UT March 2019 by Unique Times

Vol 8 Issue No.89 Mar-Apr 2019

New RBI guidelines are a shot in the arm for NBFCs Shri V.P. Nandakumar, MD & CEO Manappuram Finance Ltd.

HONDA

CIVIC

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Printed by: Ajit Ravi Published by: Ajit Ravi Owned by: Ajit Ravi Printed at: St. Reddiar & Sons P.B. No: 3627, Veekshanam Road, Cochin Published at: Pegasus, L5-106 Changampuzha Nagar Kalamassery Ernakulam-682 033 e-mail: editor@uniquetimes.org uniquetimesindia@gmail.com Ph:0484 2532040, 2532080 Mob:+91 98460 50283, 94470 50283 Editor Ajit Ravi Sub-Editor Vignesh S.G Associate Editor Ravi Saini Editor-In-charge Jebitha Ajit Legal Advisor Latha Anand B.S.Krishnan Associates bskrishnanassociates@gmail.com Correspondents Dr. Thomas Nechupadam Vivek Venugopal- Quarter Mile Amrutha V Kumar Marketing UAE Phygicart.com P.O. Box: 92546, Al Karama Dubai Mr. Anish K Joy Mob: +971528946999 info@phygicart.com Plot No 19A, 9th Floor, Green Building, Film City, Sector - 16A, Noida - 201301 Tamil Nadu Vice president Uma Riyas Khan chennai, Mob: 9841072955 Unique Times, No.6/31, Arunachalam main road, Saligramam, Chennai – 600093 Andhrapradesh & Karnataka PEGASUS Ph: 09288800999 Sunilkumar NN, Saneesh Ashok Your wing Dr. Susan S Sunny Director Shwetha Menon Cover Photographer Jinish Photogenic Creative Design PEGASUS Cover Photograph Joy Alukkas Chairman & Managing Director of Joy Alukkas Group

Editorial

“

Trust is like a mirror. You can fix it if it’s broken, but you can still see the crack in that reflection,” says American singer Lady Gaga. For Joy Alukkas, the owner of one of the largest jewellery retail chains, trust is by word of success. “Earn the love and trust of the customer with relentless excellence and you shall succeed”- this is the success mantra of Joyalukkas who single-handedly builds Joyalukkas Group, a multi-billion dollar global conglomerate with its retail jewellery presence in 11 countries with 160 showrooms spread across the world. Our cover story unravels the life of Joyalukkas. Chairman and Managing Director of Manappuram Finance V.P. Nandakumar in his regular column explains about how a slew of new RBI policies including the decision to allow the benefit of the credit ratings to all NBFCs in the matter of the risk weight applicable on their borrowings which turned into a shot in the arm of NBFCs. Our expert on Auto gives a glimpse of the rare features of the newly revamped version of new Honda Civic. It is stylish, feels well made, has good ride and handling, and being a Honda will give you one of the best ownership experiences in its lifetime. Our travel team shares the story of Slovenia, a small country which is a true heaven on earth. Stories on beauty, stock market, gadgets, Aadhaar, banking, success, movie review, and book review are there. I sincerely hope you find as much joy in the issue as it brings me.

Dr. Ajit Ravi

CONTENTS

*advertorial

New RBI guidelines are a shot in the arm for NBFCs

Need to focus beyond fees in higher education

The rise and the golden run of Joy Alukkas

Indians the Biggest Foreign Investors in Dubai

GST-Proposed booster to the real-estate sector-Real or Surreal

Gadgets

Recipes

Natural tips to whiten skin

A true heaven

Honda Civic

UNIQUE DIARY

Rabi cereals, wheat production likely to decline this fiscal

study conducted by an Indian commodity and collateral management company based in Mumbai, National Bulk Handling Corporation, has prediction a steep decline in the total production of rabi cereals. The NBHC forecasts that the total production of rabi cereals will decrease by at least 9.91 % in this financial year 2016-2019. The same agency also predicts that the total production of wheat will also reduce by 4.99 % this fiscal. The agency has cited the serious problem of inadequate distribution of rainfall as the prime reason for the steep fall in the total production of wheat and Rabi cereals.

Sugar production marks an increase of 7.7 %

â&#x20AC;&#x153;The secret of getting ahead is getting started.â&#x20AC;? Mark Twain

s per a report released by an industrial association closely connected to the sector of sugar production, the Indian Sugar Mills Association, the total production of sugar in the country has increased by nearly 7.7 % in this financial year 2018-2019 compared to the last financial year 2017-2018. According to the report, the total production of sugar has already crossed the impressive benchmark of 21.93 million tonnes. The ISMA claims that it is the sugar mills in Maharashtra and Karnataka that have contributed the most in the rise in the total production of sugar in the country. In most mills in these states, this year, the crushing process started at least one or two months earlier than the month in which the process normally commences in a year.

Mar-Apr-2019

Farm income support scheme offers multiple benefits to farmers: CEA

he central government’s ambitious farm income support scheme, which was one of the most attractive schemes, appeared in the latest budget (the interim budget released recently by the BJP-led central government), will provide multiple benefits to the farmer community, says Chief Economic Adviser K V Subramanian. The Pradhan Mantri Kisan Samman Nidhi scheme assures a guaranteed annual income of nearly 6,000 Indian rupees for every farming family (that is, a sum of 2,000 Indian rupees in every four months). The CEA claims that the scheme not only provides a guaranteed annual income but also indirectly offers many benefits including improving farmers’ credit worthiness.

Centre plans to upgrade Corporate Affairs Ministry’s MCA21 system

“The fastest way to change yourself is to hang out with people who are already the way you want to be.” Reid Hoffman

he central government has decided to upgrade the MCA21 system, which plays an integral part in the functioning of the Corporate Affairs Ministry as it is heavily relayed for the process of submitting filings. The system was originally introduced in the year 2006. Since then, the system has been undergoing small and big modifications regularly. At present, its second version is in use. Applications have been invited by the central government to modify the system, most probably to make it more user-friendly and secure. The government may also seek external support to operate the modified version of the MCA21 system.

Mar-Apr-2019

UNIQUE DIARY

‘Modi Sarkar’ changed Indian economic structure, says GNY Asia Fund CIO

renowned economist and the Chief Information Officer of GNY Asia Fund, Vivek Doval, asserts that the Indian government led by Prime Minister Narendra Modi has changed the entire economic structure of the country. Meanwhile, he admits that the government has fallen short of expectations. He says that the introduction of GST and the implementation of demonetisation of highest denomination banknotes of Rs 500 and Rs 1000 have significantly reduced the rate of corruption. He claims that though several traditional jobs have been destructed, the government has succeeded in developing several new job opportunities in the sector of e-commerce, start-ups and service sectors.

Centre to start seaplane operations in seven Islands in Andaman and Nicobar and Lakshadweep

“Chase the vision, not the money, the money will end up following you.” Tony Hsieh

he central government has decided to start seaplane operation in as many as seven Islands in Andaman and Nicobar Islands and Lakshadweep Islands. In Andaman and Nicobar Islands, at least four Islands including Swaraj Dweep, Shaheed Dweep, Hutbay and Long have been selected for the ambitious project. In Lakshadweep, around three Islands such as Kavaratti, Agatti and Minicoy have been identified for the project. The central government will allow private players to play a part in the project aimed to develop tourism in these regions. The important decision has been taken during the 5th meeting of the Island Development Agency headed by Union Home Minister Rajnath Singh.

Mar-Apr-2019

BUSINESS

New RBI guidelines are a shot in the arm for NBFCs

he Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) in its February monetary policy decision cut the policy rate by 25 basis points to 6.25 percent. The lower cost of liquidity to the banking system will eventually reduce the cost of borrowing for productive sectors. The RBI also changed its policy stance from calibrated tightening to neutral, suggesting that the RBI is inclined to cut rates further if inflation remains low. The announcement brought cheer to the markets especially the financial services sector. This was not all. Besides the unexpected cut in interest rate and the change in its monetary policy stance, the RBI also signalled a welcome shift in its approach towards the Non-Banking Financial Institutions (NBFCs) sector. Specifically, the RBI decided to allow the benefit of the credit ratings to all NBFCs in the matter of the risk weight applicable on their borrowings from banks, against the earlier dispensa-

