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Raymond sets up tailoring hub to make customised uniforms for army personnel

Raymond is committed to enrich the tailoring ecosystem. This tailoring hub will provide quality uniform solutions to India’s armed forces.

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Raymond

New Delhi, Oct 11 : Undertaking a yet another pioneering initiative, Raymond on Thursday entered into an agreement with the Army Wives Welfare Association (AWWA) and has set up a Best in Class Tailoring hub at Delhi Cantonment for making customised uniform for army personnel.

This tailoring hub, ‘Suchika’, technically supported by Raymond and owned and operated by AWWA was inaugurated by its President, Madhulika Rawat, at the Delhi Cantonment.

In the backdrop of the fact that Raymond supplies fabric at CSD canteens, this first of its kind tailoring hub will be a step towards an apt integration by offering quality tailoring service and will also provide a unique platform for employment opportunities to ex-army personnel and their family members.

“Raymond is committed to enrich the tailoring ecosystem. This tailoring hub will provide quality uniform solutions to India’s armed forces. With the launch of this Tailoring Hub, the CSD canteen here can now do combo offer of quality Raymond fabrics and quality tailoring service to the Army Personnel,” said Sudhanshu Pokhriyal, President (Suiting & Textiles), Lifestyle Business, Raymond.

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Key Indian equity market indices open in green

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Sensex equity Nifty

Mumbai, Jan 17: Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.

The Sensitive Index (Sensex) of the BSE, which had closed at 36,321.29 points on Wednesday, opened higher at 36,413.60 points.

Minutes into trading, it was quoting at 36,453.62 points, up by 132.33 points, or 0.36 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,890.30 points on Wednesday, was quoting at 10,923.15 points, up by 32.85 points or 0.30 per cent.

Broadly negative global cues, especially owing to the political uncertainty in the UK on Brexit, along with a sustained weakness in the Indian currency, subdued the Indian equity market on Wednesday with both indices ending flat.

The Sensex was up by 2.96 points or 0.01 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 36,462.03 points and a low of 36,278.61 points. The Nifty, too was up by 3.50 points or 0.03 per cent.

On Thursday, Asian indices were mostly showing a positive trend though Japan’s Nikkei 225 was quoting in red, down by 0.05 per cent. Hang Seng was up by 0.35 per cent while South Korea’s Kospi was also up by 0.20 per cent. China’s Shanghai Composite index was trading in green, up by 0.14 per cent.

Overnight, Nasdaq closed in green, up by 0.15 per cent while FTSE 100 was down by 0.47 per cent at the closing on Wednesday.

IANS

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RBI relaxes external commercial borrowing norms

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Reserve Bank of India

New Delhi, Jan 16 : The Reserve Bank of India (RBI) on Wednesday announced a new framework for external commercial borrowings (ECBs) and rupee-denominated bonds in a bid to improve ease of doing business.

As per the new framework, all eligible borrowers can now raise external commercial borrowings up to $750 million or equivalent per financial year under the automatic route, replacing the existing sector-wise limits.

It also set the minimum average maturity period at three years for all external commercial borrowings irrespective of the amount.

Previously, the RBI had only allowed companies to borrow up to $50 million for three years. For funds beyond $50 million, companies had to borrow for at least five years.

“Tracks I and II under the existing framework are merged as ‘Foreign Currency-denominated ECB’ and Track III and Rupee-denominated Bonds framework are combined as ‘Rupee Denominated ECB’ to replace the current four-tiered structure,” the RBI said in a statement.

It also expanded the list of eligible borrowers allowing all entities eligible to receive foreign direct investment to borrow under the ECB framework.

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Cabinet nods integrated e-filing project for faster ITR processing

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Piyush Goyal

New Delhi, Jan 16: The Cabinet on Wednesday approved Rs 4,241.97 crore to set up an integrated e-filing and processing centre which aims to cut down the processing time for income tax returns from 63 days to one day.

“The Cabinet has given its approval to expenditure sanction of Rs 4,241.97 crore for Integrated e-filing and Centralised Processing Centre 2.0 Project of the Income Tax Department,” Union Minister Piyush Goyal told reporters.

The Cabinet also approved the expenditure sanction for the consolidated cost of Rs 1,482.44 crore of the existing CPC-ITR 1.0 project up to FY 2018-19.

“After the completion of this project, turnaround time for processing I-T returns will drastically come down from the current average of 63 days to one day. Refunds will also become much faster,” he said without predicting the exact time for refunds.

With faster and accurate outcomes for taxpayers, it will also reduce the need for rectification from the current average of 2 per cent to 0.1 per cent, a decline of 95 per cent, the Minister said.

Software major Infosys, which emerged as the lowest bidder, has been engaged by the government to integrate the e-filing portal and the CPC within the next 18 months with three additional months for testing, according to Goyal.

This approval has significant benefits for the department and taxpayers through various functionalities such as pre-filling of ITR, integrated contact centers for taxpayer assistance and tax payer outreach programme through digital media.

The decision will ensure horizontal equity and fairness by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule-driven and identity-blind manner, the Finance Ministry said in a statement.

It said the decision will ensure transparency and accountability by faster processing of returns and issue of refunds to the taxpayer’s bank account directly, by adhering to international best practices and by providing processing status updates and speedy communication using mobile app, email, SMS and on the department’s website.

“The proposal ensures continuation of the department’s goal towards business transformation through technology,” the Ministry said.

The e-filing and CPC projects have enabled end-to-end automation of all processes within the department using various innovative methods to provide taxpayer services and to promote voluntary compliance, it said.

IANS

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