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News Brief Govt. may fix GST rate at 28% for cars New Delhi: Keeping The Government has al- at 38.5 per cent at present and the remaining 14.5 per RBI to issue auto industry’s rapid ready approved goods and rate. Besides, it will attract a cent being state VAT ). growth in mind, the Govern- services rates which will fall little State compensation “These classes of vehicles new Rs 5, 10 ment is likely to fix an af- into one of the approved cess to take the total inci- would be put in the peak 28 fordable slab rate of 28 per four rate categories of 5, 12, dence closer to the current per cent tax bracket and coins soon cent for both small and me- 18 and 28 per cent, which is levels,” the official added. maximum 15 per cent cess,” Mumbai: The Re- dium sized cars under the closest rate to the present The GST law provides for the official said, adding that serve Bank of India will Goods and Services Tax incidence of taxation. levy of cess on top of the this would take the total in- soon put into circula- (GST) for the consumers. It, As for small cars, these peak tax rate on demerit cidence of taxation to 43 per tion new Rs 10 coins however, claimed that the vehicles currently attract a and luxury goods like pan cent. This means that for a that have been minted slab rate of small cars would 12.5 per cent central excise masala, tobacco and certain select few vehicles, the tax to commemorate remain close to the current duty with another 14.5-15 class of automobiles to cre- incidence would be margin- 125th year of National tax rate while mid-sized per cent VAT is levied by ate a corpus that will be ally lower than at present Archives of India. The ones would be available at States, taking the total tax used to compensate states and would thus result in Central Bank will also much cheaper rate than the rate of 27-27.5 per cent. for loss of revenue arising lower prices if the manufac- put into circulation current prices in the market. While mid-sized cars of up on account of the imple- turer passes on the benefit new Rs 5 coins to cel- As we have decided to to 1500 cc are levied with a mentation of the GST in first to the consumers. ebrate 150th anniver- make ‘One nation, One tax’, 24 per cent excise by the five years. Dubbed as the biggest sary of Allahabad High we need to look at the central Government and a The official, however, tax reform since Indepen- Court. On the design of growth of the products too. 14.5 per cent VAT by the said a cess of up to 15 per dence, the GST is to unify at new Rs 10 coin, the RBI If we take car segment for State Governments, taking cent is provided in the GST least 10 indirect taxes into said that on the reverse example, we should make the total tax rate at 38.5 per Compensation Law and the one to be collected at State of the coin, there will be them available at the cent. final incidence of taxation and central levels. Under the an image of National cheaper prices for the con- We have decided an af- would be arrived at adding existing structure, the cen- Archives Building in the sumers. So we have decided fordable slab rate at 28 per the same to the peak rate. tral Government levies a centre with inscription to keep it in the third slab cent for these categories of “The cess would be levied in production tax, called excise 125 years below the (28 per cent out of already- cars (both small and mid- a manner so as to keep the duty, and the State Govern- image. It will also bear decided four-slab structure sized), excluding luxury final incidence of taxation at ment charge a sales tax called logo of 125th anniver- in the historic tax reforms ones. As small cars are very close to current levels,” he VAT. Now, these two will unify The Minister of State for Home Affairs, Shri Hansraj Gangaram Ahir interact- sary celebration. The after the GST is rolled out close to the affordable slab, said. For SUV and bigger in the one uniform tax. ing with jawans, during his visit to CRPF camp, at Sukma, Chhattisgarh. year 1891 and 2016 in from July 1 as different mid-sized ones attract more cars of more than 1500 cc, English shall be written goods are fitted into differ- tax rates in the current the current rates of taxation on the upper and lower ent slab rates,” a senior Fi- structure. But we are trying is 41.5 per cent to 44.5 per periphery of the coin nance Ministry official told to bring it down to 28 per cent (comprising of 27-30 respectively. The Pioneer. cent slab from total tax rate per cent of central excise Delay in quota reforms to erode Govt rejects Abbott, HC seeks Government’s reply Medtronic IMF’s credibility: Arun Jaitley on plea seeking capping of airfares Washington: Finance IMF. The IMF needs to be suf- eral Review of Quotas) has developing nations. applications to New Delhi: The Delhi court that airfares was be- application seeking informa- Minister Arun Jaitley has ex- ficiently resourced to be been pushed back to no Free Trade: Commenting High Court has sought the yond the control of the avia- tion regarding airfares and pressed disappointment able to fully discharge this later than the 2019 annual on increasing protectionism withdraw stents governments reply on a plea tion regulator Directorate the ministry had replied that over the slow pace of IMF responsibility. It also needs meetings, Jaitlety added. and its adverse implications, New Delhi: The seeking capping of airfares General of Civil Aviation. these were not controlled by quota reforms and said any to function as a quota- Any further delay in the the finance minister called Government rejected across the country so that fly- The court had on July 20 the government. Citing the further delay would erode based institution, he said at 15th GRQ will erode Funds upon the IMF to lend strong applications by multi- ers are not fleeced by airlines. last year disposed the plea Jat agitation in Haryana last the legitimacy and credibil- the meeting of the Interna- legitimacy and credibility, and unambiguous voice in national firms Abbott A bench of Acting Chief with direction to the ministry year, the plea has said if there ity of the multi-lateral tional Monetary and Finan- and will be against the spirit support of free trade and and Medtronic to with- Justice Gita Mittal and Jus- to consider the issues raised would have been a cap, the organisation. cial Committee (IMFC). of the Articles of Agreement. raise awareness about the draw their advanced tice Anu Malhotra issued no- before it and pass an appro- airlines could not have The minister, who is here Given that there is a I do hope that the deadlines benefits of rule based open coronary stents from tice to the Civil Aviation Min- priate order in accordance charged huge amounts. The for spring meetings of the broad agreement on main- now set will be honoured multilateral trading frame- C India while asking istry and sought their re- with law within eight weeks. private airlines companies International Monetary taining the current overall and adhered to, he said. works. M them to maintain sup- sponse after it was informed The PIL filed through advo- have fleeced people even in Fund (IMF), also underlined lending capacity of the India has been pressing He added that the IMF Y K plies of the products. In that the government has cate Amit Sahni has urged the emergent situations and the the need for enhanced sur- Fund and that the IMFs ex- for IMF quota reforms as it should play proactive role Y

M a notification, the Na- failed to comply with its ear- court to direct the authorities government has stood as a veillance by the IMF to ad- isting resource pool is ex- would give more say to de- by productive engagement K C tional Pharmaceutical lier direction asking them to to frame guidelines so as to mute spectator, the plea has dress the rising vulnerabili- cessively tilted towards bor- veloping nations in the ac- with Regional Financing Ar- Pricing Authority asked decide the issue. put a cap on airfares and pre- said, adding there was an ur- ties in the global monetary rowed resources, there is a tivities of the multi-lateral rangements by way of shar- the companies to con- The court fixed the mat- vent the private airlines from gent need to regulate the and financial systems. dire need for increasing organisation. Also the quota ing information and joint sider options for price ter for further consideration charging arbitrarily, irratio- upper limit of airfares so that Enhanced Surveillance: quotas, he added. reform would reflect the mechanisms for surveil- revision before decid- on September 15. The coun- nally and exorbitantly for air the private airlines cannot The emerging risks to the We are disappointed changed economic realities, lance and policy signalling ing to withdraw their sel for the central govern- flights. The advocate has fleece their customers as per global economy call for en- that the deadline for com- specially with regard to the to build confidence among products from the mar- ment submitted before the stated that he had filed an RTI their own wish. hanced surveillance by the pleting the 15th GRQ (Gen- increasing prowess of the creditors. ket. Abbott had sought permission to with- draw its Alpine drug eluting stent and Ab- SEBI lines up reforms to Allahabad Bank blueprint sorb dissolving stent, while Medtornic had check flow of black money to raise money also sought to with- Calcutta: Public sector lender Allahabad Bank Mumbai: Capital mar- soon, which would be its first has sought shareholders’ approval for Rs 418 core draw its Onyx kets regulator, Securities and meeting under the chair- Zotarolimus eluting capital infusion through preferential allotment to Exchange Board of India manship of Ajay Tyagi, who the Centre. In a communication to the Bombay stents in the wake of (SEBI), will soon put in place took charge on March 1. the Government bring- Stock Exchange, Allahabad Bank has called an ex- stricter norms to check any Among a slew of reform traordinary general meeting in May to pass a spe- ing the medical device flow of black money into measures, the SEBI board will under price control ear- cial resolution to allot 56524678 equity shares of stock market though contro- also consider making it face value Rs 10 at an issue price of Rs 73.95 apiece lier this year. In a notifi- versy-ridden P-Notes and easier for banks and financial cation, the NPPA said on a preferential basis to the central government. also initiate steps for allow- institutions to get shares of The Allahabad Bank scrip rose 0.41 per cent to Rs during the period no ing mutual fund investments the companies they have such request from the 73.45 on the BSE., In March, the Centre had con- through e-wallets. exposure to by way of con- veyed the sanction and the bank had already re- companies to with- Besides, SEBI will con- version of loan into equity a draw their products mitted the amount to a share application money sider this week new norms move seen as a major boost account pending clearances and allotment. The RBI could be entertained. for allowing options trading to the steps for handling the The NPPA said the com- has advised the bank to consider share application in commodity derivative bad loan menace. The SEBI money as common equity tier I capital for the fi- panies would be free to market, while rules would be board will also take stock of resubmit their requests nancial year ended March 31, 2017, pending allot- relaxed for registration of for- long-pending investigations ment. The bank needs additional capital for imple- two weeks before the The Union Minister for Road Transport & Highways and Shipping, Shri Nitin eign investors and for com- and cases, involving some big expiry of the restriction Gadkari, the Chief Minister of Haryana, Shri Manohar Lal Khattar, the Minister mentation of Basel III norms. The capital raised mon licence to brokers to corporates, and will consider would be utilized to shore up capital adequacy and which are currently in of State for Road Transport & Highways and Shipping, Shri P. Radhakrishnan, deal in equities and com- putting in place an internal operation. the Transport Minister, Assam, Shri Chandra Mohan Patowary and the Industry fund the general business needs of the bank, modities, sources said. guidance note for dealing Allahabad Bank said in an explanatory statement Minister, Madhya Pradesh, Shri Rajendra Shukla at the State Session, during the The SEBI board will meet with quasi-judicial matters. GST to boost India Integrated Transport & Logistics Summit 2017, in New Delhi. to its shareholders. domestic mfg., won’t up Sun Pharma gets US scare, scrip tanks Brigade hospitality to set up WTC inflation: Adhia Mumbai: Sun Pharma the American regulator in the end of an inspection if plicates of key records. Chennai: Brigade Hospi- be the third World Trade Cen- Bengaluru-based Brigade shares took a beating on the December 2015. investigators observe any The Sun Pharma stock New Delhi: The tality Services Ltd., (BHSL) a tre in the South after Group and Chennai-based bourses on reports that the The Us health regulator condition that may violate ended lower by Rs 15.80 or subsidiary of real estate de- Bengaluru and Kochi, Mr. SRP Tools had invested Rs150 Government said GST US Food and Drug Adminis- had made nine observations the American Food, Drug 2.41 per cent, at Rs 640.05 will not lead to inflation veloper Brigade Group, will Menon said. The ground work crore on this 202-room prop- tration has issued 11 obser- after inspecting the Halol fa- and Cosmetic Act. According on the BSE. The Mumbai- be setting up World Trade would commence in June erty. It is also Holiday Inn’s and rather make do- vations for its Dadra Unit. cility in Gujarat. Subse- to Bloomberg, the US FDA based Pharma firm recently mestic goods competi- Centre in Chennai and invest and it would take at least four maiden entry into the City. Mr. The Dadra Plant is crucial quently, it had reinspected has observed incomplete got a breather when the US up to Rs700 crore for devel- years to complete it. Cur- Jaishankar said in the next tive vis-a-vis imported for Sun Pharma as it is the the facility between Novem- laboratory reports and po- drug cop proposed to lift items. Revenue Secre- oping five properties into ho- rently, our four hotels have a three months, they will be second largest supplier of ber 17, 2016 and December tential manufacturing viola- the import alert on its tels in Karnataka, Kerala and combined room inventory of opening Holiday Inn Express tary Hasmukh Adhia drugs to the US after its Halol 2016 and issued Form 483, tions at the Dadra facility. Mohali plant, paving the dismissed fears that Gujarat. “Brigade Hospitality is 960. It will be more [than] and Suites in Race Course plant, which, too, had re- citing nine observations. Other observations included way for the company to re- developing a World Trade doubled by 2020,” said M.R. Road, Bengaluru with 275 GST implementation ceived a warning letter from A Form 483 is issued at failure to create correct du- sume exports to the US af- will lead to a spurt in Centre on a 12-acre property Jaishankar, CMD, Brigade rooms. It will be followed by ter nearly four years. belonging to Kansai Nerolac Group. Mr. Jaishankar an- setting up of Holiday Inn Ex- prices, saying that un- The USFDA has informed like in other countries, paint company,” said P. nounced their maiden entry press at Old Madras Road, the company that it would Balaram Menon, managing into Chennai city with the Bengaluru, near Whitefield. It the transition to the remove the facility from the new six regime would Mistry ups ante in fight against Tatas director, World Trade Centre, opening of Holiday Inn will become operational in 18 Mumbai: Cyrus P Mistry, Section 244 of the Compa- 18.5 per cent in Tata Sons. official action initiated status. Bengaluru-Kochi. This would Chennai OMR IT Expressway. months. be smooth in India. He the ousted chairman of Tata nies Act 2013. However, the Tata have ar- said several countries Sons, has moved the Na- The two companies - gued that their stake after witnessed inflation fol- tional Company Law Appel- Cyrus Investment Pvt Ltd. accounting for preference lowing GST well out as late Tribunal to challenge an and Sterling Investments shares is less than three per they had single point order by the National Com- Pvt ltd. had sought to chal- cent. taxation system. In the pany Law Tribunal which lenge Mistry’s ouster form According to the rules of case of India, there are had held that his main peti- tata Sons last year and al- the companies, act a share- multiple points of taxa- tion was not maintainable. leged that there was mis- holders must own at least tion and hence the The mater is likely to management and the op- one tenth of the issued possibility of sudden come up for hearing next pression of minority share- share capital or represent spurt in inflation is re- week before the NCLAT holders. They had urged the ten per cent of the total mote. Presently, we are bench, headed by Justice SJ NCLT to use its discretion number of members, to tapping VAT at each Mukhopadhyaya. and waive an eligibility con- move the tribunal in such stage of supply chain While sources close to dition for filling such a peti- matters. from manufacturer to Mistry did not comment on tion. Tata Sons has main- wholesaler to retailer. We the development, it is learnt In April, the NCLAT de- tained that if preference already have multiple that his family firms have clined to grant a waiver capital is also considered, points taxation. Under now appealed only against from the eligibility condi- the two petitioner firms will GST, we are just merging the issue of maintainability. tion to the two family hold only 2.17 per cent of the taxes of the Centre In March, the NCLAT had owned firms of Mistry. The the total issued share capi- and states. The inflation held that the petition filed tribunal had earlier dis- tal of Tata Sons. which happened in by the two family firms missed the main petition al- Its contention has been other countries was be- against Tata sons was not leging the oppresison of that the petitioners were cause they shifted from maintainable as they did minority shareholders and not eligible under the com- single point taxation to not fulfil the eligibility crite- mismanagement at Tata panies act as minority A delegation of Nepali Community calling on the Minister of State for Development of North Eastern GST, Adhia said at the ria for approaching the tri- Sons. shareholders to file such Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. GST Conclave. bunal as prescribed under The Mistry family holds pleas before the NCLT. Jitendra Singh, in New Delhi. WESTERN TIMES AHMEDABAD 2 MONDAY, 8/5/2017

