RBI allows resident importers to raise trade credit in INR
With a view to providing greater flexibility for structuring of trade credit arrangements, it has been decided by RBI that the resident importer can raise trade credit in Rupees (INR) within the framework after entering into a loan agreement with the overseas lender.
Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to Schedule III to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 notified vide Notification No. FEMA 3/2000-RB dated May 03, 2000 read with Regulation 6(3) of the said Regulations regarding raising of trade credit (buyers’ credit / suppliers’ credit) from overseas supplier, bank and financial institution for import of capital and non-capital goods into India .
With a view to providing greater flexibility for structuring of trade credit arrangements, it has been decided by RBI that the resident importer can raise trade credit in Rupees (INR) within the following framework after entering into a loan agreement with the overseas lender:
· Trade credit can be raised for import of all items (except gold) permissible under the extant Foreign Trade Policy
· Trade credit period for import of non-capital goods can be upto one year from the date of shipment or upto the operating cycle whichever is lower
· Trade credit period for import of capital goods can be upto five years from the date of shipment
· No roll-over / extension can be permitted by the AD Category – I bank beyond the permissible period
· AD Category – I banks can permit trade credit upto USD 20 mn equivalent per import transaction
· AD Category – I banks are permitted to give guarantee, Letter of Undertaking or Letter of Comfort in respect of trade credit for a maximum period of three years from the date of shipment
· The all-in-cost of such Rupee (INR) denominated trade credit should be commensurate with prevailing market conditions
· All other guidelines for trade credit will be applicable for such Rupee (INR) denominated trade credits
Overseas lenders of Rupee (INR) denominated trade credits will be eligible to hedge their exposure in Rupees through permitted derivative products in the on-shore market with an AD Category – I bank in India . Necessary guidelines for hedging will be issued separately.
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Palestinian flag to fly at UN HQ
UN General Assembly has passed a Palestinian resolution to allow its flag fly in front of the United Nations headquarters in New York, angering Israel and giving hope to Palestinians seeking to gain full UN membership
150 evacuated in NYC subway after train derails
A train on the New York City Subway’s G line derailed north of the Hoyt Street Station in Downtown Brooklyn on Thursday, local media reports. As many as 150 passengers were on board the southbound train when the front wheels of the first carriage came off the track at 10:16 pm local time. All the passengers were evacuated, with only one person in need of medical attention, reportedly due to a panic attack. The authorities called the incident a“minor” derailment.Arianespace launches two Galileo satellites atop Russian Soyuz rocket
A Russian Soyuz-ST rocket successfully blasted off early Friday from the European Spaceport in Kourou, French Guiana, carrying two Galileo navigation satellites bound for the European global satellite navigation system, which is planned to have up to 30 satellites in total, including reserves, in its constellation. These are the fifth and sixth satellites to be launched for Europe’s multinational Arianespace company. Friday’s mission is expected to take 3 hours 48 minutes to complete. The cost of the ambitious European project – an alternative to the American GPS and the Russian GLONASS systems – has surpassed 5 billion euro, with a total of some 7 billion expected to be spent by 2020.US marine killed, 18 injured during vehicle accident in California
A vehicle rollover accident on Thursday took the life of one US Marine and injured 18 others at Camp Pendleton in San Diego, California, the Associated Press reported. The Marine has not been identified and details about the injuries the other service members suffered have not been released. “We want to ensure the Marines and their family members are being provided for during this difficult time,” 1st Lieutenant Colleen McFadden, public affairs officer of the 1st Marine Division, said in a statement to AP.Iraq condemns incursion by Turkish ground troops
Iraq on Thursday condemned Turkey for sending ground troops onto its territory in pursuit of Kurdish rebels, AFP reported. “The Foreign Ministry expresses its condemnation of the incursion of a number of Turkish military units inside Iraqi territory,” spokesman Ahmed Jamal said. “It represents a clear violation of Iraqi sovereignty and a clear offense to bilateral relations between the two countries.” Turkish forces entered Iraq on Tuesday for a “short-term” incursion in pursuit of fighters from the Kurdistan Workers’ Party (PKK) allegedly involved in attacks that killed more than two dozen soldiers and police.FIFA delegates inspect Russia’s preparations to host 2018 World Cup
FIFA delegates are completing their second visit to Russian cities to inspect the country’s preparations to host the 2018 World Cup. Colin Smith, FIFA’s director of competition, and Russian Sports Minister Vitaly Mutko were quoted Thursday as saying that the preparation has been conducted in line with the schedule. The next visit of the FIFA delegates to Russia to inspect the preparations for the World Cup will be paid in early spring next year, Alexey Sorokin, the director general of 2018 Local Organizing Committee (LOC), said on Thursday, as cited by TASS.
