Nagpur Today : Nagpur News

Nagpur News.

Wasankar Wealth Management – an investment company which has been recently in the news for all the wrong reasons hogged the limelight again as an architect has decided to open up against the company’s fraud means of luring investors with heavy returns.

Vivek Pathak, 51, an architect by profession and a builder by business, as he described himself, has been following up on the company’s President Prashant Wasankar to get back his Rs 2.75 crores that he invested for short term in one of the Wasankar’s ponzi schemes. However, except for few bounced cheques and a handful of amount, Pathak has been awaiting his hard earned money till date.

Fed up of all the false promises and fake assurances he got from Prashant Wasankar, Pathak has published an advertisement calling upon all the investors of Wasankar who were cheated like him, through his organisation Yalgaar Ekta Manch. In the newspaper advertisement published, Pathak has appealed to all such investors to join the meeting at Yalgaar Ekta Manch’s office opposite Laxmi Nagar water tank today at 6 pm.

“I am open to all the possibilities now. Even Mr. Wasankar can come to this meet if he wishes. I will explore all possible routes to recover the investors’ hard earned money be it legal, criminal, media or through mutual communication,” Pathak told Nagpur Today.

He expressed concern over the small time investors who have put in their amount ranging upto 1 lakh. “Many of the investors are pensioners who hoped of some return that could be added to help them survive, but to their dismay all of them were cheated. Wasankar has no fear of any law as he kept on giving us promissary notes and cheques that he knew would bounce. It is high time Economic Offences Wing should initiate action against him just like they did in case of Pramod Agrawal of Mahadev Land Developers and Sameer Joshi of Shreesurya Group”, he added.

Alumni of IIT Kharagpur Pathak said Wasankar promised him a return of 25 to 48 percent for his short term investment, however he was still struggling to get his initial investment at the moment, leave aside the the interest. He said, “I along with few other investors received cheques from Wasankar in September last year. However all the cheques bounced. Later when we approached him he bought some time while handing out promissary notes to all of us. Again the cheques issued in December bounced. Since then we have been following up on him but to no avail. Now he never take our calls and if by chance he receives so, he only come up with another set of assurance.”

He informed that he ran through the worst phase in his business due to this as he had to borrow money from the market to keep his business going in order to recover the losses he suffered after his money was choked by Wasankar. “During the past nine months I have paid Rs 25 lakh as the interest for the borrowed money. Since I have my business I will recover sooner or later but what about those who have lost all their life savings in Wasankar’s false promises,” he questioned.

Fresh trouble on Wasankar Wealth Management as architect set to unite cheated investors

Nagpur Today : Nagpur News

Confederation of All India Traders join hands with e-Bay to market their products

Nagpur News: In an exclusive interview with Nagpur Today, Chairman of Confederation of All India Traders B C Bhartia said that right from the olden days our country always had some of the best artisans and skilled persons. Our cottage industries can do wonders. The Indian government has initiated many self help groups of women, scheduled castes and scheduled tribes.

The biggest problem as well challenges which these people face are

1. Procurement of cheap raw material
2. Marketing their produce

These small and micro-entrepreneurs are dependent on the local market. The Urban and big entrepreneurs buy goods at throw away prices from them, put their own labels and sell it. However the problem is getting remunerative prices for these entrepreneurs of rural and cottage industries.

Young women entrepreneurs can miracles in gift articles & traditional food products. The need of the hour is direct contact of these producers/ skilled persons with the consumers.   It is not possible for these persons to buy or set-up shops and business establishments in the city markets. They also have a major problem of paucity of capital as well as working capital.

Newer shopping mode

The pattern of shopping among the youth below the age group of 35 years is changing very fast. It is seen that they prefer marketing after 10 pm in the night. Often it is after the traditional markets are closed. They prefer shopping through Internet.

e-Trade in future: Retail Market Portals

In years to come the retail business will comprise of 3 segments

1. Internet
2. Credit Card / e-Banking
3. Courier service

The traditional markets may see their customers running away in near future. The future market area is retail market portals on Internet. Hence it is necessary that before international retail chains capture this future market area, our artisans/ skilled workers, house-hold women entrepreneurs etc should occupy adequate space in this future market area.

Why e-Bay?

The existing system is B2B (Buyer to Buyer). However, there are many companies in the B2C (Buyer to Consumer) sector. In fact Commerce and Industry Minister Anand Sharma has said he is in favor of allowing 100% FDI in the e-commerce sector. However the CAIT (Confederation of All India Traders) had opposed it then.

All companies sell their products in own name. They collect the orders from consumers and are free to procure it from any person from throughout the globe. Thus the identity of the manufacturer gets concealed.

In e-Bay they are providing the platform to display and showcase their products with all technical specifications and price which can be ex-workshop or FOR consumers’ space. Once the buyer places the order, it is sent to the person who has placed the material in the portal. In this way, the identity of an Indian entrepreneur is maintained. It is because of this reason that Confederation of All India Traders under the Chairmanship of B C Bhartia, in its drive to upgrade and modernize Indian Retail Business has partnered with e-Bay.

To start with the manufacturer takes a photograph of his product. There are e-Bay co-coordinators in different cities. They help in taking the photographs, write description of the product with its technical specifications.

The product is then displayed in respective category to which the product belongs along with the price. The buyer after visiting the portal can place the order on the portal itself. E-Bay helps in sending the order to the manufacturer by e-mail. After the goods are ready for shipment, the producer informs the courier company to lift the material for delivery to customer.  As soon as the material is delivered, the amount paid at the time of placing the order, is released through e-Bay to the producer.

e-Bay charges about two to seven per cent commission depending on the product. B C Bhartia has been a pioneer of launching and promoting e-Bay in Vidarbha for the last 10 years. According to him, the future is electronics market.

e-Trading is the future of retail business in India: B C Bhartia

Nagpur Today : Nagpur News

Nagpur News: After the success of the Anandam, Multi-Cuisine Restaurant situated near LAD College on the North Ambazhari Road in the city, the group has ventured into one of the biggest restaurants serving Thalis with a seating capacity of 100 patrons.

This new restaurant of Sai Anandam is located at Children Traffic . The management of the restaurant is claiming to offer Unlimited Thali @ Rs 99. This Unlimited Thali will include 2 Vegetables, Rice, Dal, Roti, Pickles, Papad, Chutney etc.

The Director of Sai Anandam Anand Jain said that for the benefit of the people at large, this restaurant will remain open from 11 am to 3pm and in the evening from 7 pm to 10 pm.

