I C Call : 98930 98803 RNI No.MPBIL / 2014/ 59047 Page 2
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New Delhi : Japan plans to double its investments in India in five years to over $35 billion, develop exclusive Japanese townships in the country and intensify cooperation in information technology, Japanese Minister of Economy, Trade and Industry Yoichi Miyazawa said here. Miyazawa and Commerce & Industry Minister Nirmala Sitharaman signed a five-point agenda for furthering trade and investment ties between the two countries and encouraging AsiaPacific economic integration. Japan is the fourth largest investor in India with about $17.9 billion worth of investments currently. Doubling this in five years, as targeted, would increase Japanese investments to more than $35 billion and probably push the country up to the second or third place, after Mauritius and Singapore. The agenda includes developing Japanese industrial townships, promoting infrastructure
New Delhi : Tax authorities will soon notify the new Income Tax Return (ITR) forms to be used to give income details for financial year 2014-15 (which is also referred as assessment year 2015-16). A senior Finance Ministry official said changes in the earlier notified forms are being finalised and hopefully the “new forms will be out very soon.” However, he refused to share any details about the changes. It is believed that there could be some changes related with foreign travel and the norms on bank details could be simplified. The new ITR forms, especially ITR 1 (for salaried person who have no other income except interest income), seeks details about foreign travel and all bank accounts along with the balance as on March 31, 2015, besides other information. These measures are meant to track black money.
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and investment development, further development and cooperation in information technology, enhancing cooperation in strategic sectors, and further concentrating on Asia-Pacific economic integration, Miyazawa said at a press conference after signing the agenda. “This (action agenda) is in
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line with Prime Minister Narendra Modi's vision of Make in India,” said Sitharaman at the briefing. IndiaJapan bilateral trade in AprilFebruary 2014-15 was around $15 billion, with India's exports at $5 billion and imports at about $9.3 billion.
New Dehi : India will be the steel consumption for the first time lone bright spot for Chinese steelmen trying to cut bloated since 1981. inventories as Asia's third-largest "The China slowdown will give economy embarks on a once-in-a- India an opportunity to emulate generation urbanisation drive under China's progress over the last few decades and emerge as a major Prime Minister Narendra Modi. Urban dwellers will double to more global steel player in its own right," than 800 million by 2050, a scale of said analyst Manoj Mohta at CRISIL mass urbanisation only seen before in Research. As India urbanises and China. Ahead of Modi's election last i n d u s t r a l i s a t i o n a d v a n c e s , May, he vowed to construct 100 so- infrastructure investment will rise called "smart" cities by 2022, an 43% to about $472 billion over the infrastructure project some estimate next five years compared with the five w o u l d c o s t $ 1 t r i l l i o n . years before. As India build new roads, office India's steel consumption grew 2.2% b l o c k s a n d c i t i e s , i t s s t e e l last year to 75.2 million tonne. consumption growth will put the Demand may rise 6.2% this year and country at the top of the list of the 7.3% in 2016, the World Steel world's 10 biggest steel users this year Association says. and the next, according to the World In the fiscal year ended in March, steel imports jumped 71% to 9.3 million Steel Association. Demand from China and the United tonne, most of which were from States, the two largest consumers, is China. Cheap Chinese steel has forced some forecast to either fall or stay flat. Outside China, India is the best bet for Indian mills to cut prices and post losses in recent quarters. Chinese steel mills. The sector in China has been saddled Steel Authority of India , Tata Steel, by excess capacity of around 300 JSW Steel, Essar Steel, Jindal Steel million tonne, three times the annual and Power, Bhushan Steeland Visa output of Japan, the world's No.2 Steel are planning to expand their combined capacity by 9% in the fiscal producer after China. The glut grew more pronounced last year started last month to compete year as a slowing economy cut China's with low-cost imports. The secret of business is to know something that nobody else knows. - Aristotle Onassis
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New Delhi : The World Bank has said that India's economy seems to have turned the corner and outlook has improved significantly, but even then it projected the economy to expand by 7.5 per cent during the current financial year, quite lower than the Budget assumption of 8.5 per cent. However, the Bank pegged the economic growth rate to be 8 per cent by 2017-18, which is not up to the expectations of the government, but quite higher than International Monetary Fund's projections. The Bank waned against external headwinds which may come in the form of reversal of declining oil prices and normalisation of monetary policy in US. Besides, merchandise exports may face the uphill task visa-vis competitors. In its India Development Update, the Bank expected that India's economy grew 7.2 per cent for 2014-15, lower than official advance estimate of 7.4 per cent.
• First show of Central India concluded • Industries shown deep interest along with government departments
Indore : Clean India show 2015 which introduced new techniques of cleaning with new dimensions of cleaning science concluded . The show which was organized very first time in central India by virtual Info system Private Limited received better response more than expectations of the organizers. In this Show more than 25 products were launched first time and state of art techniques of this show also attracted civil body departments of the state. Success of the first show encouraged the organizers to organized next show in which they promise to make available more equipments and resources of more developed techniques for the cleaning arrangements of the state. Encouraged for better products
On this occasion Mr. Jairaman Nayar , chairman, virtual info system said that “ Clean India Show 2015 was very important for us . In this show Municipal officer of Indore and Bhopal was present along with industrialists of the state and praise equipments of modern techniques displayed here. Beside this MP Tourism department has also shown its interest in the show. There are some visitors attended show who always participated in every show. Quality visitors coming from nearby also gave more importance to the show. “According to Mr Nair due to advance support from the state we were able to made available better products from the previous show. Show was dedicated to launch new products On the closing ceremony of the show
Mr J P Nair, Managing Director of the Virtual Info System said that “show organized at Indore is known for launching for new products. In this show more than 25 products were displayed first time. In this show launching of equipment to produce biogas from organic waste made by Melham Company and composite solution machine, Bio toilets and cleaning proves to be important. Biogas technique of the Melham is a modern technique to produce biogas from the domestic and industrial waste. In this technique there is no need to sort wastage. Beside this composite solution machine is a technique which composite any waste material within 24 hours. Launching of such few products was important for the show.
Bhopal Municipal corporation shown interest Tejaswi Nayak, commissioner, Bhopal Municipal Corporation was very much impressed with the equipments of modern technique and waste disposal solutions displayed in the show. She studied deeply the solutions of various companies and invited some companies to visit Bhopal. On the inaugural day of the show Mr Ajay Singh Naruka, Chairman of Indore Municipal Corporation is also praised solid
waste management technique and assure to propose this technique for IMC. Training centre will be opened A new initiative was taken in the show to make available the continuous information to the state about science, technique and equipments of the cleaning management. On the closing day of the show agreement was made to open a training institute at Indore. Institute named Institute of Cleaning Science and Management will open very soon.
