Nagpur Today : Nagpur News

NAGPUR: 70th Chartered Accountants’ Foundation Day was celebrated with great enthusiasm at Nagpur Branch of ICAI on 1st July 2083.

The ceremony started with Flag Hoisting at the hands of senior & eminent Chartered Accountant of the city CA. Sanjay Narke which was largely attended by members & students CA. Narke said that it is a memorable event for him to hoist a flag as Chief-Guest. CA. Sanjay Narke had played an instrumental role in formation of the Nagpur Branch of ICAI in the year 1979. He also shared his thoughts on the changing expectations of the profession and the need to ensure the respect and dignity of profession is maintained in times to come. He further urged the fellow members to keep themselves updated and ready for the challenges in near future. He said that Chartered Accountants have to read the law between the lines so they must take due care while understanding the new laws and regulation.. He said we should equally consider our social responsibilities and should take steps to fulfill our obligations toward nation.

On this occasion Nagpur Branch also felicitated all the Chairmen of the Branch who has served the Institute since its inception by the hand of CA Jaydeep Shah, Past President, ICAI. While addressing the members and student CA. Jaydeep Shah highlighted the recognition and accolades which the Branch has received from Central & Regional Levels. He appreciated the efforts being undertaken by the various managing committees over the years who have ensured continuous activities for the larger benefit of Members & students. He also lauded the efforts of the current committee of Nagpur branch for conducting various events & guided the students for outing efforts for excelling in their carrier.

On this auspicious day the branch has also organized Blood-Donation Camp in association with Jeevan Jyoti Blood Bank, Nagpur & GSK Blood Bank. The branch also organized Full Body Check up Camp, Dental Check up Camp & Eye Check up camp for Members & Students which was inaugurated by Senior Chartered Accountant CA. B K Agrawal in which around 100 Members, Students & Staff voluntarily donated their blood for the cause of the society as a part of their social responsibilities & obligations.

CA. B K Agrawal on this occasion said that the role of Chartered Accountant is very vital. While discharging our professional duties we must not forget the social responsibilities. This blood donation camp would definitely provide a reason for CAs to come forward and donate blood for the social cause & to discharge their duties towards society.

Regional Council Member, CA. Abhijit Kelkar, congratulated members on the occasion of Platinum Jubilee of ICAI while informing Hon’ble President of India has released a postal stamp commemorating the 70th Foundation Day of ICAI. CA’s being Partners in Nation Building shall always be committed towards providing ethical services to the best of their knowledge and ability.

Earlier Chairman of the branch CA. Umang V Agrawal in his welcome address said that it is a moment of great joy & pride to celebrate 70th Chartered Accountants Day & on this occasion as we salute to all the pillars & seniors of our profession who have toiled hard to make the brand value of this esteemed profession. He thanked all the respected past chairmen of the branch who have contributed immensely to the profession and to the branch.

CA. Kirit Kalyani – Secretary of the branch conducted the proceedings & proposed a formal vote of thanks. On this occasion prominently present were, CA. Suren Duragkar, CA. Swapnil Ghate, CA. Sandeep Jotwani, CA. Jiten Saglani, CA. Sanjay Agrawal, Past Chairmen CA. Sudhir Surana, CA. Mahesh Rathi, CA. Anil Parakh, CA. Rajeev Damani, CA. Aniruddh Shenwai, CA. Rajesh Khanzode, CA. Pankaj Agrawal, CA. Rajesh Loya, CA. Julfesh Shah, CA. Milind Patel, CA. Satish Sarda, CA. Swapnil Agrawal, CA. Ashwini Agrawal, CA. Kirti Agrawal & large number of members and CA. Students.

Nagpur: 70th Chartered Accountants’ Foundation Day Celebrated

Nagpur Today : Nagpur News

NAGPUR: Western Coalfields Limited (WCL), a Subsidiary of Coal India Limited, has created a record in coal production and despatch during first quarter of the current fiscal. This has resulted in an all-time high growth in coal despatch, particularly to Power Plants. With this substantial growth in despatch, WCL is fully geared-up to meet the demand of Power Plants linked to the Company.