Exclusive Thali restaurant ‘Sai Anandam’ inaugurated

Nagpur Today : Nagpur News

Nagpur News.

Nagpur Branch of WIRC of ICAI organized a day long Workshop on Using Excel as Audit Tool Exclusively for Fellow Members at ICAI Bhavan Dhantoli in which CA. T.S. Rawal Senior Chartered Accountant from city speaking as Chief Guest said that now a day’s professional’s ability to succeed and excel depends to a large extent on his technological skills. He further said that use of these skills helps in effective delivery of quality services. He also said that Microsoft Excel is the widely used spreadsheet program & it is equipped with infinite features and also offers flexibility to evaluate data in various ways. He said that good software skills go a long way to assist in speedier execution of work and to build confidence for effective completion of assignment.

Earlier the Chairman of the branch CA. Ashwini Agrawal in his welcome address said that the purpose of keeping this workshop exclusively for fellow members was to keep proper focus and response to the needs of members who are not so tech savvy in there day to day professional life as compared to new generation but are inclined to learn new things to cater to their clients in a better way.  He said that although most accountants have never received any formal training in excel, they see excel as a professional tool of choice for analyzing and reporting financial data. He further said that this workshop will learn tips, tricks and techniques that will help to be more productive and avoid errors when working in Excel and make it as accounting manager, or member of the audit team for the Chartered Accountants. He also informed the members about various upcoming events & projects taken up by the Nagpur Branch. He appealed to the members to participate in large numbers and keep themselves up to date.

CA. Julfesh Shah, Vice Chairman, Regional Council, said that many professionals use time-consuming and error-prone processes to complete everyday tasks. But Excel can be used by professionals for summarizing, analyzing, or tabulating data, error free, for their clients. He further said that such type of workshops will provide good input to the Chartered Accountants for developing there Technological Knowledge. He complimented Nagpur Branch for organizing practical oriented programmes for members and students.

In this workshop specific functions of Excel were dealt with thoroughly by learned speakers CA. Charudutta Marathe, CA. Arun Bafna and CA. Deepak Motwani. All the speakers effectively resolved the queries of members.

CA. Kirit Kalyani, Chairman IT Committee coordinated the program & CA. Swapnil Ghate, Secretray, proposed the vote of thanks. Prominently present on the occasion were CA. Kirti Agrawal, CA. Suren Duragkar, CA. Umang Agrawal, CA. Jagdish Hariharan, CA. Pramod Jawandhiya, CA. Murli Pantula, CA. Chandan Patel and more than 60 chartered accountants.

CA. T.S. Rawal, Chief Guest inaugurating the Workshop by lighting the traditional lamp

Use techonological skills for delivering quality services – CA T.S. Rawal

Nagpur Today : Nagpur News

• CM had invited the businessmen to start units in MIHAN-SEZ and now ignoring MIHAN project.
• Why did he make fake promises to provide electricity at low rates
• CM is the only one to be blamed for the power problem of MIHAN-SEZ

Nagpur News: Every industry requires power to run it. However, in spite of the fact that 65% of the power is produced in Vidarbha, one of the prestigious projects of Vidarbha, MIHAN-SEZ faces innumerable power problems. The Vidarbha Economic Development Council (VED) had organized a meeting on May 3, 2014 to discuss on various issues.

VED has decided to take an aggressive stand on the very crucial issue of the power crisis in MIHAN which can have long-term negative implications for the development of this entire region.

While addressing the meeting, president of Vidarbha Economic Development Council (VED), Devendra Parekh said that MIHAN, the flagship of growth here for the future is in jeopardy due to the power crisis while the Chief Minister, who is the Chairman and Managing Director of this Company, who can sort out this issue within 24 hours is turning a blind eye to this major problem.

According to Devendra Parekh, the Chief Minister cheated businessmen of Vidarbha. Injustice was meted out to Vidarbha and its people. Nobody is ready to entertain the problem of MIHAN-SEZ.  VED has blamed the Chief Minister for the power problem prevailing in MIHAN-SEZ.

The Chief Minister had promised to provide electricity at the rate of Rs 2.97 paisa but allegedly broken the promise opined Devendra Parekh. Parekh added that since the Chief Minister is an outsider. He doesn’t feel the pain of Vidarbha. Anti-Vidarbha development policy of Maharashtra Government is not letting Vidarbha grow. The VED added that they are under alien government. The Maharashtra Government has always ignored Vidarbha. The development is been forcefully stopped.

Parekh questioned that, when 65 per cent of electricity of Maharashtra is produced in Vidarbha, then why can’t the industries in Vidarbha get power at low cost? VED alleged that the Congress-NCP government has to pay a heavy price for ignoring Vidarbha. NCP will get the answer for this ignoring in the coming election. We will leave all our work and will involve ourselves in negative publicity against NCP said VED Office-Bearers.

A separate Vidarbha is the only solution and VED supports separate Vidarbha Movement. They alleged that whenever there appears to be a right time to promote this prestigious and dream project of Vidarbha, a negative image of MIHAN-SEZ is portrayed in front of the world. The Maharashtra Government is responsible for the situation. Because of this lethargic attitude of the Chief Minister, MIHAN-SEZ is not able to get big company units to come and establish themselves here. The Chief Minister appears to ignore MIHAN completely.

The Vidarbha Economic Development Council will start meeting all the MLAs of Vidarbha to discuss on this pressing issue said Parekh. The leaders of Vidarbha have failed to get justice for Vidarbha said Vidarbha Economic Development Council.

Those present on the occasion included the office-bearers of Vidarbha Economic Development Council, President of MIHAN Industrial Association Manoj Bhojwani and other businessmen having units in MIHAN-SEZ.

CM cheated us; he failed to fulfill his promise says VED

Nagpur Today : Nagpur News

Nagpur News : Mohan Gurnani, President FAM visited Nag Vidarbha Chamber of Commerce recently where he was welcomed by Dipen Agrawal President, Nag Vidarbha Chamber of Commerce. Gurnani while interacting with the Past Presidents & Office Bearers of NVCC informed that it is time now that LBT should be abolished and for that the present State Government would have 2 months maximum to do so.

Dipen Agrawal said Honorable Chief Minster & Sharad Pawar had given a commitment to abolish LBT in the meeting held at Pune in the month of March 2014. He further said as per indications available Prithviraj Chavan has agreed to consider abolishing LBT shortly. The trading community of State expects them to honour their commitment at the earliest and if they do not then the trading community shall stick to their stand of Not to vote for political party supporting LBT in the forthcoming Assembly elections of the State.

