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Tuesday, March 13, 2018

Suresh Prabhu assumes charge as Civil Aviation Minister
Suresh Prabhu yesterday took over as the Civil Aviation Minister. Soon after taking charge, Prabhu held a meeting with senior officials from the ministry, DGCA, AAI, Air India and Pawan Hans, among others. Minister of State for Civil Aviation Minister Jayant Sinha was also present. Prabhu, who is the Commerce and Industry Minister, has been given the additional charge of Civil Aviation Ministry following the resignation of TDP leader Ashok Gajapathi Raju from the post last week. Speaking to reporters after taking charge, Prabhu said the aviation sector is competing with other modes of transportation. Such competition would help in bringing down the cost of logistics, he added.

Bill on chit funds sector introduced in Lok Sabha
A Bill to streamline and strengthen the chit fund sector was introduced in the Lok Sabha yesterday which mandates video conferencing while the opening of bids and seeks to hike commission of foremen from 5% to 7%. The Chit Funds (Amendment) Bill, 2018 is based on the recommendations of the Parliamentary Standing Committee on Finance and the Advisory Groups on Chit Funds set up by the central government. The Amendment Bill provides for allowing the mandatory presence of two subscribers, as required either in person or through video conferencing duly recorded by the foreman, while the bids are being opened.

Calco Poly Technik bags award
Calco Poly Technik has been bagged The Economic Times ‘Best Brands for the Plastic & Polymers Industry 2018’ award at an event in Mumbai recently, in the presence of the Chief Guest Madhav Bhandari Sr BJP Spokespoerson, Senior Officials from the Plastic & Polymer Industry, SMEs, Government Institutions, and Tech Giants. Vijay Kumar Gupta, Founder & MD, Calco Group said, “It is really a great moment to win The Economic Times Best Plastics and Polymers Brand 2018 in the Plastics & Plastic Components Category. This award will definitely help us to empower Innovation and ensure Calco’s growth in positive direction.” Vijay Kumar Gupta Founder Calco Group with Varun Gupta Director Calco Poly Technik receiving the award from Mr. Bhandari.

Dubai govt starts ‘virtual registry’ initiative
Over the last 5 years, Indians invested AED 83.65 billion in Dubai and ranked second, only to UAE citizens, in 2017 as top investors in the Dubai real estate market. With such substantial financial stakes in Dubai, Indian investors who may be living overseas or even in Dubai, often face logistical challenges or the uncertainty of how to secure their assets and inheritance wishes. Since May 2015, the DIFC Wills Service Centre (‘WSC’), a public entity of the Dubai Government, has provided non-Muslim residents and overseas investors with assets in Dubai and/or Ras Al Khaimah the option to choose the DIFC Courts as a reliable route through which to enforce their inheritance wishes. WSC’s first-of-its-kind ‘Virtual Registry’ gives eligible investors living outside of the UAE the ability to create, register, and witness a Will for their Dubai and Ras Al Khaimah assets from anywhere in the world.

Nisus Finance to enter realty-focused NBFC next month
The city-based real estate investment fund Nisus Finance Services Company (Nifco) plans to enter the NBFC space by launching a realty focused Rs 100-crore fund. The new venture, to be led by Nisus Fincorp with a corpus of Rs 100 crore, will be operational from April, MD Amit Goenka told PTI. He said the NBFC has already received commitments for Rs 100 crore and is evaluating opportunities for deploying the funds. "There is enough capital waiting to be deployed in the in various projects. But there are other important businesses which require lesser amount of funds but are very crucial as they support the sectoral ecosystem. Our NBFC will support such businesses," Goenka said.

India Fashion Forum 2018
In its eighteenth edition, India Fashion Forum (IFF 2018), the premier knowledge and networking platform for India’s vast, multi-dimensional and multi-hued fashion retail industry, will be taking place on 13th and 14th March 2018 at Hotel Renaissance, Mumbai. IFF has evolved over the last 18 years into India’s most robust and influential platform for Fashion Retail, with the ardent support of the industry. Union Minister for Textiles Smriti Irani, has been invited as the Chief Guest. The theme for IFF 2018 -- “The Smart Fashion Movement” with 4 calibrated platforms viz Intelligent Engagement, Powered By Design, Retail As Experience and The Tech Of Everything -- will sharply communicate the biggest determinants of success in the business of Fashion Retail that can turn the brand into an ICON in the post-technology age.

International Metal and Foundry Expo
Indian Foundry Industry, the 3rd largest globally, expects an investment of USD 3 billion while the National Steel Policy has envisaged steel production to reach 110 million tons (mt) by 2019-20 with the assured estimated investment in the next 10 years in order to meet the potential demand of 30 million tons of castings. A focused international exhibition & conference on Metal and Foundry (IFMET) will be held during March 14-16, 2018 at BEC in Mumbai to discuss and evaluate the same,. ‘This is an ideal platform that will showcase innovations & solutions in the engineering sector’ said Dr. H Sundara Murthy, President Indian Foundry Organisation.

Amazon Prime Music ties up with IPRS for content
The Indian Performing Right Society (IPRS) yesterday said it has joined hands with Amazon India for its ad free music streaming service, Amazon Prime Music. As part of the deal, Amazon Prime Music in India will get access to more than a million works/titles spread across multiple languages, eras and genres of Indian music, IPRS said in a statement. IPRS is the sole authorised body to issue licences for usage of musical works and literary music within India. The body collects royalties from users of such content, for and on behalf of its members which include the authors, composers and the publishers of music and distributes this royalty amongst them.

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