Port Wings 15 Nov 2017 Issue

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Nov. 15th - 21st Issue

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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741 Wednesday, November 15, 2017 8 Pages

GST Council Recommends Major Relief New Delhi Port Wings News Network n its 23rd meeting held on 10 November 2017 at Guwahati, the GST Council has recommended major relief in GST rates on certain goods and services.

These recommendations spread across many sectors and across commodities.

As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings [about 18.5% of total tariff headings at 4-digit] to only 50 tariff headings including 4 headings which have been partially reduced to 18% [about 4% of total tariff headings at 4-digit].

Further, the Council has recommended changes in GST rates on a number of goods, so as to rationalise the rate structure with a view to minimise classification disputes. The Council has also recommended issuance of certain

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clarifications to address the grievance of trade on issues relating to GST rates and taxability of certain goods and services. On the services side also, the Council recommended changes in GST rates to provide relief to aviation & handicraft sectors and restaurants.

Major recommendations of the Council Pruning of list of 28% rated goods: The Council has recommended reduction in GST rate from 28% to 18% on goods falling in 178 headings at 4-digit level (including 4 tariff heading that are partially

pruned). After these changes, only 50 items will attract GST rate of 28%.

Goods on which the Council has recommended reduction in GST rate from 28% to 18% includes of Electrical items as Wire, cables, insulated conductors, electrical insulators etc., Furniture, Travelling bags , Soap and washing items, Toilet and Cosmetic items, Light fittings, Plastic items, Marbles and Granites, Watches and clocks , Article of apparel & clothing accessories of leather, Audio visual Items, Signalling and safety traffic control equipments, Physical exercise equipment, Artificial flowers, Miscellaneous food preparations, Chocolates, food preparations of Contd. on page -2

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Major Ports Register Positive Growth During April-October 2017 New Delhi Port Wings News Network he Minister for Shipping, Road Transport & Highways and Water Resources, River Development & Ganga Rejuvenation Mr Nitin Gadkari reviewed the work of all ports in Goa this week.

He interacted with stakeholders including PPP operators, port users and other private sector service providers.

In his address Mr Gadkari said that as per the vision of Prime Minister Mr Narendra Modi, Blue Economy is proving to be a catalyst in India’s progress and the performance of ports is a clear pointer towards the same.

The review meeting was aimed at serving the industry needs in a better way, identifying issues holding up new projects and understanding ways to improve efficiency. The meeting provided a platform to all officials and stakeholders to

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Trailer Owners Association

No: 125/64 East Mada Church Street, Chennai, Tamil Nadu, 600013

New Office-Bearers

Shri T S Perumal President

Shri S R Raja Secretary

Shri N Murthy Treasurer

Shri T Manohar Vice President

Shri G Nandagopal Shri K Ramachancdran Joint Secretary

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Wing 4 Feather 13

Deputy Secretary

All the above mentioned officer-bearers were elected unanimously and assumed their charge in a grand gala function held on Nov 12 in Chennai.

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communicate with each other and with the Ministry of Shipping, breaking the conventional tight silo - bound approach and expediting decision making processes.

Promoting coastal shipping and improving port infrastructure are high up on the Ministry’s agenda.

The Minister recently flagged off consignments of trucks to Bangladesh from Chennai and Steel from Vizag.

Overall traffic growth at Major Ports The major ports in India have recorded a growth of 3.27% during the period April to September, 2017 and together handled 383 Million Tonnes of cargo as against 371 Million Tonnes handled during the corresponding period of previous

year.

The Eight Ports i.e. Kolkata, Paradip, Chennai, Cochin, New Mangalore, Mumbai, JNPT and Kandla registered positive growth in traffic during the period April to October, 2017.

Cargo traffic handled at Major Ports: The highest growth was registered by Cochin Port (17.66%), followed by Kolkata [incl. Haldia], New Mangalore, Paradip with growth of about 12%. The Cochin Port growth was mainly due to increase in traffic of POL (24.56%) and Containers (11.12%). In Kolkata Port, overall growth was positive i.e. 12.39%. Kolkata Dock System (KDS) registered traffic growth of 3.80%. Haldia Dock Complex (HDC) registered positive growth of 16.66%.

During the period April to September 2017, Kandla Port handled the highest volume of traffic i.e. 63.13 Million tonnes (16.49% share), followed by Paradip with 55.78 Million Tonnes (14.57% share), JNPT with 37.90 Million Tonnes (9.90% share), Mumbai with 36.72 Million Tonnes (9.59% share), and Visakhapatnam with 35.74 Million Tonnes (9.33% share). Together, these five ports handled around 60% of Major Port Traffic.

Commodity wise Share % in Traffic in October 2017 Commodity-wise percentage share of POL was maximum i.e. 34.07%, followed by Container (20.01%), Thermal & Steam Coal (12.81%), Other Misc. Cargo (12.24%), Coking & Other Coal (7.57%), Iron Ore & Pellets (6.61%), Other Liquid (4.30%), Finished Fertilizer (1.29%) and FRM (1.10%).

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MCCI organised workshop on making...

Adani Hazira Container Terminal Record...

Paradip Port Handles Longest Vessel...

Lessons From Demonetization...

How Demonitisation crashed Goa tourism...

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Vessel Position at Terminals and Ports...

Latest Customs Exchange Rates...

CMA CGM Adopts Liquefied Natural Gas...

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RNI No. TNENG/2014/59741 Postal Registration No. TN/CNI/GPO/067/2015-17 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Tuesday, Posted on Tuesday / Wednesday

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Nov. 15th - 21st Issue

GST Council Recommends Major Relief...

Wednesday, November 15, 2017

Wing 4 Feather 13

Welcome Change in GST Slabs by the Government

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he 23rd GST Council meeting that concluded in Guwahati was much- awaited major relief post the Prime Minister Narendra Modi’s last year announcement.

The speculation surrounding the meeting could be compared to that of the annual union budget announcement. For many it provided a reason to cheer and for some there were more than one.

First up, the GST rates. As expected, the Government pruned down the 28 % slab comprising 227 products list to just 50. A large variety of consumer goods ranging from detergents, to chocolates to beauty products faced rate cuts while the rate for durables such as refrigerators, washing machine and notably cement was kept unchanged. It has also reduced rates from 18% to 12 % on a few items such as condensed milk, pasta, refined sugar etc. This would have a positive impact on the monthly household budget and also reduce the debate on classification issues.

An anticipated, reaction came from the prime opposition party and senior leader expressed the climb-down in social media. Former finance minister and Congress leader P Chidambaram on 11 November took a dig at the government over the Goods and Services Tax (GST) roll back in tax slabs, saying it took four months for commonsense to “germinate, flower and ripen into a fruit”.

“Ministry of finance must be complimented for ‘improving’ the macro-economic situation in four months and 10 days!” Chidambaram said in a tweet.

The former finance minister’s remarks came a day after the GST Council removed 178 items from the highest 28% category.

Furthermore, speaking at a rally in Gandhinagar, Raul Gandhi said, “It’s a good thing that the Bharatiya Janata Party (BJP) government has slashed the tax rate from 28 percent to 18 percent for many products due to the pressure made by the Congress party and the people of India.”

He further said, “We are still not happy and won’t stop here. India doesn’t want five different types of taxes, we want one. There’s a need to make structural changes in the Goods and Services Tax (GST).”

However, the rate cut would require the retailers to pass on the benefits to the consumers by reducing their selling price below the MRP on the existing stock since the current MRP on those are inclusive of GST at the rate of 28%. It would indeed be interesting to see whether the end consumer gets the benefit of the rate reduction on the existing stock as well. At the industry’s end, it would require a repricing exercise at the factory level with the new lower MRP. While the rate reduction would bring relief to the consumers, its impact on the coffers and retail price index is yet to be studied in detail.

The rate related changes would take effect from November 15, 2017.

Continued from page -1 flour, Articles of rubber, Goggles, e, Cinematographic cameras and projectors, image projector, Microscope, specified laboratory equipment, specified scientific equipment such as for meteorology, hydrology, oceanography, geology, and Solvent, thinners, hydraulic fluids, anti-freezing preparation.

Goods on which the Council has recommended reduction in GST rate from 28% to 12% are Wet grinders consisting of stone as grinder, Tanks and other armoured fighting vehicles, Other changes/rationalisation of GST rates on goods: 18% to 12% Slab: Condensed milk, Refined sugar and sugar cubes, Pasta, Curry paste, mayonnaise and salad dressings, mixed condiments and mixed seasoning, Diabetic food, Medicinal grade oxygen, Printing ink, Hand bags and shopping bags of jute and cotton, Hats (knitted or crocheted), Parts of specified agricultural, horticultural, forestry, harvesting or threshing machinery, Specified parts of sewing machine, Spectacles frames, and Furniture wholly made of bamboo or cane.

