- RBI estimates India’s growth rate to be 7.6% for FY 2016-17 in its annual report for the FY 2015-16.
- After Assam, Bihar ratified the Constitution 122nd Amendment Bill for the introduction of GST in the country.
- Cabinet approved foreign Investment through automatic route in NBFC-s entity which are regulated by any financial sector regulators. Those not regulated will have to get the approval of FIPB approval.
- Centre notified Inflation target of 4% until 2021 with an tolerance band of +/- 2% i.e. 6% or 2%. If CPI is out of this range for 3 consecutive years, it will constitute a monetary policy failure.
- Hindustan Copper Limited launched India’s first Nickel producing facility at Ghatshila, Jharkhand
- Centre imposes a penalty of USD 380 Million(Rs. 2500 Crore) Reliance industries limited for failing to achieve the target production at KG D6 fields.
- India’s economic growth rate in first quarter of 2015-16 is 7.1%.
- Jharkhand became first state to implement Public Fund Management System (PFMS), which aims tracking fund disbursement on real time basis from government to various levels.
- Sports channel Ten Sports sold by Zee Entertainment Enterprise (ZEEL) to Sony Pictures Networks for $385-million (about Rs 2,579 crore)
- Parliament passed Enforcement of Security Interest and Recovery of Debts Laws Amendment Bill 2016. It amends Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI), 1993, Depositories Act, 1996, Indian Stamp Act, 1899. It allows District Magistrate (DM) to take possession of the collateral of the defaulter within 30 days of default.
- Reliance Cement Company Private Limited accquired by Birla Corporation Limitedfor 4800 crore rupees
- RBI launched http://sachet.rbi.org.in/ which facilitates people to know about entities allowed to collect deposits.
- Securities and Exchange Board of India (SEBI) told Supreme Court that Ponzi schemes are not under its ambit and the respective State Governments are law enforcement agencies to curb Ponzi Schemes in response to SC’s question that what government and SEBI were doing to curb the menace of ponzi schemes.
- Goldman Sachs has predicted Indian economy to grow at 7.9% in 2016-17.
- Syndicate Bank, launched fund transfer based on ‘Aadhaar Number through NUUP(National Unified USSD Platform)’, using an ordinary mobile phone without internet connection.
Sunday, 18 September 2016
August,2016 - Business and Economy News
Saturday, 3 September 2016
Some Phone numbers that could come handy during Rainy season
- Power failure - 1912
- Tree fall/ Water stagnation - 1913
- Sewage overflow - 45674567
- Fire-101
- Forest department - 22200335
- Blue cross - 917602526
Reproduced from "Downtown" edition of "The Hindu" dated 26.08.2016
Sunday, 14 August 2016
Balaji Darshan
I was very excited looking forward to have the darshan of Balaji Sir, who made it to the event in White shirt and Vetti arousing pride in me. ( I said to myself “Thamizhan da”. It was after that he said the reason behind his costume for the day. :P)
To tell about the lecture, it was an eye-opening talk by Balaji Sir at IIT-M. It is not the first time that I negate the fairness of our educational system, which is supposed to develop wise humans out of children. In fact, most of us would heresy our educational system. But when someone pinpoints the flaws and with comes up brilliant solutions to cleanse the dirt, it inspires us. Needless to say, Balaji sir inspired us on 13th August 2016 at Central Lecture Theatre of IIT-M.
I would quote some of the bright ideas that were emitted out of his wisdom that day.
· “62,290”
This is the number of Student suicides that happen every year in India.
My thought: Education is one among the instruments that Homo sapiens use for evolution. But the way we conceive and boil tender minds is reflected in the obscenity of the fact. This fact simply tells that all the while we have taught children that to fail is to get humiliated losing our worth.
· More suicides happen in the age group “15-29” than any other age group.
· The nation’s youth population is 35 Crore. This is more the combined youth population of the nations USA+ Russia+ China+Japan.
· Failure of proper nurturing of this power would boomerang. The uncared youth might have to resort to wrong ways to subsist and he is a threat to the society.
My thought : The fact is already evident from what we see across nation where the youths of nation resort to harsh ways to get their demands fulfilled – Kashmir backlash, Bus day celebrations in our own Chennai etc… We should be reminded of the fact It is our non-inclusive system that stands as the epicenter for the problem. Until the cause is cured, the effects out of the cause will rise again and again.
· Quoting “Daniel Pink” from his book “ The whole new thing”, he said Indians are now at conceptual age, where creation, metacognition and innovation plays a sound role. We fail to teach children how to implement theory in practice.