WCL has produced 9.643 million tonnes of coal during April to June 2018 together registering a growth of more than 18 %. Similarly, the Company despatched more than 13 million tonnes during this period with a growth of 22.2 % over the corresponding period last year.

WCL has created a record in rake despatch to Power Sector during this quarter by dispatching 2412 rakes as against 1944 rakes during the same period last year, with a growth of 24 %. Total rakes despatched during the period were 2468 as against 2078 during the same period last year registering a growth of 19 %.

With daily production of more than one lakh tonnes of coal and daily despatch of 1.50 lakh tonnes and available stock of more than 7.6 million tonnes in the mines, WCL is fully geared-up to meet the demand of its power and non-power consumers during the monsoon period and beyond.

Major Power Consumers linked to WCL are MAHAGENCO, MPPGCL. WCL supplies about 70 % of coal only MAHAGENCO and 10 % of coal to MPPGCL. In addition, WCL also caters to the State Gencos of Gujarat and Karnataka, apart from NTPC, Adani, Reliance, GMR, Bajaj and many more entities.

WCL achieved 46.2 million tonnes of coal production and 48.7 million tonnes of despatch during the year 2017-18. WCL has to produce 52.5 million tonnes of coal and despatch 59.7 million tonnes of coal during the year 2018-19. With present high growth rate, Team WCL is confident to achieve both production and despatch targets for the year.

WCL Registered Record Growth in 1st Quarter

Nagpur Today : Nagpur News

Prime Minister Narendra Modi recently said that a single tax rate under the GST is not possible, he further articulated that Mercedes car and milk cannot be taxed at the same rate as demanded by opposition for a uniform 18 per cent rate. He further said the Goods and Services Tax (GST) has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax

Of late Union Finance Minister Arun Jaitley had also said that there was an increase of 18 per cent in direct taxes collection last year due to the Goods and Services Tax or GST and demonetisation. In the last four years of NDA government, there has been an increase of 1.5 per cent in overall taxes. This year, the first quarter shows advanced payments. The gross figure has increased by 44%.

Vidarbha Taxpayers Association (VTA) categorically agree that uniform 18% GST rate is not possible and many essential commodities of common man needs to taxed low so that they are not burdened with extra taxation.

J. P. Sharma – president of VTA said that within one year’s Government has collected more than estimated taxes and citizens also by enlarge has made up their mind to pay 15% GST. Under such circumstances it’s highly recommended that the highest GST slab of 28% should be deleted and the items therein should be included in 18% slab, because products falling under 28% GST slab are finding extremely difficult to sell their product. Due to high tax slab, avoid billing to escape 28% GST thereby promoting cash or without bill transactions.

Ramkishan Ojha – vice president of VTA said that with multiple returns, rules and various tax slabs have made life of an ordinary trader dreadful. A ‘single tax GST’, was promised, which remains a distant dream so far.

Tejinder Singh Renu – secretary of VTA said that it is praiseworthy on the part of GST Council to arrive at the decisions on a constant basis despite the differences in political philosophy between the political parties in different states of our country. Overall, the taxpayers and the government have both negotiated a difficult and long terrain for GST in the last one year and one hopes that the journey might get easier in the coming years. Although it may take a few years before the country can truly begin to enjoy the full benefits of GST, it would be a journey which would be valuable for the Indian economy.

Congratulating the Government for one year of successful implementation of GST in the country along with demonetization, which resulted additional tax revenue of Rs. 4,00,000 Crore; VTA thereby requests Government that with additional tax revenue and increased tax base now; it’s high time for the Government to pass on some portion of this additional tax collection to the taxpayers and the citizens by reducing GST tax slabs on commodities of frequent use of the people and also by withdrawing 28% GST slab completely so that we move towards rate slab of GST in other countries.

It’s time to benefit taxpayers – VTA

Nagpur Today : Nagpur News

Nagpur Branch of WIRC of ICAI in association with Nagpur Branch of WICASA of the Institute of Chartered Accountants of India hosted National Convention for CA Students at IMA Hall which was attended by more than 750 students delegates from all over country. Shri Vijay Darda, Former Member of Parliament, Rajya Sabha, was the Chief Guest while CA. Jaydeep Shah, Past President, ICAI was the Guest of Honour.