Sweden’s accession to NATO would require response from Russia – Moscow
If Sweden were to join NATO, the situation would demand response steps from Russia, TASS quoted Russian Foreign Ministry spokeswoman Maria Zakharova as saying.“Sweden’s admission to NATO would have military-political and foreign policy steps that would require necessary response steps from the Russian side,” she said on Thursday.
Highlights from the local media of Bangladesh, Pakistan and Sri Lanka September 11th, 2015 | Volume: 1 – 9/9
| Ananta Aspen Centre is pleased to launch a new initiative from 1st September, 2015 — a daily newsletter focusing on major developments and perspectives from the local media of Bangladesh, Pakistan and Sri Lanka. Our sincere effort is to keep you informed and updated on the events and developments in these neighbouring countries and the implications on India. Hope you find this initiative informative and useful. We value your feedback and comments.BANGLADESH
Dhaka, Washington to discuss security issues today
The Financial Express | 11th September Issues like cyber security, disaster management, military cooperation and peacekeeping operations in the UN will also be discussed in the dialogue, according to the Foreign Ministry in the city on Thursday.
Bangladesh PM Sheikh Hasina: private universities authorities have agreed to pay VAT
Dhaka Tribune | 11th September Echoing the National Board of Revenue’s statement, the Prime Minister said: “The students will not pay any VAT; it is the university authorities who will have to pay the VAT and they have agreed on it.” Regarding the government’s plan on education, she said: “We have decided to set up government or private university in every district.”
Bangladesh Bank Governor speaks on business opportunities for foreign investors
The Financial Express | 11th September Bangladesh Bank (BB) Governor Dr. Atiur Rahman said that in line with the Government’s Vision 2021 for inclusive, equitable growth, Bangladesh offers high risk-adjusted returns for the foreign investors with favourable strategic location, demographic dynamics, cost advantages.
Family business has potential in Bangladesh, says Swiss Rothschild Group
New Age | 11th September Switzerland-based Edmond de Rothschild Group on Thursday said it would advise the business families in Bangladesh on how to expedite their investment as the Group thinks the country has potential to speed up the family-run business. PAKISTAN
Dialogue with India only possible without preconditions: Pakistani Foreign Office Spokesperson
Geo.tv | 10th September Pakistan is willing to hold dialogue with India without any preconditions, Pakistani Foreign Office spokesman Qazi Khalilullah said during the weekly news briefing on Thursday.
Pakistan, China set to sign economic zone accord
Dawn | 10th September Pakistan is set to sign a 40-year-lease with a Chinese company to develop a massive special economic zone in the deep sea port of Gwadar, officials said on Wednesday.
Five militants killed in Kurram air strikes
The News International | 10th September Five militants were killed and several others injured in air strikes by Pakistan Air Force (PAF) jet fighters in the Kurram Agency on Wednesday, according to the Inter-Services Public Relations (ISPR).
Russian Deputy Foreign Minister Ryabkov refers to Pakistan as Russia’s closest partner
Daily Times | 10th September Pakistan and Russia are in talks about the delivery of Sukhoi Su-35 fighter jets and previously agreed upon delivery of Mi-35M helicopters, Russian Deputy Foreign Minister Sergei Ryabkov said, Sputnik reported. SRI LANKA
Madras court rejects case on patrol boats to Lanka
Colombo Gazette | 10th September The Madras High Court Bench closed a public interest litigation petition filed last year against a commercial deal between Goa Shipyard Limited and the Sri Lankan government for supplying two Offshore Patrol Vehicles (OPVs) used for surveillance and rescue operations, The Hindu newspaper reported.
US envoy assures support to reconciliation efforts
Colombo Gazette | 10th September The Ambassador of the United States in Sri Lanka Atul Keshap assured the Government of the support of the US Embassy in Colombo and the US Government as Sri Lanka works towards reconciliation.
Tamil question not just economic issue says Tamil Minister
Colombo Gazette | 10th September The Tamil question cannot be settled by merely regarding it as an economic issue, Mano Ganesan, one of the three Tamil Ministers in the Sri Lankan government, has said.
Sri Lanka earns more from fruit, vegetable exports in 2014
Colombo Page | 10th September A study conducted by the Ceylon Chamber of Commerce (CCC) has found that Sri Lanka’s earnings from exports of fruits and vegetables during 2014 have increased, compared to the previous year’s income.