Know more about this @ http://empathyed.org/inde
· He quoted Yogi berra’s statement :
“ In theory there is no difference between theory and practice; in practice there is. “
· Indians created more startups than anyone else in silicon valley.
· 1/3 rd of the silicon valley startups are of Indians.
During the interaction session with audience, he shared his thoughts on startups which are as follows :
· Donot quit too soon.
· Anything good would see excess demand. It is up to you to distinguish yourself.
· Don’t hesitate to start up when you are a student. As a student your mistakes will be tolerated.
· If you want to start, do it right now.
· Marks are absolutely trivial to judge someone’s caliber.
· It is completely unfair to let a 15 year old to put under pressure and make him choose a avenue that he should pursue after his 10th grade. At the best, he can have a hypothesis.
Even after the formal interaction session, he was so polite that he addressed informal questions asked to him with absolute humility. Something we all should observe, when knowledge combines with humility, nothing can be more beautiful than that state. After the session, I had the fortune to meet his father Viswanathan along with Balaji sir’s son. He is no different - Humility personified, so kind in words.
The following Kural, one of my most favourite flashed in my mind.
மகன்தந்தைக்குஆற்றும்உதவிஇ
Tuesday, 2 August 2016
Important Business News between 20th July, 2016 and 31st July 2016
· Airtel to acquire the 4G spectrum of Aircel in 8 Telecom circles including Tamil nadu, Odisha
· Delhi high court restrained workers union of 5 associate banks of SBI from going strike.
· Nirma Ltd to buy Lafarge India’s Cement assets in a deal worth $1.4 Billion.
· British Oil and Gas explorer Cairn Energy has sought a compensation $5.6 Billion for breach of UK-India Investment treaty at an International arbitration panel for IT department making a retrospective tax demand. If the Arbitration panel fails to order in favour of Cairn Energy Ltd., it has said it should be compensated for the loss of value of shares amounting to $ 5.587 Billion.
· BSE has introduced online bidding platform for Sovereign Gold bonds after receiving approval from RBI
· Reliance Jio to offer free Local and ISD voice calls along with 4G Voice and data services.
· Cabinet Committee on Economic affairs has approved 15% stake sale in National Buildings Construction Corporation Ltd(NBCC) which is expected to yield Rs.1706 Crore.
· India Ratings Ltd has projected a Loan CAGR of 9% during the period FY16-19 due to limited capital availability.
· The Income declaration scheme due dates have been staggered that:
o 25% of the payments shall be paid before 30.11.2016
o Another 25% of the payments shall be paid before 31.03.2017
o remaining shall be paid before 30.09.2017
· SIT on black money has recommended Supreme court that
o Cash payments in excess of Rs. 300,000/- be banned
o Possession of cash in excess of Rs. 15,00,000/- be banned.
· Union road transport minister Nitin Gadkari has offered US electric car manufacturer Tesla land near Major Indian ports to have India as its manufacturing hub in Asia.
· Unified Payment Interface to become operational this month- Raghuram Rajan.
(Know more about API@ http://www.thehindu.com/business/Economy/unified-payments-interface/article8470746.ece)
· Changes to Benami Transactions (Prohibition) act,2015 gets cabinet nod. The proposed changes include confiscation of Benami property other than those declared under Income disclosure scheme
· Income tax department to issue 7 Lakh letters to Individuals seeking details of high value transactions made during the last 8 years without PAN information
· Amendment to Contract Labour (Regulation and Abolition) Central rules, 1971 to raise the minimum wages to Rs.10,000 stalled after facing objection from various interest groups.
· A workers union has moved to Delhi high court against Food Corporation of India’s move of hiring contract laborers. Earlier labour ministry issued a notification for hiring contract labourers for FCI going against the recommendation of its own advisory council. Various notifications since 1985 have prohibited hiring of contract labourers for FCI. The recent notification denotified all the prohibitions instituted hitherto.
· Essar group has decided to sell 73% of its stake in Essar oil to reduce its corporate debt which has heaped to the tune of Rs.100,000 Crore.
· Labour ministry’s decision to invest in ETF the funds of EPF is too early in the current market scenario : Finance and Investment Panel of EPF
· Sanjiv Puri appointed as the new COO for ITC
· RBI has imposed Rs. 27 Crore penalty on 13 banks including HDFC, Bank of Baroda, PNB for violation of KYC norms and Anti-money laundering norms. It has also warned 8 other banks including Kotak Mahindra, Axis bank, ICICI, SBI.Federal bank, OBI.
