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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By 2016, India to be the 3rd largest automobile market: IHS

Screenshot_4As per IHS Automotive, a global market information provider India will become the 3rd largest automotive market in the world by 2016 ahead of Japan, Germany and Brazil with its domestic automotive sales. China, the US and Japan were the top three global automotive markets and India was ranked 6th after Brazil and Germany in the 4th and 5th positions respectively in 2012. India is expected to recover strong growth trend from 2014 onwards.

Expectations in the coming Years:

  • With enhanced growth Indian citizens will acquire wealth and demand for automobiles will increase as the need of personal transportation rises.
  • The growth of auto-mobile sales will not be restricted only to mass market vehicles and
    India light vehicle production is expected to reach 7 million by 2020.
  • In terms of production volume, India would move to fourth position in 2020 ahead of Germany and Brazil from its current 6th spot.

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RBI eases curbs on payment gateways

The central bank decided to allow all payment gateways like PayPal and other such online payment gateway service providers to substantially increase their export-related transaction value limits.

The Indian merchants that use PayPal will now be able to receive up to $10,000 per transaction as compared to the previous $3,000. As per PayPal, in order to receive export related payments merchants must confirm their email address, and add a Permanent Account Number (PAN), purpose code and local bank account to their account.

Why there were strict regulations on payment gateways by RBI?

As per RBI, initially a strict regulation was made as several service providers had allowed exporters to retain the export proceeds abroad without repatriation resulting in violation of the provisions of the Foreign Exchange Management Act (FEMA) 1999.

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