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Stay at home
Stay healthy
Use nose-rag whensneezing or coughing
Avoid close contactwith infected people
Seek medical help early
Wash your handsClean surfaceswith disinfectants Wear masks
NEW NORMAL
CORONA
ANDHRA CHAMBER OF COMMERCE
Vol. LXXV
June 2020
INFORMATION BULLETINPROGRESS THROUGH COMMERCE AND INDUSTRY
www.andhrachamber.com
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Bulletin Advisory BoArd
Shri Ch. Venkateswara RaoVice-President
Shri R.R. PadmanabhanChairman, Foreign Trade and Skill Development Sub-Committees
Shri V.V. Sampath KumarChairman, Indirect Taxes Sub-Committee
Shri K.n. Suresh BabuChairman, Public Relations Sub-Committee
Shri M.K. AnandChairman Information Technology Computerisation Telecom and MSME, Subcommittees
Shri V.S. Prasanth KumarCo-Chairman MSME Subcommittee
Editor And Publisher
Andhra Chamber of Commerce, Chennai
President Desk 03
Webinar on Impact of Covid 19 on Exports 04
Webinar on “Athmanirbhar Bharat Abhiyan & Covid impact changes on GST” 05
INDIA’S FOREIGN TRADE 07
Recent Judgements in VAT CST GST by Mr. V.V. Sampath Kumar 10
Low Sulphur Surcharge – Who is to bear under FOB terms? by Mr. R R Padmanabhan
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Relaxation granted by SEBI for the Listed Companies by Mr. G Ramachandran
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New Strategies in Export Promotional Activities by Dr. Koteswara Rao. VBSS. 18
Creative Destruction – How it worksby Mr. S. Prakash 21
Loans & Investments by the Company by Mr. CS.U.Siddharth 24
Consumer Price Index 27
Updation of Membership Details 30
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Dear Members,
COVID-19 is an unprecedented public health emergency affecting every industry. While Covid may be devastating every aspect of life, we should not lose the opportunity to learn and grow.
Having said this, I have to mention that the Chamber even under the lock down, through its efforts is organising very informative webinars in the past two months for the benefit of its members.
Now, it is proposed to organise an online training on Digital Marketing for MSMEs for the members of Visakhapatnam and Vijayawada. The first programme is planned to be organised in the mid June.
Thanks to Friedrich Naumann Foundation for Freedom for their support in facilitating the Chamber to commence a project exclusively for MSMEs viz., business scan of the individual MSMEs. This service is the first of its kind and is aimed at helping MSMEs to resolve many of their business challenges.
After the initial business scan, a detailed Analysis of the MSMEs will be undertaken to analyse each of the areas, where the challenges will be discussed threadbare and create a compelling Strategic and Execution Framework. The Chamber is planning to launch this soon.
Due to covid 19, the planned workshops on Digital Marketing is now taught online and the first programme will commence in Mid June for the industry members in and around Visakhapatnam. This will be replicated in Vijayawada in July.
I urge the industry members to judiciously use this lockdown period to learn new things and enrich their professional skills.
Stay home and stay safe!Dr. V.L. INDIRA DUTT
President
Pr
esid
ent
des
k
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Webinar on impact of covid 19 on exports
The Chamber organised a webinar on Impact of Covid 19 on Exports on the 11th May 2020.
Mr. D K Sekar, Additional Director General of Foreign Trade, Office of the Zonal Additional DGFT, Chennai and Mr. Alok Kumar, Branch Manager, ECGC, were the speakers.
The Webinar was moderated by Mr. R. R. Padmanabhan, Chairman, Foreign Trade and Skill Development Sub Committees of the Chamber.
Dr V.L.Indira Dutt, President of the Andhra Chamber of Commerce welcomed the participants. Mr.Sekar, Additional Director General of Foreign Trade said that the DGFT has organised various interactions during the course of the lockdown and have addressed the issues and concerns of Industry.
He mentioned that during the current lockdown and even before a number of initiatives have been taken up to address the issues faced by the industry. He highlighted that extension of the existing Foreign Trade Policy (FTP) by a year would help the exporters.
He added that the Government is currently working on the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and has urged industry to come forward with their inputs through the Chamber, so as to finalise the same in the next few months. With respect to the renewal and increase in the rates of the interest equalisation
scheme, he mentioned that the DGFT is working with the Ministry of Finance, Government of India on this and will come up with a solution to this very soon.
The industry members came up with the following issues and recommendations to boost exports for the consideration of the Government.
The Interest Subvention scheme of 5% should be reinstated and extended to all exporters and also an additional export rebate of around 5 percent would help boosting exports.
Many enterprises have imported machinery for production units against Export Promotion Capital Goods (EPCG) license. In the post Covid-19 scenario their commissioning may get delayed, market of product might get affected, buying power of target customers also might have changed. In these situations, the importer may require more time to fulfil the export obligation, so time given for fulfilling export obligation should be further extended.
The industry members raised clarifications on MEIS benefits, duty drawback and administrative procedures which were answered by the ADGFT.
Mr.Alok Kumar, Branch Manager, ECGC in his presentation informed that ECGC has extended time limit up to 31.5.2020 for all returns, extension requests, default notification, etc to Policyholders.
Time for filing claim, reply to claim queries, representations is extended up to June 2020.
Specific Shipment Policy expiring in March 2020 is extended automatically up to June 2020.
ECGC took additional measures like
1. Waiver of Credit Limit Application fee till 30th June, 2020.
2. 50% reduction in policy proposal fee for policies due to renewal/issue from 1st March,2020 to till 30th June 2020.
3. Discretion to exporters:
(a) to extend due date for payment by buyers for shipments accepted earlier.
(b) to decide about resale / reimport / or abandonment for the shipments that reached destination but not cleared by overseas buyers due to lockdown in the destination countries.
4. Reduced Claim eligibility period (waiting period) from the present 4 months to 1 month
He has also clarified the various doubts of the participants.
The session was well moderated by Mr. R.R.Padmanabhan, Chairman of the Foreign Trade Subcommittee.
The webinar was attended by 75 industry members.
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Webinar on “athmanirbhar bharat abhiyan & covid impact changes on gst” on the 27th may 2020
Andhra Chamber of Commerce, organised a Webinar on Athmanirbhar Bharat Abhiyan & Covid impact changes on GST on the 27th May 2020. The webinar was handled by two speakers viz., CA Dr. Gopal Krishna Raju and CA R Subramanian.
