CICU organises web conference on maintenance of financial solvency

The members deliberated upon maintenance of financial solvency, managing finance cost and cost cutting and foreign exchange exposure

Fearing massive financial crises post lockdown, the Chamber of Industrial and Commercial Undertakings (CICU) on Wednesday organised a web conference for its local members on maintenance of financial solvency, managing finance cost and cost cutting and foreign exchange (forex) exposure. The members also deliberated upon recent changes introduced in the goods and service tax (GST) by the Central Board of Excise and Customs (CBEC) and the recent extension in the Foreign Trade policy.

Savings (Getty Images/iStockphoto)

Chartered accountants (CAs) Nipan Bansal and Manmohan Dhiman, partners with M/s Parshotam and Associates, were the speakers for the session that was attended by 175 industrialists and CICU members.

Bansal deliberated on the current steps taken by the Reserve Bank of India (RBI) and government of India (GOI) to infuse liquidity into the system. He explained the current changes in policy rates, including repo and reverse repo rate, and their impact on the financial position of banks and how to take benefits of the increased liquidity in the system. He also discussed the techniques including options to manage forex losses.

Later, Dhiman briefly explained the extension of timelines by CBEC under GST regime and how to avail benefits under the Foreign Trade Policy

CICU president Upkar Singh Ahuja said that regular sessions are being organised to deliberate upon how the industry could manage and revive itself post lockdown. The CICU has also been submitting memorandums with the government for providing relief in terms of power bills, taxes and bank installments.