18% to 5% Slab Puffed rice chikki, peanut chikki, sesame chikki, revdi, tilrevdi, khaza, kazuali, groundnut sweets gatta, kuliya, Flour of potatoes put up in unit container bearing a brand name, Chutney powder, Fly ash, Sulphur recovered in refining of crude, and Fly ash aggregate with 90% or more fly ash content.

12% to 5% Slab Desiccated coconut, Narrow woven fabric including cotton newar [with no refund of unutilised input tax credit], Idli, dosa batter, Finished leather, chamois and composition leather, Coir cordage and ropes, jute twine, coir products, Fishing net and fishing hooks, Worn clothing, and Fly ash brick.

5% to Nil Slab Guar meal, Hop cone (other than grounded, powdered or in pellet

The issue of allowing inter-state sale still remains unresolved.

However, an exemption for services (in addition to the supply of goods) Sample TEXT has been allowed to ensure those with marginal service upto Rs 5 lakh income, in addition to goods, that are not deprived of the scheme. The move should convince many tax payers to opt for the scheme who were hitherto apprehensive of the scheme owing to rate, threshold, etc.

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To sum up, the decisions sounded a bold move and all ears to the industry. Instead of frequent monthly extensions, suspension for the entire fiscal year would provide much needed time for a softer landing.

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form), Certain dried vegetables such as sweet potatoes, maniac, Unworked coconut shell, Fish frozen or dried (not put up in unit container bearing a brand name), and Khandsari sugar.

Exemptions / Changes in GST Rates / ITC Eligibility Criteria All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. Restaurants in hotel premises having room tariff of less than Rs 7500 per unit per day will attract GST of 5% without ITC. Restaurants in hotel premises having room tariff of Rs 7500 and above per unit per day (even for a single room) will attract GST of 18% with full ITC. Outdoor catering will continue to be at 18% with full ITC. GST on services by way of admission to “protected monuments” to be exempted. GST rate on job work services in relation to manufacture of those handicraft

goods in respect of which the casual taxable person has been exempted from obtaining registration, to be reduced to 5% with full input tax credit.

Clarifications & Implementation of new slabs It is being clarified that credit of GST paid on aircraft engines, parts & accessories will be available for discharging GST on inter–state supply of such aircraft engines, parts & accessories by way of interstate stock transfers between distinct persons as specified in section 25 of the CGST Act. A Circular will be issued clarifying that processed products such as tea (i.e. black tea, white tea etc.), processed coffee beans or powder, pulses (de-husked or split), jaggery, processed spices, processed dry fruits & cashew nuts etc. fall outside the definition of agricultural produce given in notification No. 11/2017-CT(R) and 12/2017-CT(R) and therefore the exemption from GST is not available to their loading, packing, warehousing etc.

Chettinad International Bulk Terminal in Ennore Kamarajar Port handled 431 Tons Toshiba Power Generator into MV DBC Everest on 8th Nov 2017

MCCI organised workshop on making Chennai ‘global city’ Mumbai

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Port Wings News Network adras Chamber of Commerce & Industry, under its Sustainable Chennai Forum (SCF), jointly with UN-Habitat, Conducted discussions under Urban Thinkers Campus on November 9 and 10 to find ways and means to make Chennai ‘a global city’.

Urban Thinkers Campus will coincide with sixth anniversary celebrations of SCF and will prepare a roadmap and an action plan towards implementation of New Urban Agenda through urban thinker sessions, urban labs and roundtables.

The findings of conference will be submitted to Tamil Nadu government, a press release from the Chamber said.

Sessions of three different themes — Resilience & Smart Cities; Inclusion, City’s Expansion and Social Infrastructure,

and Global Investment Destination & Governance were discussed in two days Deputy Chief Minister O Panneerselvam attended as chief guest for the valedictory session was held on November 10.

National Institute of Urban

Affairs, New Delhi and IMaCS, Chennai, were Knowledge Partners while the Indian Institute of Technology-Madras is the associate partner. Chennai Metropolitan Development Authority was the principal supporter of the event, the release said.

Nov. 15th - 21st Issue

Paradip Port Handles Longest Vessel Ever Berthed in Inner Harbour Paradip

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Port Wings News Network V URJA, the Cape Size 1,04,016 DWT Vessel with 291.9 Mtrs LOA and 45 Mtrs Beam berthed at the Central Quay (CQ) - 1 on 05 November MV URJA owned by the Adani Group with PANAMA Flag is the longest vessel ever berthed in the inner Harbour of Paradip Port. For the first time, such a Cape size vessel has been smoothly maneuvered into the artificial lagoon type of Harbour of the Port by Captain A.K.Mohapatra, Harbour Master along with Captain A.C.Sahoo and Captain Sanjam Dash with Marine Staff.

MV URJA has arrived at Paradip Port to unload One Lakh Metric Tonnes of import Steam Coal for Adani Enterprisers Ltd., which was loaded at the Richards Bay Port of South Africa. The Captain along with crew members of the

ship were felicitated by Paradip Port Authority for such vessel to berthed at Paradip.

Paradip Port is now gearing up to handle Cape size vessels regularly inside the harbour to enhance the cargo throughput as it is vying for the coveted top position in the country with a slew of other infrastructure development and modernization facilities of the port.

Vigilance Awareness Week Observed at NMPT New Mangalore Port Wings News Network igilance Awareness Week was observed in New Mangalore Port Trust (NMPT) from 30 October to 4 November, 2017 as per the directives of Central Vigilance Commission with the theme “My VisionCorruption Free India”.

The Week commenced with the integrity Pledge administered to all the staff in Kannada, Hindi and English on 30 October. Banners relevant to the theme were displayed at prime locations of the Port and also at prominent nearby public places to sensitize public about Vigilance. Competitions like Essay / Slogan writing, Elocution etc. on issues relating to ill effects of corruption were conducted amongst

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the school children and employees. A quiz contest on conduct and disciplinary regulations of NMPT was

conducted amongst the employees.

A vigilance sensitization program for all the stake holders including Stevedores, custom house agents, steamer agents and contractors/vendors was organized on 25 October. Vigilance sensitization programmes were also conducted in nearby schools & colleges for creating awareness

on the impact of corruption and integrity pledge was administered to the students of these schools.

About 150 students of IT department of NITK, Surathkal participated in the vigilance sensitization program.

Dr. S. Shakir Hussain I.R.S, Commissioner of Income-Tax (Appeals), Mangalore graced the Valedictory function as the Chief Guest and delivered a thoughtprovoking and informative speech on role of citizens & public in the fight against corruption. Chairman (I/c) - Shri Suresh P.Shirwadkar presided over the function. Prizes were distributed to the winners of the competitions.

Adani Hazira Container Terminal Record Highest Monthly Throughput Mumbai

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Port Wings News Network dani Hazira Port Pvt. Ltd (AHPPL) part of Adani Ports & Special Economic Zone Ltd (APSEZ), India’s largest port developer, accomplished a new milestone in month of October 2017 by achieving container throughput of 51,466 TEUs which is the highest monthly throughput since start

of Container Te r m i n a l operations at Port in April 2013.

On this occasion Mr Pranav Choudhary, CEO, AHPPL, said, “We are delighted to achieve this milestone at our Container Terminal. It only reaffirms our belief in the growth potential of container business at Hazira Port.

We heartily thank the Shipping

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Mormugao Port Chairman Exhorts People To Remain Vigilant Against Corruption Panaji

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Port Wings News Network he Vigilance Awareness Week observed by the Mormugao Port Trust concluded on 4 November 2017 with a well attended valedictory function held at the Port’s Main administrative building at headland Sada.

‘Vigilance Awareness Week is a tool to curb administrative malpractices and provide good governance to the people.

As employees we all have to be vigilant and yield tangible results.

Vigilance could be broadly classified under three heads i.e. Preventive, reactive and suggestive’ said Mr Rajan Saterdekar, Asst.

Commissioner, Commercial Tax Department, Government of Goa the Guest of Honour at the function.

He further urged the students present at the function to come forward and be vocal and offer suggestions for better governance.

Mr G.P. Rai Dy. Chairman MPT graced the occasion as the special invitee.

Earlier an Elocution Competition was conducted for the students of the Higher Secondary Schools of Mormugao on the topic ‘Corruption in daily life and solutions’ wherein 04 schools participated. Similarly an essay competition was held for the students of the Secondary schools.

‘We have to be vigilant throughout whether in personal or official life’ Addressing an impressive gathering of senior port executives, staff, employees and students, the Chief Guest Mr I. Jeyakumar, IRTS,

Chairman MPT, said “In my opinion I feel vigilance awareness has to be conducted throughout the year.

We have to be vigilant throughout whether in personal or official life.

The very basis of corruption in society today is due to the two basics of ‘need and want’. If we are to curb the menace of corruption, we need to set up digitized system to tackle

it. The Port administration on its part is doing all efforts to minimize corruption and to this effect we have set up the SAP system, as well as a Whats App group to help port users with the ease of doing business. I hope in the coming days India will be corruption free and everyone will work hard with passion to achieve this.”