· Centre approves Foreign stock exchanges, depositories, banking companies and commodity derivative exchanges to own upto 15% in Indian stock exchanges.
· India’s GDP growth for FY 16-17 may rise up to 7.9% : CRISIL
· The Union cabinet has approved to remove the additional levy of 1% by manufacturing states and 100% compensation of revenue loss to the states for 5 years.
· R.Sheshayee steps down as Ashok Leyland Non-executive vice chairman ending his four decades of affiliation with Ashok Leyland.
· Centre to issue demand notice worth Rs. 12,400 Crore to 6 telecom companies including Airtel, Idea, Vodafone after CAG’s report indicting underreporting of revenues by the telecom companies.
· SEBI to ease listing norms by doing away with the clause that imposes a cap of 25% on the shareholding by a individual together with the Person acting in concert in an entity.
· India looking for options to counter trade sanction that US is trying to impose on India to the tune of $ 452 million on the ground of violation WTO order in poultry import ban case.
· Centre infuses Rs. 22,915 Crore of capital to the Public sector banks as part of its programme “Indradhanush” launched last year.
· Employee’s compensation act,1923 to be amended with new provisions such as:
o Penalty in the range of Rs. 50,000-Rs.100,000 in case of failure to report by employer about accident in the premises of employer.
o No appeal against labour commission order by the employer in case of compensation upto Rs.10,000/-
Thursday, 28 July 2016
Commemorating a greatness Torchbearer
Last lines of Dr. A.P.J.Abdul Kalam's Book "Ignited Minds"
And to God the Almighty!Make my people sweat.Let their toil create many more Agnis that can annihilate evil.Let my country prosper in peace.Let my people live in harmony.Let me go to dust as a proud citizen of India, to rise again and rejoice in its glory.
(Image Source:mridularts)
First Death Anniversary of Dr. Kalam - 27.07.2016
Sunday, 17 July 2016
Origin of the words "Madras" and "Chennai"
Origin of the Word “Madras”
The name Madras is believed to have originated from the word “Madarasapatinam”. It was a fishing village in the north of fort St. George. According to British map makers, Madras was originally Mundir-raj or Mundiraj.
Sujatha, noted Tamil writer, has in one of his stories has told it might also have derived its name from the ruler of this part “Matharaju” or from a community named “Marakal Nayar” that vanished later or from a affluent Portugese person named “Emanuel Madras”, whose tombstone inscriptions were found while digging to lay the foundation of a church in Mylapore of Chennai.
It is also said Madras would have derived its name from “Madrassa”, a Persian word meaning Educational Institution having its ground on the surmise that there might have been an “Muhammadan College”
Origin of the Word “Chennai”
Almost the whole of Chennai (From Pulicat to San thome) was ruled in 17th Century by Damarla Venkatapathy Nayak and his brother Ayyapa Nayak. On 20th February, 1640, the agents of the East India Company, Francis Day and Cogan managed to secure a grant from the rulers to build a fort – St. George Fort (named after a saint of England) and set up their factory in Madarasapatnam. The fort St.George and the settlements of English were named as Chennapatnam, after the name of the father of the two rulers, Damarla Venkatapathy Nayak and Ayyapa Nayak - Chennapa Nayak. The English preferred to use name of Madarasapatnam, while the Indians chose to refer the area Chennapatnam. In course of time, Madras was regarded as the site of the Fort and Chennapatnam as the Indian town to the north. Thus, it is said that the current “Chennai” derived its name from the word “Chennapatnam”
Another theory states that the name is derived from “Chenakesava Perumal Temple”, which was built in the year 1646.
From “Madras” to “Chennai”
The Tamil Nadu in the period after independence was called as Madras State, which included the coastal parts of modern-day Andhra Pradesh, northern Kerala (Malabar) and Bellary and Dakshin Kannada districts of Karnataka. Under the States Reorganisation Act, 1956, the States of Kerala and Mysore were separated from the Madras state. In 1969, Madras State was renamed to Tamil Nadu.On 17 July 1996, Madras was officially renamed Chennai. In 2016, approval has been accorded for naming "Madras High court" as "Chennai High court".
Sources
http://www.chennaicorpora
http://www.hubert-herald.
https://en.wikipedia.org/
Sujatha’s short story – “Nagarvalam”
The name Madras is believed to have originated from the word “Madarasapatinam”. It was a fishing village in the north of fort St. George. According to British map makers, Madras was originally Mundir-raj or Mundiraj.