EDITORIAL
one-stop-solution for all start-up businesses,
T
he National Democratic Alliance (NDA) should have learnt from the problems of the United Progressive Alliance (UPA) after the 2012 Budget: it becomes very difficult to sell an open-tobusiness narrative when foreign investors and companies are confused or scared by the government's tax law and administration. Unfortunately, the government seems to have squandered the goodwill that the change of dispensation from the UPA to the NDA had bought it - most recently by sending out letters to foreign institutional investors (FIIs) suggesting that their capital gains needed to be taxed under the minimum alternate tax, or MAT, which has a tax rate of 20 per cent. This came as a shock to many FIIs and led to sentiment - already vitiated by a couple of high-profile tax demands - turning negative. This may have led to the fact that FIIs are likely to turn net sellers in debt on the Indian markets, for the first time since November 2013. The government has worked hard to do damage control. Instead of the original Rs 40,000-crore claim, the eventual notices sent out amounted to demands for unpaid tax of only around Rs 600 crore. And even some of those FIIs would be exempt if they came from countries with tax treaties, such as Mauritius or Singapore. Those paying capital gains in their home countries may also be exempt. But the damage has, in many ways, been done. Even the lower tax demand, sent out to just 68 FIIs, will not cause the hundreds of others to feel any more secure. Some funds, which entered the debt market on the promise of a concessional tax rate when India's external account was weak, could now find
Pratibha Shrivastava themselves subject to higher rates of taxation; yet others will have to account suddenly for capital gains made years ago that may already have been disbursed to the funds' original investors. The undeniable whiff of retrospective taxation in this is impossible to evade. The government's contention that this follows a judicial ruling on the subject does not hold much water for those affected, who believe that, after all, the government had ample opportunity and ability to change or clarify the law. There is a simple and sensible way out that could be made applicable to not just foreign but also domestic investors, and would go a long way towards solving this particular problem as well as setting in place some trust that such nasty surprises won't recur. And that is to set into place a simple rule: no demands will be sent out for income or gains that may have escaped scrutiny for more than two years after that income was earned or those gains hit the books. Currently, this is a ridiculous 16 years (after the assessment year) for income related to foreign assets! This was another change made in the "taxman's Budget" of 2012. Even domestic income can be subjected to scrutiny by the taxman for up to six years of earning that income. If the tax department in general is so inefficient that it cannot act on issues for so many years, then it is neither just nor sensible to force taxpayers in general to suffer the pangs of uncertainty to make up for the taxman's dilatory approach. This period of scrutiny should be changed to just two years after earning the income and the government will help India recover its tarnished reputation.
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Indore : A start-up from Indore featured in the Silicon beach start-up fair held in Melbourne, Australia recently where it received overwhelming response from the visitors. Titled getworm.com, the website is conceived and developed by three residents of the city namely Sarthak Moghe, Aditya Moghe and Vinny Bhaskar and aims to link early users to startup businesses and ensure that both parties get benefitted by it.The website is an one-stop-solution for all start-up businesses, said the team of the website developers. “The idea was to cater to the demands and needs of start-ups which are booming in the global and nationally market,” said Aditya Moghe, one of the cofounders of the company. Working on the simple dynamics of giving start-ups the right kind of registrations, traffics and walk-ins, the website has so far registered more than 300 newly established businesses in its validation period. “It was so difficult at first to get the users and adopters. It was then that the idea struck us about developing
something to solve this problem,” said Sarthak Moghe, the man behind the entire idea of getworm.com. But how will the website guarantee the flow of registrations? “Getworm works on a simple principle that early bird gets the worm. The website too is named after this concept. We will give the first adopters and people who register with us special perks and schemes which nobody else will have. So the company will be a host to all the start-ups to come and get their first 1000 or 10K registrations,” explained Vinny Bhaskar. Stating that the idea was a hit as every start-up faces problem, Aditya Moghe adds, “Around 75% of the startups die in the first year of their commencement due to lack of proper traffic and branding. We wanted good ideas to be valued and sustained with branding and advertising for which no startup has money.” The only startup from India to get featured in the fair, the team of getworm.com would be sharing space with an Australian company called Fosters in the fare.
Indore : Industries in Pithampur will have to wait a bit longer for water supply from Narmada-Kshipra link project, as the first round of bidding process for selection of project consultant has failed to bear fruit. After a prolonged delay, the state government in February this year had finally initiated the process of building infrastructure for NarmadaKshipra link project to supply water to Pithampur industrial area. Water from this project will also be supplied to nearby investment region being developed under the DMIC (Delhi-Mumbai Industrial Corridor) project. “The DPR (detailed project report) is ready. We had invited bids for selecting a consultant for the project, but no one qualified for the same. So we will again come out with fresh
bids,” Audyogik Kendra Vikas Nigam (AKVN) Indore managing director Manish Singh said. However, the industry is concerned over the delay in the project. With the onset of summer, the Pithampur
industry is once again dependent on water tankers to meet its daily requirement as piped supply from government agency falls short of demand. “The problem will become more acute
Whether you think you can or whether you think you can’t, you’re right! – Henry Ford
Indore : A social worker, an entrepreneur and a loving wife -Indore's Shruti Oza Khemlani is all these and much more now. She was crowned with the Mrs India International-2015 runners-up title during a star-lit programme in Atlanta, United States of America (USA). A perfect blend of beauty and talent, Shruti was handed over the prestigious title in a well contested finale. Director of an English training institute in the city, Shruti has been working vigorously for animal rights for several years. On this achievement Shruti says. "This is a big achievement for me! It was really a tough competition. I feel really proud to have come this far in this contest and elated at winning the runners-up title."
in May as the water level in the reservoirs will come down,” Pithampur Audyogik Sangathan president Gautam Kothari said. The Pithampur industrial area has a demand of 18-20 MLD (million litres a day) of water while the project will initially supply 30 MLD and will be scaled up to 60 MLD and then 90 MLD once the project becomes fully operational. The second phase will involve improving works of existing water supply system at Pithampur. In September 2013, the DMIC Trust cleared the Pithampur water supply project to lay pipeline from NarmadaKshipra link. An earlier deadline of completing the first phase of the project by March 31, 2016, has now been pushed back by a couple of years.