It was moderated by CA V V Sampath Kumar, Chairman, Indirect Taxes Sub-Committee of our Chamber.
The webinar commenced with introduction of speakers by CA V.V.Sampath Kumar.
Then the first session was on Covid impact changes on GST which was taken up by CA R.Subramanian. He has mainly taken select notifications of GST which has impact on the industries due to Covid 19.
In his presentation, he said that No Late fee if the return filed as relief provided for the months of February, March & April 2020. The rate of interest has been revised to those with aggregate turnover of more than Rs. 5 crores
Amendment in Rule 36(4) on ITC
Before amendment:
• The registered person shall be required to claim ITC to the extent of 110% of eligible ITC getting reflected in GSTR-2A of the tax
• Taxpayer was required to calculate the amount as per the above provision for every tax period before filing of GSTR-3B.
After amendment:
• Cumulative calculation of ITC allowed for period of February, March, April, May, June, July and August 2020. Therefore, for the returns furnished in said tax period.
• GSTR 3B return for September, 2020 to be furnished after adjustment of cumulative ITC calculated for the said months.
He explained in detail about the extensions of claiming/paying GST for various categories. It was a lengthy, useful session and appreciated by many of our members.
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Next CA Gopalakrishna Raju has started the session with introduction on the Athmanirbhar Abiyan. He said that during Mid May, the Finance Minister Smt. Nirmala Sitaraman announced a total of 15 measures. Six are for the Micro, Small and Medium Enterprises (MSME). Two for the taxpayers and employers. Two each for
Non-banking finance sector (NBFCs), Housing Finance Companies (HFC) and Micro Finance Institutions (MFI). One for power distribution companies (DISCOMS). One for contractors, one for the real estate and three direct tax measures.
He also explained the Government’s new definition of MSMEs
He then highlighted on three core points of the scheme.
a. ` 3 lakh crores Collateral-free Automatic Loans for Businesses, including MSMEs.
b. ` 20,000 Crores Subordinate Debt for Stressed MSMEs
c. ` 50,000 Crores Equity infusion For MSMEs through Fund of Funds
The eligibility details and the application methodology was well explained by CA Gopalakrishna Raju.
The webinar ended with Q & A session from the members. 68 industry members across Tamil Nadu, Telangana and Andhra Pradesh attended the webinar. The efforts of the chamber in organising this webinar was well appreciated by the members.
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INDIA’S FOREIGN TRADE: May 2020
FOreiGn trAdestAtistiCs
India’s overall exports (Merchandise and Services
combined) in April-May2020-21* are estimated to
be USD 61.57billion, exhibiting a negative growth
of (-) 33.66 per cent over the same period last
year. Overall imports in April-May 2020-21* are
estimated to be USD 57.19 billion, exhibiting a
negative growth of (-) 48.31per cent over the same
period last year.
*Note: The latest data for services sector released by RBI is
for April 2020. The data for May 2020 is an estimation,
which will be revised based on RBI’s subsequent release.
I. MERCHANDISE TRADE
EXPORTS (including re-exports)
Exports in May 2020 were USD19.05billion,
as compared to USD 29.99 billion in May 2019,
exhibiting a negative growth of (-)36.47per cent.
In Rupee terms, exports were ` 1,44,166.01crore
in May 2020, as compared to ` 2,09,280.62crore
in May 2019, registering a negative growth of (-)
31.11 per cent.
Except for Iron ore, Drugs & pharmaceuticals,
Spices and Rice which registered a growth of
103.04%, 17.32%,10.55% and 7.64% respectively,
all other commodity/commodity groups have
registered negative growth in May 2020 vis-a-vis
May 2019.
Major commodity groups which have recorded
negative growth during May 2020 vis-à-vis May
2019 are Leather & leather products (-75.07%),
Handicrafts excl. hand made carpet (-72.77%),
Gems & jewellery (-68.83%), Petroleum products
(-68.46%), RMG of all Textiles (-66.19%), Jute
mfg. including floor covering (-65.7%), Man-
made yarn/fabs./made-ups etc. (-58.63%), Meat,
dairy & poultry products (-56.38%), Other
cereals (-49.53%), Cotton yarn/fabs./made-
ups, handloom products etc. (-47.47%), Carpet
(-46.18%), Electronic goods (-45.35%), Mica,
Coal & other ores, minerals including processed
minerals (-35.57%), Ceramic products & glassware
(-33.48%), Cashew (-32.86%), Tea (-26.94%),
Engineering goods (-24.25%), Oil Meals (-22.76%),
Oil seeds (-18.41%), Marine products (-18.14%),
Cereal preparations & miscellaneous processed
items (-17.44%), Tobacco (-13.75%), Organic &
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inorganic chemicals (-12.71%), Plastic & Linoleum
(-6.55%), Coffee (-5.71%) and Fruits & vegetables
(-1.31%).
Cumulative value of exports for the period
April-May 2020-21 was USD 29.41 billion
(` 2,23,117.42crore) as against USD 56.07 billion
(` 3,90,301.96crore) during the period April-May
2019-20, registering a negative growth of (-)47.54
per cent in Dollar terms (negative growth of
(-)42.83 per cent in Rupee terms).
Non-petroleum and Non-Gems and Jewellery
exports in May 2020 were USD 16.36 billion,
as compared to USD 21.42 billion in May 2019,
exhibiting a negative growth of (-) 23.61 per cent.
Non-petroleum and Non-Gems and Jewellery
exports in April-May 2020-21 were USD 25.44
billion, as compared to USD 40.96 billion for the
corresponding period in 2019-20, a decrease of (-)
37.89 per cent.
IMPORTS
Imports in May 2020 were USD 22.20 billion
(` 1,67,977.68 crore), which was 51.05 per cent
lower in Dollar terms and 46.92 per cent lower in
Rupee terms over imports of USD 45.35 billion
(` 3,16,448.93 crore) in May 2019. Cumulative
value of imports for the period April-May 2020-
21 was USD 39.32 billion (` 2,98,502.76 crore),
as against USD 86.75 billion (` 6,03,881.86 crore)
during the period April-May 2019-20, registering
a negative growth of (-)54.67 per cent in Dollar
terms (negative growth of (-)50.57 per cent in
Rupee terms).