Mar-Apr-2019

tion where this benefit was restricted to a narrow sub-category of NBFCs, viz. Asset Finance Companies. Before going further, please recall that all banks are required to maintain a specified minimum capital adequacy ratio (CAR) which is a measure of a bank's capital, expressed as a percentage of a bank's risk weighted credit exposures. Also known as capital-to-risk weighted assets ratio (CRAR), it protects depositors and promotes the stability of financial systems globally by ensuring that banks always maintain a certain minimum level of capital, i.e. their own money, and that they do not rely too much on leverage or borrowed funds. Coming back to RBIâ&#x20AC;&#x2122;s recent changes, earlier, a bank was required to maintain 100 percent of risk weighted capital for lending to most NBFCs. Now, the risk weight will be determined by the credit rating of the borrowing NBFC and will range from 20 percent risk weight to 50 percent for higher rated NBFCs. This has been done by merging

three categories of NBFCs viz. Asset Finance Companies, Loan Companies, and Investment Companies into a new category called NBFC - Investment and Credit Company (NBFC-ICC). This new category will enjoy the benefit of credit rating when availing the bank funding. In fact, all NBFCs except CICs would now get the benefit of risk weights, depending on their current credit rating. The shift in the approach allows banks to increase their credit flow to the NBFCs sector at a lower cost as the capital required to be set off against these loans is reduced. Exposures of banks to all rated NBFCCICs would get the benefit of riskweight as per the ratings assigned by the accredited rating agencies. For example, bankâ&#x20AC;&#x2122;s exposure to an NBFC like Manappuram Finance, which has AA+ credit rating would now attract only 30 percent risk weight as against the earlier 100 percent risk weight. This reduction in risk-weight would require banks to maintain lower capital against their

exposure which enables banks to increase their lending to better-rated NBFCs at a lower rate of interest as their cost comes down. A simple back of the envelope calculation indicates that NBFCs can easily expect a reduction in their cost of borrowing from banks of over 50 bps from the reduced risk weights alone. Earlier, banks were required to maintain Capital to Risk Weighted Asset Ratio of 9 percent and capital conservation buffer of 1.875 percent. The total capital a bank had to keep is 10.875 percent. That means, for every Rs.100 that the bank lends in a 100 percent risk

weight scenario, it was required to set apart capital of Rs.10.88. Under the new norms, when the bank lends to AA+ rated NBFCCIC, they would now have to provide only 30 percent of the earlier capital requirement, i.e. 30 percent of Rs.10.88. Therefore, capital requirement would now be only Rs. 3.26, releasing capital of Rs.7.61 for additional lending. Assuming the cost of capital of a bank at 6 percent, the reduction in the capital requirement would allow it to increase the lending by more than 3 times (thereby earning more interest income) due to lower capital requirement. The

bank would not only save on the capital cost but also earn higher interest income even at a lower lending rate. Indeed, as will be seen in the calculation given below, interest rate for rated NBFCs is expected to fall by at least 50 basis points, or 0.50 percent. For the financially stronger banks enjoying a lower cost of capital, the savings in cost and reduction in interest rates would be lower, whereas for weaker banks with higher cost of capital, the said reduction would be higher. For example, if the cost of capital is 5 percent, the minimum rate reduction would be 0.38 percent and if the cost of capital is 8

Mar-Apr-2019

percent, the interest rate reduction would be a minimum 0.60 percent. Sample calculation: In this sample case, even when the banks reduce their lending rate by 1 percent, the Risk-Adjusted Return on Capital increased to 30 percent from 18 percent. The calculation below shows that due to significant savings on the capital front, bank would be able to make a higher return even at a much lower interest rate. Scenario

Earlier

Now

Borrowed Amount

100

Lending Rate

12.00%

11.00%

Cost of Fund for bank

10.00%

Spread Charged by bank

2.00%

1.00%

Risk Weight

100.00%

30.00%

Capital Required

10.88%

3.26%

Risk Adjusted Return on Capital

18.39%

30.65%

When risk weights were uniform at 100 percent, the better-rated

NBFCs were deprived of their just rewards for achieving better asset quality and following prudent risk management practices. This change by RBI will not only reduce the cost of borrowing for such better-rated entities, it would also allow capital constrained PSU banks to lend more to the sector. At the same time, unrated large NBFC-CICs having aggregate exposure from the banking system

Mar-Apr-2019

of more than Rs.200 crore would now attract 150 percent risk weight

against earlier risk weight of 100 percent. The large unrated NBFCs now have a solid incentive to improve their game and get themselves credit rated at the soonest. Clearly, this is a well-intended measure but it does impose a higher borrowing cost in the period of transition to credit rating.

To conclude

There are several existing anomalies pertaining to NBFC regulations which need to be addressed by the policy makers to unleash the growth engine of small and micro sectors, who primarily depend on NBFCs for their credit requirement. With these latest measures, the RBI has addressed some of the long standing demands of NBFCs. We now look forward to the RBI taking more such steps to enable NBFCs to reach their true potentialď&#x20AC;˝ (V.P. Nandakumar is MD & CEO of Manappuram Finance Ltd. Views are personal)

GLOBAL PRIVATE LTD

Event by

presents

WATC H E S

Produced by

BUSINESS

Rajesh Nair Partner-Emerge Ventures Pte Rajesh is also the President of the Kerala Chapter of TiE Global

n every Education conference in these days, some of the interesting conundrums of education come up for discussion. We are, today, seeing a surfeit of institutions and increasing commoditisation of education. The increase in quantity seems to be the key theme and a trajectory like this, is likely to bring in problems of quality. Experts opine on the decreasing availability of faculty and how there are no more teachers like the ‘good old days’. The antidotes were also much like what we have heard in the last few decades: More industry – academia interface, more foreign university collaborations, and better return on investment for the stu-

Mar-Apr-2019

For the average institute of today, more than 90 % of the revenue still comes from fees they get from the students. The focus too does not move beyond the completion of the stipulated syllabus. A common initiative nearly all of them begin is the industry-academia interface, which has merits of its own.

dents. ‘Autonomy’ is also a concept which gets mooted in most of these discussions. While, there is a lot of truth in all of these and the need to focus and legislate changes, it will also augur well and look at some of the higher education institutes of repute in the world. For the average institute of today, more than 90 % of the revenue still comes from fees they get from the students. The focus too does not move beyond the completion of the stipulated syllabus. A common initiative nearly all of them begin is the industry – academia interface, which has merits of its own. But beyond a point, this is no enough! Look at some of the marquee institutions

around the world. A recent article in the Economist gives an interesting breakdown of the sources of funds for Harvard Business School: tuition fee (17%), executive education (23%), publishing (29%) and endowments (31%). There is a lot to think about when we look at this funding pattern. The crucial thing to note is that tuition accounts for only a sixth of revenues. Close to home, if we look we attempt to look at one of the most popular institutions like the older IIMs, you will see this figure closer to 45 %. Before we chide this data as not relevant and how we cannot compare a premium brand established brand and a new kid on the block, it will be good to remind ourselves that this data should give direction. Increased research and development, white papers, patents, printed articles constitute the skeletal structure of an institute which can attract higher funds and endowments. The student engagement becomes richer when the institute can attach them to faculty and work on projects which enhance their learning. To start with – a serious internship will itself build the broad contours to this. The recent Kerala Technical University directive to make internships mandatory is a great move and while institutes will face teething problems in the initial years, it will eventually be a great value addition to the respective courses. We are host to the younger population of the world. While we brag about our demographic content, it is

Need to focus beyond fees in higher education

Mar-Apr-2019

Another avenue is consulting. An actual consulting engagement in the relevant area of higher studies is a vivid juncture, where theory matches to practical day to day concepts for the students.

a perfect fact that today ‘the world has more youngsters alive, than have ever lived in it since the history of civilization’. This also brings in paradigm changes in the way we think, work and live. Add to the demographic dimension, there is also the massive advent of technology that we have to negotiate with. The laptops, and the constantly flickering smart phones are an extension of the human body for today’s professional. Very simply, the average knowledge worker of today has these massive distractions whether she is in her work place or at home and trading casual banter in a coffee shop! This brings in the modified managerial mind. Today, you need to focus on multiple things at the same time. A deep thought is often fighting for mind space with a phone call, an email, a social media notification and the like. This is not just a ‘youth’ phenomenon. The middle aged and the senior citizen also has all these multiple distractions and a retired employee grapples with the same sort of challenges. The time and intent to focus on a task is becoming more and more ephemeral and this leads to what the management guru’s call – the light touch! This is not the subtle management scholarship of deftly manoeuvring but the complete inability to ‘think through’. The less we do this, we also mentally teach ourselves to focus less. Have you not heard the irate senior asking: “Why is it taking so much

Mar-Apr-2019

time? I want this yesterday!” Suddenly multitasking is the order of the day! Well, multitasking is not the villain here. Have we not seen people juggle several things at times and with aplomb? We call them time management experts and laud their ability to find time for every task assigned. But, this same capability is taking them away from mastery. Mastery of anything whether a topic, a skill or even a physical action comes only with the complete coordination of muscle, bone and mind. It is about bringing the whole body into a state of heightened energy. The entire body mind ecosystem comes together as a one in a synchronised step. Ancient scriptures hint that mastery of anything required at least ten thousand hours of practice and repetition. That is when the practice becomes a habit. The key difference between the habit and the practice is that habit is unconscious and practice is conscious. But the moot question is whether we are paying that kind of respect and attention to our ability to focus! Expertise and experience count a great deal: AMAT VICTORIA CURRAM – A Latin phrase which means victory loves preparation. Inspiration and passion, while necessary, are not sufficient conditions for innovation and entrepreneurial success. You need expertise, experience, and skills and must mobilise them effectively from where they are available. Of course, it helps if

you possess a core skill like finance, technology, marketing, etc. But, this is not necessary. Our mental faculty needs time to think through to capture the essence of things. There is a no easy way to do this but there are some things we can consciously do to build this. Having a structure is the best way to learn as per Benjamin Carey, the eminent author of ‘How We Learn’, is to build a mental structure of the themes we are working on. This is also akin to the mind of a school student. If we mentally add whatever we observe, read and think to a mental structure of the subjects, the students can connect different subjects together. What we learn in different classrooms will get connected to the structure and ‘parts will form the holistic sum’. So, is multi-tasking passé? Of course, we will not suddenly eschew technology and multifarious devices that has become our life and internal part of our lifestyle. But, it will serve well for us to remember that the ability to juggle multiple things cannot be an excuse to not concentrate, spend time thinking, using that silent mental space which will clarify and cleanse issues of the multifarious angles and proclivities that make them complex! Another avenue is consulting. An actual consulting engagement in the relevant area of higher studies is a vivid juncture, where theory matches to practical day to day concepts for the students. It also gives the faculty to streamline their pedagogy with actually real life industry examples. While placements will still figure high on the ‘key performance metric’ for every institution, the point to realise that the roots of these lie in enhanced student experiences and their ability to understand and cogitate about the world around them. The fundamental motto should be to enable them to take on the changing world around them. For these temples of higher learning are to prepare them for life and not just make them earn a living. Placements, endowments, higher ratings - will always follow