He appealed to President, FAM to call for a meeting of representatives of all 26 corporations where LBT has been implemented shortly at Mumbai to discuss & decide further strategy for abolishing of LBT and implementation of MEDC Report by the State Government.

Mohan Gurnani, President, FAM applauded the efforts and support NVCC in the ongoing agitation against LBT. He said ‘NVCC has been the soul of agitation against LBT’ and he is hopeful that voice of the trading community would be heard by Honorable Chief Minister and he would surely give justice to the agitated traders. He also agreed to call for the meeting of representatives of all 26 corporations shortly in Mumbai to discuss and decide further strategy for abolition of LBT. Hemant Gandhi, Secretary, NVCC proposed vote of thanks.

Prominently present were Sarva Prafullbhai Doshi, Shreegopal Soni, Rajnikant Gariba, Suresh Bhojwani, Nilesh Suchak, Past Presidents, Ajay Madan, Vice President, Hemant Gandhi, Secretary, Manubhai Soni, Sachin Puniyani, Ashok Sanghvi, Jt. Secretaries, States in a press note issued by Hemant Gandhi, Hon. Secretary of Chamber.

FAM President Visits NVCC

Nagpur Today : Nagpur News

Nagpur News : The Maharashtra Electricity Regulatory Commission on Tuesday (MERC) asked the Maharashtra Airport development Company (MADC) to provide electricity to those investors, who do not want to approach Maharashtra State Electricity Distribution Company Limited(MSEDCL), at concessional rates.

Although, the MERC’s directive has come as a welcome step for investors, the MADC has chosen to ignore the directive. There are several facts to the 21-page directives of MERC.

In a significant development the industries in MIHAN-SEZ have revived their hope to get the “effective and sufficient” power supply from MADC and AMNEPL as the Maharashtra Electricity Regulatory Commission has specifically issued the final order in case no:-62/2014 as per the directions issued by Hon’ble High Court in W.P. No:-1965/2014 and W.P. No:-2035/2014.

It is necessary to mention that the AMNEPL has arbitrarily stopped the power supply to the industries in MIHAN-SEZ on 16-03-2014 after daily order was passed by the MERC in case no:-62/2014. The industries in MIHAN-SEZ immediately went to the High Court and challenged the order on various grounds including the one that they were denied opportunity of hearing. The MERC conducted the hearing on 30-04-2014 and heard all the parties. The counsel for the MIHAN INDUSTRIES ASSOCIATION Adv. Tushar Mandlekar vehemently submitted that…….

FOR ORDER COPY CLICK HERE

(i) MADC has failed in its duties as Distribution Licensee to give uninterrupted power supply to consumers as per section 42, 43 of Electricity Act 2003
(ii) MADC has requested the Commission to direct MSEDCL to supply power to the industries who have applied to MSEDCL and the selective prayer made by MADC violates Article 14 as it creates unreasonable classification among industries.
(iii) MADC is duty bound to give supply to the industries in MIHAN SEZ as per the Sections 42 and 43 of the EA, 2003, there is no necessity for issuing specific direction to any other Distribution Licensee.
(iv) MADC trying to resort to the provisions of Section 23 read with 86 (1) (b) (k) without following the mandatory provision of section 42 (5) (6) (7) by which it has mandated to create grievance redressal mechanism.
(v) The Distribution Licensee statutory obligated to supply the electricity to the consumers in its area on the request within one month of application.

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It is noteworthy to mention that the MIA has argued that they were required to get the “uninterrupted power supply” from MADC being the “Developer of Sez and Distribution Licensee”. It is also noteworthy to mention that MADC has signed a “concession agreement” with AMNEPL on 07-11-2007 by which both the parties are bound to give power supply @ Rs.2.97/ per unit to the consumers in MIHAN.

It may be noted that AMNEPL and MADC were giving power to the consumers in MIHAN @ Rs.3.29/ per unit from May 2013 till April 2014 till the power was arbitrarily disconnected. The AMNEPL has disconnected the power for the reason that it was not feasible for it to supply the power at subsidized rate.

It was also stated by MADC and ABHIJEET that it is not technically possible to supply the power by two distribution licensees, but the MERC has rejected the said argument and stated that by providing specific “bus-coupler” power can be supplied to the consumers by MSEDCL and AMNEPL.
The MERC has stated in its order that there is an emergent situation as the industries in MIHAN are suffering and not getting “uninterrupted power supply” and therefore there is a necessity to issue specific interim directions u/s 86 (1) (c ) (f) and 94 of EA 2003 in the interest of justice. The MERC has specifically directed ……

“The consumers would be enabled with an option to get uninterrupted power from MSEDCL and MSEDCL should start supplying power to such consumers who have applied to it. This must be done in such a manner that such consumer not availing the option do not suffer and can continue to get power efficiently and effectively as they have been getting.”

The MERC has thus protected the interest of the MIHAN-INDUSTRIES ASSOCIATION and specifically stated that industries not availing the option to go to the MSEDCL must be protected and continue to get “efficient and effective” power supply as they have been getting till normalcy is restored.

The MIA has welcomed the decision and expects the MADC AND AMNEPL to comply the order with immediate effect.

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MERC directs MADC, “Give Effective And Sufficient Power” to MIHAN-SEZ

Nagpur Today : Nagpur News

Nagpur News : The new body of Consumer Products Distributors Association was formed in a General Body Meeting held on Sunday 27^th April at Maharajbaug Club.  Raju Jani of Nanak trading Corporation welcomed all the members and requested for the formation of new body.

The new body was chosen by selection process. Puneet Kusumgar of Kusumgar Enterprises became the President, Sunil Bhatia of Rajesh Sales Agency became Vice President, Ananad Bhutada of Amrut Enterprises became Secretary, Ashok Sangtani of Tirupati Sales became Treasurer and Sandeep Pathak of Ashirwaad Agencies became Jt.Secretary of the association. Six members namely  Mahesh Pise,  Bharat Bhatia,  Ajay Kantode,  Samit Jain,  Amandeep Singh Kapoor &  Ashish Jaiswal became Directors of the association.

Puneet Kusumgar in his introductory speech said that we should strengthen our association and involve more members to join. As extensive membership drive will be taken in next one month. Those who are interested in becoming member may contact the office bearers immediately.

Sunil Bhatia said that the members of our association are doing good job by providing all the daily need & consumer products to the customers at their door step, which he termed as Social Service. He stressed on the unity of the association. He also said that we will give updates to our members regarding any new government policies & assured them of all help required to strengthen the association.

