Karnataka Chapter Executive Committee Meeting – 28th May 2020

AMCHAM’s Karnataka Chapter Executive Committee meeting was held over conference call on May 28th. The focus of the conversation was how the Karnataka Chapter could engage members and drive value during the current COVID-19 lockdown crisis with interesting webinars and speakers and engagement with the Government of Karnataka. In addition, measures to expand AMCHAM’s awareness and engagement with non-member companies to on board as new members, were discussed.

Future of Internal Audit and the Role of Automation – 28th May 2020

AMCHAM’s Karnataka Chapter, in partnership with RGP Professionals, hosted an interactive webinar on the ‘Future of Internal Audit and the Role of Automation’ on May 28th. The webinar focussed on how businesses should respond to today’s economic shocks, as well as how risk and compliance leaders should consider reassessing internal audit priorities and controls to ensure that employees stay within boundaries and reduce exposure to risk.

The audit team should focus on possible breakdowns as business functions operate from a remote or alternate locations, or even from home. Mr. Raviraj Vasu, Senior Practice Leader, RGP India, talked about how Robotic Process Automation (RPA) can play a very important role Bots can be deployed to save time and increase efficiency of internal control assurance activities by automating access to ERP systems, pulling data samples for testing and automatically executing test scripts. The webinar was attended by companies like Swagelok, Thomson Reuters, IBM, Parexel, Synopsys and Optum, among other member companies.

Institutionalizing Remote Working in partnership with Ernst & Young – 22nd May 2020

AMCHAM’s Karnataka Chapter hosted an interactive webinar for member companies with speakers from Ernst & Young on the topic of ‘Institutionalizing Remote Working.’ As recovery signs begin to emerge from the COVID-19 pandemic, organizations are transitioning from business continuity to a transformed view of “workplace of the future.” These unprecedented times have accelerated many organizations in their need to reimagine businesses and workforce models. Companies will start thinking of less office space, less commuting, fewer business trips, shorter breaks and greater focus for employees.

Decisions on physical vs. remote return will have far reaching consequences on the way employees return to work. The webinar focussed on the now, next and beyond for people strategy in organizations. The speakers were Mr. Vijayashankar Ananthanarayanan, Director People Advisory Services and Ms. Priyanka Gupta, Director People Advisory Services, from Ernst & Young. The session was attended by members from companies like IBM, Swagelok, Grant Thornton, First American, Inteva Products, Textron and others.

Investing in Resilience – Bringing Together CSR Leaders to Address Long Term Impact of COVID -19 – 22nd May 2020

On May 22nd, AMCHAM’s Western Region organized a webinar on ‘Investing in Resilience – Bringing Together CSR Leaders to Address Long Term Impact of COVID -19.’ The session commenced with opening remarks and an introduction to the speakers by Ms. Surabhi Wahal, Regional Director – Western Region, AMCHAM. Ms. Neelam Makhijani, Country Director & CEO, ChildFund India, set the stage through her remarks and shared an overview of ChildFund India’s initiatives in light of COVID-19 to support children and communities across India. Ms. Makhijani touched upon the short and long term manifestations of COVID-19. Through a video she highlighted what ChildFund has been able to achieve in their relief and rehabilitation interventions.

This was followed by an address by Ms. Neha Kapoor-Bharadwaj, India Lead, Environmental, Social and Governance, Bank of America, N.A., who spoke of the CSR efforts by Bank of America in humanitarian relief to vulnerable communities during these times. She shed further insights on Bank of America’s holistic partnership with not-for-profit organizations to support hospitals, caregivers, providing access to education and upskilling initiatives, providing sanitation kits and spreading awareness. An interactive Q&A session followed. The webinar concluded with closing remarks and vote of thanks by Ms. Surabhi Wahal.