Ahmdabad : State-run Oil and Natural Gas Corporation (ONGC) is planning to use its Tapti assets in the western offshore to advance production of gas and condensate f r o m i t s neighbouring Daman field, under a Rs 5,219-crore plan. The assets comprise the Tapti gas processing platform, gas gathering stations and sub-sea pipelines. ONGC holds 40% stake in the PannaMukta and Tapti fields; Reliance Industries (RIL) and BP hold 30 per cent each. However, with the Tapti output declining rapidly, the three partners have decided to end the joint venture (JV), the production sharing contract for which expires in 2019. ONGC will take over the fields from the other two. It will lay a small pipeline from the Daman field to the Tapti process platform, connected by a 70-km pipeline to its facility at Hazira. Under a strategy to focus on small and less difficult fields to fill the production void due to delays in development of large assets like KGD5, ONGC is investing Rs 5,219 crore in Daman. “There have been a few technical issues in the handing over and the taking over of the facilities. The issues are now over and the process of taking over will begin July onwards. In Daman, we are developing seven wellhead platforms. Three of these will be ready to pump gas by July. These will be connected to the Tapti Process Platform,” said a senior ONGC executive. He added the first output of gas, 2.3 million standard cubic metres a day (mscmd) will start flowing from the three Daman platforms by July and the next four will start operating in 2016, taking the production to 8.2 mscmd. Gas production from the Tapti fields
I love Indian Food, specially Dum Aloo & home made Paneer are my favorite food. My favorite sports are Cricket & Tennis. My favorite sportsmen are Garfield Sobers, Rahul Dravid & Sachin Tandulkar in Cricket & Pete Sampras & Roger Federer in Tennis. My favorite books is 'Long Walk to Freedom' by Nelson Mandela. dropped to half or 14.2 billion cubic feet (bcf) last financial year, even as oil production slumped a little over 20 per cent to 0.2 million barrels. ONGC will take over the Tapti Part-A facilities, along with the abandonment obligation; the joint venture will be responsible for the abandonment obligation for Part-B facilities. The obligation includes dismantling the infrastructure set up for production. Panna-Mukta, 90 km northwest of Mumbai, is primarily an oil-bearing field. Its oil production was flat at 7.2 million barrels, as gas production rose eight per cent to 70 bcf. The JV will continue to operate the Panna-Mukta field, likely to be in operation till 2018-19. Tapti is primarily a gasbearing field, 160 km northwest of Mumbai. Its gas output is expected to fall to zero by the end of the current financial year. The Daman Development Project, 100 km from the Daman coast, includes additional development of the C-24 fields and monetisation of the B-12 marginal fields. The company is likely to produce a cumulative 27.6 billion cubic metres of gas and five million cubic metres of condensate over two decades to 2035. These will be routed to the Hazira facility through the Tapti processing assets. The Daman development plan, coming after the announcement of a Rs 5,813-crore Mumbai High South Redevelopment Project (Phase-3) a few months earlier, signifies ONGC's aggressive investment push in the western offshore basin to turn around output growth, which had grown only marginally in 2014-15.
My Mother is my Inspiration.
My favorite movies is "Mughal-EAzam". My favorite actors are Amitabh Bachchan & Nutan. My favorite holiday destinations is "Goa".
I always carry with me a book to read.
Sanjay Jagdale President - Madhya Pradesh Cricket Association
Mumbai : Rajashree Birla, one of the promoters of the Aditya Birla group, joined the Century Textiles board as a promoter director. The appointment, cleared by the company's board, is significant because Aditya Birla group companies are increasing their stakes in Century Textiles to 50% from 45% after conversion of a preferential offer of shares issued to the promoters. The appointment is seen as a precursor to the BK Birla group companies, Century Textiles and Kesoram Industries, synergising operations with Aditya Birla group companies. The board position fell vacant after Sarala Birla, wife of BK Birla, died. Kumar Mangalam Birla, chairman of the Aditya Birla group, Rajashree's son and BK Birla's grandson, chairs board meetings at Century Textiles. Century Textiles' shares closed 5.24% down today at Rs 707 as investors were expecting the company to
announce the transfer of the company's cement division to Aditya Birla group's Ultratech. The Century Textiles stock has shot up 35% merger reports. Century Textiles also announced a net profit of Rs 11 crore in the March 2014 quarter against a loss of Rs 4.9 crore in the same period last year. For 2014-15, the company reported Rs 7,559 crore of revenue and Rs 15 crore of profit. In an interview, Kumar Mangalam Birla denied plans to demerge Century Textiles' cement division and merge it with Ultratech. Birla, however, said Ultratech was planning to increase its cement capacity to 100 million tonnes from 71 million tonnes. Century Textiles has 12.8 million tonnes of cement capacity while Kesoram Industries has 7.25 million tonnes. In a note, global brokerage firm Credit Suisse said Ultratech could improve the profitability of BK Birla's cement
assets by 50 per cent and a merger with Ultratech would be a win-win deal for all stakeholders. Approval by the Competition Commission of India for the deal might be needed in Maharashtra, Karnataka and Madhya Pradesh. According to a plan prepared by Axis Capital, Century Textiles and Kesoram Industries could merge their cement units with Ultratech in an allstock transaction. The Birlas have not confirmed this plan.
New Delhi: The government released its latest consolidated FDI policy which has retained previous UPA regime's decision allowing foreign retailers to open multi-brand stores with 51 percent ownership. Facing criticism on retail FDI issue, the govern sought to downplay the continuation of the policy permitting 51 percent FDI in the multi-brand retail sector saying the BJP's stand remains the same on the matter. "I have not taken a new policy, I have not taken a new stand other than what my party had won its election on," Commerce and Industry Minister Nirmala Sitharaman told to reporters here. "There has not been any change in the policy on FDI in multi-brand retail... BJP won the election based on what it had said in its (elelction) manifesto," she said.
The BJP in its general election manifesto last year had opposed foreign investment in multi-brand r e t a i l s e c t o r. The BJP in its general election manifesto last year had opposed foreign investment in multi-brand retail sector. The latest edition of the annual FDI document also incorporates all policy changes effected over the past one year in sectors like defence, insurance and railways. The multi-brand retail was opened up for foreign direct investment, with a 51% capital in September 2012, when the Congress-led UPA government was in power. The BJP-led NDA government, which came to power in May last year, has not made any
c h a n g e s i n t h i s p o l i c y. "Let's just be absolutely clear on that. It is a compendium ... if there has to be a one point reference compendium somewhere to know what is the FDI in any of these segments or ministries or departments, you need a document which speaks about it all in one place. And that is exactly what we have done from the Ministry to compile it," she said.
A business has to be involving, it has to be fun, and it has to exercise your creative instincts. – Richard Branson
ive year back Gautam Shantilal Adani, the 48-year-old chairman of Adani Group, was vacationing in London with his wife and two sons when he received a call from one of his senior executives. The company was in the final stages of negotiations with Australia-based Linc Energy for
its coal assets and Adani's assent was crucial. The call lasted just a few minutes. The terse message to the caller: "Go ahead." It was one of the largest deals for a coal mine by an Indian group - Adani Enterprises paid Rs 12,600 crore in cash and royalty for the mine. But the Adani Group founder never sat for the negotiations nor met Linc Energy's negotiators. "Gautambhai was very much in the loop, but never bothered to intervene," says a top executive, pointing out that Adani always supports and trusts his core team once
he is convinced about a project or an idea. Adani's business acumen has ensured a meteoric rise for his group over the past couple of decades. The corporate journey of this college dropout has been nothing short of spectacular from a small-time diamond trader in the eighties to running a Rs 3,000crore trading house by the turn of the century to a Rs 28,000-crore conglomerate with interests in ports, mining, power generation, oil and gas exploration and distribution, and real estate today.
