miles south of the Arctic Circle in Canada’s Northwest Territories. 

The find far surpasses the previous record held by the Diavik Foxfire at 187.7 carats, which was also recovered at the same mine in 2015. Dominion owns 40% of Diavik.

“This incredible discovery showcases what is truly spectacular about Canadamark diamonds,” states Kyle Washington, Chairman of Dominion Diamond Mines. “The color and texture of the diamond are a unique example of the journey that natural diamonds take from their formation until we unearth them. Our Diavik Mine has produced some of the most beautiful diamonds in the world, and this one certainly tops the list.”

India stares gold WorldSkills

India endeavours to bag gold at 45th WorldSkills Competition is scheduled to be held at Kazan on 22 - 27 August 2019. It is likely to witness about 1,300 young professionals who will compete in over 56 skills from over 70 countries including India.

Chairman of GJSCI Sanjay Kothari said, in past India has won medallion & silver medal yet not attained any gold! This time we endeavours to edge up our representatives with cutting edge training to bag the gold at Kazan, Russia.