Donald Trump offers to ‘mediate or arbitrate’ between India and China

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a surprise move, US President Donald Trump on Wednesday offered to “mediate or arbitrate” the raging border dispute between India and China, saying he was “ready, willing and able” to ease the tensions, amid the continuing standoff between the militaries of the two neighbours.

Trump previously offered to mediate between India and Pakistan on the Kashmir issue, a proposal rejected by New Delhi which maintains that there is no role for any third party in bilateral issues.

“We have informed both India and China that the United States is ready, willing and able to mediate or arbitrate their now raging border dispute. Thank you!” Trump said in an early morning tweet.

The nearly 3,500-km-long Line of Actual Control (LAC) is the de-facto border between India and China.

Several areas along the LAC in Ladakh and North Sikkim have witnessed major military build-up by both the Indian and Chinese armies recently, in a clear signal of escalating tension and hardening of respective positions by the two sides even two weeks after they were engaged in two separate face-offs.

But on Wednesday, China took an apparently conciliatory tone by saying that the situation at the border with India is “overall stable and controllable,” and both the countries have proper mechanisms and communication channels to resolve the issues through a dialogue and consultation.

India has said the Chinese military was hindering normal patrolling by its troops along the LAC in Ladakh and Sikkim and strongly refuted Beijing’s contention that the escalating tension between the two armies was triggered by trespassing of Indian forces across the Chinese side.

The Ministry of External Affairs said all Indian activities were carried out on its side of the border, asserting that India has always taken a very responsible approach towards border management. At the same time, it said, India was deeply committed to protect its sovereignty and security.

“Any suggestion that Indian troops had undertaken activity across the LAC in the Western sector or the Sikkim sector is not accurate. Indian troops are fully familiar with the alignment of the Line of Actual Control in the India-China border areas and abide by it scrupulously,” MEA Spokesperson Anurag Srivastava said at an online media briefing last week.

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ClearTax launches e-invoicing solution to help enterprises

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ClearTax, country’s fintech SaaS company for GST compliance, income tax compliance and investment-related products, has launched e-invoicing solution.

The e-invoicing product caters to a variety of businesses by providing solutions for IRN generation and e-invoice management. The product can be seamlessly integrated with any ERP, ClearTax said in a statement.

It is highly scalable allowing lakhs of invoices to go through; servers auto scale as per volume encountered, it added

Some of the other features include in-built validations, intelligent analytics, customised template printing and bulk upload.

CBIC has notified e-invoicing for businesses with annual turnover above Rs 500 crore in FY 2019-20 from October 1, 2020. Such companies must continue to raise tax invoices or debit-credit notes on their respective ERP or billing software.

However, while doing so, they must adhere to the schema or template notified by the CBIC on July 30, 2020. They should, in parallel, register the Business-to-Business (B2B) transaction details with the Invoice Registration Portal (IRP).

The portal will verify the authenticity and uniqueness of the invoice, generate an Invoice Reference Number (IRN) along with the QR code, and digitally sign on behalf of the GST Network (GSTN). Thereafter, these e-invoices can be issued to the recipients.

“ClearTax provides three modes of generating the IRN such as through excel, File Transfer Protocol (FTP/SFTP) and API integration. The product offers value additions to its users such as data archiving facility, insightful reports, real-time notifications, and custom print layouts for issuing the e-invoice,” it said.

Archit Gupta, Founder and CEO, ClearTax, said, “E-invoicing will be a game-changer for Indian businesses, it’s the UPI moment for digitising businesses and ClearTax is perfectly poised to the massive scale and technology involved.”

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SBI extends loan EMI moratorium till August: Here’s how you can avail it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The State Bank of India (SBI) on Wednesday said it has decided to extend the moratorium on loan equated monthly installments (EMIs) by another three months i.e. June, July and August. This means eligible customers can defer their loan EMI installments till August.

Last week, Reserve Bank of India (RBI) announced an extension of EMI moratorium on all term loans by three months. Earlier, the central bank had announced a three-month moratorium on all term loans outstanding as on March 1, 2020.

SBI has reached out to all of its eligible loan customers to obtain their consent to stop their Standing Instructions (SIs)/NACH mandate for the EMIs falling due in June, July and August 2020, the lender said in a statement.

