Business and Economy Current Affairs - May, 2021

Read Current Affairs on Quickbytes and stay updated with latest Current Affairs events on daily basis. Our daily Current affairs on Business and Economy in May 2021 are for all those aspirants preparing for various competitive exams and entrance tests like Bank PO & Clerk, IBPS PO, Insurance SSC, PSC, UPSC and more.

Business and Economy Current Affairs - May, 2021

Business and Economy - May 2021

30th May, 2021

Finance Minister launches Amnesty Scheme for reducing late fees payable on pending returns

Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman has launched the Amnesty Scheme for reducing late fees. It was recommended during the 43rd Goods and Services Tax (GST) Council chaired by the Finance Minister. The scheme will reduce the late fees payable on pending returns of the small and medium-sized taxpayers with an aggregate turnover upto INR 5 crores. The relaxations under the scheme will be offered to the target taxpayers from 1st June, 2021.  

21st May, 2021

SEBI doubles the overall limit for overseas investments made by VCFs and AIFs

Securities and Exchange Bureau of India (SEBI) has doubled the overall limit for overseas investments made by the Venture Capital Funds (VCFs) and Alternative Investment Funds (AIFs). The limit has been increased from $ 750 million to $ 1500 million. This will increase India’s participation in the global companies and will also boost the growth of the Indian AIF sector. The AIF industry has shown a Compound Annual Growth Rate (CAGR) of 491 % from December, 2012 to December, 2020.

SEBI slaps Cairn India with a fine of INR 5.25 crores for fraud

Securities and Exchange Bureau of India (SEBI) has imposed a hefty fine of INR 5.25 crores on Cairn India for making a misleading announcement about the buyback of shares on 14th January, 2014. On this day, Cairn India and its Directors made a public announcement of buyback but failed to utilize 50 % of the buyback size despite of favorable conditions and also violated several provisions of SEBI’s Buyback Regulations and Prevention of Fraudulent and Unfair Trading Practices (PFUTP) rule.

20th May, 2021

MRPL acquires 100 % stakes of ONGC Mangalore

Mangalore Refinery and Petrochemicals Ltd (MRPL) has acquired 100 % stakes of ONGC Mangalore Petrochemicals (OMPL) from Oil and Natural Gas Corporation (ONGC). ONGC had 0.00027776 % stakes in OMPL. After this acquisition, OMPL has become a fully-owned subsidiary of MRPL. OMPL was a joint venture of MRPL and ONGC. OMPL is the largest single stream unit in Asia producing 914 KTPA paraxylene and 283 KTPA benzene. OMPL’s turnover stood at INR 3388.79 crores in FY21. It was established on 19th December, 2006.

SEBI’s technical group on SSEs recommends non-allowance of political and religious organizations

The technical group on Social Stock Exchanges (SSEs) headed by Harsh Bhanwala has recommended non-allowance of religious, political and trade organizations to raise funds via SSE mechanism. The recommendation also states the non-allowance of infrastructure and housing companies (except affordable housing) and corporate foundations from using SSE mechanism. The technical Group on SSEs has been constituted by Securities and Exchange Bureau of India (SEBI) in September, 2020. The technical group recommended the allowance of For-Profit Social Enterprises (FPEs) and Non-Profit Organizations (NPOs) with a social intent to participate in SSE.

19th May, 2021

CBIC notifies Customs Amendment Rules, 2021 for improving trade facilitation

Central Board of Indirect Taxes and Customs (CBIC) has notified the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021 for improving trade facilitation. CBIC has amended the Customs (Import of Goods at Concessional Rate of Duty) Rules’ 2017 or IGCR, 2017. As per the new amendment, imported goods will be permitted for sending out for ‘job work’. The new amendment allows the companies to import capital goods at a concessional duty of Customs by simply providing prior information to the Custom Officers about the imported goods.

18th May, 2021

Shree Malani Foams Pvt Ltd conferred with the Star Export House Award

Shree Malani Foams Pvt Ltd has been conferred with the prestigious Star Export House Award by the Ministry of Commerce and Industry. Shree Malani Foams has become the 1st and only mattress company to be honored with this award since 2016. The company will be provided with a certification of 5 years. Shree Malani Foams has emerged as the most preferred destination for the international buyers due to its superlative quality and its compliance with the processes and audits

Google rolls-out ‘News Showcase’ feature across India in collaboration with 30 publishers

Google has launched its ‘News Showcase’ feature across India to showcase its news segment. Google will support the local publishers by incentivizing their editorial voice and expertise. The ‘News Showcase’ will let the Indian users dive deeper into the ultra-complex stories and happenings across India. The ‘News Showcase’ comes under Google’s billion-dollar global investment for supporting high quality journalism. At present this feature is live across Australia and UK with 700 publishers. Google has already collaborated with 30 publisher of India including ‘The Indian Express Group’.  