Shri Vijay Darda in his address briefed his journey from the early stages of his life and the kind of exposure & support he received at various levels which has made him what he is today. He highlighted the need to promote Hindi langauge while advising the students to use hindi as the primary langauge in day to day life. He appreciated the Chartered Accountantancy profession is a profession of high standards and each and every member has committed to maintain the integrity and image of the profession. He highlighted the challenges the country is facing being the fastest growing economy in the world.

He shared his thoughts on the Institute’s long journey of professional excellence and the efforts being undertaken by the members and students to keep themselves updated on the changing trends in the world. He acknowledge the pressure which the CA’s are undergoing due to continuous changes in the laws & regulation. He further highlighted the robust Disciplinary system the institute has establish for ensuring the quality of auditing & assurance services is maintained at levels. He further appealed the future professionals to undergo the CA curriculum with complete devotion and ensure that the countrys pride and dignity is carried forward through all their endeavors.

In the inaugural address CA. Jaydeep Shah, Past President, ICAI said that CA. Course is one of the toughest course in India CA Students should avoid distraction while pursuing the course. He also guided paper presenters on how to bring out the talent of presenting the paper and also emphasized on the art of diligent listening. He acknowledges the effort of Nagpur Branch and particularly WICASA chapter who had undertaken sincere efforts in making this event a successful one.

CA. Nihar Jambusaria, Conference Director & Central Council Member congratulated Nagpur for organising the national level event with so much enthusiasm and dedication. He also emphasized the significant of practical training which CA curriculum offers along with rich academic syllabus. He informed the initiatives taken by Board of Studies and particularly explained the need of change in CA Curriculum which is already passed by parliament and may come in from 2017.

CA. Umang V Agrawal, Chairman, Nagpur Branch of WIRC of ICAI welcomed the Guests & Students and he urged them to focusing their attention on what they wish to achieve & on values which will allow them to participate in reshaping of their future. He said that the conference would aim to develop strong set of values and ethics amongst the student community while upgrading the knowledge on varied topics. He acknowledged the efforts put in by the Nagpur Branch of WICASA for put forth an event of national event before the future professionals.

CA. Kirit Kalyani, Chairman, Nagpur Branch of WICASA gave the introductory remarks and informed the students present about the benefits of this student conference. He urged the students present to embrace the advice of the seniors at the conference which will surely help them to succeed in life. He informed about the theme of the convention and said that all efforts have been taken to make it a grand success.

CA. Abhijit Kelkar, Regional Council Member said this prestigious conference would guide all the future Chartered Accountants to the pathway of excellence by our torch bearers. He also said that CA’s are complete business solution provider and doors of success open after qualifying the examinations with right attitude and approach. He congratulated Nagpur Branch for organizing the grand event successfully.

The CA Student conference would have student paper presenters from different parts of the country while CA. S B Zaware, CA. Jai Chhaira, CA. Mangesh Kinare & CA. Anil Bhandari will guide the students. Shri Mukul Bafna & Shri Krishnadas Brajdevi shall also motivate the students with their words of wisdom.

The program was coordinated by Ms. R Aishwarya & Mst. Sudarshan Kumar while CA. Kirit Kalyani, Secretary proposed formal vote of thanks.

Prominently present on the occasion were Managing Committee Members of Nagpur Branch, CA Suren Duragkar, CA. Saket Bagdia, CA. Jiten Saglani, CA. Sandeep Jotwani, CA. Swapnil Ghate, CA. Sanjay M. Agrawal. CA. Julfesh Shah, Past RCM, CA. Jethalal Rukhiyana, CA. Kavita Loya & Executive Members of Nagpur Branch of WICASA Ms. Khyatee Gattani, Ms. Apeksha Gundecha, Mst. Udit Choithani, Mst. Yogesh Advani, Mst. Rikshit Narang & Ms. Trishika Sahu.

Chartered Accountancy enjoys great reputation of professional excellence: Shri Vijay Darda

Nagpur Today : Nagpur News

CA Student Conference was organized by Board of Studies ICAI and hosted by Nagpur Branch of WIRC of ICAI in association with Nagpur Branch of WICASA on 09th & 10th July 2014 at IMA Hall, Nagpur which was attended by more than 750 student delegates from all over country. Dr. Vedprakash Mishra, Chancellor, Krishna Institute of Medical Sciences and Pro-Chancellor of DMIMS was the Chief Guest & CA. Anil Bhandari, Central Council Member, ICAI was the Guest of Honor in valedictory session of Convention.

On this occasion, in his address, Dr. Vedprakash Mishra emphasized on assessing present & future and said that youth of this country can lead the nation as they have appreciable knowledge. He further highlighted the importance the CA Profession has in the economy and the appealed the students to understand profession more than just a source of earning but a commitment towards providing the best knowledge and expertise for the country to prosper. He said that topics of the convention were very relevant & this type of conference helps in developing overall personality. He further said that the students should follow ethical values & Moral responsibilities right from the beginning to create a mark for themselves. With lucid examples from life history of successful people, he motivated the students in his own unique style. He appreciated the working of Nagpur Branch & Nagpur WICASA & congratulated the branch for organizing the successful.

CA. Anil Bhandari, Central Council Member, ICAI, also spoke on the occasion and said that this conference truly served its purpose with elaborate deliberations on the current & relevant academic topics as well as achieved the target of overall personality development of CA Students. He congratulated Nagpur WICASA & Nagpur Branch for successful holding of the National Convention in grand manner.

CA Abhijit Kelkar, Regional Council Member, WIRC, threw light on the opportunities available for the Chartered Accountants & the efforts made by the WIRC for betterment of the students & their personality development. He applauded the leadership of CA. Umang Agrawal & CA. Jiten Saglani and congratulated the entire managing committee for successful conduct of the event.

CA Umang V Agrawal, Chairman, Nagpur Branch of WIRC gave the introductory remarks and informed the students present about the benefits of such Conference. He urged the students to enrich the CA profession in return of the goodwill obtained by the word ‘Chartered Accountant’. He informed that over 750 students participated in the convention from different cities of India including 8 paper presenters out of total 14. He expressed his heartfelt gratitude to all the members & students, volunteers for helping in hosting such mega event.

CA Jiten Saglani, Chairman, Nagpur Branch of WICASA welcomed the Guests & Students and said that this conference has helped the students to enhance their knowledge and networking. He acknowledged the dedicated working of more than 150 students and CA members & dedicated the success of convention to them.

The session was coordinated by Ms. Sai Namjoshi & Mst. Ninad Trivedi. CA. Kirit Kalyani, Secretary, introduced the Chief Guest & Ms. Apeksha Gundecha, Secretary, Nagpur WICASA proposed formal vote of thanks. Prominently present on the occasion were CA. Mangesh Kinare, Central Council Member, CA. Suren Duragkar, CA. Saket Bagdia, CA. Sandeep Jotwani, CA. Swapnil Ghate, CA. Sanjay Agrawal, CA. Hardik Shah, CA. Jethalal Rukhiyana, CA. Ashish Ghate & Khyatee Gattani, Udit Choithani, Yogesh Advani, Trishika Sahu, Rikshit Narang &more than 700 CA Students.

Chartered Accountancy is a profession of Commitment, Ethics & Expertise – Dr. Vedprakash Mishra

Nagpur Today : Nagpur News

ULIP stands for Unit Linked Insurance Plan. This is a product offered by Insurance companies which gives the investors integrated benefit of both, insurance and investment under a single plan. This is different from pure insurance policies as it offers dual benefit.

Unit Trust of India (UTI) launched the first ULIP and over the course of time the insurance market has flooded with companies offering ULIP schemes to serve the people looking for a product which could satisfy their need of both, investment and insurance.

Types of ULIPs on the basis of Purpose

The best classification for the ULIPs is on the basis of the purpose that they serve. Different purpose of ULIPs is –

• Retirement

In this type of plan, the payment has to be made during the tenure of your employment and this amount is automatically collected and is paid in the form of annuities to the policyholder after the retirement.

• Wealth Collection

These plans are best suited for those in their late 20s and early 30s as they involve primarily accumulation for wealth over the course of time. Investment in such plans provides flexibility and easy aids in funding any future financial goal.

• Children Education

Under no circumstance, the education of your child should be put on stake due to any unforeseen event, as a parent you always want to assure that. There are some plans where a ULIP provides money in small amounts during the key events of your child’s life and ensures that no unforeseen event hinders their education and growth.

• Health

ULIPs provide financial assistant during medical contingencies along with common benefits.

Why ULIPs are a good choice?

• Transparency in structure and features
• Provides flexibility in switching between the funds
• Tax benefit
• Additional coverage options
• Options for changing the frequencies of premium

In a market full of insurance companies and each claiming themselves to be the best, how would you decide which one is the best? Based on the cost here is a list of best ULIPs offered by LIC with lowest charges –

1. Fortune Plus– This plan is a combination of insurance and investment plan. It grows your money over a period of time. Buyers can choose a cover that suits their needs the best and make it flexible. The flexibility that this policy offers gives the buyers different options to choose from. Below is the list of benefits this policy offers.

Attractions of these policies are–

• Premium payment term –5 years
• 4 different types of investment funds to choose from. Ease in switching from one to another fund.
• Provision of partial withdrawal
• Entitlement of death benefits and benefits on maturity.

2. Profit Plus –This policy offered by Life Insurance Corporation is ideal for those who wish to have flexibility in their finances and want to stay protected.

Attractions of this policy are–

• Assured sum ranging from 1.25 times to 5 times their annual premium
• Partial withdrawal facility available
• 4 different types of investment funds to choose from. Ease in switching from one to another fund.
• Fund value paid on the maturity of the plan
• Individuals can choose if they want to receive money in instalments.

3. Money Plus I–This plan offered by Life Insurance Corporation gives a dual benefit. It acts both as an investment and insurance scheme. This scheme drives you to use your income judiciously and smartly. It acts as a guide for using your income rightly at right place. There are many benefits of availing this policy.

Attractions of this policy are–

• Choice of choosing between 4 different fund types.
• Flexibility in payment of premium –annually, half yearly, quarterly or monthly.
• Policy term –10 to 30 years
• Eligible for partial withdrawal
• Assured minimum sum equal to 5 times the annual premium paid

4. Child Fortune Plus– Children are the future, no parent in the world would not want to secure the future of their kids. They can’t afford to let financial crunch impact their children’s life or education. The Child Fortune Plus plan by Life Insurance Corporation ensures that children do not come face to face with any financial problems. This plan is specially for those whose kids are upto 17 years old.

Attractions of this policy are –

• Financial security for children
• Choice in payment of premium –Lump sum or regular
• 4 different types of funds to be chosen from
• Permission of partial withdrawal so that you don’t face nay financial crunch.

5. Market Plus I –Market Plus I is one the best options for those who are looking forward to plan their retirement and want a secure life after that. Who doesn’t want a secured life post retirement? This policy gives the best benefits as it acts as a deferred pension plan and has an option of life cover. The benefits and features of this policy are its highlights.

Attractions of this policy are –

• 4 different types of funds to be chosen from
• Additional life cover can be added for enhancing the protection
• Cover can be reduced according to the financial conditions of the individuals.
• Additional riders can be opted to ensure protection against certain elements.

At present, ULIPs are experiencing a same status as other policies but the awareness levels are not as high as they actually should be. Although this product category has undergone many changes but there is a very small chunk of people who are talking about the benefits of this product in the right context. However, a quick glance at the product reviews and product reviews can help the buyer have a notion that a particular ULIP is/is not for you.

5 Best LIC ulip plans with low premiums

Nagpur Today : Nagpur News

Nagpur: Nagpur Residential Hotels Association’s (NRHA) delegation led by its President Tejinder Singh Renu met Manisha Patankar-Mhaisekar – Principal Secretary, Urban Development Department, Government of Maharashtra and held discussion in detail over implementation of Maharashtra Fire Prevention and Life Safety Measures Act, 2006 in old hotel buildings and also submitted memorandum in writing.

Tejinder Singh Renu submitted before Principal Secretary that as per factual position, before 1990 no Fire NOC was asked for by NIT or NMC for building plans being submitted irrespective of any height of the building proposed, hence no building then has extra fire escape staircase. Thereafter from 1991 – only buildings proposed of 15 meters height or above were asked to submit plans to Fire Department of NMC and they use to issue Fire safety requirements as prepared by someone then having no base as such. However since 2009 onwards Maharashtra Fire Prevention and Life Safety Measures Act, 2006 got enacted demanding minimum requirements in its Schedule I.