Major commodity groups of import showing
negative growth in May2020 over the corresponding
month of last year are:
CRUDE OIL AND NON-OIL IMPORTS:
Oil imports in May 2020 were USD 3.49 billion
(` 26,380.50 crore), which was 71.98 per cent lower
in Dollar terms (69.62 per cent lower in Rupee
terms), compared to USD 12.44 billion (` 86,822.36
crore) in May 2019. Oil imports in April-May
2020-21 were USD 8.15 billion (` 61,917.72 crore)
which was 65.79 per cent lower in Dollar terms
(62.66 per cent lower in Rupee terms) compared
to USD 23.82 billion (` 1,65,811.82 crore), over
the same period last year.
In this connection it is mentioned that the global
Brent price ($/bbl) has decreased by 56.02% in
May 2020 vis-à-vis May 2019 as per data available
from World Bank.
Non-oil imports in May 2020 were estimated at
USD 18.71 billion (` 1,41,597.18 crore) which was
43.13 per cent lower in Dollar terms (38.34 per
cent lower in Rupee terms), compared to USD
32.91 billion (` 2,29,626.57 crore) in May 2019.
Non-oil imports in April-May 2020-21 were USD
31.17 billion (` 2,36,585.04crore) which was 50.46
per cent lower in Dollar terms (45.99 per cent
lower in Rupee terms), compared to USD 62.93
billion (` 4,38,070.04 crore) in April-May2019-20.
Non-Oil and Non-Gold imports were USD 64
billion in May 2020, recording a negative growth
of (-)33.74 per cent, as compared to Non-Oil and
Non-Gold imports of USD 28.13 billion in May
2019. Non-Oil and Non-Gold imports were USD
31.10 billion in April-May 2020-21, recording a
negative growth of (-)42.61 per cent, as compared
to Non-Oil and Non-Gold imports USD 54.18
billion in April-May 2019-20.
II. TRADE IN SERVICES
EXPORTS (Receipts)
As per the latest press release by RBI dated 15
June 2020, exports in April 2020 were USD 16.45
billion (` 125,409.04 crore) registering a negative
growth of (-) 8.92 per cent in dollar terms, vis-à-vis
April 2019. The estimated value of services export
for May 2020* is USD 15.70 billion.
IMPORTS (Payments)
As per the latest press release by RBI dated 15 June
2020, imports in April 2020 were USD 9.30 billion
(` 70,907.57 crore) registering a negative growth
of (-)18.43 per cent in dollar terms, visà-vis April
2019. The estimated value of service import for
May 2020* is USD 8.57 billion.
III. TRADE BALANCE
MERCHANDISE
The trade deficit for May 2020 was estimated at
USD 3.15 billion as against the deficit of USD
15.36 billion in May 2019.
SERVICES
As per RBI’s Press Release dated 15 June 2020, the
trade balance in Services (i.e. Net Services export)
for April 2020 is estimated at USD 7.15 billion.
OVERALL TRADE BALANCE
Taking merchandise and services together, overall
trade surplus for April-May 2020-21* is estimated
at USD 4.37 billion as compared to the deficit of
USD 17.84 billion in April-May 2019-20.
* Note: The latest data for services sector released by RBI
is for April 2020. The data for May 2020 is an estimation,
which will be revised based on RBI’s subsequent release.
MERCHANDISE TRADE
EXPORTS & IMPORTS : (US $ Billion)(PROVISIONAL)
MAY APRIL-MAYEXPORTS (including re-exports)2019-20 29.99 56.072020-21 19.05 29.41%Growth 2020-21/ 2019-20 -36.47 -47.54IMPORTS 2019-20 45.35 86.752020-21 22.20 39.32%Growth 2020-21/ 2019-20 -51.05 -54.67TRADE BALANCE 2019-20 -15.36 -30.692020-21 -3.15 -9.91
EXPORTS & IMPORTS: (Rs. Crore)(PROVISIONAL)
MAY APRIL-MAYEXPORTS(including re-exports)
2019-20 2,09,280.62 3,90,301.962020-21 1,44,166.01 2,23,117.42%Growth 2020-21/ 2019-20 -31.11 -42.83IMPORTS 2019-20 3,16,448.93 6,03,881.862020-21 1,67,977.68 2,98,502.76%Growth 2020-21/ 2019-20 -46.92 -50.57TRADE BALANCE 2019-20 -1,07,168.31 -2,13,579.902020-21 -23,811.67 -75,385.34
SERVICES TRADE
EXPORTS & IMPORTS (SERVICES) : (US $ Billion)(PROVISIONAL) April 2020
EXPORTS (Receipts) 16.45IMPORTS (Payments) 9.30TRADE BALANCE 7.15
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)(PROVISIONAL) April 2020
EXPORTS (Receipts) 125,409.04IMPORTS (Payments) 70,907.57TRADE BALANCE 54,501.47Source: RBI Press Release dated 15th June 2020
*Note: The latest data for services sector released by RBI is
for April 2020. The data for May 2020 is an estimation,
which will be revised based on RBI’s subsequent release.