“The bank has simplified the process of stopping the EMIs by initiating a SMS communication to nearly 85 lakh eligible borrowers asking about their consent to stop EMIs,” it added.

The borrowers have to reply with a ‘YES’ to a designated virtual mobile number (VMN) mentioned in the SMS sent by the bank within 5 days of receiving the SMS, if they wish to defer the EMIs.

The extension of moratorium and deferment of EMIs would give some respite to the borrowers amid COVID-19 outbreak, SBI noted.

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How to open Pradhan Mantri Jan Dhan account? Steps and other details here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pradhan Mantri Jan Dhan Yojana or PMJDY, a national mission for financial inclusion, ensures access to financial services such as banking, remittance, credit, insurance and pension. Through this scheme, every citizen can access all the financial subsidies passed by the government.

PMJDY account can be opened in any bank branch or business correspondent outlet. Accounts under PMJDY are opened with zero balance. However, if the account-holders wish to get cheque books, they are required to fulfill minimum balance criteria.

(Also read: How to update address in your Aadhaar card online)

Here’s how one can open PMJDY account:

Step 1: Obtain the form for Pradhan Mantri Jan Dhan Yojana from the official website of Pradhan Mantri Jan Dhan Yojana or any other bank website.

Step 2: Fill form and attach documents required. Passport, driving license, Permanent Account Number (PAN) card, voter’s identity card, job card issued by NREGA duly signed by an officer of state government, letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number, or any other document as notified by the central government in consultation with the regulator can be used to open this account.

Step 3: Take the filled form to nearby bank branch. After proper verification of the documents, the bank account will be opened.

(Also read: How to link Aadhaar card to ration card online)

Here are the facilities provided by banks in PMJDY accounts, free of charge, without requirement of minimum balance:

• The deposit of cash at bank branch as well as ATMs.
• Receipt or credit of money through any electronic channel or by means of deposit or collection of cheques drawn by government agencies and departments.
• No limit on number and value of deposits that can be made in a month.
• Maximum of four withdrawals in a month, including own ATMs and other.
• Bank’s ATMs and other models including RTGS, NEFT, clearing transfer debits etc. Withdrawal beyond four in a month is permitted on chargeable basis.
• Basic RuPay card is issued free of cost.

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McAfee report shows rise in cyber-attacks, as cloud services use goes up during COVID-19

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A McAfee report on Wednesday showed that cyber-attacks targeting the cloud has gone up with increased use of cloud services and collaboration tools such as Cisco WebEx, Zoom, Microsoft Teams and Slack during the COVID-19 pandemic.

Based on anonymised and aggregated data from more than 30 million McAfee MVISION Cloud users worldwide between January and April, the report revealed a significant and potentially long-lasting trends that include an increase in the use of cloud services, access from unmanaged devices and the rise of cybersecurity threats.

These trends emphasize the need for new security delivery models in the distributed work-from-home environment of today, says the report named “Cloud Adoption & Risk Report – Work-from-Home Edition”.

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In the time surveyed, overall enterprise adoption of cloud services spiked by 50 percent in industries such as manufacturing and financial services that typically rely on legacy on-premises applications, networking and security more than others.

According to the report, use of cloud collaboration tools increased by up to 600 percent, with the education sector seeing the most growth as more students are adapting to the remote learning mode.

The report revealed that threat events from external actors increased by 630 percent over the same period.

Most of these external attacks targeted collaboration services like Microsoft 365, and were large-scale attempts to access cloud accounts with stolen credentials.

Insider threats remained the same, indicating that working from home has not negatively influenced employee loyalty.

Access to the cloud by unmanaged, personal devices doubled, adding another layer of risk for security professionals working to keep their data secure in the cloud, the report pointed out.

“We are witnessing an explosive increase in remote working and adoption of collaborative tools across industries in India. We have seen Cloud-native threats multiply seven-fold. Cybercriminals are adept at adjusting their strategies and are now focusing their efforts to exploit the sudden acceleration in cloud adoption.” said Sanjay Manohar, MD, McAfee India.