From Infosys BPO to add capability for growth Bengaluru: Infosys BPO, The company has also said in a recent analyst call. Editor’s the business processing said that growth in the BPO “We want to bring some arm of India’s second largest business would be spurred more transformational ca- Desk...... IT exporter Infosys is plan- with new initiatives such as pabilities to BPO,” he added. ning to bring in more capa- digital business services Infosys BPO’s bilities to revive growth. The and robotic automation be- headcount was about BPO services business, ginning to yield results. In 34,625 in April 2017. Mean- which contributes to about the fourth quarter of the while, Infosys is also aiming 5% of the company’s over- FY17 ended March 31, 2017, to turn around the consult- all revenues, has been wit- it had registered a growth of ing business which has Making the enemy pay nessing relatively slow 5% in constant currency been facing challenges in growth in the last couple of terms. Infosys does not pro- the current environment. There are not enough words to condemn the Pa- quarters. vide separate quarterly fi- Consulting focus: Our kistan Army’s beheading of two Indian jawans near The growth of BPO has nancial performance of the focus this year is in turning the borders. Indeed, words are no longer needed, ac- been relatively slow but in BPO business. According to around the consulting busi- tion is. The Indian Armed Force will without doubt act the last two quarters the the firm’s annual report, for ness, making it more profit- and act forcefully to avenge the brutality of the Paki- growth has picked up. The the year ended March 31, able and building a stronger stani rogue Army. Already it has vowed to strike at a BPO margins have also im- 2016, the BPO subsidiary foundation., added Mr. Rao. time and place of its choosing. The destruction of a proved,” said Infosys Chief had a total revenue of about We will continue to see a Pakistani outpost is only a first small step. But more Operating Officer, Pravin Rs3,990 crore which in- little bit of challenge in important, the Government of India must move deci- BJP National President Amit being presented a memento at the Intellectu- Rao at a recent media con- cludes Rs3,791 crore from growth this year, which will sively. Mere verbal condemnations and tributes to the als meet at Budha Mal Castle, Palampur, Kangra in Himachal Pradesh. ference. the business process man- be a more deliberate and bravery of our jawans will not suffice. New Delhi has agement services. planned one, as we are try- done more than enough in the last three years of Modi Vishal Sikka, who took ing to fix the issue,” he said. regime to try and establish normal relations with Pa- over as the CEO of Infosys in Infosys, which has sig- kistan. But Islamabad, in harmony with Rawalpindi, has 2014, had announced vari- nificant exposure in the life refused to honour that gesture. Either the Nawaz Only 30% of recalled diesel vehicles rectified so far: VW ous plans to revamp busi- science consulting domain, Sharif Government lacks the will or it is complicit in New Delhi: Over a year Group India Spokesperson various model years had to during production as soon ness verticals including the also said that the the developments that damage bilateral ties. What- into the exercise, German told. be considered while devel- as they were approved by BPO business. In 2016, the headwinds in its consulting ever the case may be, it is Pakistan’s problem and we auto major Volkswagen has In December 2015, the oping the updates. ARAI. BPO arm’s top management business will have a soften- cannot allow its internal issues to determine our re- been able to rectify only 30 group had announced re- The technical measures The models between underwent a reshuffle and ing impact on the life sci- sponse. It would be a matter of disgrace for India if it per cent of the 3.4 lakh re- call of 3.4 lakh vehicles in were being defined and de- December 2015 and till the had promoted Anantha ences vertical in the current allows the sacrifice of our soldiers to go in vain. called diesel vehicles it had India across its different veloped by Volkswagen updates were approved by Radhakrishnan as the CEO year. The company had built The Modi regime had considered appropriate re- equipped with defeat de- brands, including Audi, Group at the headquarters ARAI and are a part of the and MD. a consulting team focused sponses over the months, and a few strong ones were vice that helped cheat emis- Volkswagen and Skoda, sold in Germany. voluntary recall process, the We are happy about the on life sciences both in Eu- taken -- the surgical strikes in the wake of the Uri ter- sion tests in India. from 2008 till end of No- Once they were ap- spokesperson added. BPO growth,” Mr. Sikka had rope and in the U.S. rorist attack was one such. But they have clearly proved Volkswagen Group India vember 2015. A govern- proved by the authorities in Volkswagen has admit- insufficient. Pakistan continues to walk the path of said the process has been ment-ordered probe had Germany, these updates ted use of defeat device in using terror as a state policy. There are reports that delayed as it involves differ- found the automakers EA were tested by the Indian over 11 million diesel en- the terror camps which India had demolished in the ent brands, engines and 189 diesel engines were authorities. All of this has gine cars sold in the US, Eu- surgical strikes, have again come up and it is business models. equipped with a defeat de- been a lengthy process and rope and other global mar- as usual there. The beheading of Indian jawans by The companys head- vice that helped it cheat on that caused a delay, the kets that allowed manipula- members of Pakistan Army’s border action teams quarter has so far given ap- emission tests. spokesperson added. tion of emission tests by (BATs) came hours after Pakistan Army chief General proval for engine updates The company last year The updates are tested changing performance of Qamar Javed Bajwa visited the Line of Control, and that cover almost 70 per announced plans to update by ARAI and only after their vehicles to improve results. there are reports that he ordered the strike in retalia- cent of the vehicles which the engines of the recalled approval are they rolled out As per latest reports, a tion to an Indian attack in April that had eliminated have been recalled in India. vehicles. On the slow to customers. federal judge in Detroit has more than half a dozen Pakistan soldiers. Even this Overall, by the end of progress of update, the Final two approvals for ordered the German car were so, the beheading was against all norms of civi- last month, 30 per cent of spokesperson said several updates are currently in the maker to pay USD 2.8 billion lized conduct of warfare. But then, Pakistani Army is a the entire lot of vehicles that brands, various markets and pipeline and are expected criminal penalty negotiated rogue organization and it has a record of brutality, is eligible for the update has models, different engine to be received in the next as part of a settlement with bodies of Indian soldiers had been mutilated before, been covered, a Volkswagen variants and gearboxes and few days. These would cor- the US Justice Department and going back into history, the Pakistan Army’s con- respond to the remaining last January. duct in what was then beast Pakistan, is on record. This 30 per cent of the volume of With this, the company is besides what it has been doing in Balochistan cars, the spokesperson said. is likely to shell out a total of through violent suppression of people’s will. Samhi eyes ‘displaced’ For models produced around USD 30 billion, The question, therefore, is: What must India do and sold in India after De- which also includes price of now? Structured talks already stand suspended and cember 2015, the updates buying back almost 5 lakh Social activist Swami Agnivesh addressing a diplomatic exchanges are at a bare minimum. A higher hotels for acquisitions have been implemented vehicles sold in the US. press conference in Patna. level of surgical strike is called for tin the first place. Mumbai: Samhi Hotels cial or operating reasons,” This must go beyond symbolisms. How and when and Private Ltd., a fast-growing Ashish Jakhanwala, MD & to what extent, are issues that are best left to the In- hotel assets company, CEO, Samhi Hotels said in an dian Armed Forces. But the results have to be more which owns 18 hotels interview. “With our exper- lasting. There is no point in pulling punches. The non- across India, has initiated tise, we can turn them Comfort, cleanliness in hotels preferred over fine dining military arena offers wide range of possibilities which talks to acquire a few more around and make them Mumbai: The custom- and helpful staff is 10 times over lavish pools and fine- China, SEA and India, Jessica must be not just explored but acted upon without hotels to enhance its foot- profitable. We are looking ers generally give prefer- more important than free dining, he said. Chuang said, More and delay. One, New Delhi must withdraw the Most print. for acquisitions and we ence to cleanliness and Wi-Fi, it said. The cleanliness and more travellers are booking Favoured Nation status from Pakistan and cease all The company’s proper- hope to close two deals in comfort in a hotel than a Consumer psychologist comfort fulfil the need for their trips based on peer trade with that country. Also, it must hit where it hurts ties are operated under the next 8 to 10 months,” he sumptuous breakfast or a Simon Moore, who led the relaxation, safety and secu- recommendations and con- the most, by tightening its position on the sharing of Courtyard by Marriott, added. luxurious pool, says a sur- Hotels.com research, said, rity and a good location ful- sumer behaviour, which is Indus river water. It should also actively consider Sheraton, Hyatt Regency, The new hotels would vey. The analysis of over 148 mil- fils the need to feel con- now telling us that reviews strong diplomatic measures such as downgrading its Hyatt Place, Fairfield by add 500 rooms to the inven- According to the data lion review comments from nected to others and that are becoming even more High Commission in Islamabad . Back-channel efforts Marriott, Fourpoints by tory of company, which now provided by online accom- Hotels.com customers high- there is a place to escape to important than the tradi- have been a waste. Let’s not delude ourselves into be- Sheraton and Formula 1. offers more than 3000 modation booking website lights that the main factors in times of such need, says tional hotel star ratings. lieving they will work without India flexing its muscles. It plans to add at least rooms. Currently, 5 hotels Hotels.com, cleanliness and that guests really care about the survey. Hotels.com is an online two more hotels in the next with a capacity of 1,000 comfort are 36 times more relate to their basic human The internet and accommodation booking 8-10 months, a top com- rooms are under construc- important than a lavish needs. smartphone age has given website which provides in- pany official said. tion and wll be operational breakfast, a luxurious pool So, its no wonder travel- a power to the people to formation about properties NITI Aayog to present We strongly feel that a in 12 months, taking the in- or a deluxe coffee machine lers pay more attention to assess hotel reviews, it says. ranging from international lot of hotels are currently ventory to over 4,000 rooms in the room. the fundamentals such as Hotels.com Director, Re- chains and resorts to local new approach ‘displaced’ because of finan- in 23 hotels, he said. The impact of friendly comfort and cleanliness gional Marketing Greater favourites. New Delhi: Prime Minister Narendra Modi will chair the meeting of the governing council of NITI Aayog, where a new three-year policy action plan to replace the old system of five-year plans will be dis- cussed. Besides the new planning process, the coun- IT dept to challenge ITAT relief to Cairn Energy in HC cil is likely to take up for discussion issues such as in- New Delhi: The Income other Rs 18,800 crore in in- high court seeking quash- ergy seeking Rs 10,247 crore ary market, the tax depart- what was done was an inter- creasing farmer incomes and urban development. Ac- Tax Department is likely to terest for non-payment for ing of the ITAT order, a se- principal tax and late pay- ment on January 24, 2014 nal reorganisation before cording to a senior government official, the three-year challenge in high court a tax 10 years, is correct. nior income tax department ment interest from February issued draft assessment or- listing of Indian arm. action plan will also include a strategy to spruce up tribunal order giving relief The Income Tax Appel- official told. 2016 one month from the der alleging it made capital It is of the opinion that the law and order situation. This is the first time that to British oil firm Cairn En- late Tribunal (ITAT), in its The I-T department is date of original 2016 final gain in the assessment year the enforcement of any tax an economic policy document will also focus on judi- ergy plc from payment of March 9 order, held that also seeking up to 300 per assessment order. 2006-07 and attached the liability deemed due by the cial reforms and how to improve law and order and interest on a Rs 10,247 crore Cairn Energy was liable to cent of the principal as pen- If we get a favourable residual stake in Cairn India. tax department will be lim- the police system. There will be an entire chapter dedi- tax demand it had raised pay tax on the 2006 trans- alty for non-payment. high court ruling, the inter- While a Cairn Energy ited to India assets, which cated to it,” the official added.The Aayog’s Governing retrospectively. fer of India assets to newly We have issued a show- est will be charged from spokesperson could not be had a value of about USD Council will meet at the Rashtrapati Bhavan. A presen- The department feels its created Cairn India, prior to cause notice to Cairn Energy 2006, the official said. immediately reached for 750 million as of December tation will be made on the three-year action plan January 2016 final assess- its listing. It, however, held asking why penalty should In 2011, Cairn Energy comments, the company 31, 2016. which has been sent to the Prime Minister,” the offi- ment order raising a tax de- that interest cannot be not be levied on it. They had sold majority stake in had in a notice to its share- These assets comprised cial said, adding that the Aayog’s Vice Chairman Arvind mand of Rs 10,247 crore on charged on it as the de- have sought 10 days to re- Cairn India to mining mogul holders earlier this month principally Cairn's residual Panagariya will apprise the council of the activities alleged capital gain the Brit- mand was raised using ret- spond to the notice, the of- Anil Agarwal's Vedanta. It stated that the decision of shareholding in Cairn India. undertaken over the past year by the Aayog. ish firm made when it trans- rospective tax legislation. ficial said. Within weeks of had retained a minority 9.8 the ITAT is potentially sub- Cairn has already initiated The practice of five-year plans, being followed for ferred its India assets to a We feel interested is due the ITAT ruling, Income Tax per cent stake in Cairn India. ject to appeal. international arbitration over six decades, ended with the 12th Plan that con- newly created company and is liable to be paid. We Department on March 31 Just as it was planning The company maintains against the tax demand and cluded on March 31 this year. NITI Aayog which was Cairn India in 2006, and an- plan to soon approach the sent a notice to Cairn En- to offload it in the second- that no tax was due and freeze on Cairn India shares. set up in December 2014 after abolishing the Plan- ning Commission, will now come out with a 15-year vision document that is to be supplemented by a seven-year strategy and three-year action plans. Does service charge reach The Council, that includes all chief ministers as Steps to counter visa threat ready members, will be presented with “detailed plans on New Delhi: The Indian In Washington, finance domestic sales. The govern- US national security adviser doubling of farmers’ income.” The Prime Minister had staff: Paswan asks hotels government will consider minister Arun Jaitley took up ment had removed the caps Lt. General HR McMaster on in February last year urged all state governments to New Delhi: Maintaining much service charge is to be limiting royalty and techni- the proposed curbs on H1B since then and theoretically defence ties between the give priority to boosting the agriculture sector with a that service charge is volun- paid by the customer and it cal fees to foreign compa- visas by the Trump adminis- a firm can now pay any two countries. target of doubling farmers’ income by 2022. tary, Consumer Affairs Min- should be left to the discre- nies if the country’s services tration at a meeting with US amount as royalty. While Jaitley made out a For the short-term, the Aayog is likely to recom- ister Ram Vilas Paswan said tion of the customer. If there sector is hit by new immigra- commerce secretary. Studies show that in case for Indian IT firms being mend measures such as direct purchase from farmers even if a customer pays it is mandatory levy of service tion laws being pushed in Officials said over the last 2012-13, some 71 MNCs allowed their normal quota by private players, direct sale by farmers to consum- willingly, hotels should charge, customers can file a the West. decade there had been a earned a combined Rs 4838 of temporary work visas for ers, to allow farmers to get the larger share of the prices make public how much of complaint in the Consumer Officials said the Com- surge in royalty and techni- crore from their Indian sub- software engineers, Ross that the end consumer pays. One of the long term the amount actually Court, he said elaborating merce Ministry was prepar- cal fees especially after the sidiaries as royalty and tech- tried to address concerns by strategies will be to encourage farmers to move to reaches to the staff. on guidelines. ing a note on possible ac- government lifted the caps nical fees. In contrast, their pointing out that the US had high-value products such as Animal Husbandry and The government had More awareness among tions if trading partners took on royalty pay outs in 2009. total dividend income was merely started a process of Fishery,” the official said. Report card: The Aayog is also approved new guidelines consumers is