1. Bharti Airtel collects $3 billion through QIP and FCCBs
- Bharti Airtel has collected $2 billion by Qualified Institutional Placement (QIP) and $1 billion by Foreign Currency Convertible Bonds (FCCBs).
- After issuing $2 billion, the shares of the promoter/promoter group will decrease from 62.70% to 58.98%.
- Bharti Airtel is required to pay Rs 35000-crore Adjusted Gross Revenue (AGR) dues to the Department of Telecommunications (DoT) by January 23.
- Vodafone Idea and other telecom companies, including Bharti Airtel, are required to pay a total Rs 1.47 lakh crore as AGR dues by January 23.
- Earlier Supreme Court, in its verdict, has ruled that income from dividends and revenue generated from the selling of handsets and services together as a package are also included in AGR.
- Telecom companies are taxed according to their AGR. The court asked companies to pay their AGR dues within three months after its ruling.
- Foreign Currency Convertible Bonds (FCCBs) are a kind of convertible bonds. They are used to raise funds in foreign currencies.
- Qualified Institutional Placement (QIP) is a way of raising funds. QIPs can be issued to Qualified Institutional Buyers (QIBs) like Schedule Commercial Banks, Mutual Funds and FIIs
- Bharti Airtel:
- It is a Delhi based company.
- It was founded by Sunil Bharti Mittal.
- CEO: Gopal Vittal
2. Investigation against Asian Paints ordered
- CCI has ordered an investigation against the Asian Paints, which occupies the dominant position with 56% market share in the Indian paint industry.
- The investigation has been ordered because the company tried to punish dealers dealing with JSW Paints by discontinuing supplies and not giving discounts.
- Asian Paints is also accused of misusing its dominant position in the paint industry and preventing JSW Paints from entering in Karnataka, Telangana and Tamil Nadu.
- Asian Paints is having the largest market share in the Indian paint industry. Ashwin Dani is its executive chairman and K. B. S. Anand is its CEO& MD.
- JSW Paints is part of the JSW Group (O. P. Jindal Group). Parth Jindal is its MD.
3. Amazon to export $2 billion worth products made in India
- Amazon has planned to export $2 billion worth products made in India every year until 2025.
- Amazon has also announced that it will gradually invest $1 billion in digitizing micro and small businesses in India.
- Amazon will form digital haats in 100 Indian cities and villages to make them a part of the digital economy.
- Currently, non-metro and cities in tier-2 and below categories make up more than 80% of exports. Amazon has already invested $5 billion in India.
- It is an American company.
- It was founded in 1994.
- Headquarters: Seattle, Washington
- CEO& Founder: Jeff Bezos
4. India's imports and exports decline
- In December 2019, India's imports and exports decreased by 8.83 % and 1.8%.
- In December 2019, India's imports and exports stood at $38.61 billion and $27.36 billion.
- Due to declining imports, India's trade deficit decreased from $14.49 billion in December 2018 to $11.25 billion in December 2019.
- During April-December months of the fiscal year 2019-20, India's total exports and imports were $239.29 billion and $357.39 billion.
5. Rules for issuing and using debit and credit cards tightened
- RBI has tightened rules for issuing and using debit and credit cards. The rules will apply from March 16, 2020.
- At the time of issuing or reissuing a card, banks will now permit the use of cards at ATMs and Point of Sale (PoS) devices within India only.
- Cardholders will have the facility for switching on or off and setting or modifying transaction limits for all types of transactions.
- If the card issuer has set a limit on transactions, cardholders will be able to switch on or off and set or modify transaction limits within the overall card limit.
- As per the rules, card users will be able to enable or disable their cards under card not present (domestic and international) transactions and card present (international) transactions and contactless transaction categories.
- Cardholders will receive a message or email about change in the status of card.
Multiple Choice Questions (MCQs)
1. Which of the following telecom company was recently in the news for raising $3 billion by Qualified Institutional Placement (QIP) and Foreign Currency Convertible Bonds (FCCBs)?
- Vodafone Idea
- Bharti Airtel
- Reliance JIO
- Tata Docomo
2. Which among the following is having the largest market share in the Indian paint industry?
- JSW Paints
- Kansai Nerolac Paints
- Asian Paints
- Mysore Paints and Varnish
- Shalimar Paints
3. Recently, Amazon has announced its plan to export $2 billion worth products made in India every year till
4. During April-December months of the fiscal year 2019-20, India's total exports stood at
- $148.29 billion
- $265.39 billion
- $239.29 billion
- $357.39 billion
- $339.29 billion
5. When will RBI's new rules for issuance and usage of debit and credit cards come into effect?
- March 1, 2020
- March 31, 2020
- April 1, 2021
- March 16, 2020
- March 31, 2021