Economy
India allows conditional foreign equity in e-retail
New Delhi : India on Tuesday permitted conditional foreign equity in the retail e-commerce segment when the products sold are also manufactured in the country, as also for single-brand foreign entities with physical retail chains that want to go for online merchandise.
 
The move is expected to benefit not just foreign multi-brand retail entities like amazon and e-Bay, but also single-brand overseas chains like Adidas, Ikea and Nike. Existing Indian players like Snapdeal, Myntra, BigBasket and Flipkart can also now opt for foreign equity tie-ups.
 
The guidelines, issued under Press Note 3 of the Department of Industrial Policy and Promotion, came after numerous submissions from stakeholders that the current policy had no clarity on the issue of foreign equity in e-commerce where the sales were made directly to customers.
 
As per the current foreign direct investment policy, foreign capital of up to even 100 percent is allowed under the automatic route involving business-to-business e-commerce transactions. No such foreign equity was permitted in business-to-consumer e-commerce.
 
But now, a manufacturer is permitted to retail its products made in the country through foreign-owned entities, even as single brand foreign retail chains that currently have brick and mortar stores can undertake direct sale to consumers through e-commerce.
 
As regards the Indian manufacturer, 70 percent of the value of products has to be made in-house, sourcing no more than 30 percent from other Indian manufacturers. But no inventory-based sale is allowed -- that is, such foreign retailers cannot stock products.
 
For such sales, the e-commerce model will include all digital and electronic platforms such as networked computers, television channels, mobile phones and extranets. The payment for such a sale will be in conformity with the guidelines of the Reserve Bank of India.
 
The Boston Consulting Group has estimated that India’s retail market will touch $1 trillion by 2020 from $600 billion in 2015. Various other agencies have said that the e-retail component in that will reach $55 billion by 2018 from $14 billion now.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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50 new declassified files on Netaji released
New Delhi : The government on Tuesday released 50 more declassified files related to Netaji Subhas Chandra Bose.
 
This was posted on web portal www.netajipapers.gov.in by Culture Minister Mahesh Sharma.
 
Files released on Tuesday include matters pertaining to Netaji's ashes and the probe into his disappearance following the controversial air crash of 1945 in which he is believed to have perished.
 
The latest release of 50 files will further meet the "continued public demand" to access these files and this will also help scholars carry out further research on Bose's role in India's freedom movement, an official source said.
 
The new batch of 50 files consists of 10 files from the Prime Minister’s Office (PMO), 10 from the home ministry and 30 files from the external affairs ministry, pertaining to the period from 1956 to 2009.
 
The first batch of 100 files relating to Netaji, after their preliminary conservation, treatment and digitisation, was put in the public domain by Prime Minister Narendra Modi on January 23 - on the occasion of the 119th birth anniversary of the freedom fighter. 
 
In 1997, the National Archives of India had received 990 declassified files pertaining to the Indian National Army (Azad Hind Fauj) from the defence ministry, and in 2012 1,030 files/items pertaining to the Khosla Commission (271 files/items) and Justice Mukherjee Commission of Inquiry (759 files/items) from the home ministry. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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EgyptAir hijack drama ends, hijacker arrested
Cairo/Nicosia : An Egyptian man who hijacked an EgyptAir flight to Cyprus was arrested on Tuesday after hours of negotiations during which most passengers were freed and the last of the seven on board escaped.
 
The Cyprus foreign ministry announced the arrest of the hijacker, who had taken charge of the Airbus 320 when it was on its way from Alexandria to Cairo saying he was armed with explosives. The plane was flown to Larnaca in southern Cyprus.
 
Larnaca airport, on the south coast of Cyprus, and officials opened negotiations with the man, who was identified as Seif El Din Mustafa. The man was mistakenly named earlier as Ibrahim Samaha, a passenger.
 
Hours after the plane landed in Larnaca, Cyprus President Nicos Anastasiades said the hijacking was not linked to terrorism. Officials said the man appeared to be in love with a woman living in Cyprus.
 
BBC said Flight 181 carried 56 passengers -- 30 Egyptians and 26 foreigners -- and six crew members. Soon after it reached Cyprus, all but seven passengers and crew were let off. 
 
They quickly boarded buses to reach the terminal. EgyptAir said a special plane will bring them back to Egypt.
 
The foreigners on board included eight Americans, four Britons and four Dutch citizens, two Belgians and two Greeks, a French national, an Italian and a Syrian. Three other foreigners could not be identified.
 
Before the hijack drama ended, President Anastasiades said Cyprus was doing all it could to ensure the safe release of the passengers and crew.
 
Asked if the hijacker was motivated by love, he laughed and said: "Always there is a woman involved."
 
An unidentified civil aviation official in Cyprus was quoted by the media as saying that the man handed negotiators an envelope which he asked to be given to a woman in Cyprus.
 
Earlier, Egypt's civil aviation minister Sherif Fathy said the seven still on board the jet included the pilot, the co-pilot, a female stewardess, a security officer and three passengers whose nationalities were not revealed.
 
Fathy said negotiations with the hijacker were continuing but it was not clear whether the man indeed had explosives or was lying.
 
The Egyptian aviation ministry had earlier said the hijacker had threatened to detonate an explosives belt, forcing the captain to divert the flight to Cyprus.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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