Sujatha, noted Tamil writer, has in one of his stories has told it might also have derived its name from the ruler of this part “Matharaju” or from a community named “Marakal Nayar” that vanished later or from a affluent Portugese person named “Emanuel Madras”, whose tombstone inscriptions were found while digging to lay the foundation of a church in Mylapore of Chennai.
It is also said Madras would have derived its name from “Madrassa”, a Persian word meaning Educational Institution having its ground on the surmise that there might have been an “Muhammadan College”
Origin of the Word “Chennai”
Almost the whole of Chennai (From Pulicat to San thome) was ruled in 17th Century by Damarla Venkatapathy Nayak and his brother Ayyapa Nayak. On 20th February, 1640, the agents of the East India Company, Francis Day and Cogan managed to secure a grant from the rulers to build a fort – St. George Fort (named after a saint of England) and set up their factory in Madarasapatnam. The fort St.George and the settlements of English were named as Chennapatnam, after the name of the father of the two rulers, Damarla Venkatapathy Nayak and Ayyapa Nayak - Chennapa Nayak. The English preferred to use name of Madarasapatnam, while the Indians chose to refer the area Chennapatnam. In course of time, Madras was regarded as the site of the Fort and Chennapatnam as the Indian town to the north. Thus, it is said that the current “Chennai” derived its name from the word “Chennapatnam”
Another theory states that the name is derived from “Chenakesava Perumal Temple”, which was built in the year 1646.
From “Madras” to “Chennai”
The Tamil Nadu in the period after independence was called as Madras State, which included the coastal parts of modern-day Andhra Pradesh, northern Kerala (Malabar) and Bellary and Dakshin Kannada districts of Karnataka. Under the States Reorganisation Act, 1956, the States of Kerala and Mysore were separated from the Madras state. In 1969, Madras State was renamed to Tamil Nadu.On 17 July 1996, Madras was officially renamed Chennai. In 2016, approval has been accorded for naming "Madras High court" as "Chennai High court".
Sources
http://www.chennaicorpora
http://www.hubert-herald.
https://en.wikipedia.org/
Sujatha’s short story – “Nagarvalam”
39 Yummy Food Destinations in Chennai
The below is a Whatsapp forward message I received few days ago about the places in Chennai that offer some of the best tastes.
1) Samosa: Ritchie St. of Mt. Road Behind India Silk House
2) Kachodi/ Kachori: After noon & Evening time at Kasi Chetty St and Patni Plaza on NSC Bose rd. Amazing Kachodi with corn flakes and chutney.
3) Idly : Thattu idly at Vaishnava Idly kadai - Ormes road kilpauk
4) Badaam Milk: Kakda Ramprasad at Mint St. Sowcarpet
5) Bread Bajji: Govindapanaickan St (Near Transformer) Sowcarpet
6) Paya Appam: Golden cafe early morning at 4 AM at Waltax Road.
7) Chola Battura: Loiee - Tambaram
8) Bun Butter Jam : Mount Road Buharis
9) Bhel Puri : Ajnabi's Egmore Fountain Plaza
10) Set Dosa Vada Curry: Dasa Dosa counter - Express Avenue
11) Dal Pakwan : Sidhi Vinayak Sweets Kilpauk
12) Molaga Bajji (Chilly Bajji - North Indian Style) : Ajab Mithai Ghar - Alagappa Road
13) Veg Upma : Woodlands canteen - Nardagana Sabha - TTK Rd.
14) Veg Meals ; Madras Hotel Ashoka - Egmore
15) Beeda/Paan : Nitya tambool - Besant Nagar - Near eden Restaurant
16) Aloo Paratha: Pait pooja - Thoraipakkam
17) Pizza: Superstar Pizza Perungudi
18) Paav Bhaji : Novelty - Mint St. Sowcarpet
19) Rasam Vada near Athipattan Street next to Zimson for Rs. 10/-
20) Pyaaz Kachori for Rs. 18/- at Elephant Gate Corner.
21) Bread Bhajji 2 Nos at back to Mint Big Temple at Rs. 20/-
22) Mayonnaise Vada Pav at General Muthaiah Street at Rs. 30/-
23) Andhra Punagullu 8 Nos Rs. 20/- at Pondy Bazaar.
24) Spl. Bhelpuri next Bata Showroom at Usman Road Rs. 25/-
25) Mixed Fruit Juice With Badam Milk Next to Mylapore Isabel Rs. 10/-
26) Chenna Samosa at Venkatnarayan Road next to TTD at Rs. 25/-
27) All Time Mango Juice at Rs. 10/- at purasaiwalkam next to Abhirami Megamall.
28) Nanari Sharbat Soda Rs. 20/- outside of Chetpet Railway Station.