need of the steps to reduce Indian ser- Till 2009, there was a roy- lower at Rs 4529 crore. reviewing the visa category likely to place before the council a report card on its giving consumers the right hour because other busi- vices exports through visa alty cap of 8 per cent on ex- For example, the royalty and no decisions on curbs two years as an institution. “NITI Aayog is a new insti- to decide whether they nesses offering services like curbs. While the US is review- ports and 5 per cent on do- paid out by March Suzuki In- had been taken. He outlined tution and should be seen that way. The Planning Com- wish to pay service charge salon are also levying ser- ing the H1B visa process, mestic sales and a cap on dia to its Japanese parent the significant contributions mission wrote and implemented five-year plans. We on hotel or restaurant bills. vice charge, a senior Con- Australia and the UK have fees or royalty paid for using has nearly tripped from 13 the skilled Indian profession- don’t. We will soon put out three-year action plan and Some hotels say that sumer Affairs Ministry offi- already taken steps to curb trade mark of 2 per cent on per cent in 2005-06 to 36 per als have made to the US a 15-year vision document,” Mr. Panagariya said on they distribute 30% of the cial said. visa to Indians. exports and 1 per cent on cent of profits before tax in economy and expressed Friday. It has a different way of thinking. The Planning service charge collected 2014-15, according to re- hope that the US administra- Commission used to also allocate funds to the states. from customers to their search firm IIAs. The depart- tion will take this aspect into Our relation with the states is more equal,” he said. staff. Does the service ment of industrial policy and consideration while taking charge reach employers” Mr. promotion is now planning any decision. Ross is under- Paswan said. At present, it is to put a lid on such royalty stood to have said that what- Dollar Industries to not known “how much or if payments. The measures be- ever the outcome of the re- at all fully or a part of the ing planned include making view process, the Trump service charge” is distrib- such payments non tax de- administration’s objectives is explore new markets uted amongst the hotel ductible, particularly and to have a merit based immi- staff, he told. brans, linking payments to gration policy that gives Kolkata: Dollar Industries is exploring new mar- So, it is necessary that kets for increasing its knitwear exports, Vinod Kumar new research inputs from preference to highly skilled hotel and restaurants own- the foreign parent and regu- professionals. Gupta, managing director said. ers maintain a record and Currently exports account for more than 8% of its lating the amount payments The executive order make it public,” he noted. that can be made to a related signed by Trump earlier for a turnover and the company is keen to grow it in its ex- Clearing the confusion isting markets as well as new ones, he said. company by simply placing review of H1B visas by the over service tax and service a cap in percentage terms of departments of state, labour, The company is among the leading knitwear charge, Mr. Paswan said that brands in India and has presence in West Asia and gross sales. The finance min- homeland security and jus- service tax is mandatory, istry is against the last that is tice. The H1B visa is a non Nepal..We would like to further grow our exports and while service charge is not we will be looking to venture in new geographies,” Mr. a percentage cap as they say immigration visa that allows and consumers should be this affects transfer of new US companies to employ for- Gupta said. Dollar closed 2015-16 with exports of aware of it. As per the new Rs69.3 crore on a turnover of Rs830 crore. It has technology. Other innova- eign workers in speciality guidelines, service charge is tive ways are being consid- occupations. achieved the Export House status and sources said not to be incorporated in a that the company is scouting for markets in Africa. ered, officials said. Indian technology com- hotel and restaurant bill. In He said that Jaitley’s panies depend on it to hire The company has units in Kolkata, Tirupur, Delhi, fact, the column of service Ludhiana and in Erode besides a spinning unit in meeting with Ross, billed as tens of thousands of em- charge should be left blank the first cabinet level interac- ployees each year for their Dindigul district, Tamil Nadu. A closed unit was bought to customers to fill up be- by the company in 2010, through a State Bank of In- tion between the two coun- US operations. The US mar- fore making the final pay- Australian High Commissioner Harinder Sidhu calling on Punjab Local Gov- tries, comes in the wake of a ket accounts for about 60 per dia auction. The company’s brands include Dollar ment. ernment, Tourism and Cultural Affairs Minister Navjot Singh Sidhu at Local Body BigBoss, Champion and Missy. It also has a casual wear meeting between Prime cent of the revenue of the Hotels and restaurants Bhawan in Chandigarh. Minister Narendra Modi and Indian IT industry. range under the Force brand. should not decide how WESTERN TIMES AHMEDABAD Monday Montage MONDAY, 8/5/2017 3

Sudeep wishes 'Sachin...' to release in MANTOSTAAN : A pitiful, Suniel Shetty five languages New Delhi, for TV show Indian cricket icon Sachin terrible waste of a cult literature Tendulkar's biographical drama Failing miserably in capturing zarre. The other three stories - pact. Manto was a fearless hunter as Chennai, "Sachin: A Billion Dreams" is set the fine moral discriminations of hu- 'Thanda Gosht' - story of a Sikh (Ishar a writer, Rahat Kazmi's Kannada superstar Sudeep to release in five languages. manity and the growing atrocities Singh) who kills people running for MANTOSTAAN is a pointless blunder on Friday extended his best The makers wanted to cater during the partition the hallmark of their lives during the Partition, to as a film. What a pitiful, terrible waste wishes to actor Suniel Shetty for to Tendulkar's fans across the - Saadat Hassan Manto's thought steal jewelry for his girl Kulwant of a cult literature. his new television reality show nation and hence, wanted to provoking, raw and rustic prose, (Sonal Sehgal) utterly lacks convic- "India's Asli Champion... Hai release the movie in Hindi, En- Rahat Kazmi's MANTOSTAAN is a tion in the execution. 'Assignment' Dum". Sunil will host the show, glish, Marathi, Tamil and Telugu. deliberate, desperate and forced at- story of a Muslim man refusing to which will go on air on Saturday The film's producer Ravi tempt. Those who have read Manto escape to safety drags unnecessary on &TV. Bhagchandka said in a state- are aware of the impact of the har- like never ending elastic and to "My best wishes Suniel ment: "Sachin Tendulkar is a rowing sagas in his short stories told make matter worse the erstwhile Shetty Anna. You are a lovely sensation that transcends lan- during the partition. Rahat Kazmi's dependable veteran actor Virendra soul and it's always a delight to guage. He has clearly created an film takes four of those stories that Saxena gets on your ears. see you," Sudeep tweeted along era which we as Indians can be include 'Thanda Gosht', 'Khol Do' 'Akhri Salute' - about soldiers with the trailer of the show. proud of. His story is one that 'Assignment' and 'Akhri Salute'. who served in the same regiment About the show, Suniel had we want everyone to witness, The story run parallel and such once now divided by the partition earlier said in a statement: "I am without the barrier of lan- is the pity that even the most terrific does no good either. thrilled to be part of 'India's Asli guage." "Sachin: A Billion of the four 'Khol Do' - the story of a The surreal idea to run these Champion' - a show that thrives Dreams" showcases a restless girl so traumatized by continuous tales parallel and bring them to- on inspiration and persever- 10-year-old child's journey from rapes that she just removes her gether made no sense and it turns ance. It will test the contestants' watching India's first World Cup clothes when she hears the word pointless in the end. will power to go that extra mile winning skipper Kapil Dev lift 'Khol Do' (open or undress) even by The execution of MANTOSTAAN when their physical strength the trophy to the fulfillment of a doctor makes minimum impact. by Rahat Kazmi gives a feeling that gives up." his dream of holding it in his It's a pity to find an actor of the cali- the genius of Manto's prose is mis- The show will see contes- hands for India. Produced by ber of Raghubir Yadav who plays the understood by the maker to be just tants performing tasks de- Bhagchandka of 200NotOut girl's father unconvincing as an ac- terrifying and sensational stories; signed to judge not just their and Shrikant Bhasi of Carnival tor. As the movie progresses, the they are much deeper in sense and physical fitness but also their Motion Pictures, the James proceedings turn more and more bi- more powerful and bigger in its im- grit and determination. Erskine directorial is all set to release on May 26. Bieber might be hosted Nepotism exists in every Shraddha Srinath plays Bharatanatyam dancer by SRK or Salman field: Arjun Kapoor in Telugu debut Mumbai, the teams of upcoming films "Half Mumbai, us, but at the end of the day, it is busi- Chennai, Bollywood superstars Shah Rukh Girlfriend" and "Meri Pyaari Bindu". Actor Arjun Kapoor, son of film ness. A director won't take us at a Actress Shraddha Srinath, Khan and Salman Khan, who share a The makers of both the films producer Boney Kapoor, says nepo- point of time where we are not sale- best known for her Kannada bittersweet bond, are contending for want to promote their film at the con- tism exists in all fields -- not just in able. So you have to be worth it," film "U-Turn", will be seen play- hosting Grammy Award winning Ca- cert before Bieber takes to the stage Bollywood. "In every business, par- added the actor. ing a Bharatanatyam dancer in nadian singer Justin Bieber here. but both the production houses ents want their children to Explaining the title of the film her upcoming yet-untitled be a part of their profes- "Half Girlfriend", Arjun said: "It's not Telugu debut film, to be di- The popstar will arrive here on want to be the exclusive film promo- about making a half girlfriend... May 8 for his Jio Justin Bieber Pur- tion partner. sion and if the child is rected by Ravikanth Perepu of interested, then It's essentially about a relation "Kshanam" fame. "It's the script pose World Tour, organised by White Interestingly, the films have ac- which is more than friendship. Fox India. tresses who have showcased their they educate him that got me excited. It's a two- and make him ca- A person with whom you heroine, coming-of-age roman- According to sources, leading in- singing talent in the past. While ac- pable of working share everything, it's a bond tress Parineeti Chopra tic comedy where I play a in their profession. of emotion which cannot be Bharatanatyam dancer. I start stars in "Meri Pyaari It happens in all the named." Bindu", Shraddha shooting from May 9," fields," Arjun said "Half Girlfriend" is directed Shraddha told IANS. She is not a Kapoor plays the lead here in an interview by Mohit Suri, and features trained dancer, but Shraddha has role in "Half Girlfriend". for his forthcoming Shraddha Kapoor with Arjun. It had a brief stint with Despite their singing film "Half Girlfriend". will release later in May. Bharatanatyam. "I was trained for skills, sources say that He didn't deny that Arjun also expressed his a year when I was 8 years old. Due the clause of no live act nepotism exists in appreciation and joy for the suc- to my army upbringing, we had is posing a problem in Bollywood. cess of "Baahubali 2: The Conclu- to move a lot and I had to discon- the decision making "Of course, sion", which has done well at the tinue my training. I can't say I was process. it is a bit box office. "We should celebrate really trained but I did get some While that is yet to easier that a film has crossed barri- formal training. I will have to be decided, the for ers of language and has brush up the basics before I start got India together. It shooting," she said. Shraddha will organisers have con- has become a festival dustrialist Mukesh Ambani is also in firmed that actress Jacqueline be paired with Siddhu which has brought lot Jonnalagedda, and she is thrilled the list of possible hosts to the 23- Fernandez will be hosting the Ultra of positivity with it," year-old singer, who will perform Lounge for her celebrity friends at the to be working with a young team. said. "Ravikanth is a director with great here on May 10. concert. Her guestlist includes the After "Half Girl- The final host will be decided likes of Abhishek Bachchan, caliber. He comes from a good friend", Arjun has background. When I met him when Bieber lands in India. Aishwarya Rai Bachchan, Deepika "Mubarakan" lined up The battle doesn't end with hosts. Padukone, Ranveer Singh, Karan personally, I realized he is quite for release. He will be sensible and I would like to Sources state that there is a tie for the Johar, Gauri Khan, Manish Malhotra seen playing a double work with him. Moreover, he is opening act of the concert between and Kangana Ranaut. role. young and we belong to the same generation," she said. Shraddha also has Tamil projects "Vikram Vedha", "Ivan Thanthiran" Priyanka will be ideal for my biopic : Zeenat Aman Honoured to do music for and "Richie" in her kitty. something completely opposite to what I am. She is loud, over the top 'Manikarnika': Shankar Mahadevan Gopichand, Ravi Teja to and likes to get involved in every- Chennai, thing." team up for 3rd time Well-known singer-composer Chennai, "She is single so she goes on Shankar Mahadevan on Friday said many dates and on every date she he is honoured to be a part of up- After delivering Telugu hits creates a mess...it's a funny charac- coming film "Manikarnika - The such as "Don Seenu" and ter," she said revealing more about Queen Of Jhansi", starring Kangana "Balupu", director Gopichand her character. Ranaut. Malineni and actor Ravi Teja are Love Life and Screw Ups also fea- "Our next biggie. She was an in- teaming up for the third time tures reality TV star Diandra Soares, spiration. We are honoured to do the for a yet-untitled project in the Sonali Raut and others. The series is a music of 'Manikarnika'," Shankar language. "Ravi Teja really liked feel good romantic comedy about tweeted. To be directed by Krish, the Gopichand's one-liner and has relationships and is directed by Kapil project will have music by Shankar- asked him to develop it into a Sharma. Ehsaan-Loy. The film will see Kangana script. The script work will take When asked about her views on play Rani Laxmibai. a few months and in the interim, the super success of film "Baahubali", On Thursday, the project was of- Ravi will complete shooting for Zeenat said: "It's wonderful!! The rev- ficially launched in Varanasi, on the 'Touch Chesi Chudu' and 'Raja enue is being generated for people banks of the Ganges. The Great'," a source close to who have worked so hard. Audience Speaking on the occasion, the actor IANS. The project will actually don't know the hard work Kangana said: "The prep is restricted be as commercial and enter- done by actors, so when a project to the material like photographs and taining as their previous col- goes successful it's really good." letters. I saw a lot of things here. I will The film, which will be dubbed laborations. "Both 'Don Seenu' Zeenat Aman is well known for be going to Jhansi and other places and released in Telugu and Tamil, is and 'Balupu' were known for Mumbai, had been approached by a re- her role in films like "Don", "Yaadon for research." slated for April 2018 release. their commercial factor and A yesteryear actress Zeenat nowned filmmaker to make a biopic. Ki Baarat", "Dostana" and many more. overall entertainment. Ravi Teja Aman, who is still remembered for "Honestly, a producer had even ap- wants something on the same her bold character in Dev Anand's proached me for a biopic but I don't lines and wouldn't mind if the "Hare Rama Hare Krishna", says that know whether I am ready for it," she new film even supersedes the Priyanka Chopra would be ideal for said. previous ones," the source added. her biopic if a film is ever made. Earlier, legendary singer Asha The yet-untitled film can be ex- Bhosle had also said that Priyanka Kangana is most versatile actress: Prasoon Joshi pected to roll from August. "I want Priyanka Chopra to do my biopic. I think she is very good and being a singer as well, would be an Varanasi, Kangana will be seen playing the a rebel" will help her connect with lovely. Priyanka would be the ideal ideal choice to portray her character Writer Prasoon Joshi, who is pen- role of Rani Laxmibai, the queen of the role of Rani Laxmibai. Neeson stopped by actress to play my part," said Zeenat if a biopic is made on her. ning the dialogues and lyrics for the the Maratha-ruled Jhansi, in the up- V. Vijayendra Prasad, who is Aman at the premiere of her debut Speaking about her character in upcoming film "Manikarnika - The coming film, which is slated to release known for his notable works like sandwich shop for web series "Love Life and Screw Ups" the web show, Love Life and Screw Queen Of Jhansi", says he considers in April 27, 2018. The team was here "Baahubali: The Beginning" and 'free' food on Thursday. Ups, Zeenat Aman said: "I am playing the movie's lead actress Kangana to launch the poster and unveil the "Baahubali: The Conclusion", has also Zeenat Aman revealed that she a very zingy and zany character, Ranaut as the most versatile talent. film's release date. written the screen play of Ottawa, Why was Kangana the perfect "Manikarnika - The Queen Of Jhansi". Actor Liam Neeson sur- choice to play the role of Laxmibai? He added that Kangana is a prised people by walking into a "I consider Kangana Ranaut the 'queen by nature' and so, she makes Canadian sandwich shop, a perfect choice for the film, di- which had put out a sidewalk Of legends, emotions, fandom and a soldier's autobiography rected by Krish. "She's a queen sign that read, "Liam Neeson New Delhi, kings of his era. He defied social cus- 3. Book: Super Fandom; Author: by nature. She's independent. eats here for free". Vancouver Embark on a journey with a real toms and traditions to achieve im- Zoe Fraade Blanar and Aaron M. She's the perfect fit... We can't area Big Star Sandwich put out estate magnate living in the two mortal glory by his virtues and