Banking, Financial and Economic Awareness of 25, 26 and 27 October 2020

1. Sudhakar Rao Desai and Vipin Gupta re-elected as President and Vice-President of IVPA

• Sudhakar Rao Desai and Vipin Gupta have been re-elected as President and Vice-President of the Indian Vegetable oil Producers’ Association (IVPA).
• While Sudhakar Rao Desai is Chief Executive Officer (CEO) of Emami Agrotech Ltd, Vipin Gupta is CEO of Louis Dreyfus Commodities India Pvt Ltd.
• They have been re-elected as President and Vice-President for 2020-21 during the 43^rd annual general body meeting of IVPA.
• IVPA is an association of manufacturers of Vanaspati, Refined Oils and other Vegetable Oils. It works to protect the interests of the Indian vegetable oil industry.

2. Sashidhar Jagdishan becomes MD & CEO of HDFC Bank

• Sashidhar Jagdishan has become MD & CEO of HDFC Bank from October 27.
• Current MD of HDFC Bank, Aditya Puri has retired on 26 October as he reached the age of 70 years.
• Aditya Puri served as HDFC Bank’s MD since it was formed in 1994.
• HDFC Bank is India’s largest private sector bank by market capitalization and assets. It is headquartered in Mumbai.

3. PM Modi to participate in virtual conference with representatives of top global investment funds and sovereign wealth funds (SWFs)

• PM Modi will participate in a virtual conference with representatives of top global investment funds and sovereign wealth funds (SWFs) on November 5.
• Funds from Canada, Singapore and the US may participate in the conference.
• In September 2020, India’s manufacturing Purchasing Managers Index (PMI) has grown rapidly in eight years.
• Private equity investments in India increased from $10.8 billion in 2018 to $16.27 billion in 2019. They reached to $28.66 billion till September 2020.
• In April-August 2020, FDI inflow increased by 13% to $35.73 billion. During April-August 2020, FDI equity inflow increased by 16% to $27.10 billion from April-August 2019.
• Issues such as direct listing of shares abroad, dual listing of equity shares and investments from land border sharing countries are likely to be discussed during the conference.
• India changed its FDI policy on April 18 and placed investments from land boundary sharing countries on government approval route.
• Government initiatives on attracting investments into India’s only international financial services centre, GIFT City in Gujarat, may also be discussed.

4. BSE signs MoU with ICICI

• BSE has signed a Memorandum of Understanding (MoU) with the Inventivepreneur Chamber of Commerce and Industries (ICCI) to help SMEs and startups.
• Under the MoU, ICICI will help in evaluating Small and Medium Enterprises (SMEs) and startups for listing on BSE SME board and sensitize investor network about them.
• Earlier, BSE has partnered with the Telangana government and GlobalLinker, an SME networking portal, to help MSMEs in raising equity funds.
• BSE Limited is Asia’s oldest stock exchange. It is located in Mumbai. It was founded in 1875. Vikramajit Sen is its chairman.

5. Submission of multiple bills to get LTC cash voucher scheme benefits allowed

• As per the Department of Expenditure under Ministry of Finance, submission of multiple bills by central government employees to get LTC (Leave Travel Concession) cash voucher benefits is allowed.
• Department has also said that the scheme is applicable to LTC fare that has not been used during block year (2018-21).
• The multiple bills should be for purchases within the current financial year ending March. Department has provided 1 March 2021 as the date for making and settling claims to avoid last minute rush.
• On October 12, the government has announced an LTC cash voucher scheme. Under the LTC scheme, central government employees are allowed to purchase any goods or services with 12% or more GST from a GST-registered vendor on or before March 31, 2021.
• Under the LTC cash voucher scheme, employees will be paid back cash equivalent of the LTC fare and leave encashment.
• The scheme requires employees to submit GST invoice to the employer for verification.

6. Direct tax practitioners request SEBI to extend deadline for its Settlement Scheme 2020 

• Direct tax practitioners have requested SEBI to extend the deadline for its Settlement Scheme 2020 from October 31 to March 31.
• The scheme was launched by SEBI in July. It gives one time settlement opportunity to entities doing trade reversals in BSE stock options segment from April 1, 2014 to September 30, 2015.
• The scheme was made available between August 1 and October 31. Now, Direct Taxes Professionals’ Association (DTPA) has written a letter to SEBI to make 31 March 2021 as last date.
• DTPA also wants SEBI to change the proposed uniform consolidated settlement factor of 0.55 of net profit or loss to 0.20.       
• DTPA has also requested that the settlement amount should not be left to Adjudicating or any other Authority and should be based on the resultant net profit or loss from transactions.
• Securities and Exchange Board of India (SEBI):
  • SEBI was set up in 1988.
  • It was given statutory status in 1992. Its headquarters are located in Mumbai.
  • In addition to a chairman, SEBI currently has four whole-time members and three part time members.

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