Mar-Apr-2019

Indians the Biggest Foreign Investors in Dubai

eal Estate Investment is a great option for growing your money and many individuals are looking beyond our borders to grow their investments in real estate. This is a great way to diversify your investment portfolio. The Liberalised Remittance Schedule for Indian individuals for foreign investments is $250,000 per year as set by the Reserve Bank of India. This has opened a wider opportunity for individuals to invest into a variety of properties. The number of Indians purchasing

Mar-Apr-2019

properties overseas has grown year on year with Dubai being the primary destination of choice followed by the USA. While the Indian real estate market is mired in a variety of issues from RERA to GST that has dampened the sentiments of buyers, the investments in the foreign markets are growing every year. High loan interest rates and steep urban prices are driving many to invest into foreign properties. Metro living conditions are also not conducive to see good rental yield or return on invest-

ment when compared to a foreign property investment.

Who is buying?

The profile of buyers who are buying properties abroad includes business owners, professional property investors, mid-to-top level management executives and High net worth individuals. A large set of buyers have children either studying or living in these places. The highest preference of places where Indians are investing are Dubai, Singapore, Malaysia, United Kingdom and United States of America. But

keeping the cap of investment amount in mind, Dubai is emerging as a preferred location for investment.

Dubai: The Hottest Real Estate Investment Destination

The Emirate of Dubai is the second largest of the seven United Arab Emirates and it continues to grow with the biggest and largest constructions in the world. Located on the Eastern coast of the Arabian Peninsula, this global city is a business hub and one of the most sought-after real estate investment options. With over 200 nationalities living and investing in Dubai and being easily accessible from just about anywhere in the world, Dubai boasts of being one of the easiest places in the world to do business. In 2020, Dubai is the location for the World Expo and expects 25 million visitors, of which 75% will be overseas visitors. It is one of the highest rates places for ease of doing business and has set up Free Zones that gives companies 100% foreign ownership with exemption from all import duties. Investors can also enjoy 100% repatriation of capital and profits and freedom from

*advertorial

corporate taxation. The Dubai real estate sector is growing largely driven by foreign nationals living in the UAE and overseas investors from across the world. Indian nationals topped the list of foreigners investing into Dubai, followed closely by Saudi Arabian nationals. Indian nationals alone invested INR 301 billion in 2017 as per official records from the Dubai Land Department.

Dubai Property Investor Visa

As the number of people wanting to buy homes and invest in commercial property in Dubai increases, the most essential necessity is obtaining the Dubai Property Investor Visa. The minimum investment value for an investor is AED 1 million and this can be for a single property or split between two properties, once this basic criterion is met, one can apply for the investor visa. All the properties obtained using this visa are freehold. The entire procedure of obtaining the visa from the Dubai Land Department would take a minimum of 4 weeks at least, if all the papers are in order. It is best to engage a consultant as there are many moving parts in obtaining

Mar-Apr-2019

between 4-11% whereas for Dubai it’s a flat 4% • No additional VAT/GST on residential properties purchased in Dubai • The Net rental yield as percentage of investment was 1.76% in India and 10% in Dubai in the first year • As the USD is pegged against the AED, the client had a higher return on Investment (ROI) than what he invested into India owing to the devaluation of the Rupee • The estimated profit if the client were to sell the property today would be 20% and most of it would come from variation in the dollar rate as compared to the time of pur-

the visa. You need not have resided in Dubai to get this visa.

Why Invest?

Real Estate investments need to yield two types of returns – rental income and appreciation of the asset for re-sale. Dubai offers a great return on both aspects. Here are a few reasons for considering investing into Dubai 1. Highest Gross Rental Yield of 5.19% when compared across the world 2. Liquid property market makes investment easy 3. Strong Capital appreciation with easy finance options 4. Zero Tax 5. UAE Dirham is pegged against the US Dollar hence it enjoys a stable and balanced growth 6. It's located at crossroads between Asia, Africa and Europe 7. No capital gain liability on sale of property in Dubai hence avoiding double taxation 8. Second safest place in the world to live 9. Sound regulatory environment ensures investment protection for foreigners 10. The investment values match the limits of investment set by RBI

A Case Study for better understanding

One of our HNI clients had invested in two properties at the same time in 2017 – one in India and the other in Dubai. Both the properties carried the same value of INR 2 crore (AED 1 Million). The annual income of the client that is taxable is INR 1 crore and after considering a few differences were evident. • Stamp duty and registration in India ranges

Mar-Apr-2019

chase

Thinking of investing?

Today the world has become our oyster and borders have blurred for trade and business growth, so if you are thinking of investing into real estate in foreign markets then you need a trustworthy partner to guide you and Elite Lifespaces can bring you the best properties to your doorstep. We offer a wide selection of uber luxury properties in Dubai, Australia, London or USA. With 15 years of rich expertise in the field, Elite Lifespaces curates uber luxury residential and commercial properties in the best locations with the highest rental yield and great capital appreciation effortlessly. If you would like to know how to grow your investments in real estate, then we recommend that you consider investing into the best property destination in the world today – Dubai. To know more visit us at www.elitelifespaces.com or write to us on info1@ elitelifespaces.com or call us at +919384842534

Vinod Kumar

Investigation:

Enquiry and investigation are essential. Are your brain skills, equipped to be an expert at interrogation? It is a brain of an extreme researcher. They must probe everything. The good researcher learns the method to pierce through the subject. The majority of people, do not have stamina, strength and intensity that is needed to drill through, subject. To discover different factors and components, you must have, energy to break it down, to its littlest particles. Only then will you be able to study the smallest dots and lines and nuts and bolts, and all the other things, that have come together, as your subject.Lethargy in mind and inertia in intellect can inhibit your ability to do research. Are you eager to learn? How can your living be convenient and comfortable, if you abdicate this attitude? This attitude of continuous learning. Every time, that you go deeper into the subject, then a new evidence, brings more light about its constituents. Therefore, a sharp intellect and eagerness to learn are two triggers, that compels you to do research. Dissect the situation, and look more closer and nearer than, before.

Distraction:

Many people are not aware of what they are involved and indulged into. They simply are framed into activities of daily routine. If you cut out yourself, temporarily and get out of the framework, then your awareness

Mar-Apr-2019

and alertness can evolve. You will be able to recognize and acknowledge, that you are immersed into a specific activity. And then, get the skill to label and articulate every sentiment that is produced because of this activity. Almost an academic study and representation of that, what you are doing, must happen at that simultaneous moment as you work at it. This ability to see your own activity, but with scrutiny as an external inspector, can drive you to learn about quality of your work content.Yes, the quality about your work content, needs an audit. Do, other people also understand, the context of your content and your output? There are particular distractions. Are you able to identify and discard gaps? These distractions must be described accurately. Then, work to decimate the cause of your distractions. Now, you get the accuracy of vision on your target. In this case, is to be able to present your case to another learner. Almost as if that you are a teacher.

Competency:

Get the competency, over the subject that you intend to teach to your students. Domain expertise is paramount to your listeners, about your product. You should not appear to, your listeners, that you are not adequately informed. If, you want to be convincing to your listener, about your product or subject, then your mastery on and over your content is essential. How you handle the variety of contours and diversity of disruptions about your subject, will

be assessed. Your expertise on your subject will be known, by the way that you deal with the questions on this subject and topic.

