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Newly elected Member of <keyword id="48510" type="General" weightage="80" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword> from <keyword id="6354953" type="General" weightage="80" keywordseo="punjab" source="Orion">Punjab</keyword>, Vikramjit <keyword id="5093144" type="General" weightage="80" keywordseo="singh-sahney" source="Orion">Singh Sahney</keyword>, who is the International President of <keyword id="615847" type="General" weightage="50" keywordseo="world-punjabi-organisation" source="Orion">World Punjabi Organisation</keyword>, on Monday announced to donate all his and staff salary during his tenure of six years for the education of economically weaker students. Padma Shri <keyword id="746637" type="General" weightage="80" keywordseo="sahney" source="Orion">Sahney</keyword> made this announcement before taking oath of office in <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword>. Before the oath, he took part in 'kirtan' and 'ardaas' organised at Gurdwara Rakab Ganj Sahib here. On the occasion, Sahney announced that he will donate all his and staff salary of his tenure for the education of economically weaker students. He launched <keyword id="14487465" type="General" weightage="50" keywordseo="punjab-education-fund" source="Orion">Punjab Education Fund</keyword> and the amount works out to around Rs 32 lakh per year and this will turn out to be Rs 2 crore in six years. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/after-india-us-could-be-the-next-country-to-crack-down-on-vpn-service-providers-for-deceptive-data-practices/articleshow/92949353.cms">After India, US could be the next country to crack down on VPN service providers for deceptive data practices</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hindalco-indian-oil-and-israels-phinergy-join-hands-to-make-aluminum-air-batteries/articleshow/92948131.cms">Hindalco, Indian Oil and Israel’s Phinergy join hands to make aluminum-air batteries</a>

AAP MP donates entire salary for education of students

New Delhi, Mar 19 () The International Chamber of Commerce (ICC) Paris on Thursday appealed to the government to provide relief measures to businesses and borrowers hit by COVID-19 (coronavirus) outbreak. The chamber's President Vikramjit Singh Sahney said OECD (Organisation for Economic Co-operation and Development) has estimated that dip in global growth may lead to recession, and India is already struggling with an economic slowdown. The outbreak of the virus can deepen the crisis, he said in a statement. "I appeal to the government to provide relief to businesses and borrowers hit by coronavirus disease," Sahney said. "With markets crashing, many sectors of the economy will be hit badly such as tourism, hospitality, manufacturing, trading, auto sector, therefore, government should immediately advise banks for moratorium to the borrowers for three months period on repayment of loans without declaring them defaulters," he added. This is imperative to tackle the cascading impact of slowdown on demand, he said. Precautionary measures of reduced mobility and distancing will have negative impact on demand, income generation, factory output, retail and services, he added. RR RVK

ICC appeals govt to provide relief to businesses amid COVID-19 outbreak

New Delhi, May 10 () The government is working on several initiatives, such as preparation of huge land pools, to attract potential investors to India amid the coronavirus-triggered turbulence, a senior official said. Due to disruptions in the global supply chain on account of the COVID-19 crisis, many foreign companies are looking to reduce their dependency on China and set up manufacturing facilities in other countries. "We are working on a lot of initiatives. When it comes to land, states prepare their land inventory and we aggregate those and make available to all potential investors," the government official said. According to Federation of Indian Export Organisations (FIEO) President Sharad Saraf, steps like fixing accountability on state and central government officers to perform in a time-bound manner; deemed approval for all licences and permits if not granted well in time; change in land acquisition law; power connection in one month and bank loan sanction within two months can help in attracting overseas firms. Sharing similar views, President of International Chamber of Commerce Paris-India Vikarmjit Singh Sahney said with stagnant economic activity, production coming to halt and cash flows drying up elsewhere, India should present itself as the most viable destination for global companies looking at other investment destinations. "Despite reduction of corporate tax rates especially for new manufacturing units, bulk of shifting from China is going to Vietnam, Indonesia and Malaysia. "Apart from ease of doing business, central and state governments will have to develop industrial parks and corridors on lines of China and ensure consistent policy framework for foreign investors, which is a matter of concern for most of them," Sahney said. Another official said that multinational firms would not completely leave China and shift base to other countries, but they are looking at alternatives and India could be one the preferred destinations. The government has taken steps like promoting ease of doing business and liberalisation of the foreign direct investment norms to attract overseas investors. India has jumped 14 places to the 63rd position on the World Bank's ease of doing business ranking released last year. It figured among the top 10 performers on the list for the third time in a row, mainly due to the successful implementation of the Insolvency and Bankruptcy Code. The country was 77th among 190 countries in the previous ranking. RR ABMABM