In the early 1980s, a teenaged Adani came to Mumbai from Ahmedabad to dabble in the diamond business. "I was given freedom by my family to pursue my ambitions," he says. The young Adani initially honed his skills as a diamond sorter while observing how the trade was being carried out. Soon he graduated to diamond trading. In 1988, he started Adani Exports, a partnership trading firm in Ahmedabad dealing in agricultural products, dye intermediates and plastic products, with a seed capital of Rs 5 lakh. The business flourished, and as the group expanded at a scorching pace, Adani's family joined the business. Rajesh, his 46-year-old brother is today Managing Director of Adani Enterprises and Adani Power. Nephew Pranav joined the family business after completing his business management from Boston University and is MD of Adani Wilmer, the group's agri business. Son Karan is now looking after ports and another nephew will join the business soon. "It helps to have family members as there is better communication and commitment is assured," says Adani. His vision is to have an integrated operation for his group - from coal
mining to power generation. The group today mines the coal, transports it by rail or water using its own tracks, jetty and vessels, and unloads it at its own port. "There is no other integrated power company in India," says Ravi Sharma, CEO of Adani Power. In the oil and gas business, where he has entered the exploration and distribution of gas, Adani plans to scale up operations and also establish forward linkages by setting up an LNG terminal and a gas pipeline network. "We will look at operating the oil and gas business overseas. That will cut down six to seven years of gestation period," says Atul Sathe, CEO of Oil and Gas at Adani Group. In ports, too, the group has big plans. Apart from the Mundra port, it is expanding its port presence in Goa, Hazira and Dahej. "We are looking at more ports on the eastern coast of India," says B. Ravi, Chief Financial Officer. The group is also scouting for ports overseas, especially in Australia where they have recently bought coal mines. Shipping was the missing component in the group's businesses but all that may change soon. The group today has to charter between 60 and 70 ships for its trading operations. "We plan to
buy 20 ships by 2020. Two are already sailing," informs Adani. Realty is another focus area. The g r o u p i s implementing the biggest integrated township project in Ahmedabad spread over 60 acres. He also has plans for a private airport, water management and i s a l s o developing a special economic zone near Mundra port. To pull off his ambitious plans, Adani has realised the imperative of building a core team of professionals to assist the family. Today, the group is fast moving from being largely family run to being more professionally driven. All his businesses from power, port and oil and gas exploration to agriculture are manned by professionals.
F
Adani Group Founder : Gautam Shantilal Adani, 48 Wife : Priti manages Adani Foundation Son : Karan handles the ports business Brother : Rajesh oversees the trading business Nephew : Pranav looks after the agri business Main companies : Adani Enterprises, Adani Power, Adani Wilmer, and Mundra Port and SEZ
Adani scouts for professionals who are adept leaders even if they don't have domain knowledge. Adani, for instance, hired Sharma, a telecom professional, to head his group's power initiatives. The first set of professionals who joined the group had a motley background - from finance, commodity trading to human
resources. Adani's message to his team today is simple: "We should be the best in whatever we do." He plans to expand his core team to implement his vision 2020 - achieving 200 million metric tonnes of cargo, 20,000 MW of power generation and 200 million metric tones of coal mining. And given his track record, it is difficult not to take him seriously.
The May effect does not always show up in May
I
t's a cruel summer in the markets. The "May effect", an annual phenomenon investors have come to dread, appears to be taking shape again. Consider this. The market went on a correction course and the Sensex shed 1,368 points over the next five days. The Sensex fell by another 270 points and hit a low of 27,400, before bouncing back with a modest gain of 214 points. The Nifty also recovered from a low of 8,300. However, the pull-back was shortlived and both the Sensex and Nifty lost 155 points and 31 points respectively. May and October can be tough for stock investors (see chart). In fact, the May weakness is a global phenomenon which has given birth to the market adage, "Sell in May and go away." Though called the May effect, the
correction doesn't happen exactly according to the calendar month always. For example in 2011, the major sell-off started and lasted till 25 May (see table). It did not happen at all in 2014 thanks to the election results - a business - friendly government was elected with a clear majority. Instead of the normal correction, the honeymoon took the market to new all-time highs. Now that the market's honeymoon with the government is over, what is going to happen in 2015? The general expectation among experts is that the May effect will be clearly visible this year because several other negative factors are at work too. First is the weak set of corporate numbers. "Though it is too early to comment on the overall results, there are some disappointments. While
May and October are traditionally harsh for investors 3.84% 3.12%
2.76%
2.66%
2.32% 1.90% 0.85%
1.16%
0.39%
0.96% 0.24%
-1.62%
Average monthly returns in % based on date of last 24 years.
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YEAR
FROM
TO
2010
30April
26May 25May
2011
21April
2012
4April
5June
2013 2014
10June
3September
No May effect due to positive election results
The May effect may not happen on an actual calendar month basis
Reliance IndustriesBSE -1.09 % reported good numbers, IT majors like TCS, WiproBSE -0.31 %, HCL Tech, etc disappointed the market," says K. Sandeep Nayak, ED & CEO, Centrum Broking. The disappointment with weak numbers is more this time because the market had factored in a possible turnaround with a stable government. "After a business friendly government came to power, there were hopes that things will improve in a year. As the recovery is still not strong, it is affecting sentiments," says Jigar Shah, CEO, KIM ENG Securities. Another factor triggering pain is the decision by the Income Tax Department to send minimum alternative tax (MAT) notices to foreign portfolio investors (FPI). According to sources, the department has already issued MAT notices to around 100 FPIs. In some cases, the subject matter dates back 7-8 years, a first in the last 23 years of FPI investment in India. "This retrospective tax is causing a lot of anguish," says Shah. This also raises operational hurdles for the foreign funds. "These funds can't collect
MAT retrospectively from the investors who have already redeemed. This is like trying to collect additional fares from passengers after they have alighted from the bus," says Nayak. After several days of market fall, the Income Tax Department clarified that "FPIs covered under double taxation avoidance agreement (DTAA) will be exempt from MAT". The pull-back can be attributed to this. However, it does not solve the problems of FPIs coming from other countries and the pressures on markets will continue for some time due to this. There are several other negative factors at play. The meteorological department has predicted below normal monsoon. Rain failure can create problems like high food inflation and reduced rural demand.
People rarely buy what they need. They buy what they want. - Seth Godin
The fall in international commodities, especially crude, was the main factor that helped bring wholesale inflation to negative levels. The recent pullback in crude prices may push it once again to the positive territory. Spike in crude prices and a bad monsoon is something our economy can ill afford. It will also force the RBI to delay rate cuts. However, there is no reason to panic. "Though the Nifty could dip below 8,000 levels, value buyers will emerge. Our Nifty target for December is 9,540 and we are not changing that," says Shah. Long term investors should try to make use of this annual phenomenon. "It is difficult to say when the turnaround will happen. However, the long-term India story is intact and therefore, investors should use this as an opportunity," says Nayak.