Consider this incident:

I know a person, inside his sitting room, trk trk, kriktrk, krk trk.., a continuous sound. But this lazy person would sit in this same room. This is a minimum sound with no decibels. But , yet an irritating sound, to be always exposed to. Trikkik, krtrk..and the sound is continuous. He summoned a carpenter to check and inspect the wood, of the cupboard and big sofa and tables. But the incompetent and uninterested carpenter, dismissed the complaint as insignificant. The carpenter here is very apathetic and lethargic, that he did not investigate the source of this irritating sound. This owner of the furniture, also helplessly resigned to this disturbing condition inside his room. But me, when I visited his house, had to investigate the content inside this wood. Obviously some kind of insect is breeding and living inside the furniture. My curiosity ensured a thorough research. I summoned some other carpenters with shrewd and penetrative desire to learn. They opened these spots on the wood from where the sound originated. And then with the tools, opened these woods. In not more than five pieces of furniture, they extracted about twenty termite worms. Each one was about one inch long. They lived inside the furniture for many months and yet my

CREDIBILITY

Mar-Apr-2019

friend, the owner was lazy, that he simply tolerated. But then, in the eagerness, these discoverers who eliminated the termites, also initially damaged the good areas of wood work. But then I stepped in to, the control of size of damage. This case, was about the skills in the brain, that is required to learn and research. Then to execute and implement. Then to contain the possibility of further damage. And so that the owner is taught, on how to be enthusiastic to upgrade, the way that he lives.

Get better:

Mar-Apr-2019

There must be a metrics or scale, that provides to you the proof. A reflection back to you, about your progress. Are you getting better at that what you are doing? If you are focussed on the practise of your trade or your stream, then you will know to get better at it, everytime that you repeat the action. Example, every time that you run or cook a meal or design an interior of a room, then you will get a little better at it, than the previous event. Strive to be better than the past effort. This is inevitable, that you must do it, better than

the last time, that you did.

Clean and neat:

So, here in your checklist, must appear, these items. Are you exerting enough, that you are improving and progressing, every time that when you repeat your trade? Then did you get an award or reward or certifications, that you are the best, in that field or in that trade? Why are others, better than you? What will you do, to catch up, or even to get the lead? May be, you are good at your job, but then you are rattling, too many other areas. Like, as if the saying goes as, â&#x20AC;&#x153;

“A bull in the China shop”. In your passion, to be the best in your research, are you dismantling the comforts of your colleagues? If so, then you are not a clean and neat worker. Your performance should not be the cause of trauma to other people. In your interest that you have to open up the subject, are you damaging the work ethics of other people? Are they being compelled to put together the damaged objects, after you had your way with it? Then, you must ensure that your work, does not do any damage to the work of your neighbours and other col-

leagues.

Quality:

Is the consumer, thrilled at using your product? Are you of much utility to your society? If your community or company gets memorable experiences, every time they consume your product or service, then they become your subscribers. This repeat indulgence that they have to your product, is a sign of your product quality. Your endeavour must be to make it pleasurable for consumers to procure your product.

Innovators:

Primarily all must begin as innovators. Only if you got

your back against the wall, then you will be compelled to innovate. People need solutions. Your accuracy in identifying the challenges, will help you to innovate and produce exact solutions. If you are a teacher, then, your students will respect your conduct, only when your establish your credibility. Innovate, research, improve and compete. Get the quality in the product to give a wow and delightful experience. Impact due to your credibility. Practice these eight methods to be able to be persuasive to your listener

FINANCE

Adv Sherry Samuel Oommen is a practising lawyer at High Court of Kerala who specialises in tax and Corporate Laws. Presently he heads the tax and corporate law practice of Nash Capital Partners. Apart from being a qualified lawyer, he is also a chartered accountant, cost accountant and a company secretary. He is currently pursuing his Doctorate Degree and is reachable at sherryoommen@nashcp.com.

he real-estate sector has consistently played a pivotal role in the country’s GDP. Reports suggest that the real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 and would contribute 13 percent of the country's GDP by 2025. In the immediate term, in a report published by CREDAI, there is a strong possibility that the sector could reach a projected market-size of US$ 180 billion by 2020, a sharp rise from US$ 126 billion in 2015. However, despite the contribution of real-estate to the country’s GDP, the sector has longing for a caring treatment from the Government. In this article, I wish to share my views on the recent reduction in the GST rates applicable to the real-estate sector. In the current dispensation, the general rate of Goods and Services Tax (GST) in respect of under-construction residential properties is 18 percent. However, in respect of construction of residential house prop-

Mar-Apr-2019

On February 24, 2019, the GST Council announced a cut in the GST rates on housing projects, in order to boost the real-estate sector. The council announced that on and after April 1, 2019, the new GST rates shall be 5% (instead of 12%) and 1% (instead of 8%), as the case may be. Such reduced rates come with a rider that the builder shall not be allowed to avail of the credit of taxes paid on inputs.

erties, which are covered under Affordable Housing Scheme, the rate of GST is reduced to 12 percent. As transfer of a housing project also involves transfer of the undivided portion of land, which has been kept out of the ambit of GST, the rate of GST is calculated after allowing 1/3rd abatement from the value of supply. Hence, the effective rate, after the abatement, comes out to be 12% (18%*2/3) and 8% (12%*2/3) in general cases and in affordable housing schemes respectively. On February 24, 2019, the GST Council announced a cut in the GST rates on housing projects, in order to boost the real-estate sector. The council announced that on and after April 1, 2019, the new GST rates shall be 5% (instead of 12%) and 1% (instead of 8%), as the case may be. Such reduced rates come with a rider that the builder shall not be allowed to avail of the credit of taxes paid on inputs. In other words, the builders would need to forego the credit of GST paid to procure raw

material (i.e., iron, steel and other things) which, in turn, would be the added to the cost of construction and eventually would be recovered from the buyers. The broad features of the said scheme for reduced rates is as follows: • The said reduced rates of 5 percent and 1 percent are applicable only in respect of residential construction activity comprised of land value. Thus, quite clearly, the reduced rates are not available in respect of commercial properties. Moreover, these are effective rates, which means it will be applied to the total amount charged and not on 2/3 portion of total amount charged. • There is no benefit available in respect of credit of input tax. • 80% of the related purchases of inputs would need to be made from registered persons, and the related deficiency or shortage would be liable for GST on reverse charge basis. The satisfaction of the said criterion would be checked on yearly basis. • The transfer of development rights

GST-Proposed booster to the real-estate sectorReal or Surreal

Mar-Apr-2019

is exempted, provided residential units are subject to GST at the rate of 5 percent, as above. However, if it is not liable for GST in view of the fact that few or all units sold after completion certificate, then proportionate share on transfer of development right would be liable for GST at the rate of 18 percent by the builders or developer on a reverse-charge basis.

Challenges in the new proposal

The proposals by the GST Council have now thrown various myriad issues, which could result in the benefit turning surreal. These include: i. In a scenario, where a project entails both residential and commercial units, how would be the same be taxed? Would the reduced rate of 5 percent be available in respect of the residential units? ii. There is a lack of clarity on the

Mar-Apr-2019

rate to be applied on the deficiency as above. For instance, if the shortage comprises of items subject to varying rates of GST, in what manner would be deficiency be allocated. iii. How would the related values be determined in the case of partly completed projects? For instance, a project consisting of 100 units, where 20 units are completed and the balance being under-construction. On a related subject, how would the input tax reversal be done in such cases? iv. Where the part of the tax is levied (on account of advances or demand as per completion stage on booking of unit) before effective date and part of the tax to be levied post the effective date. A question would arise on how the tax liability would now be determined on the entire unit. It is also noticeable that meaning of affordable housing is different before and after the effective date.

v. The reduced rates are to take effect from 01 April 2019, in which scenario, a key question arises with respect to the fate of input tax credit remaining as on 31.03.2019.

Conclusion

In summary, in my view, the reduced rates of 5% without input tax credit, may only reduce some compliances and accounting inconveniences but would not provide succour or support to the real estate sector. On a comparative reading, it appears that while the rates have been reduced, the net benefit to the customer would be largely insignificant considering the absence of input tax credit. As evident, the issues in the real-estate sector so far as indirect taxation is concerned are endless. One would hope that the Government would not merely resort to hyperbolic overtures of reduced rate cuts, instead focus on alleviating the issues faced by the industryď&#x20AC;˝

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GLOBAL PRIVATE LTD

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MOTIVATION

Dolly Neena Dolly Neena is founder of Your Wing, a training company born out of a noble cause and spirit. She holds a decade long experience being a passionate mentor and entrepreneur.

What is the definition of Entrepreneurship? In political economics, “Entrepreneurship is the process of identifying and starting a new business venture, sourcing and organizing the required resources, while taking both the risks and rewards associated with the venture. It is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.