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VAT
Articles from members
GST
recent Judgements in
VAt Cst GstClassifiCation : Pre-recorded Audio and Video CDs which attract tax at of 5% VAT under Commodity Code 2068 of Schedule I, part B, Item No.68 read with Sub Item No.5 (d) under Notification V annexed to G.O.(Ms).No.3 CT and R(B1) Department, dated 01.01.2007. As the earlier Advance ruling clarification dated 06.01.2017, stands reviewed by an order dated 19.11.2018, the Court set aside the impugned order dated 06.01.2017 and allowed writ petition. Super Audio (Madras) P.Ltd. Vs AC (CT),Anna Salai Assessment Circle, W.P.No.2962 of 2017 DT:27.01.2020
inspeCtion: The amount demanded in the impugned order proceed on the assumption, presumptions and conjectures that the goods were not received and therefore the petitioner had wrongly claimed exemption for local sale up to Rs.500 cr. This assumption etcis contrary to law settled by the Hon’ble Supreme Court reported in (1971)3 SCC 167. In the impugned order, it has been mentioned that the petitioner has not produced any documents. However, the annexures appended to various Form F give various data/ details. If there was no receipt of the refined soya oil
as has assumed in the impugned order, the option that was available was to only impose penalty u/s 10 of CST, 1956. There is no power to recover tax. Stating so, the impugned order was set aside and remitted back to the AO. M/s.Deegee Orchards P Limited, vs. CTO, Trichy Road Assessment Circle, W.P.No.42190 of 2016 dt 28.01.2020
opportunity: The petitioner ought to have participated in the proceeding and given a proper reply to the proposal notice issued by the AO. However, the petitioner failed to file a reply. Therefore, the respondent has passed the impugned best judgment order without affording an opportunity. Stating so, the Court set aside the impugned order and remitted the matter back to pass a fresh order in accordance with law. M/s. Elgi Electric and IndsLtd Vs. AC (CT) (FAC), Trichy Road Assessment Circle, W.P.No.19288 of 2012 DT: 28.01.2020
ClarifiCation: In W.P.No.16166 to 16168 of 2008, the learned Single Judge has held as under: “That apart, the impugned commissioner’s clarification (in No.40/2003 issued by the first respondent in L.Dis.Acts Cell II/4330/2003 dated 27.1.2003) is beyond the scope of Entry 9 of the
Shri V.V. Sampathkumar Chairman, Indirect Taxes Sub-Committee, ACC
CST
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Eleventh Schedule. The impugned clarification states that foreign goods whether imported directly from other countries or purchased from other states, the expression “purchase from other States” is conspicuously absent in Entry 9 of Eleventh Schedule. Therefore, the impugned clarification has to be necessarily held to be bad in law Since, the Writ petition in W.P.Nos.16166 to 16168 of 2008 answers the issue is in favour of the petitioner, the Court allowed the WP. Lion Dates (Pvt)
Ltdvs. 1. CTO, Rock fort Assessment Circle,
2.The Spl Commissioner & Commissioner of
Commercial Taxes, W.P. No.35313 of 2005
DT: 29.01.2020
pre-existing Charge: A purchaser purchasing a property without notice of charge and for valuable consideration is protected under a proviso to section 24-A of the TNGST, 1959. Analysing the facts and the rulings, the court held that the present writ petition is dismissed as the decisions of the court relied on do not squarely apply to the facts of the present case. The fact that there was a pre-existing charge/encumbrance registered as early as July 2011 is the distinguishing factor and therefore the decisions relied by the petitioner cannot be applied to four corners of the facts of the present case. C.D.Gajendran vs
1. AC (CT), Ambattur Assessment Circle, 2.
Sub-Registrar, RegnDepartment, Chennai – 600
053. W.P.No.29253 of 2016 Dt 30.01.2020.
input tax Credit reversal: The issue ITC reversal on account of invisible loss is covered by an order dated 04.12.2019 in W.P.No.3172 of 2014 of this Court There would be instance of inputs which are withdrawn at an intermediary stage of manufacture and are incapable of being used further and are sold as scrap/waste or physically destroyed by an assessee having no residual value. Such inputs alone can be construed as “inputs destroyed at some intermediary stage of manufacture”. There is no scope for reversal of input tax credit on
inputs which get consumed during the course of manufacture as “invisible loss”. M/s.Kanishk Steel
Inds Ltd, Vs CTO, Thiruvallikeni Assessment
Circle W.P.Nos.30298 of 2015 DT: 31.01.2020
speCial Committee: The very purpose of giving wide power to the Special Committee constituted under Section 16D of TNGST Act, 1959 is to pass appropriate orders when an assessee has no other remedy left and where orders have been passed in violation of the provisions of the Act or the rules made their under or without following the principles of natural justice. Since the petitioner did not get to participate in the hearing and an exparte order came to be passed by the 2nd respondent, the Court was of the view that the petitioner deserves an opportunity of being heard. Indian Commercial Syndicate,.vs 1.The
Special Committee, Secretariat, Chennai- 9. 2.
CTO, now upgraded as AC(CT), Mettupalayam
Road Assessment Circle,. W P No.24309 of
2015 Dated : 31.01.2020
surprise inspeCtion: There was a surprise inspection in the respective petitioner’s place of business, resulting in recording statements from the responsible officer of the petitioners and issuance of Compounding Notices and Compounding Order which are impugned in these Writ Petitions. “It is noted that the issue is squarely covered by an order dated 25.07.2016 of this Court in W.P.Nos.14997 to 14999 of 2014 in the case of Tvl. Uma Shankar Traders vs CTO, Group-1 (Enforcement) (Central), Chennai And others. It is a settled legal position that the AO, while completing the assessment, cannot solely be guided by the statement recorded by the Enforcement Officials. This Court is not inclined to quash the inspection report or the statement, at this juncture. Sri Maharaja Industries and other
cases vs AC (CT), (Enf), Pollachi and others
W.P.Nos.15547 of 2014 DT: 31.01.2020
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Low Sulphur Surcharge - Who is to bear under FOB terms?
Low Sulphur Surcharge arises in shipping industry on account of usage of lower Sulphur content in fuel oil. In terms of International Maritime Organisation(IMO) directive, the fuel used by the carrier should not contain Sulphur more than 0.1% used in shipments transported completely or partially across the Sulphur Emission Control areas. This IMO directive is operational from Jan 1 2020. In fact, the directive of the IMO is very clear that fuel used in shipping industry shall not cross more than 0.5% as against 3.5% used so far.
Naturally, the lower Sulphur content means further refinement process of the fuel and therefore such processed fuel would entail higher cost for the shipping industry. Like freight there are certain surcharges, which are to be borne by the parties concerned. The Parties could be either buyer or sellers of the cargo. The other surcharges that are collected by the shipping industry along with the basic freight are:
01. Bunker Adjustment Factor
02. Emergency Risk Surcharge
03. Terminal Handling charges
04. Peak season surcharge
Now the question comes under Free on Board (FOB) terms who will pay the LSS? Whether it is the buyer or the seller? In this case, opinions vary among the experts as who is to be bell the cat? There are arguments for and against.
Let us now examine what is FOB and what are all the charges that are borne by the parties, that is buyer and seller. The table given below very clearly illustrates the class of charges from the place of exporter (seller) to the place of importer (buyer). The International Chamber of Commerce (ICC) releases this table. ICC is an international body that develops conceptual framework for international trade so that there are seamless and well-defined trade practices across the world. Since LSS is a new development it does not find mention in the list. But any surcharge payable to the shipping company as mentioned above is bundled with the freight. In the table below freight is denoted as Main transportation.