Ananad Bhutada proposed vote of thanks.

New body of Consumer Products Distributors Association formed

Nagpur Today : Nagpur News

The campaign is aimed at stopping loot of public money and starting recovery of bad loans. Since the RBI or the Government is not publishing the list of loan defaulters, AIBEA is publishing the list containing the names of the top 400 defaulters of Public Sector Banks. Whopping Rs 7,03,000 crore are involved in these 400 accounts.

Nagpur News: Alarmed over the ever increasing bad loans that have taken the shape of a monster threatening the very existence of banks in India, the All India Bank Employees’ Association (AIBEA) has decided to wage a war on the nagging problem. The AIBEA has decided to launch a sustained campaign against the mountain of bad loans in banks including opposing the corporate loot of public money. The trade union, as a part of the campaign, has demanded stringent measures to recover the bad loans.

The AIBEA has revealed the mind-blowing facts and figures on bad loans.

The AIBEA, the largest trade union of bank employees representing more than 5 lakh employees working in public sector banks, private banks, foreign banks, co-operative banks and regional rural banks, had observed December 5, 2013 as All India Demands Day to highlight the issue of huge increase in the bad loans in the banks. It also released the list of top 50 bad loan accounts.

LIST OF TOP 400 BAD LOAN ACCOUNTS

While Government is also alarmed and concerned over the massive increase in bad loans in the banks, no effective measures have been taken by the Government to recover these loans, a press release by AIBEA said.

The campaign is aimed at stopping loot of public money and starting recovery of bad loans and kicking out the bad loans before they kill the banks. Since the RBI or the Government is not publishing the list of loan defaulters, AIBEA is publishing the list containing the names of the top 400 defaulters of Public Sector Banks. Whopping Rs 7,03,000 crore are involved in these 400 accounts.

The AIBEA has been pondering over some disturbing aspects over the years. The aspects include: Why these loans are not coming back? Who is responsible and accountable? “If the Bank Executives have given the names, let there be a probe. If there is a political nexus, let it come out. Country should not be for somebody’s default. People should not be punished for corporate default,” said AIBEA.

The trade union has been demanding the following:

• Make willful default of bank loan a criminal offence.
• Order investigation to probe nexus and collusion.
• Amend Recovery Laws to speed up recovery of bad loans.
• Take stringent measures to recover bad loans.
• Do not incentivize corporate delinquency.
• RBI should periodically publish the list of bank loan defaulters.

“Since Government is not taking adequate steps to meet our above demands, we have decided to continue our campaign,” asserted the General Secretary of AIBEA C.H. Venkatachalam.

LIST OF TOP 400 BAD LOAN ACCOUNTS

AIBEA campaign against bad loans in banks

Nagpur Today : Nagpur News

Nagpur News:

There are many confusions and dilemma in taxation & proper guidance is required in various issues and decision making process of real estate transactions said CA. Narayan Demble, Senior Chartered Accountant from city while addressing as a Chief Guest in Half Day Seminar on Do’s & Dont’s- Real Estate Transaction Professional’s Perspective. He further said that litigations & disputes is integral part of real estate transactions, hence proper professional advice is a pre condition before entering into any real estate transaction. He said that with recent amendments, Government’s objective was to rationalize the taxation system as well as procedural aspects but it has made it more complex and tax planning has become very difficult. He cited examples of amendments in the Income Tax Act with respect to changes in section 50c, TDS on property transaction etc. He complimented Nagpur Branch for organizing programmes of professional importance at the relevant time.

Earlier Chairman CA Ashwini Agrawal in his welcome address said that buying a home or real estate is one of the important decisions that any person makes and in India is specifically coupled with difficulties due to a combination of factors. He further said that before making any such decision, the client invariably consults with his Chartered Accountant for various issues that are not necessarily only taxation or accounting related. He added that knowledge of pertinent details and processes that is involved before, during and after a home or real estate purchase is important. He also added that in addition to these, knowledge of some equally important issues that can help Chartered Accountants with the various legal, tax and other technicalities for buying a real estate is also important as meticulous planning at the investment stage itself could avoid hassles later. He further said that deliberations with persons involved with real estate industry will help CA’s to understand in better way about the requirements of clients to help them to deliver quality services in best possible manner. He requested members to participate in the events of the Branch.

In technical session Adv. Sandeep Shastri guided the member on Precautions to be taken while investing in Real Estate and Shri Gaurav Agrawala deliberated on CA’s Role in Taxation / Wealth Maximization/ Documents/ Verification and Finance. Both the speakers successfully resolved the issues of members present over the subject.

CA. Kirti Agrawal, Vice Chairperson of the Branch co-ordinated the programme.CA. Swapnil Ghate, Secretary proposed the formal vote of thanks and CA. Suren Duragkar, CPE Chairman co-ordinated the technical session.

Prominently present on the occasion were CA. Satnamdas Gandhi, CA. Paresh Tank, CA. V.P. Jaipurkar, CA. Shripal Kothari, CA. Nitin Kuralkar and more than 1oo participants.

Proper Professional Advice Must Before Entering in Real Estate Transaction – CA. Narayan Demble

Nagpur Today : Nagpur News

Nagpur News :

LBT regime is in infancy stage and would definitely be refined by removing unduly stringent provisions from enactments said Shri Milind Meshram, Assistant Commissioner, LBT, NMC, Nagpur, who was speaking as Chief Guest on the occasion of Half day Seminar on LBT organized Nagpur Branch of ICAI. He said that LBT is account based levy and hence can be handled by Chartered Accountants effectively. He further said that CA’s role is vital in LBT implementation and compliance and urged traders and business community to consult and take advise of qualified professional for ensuring timely and hassle free compliance with LBT.

CA. Julfesh Shah, Vice Chairman, WIRC, said that in view of the integrated process of globalization, business environment has undergone complete metamorphosis. The new world needs well equipped professionals who can cope up with the ever changing scenario. ICAI though its various regional councils, branches & study chapters is committed to impart value based knowledge & update the members about the development taking place on varied subjects. He congratulated Nagpur Branch for organizing seminar on the most burning topic of LBT. He stressed that understanding the intricacies of LBT is very important, right from applicability to calculation of LBT , returns filing & assessment procedure to render quality services to the clients & effective implementation of LBT. He also appealed to the revenue authorities to take a lenient view & create assessee friendly atmosphere at Nagpur.