skills. Glazer; Publisher: Hachette; Pages: pick anyone else," Prasad said. another sign that read: "Come worlds of reality and myth that blend He became a king and trusted friend 318; Price: 499 Talking about films being in and get Taken by our sand- as he seeks the answer to his exist- of Duroyadhana -- the crown prince Fans create, they engage, they made on patriotism, Joshi said: wiches." This was after the shop ence; glance through different emo- of Hastinapur. discuss. From comics to clothing, the "Patriotism shouldn't be con- found out the "Taken" star was tions and thoughts that are relatable Embark on a journey with Oberoi boundaries between fans and cre- fined to a few festivals and days. in town filming "Hard Powder", to everyone. Also, know how some as the two worlds blend and as he ators are blurring. This is the new Patriotism is something you live reports eonline.com. According kinds of engagement with fans suc- seeks the answer to his existence. Will fandom-based economy: A conver- and breathe. It is a feeling. It's to BuzzFeed Canada, employ- ceed and some backfire; read a highly history repeat itself or will Oberoi gence of brand owner and brand not only a very restricted ees put the sign out earlier this motivating autobiography of a sol- choose to venture into uncharted consumer. Fan pressures hold more coloured point of view. It's not week in the morning and dier who can inspire youth who dare territory? Unravel the mystery. Read clout than ever before as audiences about my country and symbol... Neeson showed up in the after- to dream big. the legend! demand a say in shaping the future It is also about right and noon. Alex Johrden, Big Star's That's what IANS bookshelf has 2. Book: Seeds of Pomegranate; of the things they love. wrong.." director of operations, said the on offer this weekend. Read on! Authors: Irfan Nabi and Nilosree; Pub- In "Super Fandom", Blanar and two employees, Kyle Gus and 1. Book: The Legend of Karna; Au- lisher: Half Baked Beans; Pages: 48; Glazer explain this new era of sym- Bollywood actress Kangana Serge Patoka, were shocked to thor: Karan Vir; Publisher: Frog Books; Price: 150 biosis. For producers, it can mean a Ranaut, who is planning to step see Neeson in the shop. "We Pages: 227; Price: 299 "Seeds of Pomegranate" very in- golden opportunity: Brands such as into the director's shoes, says had no idea he would be in our Karan vir Oberoi, a real-estate triguingly brings across writings Polaroid and Surge, preserved by the her first directorial will be a com- vicinity," Johrden said. "I as- magnate living in New York, has re- about dashes of love, half-promises passion of a handful of nostalgic fans, edy. sume someone on the film crew current dreams of someone who and memories laced with infatuation, can now count on an articulate, cre- Kangana was here on Thurs- saw the sign and got it back to looks like an ancient warrior clad in fleeting moments of desire and in- ative, and, above all, loyal audience. day to launch the poster and the him." Even though Neeson golden armour and wearing golden completeness. The trails of these are Yet, the new economy has its own release date of her upcoming didn't purchase a sandwich, he earrings. He feels a deep bond with thought to be long-entombed by the risks. It's also easier than ever for com- film "Manikarnika - The Queen did pose for a photo. Big Star the warrior but the dreams remain a sand clock: A glance through the panies to lose their audience's trust, Of Jhansi". shared the photo on its mystery to him. After miraculously blurred maze of delirium. Nameless, as Valve did when it tried to introduce The 30-year-old actress says Facebook page and wrote, surviving an assassination attempt, yet familiar. With around 50 small writ- a paid mode system for its Skyrim she wants to move in the next "Holy f**k, it worked! Liam Oberoi is determined to seek an- ings juxtaposed with pictures about video game. Examining key cases that most versatile actress we have today. phase of her career, which is direct- Neeson." Gus and Patoka swers. His quest for truth leads him simple things in life, the book offers span a wide range of consumer mar- She can do any role... But having said ing films. couldn't were thrilled about it. back to his homeland, India, where to the readers a nice way to pass time. kets, the writers explain why some that this is the role in my humble "I want to move on to the next "As you can see in the photo, his true destiny awaits him. It also touches the complex thoughts kinds of engagement with fans suc- opinion, which comes closest to what phase which means that I will focus they're about as stoked as Karna, the legendary hero from and ideas running through the mind ceed and some backfire. Throughout, she is," Joshi told reporters here. on my career as a filmmaker and if I they've ever been in their lives," the Mahabharata, is considered one of an individual, but the narration is the authors delve into the history, so- The "Bhaag Milkha Bhaag" act I will act in my film so..." Kangana Johrden said. of the most valiant and generous extraordinarily simple and readable. ciology and psychology of fandom. scriptwriter says Kangana's "streak of told reporters here. WESTERN TIMES AHMEDABAD 4 MONDAY, 8/5/2017 IT dept. issues Rs 24,646 cr notice Staff focus has kept to Sahara’s Aamby Valley New Delhi: The Income Tax department has issued a work stoppage free Rs 24646 crore tax demand notice to Sahara Groups’ Chennai: The elevation of the standard of living of Aamby Valley Limited (AVL) after conducting a special the employees will remain the principal focus of audit of the company. The department, is part of a special Sundram Fasteners Ltd., asserted its chairman and investigation and audit into the account books of AVL, managing director Suresh Krishna. A packed gather- found that an income of over Rs 48,000 crore for a par- ing at its factory premises at Padi Mr. Krishna said SFL ticular assessment year was allegedly not reflected in the was not just about products it made. The company was record books of the firm and hence it raised a fresh tax more about people it employed, he said. demand and penalty amount on it. A Sahara Group con- He was addressing a gathering at an event to cel- firmed the development and the Income Tax Department ebrate the golden jubilee of SFL. The audience com- has raised Rs 48085.79 crore to the income of the Aamby prised SFL employees, members of the TVS family and Valley Limited with a total demand of income tax of Rs dignitaries from other fields. It was not just about job 24646.96 crore on the Aamby Valley Limited, he said. Offi- creation, he said, it was more about imparting skill to cials said the notice was issued by the taxman in January the workmen and elevating their standard of living, he this year after the special audit of AVL’s income for the As- added. This is the most important dharma. Asserting sessment Year 2012-13 found that the parent firm had al- that communication was the key to winning the trust Uttar Pradeesh Health minister Sidharthanath Singh (2nd R) with colleagues Rita Bahuguna Joshi and legedly floated a clutch of Special Purpose Vehicles whose of different stakeholders in the value chain, Mr. Krishna Mahendra Singh at the presentation of Kayakalp Awards to senior government doctors including CMSs incomes were later accounted on the account of AVL as said it must be earned and cannot be legislated or and CMOs, in Lucknow. they were merged with the former in due course of time. managed. In this context, he paid encomiums to all workmen who carried a sense of family pride in asso- ciating themselves with SFL. The company, he said had not seen a single instance of work stoppage since in- Price on mind, LG readies product push for smartphones again ception. It is a golden jubilee for Mr. Krishna also in a New Delhi: South Ko- company will try to under- smartphones with current smartphone models will be would be nothing in num- simply selecting models way. For, he has been piloting the company ever since rean consumer electronics stand consumer feedback market leaders while trying launched in select regions ber. Even 1,000 per cent from the global platform he founded SFL fifty summers ago, it is always lonely major LG is gearing up for a with the new products with- to offer some different value in India through a limited growth is nothing. It is not like in a shopping list to at the top, Mr. Krishna said. Tracing the SFL, journey,. renewed push for its strug- out setting any targets. proposition to consumers at number of stores to assess the time to talk about what launch in the local market Mr. Krishna pointed to the difficult phase during the gling smartphone business We are preparing some an affordable price range, market response. our goal or target is. has not worked. time of controlled economy. However, labialization was in India after past missteps. new products, which will be he said. Unless we do not By doing so, we would Making a candid admis- LG Electronics India now a beautiful experience, he said. SFL had many firsts to The companys arm, LG very different from any ex- differentiate our products, check and when we see sion on mistakes made by produces smartphones its credit. It was the first to get an ISO 9000 certifica- Electronics India, plans to isting available old phones. we can not catch up, Kim some positive feedback, LG globally in smartphone from its plant in Greater tion, to set up manufacturing plant in China and to launch a new range of af- These will be very Indian stressed. Rival Samsung has then strategically we would business, he said the com- Noida. The company has get the GM General Motors best supplier award for five fordable smartphones like.. I am eager to know In- customised features for In- invest, he explained. LG Elec- pany assumed that owing stopped production from year in a row. No doubt, SFL followed the tide. But we equipped with features tai- dian consumer feedback to dian conditions such as S tronics India has 10 models to success in washing ma- its another unit in Pune, digit in our own style, and way, he said. Chairman of lored for local requirements these new products, Kim bike mode that allows two- in its smartphone range chine, airconditioning and which was manufacturing Infosys, and Chief Guest at the function, said SFL held around Diwali. told. Asked when these new wheeler riders to respond to priced between Rs 8,000 refrigerator business, con- CDMA phones. the gold standard in many ways, be it the management With the vertical ac- smartphones will hit the In- calls with automated reply and Rs 55,000. sumers here would pick up If the demand increases, of people of customers and of financial. Learning pre- counting for a minuscule dian market, he put it and avoid being distracted On the current size of any smartphone launched then in a couple of months, cedes change, he said, adding that SFL had been a fan- part of the total business, LG around Diwali. during their rides. the smartphone business in from a global platform. we can set up mass produc- tastic learning centre. Electronics India Managing The company is Kim said only a limited India, Kim said: It is too small But actually it is not, he tion again in Pune without Director Ki Wan Kim said the benchmarking its new number of new and even 10 times bigger pointed out, adding that much investment, Kim said. Only six of top 20 H-1B recipients are Indian firms Bengaluru: Refuting the US government’s com- Banks looking at bilateral pact ment on H-1B vias lottery misuse by Indian compa- HDFC Bank net up 18 pc nies, IT industry body Nasscom said that only 6 of the Mumbai: HDFC Bank 1499 during the day. While the provisions for top 20 H-1B vias in FY 2015, that is about 8.8% of the to sell Kingfisher House came out with stellar fourth During the quarter, the the quarter contained a total approved H-1B visas. Nasscom would like to clarify Mumbai: Lenders are the option of selling King- fisher House, the erstwhile quarter results with net banks’ core income or net specific loan provision of Rs on the statements mad by the White House on Indian considering making a fresh fisher House through a bi- headquarters of Kingfisher profits rising 18.3 per cent interest income interest 490.3 crore, HDFC Bank said companies getting the lion’s share of H-1B vias, and attempt to sell Kingfisher lateral agreement, a bank- Airlines located at Vile Parle over the corresponding pe- earned minus interest ex- this included provisions on highlight that in FY 2015, only 6 of the top twenty H- House here to recover their ing source said. near the airport. riod of last year. Net profit at pended grew a robust 21.5 accounts that would have 1B recipients were Indian companies, Nasscom said. dues from Vijay Mallya, Earlier this month, the At the last auction of the the country’s second largest per cent to Rs 9066 crore turned non performing dur- A US administration official had said that Indian adopting a model followed 17-lender consortium led Kingfisher House in March private bank stood at Rs from Rs 7453.3 crore a year ing the quarter ended De- companies like TCs, Infosys and Cognizant were get- in recent sale of the de- by State Bank of India sold this year, the SBI-led consor- 3990.90 crore compared ago. This was driven by an cember 31, 2016, but were ting the lion’s share of H-1B visas, top recipients of the faulter businessmans posh the Kingfisher Villa for Rs tium had set reserve price at with Rs 3374.22 crore in the average assets growth of 19 classified as NPA during the H-1B visa are companies like Tata, Infosys, Cognizant - Goa villa. Repeated at- 73.01 crore to Sachiin Joshi Rs 103.50 crore, 10 per cent same period of last year. per cent and a core net in- quarter ended March 31, they will apply for a very large number of visas, more tempts to auction the of Viiking Media & Enter- lower than the third auction The bottomline was bet- terest margin of 4.3 per 2017, in line with RBI relax- than they get, by putting extra tickets in the lottery Mumbai property have tainment, after failing to sell held in December 2016 ter than analyst estimates of cent. ation post note ban. raffie, if you will and then they will get the lion’s share failed to find a buyer, which it through auction thrice when the reserve price was around Rs 3950 crore for the Other income at Rs The asset quality of the of visas, the official said. Nasscom also said all the In- was the case for sea-facing since last year. kept at Rs 115 crore. quarter. The profits came 3446.3 crore jumped 20.3 bank was steady during the dian IT companies cumulatively accounted for less Goa villa as well until the The plush property situ- In the first failed auction despite a challenging quar- per cent over Rs 2865.9 quarter with gross non pre- than 20 per cent of the total approved H1B visas. banks entered into direct ated at Condolim in north of over 17,000 sqft King- ter marked by demonetiza- crore in the corresponding forming assets at 1.05 per The annul number of Indian IT specialists working negotiations to clinch a bi- Goa was sold through a pri- fisher House in March 2016, tion. previous quarter. However, cent of gross advances on temporary visas for Indian IT service companies is lateral pact with the buyer. vate deal between lenders reserve price was fixed at Rs The November 8 move provisions rose during the against 0.94 per cent as on about 0.009% of the 158-million member US Banks have the option and Joshi. It was sold at just 150 crore but was lowered had increased deposits with quarter to Rs 1261.8 crore march 31, 2016. In absolute workforce, the Nasscom said. Indian nationals get to sell the properties under Rs 1 lakh above the last fixed to Rs 135 crore for the sec- banks but credit growth from Rs 662.5 crore for the terms, gross NPAs came in at about 71% of H-1B visas. We are in talks with the US their possession through a reserve price of Rs 73 crore. ond futile auction in August. had suffered. For the sector, corresponding quarter Rs 5885.66 crore compared government on the issue, said Commerce Minister private agreement with a Mallya owes over Rs Mallya, who was ar- the results also come at a ended March 31,2016. with Rs 4392.83 crore. Nirmala Sitharaman. The discussions are not regard- buyer, if at least two auc- 9,000 crore to bankers, rested by the Scotland Yard time of rising bad loans. ing the Indian companies but are on the US law gov- tions of such properties taken for his defunct King- last week as part of an ex- The bourses gave a erning H-1B visas and the commitment made by the failed. fisher Airlines but alleged to tradition process but was thumbs up to the better US on the number of such visas. We are not question- With the sale of the villa, have syphoned off a good released on bail within than expected results with Ola’s fresh ing any country’s sovereign right to issue visas, but the at least a process has been portion to his shell compa- hours, owes over Rs 9,000 the HDFC Bank stockhitting number of H1B visas and the process. initiated. We may explore nies in overseas tax havens. crore to lenders like SBI, a record high during intra fund-raising trip Mallya has been de- PNB, IDBI Bank, BoB, day trades. clared a wilful defaulter and Allahabad Bank, Federal New Delhi: Cab in March end. On the NSE, the scrip fin- aggregator Ola is looking In a regulatory filing, is wanted by authorities for Bank and Axis Bank, among ished at Rs 1496.60, a gain default in payment of loans. others. He fled the country at raising up to $100 mil- ANI Technologies - which of 2.36 per cent over the last lion in fresh funding from operates Ola said its board Lenders have made four on March 3 last year and is close. This came after the failed bids to sell the King- currently in London. existing shareholders to has approved raising upto share touched a high of Rs take on American rival $100 million about Rs 670 Uber. crore by issue of 495526 The Board of the Ban- Series 11 preference galore-based company shares of face value rs 10 Cost arbitrage a manor pull has approved a proposal each at a price per sub- to raise upto $100 million scription share equivalent for Indian GICs; Report from existing shareholders to Rs 13521. Hyderabad: With cost veyed global CXOs said that Increased reliance and in a recent meeting. The filing, made to the arbitrage and access to the GICs are expected to importance attached to Both Ola and Uber corporate affairs ministry high-skilled talent remain- play a more active role in them will also lead to more have made multi million under the companies act, ing the biggest influencers driving top of mind invest- senior leaders of the enter- dollar investments in their added that the