Prizes were awarded by the Chief Guest and dignitaries to the winners of the various competitions held for the students as well as the employees during the vigilance awareness week. A short skit highlighting the evils of corruption in society was enacted by the staff.

Mr G. M. Gadkar AXEN (vigilance) welcomed the dignitaries while Mr Tico Rodrigues proposed the vote of thanks and compered the function.

Shipping Lines Anxious Over Declining Draught Levels at Mumbai Port

Lines, Industry, Customs and everyone else who have been part of this journey for their support. An equal share of credit must also go to our teams here for their effort.”

The strategic advantages of Hazira Port Includes world class infrastructure to handle container vessels & seamless connectivity to the cargo catchment centres in South Gujarat, Central India & Northern Maharashtra.

TOA New Office bearers

Newly Elected Office bearers of Trailer Owners Association, one of the leading transport association in chennai were taking charge in gala function was held at Royapuram, Chennai on 12th November 2017

Mumbai

Port Wings News Network hipping lines have expressed their apprehensions over calling at Mumbai port following reduced draught levels making their position vulnerable while berthing.

In a letter addressed to chairman of Mumbai Port, Mumbai and Nhava Sheva Ship Agents Association (MANSA) has pointed out the decline in draught levels would lead to bunching of deep draught vessels increasing their turn around and waiting time at berth.

As per the data shared in the letter, the draught levels have dropped to as low as 5.3 metres at some berths compared to the minimum desired levels of 9.1 metres.

“It is understood that Dredging Corporation of India (DCI) have been awarded the contract but are unable to meet the target. As per

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information, DCI are inadequately equipped resulting in large quantities of silt remained in the sea bed creating patches. The flaw in dredging is attributable to utilization of inappropriate dredgers,” said the letter.

The issue pertains to the berths inside and outside at harbor wall, BPS/BPX as well as Indira Dock Channels where draught levels have fallen much below desired levels.

Established in 1977, Mumbai and Nhava-Sheva Ship-Agents Association – (MANSA) gives a powerful voice to the grievance of ship agents and address their issues to enhance working and business environment besides good relationships with the port authorities and port administration. Though the name indicates Mumbai and Nhava Sheva, the members of MANSA account for 85% of the cargo handled at all ports across the country.

Demonetization

Nov. 15th - 21st Issue

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Lessons From Demonetization

By Mr Manmohan Singh, Former Prime Minister of India Chennai

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Port Wings News Network he 8 November 2016 decision by the Prime Minister to extinguish nearly nine-tenths of the value of currency in circulation and render Rs500 and Rs1,000 banknotes worthless overnight was a misguided act of coercion that shocked and had an impact on every single Indian.

FUNDAMENTALLY FLAWED IDEA It was an ill-conceived economic policy decision. Even if one were to take the purported economic motives of eradication of black money or enabling a digital economy at face value, arbitrary demonetisation was not the means to achieve those objectives. Contrary to belief, demonetisation was not a case of a “good idea, bad execution”. It was a fundamentally flawed idea. One year later, it is well established that the reckless decision caused enormous damage. Not just economic but social, institutional and reputational damage.

Contrary to belief, demonetisation was not a case of a “good idea, bad execution”. It was a fundamentally flawed idea.

ECONOMIC IMPACT OF DEMONETISATION The economic impact of demonetisation is quite evident in the slowing of GDP growth and deterioration of other economic indicators. The precise quantum of the negative impact of demonetisation on economic output is both inestimable and unimportant. What is important is that the current economic slowdown triggered by a liquidity shock due to demonetisation was needless and entirely self-inflicted.

Such a shock may be temporary in nature but can have a lasting damage on the weaker sections of our society and industry. A liquidity crisis often turns into a solvency crisis for the weak, as is borne out in data and stories from poorer

households and small businesses that are struggling to recover from the damage to their livelihoods caused by demonetisation.

It is said that money is an idea that inspires confidence. Similarly, a sudden withdrawal of money can dent confidence. Numerous surveys have shown that business confidence has plummeted. Stability and certainty are essential ingredients for a well functioning macroeconomy.

Demonetisation has dented both. At a time when individual and regional economic inequalities in India are rapidly widening, measures such as demonetisation have only exacerbated such inequalities.

Millions of our youth are being left out of economic development with limited access to jobs. Threequarters of non-agricultural employment is in small and medium enterprises. Sectoral data from the Central Statistics Office has shown that sectors such as construction and small manufacturing have been hit the hardest post demonetisation.

The father of our nation, Mahatma Gandhi, exhorted us to “recall the face of the poorest and the weakest” while contemplating policy decisions. Advice that was evidently not heeded in the decision to demonetise India’s currency. That demonetisation inflicted tremendous suffering on the weaker sections of our society is now indisputable.

That the demonetisation idea was whimsical is well established. It is then only appropriate that the Prime Minister now graciously accept this monumental blunder and seek support from all to rebuild our economy for the larger good of the nation and her youth.

PERMANENT DAMAGE TO INFORMAL SECTOR It is also quite likely that economic growth measured in GDP numbers will now begin to recover from current lows but the nature of recovery is likely to be unequal and unhealthy. Any headline economic recovery may not adequately capture

some of the permanent damage to the informal s e c t o r.

Unequal and jobless economic growth are the twin challenges Manmohan Singh, confronting Former Prime Minister our nation of India today. It is important we do not get distracted from these challenges. In a quest to construct a facade of justification for the demonetisation decision, there is a genuine risk of chasing wrong priorities for our nation. I am afraid that a pretentious pursuit of a ‘less cash economy’ to justify a fundamentally flawed act neither recognizes nor solves these twin economic challenges. It is imperative that we move beyond the rhetoric and politics of demonetisation and come together to find solutions to our challenges of employment and equality. But economic damage of demonetisation aside, I also worry deeply about a creeping culture of erosion of institutions and their credibility.

A pretentious pursuit of a ‘less cash economy’ to justify a fundamentally flawed act neither recognizes nor solves the twin economic challenge of unequal and jobless economic growth The India that awoke to freedom in 1947 was a geographical mass of impoverished humanity embarking on an audacious journey of selfgovernance and nation-building.

Seven decades later, we are a proud, cohesive nation rapidly ascending the ladder of global power. This enormous rise of our nation has been built on the edifice of strong institutions, conceived, built and nurtured by our founding fathers and subsequent leaders. Legislative institutions such as the Lok Sabha and the Vidhan Sabhas, judicial

The announcement that shook the consumer Panaji

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Port Wings News Network year after India’s demonetization there is still wide disagreement about the effect of the hitherto most daring announcement made by the Prime Minister, Narendra Modi in the national telecast on that fateful day.

OSTENSIBLE OBJECTIVE Arguably, it was a time when the country was poised for a great economic success. It was the third-largest economy in the world. On November 8, with no advance warning two highest denomination banknotes, the Rs 500 rupee and Rs 1,000 note were demonetized rendering 86 per cent of the country’s currency invalid overnight.

Majority of the people were happy to witness such dramatic change and were happy to bear the pains of standing in the long queues. They felt it was worth since the government had taken the bold “clean-up process”.

There is no doubt, that the ostensible objective was a popular one: to root out corruption and illegitimate activity involving untraceable cash transactions which were having far reaching adverse effects.

JOBLESSNESS INCREASED IN SECTORS As we are closing in on the oneyear anniversary it is natural to reflect on the lessons of this policy move. The Indian experience would also hold powerful lessons for policy makers planning

economic interventions in the rest of the world.

Some of the most visible effects are that the GDP drop has been commendable. On the other hand, almost 25-30 per cent of the currency was expected to go out of circulation which didn’t happen. Joblessness increased in sectors such as agriculture, small units, unorganized sectors. And, the government lost revenue in the form of indirect taxes.

There also was substantial fall in sale of cash based items such as jewellery, activities like tourism , spending at hotels and other luxury items.

So, what are the lessons learnt in the process? Are there any positives at all? The fact is that, demonetisation is not the end in itself. Rather, it is a conduit for India to become a less cash economy at first and a cashless economy later.

More medium scale and small scale companies have now started paying taxes regularly. Overall more Indians have started paying taxes. It is also now easy for the government to track all the transactions which take place in the economy.

So, black market, tax evasion, illegal funding etc can be curbed and it appears, this move has its positive effect.

Cashless means more transparency.

More transparency means more investor confidence in the economy.

So, it will be an incentive for foreign investors. So we could certainly expect higher GDP growth in the next two fiscals. Then there is the jolt to the criminals who so far were counterfeiting the higher denomination

institutions such as the high courts and the Supreme Court, the media, educational institutions such as our public universities, institutions of democracy such as the Election Commission, investigative institutions such as the Central Bureau of Investigation, economic institutions such as the Central Statistics Office, the Reserve Bank of India, the Securities and Exchange Board of India, cultural institutions and healthcare institutions have formed the bedrock of India’s steep ascent in the global stage.