U.S. Ambassador visits Temple of the Tooth, pays respects to Chief Prelates
Colombo Page | 10th September The United States Ambassador to Sri Lanka Atul Keshap made his first official trip outside of Colombo to Kandy Wednesday and visited Sri Dalada Maligawa.
Indian engineering firm L&T eyes US$ 450 million projects in Sri Lanka
Colombo Page | 9th September The company chairman of Larsen & Toubro, AM Naik, after addressing the company’s annual general meeting, told reporters on Wednesday that the company is looking at two or three projects in the infrastructure sector in Sri Lanka. The projects worth about US$450 million are expected to be materialized by the fourth quarter. |
Infosys and ATP Announce a Strategic Technology Partnership
Bangalore – September 10, 2015: Infosys (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, and ATP, the governing body of men’s professional tennis, today announced a strategic partnership to leverage the latest technological advances in mobility, cloud and analytics to transform the experience of tennis fans and players the world over.
As part of this partnership, Infosys will become the Global Technology Services Partner and Platinum Sponsor of the ATP World Tour, as well as the season-ending Barclays ATP World Tour Finals, for the next three years.
Like most popular sports, tennis fans are increasingly consuming more content about the sport across multiple channels. Active fan engagement today demands contextual, real-time information and insights about the game across a variety of channels. Infosys, as the exclusive Global Technology Services Partner of the ATP World Tour, will leverage its expertise in cloud, mobility and analytics to manage, analyze and interpret large volumes of tennis data (both historical and current) and present insights and predictions through interactive platforms for ATP fans, players, partners and the media.
Under this partnership, Infosys will work on several key initiatives for the ATP World Tour. These will include:
· Creation of an exclusive Infosys ATP Scores & Stats Center to revolutionize engagement with tennis fans by providing unprecedented insights and predictions about every tournament, every match and every point. The Scores & Stats Center will be powered by the Infosys Information Platform (IIP), an open-source data analytics platform for data visualization and data analysis
· Reimagine the ATP Player Zone, a next-generation player engagement platform and mobile app, to elevate the experience for players and enable them to register for tournaments, review travel information, connect with other players, and stay up-to-date on all ATP World Tour news
· Manage the infrastructure, applications and data of ATP World Tour by leveraging the elasticity and computational power of the cloud-based model
Quotes
Dr. Vishal Sikka, Chief Executive Officer, Infosys
“As a fan personally of tennis, it is really exciting to think about how we can invent great new and engaging experiences for fans. Great experiences for tennis fans is what ATP has always stood for, and we can now take this to even greater heights with our work together. Fans will soon have the opportunity to get completely immersed in the action, and feel the passion and intensity in every match, and more. This partnership will enable us to bring new experiences in new ways to fans worldwide and will also serve to inform many new types of consumer engagements in other walks of life.”
Chris Kermode, ATP Executive Chairman & President
“We’re delighted to be launching this new partnership with Infosys. The opportunities surrounding technology, statistics and data in men’s professional tennis are vast. Today’s announcement is fantastic news for the ATP as we welcome an industry leader in Infosys and take an important step towards exploring new opportunities in this area. We look forward to developing a number of exciting initiatives as part of the partnership.”
About The ATP
The ATP is the governing body of the men’s professional tennis circuits – the ATP World Tour, the ATP Challenger Tour and the ATP Champions Tour. With 62 tournaments in 31 countries, the ATP World Tour showcases the finest male athletes competing in the world’s most exciting venues. From Australia to Europe and the Americas to Asia, the stars of the 2015 ATP World Tour battle for prestigious titles and Emirates ATP Rankings points at ATP World Tour Masters 1000, 500 and 250 events, as well as Grand Slams (non ATP events). At the end of the season only the world’s best eight qualified singles players and doubles teams will compete for the last title of the season at the Barclays ATP World Tour Finals. Held at The O2 in London, the event will officially crown the 2015 ATP World Tour No.1 presented by Emirates. For more information, please visitwww.ATPWorldTour.com.
About Infosys
Infosys is a global leader in consulting, technology, outsourcing and next-generation services. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit www.infosys.com to see how Infosys (NYSE: INFY), with US$ 8.7 billion in annual revenues and 179,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.
Safe Harbor
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2015 and our Forms 6- K for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
For further information please contact:
Sarah Gideon
Infosys, India
+91 80 4156 3998
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