Nepal is slowly getting back on its feet after the devastating calamity that struck on April 25 2015. The earthquake was a monstrous 7.9 on the Richter scale. According to various news sources, nearly 8 million people were affected by the earthquake. And the death toll is close to 4,800 people. In this grave hour of crisis, help from all over the world came pouring in for the people in Nepal. Many organizations have also stepped up to raise funds in
O
nly trust organizations you know It is safer to donate to well-known and well-established charitable organizations. Avoid newly created startups. You might be approached by many non-profit groups. Do a little bit of research on these groups before you proceed. Beware of charity requests on email or social media The social media has proved to be one
the form of donations to help the affected people. A glaring example is Facebook, which has started a campaign urging users to come forward and support the victims. So, if you too are thinking to make a donation to any charitable organization, ensure that your money goes into the right hands. It is highly probable that scammers and cyber thugs will soon come up with disaster-relief scams to trick people. Hence, here are a few key rules to follow and keep in mind before you donate.
of the most powerful tools when it comes to moving people together towards a cause. So, you can expect posts on your timeline having pitiful images and videos urging you to make a donation by clicking on a link. Before you proceed, verify the name of the organization or the website that has make this request. Run a Google search on it, enquire about it with your friends or someone you know from Nepal itself. Doing this is important
The basics, merits and demerits about the latest talked about issue
The phrase 'net neutrality' has been in the news for some time and people are already debating its merits and demerits. Here are a few basic things you need to know about the issue. What's the concept? Net neutrality implies that all internetbased sites and services should be treated equally, without any difference in terms of speed and cost of access. It is based on the concept that there are no specific rules, but internet service providers should follow the same principle. What's the issue with it? In January, telecom operators asked the govt to bring over-the-top (OTT) players like Skype, WhatsApp and Viber under regulation, as these were making a dent in their revenues. Bharti Airtel came up with a plan to charge separately for internet-based voice calls provided by OTTplayers. There was huge public outcry in social media against such charges. After a month, the department of telecommunications formed a committee to examine the economic impact of implementing the netneutrality principle on the telecom sector. In the first week of April, Airtel launched 'Zero', a plan under which 150 start-ups would join a Bharti Airtel platform where e-commerce and start-ups would pay Airtel so that users could access the internet for free Experts argued that 'Zero' went against the principle of net neutrality that required all devices to be standardised and offered at the same price. Airtel said it was a baseless argument and the platform did not differentiate among internet-based sites or services Following the furore,
e-commerce giant Flipkart pulled out of talks to join Bharti's 'Zero' platform. Why is it in the news? Within 24 hours, the Telecom Regulatory Authority of India (Trai) received more than 27,000 emails through savetheinternet.in, calling for public consultation on the issue. An online petition on change.org received nearly 150,000 endorsements to the idea that the government act against violation of net neutrality for corporate interests. If both firms and users benefit from 'Zero', what is the problem? If web-based companies pay an internet service provider (ISP) — for example, if Facebook pays an ISP so that users can access the social networking site for free — it will use up more internet bandwidth, thereby curtailing access to other sites or information. This might lead to discrimination of sorts and go against the concept of net neutrality. What would be the extreme? If every firm pays ISPs for faster or easier accessibility — for corporate interests — the idea of accessing any information on internet, whether owned or published by an individual or a company, might slowly wane and certain web-based companies might monopolize the internet. Who are the supporters? Many renowned individuals and websites have come in support of net neutrality. Among others, the controversial comedy group AIB came out with a video to support net neutrality and garnered more than one million views through viral sharing on social networking sites.
because you do not want to land on a fake website and hand over your bank account details to a scammer. Avoid pop-up ads or notification messages on websites You might also come across pop-up ads on certain websites you visit, asking for your help towards the Nepal earthquake relief. It is always recommend to avoid clicking on such pop-up windows, because it is highly probable that these are fake or are
designed to drop a malware on your system. Refer to trusted sources to verify charitable organizations Charity Navigator, Guidestar and the 'Better Business Bureaus Wise Giving Alliance are websites that help you run a quick background check on charitable organizations. Also, the BBB Wise Giving Alliance (an association of charities that plays an important role in accrediting
Benaulim : The Reserve Bank is planning to set up an information technology wing to face the rising challenges coming from the cyber world, Governor Raghuram Rajan said here. explaining the rationale, Rajan said the central board talked about the changing nature of information technology and the need for monetary authority to keep abreast of it. "The changes are so rapid that one of the directors said today we have banking which uses IT today, tomorrow it's going to become an IT company which does banking," the Governor said.
Rajan added that the proposed IT the new payment banks which are entity's precise structure has to be going to be IT-intensive as well as the worked out, besides focusing on s m a l l f i n a n c e b a n k s . It can be noted that online frauds in the financial sector have been on the rise and hundreds of gullible people have been defrauded by crooks, using their stolen credit and debit card information. The cyber thieves have even been using RBI logos to send out mails to cheat customers. Last month, Rajan got an e-mail threat from the dreaded terror group Islamic issues concerning systems such as State of the Levant and Iraq. cyber security, supervising the nature Globally, millions of dollars fall prey of technical capabilities of our banks, to cyber crimes annually.
New Delhi : The Airports Authority of India (AAI) has for the first time decided to make state governments equity partners in airport projects, in sync with the Narendra Modi government's focus on making states partners in growth. The state-owned airport operator has made an offer to the Uttar Pradesh government to become a partner in the proposed Kushinagar airport. "The airport in Kushinagar will be developed by a Special Purpose Vehicle (SPV) with UP government as an equity partner. This will ensure focused development for the airport and also the area," said a top AAI official, who did not want to be identified. Earlier, state governments
only provided land to the AAI, which builds and operates the airports. Although the AAI has never partnered states, green-field airports developed in Hyderabad and Bengaluru through private participation have the respective state governments as partners. The
charities), has also released a list of verified charities who are collecting contributions to assist Nepal relief efforts. For now, a convenient and safe way to donate to Nepal earthquake relief is via Facebook. You must have received a notification on your timeline about the same. Here's hoping a speedy recovery for all the folks in Nepal and people in India who were too affected by this incident.
government also plans to divest stake in the AAI, which clocked revenues of Rs 8,000 crore during 2013-14. Of this, over 20 per cent came from providing Air Traffic Control services and Rs 1,800 crore from revenue share from Delhi and Mumbai airports.
We generate fears while we sit. We over come them by action. Fear is natures way of warning us to get busy. - Dr. Henry Link
Warren Buffet, also known as the oracle of Omaha, is no stranger to the world of investing. There's a lot to learn from the most successful (and did we also mention, the richest) man in the world of investing.