These institutions frame rules and ensure continuity, regardless of individuals in power. Institutions translate belief systems in a society into a set of procedures and processes that can stand the test of time and people. Independence, credibility and trust of these institutions is of utmost importance to India’s sustained growth and development.

It is these institutions that ensure the nation is accorded greater importance than individual leaders.

Any attack on an institution’s independence or credibility is a direct attack on the nation and her citizens. History is replete with lessons of the vitality of institutions for long term development of a society. Eminent economists and historians have documented in great detail, the pivotal role played by institutions that established and upheld justice and freedom, in the remarkable success of Western Europe and North America.

INDIA’S DEMONETISATION SAGA India’s demonetisation saga is also a saga of institutions and their entrenched place in our society. The Reserve Bank of India (RBI) is an institution of utmost importance with carefully nourished independence and credibility. The demonetisation decision was an impingement on RBI’s institutional authority. It is quite likely that RBI was not given a chance to exercise judgement or opine in the decision to demonetise currency. I am not

insinuating complicity but am merely highlighting the importance of institutions to act as checks and balances to executive power. I have the utmost faith and confidence in the governor of RBI and sincerely believe that he will uphold the highest levels of integrity, trust and credibility of the institution in the remainder of his term. Recent incidents, such as the inexplicable delay by the Election Commission in its announcement of election dates for the state of Gujarat, further add to growing concerns about the solidity of the nation’s institutions. Institutions such as the Election Commission are the very foundation of our republic with a rich and storied legacy. Any attempts to thwart the freedom of such institutions portend grave dangers for the nation.

Leaders with a political majority even have the ability to fulfil those temptations. But succumbing to such temptations will be a betrayal of the sacrifices made by our freedom fighters and founding fathers in establishing the sovereign republic of India.

It is indeed time to move on from demonetisation but not move away from institutions, procedures and processes JUST AN ECONOMIC BLUNDER I sincerely hope demonetisation was just an economic blunder and not a harbinger of institutional erosion. Overriding institutions, circumventing consensus, and haste are what made the demonetisation decision possible. Therein lies the lessons of governance and nationbuilding. A truly liberal society is one that strives to ensure that not even a single innocent is punished unfairly. The role of institutions is vital in ensuring such order. It is indeed time to move on from demonetisation but not move away from institutions, procedures and processes. Jai Hind!

Courtesy: Livemint

By Bhasker Assoldekar, Managing director, Vibha Natural Products Ltd., Mumbai

currency. They now have to find new ways to do the same. We have been seeing its positive impact in J&K. BURDEN ON SOME SEGMENTS OF SOCIETY However, all policies have consequences. Tracing the paths of those consequences is seldom straightforward particularly when the impact is felt across a complex economy. In light of this, every economic policy ought to be preceded by some essential process elements, a sound theory and a rationale for why the underlying assumptions are valid. Together with evidence for those assumptions, cost-benefit analysis, including accounting for the systemic effects, unintended consequences and learnings from similar actions elsewhere. Such processes are not easy to do especially when high level secrecy needs to be maintained.

All policies have a stated objective of providing a public good. But every policy decision also involves trade-offs. There is invariably creation of a burden on some segments of society. A fact-based cost-benefit analysis is essential. Any policy ought to be able to pass a simple test: If the basic data on the economy in a pro forma assessment suggests that the policy runs a high risk of failure or has a major negative impact, stop and ask more questions before proceeding. Perhaps in hindsight, the government must be feeling they missed the bus.

The primary public good cited for India’s demonetization move

was to take on the problem of corruption and illegal activity.

Many commentators have commended the Indian prime minister for his “courage” in taking on such fundamental problems with bold action. This decisiveness was also popular and was rewarded politically by the strong performance of the Modi administration in crucial midterm regional elections.

However, in the case of India’s

demonetization it is safe to assume that people have a strong incentive to not lose money. It is natural that they have found ways to deposit their invalidated cash in the banks. In Indian society not unlike in societies around the world there is access to money-laundering networks and creative schemes for getting around rules and regulations.

For an example of one such scheme people with large holdings of the old banknotes sold them at a discount to brokers who then distributed them across a network

of other people to deposit smaller amounts at banks so that they would not trigger an audit.

India’s central bank, the RBI, recently reported that of the estimated 15.28 trillion rupees in currency taken out of circulation by demonetization almost 99 per cent had been returned to the banking system. The original argument for demonetization unraveled because of the strategy of leaving the holders of illegal cash stranded with useless banknotes appears to have mostly failed.

In India’s case, when it was becoming clear that the initial objective of leaving illegal cash hoardings stranded was failing the administration changed its narrative to a backup rationale.

That demonetization was good for weaning the country off its dependence on cash and moving transactions to digital platforms, thereby leading to greater efficiencies, transparency, and growth of online commerce, thereby catapulting India more forcefully into the digital age.

I however have no doubt that despite initial hiccups, demonetization coupled with implementation of GST would bring many more long term gains( including much higher GDP than 7.6 per cent within a year from now) to the country than the short term pains felt during the last one year.

Demonetization

Nov. 15th - 21st Issue

Demonetisation Was a Defining Moment in India’s Journey to a Less-Cash Economy

Demonetisation Anniversary : A year of mixed reviews

Chennai

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Port Wings News Network ccording to political scientist John Kingdon’s policy window model, three things must align for an effective public policy: The problem, the solution and the political will.

World over, digitisation and cashless payments have been recognised as the first steps to solve the challenges of financial inclusion and access to cheap credit, both essential to end poverty. In April 2016, the National Payment Corporation of India (NPCI) launched a pilot for the world’s most-advanced payments system, UPI (Unified Payments Interface).

But it took four months for the first few banks to upload their UPIenabled apps. At the end of October 2016, UPI had just over 100,000 transactions worth ₹49 crore.

In the case of digital payments, India knew the problem, and for once was ahead of the world in designing a solution. But it had not political priority. But demonetisation and the urgency to find alternatives to cash brought digitisation and cashless payments into sharp focus.

Suddenly, ministers and bureaucrats started asking what they could do to unblock cashless payments.

Incredibly, steps that would have taken years were completed in weeks. A 13-member committee was formed under Andhra Pradesh chief minister Chandrababu Naidu in December to suggest ways to push cashless transactions.

The committee published its recommendations in six weeks; most of them were implemented quickly.

By Nandan Nilekani, Chairman, Infosys Ltd, and former chairman, UIDAI Aadhaar helped government save $9 billion: Given the hesitant adoption of UPI, the Centre got NPCI to build, test and launch the BHIM app, all in less than four weeks on top of what is now UPIBHIM. Telecom regulator TRAI cut the USSD charges (levied on mobile banking transactions) from ₹1.5 to ₹0.5, encouraging feature phone users to transact digitally. Aadhaar Pay was launched in April, enabling even those without a phone or debit card to transact digitally. The MDR ---- the fees that card networks charge on transactions ---- was dramatically lowered by 75% and 50% for transactions below ₹1,000 and ₹2,000 respectively.

With a lower MDR for card users, BHIM app for smartphone users, BHIMUSSD for feature phone users and Aadhaar Pay for those with neither phone nor card, India laid the foundation for the world’s most advanced and inclusive digital payments system serving over a billion people – and all in less than six months.

For the first time, three card networks ---- Visa, Mastercard and NPCI’s RuPay ---- came together to launch the Bharat QR, a virtual replacement for legacy debit cards and point-of-sale (POS) machines. The number of traditional POS machines, which reached 1.6 million in 20 years, jumped by 62% to 2.6 million in the six months from October 2016 to April 2017.

In the same period, e-wallets went from 10 million to over 32 million transactions. Combined with other digitisation catalysts such as the 900% increase in mobile data consumption since the launch of Reliance Jio in September 2016, India suddenly became a hot bed of payment innovation.

Domestic champions such as PhonePe are now competing with Google’s Tez on the homegrown UPI-BHIM platform. Whatsapp is expected to launch its payment product in the world on top of UPI-BHIM. This is because UPIBHIM is revolutionary; you can see that story in NPCI’s numbers. From 0.1 million transactions worth Rs 49 crore before demonetisation, UPI-BHIM completed 76.7 million transactions a month (₹7,057 crore) and is on track to cross 100 million by November-end. To put that in perspective, debit and credit card POS volumes are 377 million a month, a number India has taken 20 years to reach. UPI-BHIM will be a quarter of that in less than 20 months.

On October 4, the Reserve Bank, which has played a stellar role in this digital transformation, issued guidelines for interoperable wallets using UPI-BHIM. Digital payments are only the first step. Now that people can move money with ease, we will see services and products being built for the unseen majority. We’re already seeing an explosion of startups in cash flow-based lending. These startups are enabling credit to individuals and small enterprises that could not access it before, based on their data. The business case is now in alignment with social objectives. All we can say is that innovators are finally building for Bharat. While November 8, 2016, is etched in our memories as the day we switched to cashless, it was just the start. Digitisation was always going to be a long process, and we still have a way to go. But, demonetisation was a defining moment in India’s journey to a less cash economy. Courtest: Livemint

How Demonitisation crashed Goa tourism: First anniversary of note ban Panaji

I

Port Wings News Network n India’s holiday capital, demonetisation crashed the party for the tourism and travel industry, rocking the coastal state’s gravy-boat.