“In addition, cloud traffic from unmanaged devices and unsecure networks expose businesses to massive risk. Mitigating this risk will require companies to establish an integrated cloud security posture and deploy solutions that have visibility and security controls across every cloud service.”

With cloud-native threats increasing in step with cloud adoption, all industries need to evaluate their security posture to protect against account takeover and data exfiltration. Companies need to safeguard against threat actors attempting to exploit weaknesses in their cloud deployments, the report suggested.

McAfee has advised these measures to prevent security threats:

Think cloud-first: A cloud-centric security mindset can support the increase in cloud use and combat cloud-native threats. Enterprises need to shift their focus to data in the cloud and to cloud-native security services so they can maintain full visibility and control with a remote, distributed workforce.

Consider your network: Remote work reduces the ability for hub and spoke networking to work effectively with scale. Network controls should be cloud-delivered and should connect remote users directly to the cloud services they need.

Consolidate and reduce complexity: Cloud-delivered network security and cloud-native data security should smoothly interoperate, ideally be consolidated to reduce complexity and total cost of ownership and increase security effectiveness and responsiveness.

Report methodology:

For the Cloud Adoption & Risk Report – Work from Home Edition, McAfee aggregated, anonymized MVISION Cloud usage data for more than 30 million McAfee MVISION Cloud users worldwide who collectively generate billions of unique transactions and policy events in the cloud each day.

This data set collected represents companies across all major industries across the globe, including financial services, healthcare, public sector, education, retail, technology, manufacturing, energy, utilities, legal, real estate, transportation and business services.

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Fertiliser stocks in high demand post recovery in rural market; stocks climb over 70% during lockdown

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fertiliser stocks have continuously been trading higher despite the national lockdown as the sharp recovery in the rural market (tractors, fertilisers, agrochemicals).

Stocks like Coromandel International, Bayer Cropscience, Nagarjuna Fertilizers and Chemicals, Zuari Global and Rama Phosphates jumped up to 7 percent in trade on Wednesday.

In fact, most of these stocks surged over 70 percent since the national lockdown was announced. Coromandel International climbed 43 percent, Bayer Cropscience zoomed 73 percent, Zuari Agrochemicals surged 68 percent and others rose 10-40 percent.

Most the companies in their March quarter earnings reported healthy growth. Like Coromandel International’s consolidated net profit surged 96 percent year-on-year to Rs 235 crore in March quarter of FY20. Meanwhile, Bayer’s revenue jumped 82 percent YoY in Q4FY20.

Most analysts believe better rabi season, favourable sentiment and rise in demand has helped these stocks to outperform. In fact, April fared the best for fertiliser companies as their sales shot 47 percent.

Prabhudas Lilladher in its report said healthy underlying demand and low base is helping the industry to flourish.

“Coromandel’s volume were up 194 percent, Gujarat State Fertilizers and Chemicals total volume rose 15 percent and Chambal’s volume soared 69 percent due to robust demand, pre-buying and low base,” the report said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bolero and Supro pick-up trucks help M&M ride the COVID-19 storm

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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While demand for personal vehicles remains subdued at the moment, for Mahindra & Mahindra, the small commercial vehicles are seeing maximum demand in the backdrop of the coronavirus pandemic.

“Right now there is a lot of focus on the movement of goods. Growing demand in e-commerce, moving fruits and vegetables, etc. requires small commercial vehicles. We are seeing the maximum number of deals close in this segment,” Veejay Nakra, the newly elevated CEO-Automotive Division, M&M told CNBC-TV18 in an exclusive chat.

“We are seeing good traction and pull in the Bolero & Supro range of pick-up trucks”, Nakra said, adding, “Transport of goods is a clear priority right now.”

The OEM says its rural, semi-urban and up-country customers are showing “much higher momentum in terms of intention to buy” at present, with good interest in its iconic models the Bolero and Scorpio.

Even as major automotive markets, such as the metros of Delhi and Mumbai continue to see shuttered showrooms, Nakra said M&M’s traditional strong presence in the semi-urban markets and the sales of Bolero, Supro and pick-up trucks is keeping the company “well-covered in the interim”.

Interestingly, Nakra points out that even up-country products are seeing good traction on the OEM’s online sales platforms.

