In a big boost for customers making online payments, banks will now have to resolve failed debit card transactions within five days, and UPI and wallet based transactions within one day, as per the latest RBI guidelines. Furthermore, all payment operators will have to resolve failed ATM, swipe machine and Aadhar Enabled Payments (AEPS) transactions within five days and IMPS transactions in one day. Failure to resolve complaint within the stipulated time would make these lenders liable to pay customers Rs100 for every delayed day. A failed transaction is when an account gets debited but the payment is not registered.
More than 10,000 Taiwanese companies, including Apple suppliers Foxconn and Wistron have massive operations in China, thanks to its tax incentives, organised supply chain and logistics, efficient business parks as well its cultural ties to the island. But a trade war between the US and China has led to higher tariffs on goods worth tens of billions of dollars and disrupted global supply chains. Now, Taiwanese firms are looking to invest in India’s technology, renewable energy, electric vehicle and farm sectors. Trade between India and Taiwan will likely touch $10 billion over the next few years.
India's apex realtors group CREDAI said it is disappointed with the government's measures to support the sector, as it did not address the key demands such as tax rebate and lower interest rate for home buyers and developers. CREDAI's National Chairman Jaxay Shah said the Rs 20,000 crore special fund announced by the government for completing the stalled real estate projects will have limited impact as it excludes those projects which are either facing insolvency proceedings or become non-performing assets (NPAs).
The government will launch on October 1, the Grand Challenge, an initiative of inviting start-ups and other companies to provide ideas on expanding coverage and improving the Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). Prime Minister Narendra Modi is expected to launch the initiative in Delhi. Top 7 innovations will be selected and awarded. Under AB-PMJAY, 18,000 hospitals have been empanelled and about 45 lakh people have been given treatment so far.
Air India posted an operating loss of around Rs 4,600 crore in 2018-19 mainly due to higher oil prices and foreign exchange losses. However, the debt-laden national carrier expects to post an operating profit of Rs 700-800 crore in 2019-20. The airline's net loss stood at about Rs 8,400 crore while total revenues touched around Rs 26,400 crore last fiscal. The airline has a debt burden of more than Rs 58,000 crore while the annual outgo is more than Rs 4,000 crore.
India's exports dropped by 6.05% to $26.13 billion in August mainly on account of a significant dip in shipments from key labour intensive sectors such as petroleum, engineering, leather, and gems & jewellery. Imports too declined by 13.45% to $39.58 billion led by non-oil and non-gold sectors, thus narrowing trade deficit to $13.45 billion in August. However, the trade gap widened marginally from $13.43 billion in July. In August, oil imports declined by 8.9% to $10.88 billion, and non-oil imports fell by 15% to $28.71 billion.
Ending uncertainty for exporters, Finance Minister Nirmala Sitharaman on Saturday announced the Remission of Duties or Taxes on Export Products (RoDTEP) scheme for reimbursing input duties and taxes that will replace the existing Merchandise Exports from India Schemes (MEIS) which is not compliant with world trade rules. The revenue foregone for the new scheme is estimated at up to Rs 50,000 crore per annum. Textiles and all other sectors will transit into RoDTEP from January 1, 2020.
Hero MotoCorp, the country’s biggest two-wheeler maker, has launched a Voluntary Retirement Scheme (VRS) for its employees to help improve productivity and efficiency. The VRS is applicable for employees above 40 years and those who have completed a minimum of five years of continuous service at Hero MotoCorp. The scheme would offer a generous one-time lump sum payout and other benefits including additional gifts, discounts on Hero products, medical benefits, discounts on company-given cars and laptops, career opportunities at Hero for children of the employees, and future business opportunities with the company.