Shri. R R Padmanabhan Chairman,Foreign Trade and
Skill Development Sub-Committees, ACC.
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Therefore, when LSS is a surcharge collected by the shipping companies along with the freight, it falls upon the buyer to bear the cost under FOB terms.
(The views expressed are solely of the author)
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Relaxation granted
by SEBI for the Listed
CompaniesShri. G Ramachandran
Chairman, Company Law Sub-Committee, ACC
15
–
–
Disclosure Requirements) Regulations, 2015 (‘LODR’) due to the COVID –
entities which have listed their NCDs and NCRPS’
NCRPS’ is exempt till May 15, 2020
16
(‘LODR’) –
issuance of ‘payable at par’ warrants
(‘LODR’) on holding of Annual –
arified that “…if
020), the same will not be treated as a violation.”
Disclosure Requirements) Regulations, 2015 (‘LODR’) due to the COVID –
entities which have listed their NCDs and NCRPS’
NCRPS’ is exempt till May 15, 2020
17
, the ‘payable par’ warrants or cheques
(The views expressed are solely of the author)
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new strategies in export Promotional Activities Dr. Koteswara Rao, VBSS
Co-Chairman of Foreign Trade Sub-Committee, ACC
India’s lockdown has thrown millions out of work, disrupted big and small businesses and given a serious jolt to global economy and more so to the global trade. Estimates of the expected recovery in 2021 are equally uncertain, with outcomes depending largely on the duration of the outbreak and the effectiveness of the policy responses. India’s export in March 2020 were USD 21.41 b$ (` 1,59,157.98 crore) as compared to 32.72 b$ (` 2,27,318.25 crore) in March 2019 with a downfall of 34.56%, This is the steepest decline since November 2015. The decline in exports during the march 2020 has been mainly due to the lockdown of Covid-19 crisis. It resulted in large scale disruptions in supply chains and demand resulting in cancellation of orders.
Cumulative value of exports for the period April-March 2019-20 was USD 314.31 billion (` 22,26,566.71 crore) as against USD 330.08
billion (` 23,07,726.19 crore) during the period April-March 2018-19, registering a negative growth of (-) 4.78 per cent in Dollar terms (negative growth of (-) 3.52 per cent in Rupee terms).
Cumulative value of imports for the period April-March 2019-20 was USD 467.19 billion (` 33,07,977.05 crore), as against USD 514.08 billion (` 35,94,674.61 crore) during the period April-March 2018-19, registering a negative growth of (-) 9.12 per cent in Dollar terms.
Export Sectors badly hit by COVID are Agri Exports, Readymade Garments, Granite, Handcarts, Leather, Automobiles, Engineering, poultry industry, meat exports, dairy products, hand, Gems & Jewellery and various industrial components and services. Many ancillaries who are supplying to major companies under MSME units
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products were in deep troubles. Similarly, some of the major sectors had a big shock in domestic are hotel industry, restaurants, malls, cinema theatres, public transport, tourism, construction industry, real estates, Two wheeler and 4 wheeler sales and also platform business, street vendors and daily wagers. Apart from the major sectors, worst effected is MSMEs which is the backbone of our India economy and their direct contribution to exports are about 45% and providing employment to 120 million persons. This includes local and migrated labourers and now we are seeing the fate of migrated workers who are suffering without work and wages since lockdown. As the labourers are going back to their places, availability of labour is going to be the biggest challenge to various sectors mainly to infrastructure
Out of these sectors, the immediate bouncing sectors for Exports are PHARMA, HEALTH CARE, PERSONAL CARE, ALL AGRO COMMODITIES, FMCG, Supply Chain, Logistics, DIGITAL PRODUCTS, e-commerce and home delivery, both by normal retail and by e- commerce companies and Online education etc. Considering present situation, public may not prefer to go to market and Malls. Hence eCommerce is going to see a big boom as people prefer to get the things online and under these companies has got a green signal to operate under lockdown 3.0. Since other sectors are not on priority sectors, it may take time to pickup. However, there are various products required under value Chain for the above products will also take a leap in their supplies. For example packing materials, straps, polythene bags, labels etc., Every industry needs this though it may not look as essential items.
Before Corona (BC), export promotional activities use to be the responsible of various bodies under Ministry of Commerce are 28 Export Promotion Councils, 6 Boards and 3 Development Boards. These organisations take the Indian exporters as
a delegation to foreign countries to participate in the Buyer Seller Meets & in international trade fairs under the Market Access Initiatives of Govt of India to promote exports. Their travel and the hall rental charges of setting up of stalls in international trade fairs will be offered at concessional prices / reimbursement as per the eligibility. Every council takes minimum 24 (2 per month) to maximum of 48 (4per month). Most of the exporters are tuned to this kind of travel to get their businesses.
Now under the present situation, It is very difficult to adopt the old model of travelling to trade fairs and doing the business to get orders for exports. Most of the tradefairs scheduled to happen during the first quarter of 2020-2021 has been cancelled. Now the International Trade fair organisers are also coming up with the technology of VIRTUAL TRADE FAIRS and councils are gearing up themselves to prepare their exporters to adopt the new techniques of Virtual Trade Fairs. In this case, exporters does’t require to apply for Visas, NO international travel, no hotel expenses. Exporters can sit in their Offices and put up a stall in the international trade fairs in Japan, Germany, USA or anywhere in the world and can interact with the buyer, who is also virtually visiting his stall. Exporters sitting in his office can exchange the broachers and show the samples to the visitor to his stall and talk to the clients like online zoom meetings. This is one of the great change coming in international trade COVID pushing everyone to adopt the technologies.
Now COVID is pushing the international business big deals into B-2-B (Business to Business) as eCommerce online business. However, the B2C model of selling products directly to consumers online through eCommerce platform is also going to be rampant. Hence, exporters are get ready for the new changes in the trade transaction processes.
Export Promotion Councils have started organising the Virtual Trade Fair and FIEO has
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taken a forward step and organising first of its kind. India Sourcing Week 2020, online Sourcing Fair focussing Latin America from 13-15th July. Services offered are Virtual Booths with product display, Exhibitors dashboard with buyer analytics, Video Conferencing and Live Chat, Business Card exchange, Connect with buyers anytime anywhere and Multimedia marketing. Product profile comprising Medical devices channel partners, Hospital purchase heads, Healthcare equipment dealers, Health management centres, Supermarkets, Hotels and restaurants chains, Food service suppliers, Industry and eCommerce suppliers, Distributors, Wholesalers and Importers.