Milind Meshram.Assistant Commissioner, LBT inaugurating the Workshop by lighting the traditional lamp.
L to R CA. Kirti Agrawal, CA. Umang Agrawal, CA. Anil Shah, CA. Julfesh Shah, Vice Chairman WIRC, CA. Ashwini Agrawal, Chairman, CA. Sandeep Jotwani, CA. Suren Duragkar, CA. Kirit Kalyani

Earlier, Chairman of Nagpur Branch, CA. Ashwini Agrawal in his welcome address said LBT is one of the most debated recent taxation initiatives enacted by the State Government. He said that LBT is a tax on entry of goods in city and was brought in place of octroi which was a transaction based tax required to be paid at the time of entry of goods in the city. LBT is also a transaction based tax with a difference that tax is to be paid on the basis of accounts on monthly basis & this makes the role of CA’s important in the implementation and administration of LBT, he added. He also said that LBT being a new law, even the officers of NMC are in the process of understanding the fine intricacies of LBT and CA’s can play an important role by guiding the traders and business for the compliance of the same as audit, accounts, taxation are the core area of CA’s. He said that CA’s play a role as a facilitator between the revenue and Assessees. He informed the members about forth coming events of branch and requested them to take maximum benefits.

In the technical Session CA. Anil Shah, expert faculty from Jalgaon, who has also authored widely acclaimed book on LBT, deliberated on the topic & informed basic provisions of LBT, Returns and appellate procedures wherein the applicability and various other issues were discussed. He further discussed various provisions of Assessment procedure and appeals. He also shared his practical experiences and contradictions existing in the LBT enactments, which needs a re-look. He said that LBT should be made more assessee friendly for better compliance. He dealt with the frequently asked questions raised by the participants effectively.

CA. Sandeep Jotwani, Treasurer, co-ordinated the inaugural proceedings & Vice Chairman CA. Kirti Agrawal proposed formal vote of thanks. CA. Umang Agrawal, coordinated the technical session.

Prominently present on the occasion were CA. Sandeep Jotwani, CA. Suren Duragkar, CA. Kirit Kalyani, Shri Lalit Rao, Senior Inspector, LBT, NMC, CA. Kapil Bahri, CA. Atul Deshmukh, CA. Dhanraj Taori, CA. Nitin Sachdeva, CA. Pramod Jawandhiya, CA. Pravin Raut, CA. S.G. Pimpalwar, CA. Sanjay Malpani, CA. Harikawal Jham and over 150 participants.

CA’s Role Vital in LBT Implementation and Compliance – Milind Meshram

Nagpur Today : Nagpur News

This move is aimed at streamlining the process of settlement of claims faster through the Third Party Administrator.

Nagpur News.

Chairman-cum-Managing Director of United India Insurance Company Limited Milind Kharat, while speaking exclusively with Nagpur Today, said that many problems exist in settling claims of medical treatments etc. The aspect is affecting health services to the insured persons. In order to streamline this process and to redress many problems like settlement of claims faster, plans to tie-up with three insurance companies namely National Insurance Co. Ltd, Oriental Insurance Co. Ltd and New India Assurance Co. Ltd are afoot to appoint a Third Party Administrator (TPA) to provide cashless facilities to the insurance beneficiaries.

Kharat further said, “United India Insurance Company Limited is going to empanel several hospitals in the country to increase the network of their services as well as provide better facilities to the insured people.” The CMD, while talking to media on Sunday, said that after his address at the seminar on ‘Dalit Entrepreneurship and New Procurement Policy of Government of India’ hosted by Dalit Indian Chamber of Commerce and Industries (DICCI) Nagpur Chapter has been launched as a part of the 123rd birth anniversary of Dr Babasaheb Ambedkar.

Milind Kharat added that the general insurance industry has achieved a business of Rs 78,000 Crores in the last fiscal year by registering a growth of 12 per cent. “United India Insurance Co Limited has done a business of Rs 9,700 crores with the strong network of 60,000 agents and 2,200 offices throughout the country.

He said that the profit before tax (PBT) of the United India Insurance Company Limited has touched at Rs 633 crore and the profit after tax (PBT) at Rs 528 crore. The company has networth of Rs 5,300 crore.

He claimed that the company was targeting the SME sector, inspired by the Finance Minister P Chidambaram. He said that except for a few big industries, many SMEs have not taken insurance cover which is the need of the hour. He said that somehow Dalits do not take insurance.

However, according to him the penetration level of general insurance in the country is very low and can be pegged at 0.7 per cent. He added that there is large room for the general insurance industry to grow and provide a large number of services.

He said that they are planning to start a special policy which covers all natural disasters and calamities which SME sector often faces, like terrorism, fire, storms, flood and other natural disasters. We will also come out with special premium.

Kharat said that United India Insurance Company has tied up with 58 banks for providing various insurance services.

While answering to a query on branches abroad, he added, that they do not have any at the moment, by he aims to start a new branch in Sri Lanka.

To another query, he said that Rajiv Gandhi Jeevandayi Arogya Yojana has been introduced to provide benefit to people living below poverty line (BPL). In Tamil Nadu, four crore people have been covered.

United India Insurance sources other cos for speedy settlements

Nagpur Today : Nagpur News

Nagpur News.

Taking the hot biking in Nagpur to another level, the power bike maker Hyosung is ready to set the city streets on fire with some of its most stunning two wheeler power machines. This spells good news for all of those youngsters who fancy powerful, sleek Super bikes. Hyosung presents some of the bikes that can get you noticed on the road. The range of models include GT-250 R, GT-250 R (Royal Collection), GT- 250 R (Limited Edition), Aquila GV-250 R, Aquila Pro-GV-650, GTR 650, ST-7 (S&T Motors 700 CC)

Talking to  Nagpur Today, the Sole Authorized Dealer of Nagpur and the Managing Director of Rajdhani Motors, Kapil Aware said that the Hyosung Bikes come with all imported parts and is available on Indian Invoice. He stated that in India, Four Cylinder bikes prove to be very costly. If imported, one will have to pay 106 % Custom Duty on 4-cylinder-super bikes  like Hayabusa, 1000 CC bike which makes it very costly. He added that all Hyosung bikes are Automotive Research Association of India (ARAI) certified and approved for sale in India. This certification makes it easier for RTO registrations too.

He added that many of the bike aficionados are members of the Club of Nagpur Super Bikers (CONBS). Apart from all these beautiful features of the bike, one very special feature is the after sales services offered by the company. That is for the first 2000 kilometers run, within a radius of 200 kilometers a free Road Side Assistance if offered free of cost.