SENSES OF AN ENTREPRENEUR

ope all readers are enthusiastically on track to success and keeping up with it. When we talk about success, last decade saw a splurge of youth coming out of the box, risking it out to start their own ventures. There were more of youth wanting to be returning back to India and do something productive for their home country towards its unimaginable growth. It had been more or less a very daring and successful attempt at it. Entrepreneurship concept itself is a risky activity. People just seem to wear it as a ‘badge’, just like we have ‘trainers’ around now, than to show or sustain any skills of it out there while they practice. Ten thousands of companies are registered across the country every year and thousands in Kerala. Out of 729 new firms registered in the state just between October to December, nearly 104 (the highest number of companies) were registered for computer and related activities, 80 companies were registered for manufacturing section, 63 were registered for con-

Mar-Apr-2019

struction and 45 for wholesale trade. Nearly 63 chit companies were also registered. Only five (the lowest number of companies) were registered for business in stock, shares and securities. Among this inspiring increase on new businesses, Forbes states that 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn. In this article, let’s have a look at how we can strategically start a new business and what skills youth might require to sustain it. What is the definition of Entrepreneurship? In political economics, “Entrepreneurship is the process of identifying and starting a new business venture, sourcing and organizing the required resources, while taking both the risks and rewards associated with the venture. It is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. More

recently, the term entrepreneurship has been extended to include conceptualizations of entrepreneurship as a specific mindset resulting in entrepreneurial initiatives e.g. in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship.” The difference could be subtle, but fundamental. Hence, reflecting upon these definitions, entrepreneurship doesn't necessarily involve starting your own business. Many people who don't work for themselves are recognized as entrepreneurs within their organizations. Hence, entrepreneurship is an attitude and a state of mind. To reach that area where only 20% sustains and survives, it takes a lot of serious planning and executing to be done. If you have a NO for any of the following questions, you would need to seriously re-think about becoming an entrepreneur. a) Are you positive, even in the worst situations you have come across? b) Do you volunteer or take initia-

tive? c) Do you have hands-on business knowledge in the product you are to entrepreneur? d) Are you resilient or persistent in trial some times? e) Are you self-motivated? f) Do you make good decisions of your own? g) Are you risk-tolerant? Are you comfortable in taking risks? h) Do you have a strong vision that will positively affect the society tomorrow? i) Are you a good leader and motivator? j) Are you a good communicator? Do you empathise?

k) Are you emotionally intelligent? l) Do you withhold to ethics, values and integrity? m) Are you a good listener? n) Are you creative and innovative? o) Do you have the talents, skills, and abilities necessary to achieve your goals? Planning and Strategising Let’s start from the core element which should be addressed – What is your VISION? The very first thing a budding entrepreneur should reckon is to whether his idea will make any difference in the market – how innovative and useful his product or service will be. In order to understand that, a study, research or a survey of

the market becomes highly significant and inevitable. Entrepreneurs who take this lightly end up in trouble. At the same time, you need to believe in your instincts or gut reaction, and you need to step outside your habitual thinking style and start thinking in your customer’s shoes. Run through the research data available at hand and experience you have gathered over these years on this topic. Ask questions to yourself: “Why should they buy my product or service”, “what positive difference does it bring to them”, “is it cost-effective”, “what would be the initial challenges that might surface” et al. There should always be an alterna-

Mar-Apr-2019

tive plan ready at any given point of time. Contingency plans help you save time, money and effort. Entrepreneurs should be extremely choosy. They should have selective hearing. If they accept whatever ideas or opinions that come their way, they are going to go deep into troubled waters. Every budding entrepreneur should SELL. Like Peter Drucker says, we start practicing sales skills from the time we first cry for milk when we were babies. The best way to start selling your new product or service is simply to call on a prospective customer and start pitching. Selling skills, no matter whether in literal or extended sense, is an inseparable part of business life. Similar to swimming, learning selling skills is more done practically than in theory or during your management lessons. Yes, it is done out in the field bleeding – indomitable to your will and vision to achieve your goal. Focus on the dynamics of your

Mar-Apr-2019

industry while selling. The faster you learn, the better the growth of your organization. However, you also should keep in mind some elements that will only reap when it is the ‘right’ time. Resilience will help you get through this. Have the emotional intelligence to pitch differently with each client. Very importantly, do your homework before you enter your prospect’s premises. SELF-ANALYSIS holds your key to success. When you resolve to start a new venture, the stake could be large financially, socially and emotionally. Go slow and steady in the beginning. Reflect on your downtime. Do not burn yourself out. Take time out to practice those jargons that you mugged up through your MBA - business planning, money management, managing people, directing business operations, and directing sales and marketing operations. Understand specifically how the plunge is and have quarterly reviews for perfor-

mance development. Read industry related books, blogs, magazines, attend seminars, have mentors, join organizations like toastmasters, network with like-minded people and do everything that will help you one step ahead and closer to your dream. HIRING can be the most intriguing, challenging and riskiest factor. Learn how to recruit. This is somewhere you need to put in a lot of focus, time and energy into. Your company is your people. If you do not have the right talent in, then you are nothing less than shooting in the dark. Assess your candidates – check whether it’s worth to invest in them, whether they understand your vision and are ready to go ‘extra mile’. An employee should not be indispensable. An entrepreneur should never lose sight of their goal, nor give up or lose grip of what they have been pursuing for long. Happy Entrepreneuring!

By, J.Prem Bashani, Founder @ PSquare Wisdoms

India Tax ReformsGST blue print

he passing of the Constitution (One Hundred and First Amendment) Act, 2016 (Levy of GST) by the parliament on the 8th of September, 2016 is a historic event in the tax administration of India. The collective political will of the legislators in arriving at a consensus is to be lauded. The nation owes gratitude to

Mar-Apr-2019

the states for their collective wisdom of surrendering this vital authority to a central representative body GST Council for the sake of national good. The achievement is politically significant given the subject of taxation finding a place in both union and state lists of the Constitution. The institutions of implementations are in place in quick time thanks to

the steely resolve shown by the government of the day. Ever since the liberalisation of economies worldwide, and countries having to open up borders to become economically dependent, one nation one market became a necessity. Inevitably, GST got to be the answer. The long wait of the past decade is coming to a dawn with the gov-

Historically, the tax administration in modern India before the roll out of GST will be dubbed as pre-GST era. Innumerable tax jurisdictions, many manifestations, cascading taxes, multiple legislations, administrators, tax events, rates, registrations, appellations, never ending litigations and the ignominy of uncertainties marred the pre-GST era.

ernment committed to a July 1 roll out. The shift to GST can usher in a new era of transparency, fairness, certainties in taxation, and seamless flow of goods and services that are an impetus to trade and industry and consequently to the economy and GDP. The cost of compliance of the stakeholders will come down significantly making the Indian businesses more competitive. On the revenue side, broader tax base and tax buoyancy are in the offing. That means, a greater leeway for the state to fund social and growth infrastructure. On the governance side, digitalization, efficient rational tax administration and creating conducive environment for doing business are plausible. That can attract investment. The consequential benefits of investment viz. growth and employment are expected to flow. Historically, the tax administration in modern India before the roll out of GST will be dubbed as preGST era. Innumerable tax jurisdictions, many manifestations, cascading taxes, multiple legislations, administrators, tax events, rates, registrations, appellations, never ending litigations and the ignominy of uncertainties marred the pre-GST era. Post GST, the teething issues of administrative structure, control of power, infrastructure, HR issues, migrations, transitions etc. will settle down with time. Experiences and demands will further shape and fine tune them. Post GST, we move to a

modern tax administration with digital infrastructure, realistic data, superior intelligence, hassle free client interface and more informed policy decisions. ‘One nation, One market, One tax’ is the underlying theme of the new GST regime. Seamless flow of goods and services across the market, robust distribution chain, rational tax structure, determinate valuation, reduced cost of compliance and hassle free tax administration are sought to be achieved by establishing a strong digital platform, a single tax authority for one assessee and a single tariff for a single

commodity across the market. The multiple events of taxation, hitherto prevalent, are replaced by conceptualizing a single event of “supply of goods and services” to achieve the objective of a single destination based consumption tax for goods and services. The scope is expanded to tax and streamline NRI transactions in India. Advance ruling mechanism stays to bring in tax certainties to woo foreign investments. Appellate mechanisms are redefined. More reforms, the country cannot afford at this point of time, are earmarked and reserved for the future. Total digital interface contem-

Mar-Apr-2019

plated under the GST regime is the single biggest component of reform that is set to transform the face of the administration of indirect taxes in India. The experiences gained from the Income Tax department in direct taxes come handy for the policy makers. The GSTN portal is the digital interface for all tax payer services under the new regime. The existing central excise, service tax and state vat assesses migrate to the GSTN through an enabling digital process and the new businesses coming into being after the commencement of the GST Laws shall obtain fresh registration through the portal. PAN issued by the Income Tax department is the essential requirement for all assesses except non-residents for the purposes of issue of registration certificate. Provision for amendment to registrations by the taxpayers is enabled in the GSTN interface. Registration is the first obligation of taxpayers under the GST law. Unlike Income Tax, GST is an indirect taxation that obligates the taxpayer assesses to collect the taxes from their buyers and pay to the government. The first process of the taxpayer under the GST law to