Foreign Trade Policy 2015-2020 which was to be expired on March 31st has been extended till March 2021 and all the schemes and benefits will remain same, the validity of various import-linked export schemes such as Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG) have been extended by one year. Covid-19 serves opportunity for increasing India’s exports, should be seen as ‘blessing in
disguise’. Indian industry, and India can emerge as a potential alternative choice for cost- efficient, quality products which are preferred from China, USA is also looking for allies outside of China. The world is thinking in this direction. Naturally, those countries that do not want to deal with China, will look at other countries with potential for quality products at reasonable price.
Exports of all major products i.e. rice, groundnut, processed food, meat, poultry, dairy and organic products has started from the mid of April and APEDA has put in a lot of efforts and issues related to transportation, curfew passes, and packaging units, which are being resolved. Government has adopted a “flexible approach” and is issuing digital copies of phytosanitary certificates for exports. Now required certifications were also started issuing online and customs also adopted accepting photo copies of original documents as original documents can’t reach to importers / exporters in absence of international courier services. It is a good sign of easy of doing business without handling physical handling of documents.
Way forWard to beat the covid 2019:Govt has brought various revival packs for MSMEs, Exporters, Farmers and various businesses and the real benefits and are yet to be seen. Mainly Banking channels are to be educated to facilitate industry friendly for their revivals.
With shortage of food items in several countries due to supply chain disruptions, it is a good opportunity for export of agricultural and processed food items Cutting down import dependence, especially from China for Chemicals and various products.
Setting up committees to draw up strategies for sectors where China has vacated space and countries are looking to diversify suppliers.
Medical textiles, electronics, plastics and toys are some sectors whose exports can be promoted in the next three months as Phase 1, Gems and jewellery, pharmaceuticals and steel, in the next six months.
Each State Govts should also prepare their POST COVID ACTION PLAN to improve the exports from the respective states.
(The views expressed are solely of the author)
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What Is Creative Destruction?
A term coined by Joseph Schumpeter in his work entitled “Capitalism, Socialism and Democracy” (1942) to denote a “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.”
Creative destruction occurs when something new kills something older. A great example of this is personal computers. The industry, led by Microsoft and Intel, destroyed many mainframe computer companies, but in doing so, entrepreneurs created one of the most important inventions of this century.
Creative destruction, generally speaking, is the process of adopting new ideas and abandoning the corresponding older ones.
In the context of organisational transformation, we use the term to refer to the sequence of events attending the shift between coherent sets of management principles, technologies, and organisation. This change should be implemented as a conscious decision before it is required. This
Creative Destruction– How it works
Article by Mr. S. Prakash
the process of creative destruction and its utilisation to survive during this covid_19 pandemic / economy downturn
22
change is revolutionary and transformational, and the people involved must be conscious of what the organisation is going through. When a new electronic technology becomes cost-effective, the old organisation structures should not be permitted to disintegrate from cumulative strain, but should be shed while still functioning.
One needs to view “Creative Destruction” as great vehicles of opportunity for Organisations to survive, thrive and grow in these slow down times.
While successful companies become complacent and are forced into a mode of rediscovering and reinventing themselves, organisations facing a slow down / recessionary crisis periods are left with little choice but to deploy these time proven principles.
Let us look at a historical perspective on how organisations in the past and even right now are surviving using “Creative Destruction” principles.
1) A case of failure: In the mid-1950s, vacuum tubes represented roughly a $700 million market. Leading firms in the then state-of-art technology of vacuum tubes included such great technology companies as RCA, Sylvania and Raytheon. Yet from 1955 to 1982, there was almost a complete turnover in industry leadership, a remarkable shakeout brought on by the advent of the transistor. By 1965, new firms such as Motorola and Texas Instruments had become important players while Sylvania and RCA had begun to fade. Over the next 20 years still other upstart companies like Intel, Toshiba, and Hitachi had become the new leaders, and Sylvania and RCA exited the product class. RCA was initially successfully at making the transition from vacuum tubes to transistors. But within RCA, bitter disputes raged about whether the company should enter the transistor business and risk cannibalizing its profitable tubes business. Some made reasonable arguments that the transistor business was new and the potential profit from it uncertain.
Others, without knowing whether transistors would catch on, felt that it would be risky to pursue the new technology. With its great marketing, financial and technological resources, RCA decided to enter the solid-state business, but in the absence of a clear strategy and an understanding of the cultural differences required to compete in both the solid-state and vacuum tubes markets, RCA failed.
2) A case of success: The Company that reacted differently and became a success story is Hattori-Seiko’s watch business. Although Seiko was the dominant Japanese watch producers in the 1960s, Japanese firms were small players in the global watch market. Driven by an aspiration to be a global leader in the business and informed by internal experimentation among alternatives oscillation technologies (quartz, mechanical, and tuning fork), Seiko’s senior management team made a bold bet. It spearheaded Seiko’s transformation from being merely a mechanical watch firm into a quartz and mechanical watch company. This move into low-cost, high quality watches triggered wholesale within Seiko and, in turn, within the worldwide watch industry. Even though the Swiss had invented both the quartz and tuning fork movement, they chose to reinvest in mechanical movements. But ultimately, the quartz
movement won the oscillation battle to become the industry standard and Seiko prospered.
3) Creative Destruction at Intel: Intel is a prime example of successful leadership in the face of technological change. In its earlier years, Intel was primarily a maker of memory chips for computers. However, the leadership of Intel recognized that memory chips were becoming a commoditized product, and Intel had neither competitive advantage nor core competency in this type of market. Thus, Intel’s leadership moved the company into the development and production of microprocessors (Grove, 1996, p. 93-94). Although in retrospect, this seemed like a logical move for Intel, at the time it was a radical departure from the major source for most of their revenue to a product that was unknown and still required significant amounts of capital for research and development before being commercially viable. We now know that the “Creative Destructions” decisions made by the Intel leadership were correct.
4) A concurrent case of “Uber / Swiggy”: No need to own a fleet of cars or your own restaurants!
Enter Uber and Swiggy and the markets are redefined once and for all. They both broke the set pattern of service delivery and have redefined the market space once and for all. The same is true for Amazon as well.