Aquila’s the word

The word Aquila is from Latin and Roman languages meaning eagle. It could also refer to constellation, the astronomical constellation, “The Eagle”. Well just as Eagle is the King of the birds, the Aquila Pro-GV-650 is the king of bikes (at least on Nagpur Roads). It is one of the first Sports Cruizer Bike in India. It hosts a regal look, has a 650 cc, Twin-Engine which gives out 74 BHP power. It has double piston and surprisingly, unlike other bikes in this category, Aquila Pro-GV-650 is a belt driven bike. Though it has two pistons, the company has joined the exhaust pipes at the end on a broader Exhaust pipes giving out a smoother, less aggressive sound.

City’s privilege of premium biking

Well, the owners of this bike can be proud, since this bike got two awards – “Best Premium Bike of the Year” and  ‘Best Bike of the Year’. These bikes got recognized for award by the Auto Car and Bike India.

Power redefined

Some of the other salient features include Electronic Fuel Injectors (EFI), Water-Cooled Engine, Digital Meter with LED Moon Lamps, Bent Fork, Double Caliper Hydraulic Disc Breaks. (two in the front wheel and one in the rear), LED Tail Lamps, Crome Body, Pro-Sleek Rear Tyres, Crome plated Mirrors, Beautiful Alloys, Hydaulic Shock-ups etc.

The other bike that offers an equally wonderful riding experience is the Comet GT 250 R of Hyosung company. This bike offers a very sporty, trendy look. Has oil-cooled engine, 250 CC bike, gives a 28 BHP power. It offers a smooth and quick-sprint-speed. The top speed is 280. The bike can go from 0 to 90 kilometers per hour speed in 3 seconds flat. The Aerodynamics is very aggressive. This bike too has a broader rear tyre which offers stability. The other features are Bent Fork (2-piece handle), Adjustable Brake Levers, Double Split Seat, Torque of 22.07Nm @ 8000 rpm, Electronic Fuel Injectors (EFI) and offers 25-30 kilometers per litre.

Biking at its best

These bikes are a treat for bike connoisseurs. These bikes create a presence. With the low ground clearance, broader wheel base and wider rear wheel, cruising on straight patches as well as the city is pure fun.

Korean motorcycle manufacturer Hyosung which is now owned by S&T Motors has ventured into the middleweight motorcycle space in India with its Indian partner Garware Motors to cater to the enthusiast buyers. Currently with three products in its kitty, the Hyosung-Garware tie-up is planning to expand its line-up soon with newer motorcycles.

Hyosung Super bikes fuel two wheeler passion among Nagpur’s young & going

Nagpur Today : Nagpur News

“The Dalit entreprenuers must change their mindset. The New Procurement Policy for MSME enforced by an official gazette will open business opportunities worth Rs 8,000 crore for Dalit entreprenuers every year.”

Nagpur News: The Chairman-cum-Managing Director of United India Insurance Co Limited Milind Kharat, while exhorting the Dalit entrepreneurs to change their mindset and focus on achieving excellence, said that the New Public Procurement Policy for MSME (Micro, Small & Medium Enterprises) 2012 would open new business opportunities to the tune of Rs 8,000 crore every year and added that this would help Dalit entrepreneurs move on to a higher growth trajectory.

Earlier, a Seminar on ‘Dalit Entrepreneurship and New Procurement Policy of Government of India’ hosted by Dalit Indian Chamber of Commerce and Industries (DICCI) Nagpur Chapter was inaugurated by Milind Kharat, Director (Planing & Marketing) of National Small Industries Corporation Ltd P Udayakumar, Mentor of DICCI-Nagpur Chapter Arun Kumar, Chairman of DICCI-Nagpur Chapter Nischay Shelke and other dignitaries by lighting the traditional lamp on May 11, 2014. The Seminar was organized as a part of 123rd birth anniversary celebration of Bharat Ratna Dr Babasaheb Ambedkar.

The CMD Milind Kharat, who was the keynote speaker of the Seminar, said that Dalit Entreprenuers should ramp up production capacities and acquire new technology. According to him, Entrepreneurship is a vehicle for Dalit entrepreneurs.

He appreciated the efforts of Union Finance Minister P Chidambaram, who had said that every bank branch must handhold at least one Dalit entrepreneur. He added that compulsion should be made on banks in this respect.  Kharat demanded that Dalit Procurement Policy should be introduced to remove imbalances in the society. “There is a need to develop cluster model. Well-defined production, business zones with shared infrastructure and networking across geographies. Dalit entrepreneurs must diversify their business. Create more opportunities for interaction between Dalit entrepreneurs and venture capitalists, asserted Kharat.

Kharat further said that Dalit entrepreneurs must create more success stories and should possess leadership obsession with quality and keep their eye on innovation.
According to him, since 1991, when the country entered into the regime of liberalization, privatization and globalization (LPG), there was paradigm shift in the economy. Middle-class occupied the centre-stage which gave birth to entrepreneurship culture. Indian economy, pegged at USD 1.7 trillion, emerged as the third largest economy in the world. The average growth rate of 3 per cent from 1951 to 1991 post LPG period, registered an 8 per cent growth. India has 14 lakh companies with a vibrant culture. “In India, there are 30 million MSMEs employing 69 million people. Dalits represent 25 per cent population of the country,” he said. Kharat shed light on some of the constraints faced by Dalit MSMEs like negative perception, bottom of production, insecure supply orders or market access. “Dalit entrepreneurs need affirmative action support which is witnessed in countries like US and Malaysia. In these countries, Government is taking utmost care to nurture and nourish Dalit Entrepreneurship.
The New Public Procurement Policy for MSME 2012 focuses on global best practices. He called upon Dalit entrepreneurs to avail maximum benefits of the policy.
Nishchay Shelke, President of DICCI, Nagpur Chapter, said that as climatic changes have an impact on earth likewise human being grow with the inspiration of great people. “Dalit community has developed because for them Dr Babasaheb Ambedkar is fountainhead of inspiration. Dr Ambedkar always said that education is the milk of tigress,” he stated.

DICCI Nagpur Chapter which was launched under the chairmanship of Arunkumar Khobragade has got wings to fly to newer heights. The Chapter has organised various programmes like exhibition, vendor development programme, workshops, interactive programmes with bankers and seminars which received overwhelming response. DICCI member Manish Dhone who participated in Spain at the trade fair organized recently with the support of National Small Industries Corporation Ltd (NISC) received unprecedented response. About 95 per cent of the expenditure was borne by NSIC. P. Udayakumar, Director (Planning and Marketing) of NSIC explained about the scheme in detail.