Mar-Apr-2019

In an ideal GST, the cascading effect of taxes is not felt. The present GST regime seeks to pass on the input tax credit through the digital interface. fulfil this obligation is Registration. Registration numbers are issued through GSTN interface against valid applications. The taxpayers are identified through a pan based registration number or an UID created in the GSTN portal. Sub identities are enabled for businesses that choose separate taxpayer identity for the purposes of multiple verticals, obligated registrants for multi state operators and to tag the origin of input service distributor invoices. The apprehensions of a smooth transition to the GST raised by a segment of Trade and Industry are partly real and partly speculative. For then, no major reforms can start smooth. The success of the implementations should be measured over a period of time. No less than the Finance Minister has assured that the digital infrastructure can handle

the load seamlessly. Sector committees are formed to address the concerns of the trade. Twitter handles @GST_GOI and @GST_Tech work full time to address GST queries of the trade. GST Suvidha providers are regulated to provide software applications to the taxpayers to work with GST Network to handle bulk transactions. Suvidha kendras are set up to ease out compliance infrastructure. An easy to use Excel application is to be released by GSTN shortly to small businesses that can upload up to 19000 invoices. All these indicate that the core infrastructure and tools will be ready in time. Where the concerns are real, the government has acknowledged, like deferring the time of filing the returns of the month of July. The anti profiteering clause experience of Malaysia and the readiness of etransit infrastructure are a concern for the trade. In any event, the trade need not panic, for the government is an all important stakeholder in the smooth transition to the GST regime. An ideal GST is the one followed by Singapore with a single rate of 7% of the value added every time in the supply chain. A single rate

can make the issue of classification redundant. Given our experiences that a bulk of the litigations in our indirect tax regime, arise out classification disputes, driven by the lure of lower rates, the ideal may not be lost in the policy makers. The wide disparities in the distribution of wealth among the people and a vast majority living below the poverty line deny that luxury of levying a single rate to the government. It is this wisdom that lay beneath the remark of the Finance minister that foot wears and BMW cannot be charged to the same rate of duty. Therefore 5 rates of taxes are proposed in the new regime with additional cess for some identified ‘luxury’ and ‘sin’ goods that are in the 28% category. Nevertheless, attempts are made to fit goods of the same industry into the same rate of tax. A general turn over based exemption limit of Rs.20 lakhs per annum (Rs.10 lakhs per annum for north eastern states) is allowed for small businesses. Similarly, a composition levy of 3% is envisaged for businesses having a turnover of up to 75 lakhs on an optional basis on the condition of not availing input tax credit on purchases. Also, new concepts of ‘Tax collection at source’ and ‘Tax deduction at source’ are introduced in the new regime to minimize compliance burden on small businesses. Levy of GST by Reverse Charge mechanism is also contemplated in cases where levy and collection of taxes are difficult to administer. However, reporting is obligated on registered taxpayers about the transactions with that class of businesses availing the above con-

cessions to enable capturing trade and tax data. GST laws seek to adopt the most rational method of valuation of goods and services that is followed worldwide. They seek to accept the actual transaction value as the value of goods and services for the purpose of calculating taxes. ‘The transaction value’ is the actual price agreed to be paid or payable for the goods and services supplied, when the parties are not related and price is the sole consideration to the transactions. Contentious price elements of the past that were a recipe of litigations are specifically sought to be included in the value under the present GST laws. A contract price between the supplier and recipient is normally accepted as the ‘transaction value’ and the same taken as the basis for computing tax. But when factors like relationship of parties or in cases of deemed supply where consideration is not money, but a price is implicit, the transaction value will become questionable under the GST laws. In essence, the valuation under GST laws provide for computing taxes on the actual transaction value of the supply of goods and services with prescribed checks to prevent circumventing the intrinsic value of the supply. In an ideal GST, the cascading effect of taxes is not felt. The present GST regime seeks to pass on the input tax credit through the digital interface. That makes both the government and the taxpayers comfortable on the correctness of the credits. But, however, the degrees of compliance of taxpayers have to be high to make this going. It will be

a real test to the trade, particularly to the SMEs who are used to a very lax reporting culture and methods. The cost associated with swift compliance may bite them a bit. Refund for zero rated supplies and inverted duty structures provide for seamless flow of credit. The biggest challenge is to carry forward ITC into GSTN during transition. The challenge arises from the integration of multiple levies and distinct taxpayers, on account of changed tax event and changed assessment officers, into the new regime. Seemingly rational basis are prescribed for this carry forward. The most significant cost of the transition to the GST regime is the supply chain disruption. Already, out of anxiety, consumer businesses have offered huge discounts to clear the stock. The losses are pegged at 7%. Stock inventory across businesses have reduced significantly, meaning supply disruptions. Businesses will also have to undergo structural changes. In the months following the GST roll out, the availability of goods in the market can dwindle and the demands may go up. This can have an inflationary effect. But, with the knowledge of the experiences of over 150 countries that have transformed to GST, we expect the strain to be the minimum through combat policies and responses of the government during the first few months of implementations

The Author is a former Superintendent of Central Excise, Chennai. He tweets @psquarewisdoms

Mar-Apr-2019

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Mar-Apr-2019

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Mar-Apr-2019

COOKERY

Teznim Aziz

Battoora Method

Ingredients

• • • • • •

Maida - 1/2 kg Egg - 1 Sugar - 1tablespoon Oil - 2 tablespoons Instant Yeast - 1/2 tablespoon Oil, salt, Warm Milk

Mar-Apr-2019

In a bowl add maida, sugar, instant yeast and salt. Stir the mixture, then add egg and oil and stir well. Add enough warm milk knead to a soft and smooth dough. Cover the battoora dough and keep it aside for 3 hours. Divide the dough into small balls. Lightly dust the dough balls with some flour. Roll in to a small to medium sized rounds of medium thickness. Heat oil in a deep frying pan. When the oil is sufficiently hot then add one battoora at a time and gently pressing down with the frying spoon, turn over when puffed up and fry battoora till golden brown.

Duck roast Ingredients

• • • • • • • • • • • • • • •

Duck - 1/2 kg Shallots - 1 cup ( crushed ) Ginger garlic paste - 1/2 tablespoon Green chilli - 2 nos Turmeric powder - 1/2 teaspoon Bay leaf - 1 nos Vinegar - 1/2 teaspoon Coconut flakes - 1/4 cup Curry leaves - 1 spring Crushed pepper - 1/2 tablespoon Coriander powder - 3/4 tablespoon Chilli powder - 1/2 teaspoon Garam masala powder - 1/2 teaspoon Coconut oil - as required Salt - as required

Method

In a pressure cooker, add duck, 1/4 cup shallots, 1/2 teaspoon ginger garlic paste, green chilli, 1/4 teaspoon turmeric powder, 1/2 teaspoon chilli powder, bay leaf, vinegar, 1 tablespoon coriander powder, 1/4 teaspoon garam masala powder, curry leaves, coconut flakes, 1/4 cup water and salt. Mix well and let it cook. After one steam, simmer the stove for 5 minutes. Heat coconut oil in another pan. Add curry leaves, shallots, ginger garlic paste. Saute until the shallots turn brown. Add coriander powder, garam masala and crushed pepper. Saute until the raw smell goes. Add cooked duck along with the gravy. Roast the meat on a low flame for 10 to 15 minutes or until it reaches a brown colour. If needed, add crushed pepper, garam masala or salt. Add curry leaves and switch off the heat.

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Duck Mappas Ingredients

• • • • • • • • • • • • • • • • •

Duck - 1/2 kg Onion - 1 thinly sliced Ginger garlic paste - 1/2 tablespoon Green chillies - 2 nos Curry leaves - 1 spring Turmeric powder - 1/4 teaspoon Chilli powder - 1/2 tablespoon Coriander powder - 3/4 tablespoon Fenugreek powder - one pinch Garam masala powder - 1/4 teaspoon Tomato - 1 Coconut milk - 1/2 cup (thick) Whole spices - (cloves-2 nos, cardamom-1 nos, cinnamon-1 nos, bay leaf-1 nos) Crushed pepper - 1/2 teaspoon Vinegar - 1/2 teaspoon Hot water - 1/4 cup Salt to taste

Method

Add the coconut oil into a pressure cooker. Add mustard, coconut flakes and curry leaves to it. Once the mustard seeds start to splutter, add the whole spices and stir. Add green chillies, onion and ginger garlic paste. Saute well. Add all the powder spices and stir. Add tomato and saute till it becomes transparent. Add duck, water, vinegar and salt. Close the cooker and let it cook. After a steam, simmer the stove and keep for 5 minutes and off the stove. Add coconut milk and simmer till the gravy becomes thick.

For Splutter

• • • • •

Mustard seed - 1/4 teaspoon Coconut flakes - 1/4 cup Red chillies - 2 nos Curry leaves Coconut oil

Vellayappam without coconut Ingredients

• • • • •

Raw rice - 2 cup Rice flake (white) - 1 cup Yeast - 1/2 teaspoon Sugar - 1 tablespoon Salt - to taste

Mar-Apr-2019

Method

Grind the raw rice (that was previously soaked in water) as you do for normal vellayappam. To this well ground mix, add the rice flakes and grind again. Move the batter into a bowl, add yeast and sugar. Mix the batter and let it stay for 4 to 8 hours. Once the batter is fermented enough, add salt to it and let sit for half an hour. Use the batter and make vellayapam.

LIMITED EDITION

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BEAUTY

Natural tips to whiten skin M ost of us want our face to look whiter and brighter. It is our obsession with white skin tone that all major face cream conglomerates exploit. Why do you want your skin to look brighter and whiter? None of us may have a proper answer to this question. The question deserves a serious rational introspection. But, not all are thinkers. Right! So, not everyone understands the language of intellectuals. It is ok! In this scenario, the best thing that can be done to save those who fall prey to the unethical advertisement campaigns launched by the conglomerates to exploit the peopleâ&#x20AC;&#x2122;s obsession with white skin tone is to help them find natural methods to quench their desire to become whiter. In this edition, at least five natural tips to whiten skin are suggested. Enjoy reading!

