Banking awareness 07th November 2016 | Financial Affairs 07th November 2016

Govt mandates 20% local components in mobiles for export aid


40% for telecom equipments
  • The Government has mandated the use of over 20 per cent indigenous components in mobile devices and 40 per cent in telecom equipment made in the country for companies seeking 3 per cent interest subsidy on exports.
  • The order also mandates that only those companies will be eligible for the interest subsidy who are involved in complete manufacturing of products in the country over those who only assemble their products.


Export Interest Subsidy


Maruti, Suzuki working on low-cost hybrid cars


Hybrid technology for smaller car – Chairman
  • Maruti Suzuki and its parent Suzuki Motor are working to develop low-cost hybrid compact cars as they prepare to maintain their stronghold in the market.
  • Maruti Suzuki India Chairman R C Bhargava said they were trying to exploit the space for small cars with green technology as big companies like Toyota are currently focusing on bigger ones.

R C Bhargava

Maruti Suzuki India Chairman

Interest Subsidy on Exports

Apple seeks incentives to set up manufacturing unit


Apple has mfg units in 6 countries now
  • US-based iPhone maker Apple has sought incentives from the government to set up a manufacturing unit in the country.
  • In a communication to the government, the Cupertino-based technology major has asked for incentives related to the Department of Revenue and Department of Electronics and Information Technology.

2.25 lakh Crore

Value of Electronics goods imported to India in 2014-15.

BSNL approaches Telecom Department for 700 MHz spectrum


May get 5 MHz block in equity route
  • Weeks after the 700 MHz spectrum went unsold in India’s biggest auction, BSNL has approached the Telecom Department for airwaves in the premium band for rolling out 4G services.
  • The telecom PSU has suggested that a 5 MHz block in the 700 Mhz band be assigned to it by the government through the equity route.


Anupam Shrivastava

Corp Bank planning to shift head office to Bengaluru


Mangaluru citizens unhappy over the move
  • Citizens of Mangaluru have expressed concern over the purported move of Corporation Bank to shift its major operations from the head office in Mangaluru to Bengaluru.
  • Addressing presspersons in Mangaluru on Saturday, JR Lobo, MLA of Mangaluru South, said that the Mangaluru-based Corporation Bank is planning to shift its head office to Bengaluru.

Banks from Karnataka

Canara Bank

Vijaya Bank

Syndicate Bank

Corporation bank

Flipkart in talks with Wal-Mart, CPPIB for $1 b funding


E-commerce giant looking to take on Amazon, Alibaba
  • After a year of discussions with various global investment firms, Indian e-commerce giant Flipkart may soon close a deal to raise around $1 billion to fuel its expansion and take on arch rival
  • According to two sources, the Bengaluru-based company is exploring the option of seeking funds from the Canada Pension Plan Investment Board (CPPIB) and US retail giant Wal-Mart Stores.

$11 billion

Value of Flipkart

India to raise work permit issue with Canada, U.K.


Britain changed visa policy to curb immigration
  • India will raise its concerns over restrictions on the movement of foreign skilled workers for short-term duration work with Britain and Canada, as these curbs are affecting the Indian IT industry.
  • Canada, the U.K., the U.S, Germany and Switzerland are the top five markets for Indian IT firms.

$18 billion

Revenue from UK for Indian IT firms

Banks, LIC told to monitor Tata Group moves


Move to Protest depositor’s interests
  • Amid the on-going boardroom battle at Tata Group, the Finance Ministry has asked financial institutions, including LIC and banks, to keep a watch on developments to safeguard the interest of investors.

37,500 crore

LIC’s exposure to TATA Group

Mypoolin eyes UPI push to double user base


Mypoolin is a Social payments application mypoolin
  • Mypoolin looking to double the number of registered users to a lakh by the end of this year as it is betting on a surge in peer-to-peer payments with the unified payments interface (UPI) becoming operational.

Unified Payments Interface

Waterways project nod by Dec. sought


To introduce Infrastructure bonds
  • With contracts worth Rs 2,000 crores already awarded, the Union Shipping Ministry will now seek Cabinet approval for the Jal Marg Vikas project, under which National Waterways-1 is being implemented.
  • The Ministry is also planning a maiden issue of infrastructure bonds worth Rs.1,000 crore in two tranches to fund this World Bank-aided project.

Infrastructure bonds

Investment up to Rs 20,000 – Income tax deduction under Section 80 CCF

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