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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RBI expands coverage of Bharat Bill Payment System

In a consumer friendly initiative, Reserve Bank of India (RBI) has expanded the scope and coverage of Bharat Bill Payment System (BBPS) to include all categories of billers who raise recurring bills and payments (except prepaid recharges) as eligible participants, on a voluntary basis.

Key Highlights

With the expansion of the scope of payment facility, RBI now allows other recurring/repetitive bill payments like school fees, insurance premiums, EMIs and municipal taxes, which can also be paid through BBPS.

At present, the facility of payment of recurring bills through BBPS is available only in five segments i.e. direct to home (DTH), electricity, gas, water and telecom.

Expansion of biller categories would increase the user base of Bharat Bill Pay along with providing an efficient, cost-effective alternative to existing systems and enhance consumer confidence and experience.

What is BBPS?

It is an integrated bill payment system that offers interoperable bill payment service to customers online and via a network of agents on ground.

This interoperable platform enables a customer to pay bills like telephone, water, gas, direct-to-home (DTH) and electricity at a single location (electronic or physical).

The system provides multiple payment modes and instant confirmation of payment.

BBPS functions under National Payments Corporation of India (NPCI).

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Commerce Ministry launches Steel Import Monitoring System

Union Minister of Commerce & Industry and Railways, Piyush Goyal launched Steel Import Monitoring System (SIMS) in New Delhi. The system has been developed in consultation with Union Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system.

About Steel Import Monitoring System (SIMS)

SIMS has been notified with effect from 1 November 2019. It will provide advance information about steel imports to Centre government and stake holders which includes steel industry (producers), steel consumers (importers) to have effective policy interventions.

SIMS shall require importers to submit advance information in an online system for import of 284 steel tariff lines at 8-digit HS code (Harmonized Item Description and Coding System) in order to obtain an automatic Registration Number by paying required registration fee.

Function:

The importers of specified steel products will register in advance on web portal of SIMS and will provide necessary information. The registration will be online and automatic and no human intervention is required.

The importer can apply for registration not before 60th day and not after 15th day before expected date of arrival of import consignment. The automatic Registration Number thus granted will remain valid for 75 days period. The importer shall also have to enter Registration Number and expiry date of Registration in Bill of Entry to enable Customs for clearance of consignment.

The information about steel imports provided by importers on SIMS will be monitored by Steel Ministry.

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