Here are six lessons from Warren Buffett that you can use to invest better. #1: “If you buy things you don't need, you will soon sell things you need.” You can make more money not only by investing or taking up a second job, but also by resisting the temptation to go out and just splurge. As the saying goes – a penny saved is a penny earned. Key Takeaway: To be a successful investor, you need to use due diligence. Spending wisely is not about being miserly, but about being smart. Invest in assets that give you good returns over the long term- one that helps you secure your financial future. #2: “Price is what you pay. Value is what you get.” Most of us know this- the money we pay for something and the value we get out of it, most of the time, does not have a correlation. You could possibly buy a posh apartment for 1 crore rupees. But staying in the apartment does not guarantee a high quality of life- does it? When it comes to investing, especially the stock markets, the price of a stock is mostly governed by market sentiments and not necessarily by the profitability or value of the company itself. Warren buffet suggests to buy stocks when the
T
here is a phrase “God help to those who help themselves “ . This phrase is fit for actor and dancer Pradeep of Rangroopiya Theater group, who not lost his morale even in the days of struggle and started his way on the path of success. Recently he has completed his acting course from Mumbai University and moved forward to find his fate in the field of acting in films and TV. Fact is that struggle knocked his door since childhood. Economic condition of his family is not so good therefore he has started working in early age while studying in college and completed his graduation. To fulfill his dream of acting he joined a theater group and started his journey in the field of acting but his destiny was against his way and was making hurdles in his path with different ways. Some two year back
price you have to pay for the stock is less than the intrinsic value of it. He says, “Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.” Key takeaway: Instead of trying to time the market and extract every rupee profit you can possibly get out of your investment, invest in assets that will generate inflation-beating long term returns and hold on it for a long time (In buffet terms, forever). #3: “It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” Warren Buffet recommends investing in undervalued stock with great potential and holding on to them forever. In-line with this philosophy (which undoubtedly worked so well, and still continues to work), buying shares of a wonderful company at a fair price is much better than buying a mediocre company at a cheap/bargain price. Buffet notes that over the long term, mediocre companies gives much lesser returns compared to wonderful companies, so much so that the bargain price for which you bought the mediocre company stock does not seem like a bargain anymore.
he lost his leg in a train accident. But he is so courageous that at time of his accident he maintained his morale high and holds his chopped leg in his hand and went to hospital with the help of some friends. His strong belief is that no one can prevent consequences of his fate but such situation can be faced through ones courage and vivacity. After long treatment at Jaipur foot implanted and he use it like a prop and again started his journey to become an actor. Now he can dance naturally with his artificial leg. His spiritedness, training and experience in acting made him so capable that he left for Mumbai to find his way in the field of acting. He is confident that his high morale definitely provides him success in the world of entertainment.
Key takeaway: Don't try and time the market or buy into NFO mutual funds because the NAV is low. Invest whenever you have the money and hold it for as long as possible. #4: Be loss-averse Majority of investor's measure performance solely based on return. Buffett advices that you should not strive to make every dollar a potential profit which involves too much risk. Instead you should be loss-averse. Preserving your capital should be your top goal. By avoiding losses you'll naturally be inclined towards investments with assured returns. As Warren Buffet puts it, “Rule #1, never lose money. Rule #2, never forget Rule #1.” The takeaway: While Buffet talks about safety of capital, he's referring to stock investing where you don't become greedy and go after too-goodto-be-true stocks. Instead, you focus on stocks that are undervalued and are of companies that you understand and has long-term potential. Many investors misunderstand this as a recommendation for investing only in Bank FDs or equivalent assets which are mostly considered safe. Investing in Bank FDs is almost always guaranteed to be a losing proposition
over the long term since after-tax, the returns you get annualized are below inflation rate. #5: Be tax savvy Like all billionaires, Buffett too is tax savvy. Be knowledgeable about tax laws and use them to your advantage. Before you invest, make sure you understand the tax implications of your investment. For e.g. while investing in Bank FDs might give you 9% returns, the interest is actually taxable as per your taxbracket. The real return, if you are in the 30% tax-bracket, will fall to just a little above 6%. Now, that's below inflation rate and you are effectively losing money the longer you invest in it. The takeaway: Understand the tax implications of your investment fully
before making a choice. #6: Limit what you borrow More is not always good- case in point, loans and credit card debt. With daily offers from ecommerce companies, it might be tempting to buy that latest mobile phone on an EMI. Considering the fact that the phone you bought for EMI (plus the processing fee which is in-directly the interest you pay for the EMI facility), and it loses its value over time (most cases, the moment you buy it), it is best if you limit your borrowing. The takeaway: Borrow only when it's a b s o l u t e l y n e c e s s a r y. W h e n borrowing, make sure you understand all the fees associated with it. Sometimes, the real cost of bowing money will be hidden as miscellaneous charges like processing fee.
Mumbai : S C Ralhan, a Ludhiana exporter and president of the Federation of Indian Exports Organisations, said that the RBI move, together with the recent increase in the upper limit for investment in plant and machinery for medium-sized enterprises, will ensure that credit flows to all manufacturers with investment in plant and machinery of up to Rs 10 crore now. The modification of priority sector lending norms by the Reserve Bank of India to
bring small and medium enterprises (SMEs) and export units under the 'priority sector' is expected to open new avenues for SMEs. Mediumsized units were not included in priority sector lending earlier. The definition of medium-sized units has also been revised from investment in plant and machinery of Rs 5 crore or less, to Rs 10 crore or less, and this will help more firms to seek credit under the priority sector norms. Ralhan said that while medium enterprises will be
covered under the general norm, for exports, credit of up to 32 per cent of adjusted net bank credit (ANBC) or credit equivalent amount of offbalance sheet exposure, whichever is higher, will be eligible as part of the priority sector for foreign banks with fewer than 20 branches. For other banks, including Indian banks, the incremental export credit over the corresponding date of the preceding year will be reckoned up to two per cent of ANBC or credit equivalent amount of off-balance sheet exposure, whichever is higher.Banks have started disseminating information on the new lending norms, said R S Sachdeva, co-chairman, Punjab, PHD Chamber of Commerce and Industry. The cost of credit to SMEs in most developing countries is five to seven per cent, but in India it is 12-12.5 per cent, excluding the interest subvention, Ralhan said. The slump in international demand has also meant that the payment period for exporters has increased from three to six months earlier, to six to nine months now. This has added to the cost, he added.
Mumbai : Eminent banker KV Kamath was on Monday (11 May) appointed as head of the $50 billion New Development Bank being set up by the five emerging economies of BRICS grouping. Kamath will have a five year term of the bank, which is likely to be operationalised within one year, Finance Secretary Rajiv Mehrishi said.Kamath is the Chairman of the India's largest private sector bank ICICI. Leaders of the emerging economies of Brazil, Russia, India, China and South Africa (BRICS) had last year reached an agreement to establish the New Development Bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president. Kamath has been named the first president of the NDB, Mehrishi said. The BRICS nations account for nearly $16 trillion in GDP and 40 per cent of
the world's population. The bank will start with an initial paid-incapital of $50 billion with each BRICS country contributing USD 10 billion. After serving at ICICI for more than a decade, Kamath had moved to Asian Development Bank, Manila, in the Private Sector department in 1988. His principal work experience at ADB was in various projects in China, India, Indonesia, Bangladesh and other emerging nations. Making a strong pitch for speeding up the creation of the BRICS development bank, Prime Minister Narendra Modi had said last year that India hopes to ratify the agreement over the financial institution by 2014-end, and 2016
should be set as the target for its inauguration. Modi had made this remark at an informal meeting with Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President President Jacob Zuma on the sidelines of the G20 summit at Brisbane (Australia) in November. India's presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached after intense negotiations among the five countrygrouping.