rights issue and rationale for operating ment priorities in the next 3- prises, particularly those operations in India to was scheduled for March Indian Global In-house Cen- 5 years. Offshore facilities two levels below CEO, to be ramp up the number of 23. tres, more and more such fa- performing designated based out of their Indian vehicles on their platform However, it could not cilities are being estab- functions for large organiza- GICs in the next three to five as well as getting new rid- be immediately ascer- lished. tions, the GICs will take on years. ers on board. tained how much the com- Minister of Urban Development and Information & Broadcasting M At least one new facility more work, particularly that According to the Bain & The board had ap- pany raised through the is- Venkaiah Naidu presenting Swachh Survekshan – 2017 awards, at a function, is opening every fortnight, which reduced the depen- Company report on GICs proved the proposal; to of- sue. A query sent to Ola did in New Delhi. according to Nasscom Presi- dence of their principals on prepared for the IT industry fer convertible securities at not elicit any response. dent R Chandrasekhar. A third party vendors, accord- body, there are currently Rs 13521 apiece through a The filing said the ob- Nasscom report, which sur- ing to the report. about 1100 such facilities. rights issue at its meeting jective of the issue was to meet the growth and ex- pansion of business and to Centre mulls nodal body for transport strengthen financial posi- New Delhi: Prompted mentation of the Goods and Mohan. tion of the company. Inter- by the Prime Minister’s Of- Services Tax regime to make The report, submitted to Ikea to double local sourcing by 2020, open store in Navi Mumbai estingly, Ola had recently fice, the Centre has begun India a unified market. the then Prime Minister Mumbai: Ikea is sharp- in Mumbai last year to set engaged in providing ser- segments who are looking raised about Rs 1675 crore discussions to set up a na- In his 2017-18 (Union) Manmohan Singh in January ening India focus as it plans up its store. vices around the store. It has to diversify their business. from its Japanese investor, tional level nodal body for all Budget speech, finance min- 2014, had pointed out that to double sourcing from the With a built up space of also committed that 50 per Ikea is adding suppliers Soft Bank. Ola, which has a transport-related matters ister Arun Jaitley had said: “nearly all of the 100 largest Indian market to 600 million about 4.3 lakh sq ft. the Navi cent of tis workforce will be to existing categories like presence in 110 ZIndian across modes including avia- “An effective multi modal lo- economies, all of the OECD euro by 2020 and will start Mumbai store will have over women.India’s modern re- textiles and rugs as well as cities, has been aggres- tion, railways, surface trans- gistics and transport sector countries, and all of India’s work on its second store in 9500 home furnishing prod- tial policy requires 30 per new home furnishing like sively expanding its port- port and waterways. will make our economy emerging market ‘peers,’ the the country in Navi ucts as well as in store res- cent local sourcing prefer- furniture and mattresses, it folio of services. It is plac- The proposed ‘Logistics more competitive. A specific BRICS countries, have a Min- Mumbai. taurant. Ikea’s first store will ably form small enterprises, is also honing supplies for ing big bets on new tech- and Integrated Transport programme for develop- istry of Transport or similar The global home fur- come up in Hyderabad later India has a lot of potential. categories like metals, plas- nologies such as electric Board’ will initially work on ment of multi-modal logis- integrated equivalent rather nishing giant from Sweden this year, and it is in the pro- We have about 50 suppliers tics and lighting. vehicles to stay ahead of improving inter-ministerial tics parks, together with than the collection of mode- sources product worth 318 cess of identifying the sites at present and have added About 70 per cent of tis the competition. co-ordination to facilitate an multi modal transport facili- specific ministries found in million euro from India. Ikea in Delhi-NCR, Bengaluru, 15 last year, Sandeep Sanan, export, from India is textiles Uber, which operates in efficient multi-modal trans- ties, will be drawn up and India. works on the principle of Tamil Nadu and Gujarat new business manager, pur- while the rest incudes items 29 Indian cities, has made port system in India, official implemented.” It further noted that optimal sourcing for our Antoni said. chasing operations for Ikea like sofas, mattresses and the country one of its top sources told The Hindu. Prime Minister Narendra “some of these consolidated global markets. Where it Ikea has a target of South Asia, said. kitchen accessories. priorities. After selling its The ‘umbrella’ Board Modi, during a recent inter- national agencies are also makes sense, we will opening 25 stores in India Sanan added that we Ikea is also looking at China business to rival likely to be chaired by a ministerial meeting, had combined with the Ministry sources locally as well. We by 2025 at an investment of are looking for new suppli- sourcing different kinds of Didi, the company has Union Cabinet minister or a sought to know whether (or equivalent) of communi- currently sources products Rs 10,500 crore. ers and also to give them wood for its furniture, in- sharpened its focus on Secretary to Government of currently any single ministry cation, a categorisation remi- worth 318 millionaire from Every Ikea store will hire assistance to grow their cluding sustainable materi- strengthening its platform India will include top officials or department has the“own- niscent of India’s early post- India and will almost double 500-700 direct coworkers business. Many new sup- als like bamboos and acacia, and expanding driver part- from other ministries con- ership and responsibility” re- independence structure. this by 2020 to around 600 and another 1500 will be plies will come from other Sanan said. ner ecosystem in India. cerned such as Finance, garding coordination of all Larger goals: The report million euro, Henrik Commerce & Industry, Exter- transport and logistics re- suggested that “India needs Gunnerling, development nal Affairs and Home, as well lated matters, the sources at to have a single unified min- manager Ikea range and as senior representatives the Central government said istry with a clear mandate to supply told. from the Indian industry and requesting anonymity. deliver a multi-modal trans- On Indian operations, legal experts, especially to The meeting had taken port system that contributes Ikea said it will begin work address competition as- up the issue of various de- to the country’s larger devel- on its second store in Navi pects. partments and agencies opment goals including eco- Mumbai next month with Minimum government: within the ministries of avia- nomic growth, expansion of an investment of about Rs The aim, however, is to tion, railways, surface trans- employment, geographic 700 crore. gradually set up a single uni- port and shipping at times expansion of opportunities, The ground breaking fied transport ministry by working in “silos,” in turn environmental sustainability, ceremony will be held next merging the ministries of leading to red-tapism, as well and energy security. month and the store is ex- Aviation, Railways, Surface as delays and higher cost in The Centre is also report- pected to be operational by Transport and Shipping to transport and logistics, con- edly planning to build 35 the middle of 2018, accord- ensure greater ease of doing sequently hurting India’s multi-modal logistics parks ing to the company execu- business and boost India’s trade. by investing more than tives, who spoke of plans to internal and external trade, The Prime Minister was Rs50,000 crore. open a large distribution they said. It is also in line with also keen to know whether In a bid to link India to centre in Pune. the NDA government’s slo- having a single unified ‘logis- global supply chains and lo- Maharashtra will be one gan of ‘minimum govern- tics and integrated transport gistics, the Union Cabinet of the key markets for us ment and maximum gover- body’ at the national level had last month approved and we have plans to open nance’, they added. would be advantageous India's accession to the 5-6 stores across the state, The development comes compared to the present United Nations TIR Conven- going forward, Patrik at a time when conglomer- system. tion. It will help Indian trad- Antoni, deputy Country ates such as Adani Group are In this regard, the Centre ers to have access to hassle manager for Ikea India told. The Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, expanding their multimodal is considering the report of free global system for move- We are also planning to Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh launching the e-Office of North logistics operations and the National Transport De- ment of goods by road or open a large distributions Eastern Council (NEC), Shillong, Meghalaya, through video conferencing, in New Delhi. The Secretary, DoNER, when the government look- velopment Policy Commit- multi- modal means across centre in Pune, he added. Shri Naveen Verma is also seen. ing to expedite the imple- tee, chaired by Rakesh the territories. Ikea had purchased 23 acres WESTERN TIMES AHMEDABAD MONDAY, 8/5/2017 5 WESTERN TIMES AHMEDABAD 6 MONDAY, 8/5/2017 Public sector banks merger could help banking system: RBI Governor New York: RBI Governor banking, some banks can be and this will be undertaken market share. I think there is was poised to be 7.4 per Urjit Patel has said the In- merged, as a quid pro quo concomitantly with the a nice shift happening and cent in 2017-18. dian banking system could for timely Government resolution of the weakest we need to work with that India will remain among be better off if some public technical injection. bank balance sheets under to resolve this, he said. the fastest growing econo- sector banks are consoli- Patel said a challenge the aegis of a revised Patel said that invest- mies, he said, adding that is dated to have fewer but that India’s central bank was prompt corrective action ment in public sector banks growth acceleration was re- healthier entities, as it would grappling with was the framework. would have a positive role flective of its resilience. Patel help in dealing with the large stressed banking sec- One of the things that for the sector. Divestment said that inflation was be- problem of stressed assets. tor balance sheets. the public sector banks measures would improve low target, the current ac- As many have pointed He noted that a series of need to do is to raise private overall banking sector count deficit was about one out, it is not clear that we measures have been taken capital from the market and health, he said. per cent of GDP and fiscal need so many public sector in the past year on resolving not rely on Government lar- Improved market valua- deficit was on path of con- banks. The system could be the problem of the non per- gesse, he said. tions would create an op- solidation that will take it better off they are consoli- forming assets, including Public sector banks portune time for the gov- down to three per cent by dated into fewer but completion of a compre- have to be required to share ernment to divest some of 2018-19. healthier banks, Patel said hensive asset quality review the burden of recapitalizing, the ownership in the re- He noted that recent while delivering the Kotak of the banks. Patel said. This will be a structured banks and this sharp decline in inflation Family distinguished Lec- Patel said in the instance good way to restore some would reduce the overall was essentially the result of ture at Columbia University. of the insolvency and bank- market discipline and get amount that the govern- supply shocks. Giving a He said since there were ruptcy code, the Reserve the banks and their share- ment needs to inject into comprehensive view of the The Indian Ambassador to Italy, Shri Anil Wadhwa meeting the Minister of cooperative banks and mi- Bank of India has been pre- holders to more seriously them to deal with the prob- demonetization process State for Commerce & Industry (Independent Charge), Smt. Nirmala cro financial institutions to paring actively for the next care about management lem of NPAs and stressed undertaken by the Govern- Sitharaman, in New Delhi. provide community level step in an orderly resolution decisions, he said. assets, he said. ment, Patel said its positive Patel also said that con- Patel said that across the spillover was reflected in solidation of banks could nation, forces were gather- higher financial also entail sale of real estate ing critical mass for the reintermediation. where branches are redun- launching of reforms that The share of low cost dant as well as offering vol- will help the country current account and savings SEBI lines up reforms for deeper markets, to check black money untary retirement schemes achieve a higher growth. account deposits in aggre- Mumbai: Capital mar- man on March 1. Among a nipulation of share price. ened its norms repeatedly declined over the years to manage headcount and The materialization of gated deposits with com- kets regulator SEBI will soon slew of reform measures, In the run up to his first over the recent yeas to from 55.7 per cent of over- adding younger, digital reforms in the form of roll mercial banks went up to put in place stricter noms to the SEBI Board will also con- meting as Chairman, Tyagi check any loophole, the all FPI investments in June savvy personnel. out of the GST, the Institu- about 39 per cent which is check and flow of black sider making it easier for has been meting various Government now wants the 2007 to just 6.7 per cent in The weaker banks are tion of Indian Insolvency a four percentage increase money into stock market banks and financial institu- groups of stakeholders in regulator to explicitly im- December 2016. losing market share and and Bankruptcy Code and relative to through controversy ridden tions to get shares of the the capital markets and pose restrictions on resi- In recent months, the P- that is a good thing, Patel the abolition of the Foreign predemonetisation period. P-Notes and also initiate companies they have expo- some of these interactions dent Indians and NRIs from Note investments have said. The stronger banks are Investment Promotion This is a large number steps for allowing mutual sure to by way of conversion are scheduled through being beneficiary owners’ of fallen further, though there gaining market share, which Board should boost investor on a large scale. Financial fund investments through of loan into equity - a move which he is looking to get a these instruments. While was a surprise picketing the is a good thing, particularly and investment confidence, reintermediation could be e-wallets. Besides, SEBI will seen as a major boost to the first hand understanding of Sebi has already put in place month of March presum- the private sector banks. In he said. one of the biggest collateral consider this new norms for steps for handling the bad the issues faced in the mar- a mechanism for such re- ably due to it being the last a way it is working those Looking ahead, Patel benefits of this exercise, but allowing options trading in loan menace. ketplace and the expecta- strictions, there was a view month for availing of certain who need to shrink are said India’s economic time will tell. It’s too early to commodity derivative mar- The Sebi board will also tions from the regulator. that the existing restriction tax benefits for investments shrinking. Lenders who are growth was setting a boost tell but initial statistics are ket, while rules would be re- take stock of long-pending In one of the major areas are only inform of FAQs of coming through some ma- stronger are gaining more with domestic drives and interesting, he said. laxed for registration of for- investigations and cases, in- of importance, SEBI will con- the norms and therefore the jor offshore investment eign investors and for com- volving some big sider new guidelines for Finance Ministry has asked gateways. mon license to brokers to corporates and will consider dealing with offshore de- the regulator to impose this There are also fears that deal in equities and com- putting in place an internal rivative instruments, com- restriction through an the P-Note investments modities, sources said. guidnace note for dealing monly known as participa- amendment to the FPI may start coming from the The Board of the Regu- with quasi-judicial matters. tory notes (P-Notes) which Regulations in order to give other jurisdictions like the latory Authority will meet Besides, it would also have been long seen as be- greater legal sanctity. US, France and the Nether- soon which would be its discuss the implementation ing possibly misused for Following SEBIs mea- lands after tightening of first meeting under chair- of graded surveillance mea- routing of black money sures to check any misuse of rules for inflows from coun- manship of Ajay Tyagi, who sures by the stock ex- from abroad. P-Notes, the national value tries like Mauritius, took charge as SEBI Chair- changes to check any ma- While SEBI has tight- of these instruments has Singapore and Cyprus. Jio posts Rs 22.5 crore loss in H2 Tax agriculture income: Mumbai: Mukesh six-month period, a filing RIL’s ability to fund losses Ambani-led Reliance Jio with the exchanges said. is higher than that of NITI Aayog Member has posted a net loss of More than 72 million of peers, given the strength New Delhi: NITI Aayog could be decided after tak- Rs22.5 crore for the six its 109 million users have of its balance sheet. The member Bibek Debroy ing into account the aver- months ended March 31, signed up for the Jio Prime report stated, “Jio’s primary made a strong case for tax- age income of either three 2017 compared with a net membership offer in a start target is likely raising rev- ing agriculture income, an years or five years. loss of Rs7.46 crore in the to the monetization of the enue market share as ag- opinion contrary to the I don’t believe in artifi- year ago period. Fiscal 2018 telecom company. gressively as possible. We Government’s stated posi- cial distinction of rural and will be the first full year of The company will in- highlight every 1% incre- tion. urban, so whatever is the operations for the com- vest another Rs18,000 mental market share (by In addition, the member