Yogurt

Yogurt is a by-product of milk. It is a rich source of lactic acid. Indians use this prod-

uct to make a variety of dishes, mostly traditional dishes. It is its bleaching properties which make it a perfect one to change the colour of skin. Apply yogurt on your face. Leave it there for at least 15 to 20 minutes. Remove the mask using normal water. You can also add lemon juice into the mixture to increase its effectiveness.

Oranges

This fruit is considered as the king of citrus fruits. It is not only good for body, but also good for skin, especially facial skin. It is a rich source of Vitamin C. It can be used in two ways. It can either be consumed in the form of juice or be applied in the face in the form of thick facial mask, or in the form of both. If you prefer the former, drink at least a glass of fresh orange juice a day. If your preference is the second option, apply orange paste on the face and wash it off after 10 to 20 minutes. For best result, use both options. Orange is a

Dr. Elizabath Chacko, MD-Kalpana International

Mob: 9388618112

Mar-Apr-2019

strong bleaching agent also.

Gram Flour

No other items can guarantee a positive change in your skin texture as confident as gram flour. Its high effectiveness is due to the presence of high concentration of various nutrients. It removes excess oil from skin, but retains adequate moisture. Apply gram flour paste on your skin. It can be made by mixing gram flour to normal water or rosewater. Leave it in your face until it dries. Rinse it off with water. The result can be experienced in few weeks.

Honey

Honey is a perfect bleaching agent as well as a moisturising agent. It also has some antibacterial characteristics. These peculiarities make it the most preferred natural face mask. It not only improves skin tone, but also removes dark spots and scars. Apply honey on your face. Rinse it off after 20 to 30 minutes. Do this

almost every other day. For more effectiveness, little lime juice can be added to honey.

Lemon

Lemon is the cheapest item which can be used to improve your skin tone. A lemon only costs Rs. 3 or Rs. 4. It is a rich source of Vitamin C. It also contains several nutrients. Dip a cotton ball in lemon juice. Softly apply lemon juice on your face with that. Leave it there for few minutes. Clear it off with clean water. It is very effective. Do this at least 3 times a week. Actually, there tips are not suggested to give

an impression that people with dark skin tone is inferior to or less beautiful than people with white skin tone. In reality, dark skin is healthier than white skin. The concentration of melanin pigment in dark skin is much higher than the concentration of this pigment in white skin. Higher the concentration of this pigment greater is the strength of skin. No sensible one defines beauty in terms of skin colour. Everything God has made a unique beauty. But, only sensible ones can see it. Be Happy! Be Confident!ď&#x20AC;˝

Mar-Apr-2019

TRAVELOGUE

A true heaven

Mar-Apr-2019

It is a very small country, which has a population of not more than 2.97 million people. Compared to other successor states of former Yugoslavia, it is more closely associated with the western powers. It is a member of the United Nations, European Union and the North Atlantic Treaty Organisation.

hat comes first into your mind when you think about heaven? Most of us can’t image a world which does not have snow-covered mountains, beautiful lakes, stunning beaches and kindhearted people as heaven. A normal person’s concept about heaven is a land abundantly blessed with all the aforementioned elements. It definitely means that if you have a similar concept it is not as surprising as you think. In this edition, we take you to heaven. Don’t get panic! That heaven is not that place where people wish to reach post their death. You might be surprised to hear that you don’t need to leave your body behind to reach this heaven. Ok! It is not wise to stretch it further. Let’s go straight to the point. That heaven is Slovenia, the land which is abundantly blessed with natural beauty and peace. Slovenia, located near Austria, Croatia and Italy, is a successor of former Yugoslavia. It is a very small country, which has a population of not more than 2.97 million people. Compared to other successor states of former Yugoslavia, it is more closely associated with the western powers. It is a member of the United Nations, European Union and the North Atlantic Treaty Organisation. At least one-half of the total area of the country is covered by forest. This European country is also popular for its water wealth as it has several fresh water lakes. As already mentioned, it also has several coastlines. Lol! What else do you want to see in a heaven? Ljubljana, Lake Bled, Triglav National Park, Postojna, and Piran are the prime tourist locations in the country. Ljubljana is the capital of Slo-

Mar-Apr-2019

venia. No other capital cities in the continent are as beautiful as the capital city of this exceptionally captivating country. It is home to several museums, theatres and art galleries. The Old Town, which looks like a medieval city, and Tromostovje, which is a triple bridge, are the two main attractions in the city. Lake Bled is a gateway to the Triglav National Park, but it is not what that makes this lake special. What makes it exceptional is its scenic beauty. It is a small lake encircled by Julian Alps. There is an additional feature in this lake that enhances its attractiveness. It is a small seventh century castle in the middle of the lake. It stands over an Island like formation found exactly in the middle of the lake. It is difficult to define clearly its beauty with words. Mountain climbing, horse riding and boat rowing are the major activities offered in this tourist spot. Triglav National Park, as mentioned above, is situated close to Lake Bled. In fact, the majority of this park is made up of the Julian Alps. There are two popular ways to

Mar-Apr-2019

explore the scenic beauty of this park. Travellers can either climb Mount Triglav or use the Vogel Cable Car, which offers a ride over this park in return of a reasonable amount of money. River rafting and mountain hiking are the prime activities offered in this destination. Postojna is a small town located in the southwest region of the country. It is popular for its cave system. There are several caves in this part of the country. Some of them are more than 20 km long. Rail systems operate in some of these caves. Notably, there is a medieval castle located in the northern region of this town. The castle is known for its extra-ordinary architectural beauty. It partially occupies a cave situated in that region. The fine blending of a natural structure and a manmade one is what the castle is all about. Piran is a resort town situated

Mar-Apr-2019

on the coast of the Adriatic Sea. It looks like Italian cities. Its resemblance to the Italian cities is not a coincident, as it shares the same Venetian past with Italy. Tartinijev trg, the main square famous for its resemblance to the squares located in Italy, the Venetian House, the oldest building in the town renowned for its architectural marvel, and St. George Church, the most popular church in the town, are the popular tourist destinations in the resort town. This town is a bit more expensive than the rest of the country. But, still, it is worth paying that additional. The country has a perfect tourist infrastructure. The Slovenian government is very keen to provide world class facilities to all who come to their country to get a glimpse of its amazing beauty. Slovenians are very friendly people. They are very

proud of their diverse culture. Like their culture, their cuisine, music and art are highly diverse in nature. It is worth tasting each of them. If something that hunts your mind even decades after your visit to this land other than its scenic beauty and interesting people, it will be its wines. This country is popular for its wine industry. The best place to taste its wines is Maribor. It is a city located close to the Austrian border and is larger than most other cities in the country. It is home to most wine industries operating in the country. A wine tour is the best thing that this city can offer. It is worthy to taste Stara trta, the oldest wine in the world which is more than 450 years old. Truly, this country is a heaven. Plan your trip to this amazing land today itself. It will not disappoint you! That is for sure!ď&#x20AC;˝

BE PAMPERED IN LUXURY

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AUTO REVIEW

Vivek Venugopal is one of Indiaâ&#x20AC;&#x2122;s top automotivewriterswithover a decadeâ&#x20AC;&#x2122;s experience in road-testing and reviewing cars. He is currently the Editor of Quarter Mile magazine and a columnist in several leading magazines and newspapers. He is also a highly sought after consulting engineer and market analyst for many automobile manufacturers.

Mar-Apr-2019

It comes loaded with features such as ESP, hill start assist, auto hold, 6 airbags, dual zone climate controls, electrically adjustable driver seat, Honda lane watch, 7 inch touch screen with Android Auto and Apple Car Play, reverse camera, remote engine start, automatic locking for the doors when you walk away, sunroof etc. to name a few.