The first one gets the oyster the second gets the shell. - Andrew C
Floyd Mayweather, Jr. vs. Manny Pacquiao
Mumbai : Indian cinema saw a different feat when latest releases of father–daughter duo, Kamal Haasan and Shruti Haasan, clashed at the box office. While Kamal's "Uttama Villain" faced glitches ahead of its release in India, Akshay KumarShruti Haasan's "Gabbar Is Back" had a smooth opening at the box office all over the word. At the overseas box office, "Uttama Villain" made a grand opening and this is well reflected in the film collection. In the US, father Kamal Haasan's flick has surpassed daughter Shruti's "Gabbar Is Back" in terms of box office collection. According to popular film portal
Bollywood Hungama,Tamil film the first weekend box office collection in the US of "Uttama Villain" is ? 2.96 Crore and Bollywood flick "Gabbar is Back" is in second position with weekend collection of ? 1.31 Crore. It should also be noted that the Akshay Kumar–Shruti Haasan starrer was being shown on more screens than Kamal Haasan's movie this weekend. "Gabar is back" was shown in 107 screens, whereas "Uttama Villain" in 98 screens. This is a clear indication that Kamal Haasan's flick is a step ahead when it comes to any other Indian release this weekend in the US. Meanwhile in India, "Gabbar is Back" is breaking record one after another
and leads in opening weekend box office collection. But business figures if "Uttama Villain" in India is still awaited as the film managed its release matinee show here. Kamal Haasan's "Uttama Villain" faced cancellation of shows as the makers had to sort out financial issues with financiers in the last minute of release. The star cast of "Uttama Villian", directed by Ramesh Aravind, also include late film maker K Balachander, Andrea Jeremiah, Pooja Kumar, Urvashi, Jayaram, Parvathy Nair, Parvathi Menon, Nassar, MS Bhaskar, Chithra Lakshmanan, Ananth Mahadevan, and Shanmugarajan.
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ricket has a history that can be placed back to the 16th century. Early cricket had several names including stool-ball, club-ball, stobball, and trap-ball. Early proof of the game can be traced back to Prince Edward of England. Forward almost 6 centuries and the game is played on 6 continents and has made the elite players mega million dollar celebrities. Super celebrities like Mick Jagger, Russell Crowe, and High Jackman are well known for their love of Cricket. Former Billionaire Sir Robert Allen Stanford created and funded the Stanford 20/20 tournament in Antigua. The tournment was held in the Antigua on Stanford property and had a total purse of $20. With some help from Forbes, Yahoo.in, Celebritynetworth.com,
tsmplug.com we compiled the list of highest paid cricket players in the world. Known as MS Dhoni, he is one of the most successful and established cricketers in the world. Dhoni is also the captain of the Indian National Cricket Team and plays for club teams Jharkhand and Chennai Super Kings His endorsement contracts with major brands like Pepsi, Reebok, Gulf Oil and Lays just to name a few add $23 million to his annual income. Sachin Ramesh Tendulkar is Bombay, India born batsman said by many to be the greatest cricketer in the world according to DNA India. He currently plays for the India National Team and the Marylebone Cricket Club.He has huge endorsement deals from powerhouse corporations such as Toshiba, RBS
Banking and Coca Cola. He estimated marketing deals are worth $16.5 million. One of the top cricketers in the world Virender Sehwag is a right handed batsman from Najafgarh, Delhi, India. Sehwag holds various achievements including the 2008 Wisden Leading Cricketer in the World, according to The Time of India. A m o n g s t Vi r e n d e r S e h w a g s achievements he holds the record of highest test score by an Indian at 319. His efficiency led him to score 300 on only 278 balls. Sehwag was IPL League's Delhi Daredevils before resigning to focus on his batsman performance. Virender has over $4 million USD (248637804 Indian Rupee) in endorsements from various companies including Fila, Hero Honda, Royal Challenge
Mumbai : “When SEBI asked companies to appoint women directors, it was a very small initiative towards board diversity. Despite this, almost a third of listed companies have not met the deadline,” UK Sinha, chief of the capital market regulator, said at an investment conference at the BSE. “Why are corporates afraid to let women participate in running our companies?” he asked. Speaking later to BusinessLine, Sinha said “very few” companies have even now responded positively to the penalties for non-compliance by appointing a woman director, almost a month past the deadline. “This is something about which I am not very happy.” When asked if SEBI will consider more severe penalties than those currently imposed, Sinha said, “Our response is very clear — we have given (companies) some time. If they still don't comply within a certain time, then the penalty will increase. If they don't comply within the extended time either, then SEBI will have to
consider other actions as well.” This, Sinha elaborated, includes “All actions and powers that Parliament has given to SEBI. You have seen that when we introduced and implemented the minimum public shareholding requirements of 25 per cent, we went for more severe punishment. I hope
accessing the capital markets and taking on other directorship positions. Other penalties were moving the company's scrip to the trade-to-trade segment, excluding the scrip from the F&O segment and initiating criminal proceedings against the company. In the current schedule for noncompliance, SEBI has asked stock exchanges to impose fines on companies that haven't appointed a woman director. Companies that didn't meet the deadline have to pay a fine of Rs. 50,000. Companies complying between July 1 will and September 30 will have to pay Rs. 50,000 and Rs. 1,000 each day till the date of compliance. Companies that fail to comply by October 1 will have to pay Rs. 1,42,000 and Rs. 5,000 for each day of non-compliance. But these penalties should not have been necessary, Sinha said. “In some European countries, law requires that a quarter of directors be women. Why can't Indian companies do this voluntarily?”
that will not arise (here).” In 2013, when promoters failed to comply with the minimum public shareholding requirement for their companies, SEBI froze the voting rights and corporate benefits (such as dividends, bonus shares) of these promoters. Promoters were also banned from
Las Vegas : Floyd Mayweather, Jr. vs. Manny Pacquiao, billed as The Fight of the Century, Battle for Greatness or Legacy, was a professional boxing match between the eight-division world champion Manny Pacquiaoand ndefeated, fivedivision world champion Floyd Mayweather, Jr. The fight took place at the MGM Grand Garden Arena in Las Vegas, Nevada. Despite predictions that Mayweather–Pacquiao would be the highest grossing fight in history as early as 2009, disagreements between the two professional boxers' camps on terms for the fight prevented the bout from coming to fruition until 2015. The failure to arrange the Mayweather–Pacquiao fight was named The Ringmagazine Event of the Year for 2010. By 2015 negotiations for the fight had been finalized, with all of the
major issues that have prevented the fight from happening in the past resolved, including purse split, drug testing, and location. Mayweather confirmed via a selfie app Shots that he had indeed signed the fight, as Pacquiao had already signed the contract of the fight previously and the contract itself was with Mayweather on that day. The contest was agreed to be held. Mayweather won the contest by unanimous decision, with two judges scoring it 116–112 and the other 118–110.
