Business, Economy & Banking Current Affairs - 2019

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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Team Cashless India: Mastercards’ campaign to promote digital payments in India

Payment technology major Mastercard along with its brand ambassador MS Dhoni launch a nationwide campaign dubbed as ‘Team Cashless India’ to accelerate the acceptance and adoption of digital payments in India.

The Team Cashless India’ is in line with government’s ‘Digital India’ vision and is an important step towards Mastercard’s goal to equip 10 million merchants in India with digital payments acceptance capabilities by 2020.

About ‘Team Cashless India’ campaign

Objective:

  • To bring consumers and merchants on board to forefront of digital payments dialogue.
  • To encourage Indian citizens to nominate one or more merchants who currently do not accept digital payments to go digital.

Participants: Mastercard will work together with Confederation of All India Traders (CAIT), acquirer banks and fintech (Financial technology) companies to support nominated merchants to deploy digital payments acceptance infrastructure. CAIT is apex body of India’s trading community.

For the initiative, CAIT will provide necessary scale and reach via on-the-ground outreach to merchants. Moreover, the payment facilitators and partner banks will work with merchants to install digital payments infrastructure at points of sale (POS).

Process Followed:

To take part in ‘Team Cashless India’, any individual can either nominate a merchants online or can give a missed call to ‘9016861000’.

An outreach program across multiple cities will be conducted by Mastercard to educate merchants on benefits of accepting digital payments as well as to provide a platform for consumers to nominate merchants. Mastercard will also provide select nominated merchants and consumers with a chance to join Mahendra Singh Dhoni’s Team Cashless India.

Moreover, M.S. Dhoni will interact with merchants and encourage them to ‘bat’ for a cashless India by accepting digital payments to further garner support of merchants for this digital movement.

Benefits:

It promotes the idea of a less-cash economy. Digital payments benefits small merchants in several ways like lower cost of managing cash, safety and security of money and credit history that opens avenues for more business.

Nominations are expected to create a social movement for making India a cashless society.

CBIC launches programme to strengthen Make in India

Central Board of Indirect Taxes and Customs (CBIC), India’s nodal national agency responsible for administering Central Excise, Service Tax, Customs, GST, & Narcotics has launched a revamped and streamlined programme to attract investments into India and strengthen Make in India through manufacture and other operations. The programme is launched under bond scheme of Customs Act, 1962 as this section enables conduct of manufacture and other operations in a customs bonded warehouse.

Moreover, CBIC in collaboration with Invest India has launched a dedicated microsite [https://www.investindia.gov.in/bonded-manufacturing>] for providing information as well as promoting scheme and for facilitation of investors.

Key Highlights of Scheme

It prescribes a single application cum approval form for uniformity of practice.

Jurisdictional Commissioner of Customs will function as a single point of approval to set up and oversee operations of such units. Moreover, there is no geographical limitation on where such units can be set up.

The unit can import goods (both inputs as well as capital goods) under a customs duty deferment program and the duties are fully remitted if processed goods are exported.

The units will benefit through improved liquidity as there will be no interest liability.

GST compliant goods can be procured from domestic market for use in manufacture and other operations in a section 65 unit.

A single digital account has been prescribed for ease of doing business and easy compliance.

The Scheme has been modernized with simplified compliance requirements Information and Communication Technology (ICT)-based documentation, clear and transparent procedures and account keeping, by issue of Manufacture and Other Operations in Warehouse Regulations 2019.

Significance: Scheme will also enable efficient capacity utilization, as there is no limit on quantum of clearances that can be exported or cleared to the domestic market. It is expected to play a critical role in promoting investments in India and in enhancing ease of doing business (EDB). It can provide impetus to Make in India programme by encouraging exports, creating hubs for electronics assembly, repairing/refurbishing operations, inward/outward processing, facilitating global e-commerce hubs among others.