Honda Civic T

he wind of crossovers sweeping across the country is hard to miss. Everyone who wants to buy a car now, wants an SUV and you can see why its big presence, large cabin and high seating position are a big draw with most buyers. This new found love for crossovers, has spelt bad news for the premium sedans which were, once, the popular choice for many executives. For the last couple of years or so, this segment has seen a decline in sales. But, the new Civic has what it takes to change all that. Thirteen years after the much loved eighth generation Civic made it to our shores in 2006, we are now getting a new Civic. Honda skipped the ninth generation altogether, considering how sales had dwindled in that segment. The new tenth generation Civic we are getting is the recently face-lifted model, which is more grown up, much more in tune with the times and now has a diesel in its arsenal. The styling is far from the boring sedans we see every day. Honda has gone for a very long bonnet and a fastback style rear. The front end is sharp and you get the new familiar Honda face with the broad grille

and very futuristic LED headlamps. The fenders are exaggerated wheel arches that also define the bonnet shut lines. The roof follows a sharp curve which is very distinctive from the sides. The rear has a striking look with those boomerang shaped LED tail lamps forming part of the muscular haunches that form the C pillar. The top spec car gets 17 inch alloys with relatively low profile 215/50R17 tyresâ&#x20AC;&#x201C; not many volume car manufacturers in India have gone that adventurous with their tyre choice before. The old Civicâ&#x20AC;&#x2122;s cabin was a revelation back in its day, but here things are more contemporary than futuristic. It is a very nice place to be in with good ergonomics and a quality feel. The instrument console is borrowed from the CRV, but has better graphics for the TFT display. The top of the dashboard is covered with soft touch materials and the overall cabin feels well screwed together. That fabric stripe running down the middle may polarize opinion, but the front seats do offer good support and the gear lever placement is excellent. You are seated low and that adds to the sporty feel. The rear seat has limited headroom due

Mar-Apr-2019

to the sloping roof and is set low to make up for it. There is no flat floor as before, and there is less foot space under the front seat than we would have liked. The seats are wide and the ivory colour adds to the feel good factor. There are sufficient storage spaces in the cabin and the boot is pretty decent too, at 430 litres. It comes loaded with features such as ESP, hill start assist, auto hold, 6 airbags, dual zone climate controls, electrically adjustable driver seat, Honda lane watch, 7 inch touch screen with Android Auto and Apple Car Play, reverse camera, remote engine start, automatic locking for the doors when you walk away, sunroof etc. to name a few. You get two engine options: a 141 bhp 1.8 litre petrol automatic, and a 120bhp 1.6 litre diesel manual. The R18A engine in the old Civic makes a comeback here in the new Civic although this time it isn’t detuned due to the bad quality of petrol here. It was a pretty advanced engine for its time, with and integrated exhaust manifold and a reversed VTEC system for improved efficiency. While the old Civic had a 5 speed conventional automatic, the new one uses a 7-step CVT with paddle shifters. It is a very good car for driving around town, with the CVT box going on

Mar-Apr-2019

Where the Civic comes into its own is in the handling. The steering is now electric and doesn’t have the feel of the old hydraulic unit in the prev gen car we had.

about its job nonintrusively. You also get better fuel efficiency than before. It is when you drive it fast that it makes the engine sound strained. It takes its sweet time to accelerate up to speed and feels laboured, although you can resort to using the paddles and their arbitrary ratios to calm it down slightly. Wish we got a manual transmission with the petrol or even better that 173bhp 1.5L turbo petrol engine sold in international markets. The diesel engine is the one to have if you do a lot of miles outside the city. It has 120bhp and crucially, 300Nm– similar specs as the CRV– except, the Civic is over 300 kilos lighter. Still, it isn’t explosively

fast as some of its competitors, but has adequate power on tap. You won’t complain on an open road as it has plenty of passing power for most highway overtakes. Driven in a relaxed manner, it returns stellar fuel efficiency too. Overall refinement inside the cabin is good too. The six speed manual it comes with is a joy to operate and the clutch isn’t very hard either. Where the Civic comes into its own is in the handling. The steering is now electric and doesn’t have the feel of the old hydraulic unit in the prev gen car we had. But where the old Civic was all softly sprung and inadequately damped at the rear, this

one feels dynamically well sorted. It is still sharp to turn in and clings on to its line in the corners. The grip, despite the low rolling resistance eco tyres, is good and there is good amount of fun to be had behind the wheel. Ride quality is also good despite the low profile tyres, with only the sharpest of road irregularities filtering into the cabin. Honda has also raised the Indian car’s suspension by another 20mm for a total ground clearance of 171mm. Needless to say, it never scraped anywhere during our drive. Honda took its sweet time to give it to us, but we are impressed by the new Civic. It is stylish, feels well made, has good ride and handling, and being a Honda will give you one of the best ownership experiences in its life time. Sure, it isn’t particularly exciting in the engine department as we would have liked and that rear seat isn’t the best if you are chauffeur driven, but the breadth of abilities it has is excellent. Without doubt, it is currently the best buy in its class and a worthy upgrade from the City and a proper replacement for the old Civic. Pricing is unknown at the time of going to press

MOVIE REVIEW

Badla

t is a suspense thriller directed by talented filmmaker Sujoy Ghosh, who created exceptional thriller series ‘Kahaani’. A young woman entrepreneur and a lawyer, who is hired by the entrepreneur to resolve the mystery behind a crime that has overturned her life, are the central characters of the movie. Amitabh Bachchan and Taapsee Pannu appear as the central characters. Apart from them, Amrita Singh, Antonio Aakeel and Tony Luke act in the movie. The story of the movie is done by Oriol Paulo. The movie’s screenplay is developed by its director itself. Raj Vasant is also a contributor of that task.

Luka Chuppi

t is a romantic comedy film directed by talented cinematographer Laxman Utekar. It is a story of a kindhearted youngster, Guddu, and his headstrong girlfriend, Rashmi. When the young couple decides to take their relationship further, Guddu prefers marriage while Rashmi proposes ‘Live-In’. How the couple resolves this difference of opinion and whether their families can think in the way the couple think are what the film tries to portray. Many youngsters, who face the question of marriage at present, can easily relate the story of the film to their stories. There are many fun elements in the movie. It is what that makes this movie highly interesting. Kartik Aaryan and Kriti Sanon appear in the lead roles.

Mar-Apr-2019

Captain Marvel

t is a fantasy movie directed by renowned filmmakers Anna Boden and Ryan Fleck. The film tells the story of a war. Captain Marvel gets caught in the middle of that conflict developed between two alien races. There are many stunning action sequences in the movie. The directors deserve special appreciations for the responsible way they have handled the movie. Brie Larson, Jude Law, Samuel L Jackson, Ben Mendelsohn and Gemma Chan appear in the lead roles. It is a big budget movie. Around 15.2 crores US Dollars have been invested in the project. The directors themselves are the ones who have played a prime role in the development of the movie’s screenplay.

Isn’t It Romantic

t is a romantic comedy directed by popular American filmmaker Todd Strauss-Schulson. The film, which was released in mid-February, is still running successfully in theatres across the world, grabbing positive reviews from all section of the society –both young and old. The central character of the movie is Natalie. What will you feel when suddenly one day you wake up to a world which revolves around you? It is what the movie beautifully portrays. There are several hilarious comedy sequences in the movie. Rebel Wilson appears as the central character. Apart from her, Indian actress Priyanka Chopra also appears in a prominent role. Apart from these two talented beauties, Liam Hemsworth, Adam DeVine, and Tom Ellis act in the lead roles.

Mar-Apr-2019

BOOK REVIEW

The Verdict: Decoding India’s Elections Author Price

: Prannoy Roy, Dorab R Sopariwala : Rs 449 (Hardcover)

ndia is the largest democratic country in the world. Free and fair election is the most important feature of a healthy democracy. India conducts elections in every proposed interval sincerely. Not many times that pattern has been compromised. India’s commitment towards its electoral framework reflects its dedication towards its democratic framework. As we are very sincere about our country’s electoral framework, it is very important to learn deeply about the election process and many topics associated with this process. But, unfortunately, not many have invested time to learn about the process deeply. Don’t worry! This book offers a good opportunity to understand each and every thing that is needed to be known about this interesting topic.

Bridging East and West: Rabindranath Tagore and Romain Rolland Correspondence (1919-1940) Author Price

: Prof. Chinmoy Guha : Rs 905 (Hardcover)

abindranath Tagore and Romain Rolland are the two prominent intellectuals of the bygone century. The former represents the East and the latter the West. It is interesting to know how these two intimate friends influenced each other. The best way to learn that is to explore the remnants of their personal communications. This book, written by one of the most prestigious scholars, contains forty six letters and telegrams exchanged by the legends. The book examines each one of them deeply. The book takes its readers to a rollercoaster ride through the minds of these legends with the aid of the letters. Each letter is a fine mixture of thoughts and emotions, and is more intellectual and less personal in character. The book is 200% worth reading.

Mar-Apr-2019

BOOK REVIEW

The Third Pillar: How Markets and the State Leave the Community Behind Author Price

: Raghuram G Rajan : Rs 599 (Hardcover)

arket, state and community are three important elements in economics. Unlike state and market, the term community is often ignored. The book explains why that ignorance occurs, why that ignorance should not occur, and how much that has been paid owing to that ignorance. The book also suggests a way to restructure the relationship between these three important elements in a way that the element community gains as much importance as its inseparable partners. The writer is probably the first person who has pointed out this ignorance. The book is nothing short of a classic. It is clear that the book is the end result of several-years-long research. It is evident that the writer has spent a considerable time in each paragraph to ensure its perfection.

Retire Rich Author Price

: P V Subramanyam : Rs 524 (Hardcover)

etirement is still a confusing topic. How much money you need to ensure a peaceful retirement life. It is sure that many of us may have no answer to this question. Most of us run behind money just to ensure that we save enough to adequately fund our retirement lives. Actually, it is not necessary to keep our tummy half empty today to make our tummy half filled during our retirement times. That logic actually is of the bygone daysâ&#x20AC;&#x2122;. This book explains how you should manage your fund to make sure that you save enough to enjoy a tension free retirement life. The big thing the book teaches is: the earlier you start, the easier it becomes.

Mar-Apr-2019

Printed On 01/ 03/ 2019

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