SUCKER-PUNCH BANG Goa’s tourism season begins in October as the winter sets in and winds up in March, with the advent of summer. Coming on November 8, demonetisation landed a sucker-punch bang in the middle of the lucrative season creating problems for travellers and other stakeholders.

“Foreigners saw a restriction on the flow of funds. Taxi fares shot up, making it difficult for them to travel within Goa. Indian tourists also faced restriction as far as funds were concerned,” Edgar Cotta, proprietor of Miramar Hotel in the state capital, told IANS. He said major negative signs emerged when booking cancellations by foreigners and domestic tourists started happening.

Goa receives more than six million tourists every year with half a million visitors hailing from European countries who visit Goa to escape the harsh winter back home.

CAUSED “INITIAL HICCUPS” John D’Souza, head of operations for inbound travel for Eastbound Group, said that soon after the prime minister’s announcement, the situation turned desperate. “Czech and Slovakian travel agents were travelling to Goa for the first time. They did not even have money left for a coffee.

And they were supposed to promote Goa and India as a holiday destination for tourists in their respective countries. Imagine what impression they carried back,” D’Souza told IANS. “In fact, the distress of demonetisation did not really affect Goa in any way. Except for some initial hiccups due to cash-crunch, tourists continued to visit Goa and accepted alternate modes of payment and facilitated the state’s initiative for a cashless society,” Tourism Director Menino D’Souza told IANS. “It was only in the first month of the introduction of demonetisation that the industry witnessed some cuts in travel plans from domestic and international tourists, but within a month the scenario was back to normal and we did not see any huge drop in footfalls,” D’Souza said. Other stakeholders, of course, disagree.

CREATED A NEGATIVE IMPACT “It created a negative impact on us. We had to suffer a lot to make ends meet and paying employee salaries was a total burden. As a result we had to lay off many good employees as business was poor,” said Sheldon Remedios of Groove Events, one of the popular event management companies in Goa. Many businesses benefit from the beeline tourists make for the Goa beeches. Take the example of Smile Factory, a dental clinic in Calangute beach village known as a dental tourism destination. Dr Rachna Fernandes, who runs the clinic, must have seen the smile being wiped away from the visitors’ faces.

“They did not like standing in queue for hours for a couple of thousand rupees each day. They said they were here for a holiday, not to stand in queues for hours begging for their own money. It had scarred people. So those who were annoyed will not come back. Not this season at least,” Fernandes said.

Several of her prospective clients, who had prebooked dental appointments before arriving in Goa on a holiday, had cancelled their arrival plans after hearing about the demonetisation decision, she said.

But has demonetisation spread the practice of digital transactions in the tourism hub?

Despite demonetisation and the subsequent emphasis on cashless transactions, only five per cent of the transactions were carried out by cashless means, D’Souza of Eastbound Group said. “Ninetyfive per cent of the transactions are still in cash,” he added.

Chennai

I

Port Wings News Network t has been a year since PM Narendra Modi’s dramatic demonetisation diktat stumped everyone. Whether the ‘black and white’ story convinced everyone is a different question, but certainly, the whole idea of the devaluation of Rs 500 and Rs 1,000 notes did create panic among various quarters. All throughout the country, in both urban and rural belts of the nation, people waited long for their turn in queues in banks. The everchanging deadline day saga didn’t help the situation either. On the other hand, there was huge rush among those in illicit businesses and the ‘notebandi’ episode did call for ‘urgency’ for all those involved in Hawala, extortion and terrorist activities. Nevertheless, the subsequent inclusion of new Rs 500 notes did ease up the situation and ATM counters were also back in action after systematic software update in due course of time.

ULTIMATE MOVE OF DEMONETISATION There were various reasons behind the ultimate move of demonetisation.

The central government highlighted its pro-active stance against black money whereas the underlying economic reason was to make an effort to reduce the prices of necessary commodities and to reduce inflation. It won’t be an exaggeration to say that demonetisation paved the path for the arrival of GST, though it would be too linear if anyone tries to connect the dots in between.

IMPACT OF DEMONETISATION As far as the impact of

5

demonetisation is concerned, it would be highly inappropriate to say that corruption has taken a backseat. But not doubt, the move did shake the stakeholders of black money nexus. At present, currency held by Indians is down by almost 10% whereas currency circulation is down by 17%. The Reserve Bank of India (RBI) has categorically mentioned in response to an RTI query that it had processed 1,134 crore pieces of Rs 500 notes and 524.9 crore pieces of Rs 1,000 junked notes. The combined value of the processed notes is Rs 10.91 lakh crore approximately. The whole task of verifying of notes withdrawn from circulation is still going on.

NEGATIVE IMPACT Previously it was conceived that demonetisation will have a negative impact on the political fortune of ruling NDA but a resounding win in UP has given an exactly opposite answer to that. But, in all probability, the whole episode of money exchange did trouble the senior citizens. In the economic front, many start ups have suffered hiccups and investment has hit a low with a lesser GDP. There is no denying the fact that demonetization has given the much-needed boost to pro-digital initiatives. More people are now aware of payment via various e-wallet modes. Even if bitcoin system comes up in near future, India will certainly be able to cope up with it as demonetisation has truly came up as a wake-up-call to most Indians. In post demonetisation phase, Indian economy is slowly buzzing up and World Bank has rightly lauded the government for ‘ease in business’ in India.

K.S.R.FrEIGHT FOrWArDErs (P) LTD. Corpoate Office: CHennai: No.48/39, Rajaji Salai, Wavoo Mansion, 6th Floor, Parrys, Chennai - 600001.

Tel: +91 (44) 25243623-28 Fax: +91 (44) 25243629 E-mail: murthy_krishna@ksrindia.net, pradeak_sk@ksrindia.net

branches Bengaluru ksr freight forwarders (p) ltd.

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H/No. 23-178, 1st Floor, Madhura Nagar, Shamshabad, Airport Road, Hyderabad - 501 218.

Tel: +91 8413 222428 E-mail: sreekumar@ksrindia.net

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Office No.10, G.F.Mani Complex, Plot No-84, Sector - 8, Nr. Ramleela Ground, Gandhidham, Kutch - 370201. Gujarat, India.

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No.220, NBC Complex, Plot No.43, Sector-11 CBD Belapur (West), Navi Mumbai - 400614. India.

Tel: +91 (22) 27564120/30 E-mail: sarika@ksrindia.net new delhi ksr freight forwarders (p) ltd.

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No.5B/438A, S N R Nagar, Caldwell Colony, 1st Street, Tuticorin - 628008 (TN), Tel: +91 (0461) 2375842 Email: kskanthan@ksrindia.net

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Website: www.ksrindia.org

6

Vessel Position at Terminals - (15.11.2017 TO 22.11.17)

Nov. 15th - 21st Issue

7

CITPL - Chennai

CCTL - Chennai Calling Ports

ETA

ETD

Service

Vessel Name

Voy

Agent/Line

Calling Ports

MESSINI

Colombo, Cochin, Jebel ali

15/11

16/11

ACS

HYUNDAI PREMIUM

040E

HMM

BOX -1

OCEAN PROLOGUE

Colombo

Kattupalli, Krishnapatnam, West Port Klang, Singapore

15/11

16/11

MD1

EURO MAX

1539E

WAN

SIF

SPIRIT OF MUMBAI

Colombo, Krishnapatnam

Vizag, Port Klang, West Port Klang, Singapore.

15/11

16/11

TSC

RACHA BHUM

91E

RCL

West Port Klang, Port Klang, Singapore, Laem Chabang

17/11

18/11

FME

TIANJIN BRIDGE

TST

Port Klang, Singapore, Shanghai,

17/11

18/11

TCX

NYK FURANO

NYK

Singapore, Laem Chabang Kattupalli, West Port Klang

ETA

ETD

Service

Vessel Name

17/11

18/11

CCG

15/11

16/11

14/11

15/11

Voy

Agent/Line

PSA Sical - Tuticorin

36

ETA

ETD

Service

Vessel Name

Voy

Agent/Line

Calling Ports

E.G.M.NO.