threshold on personal in- pany as the telco has crore in network expan- FY25) could be worth $1.4 of the Government’s top come side on urban side, The Union Minister for Science & Technology and Earth Sciences, Dr. Harsh Vardhan think tank also suggested should be the exactly same looking at the maps, published by the National Atlas and Thematic Mapping started charging its cus- sions, almost the same as billion in net present value Organisation (NATMO), Department of Science & Technology, in Kolkata. tomers from April after of- last quarter,” said to a large telecom opera- that exemption on personal on rural side. fering free voice and data Anshuman Thakur, head of tor. income tax should be re- At best what I can do for the past seven months. strategy and planning, Re- Jio had total assets of moved to increase tax base because it is an agriculture Jio’s total income liance Jio. Rs2,00,888 crore, equity of from the current about 37 income instead of using ag- dropped to Rs54 lakh In a report on April 21, Rs70,864 crore and liabili- million in the country of 1.3 riculture income for one Maruti to roll out all new Dzire sedan next month against Rs2.25 crore for the Credit Suisse has said that ties of Rs1,30,024 crore. billion of people. particular year, what I could New Delhi: Country’s ers, he said. He said due to new sub-four metre sedan On expanding the base do is I average it over three largest carmaker maruti capacity constraints, the car in May. The compact sedan on the personal income tax year period or may over five Suzuki expects to sell more maker had to adjust pro- segment, however, has side, other than elimination years period as agriculture than 1.99 lakh units of the duction of certain models, been witnessing a decline in of exemptions, is to also tax income is subject to annual its all new Dzire as produc- including Dzire, to reduce sales in the country. In 2016- rural sector, including agri- fluctuations, barring that tion constraints ease follow- long waiting period of mod- 17, it clocked 4.03 lakh units culture income above cer- threshold should be the ing the Gujarat plant be- els like Baleno and Vitara as against 4.41 units in tain threshold, Debroy said. same, Debroy said. coming operational, a top Breeza. Mr. Kalsi said the 2015-16, falling 8.65%. Taxing agriculture in- NITI Aayog Vice Chair- official said. This is a differ- compnay will be more com- There has been a de- come is a politically sensi- man Arvind Panagariya, ent product all together an fortable on the capacity cline in the segment, Maruti tive issue and successive who was present at the authentic sedan. So we ex- front with 1.5 lakh vehicles is driving the sales in the governments have re- press conference, however pect to surpass the previous being manufactured at segment, we have 50% mar- frained from doing so. As refrained from answering numbers, said the Suzuki Gujarat Plant this ket share in compact sedans recent at March 22, Finance questions on taxation of company’s executive direc- year, easing the burden on where Dzire is present, Mr. Minister Arun Jaitley had agriculture income. tor sales and marketing, RS Gurugram and Manesar Kalsi said, adding that the assured Parliamentary Agri- In May 2016, the Prime Kalsi introducing the all plants. The Dzire will mainly introduction of new models culture Income is not taxed Minister’s Office had ad- new Dzire ahead of its un- be made at the Manesar will help the market to grow. and will not be taxed. vised the NITI Aayog to pre- veiling next month. Plant. The compnay which The car, no more christened When asked what pare documents on 15-year In the year 2016-17, we has till date sold 13.81 lakh the Swift Dzire, will compete should be the threshold of Vision, Seven Year Strategy sold 1.99 lakh units of Swift units of the older genera- with the likes of Tata Tigor, imposing income tax on ru- and Three Year Action Dzire. Since it’s a new model, tions of the car in India since Honda Amaze, Hyundai ral sector, Debroy said it Agenda. it will attract more custom- March 2008, will unveil the Xcent and Ford Aspire. RILnet beats estimates, posts record profit on higher margins inpetrochem, refining New Delhi: Beating toppled Tata Consultancy lier to Rs 3,441 crore, while crore in Q4 from Rs 153 nesses achieved record lev- market expectation Reli- Services (TCS) to reclaim that from its refining busi- crore a year back. The de- els of profitability, under- ance Industries announced India’s most valuable com- ness was almost flat at Rs cline was “led by lower up- pinned by our ability to ac- a record fourth quarter net pany crown, Reliance also 6,294 crore. Reliance earned stream production and cess feedstock competi- profit of Rs 8,046 crore on reported its highest ever $11.5 on turning every bar- lower domestic gas price tively from global markets, the back of higher earnings annual profit of Rs 29,901 rel of crude oil into fuel as realisation. The company’s maintain high operating from its petrochemicals crore. Mukesh Ambani-con- compared to a gross refin- outstanding debt rose to Rs rates and place products in The Union Minister for Heavy Industries and Public Enterprises, Shri Anant Geete business and an 8-year high trolled Reliance is relying on ing margin of $10.8 per bar- 196,601 crore as on March growth markets,” he said. inaugurating the CSR Fair 2017, at Pragati Maidan, in New Delhi. The Minister of refining margin. profits from its core refining rel in fourth quarter of pre- 31, from Rs 194,381 crore as With ongoing projects State for Heavy Industries & Public Enterprises, Shri Babul Supriyo is also seen. On a day when it and petrochemicals busi- vious 2015-16 fiscal. While on December 31, 2016. It our portfolio will become ness to help its new tele- refining margins are at had cash pile was however significantly more robust communications venture, eight-year high, petrochem up at Rs 77,226 crore as on and integrated, securing that it said has amassed 72 EBIT margin at 14 per cent March 31, from Rs 76,339 long-term profitable Maruti set to launch million paid consumers. is a five-year high. Reliance’s crore on December 31, growth. Reliance Retail has next-generation Parle Products unveils its Consolidated net profit retail business crossed Rs 2016. Commenting on the displayed encouraging per- for the operator of the 10,000 crore sales mark with results, Ambani said: “During formance with revenues Dzire world’s biggest oil-refining Q4 revenue of Rs 10,322 FY 2016- 17, the Reliance growing by 60.2 per cent New Delhi: After close new division, parle platina complex rose to Rs 8,046 crore, up 83 per cent year- team shaped the contours and EBITDA by 40.4 per cent to 1.4 million Dzire’s sold, will be seen prominently on the world, making every bite crore, or Rs 27.3 per share, in on-year. Its telecom services, of future growth platforms on Y-o-Y basis. the country’s largest Mumbai, January-March quarter which added 109 million in the consumer and the In digital services, the Jio India’s leading biscuits the packs of these products a delight. Through this cam- carmaker Maruti-Suzuki is following the campaign paign we want consumers compared with Rs 7,167 subscribers after starting in energy and materials busi- movement is set to trans- introducing the third-gen- and confectionery com- crore net profit in the same September last year with nesses.” Operationally, we form India. Jio is witnessing pany, Parle Products re- launch. The idea behind the to recognize that Parle ca- eration of the compact se- campaign is to highlight the ters to consumers with vary- period of previous year, it free voice and data services, continue to scale new the largest migration from dan in India next month. cently unveiled Parle Platina, said in a statement. had 72 million paid users at heights. RIL generated its free to paid services in his- a new division comprising premium and exclusive ing and evolved tastes and The Dzire is the most popu- brands that come from the preferences.” Operating profit, or the end of the quarter. highest ever annual profits tory. Jio is committed to pro- lar vehicle in its category, Parle’s range of premium earnings before interest Its oil and gas produc- at Rs 29,901 crore, register- vide its customers the high- products. While Parle con- house of Parle and link them Harish Bijoor, brand guru selling 190,000 units last fis- and founder, Harish Bijoor and tax, from its petro- tion business, however, con- ing a growth of 18.8 per est quality and the world’s cal and had a 50 per cent tinues to domi- chemicals segment jumped tinues to bleed with pre-tax cent on Y-o-Y basis. Refining most affordable data and nate the popular Consults Inc. says, “Taking marketshare in a segment into consideration Parle’s re- 26 per cent from a year ear- loss widening to Rs 486 and petrochemicals busi- voice services,” he added. that includes the Hyundai segment, Parle Platina will cent ‘Naam Toh Suna Hi Xcent, Ford Figo Aspire and Hoga’ campaign which ex- Honda Amaze. Speaking to adopt a new identity and im- cellently highlighted some the media ahead of the of Parle Products’ most launch of the vehicle, RS agery that reso- nates with the popular brands, it was an apt Kalsi, Executive Director, decision to launch the Parle Sales and Marketing, premium segment of con- sumers. The new brand divi- back to the iconic mother Platina division around the Maruti-Suzuki India ex- brand. same time. When viewed in plained that the third-gen- sion aims to establish Parle’s strong foothold in the pre- Speaking about the parallel, the campaign and eration of the vehicle was campaign, Mayank Shah, the launch of Parle Platina going to enhance the ap- mium segment with a con- solidation of its indulgent, Category Head, Parle Prod- beautifully lay emphasis peal of the vehicle. “This is ucts said, “Parle Platina on how Parle is the brand of an all-new design, which is aspirational products that are made of exotic ingredi- stemmed from extensive re- every type of Indian con- why we also dropped the search which showed that sumer, be it for the masses ‘Swift’ moniker from the ents like cocoa, mixed ber- ries, real chocolate chips etc. Parle needed a rejuvenated or for the niche consumers name, this car has design approach to reach consum- of premium products.” improvements and now It will include the Hide & Seek, Milano, Mexitos and ers in the premium seg- Pallavi Chakravarti, Ex- feels like a proper sedan. ment. While the products in ecutive Creative Director, According to C.V Raman, Simply Good Health range of products. this range exude our core Taproot Dentsu said, "Com- Executive Director, Engineer- values of trust, and great munication for Hide & Seek ing, the new Dzire will have sev- The launch will kick-start with a TVC campaign during quality they also offer indul- has always been flirty, frothy eral improvements over the gence, premium taste and a and fun. Over time, the outgoing model. “The car is cru- season 10 of IPL, featuring the iconic chocolate chip feeling of aspiration. The brand has come to be asso- cially 40mm wider than the products in the Platina divi- ciated with memorable mo- An international delegation of representatives from countries of Philippines, Thailand, Indonesia, outgoing model, this means cookies brand, Hide & Seek, which is making a come- sion contain ingredients ments and sharing, both Bangladesh and Nepal including representatives from the government and country offices of UNDP calling enhanced front and rear shoul- that are carefully selected through its imagery and in on the Secretary (Health and Family Welfare), Shri C.K. Mishra, in New Delhi. der room. back to TV ads after 2 years. The new Parle Patina logo and sourced from around how it is consumed. WESTERN TIMES AHMEDABAD MONDAY, 8/5/2017 7 TCS, Infosys accounted for only 8.8% of total H-1B visas: Nasscom BIZ NEWS IN NUTSHELL New Delhi: Nasscom, recipients were Indian com- Nasscom. GST may lift prices of small, the apex body of the Indian panies during FY2015. In- In the US, along with IT industry, refuted allega- dian technology companies other global markets, there mid-sized cars tions of the US administra- use H-1B visas to send their is a growing sentiment of New Delhi: Small and mid-sized cars may see a tion and defended TCS and employees to work at cus- protectionism, including small increase in prices after the Goods and Services Infosys, saying that the two tomer sites in the US, which coming up with various Tax (GST) is rolled out from July 1 as different goods got only 7,504 H-1B visas, is the largest market for the measures to safeguard jobs are fitted into the four slab rate structure. which is 8.8% of the total over $110-billion Indian IT for locals and raise the bar The GST will unify at least ten central and state visas processed during export industry. for foreign workers. taxes into one Goods and services will have to fall FY2015. Nasscom also stated, Every year, the US grants into one of the approved four rate categories of 5 The clarification comes “Every reputable data 65,000 H-1B visas while an- per cent, 12 per cent, 18 per cent, and 28 per cent, after the US complained source in the US has docu- other 20,000 are set aside which is closed to the present incidence of taxa- that Indian IT firms TCS, mented a growing shortfall for those with American ad- tion. Infosys and Cognizant un- between the supply and vanced degrees. Also, the Small cars currently attract a 12.5% central ex- fairly received a major share demand for computer sci- Trump administration cise duty. States levy 14.15-15% VAT, with total tax of H-1B visas by putting ex- ence majors in the US wants to replace the current incidence at 27-27.5%. A senior finance ministry of- tra tickets into the lottery workforce, especially in cut- lottery system with a more ficial said the closest slab for this category of cars system, which the Trump ting-edge fields such as merit-based immigration would be 28%, resulting in a small increase in prices. administration wants to re- cloud, big data, and mobile policy. Mid-sized cars of upto 1500 cc are levied 24% place with a merit-based computing. The annual number of excise and 14.5% VAT taking the tax incidences to immigration policy. It also states that all In- Indian IT specialists working 38.5%. This category will attract the highest tax rate of Nasscom stated that dian IT companies cumula- on temporary visas for In- The Vice President, Shri M. Hamid Ansari addressing the 8th Conference of 28% and a state compensation cess to take the total only six of the top 20 H-1B tively account for less than dian IT service companies is incidence closer to current levels, the official said. Heads of Missions, in New Delhi. 20% of the total approved about 0.009% of the 158- H-1B visas although Indian million-member US nationals get 71% of the H- workforce. “A survey also Tata Sons lauds NCLT RIL net rises 12% to Rs8046 cr. as refining margins strengthen 1B visas. “This is a testimony finds that the average wage order against Mistry to the high skill levels of In- for visa-holders is over Mumbai: Tata Sons welcomed the April 17 or- Mumbai: Reliance In- grew 18.8% to a record Rs. with Rs. 1,80,665 crore a year and gas business slumped dian-origin professionals, $82,000 apart from a fixed der of the National Compnay Law Tribunal and said dustries Ltd. (RIL) reported a 29,901 crore, Mr. Ambani earlier. 19.9% to Rs. 1,309 crore and especially in the very cov- cost of about $15,000 in- that the petitioners representing companies of the 12.3% increase in fourth- said. The profit growth fig- Against this, the com- the segment reported a eted STEM skills category. curred for each visa issued SP Group of former chairman Cyrus Mistry had failed quarter net profit to Rs. ure was based on the exclu- pany had cash and cash negative EBIT of Rs. 486 The US Department of La- which includes visa cost and to establish the merits of the petition, and had also 8,046 crore, helped by an sion of exceptional item of equivalents of Rs. 77,226 crore. However, organized bor estimates that there will related expenses. This is failed to demonstrate any cause of action against improvement in refining Rs. 4,574 crore from the crore ($11.9 billion) as on retail posted an 83% jump be 2.4 million unfilled STEM over 35% higher than the Tata Sons, the Tata Trusts and Ratan Tata. margins. FY16 figures “mainly on ac- March 31, 2017, a figure that in revenue to Rs. 10,332 jobs by 2018, with less than minimum prescribed ex- The tribunal had said it did not see a prima facie Revenue in the three count of net impact of gain was lower than the Rs. crore, with EBIT surging 50% of these vacancies in empt wage of $60,000,” triable case to take forward, Tata Sons said. The or- months ended March 31 on sale of EFS Midstream 89,969 crore it had as on 89.8% to Rs. 243 crore. IT-related positions,” points states Nasscom. der of NCLT vindicates the position of Tata Sons, the surged 45.2% to Rs. 92,889 LLC and Ind AS transition March 31, 2016. Tata Trusts and Mr. Tata, he added. crore on the back of better impact on upstream assets, RIL became India’s most In Chandrasekaran, Chairman, Tata Sons said, the realisations in refining and the company said. valued firmas market Tata Group, has always been committed to the high- petrochemicals, and robust Gross refining margin in capitalisation touched Rs. Heritage Foods to focus est ethical standards and principles of governance. growth in the retail busi- the fiscal fourth quarter 4,60,518.8 crore, overtaking We welcome the NCLT’s order and it is an endorse- ness. widened to $11.5 a barrel, Tata Consultancy Services’ ment of these values and principles. Refining and petro- from $10.8 in the year-ear- market value of Rs. on value-added products Tata Sons said that as per the NCLT order, the SP chemicals businesses lier period, taking some ana- 4,58,932.37 crore, after the Hyderabad: Dairy products to the turnover Over the next five years, Group companies failed to establish a case of mis- achieved record levels of lysts by surprise. stock rose 1.2% to Rs. compnay Heritage Food Ltd. from existing 24% to 40% the compnay would be set- management and oppression and could not provide profitability, underpinned Nobody expected GRMs 1,416.40 ahead of the re- will look to grow its core by 2022. ting up five processing any evidence in support of their claims. by our ability to access feed- of $11.5 a barrel and that sults in a firm Mumbai mar- business vertical of milk in The manifold increase in plants, each entailing an in- stock competitively from made all the difference,” in- ket. North India, focus on value revenue turnover was vestment of Rs 20 crore - Rs global markets, maintain vestment advisor