Reliance Jio joins the global consortium for building cable network under the sea

Indian telecommunication giant, Reliance Jio has officially announced that it is setting up the largest international submarine cable system with India at its center. Jio has collaborated with Subcom and other global partners. Subcom will provide submarine cables for managing increased data demand. Jio intends to lay two submarine cable systems one connecting India and Asia Pacific via Thailand, Singapore and Malaysia while the other connecting India and Middle and North African Region and Italy.

17th May, 2021

Chandigarh-based startup develops world’s 1st private digital court for dispute resolution

Chandigarh-based startup, ‘Jupitice Justice Technologies’ has developed world’s 1st private digital court for resolving the disputes under the Private Justice System via Alternative Dispute Resolution (ADR) Mechanisms. The digital court will be based on Blockchain technology and Artificial Intelligence (AI). The newly developed platform has been designed for private justice system arbitration, mediation, conciliation and negotiation. The services provided by the platform will not involve any administering body. ADR comes under the Legal Services Authorities Act, 1987.

16th May, 2021

Groww acquires Indiabulls AMC for INR 175 crores

Online investment platform, Groww has acquired Indiabulls Asset Management Company (AMC) of Indiabulls Housing Finance Ltd (IBHFL) for INR 175 crores. Groww is currently managed by Nextbillion Technology Pvt. Ltd. With this acquisition, Groww has become one of the first fin-tech companies to enter the club of Rs-32 trillion Asset Management Businesses. Groww’s acquisition only includes the mutual fund entity of Indiabulls and the rest will still be managed by IBHFL. The payment of acquisition was made in a cash and cash equivalent agreement.

Google collaborates with SpaceX for providing Starlink Internet Service

Google Cloud is all set to sign a partnership agreement with Elon Musk owned ‘SpaceX’ for obtaining cloud services to provide the Starlink Internet Service using the satellites of Starlink. As a part of the partnership, SpaceX will set up ground stations at the Google data centers across the globe as Starlink terminals. These terminals will deliver high speed broadband internet. The end-user services will be available by the end of 2021. The partnership also covers data delivery of Google.  

11th May, 2021

SEBI issues disclosure norms on BRS reporting for the top 1000 listed companies

Securities and Exchange Bureau of India (SEBI) has issued ‘Disclosure Norms’ on Business Responsibility and Sustainability Report (BRSR) under Section 11 (1) of SEBI Act, 1992 read with Regulation 101 of the Listing of Obligations and Disclosure Requirements (LODR) for the top 1000 companies based on market capitalization. The submission of BRSR for FY22 will be voluntary and has been mandated to the companies from FY23. Under the BRSR, the companies disclose their performance against the 9 principles of ‘National Guidelines in Responsible Business Conduct’ (NGBRC).

9th May, 2021

SEBI makes amendments to its regulations to support the Start-ups

Securities and Exchange Bureau of India (SEBI) has made amendments to the ‘Issue of Capital and Disclosure Requirements’ Regulations, 2018 for encouraging the listing of Start-ups. The new regulation has been titled as SEBI- Issue of Capital and Disclosure Requirements (Second Amendment) Regulations, 2021. Amendments like delisting of equity shares and alternative investment funds have been made to boost the Indian Start-up ecosystem. SEBI has allowed angel investors to invest in start-ups as a part of the amendment.      

7th May, 2021

India, UAE and Israel sign Trilateral Trade Agreement

India, UAE and Israel have jointly signed a first-of-its kind Trilateral Trade Agreement for setting up robotic solar cleaning technology in India for a project in UAE. The task will be undertaken by Israel-based ‘Ecoppia’. It is the leading company in providing solar powered robotic solutions. Ecoppia also has its manufacturing base in India. The trade agreement was initiated by the International Federation of Indo-Israel Chambers of Commerce (IFIICC). The cooperative venture has a business potential that can reach to US $ 100 billion by 2030.

5th May, 2021

Indian Government notifies Digital Tax Threshold for Non-Resident Tech firms

Government of India’s Central Board of Direct Taxes (CBDT) has notified Digital Tax Threshold for Non-Resident Technology firms including Netflix, Facebook, Google etc. The notified thresholds include Transaction Threshold of INR 2 crores and User Threshold of 3 lakh users. The thresholds are a part of the principal of Significant Economic Presence (SEP) introduced during the presentation of Finance Bill 2018-19. The thresholds will be enforced on the firms from 1st April, 2022. This will cause renegotiation of treaties between tech companies and United States.