14/11

15/11

FEEDER

Cape Nemo

312

BTL

Colombo

17/11

18/11

FEEDER

Cape Nemo

313

BTL

Colombo

15/11

16/11

FEEDER

St.John

032

Seacon

Colombo

ETA

ETD

Service

Vessel Name

Voy

Agent/Line

Calling Ports

19/11

20/11

FEEDER

St.John

033

Seacon

Colombo

15/11

16/11

CCG

Novios Verde

4

SIM

Jebel Ali, Cochin, Colombo, Chennai, Vizag

17/11

18/11

TCX

NYK Furano

36

NYK

17/11

18/11

ACS

Hyundai Premium

040w

HMM

17/11

18/11

TCX

NYK Furano

2-5

NYK

19/11

20/11

Kattupalli

DAKSHINBHARATH GATEWAY TERMINAL / Tuticorin

KPCT, Krishnapatnam ETA

ETD

Service

Vessel Name

Voy

Agent/Line

Calling Ports

17/11

18/11

CCS1

VLADIVOSTOK

39S

MSC

Colombo

17/11

18/11

ACS

HYUNDAI PREMIUMÂ

040E

Hyundai & Zim

Port Klang, Singapore, Cailan, Pusan, Ulsan, Shanghai

20/11

21/11

CHX

LEONIDIO

1717

Maersk & Safmarine

Tanjung Pelepas, Xingang, Qingdao, Busan, Shangahi, Nansha

17/11

18/11

PIX 2

LAL BAHADUR SHASTRI

380

SCI

Kattupalli, Tuticorin, Cochin, Jebel Ali

19/11

20/11

FEEDER

CHARLOTTE SCHULTE

1726

Maersk & Safmarine

Colombo, Salalah

20/11

21/11

svc

OCEAN PROLOGUE

015N

MSC, SCI, HMM

Colombo

JNPT - Mumbai

ICTT - Vallarpadam ETA

ETD

20/11

Service

Vessel Name

Voy

Agent/Line

20/11

NAVIOS VERDE

04W

MBK

19/11

20/11

SIMA BRIZO

02E

MBK

19/11

19/11

TESSA

01744W

ESA

19/11

19/11

SSL BHARAT

040

SHR

18/11

19/11

SSL BRAHMAPUTRA

002

17/11

17/11

CONTI PARIS

16/11

17/11

16/11 16/11

ETA

ETD

Service

Vessel Name

Voy

Agent/Line

15/11

16/11

AAIS

WIDE INDIA

KMD

17/11

18/11

NDX

CARDONIA

POS

15/11

16/11

MIDAS

PUCCINI

MSK

15/11

16/11

MESAWA

NORTHERN POWER

MSK

19/11

20/11

MECL

MAERSK CHICAGO

MSK

20/11

21/11

MAW

HUGO SCHULTE

MSK

16/11

17/11

ME 1

MAERSK STADELHORE

MSK

18/11

19/11

FM3

MAERSK SAVANNE

MSK

APM Terminal - Mumbai

Calling Ports ETA

ETD

Service

Vessel Name

16/11

17/11

WIN

AENEAS

Voy

Agent/Line

16/11

17/11

HLS

X-PRESS MAKALU

NYK

18/11

MINA

TUBUL

HLT

SHR

17/11

18/11

ASX

GROUSE HUNTER

TWF

7137

CCA

18/11

19/11

FM3

MSK

SSL MUMBAI

075

SHR

MAERSK SAVANNAH

17/11

OEL INDIA

277

TSA

18/11

19/11

CWI

CMA CGM NEW JERSEY

CCA

16/11

KARUTHAL

1708

TAL

19/11

20/11

CIX 3

ZIM LOS ANGELES

FLD

19/11

20/11

EIPIC

TORRENTE

HLI

21/11

22/11

HSX

MOL EARNEST

MOL

21/11

22/11

IMED

CMA CGM PUGET

APL

22/11

23/11

ME 3

MAERSK KLAIPEDA

MSK

NSICT - Mumbai ETD

Service

Vessel Name

15/11

16/11

MIDAS

15/11

16/11

16/11

Voy

Agent/Line

Calling Ports

Puccini

MSK

Port Elizabeth, Durban, Port Louis, Jebel Ali...

MESAWA

Northern Power

MSK

17/11

INDUS

MSC Maria Elena

MSC

18/11

19/11

EPIC

Casav Tyndall

HLI

19/11

20/11

MECL

Maersk Chilcago

MSK

20/11

21/11

MWE

Hugo Schulte

MSK

Calling Ports

SEC

17/11

ETA

Calling Ports

VCTPL, Vizag ETA

ETD

Service

Vessel Name

Voy

Agent/Line

Calling Ports

As the data is received by us, sometimes even at the eleventh hour by telephonic messages from the concerned Steamer Agents, there is every likelihood of last minute changes in the data published for which and also for the printing errors occuring the Management of Port Wings is not responsible or liable.

Port Wings plans to bring out a special edition on account of NEW YEAR The special edition will carry articles from all verticals of EXIM trade and special interviews from well-known personalities in the sector.

For Pre-booking Advertisement space, Contact:

K.Sivakumar - 9444222056, C.U.Satheesh - 7358020372 M.Richard Collins - 7358020375 (Tuticorin), Email: marketing@portwings.in

Nov. 15th - 21st Issue

AP Industries Secretary visits Sri City Chennai

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Port Wings News Network r Solomon Arokia Raj, IAS, Secretary, Department of Industries & Commerce, Govt., of Andhra Pradesh visited Sri City on 6 November, along with a team of senior officials. Mr. Ravindra Sannareddy, Founder Managing Director, Sri City extended a warm welcome to the visiting dignitaries.

Mr. Solomon had a meeting with the senior managements of the industrial units. Besides Mr Ravindra Sannareddy, CEOs of all the companies interacted with the Secretary and drew his attention to various issues that need redressal.

Reviewing the status of industrial development, Mr. Solomon said,”I am delighted to see the development in Sri City and to have the opportunity to interact with all of you.“ He heard all the issues raised by the companies, encompassing reimbursement of fiscal incentives, interstate bus permits for the transportation of employees, 420 kv sub-station, supply of sand for construction, etc., He appealed the managers of companies to strictly follow the set procedure

while submitting the claims for reimbursement and gave assurance for a speedy redressal of all the issues projected. He stated that soon an Industrial Liaison Officer will be posted to offer ‘one stop shop’ services, and a ‘Mee Seva’ counter will be opened to facilitate easy remittance to Government.

Appreciating the CSR (Corporate Social Responsibility) efforts, Mr. Solomon suggested to concentrate on the improvement of roads, educational facilities, drinking water facilities, etc., in the neighbouring villages.

Reminiscing Sri City’s long association with Mr. Solomon, Mr. Ravindra Sannareddy said, “During your tenure as Collector of Chittoor district, you gave us

a lot of encouragement and support in developing Sri City, for which we remain indebted to you. On behalf of all our customers, we convey our sincere thanks for sparing your valuable time in reviewing the status and assuring redressal for the issues raised by the stakeholders, in this town-hall like meeting.”

Stating that with the excellent support extended by the State Government, Sri City stands as one of the best PPP (Public Private Partnership) models in the country, Mr. Ravindra observed,”The smiling faces seen at the end of the meeting indirectly indicate the proactiveness of the government towards ‘ease of doing business.”

Initially, Mr. B. Anil Kumar Reddy, General Manager, District Industrial Centre, Chittoor gave a presentation on the AP State Industrial Policy, and summarised the various fiscal incentives being offered to MSMEs and large enterprises, procedure for filing online claims for incentives, and important points to be observed while filing the claims, etc., Mr. I.L.Ram, Zonal Manager, APIIC was also present in the meeting.

CMA CGM Adopts Liquefied Natural Gas For its Future Biggest Ships Chennai

O

Port Wings News Network n the occasion of the COP23 in Bonn (Germany), the CMA CGM Group, a world leader in maritime transport, has announced its decision to equip its nine future ships of 22,000 TEUs (Twenty-foot Equivalent Unit), delivered in 2020, with engines using liquefied natural gas.

With the announcement, CMA CGM is becoming the first shipping company in the world to equip giant containerships with this type of motorisation, thus pursuing its firm commitment to the protection of the environment and to ocean conservation.

A technological breakthrough for the environment The use of LNG is a real technological breakthrough that will yield significant benefits compared to heavy fuel oil: up to 25% less CO2 -- 99% less sulphur emissions --99% less fine particles, and 85% less nitrogen oxides emissions.

Moreover, the Energy Efficiency

Design Index (EEDI), which m e a s u r e s a ship’s environmental footprint, is improved by 20% compared to ships only propelled by fuel oil.

These containerships will be LNG-powered – a few percent of marine gas oil will only be used for the ignition in the combustion chamber.

By choosing LNG, the CMA CGM Group goes beyond current and future regulations that limit the sulphur cap to 0.5% in 2020.

The Group is also fully in line

with the Paris Agreement and the ongoing discussions at the international level.

The CMA CGM Group has said that it is firmly committed to the reduction of its carbon footprint for the protection of the environment and the preservation of the oceans and biodiversity. Between 2005 and 2015, the Group has reduced its CO2 emissions per container transported per kilometer by 50% and has set up an ambitious plan to further reduce its CO2 emissions by 30% between 2015 and 2025.

On the occasion of this important announcement, Rodolphe Saadé, CMA CGM Group CEO, stated: “We have made the bold decision to equip our future 22,000 TEUs vessels with a technology firmly focused on the protection of the environment. By choosing LNG, CMA CGM confirms its ambition to be a leading force in the industry in environmental protection by being a pioneer in innovative and ecoresponsible technologies.”

Daily Report: December Deadline for Second Chennai Airport Chennai

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Port Wings News Network Chennai-based evening daily New Today reported that a second airport will soon come up in the city and the place for that will be identified within this year.

Speaking to News Today, Chennai Airport director G Chandramouli said that the Chief Minister Edappadi K Palaniswami has assured to find a suitable location before 31 December this year. “Only after the land is finalised all further steps can be taken,” he added.

On Thursday, AAI Chairman Guruprasad Mohapatra said the Centre is in talks with the Tamil Nadu government for a second airport in Chennai required by 2030-2035.

Civil Aviation Secretary R N

Choubey and AAI officials have held two meetings with the State government in the last three months to discuss the issue.

“Eighteen months back, we were handling 28 movements per hour (at Chennai) and after making improvements in our air navigation system, we hope to reach 40. With this, we expect we will be managing Chennai till 2030 or 2035. But a city like Chennai will definitely require a second airport thereafter,” Mohapatra told reporters.

According to a study carried out by aviation think-tank Centre for Asia Pacific Aviation (CAPA), Chennai handled 18.4 million passengers in 2016 and is expected to reach its maximum capacity of 23-26 million by 2020, if traffic grows at an

estimated rate of 12.5 per cent.

The CAPA is of the view that capacity enhancement at Chennai Airport could be challenging due to airside (hangars,runway, parking bays) constraints. The think-tank estimates an expenditure of $500 million for a second airport in Chennai.

Mohapatra said that a decision will be taken later on whether the second airport will be a greenfield airport (new airport on unsused land) developed on public-private partnership (PPP) model or whether it will be developed by the AAI. If it is approved, Chennai will be the third city in the country to have a second airport. Mumbai and Delhi are the two metropolitan cities for which the government has approved a second airport.

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NEWS - BITS A.P. Møller - Mærsk A/S Grows Revenue, Underlying Profit in Q3 of 2017

In Q3, the revenue of A.P. Møller - Mærsk A/S’ continuing operations increased by 14% year on year driven by higher freight rates in Maersk Line.

According to a media statement, the underlying profit was USD 248m, with an improvement of USD 290m in Transport & Logistics and a decline of USD 15m in Energy.

For A.P. Møller - Mærsk A/S, the third quarter of the year was a defining quarter of major change, where strong and viable solutions were found for Maersk Oil and Maersk Tankers. Furthermore, today A.P. Møller - Mærsk A/S has announced that the Salling Companies will acquire the remaining 19% shares in the Dansk Supermarked Group. A.P. Møller - Mærsk A/S’ now expects a positive underlying profit (loss of USD 546m). Transport & Logistics now expects an underlying profit of around USD 1bn and an improvement in Maersk Line of around USD 1bn compared to 2016 (loss of USD 384m).

Tamil Nadu to host global investors meet

“Following the success of global investors meet in the year 2015, the government of Tamilnadu has proposed to conduct such a mega event in the State in the year 2018,” said Minister of Industries, M C Sampath at the inauguration of three day Automotive Engineering Show (AES) at Chennai Trade Centre.

‘The State has a number of competitive advantages such as rich human resource, skilled man power, friendly industrial policies, land availability in developed industrial parks, reliable infrastructure, excellent port logistics among other aspects to attract global investors.

Government has enacted a law namely Business Facilitation Act & Rules 2017 recently to enhance the investor friendly environment and enable the potential investors to do business with more ease,’ he said.

ITF supports challenge to Boskalis over crew replacement plans

The ITF (International Transport Workers’ Federation) is standing ready to support its Dutch affiliate Nautilus NL/FNV Waterbouw as it resists plans by marine services and dredging company Boskalis to ditch and replace 20 crew members on five vessels.

The latest plans would lead to the likely removal of 20 Netherlands nationals and their replacement by agency workers from other countries. It brings back to life plans that were previously successfully resisted by the union, with international support.

Nautilus NL/FNV Waterbouw national secretary Marcel van Dam explained: ‘Boskalis told us that between now and mid 2019 its Dutch Fairmount crew will be replaced by crew from cheap labour countries, employed by employment agency Anglo Eastern. If Boskalis continues to pursue these plans we will contemplate taking them to court, along with possible industrial action.”

Long Beach Port Sets Record for October Cargo Long Beach Container Terminal at the Port of Long Beach.A year of records continues at the Port of Long Beach, where this October was the busiest in history, as container volumes surged 15 percent compared to the same month a year ago.

Trade has been growing so rapidly in 2017 that the record-setting October — at 669,218 twenty-foot-equivalent units (TEUs), one of the Port’s strongest all-time results — was only the fourth-busiest month of the year behind July, September and August.

Inbound containers destined for retailers jumped 14.3 percent to 339,013 TEUs. Export boxes decreased slightly, 0.5 percent, to 126,150 containers.

Empty containers sent overseas to be refilled with goods increased 28.9 percent, to 204,055 TEUs.

CUSTOMS EXCHANGE RATES Notification No.103/2017 (N.T.) ALL RATES PER UNIT

FOREIGN CURRENCY Australian Dollar Bahrain Dinar Canadian Dollar Chinese Yuan Danish Kroner EURO Hong Kong Dollar Kuwait Dinar New Zealand Dollar Norwegian Kroner Pound Sterling Qatari Riyal Saudi Arabian Riyal Singapore Dollar South African Rand Swedish Kroner Swiss Franc UAE Dirham US Dollar Japanese Yen Kenya Shilling

with effect from 02nd Nov. 2017

RATE (INR) Import Export 50.65 177.15 51.10 9. 95 10.30 76.50 8.40 220.80 45.60 8.10 87.10 17. 65 17.80 48.25 4.80 7.85 65.70 18.15 65.40 57.65 64.40

48.90 165.50 49.50 9.60 9.90 73.90 8.15 206.60 43.80 7.80 84.25 16.15 16.65 46.75 4.50 7.55 63.55 17.00 63.70 55.70 60.15

We are not responsible for any mistake. ALL RATES ARE PROVISIONAL. The rates in these column are only meant for guidance.

RNI No. TNENG/2014/59741 Postal Registration No. TN/CNI/GPO/067/2015-17 Posted at Pathrika Channel, Egmore, RMS, Chennai-8.

Date of Publication - Tuesday, Posted on Tuesday / Wednesday

8

Suez Canal Authority, DP World Sign Deal to Develop Economic Zone at Sokhna, Egypt Mumbai

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Port Wings News Network dmiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), and Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, on 7 November signed a partnership agreement to develop an integrated industrial and residential zone at Sokhna in Egypt, in the presence of Sherif Ismail, the Prime Minister of Egypt.

The signing took place at a ceremony in Sharm el-Sheikh at the World Youth Forum. The agreement will establish a joint venture between SCZone (51%) and DP World (49%) with DP World managing the zone, which is projected to start in the first quarter of 2018.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said the support of His Excellency Abdel Fattah el-Sisi, President of Egypt, and the role of the Egyptian government in removing barriers to investment were key factors in the future success of the project. He underlined DP World’s commitment to support the government’s vision and the UAE’s wise leadership to encourage more investment in the country and to work on mutual development projects for the benefit of both nations which would further strengthen their relationship.

Mr. Bin Sulayem, said: “This partnership demonstrates the

commitment of DP World to support the growth of Egypt’s economy and reflects the trust we place in the determination of the government to make the project a success.

The development of the zone will support the sustainable growth of the country and help it attract more business investment. It will also help transform the Suez Canal into a major trade and business hub in the

region, given its strategic location and role as an artery for global trade.

Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), said: This signing builds on the historic relations between Egypt and the UAE and is aligned with the vision of President Sisi for the development of trade in the region. The project includes a comprehensive economic zone in Sokhna including an industrial free zone and a number of development projects that will boost the national economy and create jobs for Egyptian youth. Today’s signing

concludes months of work of the joint committee that has been working closely with the leadership of both countries and consultants to make this happen. This is an important step in Egypt’s industrial and economic growth journey, while taking advantage of the strategic location of the Suez Canal.”

SEZ Key facts: It will cover 95 square kilometres and include industrial and residential areas coupled with the development of Sokhna Port, increasing its capacity and linking it to the industrial zone. More than 400,000 jobs estimated to be created.

Business sectors include light and medium-sized industries, logistics, and service utilities. Targeted industries include medical, electronics and communications, construction materials, logistics, textiles, automotive parts, food processing, energy production components and petrochemicals.

A residential zone spanning 20 square kilometres will include coastal villas, residential units, shopping and administrative centers, entertainment facilities, mosques, schools, hospitals, clubs and green spaces.

The residential area will be able to accommodate 500,000 people.

One year of Demonetisation: Economy Shaken, GDP Hurt, Trust in Government Undermined

By Biswajit Choudhury

Panaji

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Port Wings News Network hile the immediate impact of demonetisation was seen in the long queues outside ATMs and felt through acute cash shortage, its anniversary is an appropriate vantage point to assess the less visible and generalised effect on the economy of what was easily the most disruptive measure postIndependence.

NOT PURELY ECONOMIC The difficulty in making a costbenefit analysis is that the move was not purely economic, given the fact that the currency issuer Reserve Bank of India (RBI) had no role in the decision, as testified by former Governor Raghuram Rajan.

So demonetisation comes across more as a measure of political economy with the declared objective of curbing black money and countering counterfeiting and terror finance, and which appeared to have paid political dividend to Prime Minister Narendra Modi in the Uttar Pradesh elections this year.

Starting with the official figures, at the end of May, the Central Statistics Office announced that GDP during the fourth quarter, ending March this year, fell sharply to 6.1 per cent from seven per cent in the previous quarter, while growth for the year as a whole was also expected to decline correspondingly. India’s GDP during the past fiscal grew at 7.1 per cent, at a rate lower than the 8 per cent achieved in 2015-16. In terms of gross value added (GVA), which excludes taxes but includes subsidies, the growth came in even

lower at 5.6 percent over the GVA for 2015-16.

CONSEQUENCES OF THE EVENT Chief Statistician T.C.A. Anant sought to downplay the impact of the note ban, saying he “would caution against reading a single number that comes out after an event as being reflective of consequences of the event”.

At the time of releasing the previous quarter’s GDP, he had said that this was based on figures on industrial production and only on the advance filings of corporates.

The numbers, therefore, had not factored in the informal economy, which accounts for an estimated 45-50 per cent of output in the Indian economy and employs around 85 per cent of the country’s workforce.

More importantly, this sector transacts entirely in cash and was the hardest hit by demonetisation, which withdrew 86 per cent of currency from circulation.

Former Chief Statistician Pronab Sen had said in March that once the informal sector numbers came in, the growth rate could go below 6.5 per cent, which turned out to be close to the actual figure. At the same time, both the RBI and the International Monetary Fund (IMF) lowered India’s growth estimates for 2016-17 by up to 1 percent, citing the impact of demonetisation.

This was not too far from former Prime Minister Manmohan Singh’s prediction that the economy would be hit by around two per cent because of the note ban. Rating agency ICRA said in a note earlier this year that “since the early estimates of quarterly GVA rely heavily on available data from the formal sector, which is expected to have weathered the note ban better than the informal sector, the third quarter (October-December) projected GVA growth of 6.6 per cent may not fully capture the impact of the note ban”.

In October, the IMF said in its latest World Economic Outlook that India’s economic growth for 2017 and 2018 will be slower than earlier projections.

The report cited “lingering impact” of demonetisation and the goods and services tax (GST) for the expected slowdown during the current and the next year. The IMF projected India to grow at 6.7 per cent in 2017 and 7.4 per cent in 2018, which are 0.5 and 0.3 percentage points less than the projections earlier this year, respectively. The World Bank too forecast that India’s GDP may slow from 8.6 per cent in 2015 to 7.0 per cent in 2017 because of disruptions by demonetisation and the GST.

Nov. 15th - 21st Issue

ICTSI Croatia Boosts Intermodal Service for Wood Exports Chennai

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Port Wings News Network rowing wood exports in Croatia have triggered the use of innovative freight transport at the Adriatic Gate Container Terminal (AGCT) in the Port of Rijeka in Croatia with the recent launch of an intermodal service connecting AGCT via rail to one of the country’s largest wood producers.

AGCT, a gateway terminal of International Container Terminal Services, Inc., recently partnered with Cedar Ltd. and AGIT to facilitate the export of beech wood products from Cedar’s production facility in Vrbovsko.

Cedar, a leading manufacturer and supplier of beech wood products, recently inaugurated an intermodal facility directly linking AGCT via rail. Freight solutions provider AGIT of HŽ Cargo Group transports the bulk of Cedar’s wood exports. From the Rijeka port, the products are exported to North Africa, Middle East, India and the Far East region via sea.

“The collaboration of Cedar, AGIT, and AGCT is a perfect example of how intermodal solutions are supporting the success of large scale production projects. We are very pleased that with increased share of intermodal transport at the Port of Rijeka, road traffic is reduced while more efficient and environmental friendly transport by railway and sea is increased,” said Wojciech Szymulewich, AGCT CEO.

In 2012, Cedar acquired an 180,000 square meter old saw mill in the west Croatian town of Vrbovsko.

The town sits along the transit lines halfway between Zagreb and Rijeka with good road and rail access.

Cedar’s Vrbovsko facility has become one of the largest and most modern beech wood manufacturing facilities in Europe.

“Part of the project was to build an intermodal container yard on our land connected to the Vrbovsko rail tracks and purchase container handling equipment such as reach stackers and automated container stuffing machines. The new and direct intermodal link with AGCT via rail enables sustainable and costeffective logistics. I am very happy

with the results and fruitful efforts of involved business partners,” said Darko Prodan, Cedar Director.

The Port of Rijeka has experienced an increase in container traffic due to the growing wood exports, with volume for the first eight months in 2017 exceeding the overall volume in 2016.

AGCT looks to further strengthen cooperation with the Croatian wood industry to maximize the potential of intermodal connectivity in exporting Croatian wood to the world market.

Graduation Ceremony at World Maritime University Chennai Port Wings News Network aritime leaders of tomorrow from over 50 countries have graduated from the World Maritime University (WMU), Malmö, Sweden, on 7 November.

With the education and training they have received at WMU, the graduates are ready to be operational and contribute to the implementation of the United Nations Sustainable Development Goals (UN SDGs) by the maritime industry in their home countries. They are now equipped to ensure not only the safe, environmentally sound, energy efficient and secure shipping on clean oceans, but also to promote and help implement sustainable maritime and ocean development.

296 GRADUATES The graduating Class of 2017 represents the largest class - 296 Graduates - in the history of WMU to date. It is composed of 133 MSc graduates from the Malmö headquarters, 54 graduates from the China programme, making a total number of 187 MSc graduates in 2017; six PhD graduates this year; and 103 graduates from our distance learning programme. The 2017 graduation ceremony brings the total number of WMU graduates to 4,652 from 167 countries.

WMU President, Dr Cleopatra Doumbia-Henry, delivered the welcome remarks. The President thanked the City of Malmö and the Government of Sweden for their continued generosity and support in hosting the University, as well as the many donors for their ongoing commitment to the WMU mission and its sustainability. She

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encouraged the graduates on their return home to support their Governments, industry and other institutions, to use the expertise they have gained and to contribute actively to the achievement of the UN SDGs by 2030.

The Guest of Honour was Admiral Paul F. Zukunft, Commandant, United States Coast Guard, U.S. Department of Homeland Security. He congratulated the graduates noting the conclusion of their studies was not an end, but rather a beginning. With today’s unprecedented rate of change, he emphasized that keeping pace is necessary to avoid finding yourself as part of the past. He maintained that economic prosperity is enabled by maritime trade, which is in turn dependent on strong maritime partnerships.

Mr Lim emphasized the value of learning from others, and in particular, the value of learning in the multi-national, multi-cultural, and multiprofessional environment of WMU. “WMU graduates, you are the present and the future of shipping. We are one family. You play a key role in leading the global maritime community into the future. Together we can achieve great success through sound collaboration and communication,” he stated.

ANNUAL STUDENT AWARDS During the ceremony, the annual student awards were announced. The Chancellor’s Medal for Academic Excellence for the MSc in Maritime Affairs 2017 in Malmö was awarded to Mr Yasser Bayoumy A. Farag from Egypt, for the Dalian MSc Programme to Mr Yu Yunfei from China, and for the Shanghai MSc Programme to Mr Lu Jieling from China. The Pierre Léonard Prize for the Best Female Student was awarded to Ms Brume-Eruagbere Omovigho from Nigeria. Ms Min Jung from the Republic of Korea received the Lloyd´s Maritime Academy Dissertation Prize and the Lloyd’s Maritime Academy Distance Learning Prize was awarded to Mr Leonidas Humberto Villagran Cepeda from Ecuador. The C P Srivastava Award for International Fellowship was awarded to Mr Olumide Bolarinwa Ajayi from Nigeria.

Port Wings - Maritime Exim Weekly Newspaper : Published by K.Sivakumar on behalf of Universal Media Associates, Old No.72, New No.149, 1st Floor, Srinivasa Complex, Linghi Street, Mannady, Chennai - 600 001. And Printed by V.Meganathan at Web Kingdom, No.115, Jani John Khan Road, Royapettah, Chennai – 600014. Editor: K.Sivakumar.