S. P. Tulsian Refining and marketing added products and foray about Rs 2300 crore in 2015- 30 crore, a senior executive HCL Tech buys BPO firm in US high operating rates and said. Crude has become a contributed Rs. 72,045 crore into yogurt as it prepares to 16 would also come from said. By 2022, Heritage New Delhi: HCL Technologies said it had ac- place products in growth buyers market and RIL has of revenue and accounted achieve Rs 6000 crore in rev- growing the milk business Foods would handle about quired US-based provider of mortgage business pro- markets, billionaire chair- some of the best procure- for Rs. 6,249 crore of EBIT in enue in five years. in north India, where the 30 lakh liters of milk per day cess and fulfillment services - Urban Fulfillment Ser- man Mukesh Ambani said in ment policies and negoti- the fourth quarter while Announcing that the acquisition of Reliance’s as against 18 lakh liters at vices for $30 million. The deal with UFS, which has a statement. With ongoing ates strongly with the sell- petrochemicals contributed company, which celebrated dairy business had helped present. A leader in the curd more than 350 employees and operates out of three projects our portfolio will ers. The increase in debt is Rs. 26,478 crore to revenue its silver jubilee, is opting for Heritage age Foods make segment, Heritage’s entry centres in the US, strengthens HCL’s capabilities in become significantly more the only concern, he added. and Rs. 3,441 crore to EBIT. a rebranding exercise, Ex- inroads into new States, into the yogurt market mortgage BPO services, loan fulfillment and debt robust and integrated, se- RIL’s outstanding debt Upstream drags: Up- ecutive Director Brahmani both in Western and North- would be through a joint servicing space, Anoop Tiwari, Corporate VP and Glo- curing long-term profitable increased to Rs. 1,96,601 stream business continued Nara said the emphasis ern India. venture with an interna- bal Head - business services HCL Technologies Lim- growth, he said. Profit for the crore ($30.3 billion) as on to be a drag on profitability would be on raising the With Heritage milk now tional partner, Ms. Nara said, ited. The compnay said that the total cash consider- fiscal year ended March March 31, 2017, compared as the revenue from the oil contribution of value added sold in 15 States, she said adding that details of the ation for this transaction is upto $30 million, includ- the compnay would expand venture would likely be an- ing contingent payments subject to certain finan- some of the existing 15 pro- nounced in a month. cial milestones. Mortgage servicing is a regulated cessing units and set up The company would activity in the US and the transaction requires regu- Setback to India as inte’l panel rejects stay on Cairn arbitration new ones. The investment also shortly introduce new latory approvals for getting licences. New Delhi: In a setback dia and listing it on stock Vedanta under India- cation for stay on March required would be met beverage offering, bolster- to India, an international ar- exchanges. Instead of ap- Singapore investment, 2017, they said. through a combination of ing the portfolio of value- bitration panel has rejected plying long term capital treaty. Sources said India It rejected the bifurca- internal accrual and debt. added products, she said. its demand for a stay on an gains tax, it levied a short sought a stay on proceed- tion application in April arbitration initiated by Brit- term capital gains tax and ings in Cairn Energy’s arbi- 2017 sources said, adding ish Oil Explorer Cairn Energy slapped a draft tax demand tration for potentially five India can however continue Screwvala sets up Plc against a Rs 10247 crore of Rs 10247 crore. Also, it years, stating that it is unfair to argue that tax matters are restrospective tax notice. debarred Cairn Energy from that they have to defend not covered under bilateral The panel, comprising disposing of its 9.8 per cent two cases at once. investment treaties under online education fund three judges of interna- remaining stake in Cairn In- However, it was Indian the main arbitration. Both Mumbai: Entrepreneur and philanthropist Ronnie tional repute has also dia, which the British firm Government’s decision to the applications were seen Screwvala has set up fund to provide scholarship and fi- turned down India’s appli- had in 2011 sold to Vedanta join both the arbitration as delaying tactics on part nancial assistance to working professionals who would cation for bifurcation of the Group. and hence it could not go of the Indian Government, need to upgrade their skills through online education. issue of whether tax is cov- In April 2014, the tax de- back on anyone of them. A which did not file its State- In the first year, the fund will provide scholarship and ered under India-UK bilat- partment slapped a Rs three-member arbitration ment of Defence to Cairn’s financial assistance of Rs100 crore and the objective is to eral investments protection 20495 crore demand on panel headed by Geneva- demand by the November mobilise and fund Rs500 crore in five years. Mr. Screwvala treaty, sources privy to the Cairn India, the UK firm’s based arbitrator Laurent 2016 deadline set by the has contributed Rs10 crore in his personal capacity and the development said. erstwhile subsidiary for fail- Levy, which began hearing panel. rest will be mobilised from corporates, CSR funds and high Income tax department ing to deduct tax on the Cairn Energy’s demand for It also missed the ex- networth individuals. My main objective is to create and had in January 2014 capital gains. Both firms de- $5.6 billion in compensa- tended deadline of mid support the eco-system that will allow online to create the charged Cairn Energy of nied any tax was due and tion from the Indian Gov- January, only to file it by careers of tomorrow,” he said in an interview. “This scholar- making capital gains on initiated arbitrations Cairn ernment for raising a retro- February, sources said that ship is not to finish education but promote online educa- transfer of India assets to a Energy under India-UK in- spective tax demand in May the panel has set a strict tion and drive home the point among corporates that newly created firm. Cairn In- vestment treaty and last year, rejected the appli- timeline, with evidential online is not a bad medium. My main challenge is to change ADARSH PLANT PROTECT LIMITED hearings slated to start in the thinking process of corporates who still prefer the cam- Regd.Office : 604,GIDC Estate, mid January 2018 and the puses. Online has to get the acceptability and credibility V.U.Nagar-388121,Anand,Gujarat arbitration proceedings be- and this is why I will mobilise funds from them so that they CIN : L29210GJ1992PLC017845 TELE: 02692-236705 ing wrapped up in next few know the benefits of online education for their employ- Fax:02692-236704 Wbsite:www.adarshplant.com Embraer, Air India to set up ees,” said Mr. Screwvala, co-founder of online education months. Cairn Energy has to Mail : [email protected] file its rebutted to India’s company UpGrad. However, the scholarship is not confined Statement of Defence by to taking up online courses at UpGrad, he clarified. “The fund NOTICE MRO in Secunderabad mid-June and the Indian will provide scholarship to any online course for skill en- Persuant to Regulation 29 & Regulation 47 of New Delhi: Brazilian As per the pact, Embraer Now defunct regional air- government will get a final hancement for working professionals. The fund will grant SEBI(LODR) Regulation, 2015 Notice is hereby given aerospace major Embraer will provide training as well line Air Costa was the only change to make further scholarships ranging from Rs25,000 to up to Rs2 lakh and that the 1st meeting of The Board of Directors, in has partnered with state- as ‘heavy discounts’ to AIESL Indian carrier with two statements on that by Sep- facilitate loans for those who fail to qualify but are willing owned Air India to set up a on tools and equipment. Embraer aircraft in its fleet. tember / October. Thereaf- to repay once they get promoted after their online studies. F.Y.: 2017-18, of the company will be held on maintenance and repair The MRO facility will also al- AIESL carries out third party ter evidential hearings are The fund is aimed at skilling motivated individuals and Wednesday, 17th May, 2017 at 04:30 p.m. at the MRO facility to maintain its low Air India to utilise its ex- MRO activities for nearly scheduled, they said. equip them with industry relevant knowledge, he said. Registered Office of The Company to approve the brand of private and busi- isting hangars at Begumpet thirty airlines, including do- audited Financial results for the Quarter & Year ended ness jets in the entire South- which have been lying un- mestic carriers like GoAir, Air on 31st March, 2017 east Asian region. used ever since the airport Vistara, Jet Airways and Lodha to invest Rs 4300 crore in The airline’s engineering ceased operating sched- SpiceJet. This is apart from For, Adarsh Plant Protect subsidiary, Air India Engi- uled flights in 2008.Last the repair work for planes Limited neering Services Limited, year, the government in its owned by the defence construction to boost deliveries Sd/- Date : 08.05.2017 has been mandated this civil aviation policy offered forces as well as VVIP air- New Delhi: Realty major Lodha group will focus on 2016 to January 2017 be- Devangi Hardik Soni task under an initial pact infrastructure status to the craft. Lodha Developers will in- affordable housing sector cause of poor demand post Place : V.U.Nagar COMPANY SECRETARY signed recently, airline offi- MRO industry and promised With Indian carriers ex- vest about Rs 4,300 crore which is expected to gain notes ban. cials said. several incentives to de- pected to increase their this fiscal on construction to momentum after the gov- The proposed facility is velop India as a hub for fleet size to 1,740 plane in boost deliveries of housing ernment accorded infra- expected to come up at the these services. The sops in- the next 20 years, the do- units and also plans to structure status to this seg- Begumpet airport in cluded exemption from cus- mestic MRO market is pro- launch 8-9 new projects in ment in the Budget this Secunderabad in Telangana, toms duty for procuring air- jected to be worth $5.2 bil- Mumbai, Pune and London. year. We sold 4,000 homes in they said. “Embraer came to craft maintenance tools. lion by 2026, according to The Mumbai-based affordable category in 2016- us because they are plan- The policy also allowed leading consultancy KPMG. Lodha Developers invested 17 and we are targeting sale ning to sell 40 aircraft in the foreign aircraft brought to It also projects over ten fold Rs 3,700 crore in the last fis- of 6,000 low-cost homes region by 2018 and they India for MRO work to stay increase during the next ten need to have a mainte- for a period of six months, years in MRO industry’s rev- cal on construction and has this fiscal, Lodha said. The in- nance system in place for which can be extended af- enues from the current $92 increased outlay for the frastructure status to afford- those planes,” said an Air In- ter permission from DGCA. million to $975 million. 2017-18 fiscal to boost de- able housing will boost dia official. liveries, its Managing Direc- availability of cheaper fi- AIESL agreed to develop tor Abhishek Lodha said. nance for such projects. Be- the Begumpet airport for We will launch 8-9 sides infra status, the gov- this purpose, provided India aims to cut oil products projects this financial year, ernment has offered inter- Embraer declares it as the imports as it spurs alternatives of which 6-7 will be in est subsidy for prospective preferred destination for Mumbai Metropolitan Re- home buyers and relaxed MRO to all its customers,” Singapore: India is aiming to cut its oil products imports gion and one each in Pune various norms including the official added. to zero as it turns to alternative fuels such as methanol in and London market, he said built-up area for developers Air India Engineering its transport sector, a government official said. We are try- ing out level best that the day will come when we do not in an interview. Asked about of low-cost homes.Lodha Services Limited (AIESL) has the investment, Lodha said group's sales bookings rose the requisite expertise in need to import any fuel from any country and that we will be self sufficient, Transport Minister said. But he could not the company will increase by 30 per cent last fiscal to the fast-growing mainte- its total construction spend about Rs 8,500 crore on the nance, repair and overhaul provide a specific timeline for the target due to challenges with the distribution and availability of alternative fuels this fiscal to Rs 4,100 -4,300 back of better sales in the (MRO) segment of the avia- crore on existing and new domestic market and foray tion sector as it already runs such as liquefied natural gas, he said. Auto-rickshaws are using LPG now. LNG is important but the availability of LNG projects from Rs 3,700 crore into London. as many as six such facilities in the 2016-17 fiscal. The in- Our new sales bookings across airports in India, in- and distribution is a big challenges, we have to develop cluding one at Nagpur in that, he said. India also plans to start 15 factories to pro- vestment will be funded grew by 30 per cent last fis- Maharashtra in collabora- duce second generation ethanol from biomass, bamboo largely through internal ac- cal at around Rs 8,300-8,500 tion with US aircraft maker and cotton straw as it aims to develop its mandate to blend cruals as the company ex- crore. Out of this, about Rs Boeing Inc. ethanol into five per cent of its gasoline, he added. Bam- pects to receive Rs 8,000- 7,000 crore sales were from boo is available from tribal areas, our vision is to be cost 9,000 crore from customers Indian market and rest from effective, import substitute and pollution free, he said. In- during this fiscal. The collec- London where we launched Disclaimer dia imported about 33 million tonnes of oil products over tions from customers stood our first project, Lodha Adverstisement April 2016 to February 2017, up almost 24% from the same at Rs 7,000 crore during group's MD said. appeared in this News period a year earlier, government data showed. The major- 2016-17. During last fiscal, The group's sales book- Paper have not been ity of the imports comprise petroleum coke and LPG. En- we delivered 7,200 homes ings stood at about Rs 6,400 verified factually and ergy consumption in India, the world’s third-biggest oil con- which is a big record for the crore during the 2015-16 fis- sumer, is expected to grow, as it targets between 8% to 9% “WESTERNTIMES” country in itself. The com- cal, all from Indian market, does not stand economic growth this fiscal year from about 7% in 2016- 17. To cut the carbon footprint, New Delhi wants to raise pany is targeting to increase he added. responsible for the delivery of homes in excess Lodha said sales were sales proposition. the use of natural gas in its energy mix to 15% in 3-4 years from 6.5% now. of 8,000 units, Lodha said. affected during November CMYK WESTERN TIMES AHMEDABAD 8 MONDAY, 8/5/2017 Home delivery of petrol, News in a Nutshell diesel to be reality soon Dhama to market auto seats via OEMs New Delhi: Now, it biggest oil consumer ex- than 86 per cent of ROs with Mumbai: Dhama Innovations which developed could be a reality as you periments with daily price digital infrastructure today,” temperature-controlled automobile seats along would soon get your petrol revision of petrol and die- it said, adding that daily with American auto major General Motors has de- and diesel home-delivered. sel at select towns begin- cashless transactions in- cided to take the Original Equipment Manufacturer The Petroleum Ministry is ning May 1. In another creased from Rs 150 crore (OEM) route to promote this technology in the com- mulling various options of tweet, the Ministry also said per day to Rs 400 crore per mercial vehicle (CV) industry. The temperature-con- door-to-door delivery ser- home delivery of fuel day. trolled seat is an effective and extremely cost viable vice on pre-booking of your would help consumers Meanwhile, the Govern- solution to address driver fatigue, particularly com- fuel which will not only cut avoid spending excessive ment also disapproved mercial vehicle drivers who drive long distance in the consumers’ long queues time and long queues at petrol pump dealers’ de- extreme weather conditions,” said Kranthi Kiran at petrol pumps but also fa- fuel stations. mand to close fuel outlets Vistakula, chief innovator, Dhama Innovations. cilitate them to get their fuel As per official data, as on every Sunday from May To keep the cost low, we are seeking to go easily at home. many as 3.5 crore people 14, saying that the Petro- through the OEM route so that the drivers and trans- Options being explored currently visit 59,595 petrol leum Ministry does not ap- porters community benefit from this innovative where petro products may pumps in the country for prove or endorse the move. technology,” he said. The company believes that tap- be door-delivered to con- buying auto fuel. Often, The Petroleum Ministry ping the retail network would make the product sumers on pre-booking,” long queues are witnessed does not approve or en- expensive which will act as a deterrent for its use. the Ministry said in a series at petrol pumps during dorse the move by a section Mr. Vistakula, from MIT, U.S., has been working of tweets. peak hours, leading to con- of petrol pump dealers to on developing this technology for past 7 years. The The move comes at a gestion on roads. Annually, close down fuel stations on car/CV seat is co-patented with General Motors. MoS for Finance Santosh Kumar Gangwar at the Third Pension Conference on “To- time when the world’s third Rs 2,500 crore of fuel is Sundays,” Petroleum Minis- Dhama is in talks with OEMs in India to integrate wards A Pensioned Society: The Road Ahead”, organised by the PFRDA, in New Delhi. bought at petrol pumps ter Dharmendra Pradhan the technology in the driver seats. The seat is de- and now a part of it being told the panel at a meeting signed factoring in the thermal map and pressure talked of being home deliv- in Srinagar. map of human body while driving and that makes ered. Earlier this week, the it ergonomically suitable for addressing the issue Businesses can seek advance ruling on tax liability under GST As per the Ministry sta- Consortium of Indian Petro- of driver fatigue. Cost-effective: The battery-oper- New Delhi: The govern- sioner having the experi- ever, the GST rules have kept Service Tax Appellate Tribu- tistics, India consumed 23.8 leum Dealers informed the ated seats, which cool driver’s body in a non-AC ment has allowed busi- ence of not less than three it open for any company to nal (Cestat) offices are million tons of petrol and 76 media of their decision to cabin, have no impact on mileage thereby making nesses to seek advance rul- years in the rank. seek an advance ruling on present in 10 states includ- million tons of diesel in shut fuel bunks every Sun- it a cost effective solution, the firm said. ing on tax liability of any The Central GST (C-GST) taxability. ing Delhi, Mumbai, Kolkata, 2016-17 fiscal. This was day starting May 14 to pro- deal or valuation of goods Act says that 'advance rul- Experts said that setting Chennai, Bengaluru and higher than 21.8 million test the public sector oil once the Goods and Ser- ing' can be obtained in re- up of the AAR under the Hyderabad. Cestat acts as an tons of petrol and 74.6 mil- companies’ failure to hike IPCL to double power production vices Tax (GST) is rolled out lation to the supply of GST is a positive develop- independent forum to hear lion tons of diesel con- dealer margins. The deci- Chennai: Kolkata-based India Power Corpora- from July 1. goods or services or both ment as in the initial days of appeals against orders and sumed in the previous sion will cover Haryana, tion Ltd. (IPCL), a Srei group company, is planning Seeking to lessen litiga- being undertaken or pro- the GST, there would be lots decisions passed under 2015-16 financial year. Maharashtra and the entire to acquire stressed assets in the power sector to tion by providing certainty posed to be undertaken by of queries over valuation, Customs Act, Excise Act and The Ministry also stated southern region - double its generation business, a top official said. in tax liability in advance, a taxpayer. classification of goods as Service Tax Act. The rules on that a Parliamentary Con- Karnataka, Andhra Pradesh, We are currently evaluating three to four power the GST Advance Ruling Under the current re- well as ways on availing in- Advance Ruling under the sultative Committee which Telangana, Tamil Nadu, plants in Jharkhand, Maharashtra and Karnataka,” said Rules says the members of gime, domestic companies put tax credit (ITC). The plan GST would be taken up by met in Srinagar to discuss Kerala as well as Hemant Kanoria, chairman, IPCL. We prefer pit-head the Authority of Advance can approach the AAR for to set up the AAR shows the GST Council, comprising digital modes of payment at Puducherry. power stations within coal mines, coal-fired or those Ruling (AAR) would be ap- ascertaining excise or ser- government's resolve to Union and state finance fuel outlets. However, the However, the Ministry thermal plants located on the coastal region to reduce pointed by both the Centre vice tax or customs liability prevent litigation. They have ministers, in its meeting on Ministry official data said, sources said that the threat the operational and coal transportation cost,” he said. and states. The member if they are entering into any come out with an AAR May 18-19. state-owned oil marketing to shut down pumps on Currently, IPCL generates almost 1,600 MW of power would be a Joint Commis- new line of business. How- mechanism so that people The GST is being hailed companies IOC, BPCL and Sundays would be dealt through thermal, solar and wind power plants. Ther- do not have to wait for au- as the biggest tax reform HPCL give 0.75 per cent dis- with according to measures mal accounts for almost 1,400 MW, solar 36 MW and dit to ascertain the tax liabil- since Independence and is count on fuel purchase via necessary to maintain sup- wind 100 MW. Over the next two to three years, the Myntra ‘acqui-hires’ ity, Deloitte Haskins Sells supposed to make it easier cashless mode. “About plies of essential commodi- plan is to double the generating capacity to 3,000 MW- LLP Senior Director M S to do business by reducing 40,000 retail outlet (ROs) are ties as petroleum products 3,500 MW, he said. To attain the goal, we are not going Mani said. compliance requirements. with POS (machine), more come under this category. to set up greenfield projects. We will either acquire logistics startu-up Currently, there is only firms with stressed assets or invest in brownfield Bengaluru: Flipkart-owned fashion retailer Myntra one AAR in the country and projects. Most times, bankers and promoters do not said that it has acqui-hired logistics start-up InLogg for it is in the national capital. know what to do with stressed assets. We have been an undisclosed amount, to strengthen and expand its Mani said since in the GST in the industry for long and we know how to handle supply chain capabilities. The deal referred to in start-up regime there would be the situation,” he said. Internal accruals: In funds for the parlance as an ‘acqui-hire,’ is when a company acquires doubts in the minds of tax- proposed acquisitions, Mr. Kanoria said: “These are another firm to recruit its people. The acquisition will see payers and hence the Cen- purely opportunity-based acquisitions. We have to the InLogg team join Myntra. The Bengaluru-based firm tre and states should decide scout for the right type of power plants. All these ac- was founded in 2015 by former-Flipkart employees Preeti to set up more AAR offices quisitions will be funded through internal accruals. Jain, Rajat Khanduja and Prateek Gautam. Myntra said that under the new regime. it would also acquire InLogg's technology platform that The AAR could be set up provides end to end logistics solutions for the e-com- modelling the Cestat. As Tax officials to meet merce sector. Ananya Tripathi, chief strategy and planning many as 8-10 AAR offices officer of Myntra said this deal will help the company scale need to be set up under the on GST rate for services while delivering customer experience in Tier 2, 3 and 4 New Delhi: Tax officials of the Central and State GST regime for faster pro- cities. Myntra’s vision is to use technology to democratize nouncement of orders. Each governments will hold their maiden meeting on de- fashion. With an 80% year-on-year growth, we are on a vising a formula for tax rate to be levied on services office can be given the juris- strong trajectory to achieve this,” Ms. Tripathi, said in a diction over a specific re- under the Goods and Services Tax (GST) regime statement. The acquisition will also allow the firm to le- from July 1. While the GST Council had previously gion, he said. verage local and regional players to enhance its reach, Currently, the AAR has to decided on a four tier rate structure of 5, 12, 18 and reduce delivery time and develop a plug and play model C 28%, its fitment committee will hold its first meeting give its rulings within 6 “which can be scaled in the future,” she said. InLogg is months from the date of re- Andhra Pradesh Government and KIA Motor Corporation MoU Sighing in M on slotting different services in one of the slabs, a se- Myntra’s fourth technology-led acquisition. Earlier, it acqui- presence of Chief Minister N Chandrababu Naidu and President and CEO of Kia nior official said. ceipt of the application. Be- Y hired Bengaluru-based tech ventures Cubeit and Native. sides, Customs, Excise and Motor Corp Han Woo Park, in Amaravathi. K

C Banks allow Reliance M RBI tightens norms on bank performance Mumbai: The Reserve The breach of the first old two. Breach of threshold Y Bank of India (RBI) has come threshold will invite restric- two will result in restrictions Defence to exit CDR K out with a revised prompt tion on dividend distribu- on expansion of branches Mumbai: Reliance De- proved by the requisite ma- corrective action (PCA) tion or require parents of and higher provisions. fence Engineering has got jority of CDR lenders. framework for banks, spell- foreign banks to bring in Restriction on pay: The lenders approval to exit the The lead lender of the ing out certain thresholds, more capital. This will get breach of the last threshold corporate debt restructur- consortium IDBI has also the breach of which could triggered if capital ad- happens when CET1 falls ing mechanism as the con- written to the Ministry of invite resolutions such as a equacy ratio (including below 3.625% and net NPA sortium of lenders led by Defence confirming the ap- merger with another bank capital conservation buffer) goes above 12%. Negative IDBI has agreed to refinance proval granted by CDR EG to or even shutting down of falls below 10.25% or com- ROA for four consecutive RTs 6800 crore of debt at RDELs CDRT exit plan and the bank. The revised norms mon equity tier-I (CET1) years will also be consid- lower interest with an ex- refinancing scheme. have set out three thresh- capital ratio falls below ered as a breach of the third tended maturity of twenty The confirmation form olds. The breach of the third 6.75%. Breach of either CAR threshold vis-a-vis the prof- years. IDBI to Defence Ministry one on capital “would iden- or CET1 would trigger cor- itability parameter. Restric- Reliance Defence will makes Reliance Defence eli- tify a bank as a likely candi- rective action, the RBI said. tions, in addition to that of now be eligible to bid for gible to participate in all the the upcoming contracts for future contracts of Navy, the Union Minister for Chemicals and Fertilizers and Parliamentary Affairs, Shri date for resolution through The trigger for net NPA is 6% threshold one and two, will tools like amalgamation, re- and 4% for leverage ratio. be put on management making submarine, landing officials said. Ananth Kumar chairing a joint meeting on revival plans of closed fertilizers platform dock and corvette. Exiting CDR will provide plants under the Ministry of Chemicals and Fertilizers, in New Delhi. construction, winding up Two consecutive years of compensation and direc- etc.,” the RBI said. The provi- negative return on assets tors’ fees if the the third level The other private firm in the increased financial flexibil- sions of the revised PCA (RoA) will also be classified is breached. race for contracts is L&T. ity to the company, said framework will be effective in threshold one. Corrective action that The lenders have ap- Paras Rothra, President Eq- NABARD records Rs 16,470 cr from April 1, 2017 based on The breach of the sec- can be imposed on banks proved our CDR, a Reliance uities at Aashika Stock the financials of the banks ond threshold will occur includes special audit, re- officials said on condition of Brokign Rinfra has in- for the year ended March 31, when the capital adequacy structuring operations and anonymity. They have also creased is shareholding in business in Gujarat in FY17 2017. The framework would ratio falls below 7.75% or activation of recovery plan. given their go ahead for the RDEL to nearly thirty one Ahmedabad: The Na- lized for improving the irri- Loan of Rs. 860.09 crore has be reviewed after three CET1 goes below 5.125%. The RBI has said that implementing of refinanc- per cent as per latest filing tional Bank for Agriculture gation potential of the res- been sanctioned for con- years, the RBI said. The net NPA threshold is promoters of banks can be ing scheme of Reliance De- in BSE, Reliance Defence and Rural Development ervoirs in the water scarce struction of two pumping The thresholds are breach of 12% and leverage asked to bring in new man- fence. Engineering’s current order (NABARD) recorded a busi- region of Saurashtra. Nota- stations, provision of valves based on capital, net non- ratio below 3.5%. Three con- agement, or even can su- Both the proposals were stands at more than Rs 5300 ness of Rs 16,470 crore in bly, under RIDF, cumulative and laying of pipelines cov- performing assets, profit- secutive years of negative persede the bank’s board, as presented to the CDRT Em- crore form Navy, Coast Gujarat for financial year loan assistance sanctioned ering a distance of 57.67 ki- ability and leverage ratio. ROA will also trigger thresh- a part of corrective action. powered Group’s meeting Guard and commercial ves- 2016-17, an increase of 38% since inception in 1995-96 lometers in Morbi, Rajkot in March 2017 and were ap- sels. over the previous year, it to the state government and Jamnagar districts. The said. aggregates to Rs. 18,851.14 project will firm up irriga- The Bank sanctioned Rs crore against which an tion potential in an area off RIL commissions final phase of 2274 crore to the state gov- amount of Rs. 12,850.94 47,242 hectares and gener- Amazon unveils Fire TV ernment under four crore has been utilized till ate recurring employment projects, which includes date, said Nabard state- of 5,905 jobs per year, an of- Jamnagar paraxylene project Sauni Link2 and 4, lift irriga- ment. ficial said. stick to take on Google New Delhi: Reliance Jamnagar covering announce the successful New Delhi: probably not even crossed Industries announced paraxylene cracker com- and flawless commission- tion project from Kadana Under the funding NABARD further in- Amazon.com has unveiled minute one. I look at the reservoir and Sardar Sarovar programme, Nabard has formed that under link-3, commissioning of the sec- plex along with down- ing of the second and final its content streaming de- amount of innovation that ond and final phase of stream plants and gasifica- phase of paraxylene com- canal based drinking water sanctioned loan for 3 pack- RIDF Loan of Rs. 1,252.25 vice Fire TV Stick with a lies ahead of us, it’s im- supply project. Of this, irri- ages of each of Link -1 and crore has been sanctioned voice remote control to vie mense. I don’t really think paraxylene project at tion, a company statement prising of PX crystallizer gation sector got a major Link-3 pipelines of the for construction of three with products including about what is in vogue to- Jamnagar in Gujarat. said. Paraxylene is used to gains, trans alkylation and share of 64%. Saurashtra Narmada pumping stations, laying of Google’s Chromecast in In- day or not. One piece that The project is part of make building blocks for aromatic extraction units As a part of its rural in- Avataran Irrigation (SAUNI) pipelines covering a dis- dia. The device, which is sold will always be in vogue is the $16 billion investment fibre and films. The at Jamnagar, it said. frastructure push, Nabard Yojana, which comprises of tance of 66.30 kilometers in markets such as the U.S., the customer’s need. it is making in expanding projects, it said, will add With the commission- has sanctioned a loan of Rs. 4 link pipelines. It has been and provision of valves. It U.K., Germany and Japan, Opportunities galore: petrochemicals produc- significant value to ing or this plant, RILs PX ca- 2,112.34 crore under the prepared for beneficial use will firm up irrigation poten- has been customized for In- That will require significant tion capacity to lower Reliance’s refining and pacity will be more than Rural Infrastructure Devel- of additional 1 million acre tial in 13,640 hectares of dia and is priced at Rs3,999. innovation and innovation feedstock and fuel costs petrochemical business double. Reliance will opment Fund (RIDF) - XXI to feet flood water to fill about Surendranagar and Morbi Customers can instantly requires investment for and boost profits. and enable Jamnagar emerge as the world’s sec- the Government of Gujarat 115 existing dams of districts. Also, it will gener- stream their favourite mov- long periods of time. If you Reliance is executive complex to achieve energy ond largest producer of PX for two irrigation projects. Saurashtra Region. ate recurring employment ies and TV shows right from look at Amazon globally, major projects in its en- self sufficiency. with about 11 per cent of The funds will be uti- Under the Link-1 RIDF of 2,935 jobs per year. the TV,” Amit Agarwal, Se- even today, it is day one for ergy and materials chain at Reliance is pleased to global production, he said. nior VP and Country Man- us. India is so early in its evo- ager of Amazon India told. lution that I think at least for “Fire TV Stick is already a the next 20 years, there are best-selling device in some a lot of opportunities here,” MPC warns of upside risk to inflation of the other geographies Mr. Agarwal said. Mumbai: While all policy review of 2017-18, balance, however, I we sell it in. We have taken We will continue to add the six members of the the RBI decided to keep vote for holding the it and made it better for In- more selection in all the cat- monetary policy com- the policy interest rate un- policy rate unchanged dia. Features such as data egories that we have. Our mittee of the Reserve changed at 6.25%. I be- in this bimonthly monitoring is specific to In- oldest category is books. We Bank of India, that sets lieve that a preemptive 25 meeting, he said add- dia. We also had to keep in now have Hindi books store, interest rates, voted in basis points increase in ing he would wait for mind that there are caps on Marathi books store, favour of a status quo, the policy rate now will more data, RBI Governor data here, the networks are Malayalam books store just one member discussed point us better at the tar- Urjit Patel said that veg- patchy. adding selections in exist- the possibility of in- get of four per cent to etable prices, which de- On Amazon’s plan to ing categories is so much creasing the rate to which the Committee has clined sharply during take the product, which has opportunity,” he added. achieve the four per committed explicitly, he November 2016 to been enhanced for India, to The benefit of being ob- cent retail inflation tar- said on monetary policy January 2017 seems to other markets, Mr. Agarwal sessed with your customers get over the medium and a member of MPC. have established but said the company is very fo- is that customers are always term, according to the It will also obviate the may rise in the coming cused on India right now. dissatisfied and that keeps minutes of the meet- need for back loaded months due to a sea- India’s e-commerce in- you on your toes to work ing. policy action later when sonal pickup. The out- dustry, he said offered the everyday to figure out on In the first bi- inflation is unacceptable look for inflation faces company “immense” possi- how to satisfy them and monthly, monetary high and entrenched. On several other risks. bilities. how to improve your ser- Samajwadi Party president and former Uttar Pradesh Chief Minister Akhilesh E-commerce in India has vice,” Mr. Agarwal said. Yadav addressing a press conference at party office in Lucknow.

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