In fact, the lion’s share  – 58 percent – of all bookings that M&M has received digitally, are from red zones, Nakra said.

Currently, more than 200, or about 40 percent of M&M’s dealership touchpoints, including sales and services outlets, are open and accessible to customers.

According to Nakra, the workshops are seeing healthy reporting in green and orange zones, even as red zones continue to remain shut. He added that the company’s showrooms are also getting walk-ins and inquiries, which is an encouraging sign.

However, M&M expects demand for passenger vehicles will take time to kick-in unless the government provides fundamental support to demand by reducing costs in terms of a GST rate reduction, and by lowering the costs of compliances including registration costs, road tax, insurance, etc.

The company has launched various innovative financing schemes, including deferred EMIs and a 100 percent loan cover on vehicles to make vehicles more affordable to buy. The idea, M&M says, is to offer customized financial solutions to serve customers’ individual needs.

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‘Suspended operations to ensure safety,’ says Nokia amid reports of COVID-19 cases at its Chennai plant

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid reports of COVID-19 cases at Nokia’s Chennai facility, the Finnish telecom major on Wednesday said it had suspended operations at the plant last week as a safety measure.

The clarification from the company comes amid reports that 42 employees at the plant tested positive for COVID-19.

“Last week, we suspended operations to ensure the safety of our staff and have since, undertaken further fumigation and sanitization activities in line with regulatory guidelines,” said a Nokia spokesperson in a statement.

Sources tell CNBC-TV18 that these employees were isolated immediately and received medical attention immediately. The remainder of the workforce had been asked to vacate owing to COVID-19 standard operating protocols.

The company’s statement, however, makes no mention of these cases as the onus of whether or not to report positive cases lies with the district administration.

Nokia’s telecom component manufacturing arm, Nokia Networks, runs operations at the plant in question located at the Oragadam Industrial Corridor in Kanchipuram, near Chennai. Around the same time, three employees at Hyundai Motor India Limited, located in nearby Sriperumbudur, tested positive for COVID-19.

Nokia had resumed operations at its factory in early May, albeit with statutory restrictions in keeping with a Tamil Nadu Government directive. These regulations allow for only 50 percent of a factory’s employees to report to work post-reopening of a plant.

The company said it had obtained the necessary approvals and was complying with local regulations to ensure necessary safety practices.

“We have now resumed operations with minimum required staff strength,” the spokesperson added, “We are closely monitoring the situation and plan to gradually ramp up.”

Nokia said it had implemented strict social distancing norms, enhanced cleaning, a mandatory face-mask rule, and screening protocols amid other safety measures even before the suspension in operations.

“All employees are also being regularly briefed on hygiene and expected behaviours,” the company’s statement said, “Compliance with these rules and behaviours, and the effectiveness of these measures are under continual review.”

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LIC launches modified PMVVY pension scheme. Check interest rates, other details here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Life Insurance Corporation (LIC) recently modified centrally-subsidised pension scheme, PM Vaya Vandana Yojana (PMVVY), for those over 60 years of age. The government introduced the PMVVY (modified-2020), with the modified rate of pension for those over 60 years and above, and LIC is solely authorised to run the scheme that offers a total payout not exceeding Rs 15 lakh.

The scheme is a non-linked, non-participating, pension scheme subsidized by the centre.

This plan will be available till March 2023, LIC said in a statement, adding that the scheme can be purchased offline as well as online from LIC website.

The policy has a 10-year tenure and for policies sold in the first financial ending March 2021, the scheme provides an assured rate of return of 7.40 per cent per annum, but is payable monthly for the entire duration of 10 years.

For policies sold during the next two financial years, the applicable assured rate of interest will be reviewed and decided at the beginning of each financial year by government, LIC said.

Total amount of purchase price under all the policies under this plan and all the policies taken under earlier versions of the scheme allowed to a senior citizen cannot exceed Rs 15 lakh.

The scheme can be purchased by a lump sum purchase price and the pensioner has the option to choose either the amount of pension or the purchase price. At the time of buying the scheme, the pensioner can choose monthly/quarterly/half yearly or yearly mode of pension.

