The Cochin Chamber of Commerce & Industry

Transcription

1 The Cochin Chamber of Commerce & Industry Dear Member, With an aim to provide you with information and guidance regularly and to help you make informed decisions, the Chamber presents its analysis on recent subjects. The GST Council in its 28 th meeting has recommended certain amendments in the CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act. Download the major recommendations made at the 28 th GST Council meeting. 28 th meeting of the GST Council Instituting Awards for MSEs The idea behind this initiative is to full fill the expectations from MSE sector for recognizing their sustainable efforts and rewarding their contribution in the development of nation as also motivate MSEs to perform better in order to get national level recognition. MSEs will be recognized under seven different categories viz. Environment, Technology, Innovation, Export, Overall best MSE, Young Achiever and Women Achiever in MSE Sector. The Small Industries Development Bank of India (SIDBI) has launched national level MSE Awards to reward outstanding performers in the MSE sector in partnership with the Economic Times and CRISIL. Members interested in participating in the above competition may fill the nomination in various categories of awards through a microsite Cabinet approved MoU between India and various countries The Cabinet approved signing of Memorandum of Understanding amongst BRICS Nations on the Regional Aviation between the regulatory authorities of the two countries. Cabinet approved MoU

2 Partnership: The Union Cabinet has approved the signing of Memorandum of Understanding (MoU) amongst BRICS Nations on the Regional Aviation Partnership Cooperation viz. Brazil, Russia, India, China and South Africa. Salient features: The objective is that BRICS countries would benefit from the establishing of an institutional framework to cooperate in the field of civil aviation. Among the areas of cooperation, following areas have been identified: Public Policies and best practices in regional services; Regional Airports; Airport infrastructure management and air navigation services; Technical cooperation between regulatory agencies; Innovation; Environment Sustainability; including deliberation of global initiatives; Qualification and Training; Other fields as mutually determined The MoU signifies an important landmark in the civil aviation relations between India and other BRICS Member States and has the potential to spur greater trade, investment, tourism and cultural exchanges amongst the BRICS Nations. Cabinet approved MoU between India and Cuba on cooperation in the field of Traditional Systems of Medicine and Homeopathy: The Union Cabinet has given its ex-post facto approval for the Memorandum of Understanding (MoU) between India and Cuba on cooperation in the field of Traditional Systems of Medicine and Homeopathy. The MoU was signed on The MoU will enhance bilateral cooperation between the two countries in the areas of between the Institute of Chartered Accountants of India and "National Board of Accountants and Auditors, Tanzania: The Union Cabinet has approved signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and National Board of Accountants and Auditors (NBAA), Tanzania to establish mutual cooperation framework in the areas of Member Management, Professional Ethics, Technical Research, Continuing Professional Development, Professional Accountancy Training, Audit Quality Monitoring, Advancement of Accounting Knowledge, Professional and Intellectual Development. The MoU will develop a mutually beneficial relationship in the best interest of ICAI members, students and their organizations. The MoU will provide an opportunity to the ICAI members to expand their professional horizons. The MoU will foster strong working relations between the ICAI & NBAA, Tanzania. Cabinet approved MoU between the Institute of Chart ered Accountants of India and Bahrain Institute of Banking and Finance, Bahrain: The Union Cabinet has approved Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Bahrain Institute of Banking and Finance (BIBF), Bahrain to work together to strengthen the accounting, financial and audit knowledge base within Bahrain. Salient Features: I. ICAI will provide technical assistance to BIBF by reviewing the current curriculum of BIBF related to accounting and finance; II. ICAI will recommend introduction of its CA Course curriculum that will facilitate BIBF students to write ICAI's Examination with an aim to acquire membership of ICAI;

3 Traditional Systems of Medicine and Homeopathy. This will be of immense importance to both countries considering their shared cultural heritage. Cabinet approved MoU between India and Indonesia on cooperation in the field of pharmaceu tical products, pharmaceutical substances, biological product and cosmetics regulatory functions: The Union Cabinet has given its ex-post facto approval for the Memorandum of Understanding (MoU) between the Central Drugs Standard Control Organization (CDSCO), India and National Agency for Drug and Food Control (BPOM), Indonesia on cooperation in the field of pharmaceutical products, pharmaceutical substances, biological product and cosmetics regulatory functions. The MoU was on signed on 29th May, 2018 in Jakarta. The MoU is expected to forge better understanding about each other's regulatory requirements and would be beneficial to both the countries. It could also facilitate India's export of pharmaceutical products. It will also establish a framework for fruitful cooperation and exchange of information between the two countries in matters relating to Pharmaceutical products regulation on the basis for equality, reciprocity and mutual benefit. Further, it will facilitate better understanding III. ICAI will provide technical assistance in holding ICAI's professional examination for qualified BIBF students; The MoU will provide an opportunity to the ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to aid strengthen building of local national capabilities. The aim is to work together to develop a mutually beneficial relationship in the best interest of members, students and their organizations. Cabinet approved the Mutual Recognition Agreement (MRA) signed in 2010 and approves fresh MRA between the Institute of Chartered Accountants of India and the Institute of Certified Public Accountants, Ireland: The Union Cabinet has given its ex-post facto approval of the "Mutual Recognition Agreement (MRA)" signed in 2010 and Approval for fresh MRA between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants (CPA), Ireland for promotion of mutual cooperation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in Ireland and India. The MRA will provide opportunities to members of both the parties to be exposed to best practices of either country and thus expand their scalability to cater to demand of newer markets. Index Numbers of Wholesale Price in India - Review for the month of June, 2018 The official Wholesale Price Index for All Commodities (Base: =100) for the month of June, 2018 rose by 1.1 percent to (provisional) from (provisional) for the previous month. Download the Wholesale Price Index for the month of June 2018.

4 Latest Weekly Statistics Dear Member, The latest weekly statistics on - Commercial Paper - Ratios & Rates - Foreign Exchange Reserves - Major Price Indices are given for your information. Download the Latest Weekly Statistics India s Foreign Trade: June 2018 EXPORTS (including re-exports) Exports during June 2018 were valued at US $ Billion as compared to US $ Billion during June 2017 exhibiting a positive growth of per cent. In Rupee terms, exports were valued at Rs crore in June 2018 as compared to Rs crore during June 2017, registering a positive growth of per cent. During June 2018, major commodity groups of export showing positive growth over the corresponding month of last year are Cumulative value of exports for the period April- June was US$82.47 Billion (Rs crore) as against US $72.21 Billion (Rs crore) registering a positive growth of per cent in Dollar terms and per cent in Rupee terms over the same period last year. Non-petroleum and Non Gems and Jewellery growth in June 2018 over the corresponding month of last year are: CRUDE OIL AND NON-OIL IMPORTS: Oil imports during June 2018 were valued at US$ Billion (Rs crore) which was percent higher in Dollar terms and percent higher in Rupee terms compared to US$ 8.13 Billion (Rs crore) in June 2017.Oil imports during April-June were valued at US$ Billion (Rs crore) which was per cent higher in Dollar terms and percent higher in Rupee terms compared to US$ Billion (Rs crore) in the corresponding period last year. In this connection it is mentioned that the global Brent price ($/bbl) has increased by 60.47% in June 2018 vis-à-vis June 2017 as per data available from US Energy Information Administration (EIA). Non-oil imports during June 2018 were estimated

5 exports during June 2018 were valued at US $ Billion as compared to US $ Billion during June 2017 exhibiting a positive growth of per cent. Non-petroleum and Non Gems and Jewellery exports during April-June were valued at US$ Billion as compared to US$ Billion for the corresponding period in , an increase of 13.56%. IMPORTS Imports during June 2018 were valued at US$ Billion (Rs crore) which was per cent higher in Dollar terms and per cent higher in Rupee terms over the level of imports valued at US$ Billion (Rs crore) in June Cumulative value of imports for the period April-June was US$ Billion (Rs crore) as against US$ Billion (Rs crore) registering a positive growth of per cent in Dollar terms and per cent in Rupee terms over the same period last year. Major commodity groups of import showing high at US$ Billion (Rs crore) which was per cent higher in Dollar terms and percent higher in Rupee terms compared to US$ Billion (Rs crore) in June 2017.Non-oil imports during April-June were valued at US$ Billion (Rs crore) which was 4.14 per cent higher in Dollar terms and 8.29 percent higher in Rupee terms compared to US$ Billion (Rs crore in April-June, Non-Oil and Non-Gold imports in June 2018 valued at US $ billion has recorded a positive growth of 12.53% as compared to Non- Oil and non-gold import in June Non-Oil and Non-Gold imports in April-June 2018 valued at US $ billion has recorded a positive growth of 8.37% as compared to Non-Oil and Non-Gold import in April-June TRADE BALANCE: Trade deficit for April-June is estimated at US$ Billion as compared to US$ Billion during April-June National Human Right Commission constituted a Core Group on Business, Environment and Human Rights on the effective implementation and/or need for revision of laws and regulations relevant to the issue. The National Human Rights Commission (PRP&P Division) has circulated an order dated 29 th June, 2018 regarding constitution of Core Group on Business, Environment and Human Rights. The terms of reference of the Core Group on Business, Environment and Human Rights are as under:- i. to identify ways and means to promote dissemination and implementation of the United Nations Guiding Principles on Business and Human Rights: Implementing the Protect, iii. to identify barriers in effective access to remedy and to suggest revision of relevant legislations and administrative provisions to ensure that these are accessible to victims of human right abuse; iv. to examine the best practices in India and abroad dealing with the business, environment and human rights and to make suggestions thereon; v. to advise the Commission on updating the National Voluntary Guidelines on Social, Environment and Economic, Responsibilities of Business (NVGs) issued by Ministry of Corporate Affairs in 2011;

6 Respect and Remedy Framework ; ii. to review the existing laws and regulations relevant to business, environment and human rights and to assist the Commission on recommending to the concerned Ministries vi. to undertake national mapping of business, environment and human rights issues and to advise the Commission on recommending to Ministry of Corporate Affairs to address these identified risks in the National Action Plan. RBI released Data on India s International Trade in Services: May 2018 The Reserve Bank released monthly data on India s international trade in services with a lag of around 45 days. The value of exports and imports of services during the month of May 2018 are given in the following Table. Monthly data on services are provisional and would undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis. Table: International Trade in Services (US$ Million) Month Receipts (Exports) Payments (Imports) April-18 17,563 10,915 May-18 16,173 10,208 Note: Data are provisional.