The Mentor, DICCI Nagpur Chapter, Arunkumar Khobragade said that policy document (including the Gazette) must reach to each household of Dalit community. The new Public Procurement Policy for MSME has earmarked a sub target of 4 per cent procurement of goods and services by all Central Ministries/PSUs from SC/ST entrepreneurs. This is first-of-its-kind policy which will prove as a boon and foster Dalit entrepreneurship. This has been a long-standing demand of DICCI and it has happened due to the efforts taken by UPA II Government. “We all have to be alert right from the beginning and make sure that unlike most of the past policy interventions for Dalit, this one does not fall to produce the desired results,” he cautioned Dalit entrepreneurs. “There should be transparency required for the success. Our people working in Central Ministries and PSUs and office-bearers of SC/ST associations have to remain alert and work towards providing information about tenders, giving feedback on awarded tenders and should make every effort to prevent corruption in any possible way especially in the form of fictitious SC/ST entrepreneurs. DICCI aims to help Dalit entrepreneurs access necessary information on market opportunities, train them to bid for tenders, provide adequate trade financing to help them meet orders and encourage supplier innovation and set up clear mechanism through innovative ideas. The policy document must reach to each house-hold of Dalit community in the country,” stressed Arunkumar Khobragade.

Other dignitaries present on the occasion included DICCI vertical heads Winnie Meshram (Head of Ladies Wing), Abhitabh Meshram, (Food Processing), CA Ashwin Kapse (Finance and Banking), Gopal Wasnik (Infrastructure), Hemant Ganvir (Retail and Trade), Kiran Meshram (Education) and Sudhir Bagde (Hospitality).

United India Insurance CMD Kharat exhorts Dalit entrepreneurs to write success stories

Nagpur Today : Nagpur News

 Nagpur News : A talk on “Indian Economy at the Cross Road” by Dr V. Aditya Srinivas, MBA (Gold Medal), Ph.D, MDP (IIM Ahmedabad), CWM, presently, Chief Operating Officer & Chief Economist, Bombay Stock Exchange Brokers’ Forum, Mumbai held at VIA.

The speaker initiating his talk said year-on-year (y-o-y) real GDP growth slowed from 5.5 per cent in Q1 of 2012-13 to 5.3 per cent in Q2. The decline in the GDP growth rate became broad based, with consumption demand also slowing alongside stalling investment and declining exports. On the supply side, there are indications of weakening resilience of services to sluggish global growth. India is the most attractive investment destination in the world. The Indian economy is expected to grow at 3.4 per cent in the current fiscal, a slight increase from 3.3 per cent in FY 2012–13, as per projections from the Organisation for Economic Co-operation and Development (OECD). The growth is estimated to be even greater in FY 2014–15 (5.1 per cent) and FY 2015–16 (5.7 per cent).

The speaker said India has potential to grow three times ahead. India has the highest young working population. But foreign investors are feared to invest in India due to change in policy any time and non clarity of taxation system in India. Indian economy requires sustainable growth. FDI will open new opportunities. Similarly, Government needs to look into fiscal deficit and current account deficit. They need to reduce unplanned expenditure and reduce wasteful expenditure to increase revenue.   

Sitting on Dias from left to right: Kanchan Naidu, Prafull Doshi, Dr V. Aditya Srinivas & Rohit Agrawal.

Summing up his talk, the speaker said a slow recovery is likely to shape up with progressive implementation of some of the reforms announced. These include, inter alia, liberalisation of FDI in multi-brand retail, amendment of the Banking Regulation Act and the setting up of the Cabinet Committee on Investments to expedite decisions on approvals/clearances for implementation of mega projects. The setting up of debt funds to provide long-term resources for infrastructure projects would help in reducing financing constraints currently facing the sector. Financing is also expected to improve with the government accepting the major recommendations of the Expert Committee on General Anti-Avoidance Rules (GAAR) that will bring about greater clarity on taxation aspects. Global risks may have temporarily reduced in terms of part resolution of the US „fiscal cliff‟ issues and financial fragility issues in the euro area. However, going forward the euro area risks remain significant, as key economies in the region are contracting. In this milieu, it is imperative that reform measures continue to be executed efficiently and domestic inflation recedes further, to support sustainable recovery in India current economic scenario and the way the entire economy has slowed down and the measures required to be taken to revive the economy. The Indian capital market and its dependence on the Foreign flows of FII. The need for FDI and its implication on the economy and other current aspects affecting the economy.

At the outset, floral welcome of the speaker Dr V. Aditya Srinivas, was done by Prafull Doshi, President-VIA, the summing up and vote of thanks was done by Rohit Agrawal, Hon. Secretary –VIA and the programme was conducted by Kanchan Naidu, Convener- Finance Forum-VIA.

The programme was free and was open to all. The programe was attended by large number of participants which includes students, Entrepreneurs’, Businessman, VIA members & general public. 

Talk on “Indian Economy at the Cross Road” by Dr V. Aditya Srinivas held at VIA

Nagpur Today : Nagpur News

Nagpur News: Dinesh Chandra Garg, Chairman-cum-Managing Director of Western Coalfields Limited (WCL) was conferred with Geominetech Best Chief Executive Excellence Award-2013-14 in a function held at Bhuwaneswar recently. The programme was organized at Hotel Swasti Premium in Bhubaneswar on the day which coincidentally was observed as National Technology Day. A discussion was also held on subjects like Mines and Minerals, Modern Machinery and Technology in Industries, Management and Safety.

The WCL CMD is known for his acumen in resolving problems faced in Corporate Management, Human Resource and Personnel Management. The WCL has been continuously progressing under his leadership.

The function was attended by various experts in the field of mining and mineral industries.

WCL CMD conferred with Excellence Award

Nagpur Today : Nagpur News

Nagpur News: The traders in Nagpur, it appears, are being put in more and more dilemma and drudgery as well on the LBT front. On one hand, the traders are up in arms and vociferously protesting enforcement of LBT (Local Body Tax) and on the other hand, Nagpur Municipal Corporation is leaving no chance to harass the traders by issuing whimsical notices for paying the monstrous cess.

The ambit of LBT says that all traders/businessmen under VAT regime mandatorily register themselves under LBT.