The minimum purchase price for monthly mode is Rs 1,62,162, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half-yearly mode and Rs 1,56,658 for yearly mode.

The maximum pension one can get under this scheme is Rs 9,250 per month, Rs 27,750 per quarter, Rs 55,500 half-yearly and Rs 1,11,000 on annual payout basis, LIC said.

On survival of the pensioner during the policy term, pension in arrears (at the end of each period as per mode chosen) is payable, LIC said, adding that on death of the pensioner during the policy-term, the purchase price is refunded to the nominee/legal heirs.

If the pensioner lives through the policy term, the purchase price and the final pension installment is payable.

The policy also allows loan up to 75 percent of purchase price after three policy years.

The scheme also allows for premature exit for treatment of any critical/terminal illness of self or spouse and the surrender value payable is 98 percent of the purchase price.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IBM says firms that adopted digital much more resilient to tide over COVID-19

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian information technology (IT) was faced with a peculiar problem when COVID-19 pandemic hit – how do you ensure safety of employees while making sure that clients ​that are essential to the functioning of the country continue to run?

Global IT major IBM, that manages the technology infrastructure and platform for many large banks and companies that fall under the essential category like BSE, was faced with a similar predicament like most of its peers.

In an exclusive interview with CNBC-TV18, Vikas Arora, the South Asia and India vice president of cloud & cognitive software & services spoke about how the company will come back after the COVID-19 period passes.

“In some ways, things have changed completely and in some they are just the same. We are involved with some of the largest enterprises in the country, many of whom fall in the essential services category. From banks to telecom companies to retail. We needed to be engaged with our customers with the same intensity as before,” Arora said.

“For instance, we manage the security infrastructure of Bombay Stock Exchange which could not go down or comprised in any way. Whatever we had to do in terms of our commitment to the customers did not change because their expectations still remained as before. I got a call from several large banks the day the Janta Curfew was announced on March 23. At that time, the requests were for how people can reach their data centers because they were a part of the SWOT teams that were required to be there. That was the starting point. How went about doing this in the past and how we are doing it today has fundamentally changed,” he added.

How Life Has Changed From January 2020 Till Date?

According to Vikas, there are key ways in which life is different now for companies like IBM.

How companies engage with clients has changed: the tools and technologies used to interact with clients have changed with many of these executives working from home.

“In the old world, we would be just white boarding in a conference room. The discussions are now over technology with the same level of richness. What’s been complimentary to this is how people have adopted. Don’t think things will default back to where they were in the past,” explained Vikas.

Business continuity plans are inadequate?: Clients invoked what is called a Business Continuity Plan (BCP) immediately after the COVID-19 pandemic started spreading.

Vikas believes that the BCP plan put in place by most companies seemed to be inadequate and did not prepare for a pandemic of this scale. Customers and companies are now going back to the drawing board to expand their vew on what all they need to prepare for.

“Within a couple of days, IBM India went to 99 percent Work From Home (WFH) model because clearly technologies companies are better placed to activate these BCP’s. But because we work with large enterprises, we realised that the existing BCPs were not designed to deal with something like this,” he explained.

Digital Now Critical For Survival!

Another thing that has become very apparent is how critical digital is for survival, “We realised that customers who had been ahead in their journey on digital transformation and were relying a lot more on technology to reach out to customers or to create new revenue sources and engage with their supply chain digital, were clearly impacted lot less than customers who were not. Every organisationsation has been talking about digital transformation for a long time but the whole urgency of making that real or of moving along that journey faster came to light in this situation with COVID 19. There is an opportunity in that for us since we are a cloud and cognitive organisation. We focus a lot on hybrid cloud and Artificial Intelligence, all the technologies are going to critical in that digital transformation for enterprises,” Vikas said.

“Whatever the “new normal” looks like when the world emerges from this difficult period, we anticipate our clients will continue to demand cloud solutions to power their operations and drive their businesses forward. Perhaps more than ever, we believe that organisation will fully commit to cloud based flexibility – from embracing a hybrid multi cloud design and shifting to ‘as a service’ strategy to leveraging partners to supplement provision and capacity. For now, though, our main priority above all else is to help our clients and businesses of all sizes quickly recover and maintain their path to growth and success,” he added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow