News

WTC Kochi Commemorates International Day of Yoga

June 28, 2021 - Under the aegis of Cochin Special Economic Zone (CSEZ), WTC Kochi observed international day of Yoga through a webinar. Session themed Be With Yoga, Be At Home was held by Shri. Vineesh Kammath, Founder, Sopana Yoga . This was specifically designed for working professionals to help them distress as well as improve their breathing and immunity. The instructor stressed the importance of adopting Yoga as a lifestyle and demonstrated a few exercises, which can be done sitting on a chair. Export Promotion Council for EOUs and SEZs (EPCES) partnered. Mr. D.V. Swamy, Development Commissioner, Cochin Special Economic Zone was the Chief Guest at the programme. Dr. Bose Nair, Vice President, World Trade Center and Ms. Sree Rajmohan, Regional Director, EPCES also spoke. Read More

Lead Generation & Effective Conversion Strategies

May 28, 2021 - A certified online workshop on “Lead Generation & Effective Conversion Strategies” was conducted that discussed the essentials of lead generation process. Mr. Rakesh Gopinathan, CEO, WowRakesh was the Speaker. Mr. Rakesh spoke in detail about the process of identifying quality leads and converting them into loyal customers who can later on become brand advocates. He explained the roles of Marketing, Sales and Service teams in the various stages of lead generation. He mentioned the various Key performance indicators like – Cost per lead, Number of qualified leads, website traffic to lead ratio. He also spoke about targeting the audience through the customers’ demographics and psychographics. Content should be created and customized for this audience. A good knowhow of the competion is also key to grow your reach. He elaborated on the creation of a compelling offer that would make the customer perceive the value and seek its benefits. Dr. Bose K. Nair, Vice President, WTC Bengaluru, Kochi & Chennai and Mr. Sandeep Raj, Coordinator, WTC Kochi also spoke. Read More

Recent Amendments in Schedule III of Companies Act

May 28, 2021 - The World Trade Center conducted a webinar on “Recent Amendments in Schedule III of Companies Act 2013”. This was done in association with World Trade Center Pune and had Mr. Vinay K. S., Executive Partner – Assurance, ASA & Associates LLP as the speaker. Mr. Vinay explained the scope of the amendments to Companies Act and the entities who would be affected by it. He gave instructions for the preparation of balance sheet in accordance with the new amendments. Companies needs to disclose the borrowings from banks and other financial institutions. Companies also needs to provide details of, current ratio, debt -equity, return on equity, net profit, trade receivables, trade payables, net profit ratios etc. and a difference of more than 25% in these have to be justified. He urged companies to prepare for comparative information for year 2022, assess and make changes to existing systems & processes and gear up new IT infrastructure to meet the requirements. Mr. Hrishikesh Nair, COO, Brigade Group and Mr. Niraj Khinvasara, Chief Innovation Officer, WTC Pune also spoke. Read More

WTC Kochi observes Earth Hour

April 29, 2021 - To express solidarity to initiatives against Global Climatic Change, World Trade Center Kochi observed ‘Earth Hour’. This is usually observed on the last Saturday of March every year wherein buildings & establishments across the globe drop their energy consumption by switching off the non-emergency lights. The event was enacted for a duration of 30 minutes from 8.30PM to 9.00 PM. A net saving of nearly 35% of electrical energy was observed during the activity. Read More

Decoding Labour Codes 2020

April 17, 2021 - The Ministry of Labour and Employment has finalised rules under the four labour codes. The one on Wages was passed by Parliament in 2019 while the three other codes got clearance from both the Houses in 2020. So now all the four codes are ready to be notified at one go and is expected any time soon. Mr. Himanshu Srivastava Director- ASA Corporate Catalyst India spoke at a webinar on labour laws organised by World Trade Center Kochi. Mr. Srivastava introduced the four codes- on Wages, the Industrial Relations Code, the Occupational Safety, Health and Working Conditions Code and the Code on Social Security. ASA & Partners were the Knowledge Partner for this event. Mr. Srivastava explained the new definition of wages and how the Central Government has allowed States to fix floor rates for skilled and unskilled labour. Structuring of bonus, payment of dues and claims were also discussed. He warned the participants about the consequences of non-compliance. According to him the key impact of the new codes is that all compliances will be monitored by a new officer names Inspector cum Facilitator (ICF) and explained the responsibilities of this new post. OSH code has been derived from 13 sub codes and has holistically covered all aspects of health and safety. He remarked that private companies will be largely bound by State laws. The need for proper documentation was highlighted. Contract labour can be employed in all jobs except core activities and he went on to differentiate between core and non-core activities. Responsibility of employers especially in Covid scenario, new work rules, gratuity laws, leaves especially for maternity were explained. On industrial relations, the speaker said that the objective of this legislation is to create peace and harmony between employer and employee. Dispute resolution process was elaborated. Specific scenarios like strike, lock out, retrenchment and closure were also discussed. Mr. Srivastava remarked that the role of HR department is even more critical in the new scenario. Case studies and scenarios were presented which helped the audience to relate to the situations. The session witnessed active participation from corporates across the country. Several practical queries and ambiguities on the new codes were raised at the program to which the speaker provided his clarifications. Read More

Meeting with the new CEO-Kerala IT Parks

March 27, 2021 - Mr. John M Thomas has been appointed by the Government of Kerala as the new Chief Executive Officer, IT Parks. A team from Brigade Group representing World Trade Center Kochi and Four Points by Sheraton met him in Kochi and extended all support for the development of IT and ITeS in the State. The discussions were centered around the present scenario in the technology parks; Thiruvananthapuram, Kochi, Kozhikode, Cherthala and Koratty. Mr. Thomas thanked the Brigade Group for its continued association with Kerala IT and for providing world class facilities for global MNCs. Former CEO Mr. Sasi Meethal was also present. Read More

WTC Kochi commemorates International Women’s Day

March 27, 2021 - The International Women’s Day was commemorated at the World Trade Center Kochi. A meeting was organized to felicitate the women supporting staff. Their contribution had been instrumental in keeping the operations smooth during the pandemic. They were also congratulated for their untiring efforts which continue to make WTC a safer workplace. Read More

Analysis of the Union Budget 2021-22

February 24, 2021 - The Union budget 2021-22 was presented on 1st February 2021 by Honourable Finance Minister, Ms. Nirmala Sitaraman. To discuss on the implications it had on the direct and indirect taxes, World Trade Center Kochi in association with Indo American Chamber of Commerce and BDO India LLP organized an online session ‘Analysis of the Union Budget 2021-22’. Renowned Economist and Author Dr. V. K. Vijayakumar was the Keynote Speaker at the programme. Mr. Dinesh Kumar, Associate Partner – Indirect Tax and Mr. Raghnathan Parthasarathy, Associate Partner – Tax & Regulatory Services, BDO India LLP spoke on Direct and Indirect tax. World Trade Center Pune was the channel partner for the programme. Dr. V.K. Vijayakumar spoke about the context under which the 2021-22 was presented. He recollected the historic 1991 budget by then Finance Minister, Dr. Manmohan Singh. In this year, GDP had contracted by 23 percent, huge losses in MSME segment and also a large fiscal deficit. It is expected that India will be the fastest growing economy by next fiscal year. Certain sectors like travel & tourism hospitality have suffered under the pandemic while other organized sectors like pharmaceuticals, IT, automobile, cement etc have flourished indicating a ‘K shaped ‘ recovery for the economy. The current budget is focused on privatization. He commended the National Infrastructure Pipeline in which 111 lakh crore are to be spent over 2020-25 by Central, State governments and private sector which can kickstart high economic growth in the country. Mr. Raghunathan Parthasarathy, explained the impacts on Direct tax. He elaborated on the amendments in the MAT provisions, transactions tax, withholding tax, personal tax etc. and also on the changes in timelines regarding summary assessment. He also mentioned the boost to real estate sector that is proposed. Mr. Dinesh Kumar detailed on the changes in indirect tax. He explained the changes in GST, Customs and amendments in Central Sales Tax. Dr. Bose K. Nair, Vice President, World Trade Center; Mr. Ambarish Saraf, Chairman, IACC and Mr. Vivek George, Manager, World Trade Center Bengaluru, Kochi & Chennai also spoke. World Trade Center Pune was the channel partner for the programme. Read More

Virtual Selling for Sales Professionals

February 24, 2021 - World Trade Center Kochi organized a certified online workshop on “Virtual Selling for Sales Professionals” with Mr. Rakesh Gopinathan, Mentor & Coach, WowRakesh as the faculty. Mr. Rakesh spoke about the importance of content, creativity and communication in B2B, B2I and B2E interactions. He elaborated on the concept of virtual reality which could drive future sales in the era of virtual selling and also explained how virtual selling is different from conventional sales. He demonstrated how to establish virtual presence using appropriate backgrounds, positioning of the screen and gestures. Sales professionals from the low, mid and executive levels of companies from various sectors took part. Read More

Webinar on RoDTEP Scheme

January 29, 2021 - The Finance Ministry in the press conference held on 14th September 2019 announced the rollout of Remission of Duties and Taxes on Exported Products scheme (RoDTEP) replacing the existing Merchandise Exports from India Scheme (MEIS). In this context, World Trade Center Kochi in association with Indo american Chamber of Commerce organized a Webinar on the RoDTEP Scheme on 28 January 2021. Experts from Lakshmikumaran & Sridharan Attorneys – Mr. Ravi Raghavan, Senior Partner; Mr. P.M. Prabhakaran, Partner; Mr. Srinivasan, Joint Partner; Mr. Karthik Nair, Joint Partner and Mr. Kalirajan D., Principal Associate were the speakers. Mr. Ravi Raghavan in his introductory address gave an overview of the scheme. The scheme at its early stage still poses various challenges to exporters. Mr. Prabhakaran gave a background of the scheme and how it came to being. The reason for introduction of the RoDTEP scheme was to overcome the legal challenges faced by India at WTO as the MEIS scheme was challenged by USA and other countries for being inconsistent with Article 3.1(a) of the Agreement on Subsidies and Countervailing Measures (SCM). Some of the existing schemes like export oriented units/EHTP/BTP, Export Promotion Capital Goods Scheme were challenged as there were several claims by United States against several subsidies that were provided to the exporters which had put some of the US importers at a disadvantage. The MEIS Scheme has been discontinued with effect from 31st December 2020 and RoDTEP commenced on 1st January 2021. Mr. Karthik Nair explained the salient features of the scheme. RoDTEP would refund the embedded Central, State and local duties/taxes that were not being refunded. It is also WTO compliant. The refund would be credited in an exporter’s ledger account with Customs and would be used to pay Basic Customs duty on imported goods. The credits can also be transferred to other importers. The RoDTEP rates would be notified shortly by the Department of Commerce.Mr. Kalirajan explained the conditions and procedures for availing the benefits of the scheme. RoDTEP requires the filing of a Declaration of intent. Mr. Srinivasan discussed the potential practical issues of the scheme at this stage. Read More

India-US Relationship under Biden administration

January 29, 2021 - An online conversation was organized between Ambassador T.P. Sreenivasan, Former DCM, Washington & Ambassador of India to United Nations and Mr. Mukund Padmanabhan, Former Editor - The Hindu, Chairman - World Editors Forum. They discussed the changes that could happen under the Biden-Harris administration. The programme was conducted in association with the Indo American Chamber of Commerce. Mr. Mukund enquired whether the new administration would focus primarily on COVID 19 rather than other matters like international relations and climate change. He remarked that the India-US relations have changed under the regimes of different Presidents, but now it is stabilized. Ambassador Sreenivasan opined that Biden will have a softer approach towards China. India has been careful not to provoke China so far. This is a window of opportunity for India to have a relationship with US without being an ally to the US or China. Harris’ approach to issues in Kashmir was debated, and Ambassador Sreenivasan stated that both Biden and Harris have been vocal about human rights issues, but with them assuming office, things might change and they might look at it from a geopolitical angle. The likely suspension of H1B visas by Biden – Harris administration was also discussed. Ambassador Sreenivasan explained that as immigration is a bipartisan policy, US would adopt an approach, in line with the citizens’ mind-set and would be more restrictive in issuing visas. Mr. Ambarish Saraf, Chairman, IACC, Dr. Bose K. Nair, VP, WTC and Mr. Vivek George, Manager, WTC also spoke. The event had participation from Officials from the Consulates in Mumbai and Chennai.Moderator also took a few questions from the audience which were answered by the Ambassador. Read More

Workshop on Letter of credit and Incoterms

December 17, 2020 - World Trade Center Bengaluru, Kochi and Chennai in association with World Trade Center Pune organized a certified online workshop on International Letter of credit and Incoterms. Mr. Ramesh Kshirsagar, Former General Manager & Chief Risk Officer - Treasury & International Banking, Bank of Maharashtra was the faculty. The two day programme broadly covered topics such as - methods of trade settlement, uniform customs, documentary credit, credit sanctions by banks, uniform rules for reimbursement, cost implications and other aspects of letter of credit. Mr. Kshirsagar differentiated between the different types of Letter of Credit such as - revocable, irrevocable, transferable, red and green clause, restricted & unrestricted, confirmed and unconfirmed etc. He also listed the roles and responsibilities of the parties involved in the letter of credit such as - importer, LC opening bank, exporter, LC advising bank, negotiating bank, reimbursing bank etc. He gave the participants a set of do's and don'ts regarding letter of credit – Mr. Kshirsagar opined that having a clear idea about foreign bank charges and the clarity on the compliance needs are important. He added that it is always advisable to involve lesser number of banks in the process and in case of any ambiguity, one needs to ask for amendment from the applicant. Mr. Kshirsagar gave a detailed analysis of a letter of credit using the SWIFT format at the end of which participants were equipped to read and understand the various fields in an LC document. He also explained the various Inco-terms such as ex-works, free-carrier, free alongside ship, cost & freight, cost insurance & freight, delivered at place, delivered duty paid etc. He also detailed on each of these Inco-terms and which parties are at risk in each of these agreements. Participants included exporters, importers, government representatives, supply chain professionals etc. Dr. Bose K. Nair, VP, World Trade Center and Mr. Vivek George, Manager, World Trade Center Kochi and Chennai also spoke. Read More