The controversial and contentious LBT is in force in Nagpur from 01.04.2013 and the first financial year (2013-14) has been completed. Now, the LBT Department has published advertisements in local newspapers in April and May for filing of annual returns and subsequently the traders have been informed to submit their annual returns for 2013-14 by 30.06.2014. Furthermore, the LBT Department has issued notices, dated 18.03.2013 and signed by Assistant Commissioner, to registered traders/firms to furnish following details within 10 days. But the notice is full of anomalies and oddities. The traders have to submit:

1) Balance Sheet — FY12-13 [When LBT was not in force].

2) Bank statement — 01-4-13 to 18-3-14 [Very odd date].

3) Sale bill copy — 01-4-13 to 18-3-14 [Very odd date].

4. Purchase bill copy — 01-4-13 to 18-3-14 [Very odd date].

5. Stock register — 01-4-13 to 18-3-14 [Very odd date].

However, according to department, this odd date is due to issuing date of letter. But when the annual return is already been asked then why all these documents have to be submitted again? Moreover, the above information is asked in annual return also, said the exasperated traders and questioned the prudency. Why the Balance Sheet of 12-13 is asked when LBT was not even in force by that period? This is nothing but a well-planned harassment of traders by LBT Department.

When contacted, LBT Department said the misunderstanding is due to the date of issue of notice which is 18-3-2014.

However, the clarification of LBT Department did not go well with the traders. “We highly protest this type of double trouble by the LBT Department. They should stick to one process. All are not free to do only huge paper work twice. Small business houses find themselves harassed and hassled by this dubious state of affairs on the part of LBT Departmenty. Even for a small trader, submitting of Xerox copies of all sale and purchase bills will be an arduous task and ultimately the harassment,” said the traders.

Why are the traders up in arms against LBT?

Traders think that the tax is a monster. Under LBT, the onus to assess, compute and pay local tax will be on them.

As per the rules, all traders will be required to check their LBT liabilities by compiling the list of goods they procured within a month and feed the details into software provided by their municipal corporations. After computing the liability, they can pay the tax online, through cheque, demand draft or cash. The payments would be accepted at banks designated by the municipal corporations or at offices of civic bodies.

Why traders don’t want it? Traders have two key objections to LBT:

First, they do not want the responsibility of computing their own tax liability because that would mean additional expenses for them.

Second, they say they are already paying Value Added Tax, or VAT, and LBT will expose them to the perils of double taxation.

NMC bungle in LBT notice leaves traders/firms red-faced, triggers protests over double trouble

Nagpur Today : Nagpur News

Nagpur News : The Confederation of All India Traders (CAIT), apex body of the business community of the Country has hailed the victory trend of BJP led NDA and termed it as a “positive change” for the Country which will culminate into betterment of trade and commerce in India.

CAIT National President B. C. Bhartia and National Secretary General Praveen Khandelwal while exclaiming the victory of the BJP led NDA said that the trading community across the Country wholeheartedly supported the BJP & NDA Candidates which is evident from the fact that in various States like Assam, Andhra Pradesh, Orrisa, West Bengal etc. the BJP and its allied have obtained considerable vote share and seats as well.

Both Bhartia and Khandelwal hoped that the new Government under Narendra Modi will keep retail trade on its priority and awaited reforms will be Initiated to give economy a boost.

Traders hailed victory trend for NDA in elections

Nagpur Today : Nagpur News

File Pic

Nagpur News : Vidarbha Taxpayers Association (VTA) communicate congratulations to Nitin Gadkari for winning Nagpur seat with remarkable number of votes, similarly to National Democratic Alliance (NDA) for winning Lok Sabha Elections with thumping majority and simultaneously appeals State Government to take requisite decisions like withdrawal of Local Body Tax (LBT) before code of conducts restricts such action with fast approaching State Assembly elections to avoid similar debacle.

J. P. Sharma president of VTA said number of voters as increased sharply in this elections, as in 2009 elections 41.73 crore voters exercised their votes, whereas this time such numbers got increased by 32% totaling 55.13 crores; which specifically establishes that apart from awareness and new voters coming in to electoral list, families of traders and industrialists also participated in large numbers.

Sharma said it’s high time that Chief Minister Prithviraj Chavan to consider pending justified demand of taxpayers to withdraw Local Body Tax (LBT) by increasing VAT marginally.

Tejinder Singh Renu, secretary of VTA said LBT pattern is causing drastic loss of revenue as the same was introduced in lieu of Octroi; whereby the check posts at city’s entry points got removed as in LBT its self declaration of tax that too almost after a month. Hence such drop is quite obvious, for reason take an example – undoubtedly foreign travelers are from well to do or wealthy families and if customs department remove checks at airports and ask foreign returns to self declare customs duty within a month of re-entering country by depositing said duty in a particular bank, would the customs collection increase or collection would drop and by what percentage?

Renu said, evidently collection will drop drastically and such drop will be by almost 80%, because majority of us try to save money / tax as when opportunity arises. Wealthy people taking out guns at toll booths, so if for 50-100 rupees we are ready to fight. Thus by introducing LBT, State Government has literally supported tax robbery. It is highly recommended that LBT should be withdrawn and existing VAT is marginally increased to match required revenue and feed local bodies of the state.

Renu said, similarly much awaited “Maharashtra State Prevention of Delay in Discharge of Official Duties Rule, 2013” where enacted by State Government vide Gazette Notification No. POD-1007/C.R.9/18 (O&M) dated 14.11.2013, however true implementation of act by enforcing disciplinary action on government servants who fail to discharge their official duties as prescribed u/s 10 of the principal Act is still not being applied, likewise publications of requisite forms under the act are also still pending.

VTA appeals State Government to reconsider its policies for healthy growth of the state economy; solve power crises in MIHAN on priority and withdraw burdensome LBT immediately in the interest of the State.

Take lesson from Lok Sabha results, withdraw LBT – VTA

Nagpur Today : Nagpur News

 Nagpur News : Getting clear mandate from peoples of India in the form of clear majority by Bhartiya Janta Party led National Democratic Alliance will give a strong boost to the Indian Economy said CA. Swapnil Agrawal in a press release.

If further added that strong leadership and proven track record of Narendra Modi is giving positive vibes for the Economy.

There was a need of strong government so that necessary restructuring of law and fiscal reforms can be brought which will improve the economic condition of the country. Growth of Manufacturing Sector, Industrial Sector and Service Sector will see a great boom, which is also reflected in the upside move of stock market.

As a professional I am quite confident that new government and its economic policies will support to professionals also to grow.

Strong Boost to Indian Economy : CA. Swapnil Agrawal