Banking Awareness 26th November 2016 |Financial Affairs 26th November 2016

Amul to launch online, mobile app-based delivery services

amulcompany

Ties up with Infibeam, tests Ahmedabad market with soft launch

  • Cashing in on the push for digital transactions post demonetisation, GCMMF (also known as Amul) is going to launch its own dedicated online sales channel in collaboration with Infibeam.
  • The channel enables ‘direct to home’ delivery of Amul products.

Verghese Kurien

Co- Founder of Amul.

Paytm pulls back in-app PoS after concerns from Visa, MasterCard

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It is aggressive in capitalising the government’s push towards digital payments

  • Mobile wallet entity Paytm pulled back its in-app point of sale feature that was designed for merchants to accept credit or debit card payments, after security concerns were raised by payment networks such as Visa and MasterCard.
  • But concerns were raised by Visa and MasterCard, who said it could lead to data breach of user details.

Vijay Shekhar Sharma

Founder and CEO Paytm

Goa to implement 7th Pay Commission by December

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GGEA had served 21 days strike notice to the state government last week.

  • Goa Chief Minister Laxmikant Parsekar said the Seventh Pay Commission would be implemented for the state government employees by December this year
  • GGEA had served 21 days strike notice to the state government last week.

Laxmikant Parsekar

Goa Chief Minister.

Demonetisation will hurt GDP in the short run

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Growth will beat China’s in medium term

  • The impact of demonetisation on India’s GDP growth is clearly going to be negative in the short run but, on the positive side, it may improve the fiscal position, according to Fitch Ratings.
  • Thomas Rookmaaker, Director of Fitch’s Asia-Pacific Sovereigns Group, said the macroeconomic effects of the cash crunch due to demonetisation include a temporary delay in consumption and investment

Thomas Rookmaaker

Director of Fitch’s Asia-Pacific Sovereigns Group.

Unaccounted deposits to attract 50% tax, 4 yr lock-in period

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Amendments to tax law the government plans to bring in shortly.

A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.

December 30th 2016

Last date of deposi

ting demonetised notes.

No proposal to restrict gold holding by individuals

 

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Government did not restrict for gold possession

  • Finance Ministry said that the government is not considering any proposal to restrict holding of gold by individuals
  • Following the demonetisation of 500 and 1,000 rupee notes in a bid to crack down on black money, there were apprehensions among people that the government might impose some kind of restrictions on gold holding by individuals.

Gold

An chemical element with the symbol Au

Airtel deploys advanced 4G at 135 Mbps in Tamil Nadu

airtel_africa_4g_yourstory

TN to deliver mobile broadband speeds of up to 135 Mbps.

  • Airtel has deployed its 4G Advanced services in Tamil Nadu to deliver mobile broadband speeds of up to 135 Mbps.
  • Airtel launched its 4G services in Tamil Nadu starting from Chennai in May 2015 on the 1800 Mhz band using the FDD LTE standard and recently added capacity on 2300 Mhz band using TD LTE.

Main cities to get 4G

Chennai, Madurai, Hosur, Vellore, Puducherry, Tiruchi, Coimbatore, Salem and Tiruppur

Kolar: Asia’s No. 2 tomato market has no bank or ATM

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It is the second-largest market for tomatoes in Asia

It is the second-largest market for tomatoes in Asia and the largest in South India. Yet, the APMC market in Kolar, 70 km from Bengaluru, does not even have a bank branch or an ATM.

Pimpalgaon, Nashik

It is the first-largest market for tomatoes in Asia

As businesses go cashless, digital players vie for market pie

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A look at how payment platforms fare in terms of cost, efficiency

  • The migration to a cashless economy induced by the demonetisation move has had various digital payment enablers pitching themselves as the most cost-effective solution for businesses.
  • Point of Sale (POS) suppliers, mobile wallets, app-based POS and the Unified Payment Interface (UPI) are battling it out, but the key factor on which their success hinges is the ease with which merchants.

App-POS

It doesn’t have monthly charges like normal POS.

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