29) Rose Milk near Karpagambal Mess next to Gandhi Mandapam at Mylapore Rs. 10/-
30) Badam Milk Rs. 50 big glass opp to Kakada better than kakada.
31) Agarwal Bhojnalaya unlimited Rajasthani Thali at Rs. 120 next to patni plaza.
32) Crispy & Hot Medu Vada outside chetpet Railway Station.
33) Samosa with Spicy Chutney Rs. 10 for 2 at Tambaram Sanitorium.
34) Sambar Vada & Rava Upma for Rs. 25/- at T.Nagar Railway Station
35) West Mambalam Venkateshwara Medu Bonda & Jeera Boli for Rs. 10/-
36) Spl. Kerala Chips near loyala college at Rs. 30 for 250 grams
37) Any Flavoured Juice at Rs. 5 at Kodambakkam.
38) Veechu Parotta Rs. 70 at Bakya.
39) Nainappa Naicken Street entrance Chinnappa Chettiar Spicy Sandwhich after 4pm only available Rs. 20/-
Information is wealth :)
1) Samosa: Ritchie St. of Mt. Road Behind India Silk House
2) Kachodi/ Kachori: After noon & Evening time at Kasi Chetty St and Patni Plaza on NSC Bose rd. Amazing Kachodi with corn flakes and chutney.
3) Idly : Thattu idly at Vaishnava Idly kadai - Ormes road kilpauk
4) Badaam Milk: Kakda Ramprasad at Mint St. Sowcarpet
5) Bread Bajji: Govindapanaickan St (Near Transformer) Sowcarpet
6) Paya Appam: Golden cafe early morning at 4 AM at Waltax Road.
7) Chola Battura: Loiee - Tambaram
8) Bun Butter Jam : Mount Road Buharis
9) Bhel Puri : Ajnabi's Egmore Fountain Plaza
10) Set Dosa Vada Curry: Dasa Dosa counter - Express Avenue
11) Dal Pakwan : Sidhi Vinayak Sweets Kilpauk
12) Molaga Bajji (Chilly Bajji - North Indian Style) : Ajab Mithai Ghar - Alagappa Road
13) Veg Upma : Woodlands canteen - Nardagana Sabha - TTK Rd.
14) Veg Meals ; Madras Hotel Ashoka - Egmore
15) Beeda/Paan : Nitya tambool - Besant Nagar - Near eden Restaurant
16) Aloo Paratha: Pait pooja - Thoraipakkam
17) Pizza: Superstar Pizza Perungudi
18) Paav Bhaji : Novelty - Mint St. Sowcarpet
19) Rasam Vada near Athipattan Street next to Zimson for Rs. 10/-
20) Pyaaz Kachori for Rs. 18/- at Elephant Gate Corner.
21) Bread Bhajji 2 Nos at back to Mint Big Temple at Rs. 20/-
22) Mayonnaise Vada Pav at General Muthaiah Street at Rs. 30/-
23) Andhra Punagullu 8 Nos Rs. 20/- at Pondy Bazaar.
24) Spl. Bhelpuri next Bata Showroom at Usman Road Rs. 25/-
25) Mixed Fruit Juice With Badam Milk Next to Mylapore Isabel Rs. 10/-
26) Chenna Samosa at Venkatnarayan Road next to TTD at Rs. 25/-
27) All Time Mango Juice at Rs. 10/- at purasaiwalkam next to Abhirami Megamall.
28) Nanari Sharbat Soda Rs. 20/- outside of Chetpet Railway Station.
29) Rose Milk near Karpagambal Mess next to Gandhi Mandapam at Mylapore Rs. 10/-
30) Badam Milk Rs. 50 big glass opp to Kakada better than kakada.
31) Agarwal Bhojnalaya unlimited Rajasthani Thali at Rs. 120 next to patni plaza.
32) Crispy & Hot Medu Vada outside chetpet Railway Station.
33) Samosa with Spicy Chutney Rs. 10 for 2 at Tambaram Sanitorium.
34) Sambar Vada & Rava Upma for Rs. 25/- at T.Nagar Railway Station
35) West Mambalam Venkateshwara Medu Bonda & Jeera Boli for Rs. 10/-
36) Spl. Kerala Chips near loyala college at Rs. 30 for 250 grams
37) Any Flavoured Juice at Rs. 5 at Kodambakkam.
38) Veechu Parotta Rs. 70 at Bakya.
39) Nainappa Naicken Street entrance Chinnappa Chettiar Spicy Sandwhich after 4pm only available Rs. 20/-
Information is wealth :)
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