The market is sliced more than half in their favour that was beyond imagination years ago: the whole concept of demand has been cleaved away from the current dimensions. The phenomenon creates a co-joined market in which the older form cannot fight back. They have to learn to co-exist and reinvent themselves to be relevant.
The market is still wondering how to react but the ability of these service providers to “Creatively Destroy” the concept of how a person was travelling and consuming food has already made them grow in leaps and bounds; to such an extent that even in these recessionary periods they are doing very well.
So, how are you going to redefine your business / product / service?
Time to seriously think & re-think!
(The views expressed are solely of the author)
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24
Section 186 lays down the provisions relating to providing loans to any person or other body corporate, giving any guarantee or providing security in connection with a loan to any other body corporate or any person, and acquiring by way of subscription, purchase or otherwise, the securities of any other body corporate.
Section 186(1):
This sub-section starts with the phrase ‘without prejudice to the provisions contained in this Act’ which implies that while complying with this provision, we need to take care of the other provisions of the Act (Companies Act, 2013) also. This provision is dependent to other provisions contained in the law, even if other provisions provide to the contrary. In case there is any inconsistency or a departure between the two provisions, interpretation has to be constituted with the doctrine of harmonious construction. Further, the provisions also adds a restriction that
‘unless otherwise prescribed’ which implies that provision of this sub-section is applicable only when there is no other contrary provision prevailing in the Act. In case, there is a differing provision to this sub-section, the differing provision shall prevail over this. Both the above phrases conclude that while reading this provision, the reader has to consider other provisions of the Act also. It can be stated that the given provision i.e. Section 186(1) is not a non-obstante clause and it has to take into consideration other provisions of the Act also and comply with them simultaneously. The sub-section states that a company shall unless otherwise prescribed, make investment through not more than two layers of the investment companies.
Here, we need to understand the meaning of investment companies.
The expression ‘investment company’ means a company whose principal business is the
Article by Mr. CS.U.Siddharth
25
acquisition of shares, debentures or other securities and a company will be deemed to be principally engaged in the business of acquisition of shares, debentures or other securities, if its assets in the form of investment in shares, debentures or other securities constitute not less than fifty percent of its total assets, or if its income derived from investment business constitutes not less than fifty percent as a proportion of its gross income.
Section 186(2):
No company shall directly or indirectly-
a) give any loan to any person or body corporate;
b) give any guarantee or provide security in connection with a loan to any other body corporate or person; and
c) acquire by way of subscription, purchase or otherwise, the securities of any other body corporate, exceeding 60% of the paid-up capital+ Free reserves+ Securities Premium Account or 100% of the Free Reserves+ Securities Premium Account, whichever is more.
Here it is to be noted that ‘person’ does not include an employee of the company.
Section 186(3):
Where the limit prescribed under section 186(2) i.e. the aggregate of the loans and investment so far made, the amount for which guarantee or security so far provided to or in all other body corporates along with the investment, loan, guarantee or security proposed to be made or given by the Board, exceeds, the investment is required to be previously approved by passing a special resolution in the general meeting of the members of the company. A resolution passed at a general meeting to give any loan or guarantee or investment or providing any security or the acquisition under sub section (2) of section 186 shall specify the total amount up to which the Board of Directors are authorized to give such loan or guarantee, to
provide such security or make such acquisition.
Section 186(4):
The company shall disclose the full details of loan, guarantee or security provided and the purpose for which it has been provided in its financial statements.
Section 186(5):
The Board Resolution shall be passed by all the directors present in the Board Meeting conducted for making of investment, giving of loan or guarantee or providing of security by the company. Further, the prior approval of public financial institutions is also required in case there is any default in repayment of any loan, investment or interest thereon and the limit prescribed under sub-section (2) has been exceeded.
Section 186(6):
No company, which is registered under section 12 of SEBI Act, 1992 and covered under such class of company as may be prescribed, shall take inter-corporate loan/deposit exceeding the prescribed limit. Details of such loan etc. shall be disclosed in the financial statements of the company.
1. What are section 12 companies?: Stock-broker, sub-broker, share transfer agent, banker to an issue, trustee of trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and such other intermediary who may be associated with securities market are required to be registered under section 12 of SEBI Act, 1992 for operating in securities market.
2. What are prescribed companies?: No company has been prescribed yet. Thus, it is implied that any company, which is registered under section 12 of the SEBI Act, 1992 and covered under class of companies notified by the Government in this regard, shall not take inter-corporate loan/deposit exceeding the limit prescribed under sub-section (2) of Section 186.
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Section 186(7):
Loan shall be given at a rate of interest not lower than the prevailing yield of 1 year/3 years/5 years to 10 years of Government securities.
The yield is the interest rate that the Government pays on the purchase of Government Securities for different lengths of time. Each of the Government securities has a different yield. The company needs to take into consideration the Government Security yield closest to the tenor of the loan.
Section 186(8):
A defaulting company in the repayment of any deposit or interest thereon shall not provide any loan/guarantee/security till the time such default is subsisting.
Section 186(9): Register of investment
a) Every company, making loan or investment, shall maintain a register of investment from the date of its incorporation in Form MBP-2.
b) The company shall enter complete particulars of loans and guarantees given, securities provided and acquisitions made by the company.
c) Entries in the register shall be made chronologically within seven days of the transaction.
d) The register shall be kept in the custody of the Company Secretary of the company or any other person authorized for the purpose.
e) The register can be maintained either manually or in electronic mode and shall be authenticated by the company secretary or such other person as may be authorized in this behalf.
Section 186(10):
a) The register shall be kept at the registered office of the company and shall be preserved permanently.
b) The extracts from the register may be furnished to any member of the company on payment of fee, if any but not exceeding ten rupees for each page.
Section 186(11):
Nothing in this section, except sub-section (1), shall apply-
a) To any loan/guarantee/security or any investment by-
(i) Banking company, Insurance company and Housing finance company, in the ordinary course of business; and
(ii) A company established with the objective of business financing industrial enterprises/ providing infrastructural facilities.
The expression ‘business of financing industrial enterprises’ shall mean business of giving of any loan to a person or providing any guaranty or security for due repayment of any loan availed by any person in the ordinary course of its business.
b) To any investment-
(i) Made by any investment company
(ii) Made in shares allotted in pursuance to section 62(1)(a) or right issue made by a body corporate
(iii) Made by NBFC whose principle business is acquisition of securities.