COVID-19: Govt working on several initiatives to attract investors

New Delhi, May 22 () The measures announced by RBI on Friday will provide more liquidity in the hands of exporters which would help them in fulfilling their overall obligations during these difficult times of COVID-19, according to exporters. Welcoming RBI's decision to extend the loan repayment moratorium for another three months up to August 31, Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said the central bank has taken effective steps to protect the sector. The Reserve Bank of India(RBI) on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to boost the sagging foreign trade. Among other measures, the central bank has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing one year to 15 months, for disbursements made up to July 31, 2020. "RBI's decisions to ensure access to affordable and collateral free loans, moratorium on term loans, easing of working capital financing, increase of export credit period to 15 months from 12 months, extension of packing credit period for existing loans, among others will go a long way in ensuring the survival and growth of exporters," Sakthivel said in a statement. He added that the flexibilities extended to the institutions and exporters availing credit will help in addressing the need of the apparel export industry for a buffer period in stabilising their business after the restart. Sharing similar views, Federation of Indian Export Organisations (FIEO) said the repo and reverse repo rate cut of 40 basis points, extension in the moratorium period for three months along with the extension of the pre and post shipment credit for the exports sector has come as a much needed respite for the sector. "This will allow more liquidity in the hands of the exporters thereby helping them in fulfilling their overall export obligation during such difficult and testing times. We are ushering into an era of very competitive credit rates to help manufacturing and overall economy," FIEO President Sharad Kumar Saraf said. He said these measures will not only help in revival of growth but will also help in mitigating the impact of COVID-19 while ensuring that the inflation remains within the target range. "Besides, steps taken with regard to outward remittance for imports being extended from 6 months to 12 months will help importers as they will have the longer repatriation period," he said. Trade Promotion Council of India (TPCI) Chairman Mohit Singla said financially stressed exporters will benefit from unforeseen circumstances beyond control, on account of importers' inability to pay within 6 months and thus causing offence in India. Therefore, increasing the time of outward remittance from 6 months to 12 months, will surely help as they will have a longer payment time, Singla said. "The loan moratorium increase from 3 months to 6 months is a very welcome move allowing an exporter with wider window to manage financial conditions better. This will ease the pressure from borrower of one-time accumulated payment by increasing the payback cycle," Singla added. Further, he said measures like extending the dollar swap facility to Exim Bank, extension of import payments from 6 month to 12 month and increasing the exporters' length of credit to 15 months will solve the working capital woes of traders to a considerable extent and ease the pressure of making immediate payment. Vikramjit Sahney, President of International Chamber of Commerce, Paris-India welcomed the RBI Governor's announcement to extend moratorium on term loans till August 31 and reduce repo rate to 4 per cent. Sahney, however, expressed concerns over Indian banks becoming very conservative in these tragic times as the economy faces both demand and supply side constraints. He also expressed concerns over Indian banks not opening clean Letter of Credits (LoC) by insisting on various corona-related clauses or not discounting LoCs from reputable banks hampering international trade of the country. RR ANU ANU

Exporters hail RBI move, say measures will boost liquidity in sector

New Delhi, Jun 16 () Jai Kisan, a Mumbai-based fintech platform, on Tuesday said it has raised Rs 30 crore funding from Arkam Ventures with participation of a fund backed by NABARD. Founded by Arjun Ahluwalia and Adriel Maniego – graduates of Texas A&amp;M University - who quit their jobs in private equity and restructuring firm, respectively, to move to India, Jai Kisan is a fintech platform for rural emerging markets that facilitates a suite of financial products to rural customers. In a statement, the platform said it has "closed a Rs 30 crore Pre-Series A round of funding led by Arkam Ventures (previously known as Unitary Helion) with participation from NABVENTURES Fund I (backed by NABARD)". Jai Kisan is NABVENTURES' first investment. "The fresh round of fundraising saw participation from existing investors including Blume, Prophetic Ventures and Better Capital. The round also saw participation from prominent leaders in finance and agri like an affiliate of The Chatterjee Group (TCG), Rajiv Sahney (New Vernon Capital), Sanjay Mariwala (Omniactive) and others," it said. Over the past 6 months, Jai Kisan has disbursed over Rs 50 crore in loans of top tier credit quality to a diverse set of 5,500-plus borrowers from various income groups across 10 states. Jai Kisan's financial products and robust technology platform is able to onboard a diverse set of borrowers varying from a lady farmer with minimal documentation in a tribal village with no electricity in the Nilgiris to a large grape producer and exporter in Nashik. "Adriel and I started Jai Kisan to facilitate rightly priced credit (and other financial services) to rural borrowers. "It didn't make sense to us that a poor woman borrower in the middle of nowhere is expected to generate over 24 per cent IRR on a small 50K type loan – (and that too from a formal lender!), while in our previous jobs (private equity) we were expected to generate a meagre 12 per cent IRR," said Arjun Ahluwalia, Co-Founder and CEO of Jai Kisan. Today, Jai Kisan provides cheap financing options for equipment, input and invoice financing for rural borrowers accessible at their fingertips or at any of Jai Kisan's partners' tech enabled locations. G R Chintala, Chairman, NABARD, remarked, "We appreciate the efforts of Jai Kisan to emerge as a frontline agri/rural fintech player on the strength of its tech prowess, low cost of operations along with reasonable security levels". ANZ BAL

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AAP MP donates entire salary for education of students

IANS

ICC appeals govt to provide relief to businesses amid COVID-19 outbreak

PTI

COVID-19: Govt working on several initiatives to attract investors

PTI

Exporters hail RBI move, say measures will boost liquidity in sector

PTI

Rural Fintech startup Jai Kisan raises Rs 30 cr from NABARD-back fund, others

PTI

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