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Mr. Sudhir Kapadia, Past President, Bombay Chamber and Partner & National Tax Leader, Ernst & Young LLP on “Advance price agreements need a Turbocharge” in The Financial Express on 29th August 2022

Airports Authority of India (AAI) and LFV Air Navigation Services of Sweden (LUFTFARTSVERKET) signed a Memorandum of Understanding (MoU) to pave the way for bi-lateral exchange of aviation expertise and technology between the two countries.
The MoU will allow Indian companies to accelerate growth while leveraging Swedish innovation and expertise. Under the aegis of the MoU, the companies can collaborate in areas of mutual interest.

Acknowledging the pressing need for rapid development concerning next-generation smart airports and the necessity to build sustainable transport systems, both parties consented to the following elements of the MoU:
– Exchange of aviation knowledge and technical transfer program
– Promote close and friendly relations between the two agencies
– Aim to expand technical cooperation in airports
– Support the development of a safe, secure, sustainable, and efficient aviation sector
– Positive contributions in promoting bilateral and international trade

Speaking at the occasion, Mr Sanjeev Kumar, Chairman, Airports Authority of India expressed confidence that the mutual exchange in civil aviation between AAI and LFV Sweden will go a long way in building and operationalising the next generation of smart and sustainable aviation technology.

Cooperation areas and plan of activity
As per the report, AAI and LFV, both Government agencies of India and Sweden respectively, will jointly collaborate on the following areas of co-operation:
1. Air Traffic Management
2. Air Traffic Control
3. Remote Airport Management and Traffic Control
4. Airspace Design and Planning
5. Airport Design and Infrastructure
6. Digitalised Airport and Aviation
7. Capability and Training
8. Sustainable Airports and Aviation
9. Processes for pilots
10. Processes for scale-up

A Joint Working Group will be organised to prioritise interest areas and drive collaboration between the two countries. The MoU will also play a crucial role in furthering government-to-government engagements between India and Sweden in the Aviation sector in addition to other existing engagements such as sustainability, healthcare, innovation, energy, infrastructure, etc.

SEBI (Credit Rating Agencies) Regulations, 1999 (“CRA Regulations”) provide for a principle-based regulation of CRAs focusing inter alia on enhanced transparency and disclosures by CRAs. Over time, SEBI has prescribed various disclosures under different circulars under the CRA Regulations

In a country like India, which has a huge and ever-growing capital funding requirement, the importance of a corporate debt market cannot be highlighted enough. Despite policy pushes and various measures that have been introduced on the regulatory front, India’s corporate debt market is still largely untapped.

The panel discussion organised by the Bombay Chamber of Commerce & Industry saw two knowledge-driven sessions from industry experts who gave their insights on the topic of Corporate Debt Market in India: Issues and Challenges.

Opening the event, Mr Nilesh Shah, President, Bombay Chamber, Group President & Managing Director, Kotak Mahindra AMC and Part-Time Member of the Economic Advisory Council to the Prime Minister, spoke about the Chamber’s role in acting as a bridge between civil society, government and its member organisations. He also highlighted the two contradicting factors present in the debt market today – our infrastructure which is at par with the best in the world, and the need to have a more efficient and vibrant debt market, especially with India looking to grow from about 3.5 trillion dollar GDP to a higher level, to provide capital for funding that kind of growth.

The keynote speaker, Shri T. Rabi Sankar, Deputy Governor, RBI, laid the grounds for the discussions, highlighting the importance of corporate bonds, the concerted efforts the Government, SEBI and the Reserve Bank have been taking to facilitate the development of the corporate bond market in India, the current status of resource mobilisation through the market, liquidity metrics that exist in the market, development of the complementary market and the need to focus on improving complementary– repo and derivative – markets, diversifying the investor base, both domestic and global, improving access of borrowers at the lower end of the credit spectrum and tempering expectations around the secondary market.

The first session, moderated by Ms Latha Venkatesh, Executive Editor CNBC, saw an insightful discussion by panellists, Mr Nilesh Shah, Group President & MD, Kotak Mahindra Asset Management Co. Ltd, Mr Neeraj Gambhir, Group Executive, Axis Bank, Mr Jayesh Mehta, MD & Country Treasurer, Bank Of America, on the topic Learnings from the Past and Present to Create A Vibrant Debt Market Future.

The second session, moderated by Mr Tamal Bandyopadhyay, Consulting Editor, Business Standard, saw eminent speakers Mr Rajiv Anand, Deputy Managing Director, Axis Bank, Mr Abizer Diwanji, Head Financial Services, Ernst & Young LLP, Mr Suresh Krishnamurthy, Senior Director – Market Intelligence & Analytic CRISIL, Prof Ananth Narayan, Associate Professor(Adjunct), Finance & Economics, SPJIMR, share their insights on the topic, Role Of Debt Market – Funding India’s Journey To $5 Trillion Economy.

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 66/2022-Customs(N.T.), dated 4th August, 2022 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 19th August, 2022, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

The National Highways Logistics Management Limited (NHLML), Inland Waterways Authority of India (IWAI) and Rail Vikas Nigam Limited (RVNL) signed a tripartite agreement for the swift development of modern Multi Modal Logistics Parks (MMLP) under Bharatmala Pariyojna across the country. The MMLPs have been envisaged to act as world-class stations for cargo movement with roadways, railways & inland waterways access, to centralise freight consolidation and reduce logistics costs from 14% to less than 10% of GDP at par with International Standards.

Union Minister of Road Transport and Highways Mr Nitin Gadkari, Union Minister of Ports, Shipping & Waterways and Ayush, Mr Sarbananda Sonowal, and Union Minister of State for Road Transport & Highways, Gen (Retd) VK Singh witnessed the signing of the MoU.

MMLP will be a freight handling facility with rail and road accessibility, comprising container terminals, cargo terminals (bulk, break-bulk), warehouses, cold storage, facilities for mechanised material handling and value-added services such as customs clearance with bonded storage yards, quarantine zones, testing facilities and warehousing management services etc. along with other associated facilities.

Developed under a ‘Hub & Spoke’ model, the MMLP will integrate multiple modes of freight transport through highways, railways & inland waterways. The agreement underlines the cooperation & collaboration model between the three bodies to achieve efficiency in logistics movement within the country.