Section 186(12):
Central Government has prescribed Rule 11, 12 and 13 of Chapter XII The Companies (Meetings of Board and its Powers) Rules, 2014 in this regard.
Section 186(13): Penal Provisions
In case of contravention, the company shall be punishable with minimum fine of ` 25,000 and maximum upto ` 5 Lakhs and every officer in default shall be punishable with imprisonment for a term upto two years and with fine from ` 25,000 to ` 5 Lakhs.
(The views expressed are solely of the author)
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Sl. No CentreApr2020
ALL INDIA 329
ANDHRA PRADESH:
1. Guntur 300
2. Vijayawada 306
3. Visakhapatnam 305
ASSAM:
4. Doom Dooma Tinsukia 310
5. Guwahati 294
6. Labac-Silchar 285
7. Mariani Jorhat 279
8. Rangapara Tezpur 264
BIHAR:
9. Munger Jamalpur 363
10 CHANDIGARH 323
CHHATTISGARH
11 Bhilai 334
12 DELHI 315
GOA:
13 Goa 348
GUJARAT:
14 Ahmedabad 294
15 Bhavnagar 310
16 Rajkot 316
17 Surat 287
Sl. No CentreApr2020
18 Vadodara 283
HARAYANA:
19 Faridabad 290
20 Yamunanagar 313
HIMACHAL PRADESH:
21 Himachal Pradesh 282
JAMMU & KASHMIR:
22 Srinagar 303
JARKHAND
23 Bokaro 311
24 Giridih 362
25 Jamshedpur 377
26 Jharia 375
27 Kodarma 410
28 Ranchi Hatia 418
KARANATAKA:
29 Belgaum 320
30 Bengluru 306
31 Hubli-Dharwar 348
32 Mercara 316
33 Mysore 321
KERALA:
34 Ernakulam 331
35 Mundakayam 339
CONSUMER PRICE INDEXNUMBERS FOR INDUSTRIAL WORKERS
(BASE 2001=100)
28
Sl. No CentreApr2020
36 Quilon 375
MADHYAPRADESH:
37 Bhopal 339
38 Chhindwara 323
39 Indore 297
40 Jabalpur 335
MAHARASHTRA:
41 Mumbai 320
42 Nagpur 404
43 Nasik 381
44 Pune 367
45 Sholapur 349
ORISSA:
46 Angul Talcher 346
47 Rourkela 329
48 PUDUCHERRY 333
PUNJAB:
49 Amritsar 355
50 Jalandhar 334
51 Ludhiana 312
RAJASTHAN:
52 Ajmer 299
53 Bhilwara 306
54 Jaipur 326
TAMILNADU:
55 Chennai 289
56 Coimbatore 302
57 Coonoor 343
58 Madurai 316
59 Salem 310
60 Tiruchirapally 318
Sl. No CentreApr2020
TEL
61 Godavarikhani 345
62 Hyderabad 275
63 Warangal 332
TRIPURA:
64 Tripura 274
UTTAR PADESH:
65 Agra 383
66 Ghaziabad 351
67 Kanpur 361
68 Lucknow 365
69 Varanasi 351
WEST BENGAL:
70 Asansol 354
71 Darjeeling 283
72 Durgapur 338
73 Haldia 405
74 Howrah 306
75 Jalpaiguri 290
76 Kolkata 299
77 Raniganj 309
78 Siliguri 294
Source: Labour Bureau, Shimla
29
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“T.G. Venkatesh Bhavan”, 602 & 603, Chenoy Trade Centre,116, Park Lane, VI Floor, P.B. No. 1716, Secunderabad – 500 003, Telangana State.
Phone: 040-27840844, Fax: 040-27840767;Email : [email protected] | Shri G. Ramanjaneyulu, Deputy Secretary.
VISAKHAPATNAM OFFICE:Door No. 43-19-30, Venkataraju Nagar, Dondaparthy,
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Email: [email protected] | Shri V. THRINADHA RAO, Deputy Secretary.
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Please contact
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UPDATATION OF MEMBERSHIP DETAILS
Kind Attn: Members
Dear Sir/Madam;
We are updating the database – Members business details in our records. We request you to kindly
inform the Chamber if there are any changes in your mailing list – Address, contact details, Name of
the representative, change in the Email-ids and Telephone numbers in the below mentioned format.
Please forward the same to the Chamber by Email: [email protected] duly filled in
for making necessary changes in our records. Please extend your cooperation support in this regard
without delay.
Name of the company / individual
postal Address
Telephone
Fax
Mob
Est.
Website
GST No
Name of the representative –
Designation in the company
Bank
Manufactures of
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UPDATATION OF MEMBERSHIP DETAILS
In the service of Public for more than 56 years
Winning client’s trust with unmatched professionalism
Investigation • Pre & Post Matrimonial • Pre & Post Employment • Industrial Theft & Fraud • Undercover Operation
FOR TOTAL SECURITY SOLUTIONS IN INDIA
GLOBE DETECTIVE AGENCY
Security • Consultation • Trained Man Power • 24 x 7 Control Room • Client Support
Facility • House Keeping • Pantry Services • Guest House Mgmt • Garden Member
Electronics • Access Control • Burglar Alarm • Fire Alarm • CCTV
Chennai No.152, Agurchand Mansion , Mount Road, Chennai-600 002. Tel: +91–44–42919500–599; E-mail: [email protected] Bengaluru Tel: +91-80-25717905/06;
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THE KCP LIMITED
CEMENT PLANT MUKTYALA CEMENT PLANT MACHERLA
SUGAR INDUSTRY
VIETNAM
HEAVY ENGINEERING
CHENNAI
POLAVARAM PROJECT
SRISAILAM DAM NAGARJUNA SAGAR DAM
SRI KANAKADURGAMMA VARADHI
Registered Office: “Ramakrishna Buildings” No. 2 Dr. P.V. Cherian Crescent, Egmore, Chennai- 600008 Tel: +9144-66772600 / 66772667, Fax: 66772620 CIN65991TN1941PLC001128
Cement Marketing Head Quarter: Plot No. 10, Gayatri Hills, MP & MLA’s Colony Road No. 10 C, Jubilee Hills, Hyderabad - 500033 Tel: 040 2325 3503 to 3505, Cell: +91 9866305145 / 9989597775, E-mail: [email protected]
34
