Chqbook Launches Digital Ledger, Lending, Insurance Online Services For Small Merchants

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Chqbook, a fintech startup focused on small business owners such as kiranas, merchants, and chemists, has launched a suite of services, including current account for daily transactions, short to long-term business loans, and insurance products on its platform.

The Gurugram-based startup will provide these features on its new mobile app which will target a market that currently has over 60 million small business owners with a smartphone.

Many of these small mom-and-pop online business registration owners currently depend on manual ledgers to record daily transactions, and some do not even own a bank account, without which access to change company name credit is almost impossible.

Chqbook said it plans to address this gap by opening current accounts and providing financial products such as insurance and credit access to help bring small business owners to the formal economy.

Parliament Passes The Essential Commodities (Amendment) Bill, 2020

This bill will create a positive environment not only for farmers but also for consumers and investors: Shri Danve Raosaheb Dadarao Legislation will help in more investment in cold storages, modernization of the food supply chain, bringing price stability, create a competitive market environment, and prevent wastage of agri-produce The Essential Commodities (Amendment) Bill 2020 with provisions to remove commodities like cereals, pulses, oilseeds, edible oils, onion and potatoes from the list of essential commodities was passed by Rajya Sabha today. 

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Earlier, the bill was introduced by the Minister of State for Consumer Affairs, Food & Public Distribution, Shri Danve Raosaheb Dadarao in the Lok Sabha on 14th September 2020 to replace ordinances promulgated on 5th June 2020. The bill was passed by Lok Sabha on 15th September 2020. The EC (Amendment) Bill 2020 aims to remove fears of private investors of excessive regulatory interference in their business operations. 

The freedom to produce, hold, move, distribute, and supply will lead to harnessing economies of scale and attract private sector/foreign direct investment into the agriculture sector. It will help drive up investment in cold storages and modernization of the food supply chain. 

The Lok Sabha has passed three Bills that complete the government’s codification of 29 labor laws into four codes, with the Rajya Sabha passing the Industrial Relations Code, 2020, the Occupational Safety, Health, and Working Conditions Code, 2020 and the Social Security Code, 2020. The three Bills that merge 25 laws were passed by the Lok Sabha on Tuesday. The first, of the four codes proposed by the government, the Code on Wages, was passed by Parliament in 2019. The Occupational Safety, Health and Working Conditions Code 2020, seeks to amend the laws regulating the occupational safety, health and working conditions of the persons employed in an establishment. 

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The second bill, The Industrial Relations Code 2020, aims at amending the laws relating to Trade Unions, conditions of employment in industrial establishment or undertaking, investigation, and settlement of industrial disputes, and the third bill, The Code on Social Security, 2020 seeks to amend the laws relating to the social security of the employees in the country.

The Government, while liberalizing the regulatory environment, has also ensured that the interests of consumers are safeguarded. It has been provided PMAY registration in the Amendment, that in situations such as war, famine, extraordinary price rise, and natural calamity, such agricultural foodstuff can be regulated.

However, the installed capacity of a value chain participant and the export demand of an exporter will remain exempted from such stock limit imposition so as to ensure that investments in agriculture are not discouraged. Replying to the discussion on the Bill before it was passed by the Rajya Sabha today, Minister of States for Consumer Affairs, Food & Public Distribution Shri Danve Raosaheb Dadarao said that this amendment is required to prevent wastage of agri-produce due to lack of storage facilities. 

He said this amendment will create a positive environment not only for farmers but also for consumers and investors and will definitely make our country self-reliant. He said that this amendment will strengthen the overall supply chain mechanism of the agriculture sector. This amendment will also help to achieve the government’s promise to double the farmer’s income by promoting investment in this sector and promote ease of doing business.

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