U.S. CARES Act – Putting the Provisions in Context: A Fire Side Chat – 22nd May 2020

A virtual fire side chat on ‘U.S. CARES Act – Putting the Provisions in Context’ was organized by AMCHAM India’s Taxation Tariff & Regulatory Affairs Committee on May 22nd. Featured speakers at the event included Mr. Robert Garverick, Honorary NEB Member, AMCHAM and Minster Counselor for Economic Environment, Science and Technology Affairs, U.S. Embassy, Mr. Rishi Chugh, Partner, Business Tax Services, Partner in-charge for the U.S – India Corridor for KPMG LLP, U.S., Ms. Amy Matsuo, Principal, National Leader KPMG’s Regulatory Insights Practice, KPMG LLP and Mr. Steve Borman, Partner, Tax, KPMG LLP. The session was moderated by Mr. Rishi Chugh. On March 27th, 2020, the United States Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became effective with the objective of protecting U.S. businesses affected by COVID-19 with financial assistance in the form of loans, guarantees and other investments. While businesses continue to grapple with operations, workforces and finances, the Act provides a ray of hope for millions of businesses who are closely examining its implications and benefits in the short to medium term.

Mr. Robert Garverick referred to the present pandemic as the first of its kind the world has had and a concern never seen before. He said that the fallouts have been grim and have had to be addressed at a political level and hence the President and Congress discussed an economic package to overcome some of the challenges foreseen. At the national level, effort has been to find a balance between healthcare and economic stimulus resulting in the announcement of a massive package of $2 trillion, known as the U.S. CARES Act, the largest economic relief the U.S. has ever passed. Downturn in the economy and high unemployment have been key drivers. Mr. Garverick briefly touched upon the key features of the act and the benefits that accrue from it. He emphasized that this package was designed for American workers and the American economy. Mr. Garverick was appreciative of the remarkable speed at which this complex monumental Act has been achieved and is being administered.

Ms. Amy Matsuo provided the participants details regarding key provisions of the CARES Act and its funding support as enumerated therein. She also detailed the Paycheck Protection Program and Health Care Enhancement Act (CARES Act Amendment), some salient features, challenges and risks in the PPP, as well as the PPP Funding and Forgiveness Timeline prescribed in the Act. Mr. Steve Borman highlighted key tax provisions related to the CARES Act. He largely dwelled upon provision of hundreds of billion dollars and changes in the net operating loss provisions, employee retention credits for businesses and delay in employer payroll taxes.

Town Hall with Ambassador Kenneth I. Juster, U.S. Embassy and Honorary President of AMCHAM – 21st May 2020

AMCHAM organized a virtual town hall with Ambassador Kenneth I. Juster, U.S. Embassy, and Honorary President of AMHCAM. Ms. Ranjana Khanna, Director General CEO, AMCHAM, welcomed participants and introduced the speakers. She noted that Ambassador Juster has visited every state in India during his tenure. In his address, Ambassador Juster provided an overview of the last few months, beginning with President Trump’s visit to India in February – a high point in the U.S.-India relationship. Then the COVID-19 pandemic hit. He described the efforts of the U.S. Mission in India as it has repatriated thousands of U.S. citizens, ensured pharmaceutical medical supply lines continued, supported back office operations for U.S. financial services operations, supported India’s COVID-19 response, and facilitated business requests for companies while India was on lockdown. He also looked forward as to the future implications of the COVID-19 pandemic for the U.S.-India relationship.

AMCHAM Vice Chairperson and Bank of America India President and Country Head, Ms. Kaku Nakhate, gave an overview of India’s economic scenario and moderated a Q&A session with the Ambassador. Some of the topics that were covered included foreign policy matters, economic devastation, global value chain disruptions, the need for countries to have trusted partners, import substitution, trade barriers, and the medical devices sector. AMCHAM Vice Chairperson and Timken India Limited Chairman & Managing Director, Mr. Sanjay Koul, gave the vote of thanks. The closed-door session, under Chatham House rules, was well attended with more than 90 participants.