Pune : Search engine giant Google is helping small and medium enterprises (SMEs) to enhance their online presence without creating a website or investing in a domain name. The product uses Street View technology to let potential customers explore a businesses location through a 360degree virtual tour. While Google doesn't disclose the numbers of domestic SMEs using the product, Business View is present in about 200 cities in India. Globally, about 300,000 businesses across 30 countries have adopted Business View. The product was launched in India about two years ago. "Google Business View is a tool that helps a business improve its online presence. There are various ways to be presence online - a website or an online maps platform. But a website has several unanswered questions: it won't tell you where the business is and how long it will take to reach that outlet, etc. said Suren Ruhela, director and product manager, India Google Maps. Ruhela says, being online is a more comprehensive concept. To leverage the true potential of the internet for a business, potential customers should be able to search, locate, reach and recommend the business with ease, he adds. He says the process of creating a 360degree tour is simple. Google has a team of photographers, termed the Google-trusted agency. An SME has
to schedule a photo shoot, after which the photographer creates a story for the SME. "In India we have more than 20 Google-trusted agencies and in a city such as Pune, we have six agencies helping business get Google Business View for their stores. Globally, we have seen strong adoption of Business View among restaurants, hotels, cafes, bars, etc. In India, we have also seen retail stores, car showrooms and day care centres using Business View," said Ruhela. Consider the case of VV College of Engineering in Tamil Nadu. To draw attention to their campus in Tisaiyanvilai, the college management sought to increase their online/social media presence, as they felt newspaper ads were too costly and ineffective. Also, these advertisements didn't showcase the college campus and amenities effectively to potential students. Business View's impact on the way the college is perceived is clear its Google+ Page impressions rose from 769 a month before the product was used to 3,062 a month after it, an increase of 298 per cent. "Business View isn't a monetisation tool for Google, as the business pays directly to the agency for getting Business View for their outlet. Like search, results on Google Maps show businesses relevant to the information searched by users. Businesses can also advertise through ads products such as Adwords," said Ruhela.
Never interrupt your enemy when he is making a mistake. - Napoleon Bonaparte
Kolkata : Prime Minister Narendra Modi announced in Kolkata that about five crore five lakh people have enrolled themselves in the three new national social security schemes in the week before the official launch on this month .
New Delhi: To improve the ease of doing business, the Cabinet approved amendments to the companies law that do away with a mandatory declaration by a firm before commencing business. The changes have also been cleared to fast-track the approval process for draft notifications aimed at granting exemptions from various provisions of the Companies Act. The amendments were approved at a meeting of Union Cabinet, chaired by Prime Minister Narendra Modi this morning, and are now part of the Companies (Amendment) Bill, 2014. The amendments include doing away with the requirement for filing a declaration by a company before commencement of business or exercising its borrowing powers. Besides, they will rationalize the procedure for laying draft notifications granting exemptions to various classes of companies or modifying provisions of the Act in Parliament, in order to ensure speedier issue of final notifications, an official release said. These Official Amendments will address issues related to ease of doing business and put in place a speedier process for approval of draft notifications for providing exemptions etc from specific provisions of the Act to a class of companies, the Corporate Affairs Ministry said. The government has said it wants to improve India's position to top-50 in terms of ease of doing business, from 142nd currently, as per the latest World Bank report in this regard. A number of changes have already been proposed in the Companies Act in the recent months.
The big-bang launching ceremony was held in 115 locations simultaneously across the country. Sixty central government ministers
were present in different venues for the nation-wide launch. A total of 101 banks including regional rural banks and cooperative banks are going to sell these insurance products to their customers. The schemes -- two insurance products and one pension product -are targeted especially to the unorganised sector and economically weaker population but others can enrolled themselves as well. A massive 80% of the country's population is still outside the insurance coverage while the government estimated that merely 11% of the working population are under pension net. The new life insurance plan -- the Pradhan Mantri Jeevan Jyoti Bima Yojana will offer Rs 2 lakh cover at Rs 330 premium every year. Bank account holders in the age 18 to 50 years are eligible to take this facility.
The life risk cover will get terminated after 55 years. Pradhan Mantri Suraksha Bima Yojana will offer a renewable one year accidental death cum disability cover of Rs 2 lakh at Rs 12 premium every year. The insured will get Rs 1 lakh in case of partial permanent disability. Multiple bank account holders are eligible to join the schemes through any one of the savings accounts. The government has directed banks to sell the policies to all their account holders by May 31 but the deadline can be extended to August 31, this year. "We have kept the deadline short so that people do not delay in taking the policy cover," financial services secretary Hasmukh Adhia said. The government has not decided on whether it will extend the schemes beyond August. Atal Pension Yojana
New Delhi : As many as 21 banks including four public sector players have reduced their base rate or the minimum lending rate in the range of 0.1-0.5%, following consecutive rate cuts by RBI, Parliament was informed. Reserve Bank of India had cut the repo rate by 0.25% 15 and further by 0.25%. "Following the reduction in the policy rate, out of 91 scheduled commercial banks, 21 banks (4 public sector banks, 6 private sector banks and 11 foreign banks) reduced their base rates in the range of 0.10.5%." Minister of State for Finance Jayant Sinha said in written reply in the Rajya Sabha. Accordingly, he said, the weighted average lending rates on fresh rupee loans sanctioned by banks for housing and vehicle loans have also come down in the range of 8.53 basis points during the same period. In a separate reply, he said, banks have written one-fourth of the bad loan above Rs 1,000 crore. As many as 24 borrowers, with loans over Rs 1,000 crore, defaulted.
is for the people in the unorganised sector who are outside a formal pension net so far. The pension scheme would allow subscribers of age 18 to 40. The government has promised to cocontribute 50% of total contribution or Rs 1000 per annum whichever is lower, for the first five years. Subscribers without any social security and who don' pay income tax will get this added benefit. However, people have to enroll themselves before December 31, this year to get government contribution. Under this scheme, subscriber will get guaranteed minimum pension from the age of 60. The pension could be Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 per month, depending on the size of contribution. Aadhar number is not mandatory for joining the pension scheme.
The NPA generated by these borrowers are to the tune of Rs 36,123 crore. Of this, he said, banks have written off loans worth Rs 8,102 crore of 5 borrowers. "The available borrower-specific credit information on all borrowers (including NPA, if any) is received from banks by RBI under a fiduciary capacity and is prohibited from disclosure under section 45(E) of the RBI Act 1934," he said. To improve asset quality of banks and to prevent slippages, Sinha said that "RBI has issued instructions to the banks to review slippages in asset classification in the borrowal accounts with outstanding Rs 5 crore and above by the board of the bank and review NPA accounts which have registered recoveries of Rs 1 crore and above". Replying to another question, Sinha said that so far more than Rs 1,090 crore has been collected under Kisan Vikas Patra. KVP, a popular instrument among small savers, has been re-introduced, he said, adding that it doubles in 100 months and has facility of premature encashment to provide liquidity to the subscriber.
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