Renu said, admittedly Nagpur city has Hotels constructed and in service since 1960 onwards and majority of them constructed before 1990. And through RTI NRHA obtained clarification from Law & Judiciary Department, Government of Maharashtra whereby it was made clear that this Fire Act is to be enforced prospectively and not retrospectively.

Renu further assured that we hoteliers are not against Fire Safety, but due to such illogical policies, the hotel and similar industries are being pressurized by the Fire Officials, mostly when some complainant is filed for some vendetta or mala-fide intentions against any establishment. We want to make our building safe and majority of us have already installed possible fire safety gazettes and extinguishers. Hotel building is our own property, we too are worried of its safety, which directly saves us; however to avoid complications we have forwarded these issues for kind consideration.

Renu said, it is impossible for old buildings to follow all requirements of Schedule I of the Maharashtra Fire Prevention and Life Safety Measures Act, 2006. Moreover Administration cannot miss established principle of DCR 3.2.5 – Nothing in these Regulations shall require the removal, alteration or abandonment or prevent the continuance of the lawfully established use or occupancy of an existing building or its use.

NRHA specifically requested Principal Secretary that a circular should be issued by Government of Maharashtra that Fire Act is applicable to all buildings; however Fire Safety installments are to be carried as per provisions of respective DCR when this building was sanctioned and not as per new Fire Act. Although we admit that Hotels constructed after 2009 should follow Schedule I of the Fire Act.

UDD Principal Secretary Manisha Patankar-Mhaisekar admitted that the demand of NRHA is quite logical and clarification in this respect is surely required. She suggested that NRHA should meet Municipal Commissioner Virendra Singh and convince him about this anomaly whereby NMC can send their view to UDD and accordingly we’ll issue appropriate directions.

Also present in the NRHA delegation were Prakash Trivedi – IPP, Deepak Khurana – Secretary, Vinod Joshi – Treasurer, Nitin Trivedi – Joint Secretary and Executive Body Members Govind Mudliar and Rishi Tuli.

Principal Secretary admits Nagpur Hotels Association’s demand as genuine

Nagpur Today : Nagpur News

Nagpur: Refuting all the allegations levelled against him by Leader of Opposition in Maharashtra Legislative Council Dhananjay Munde and others, Ratnakar Gutte, Chairman of Gangakhed Sugar and Energy Limited on Thursday said, the allegations are baseless and made out of malafide intentions.

There were allegations that companies run by Gutte and his family members had allegedly secured loans worth over Rs 5,400 crore on the basis of fake documents made in the name of farmers.

It was also said that Gangakhed Sugar and Energy Limited had transferred bank loans obtained by various groups firms into different accounts.

“We are hard pressed to find defence against people who attack from their secured position within the four walls of the Legislative Council knowing that their words can neither be challenged nor can their malicious intent be questioned under the privilege granted by Article 194 of the Constitution,” Gutte said while addressing a press conference held here.

Gutte told the mediapersons that the Gangakhed Sugar and Energy Limited had secured a total loan of Rs 185.44 crore while its cash credit limit is 134.27 crore. “Besides’ the company is enjoying bank guarantee limit of Rs 41.76 core.

The total amount which our company availed is just Rs 361 crore but there are reports that the company’s loan amount is more that Rs 1466 crore,” he said. Commenting on Sunil Hitech, Gutte said the loan amount in the name of the company is Rs 122 crore while its cash credit limit and bank guarantee are Rs 425 crore and Rs 1,503 crore respectively.

However, as per the allegations it is in the range of Rs 2413 crore,” he clarified. Gutte and Shrikant Rikhe, Company Secretary, also gave financial figures of other companies to prove that the allegations are not correct.

Gutte said that the companies are doing well in their respective fields and enjoying good orders from the customers.

Munde in his hard-hitting speech had stated that Gangakhed Sugar Factory procured bank loans in the names of more than 600 farmers under special scheme and had dubbed it as a big scam.

Nagpur: Ratnakar Gutte stoutly refutes allegations levelled by Dhananjay Munde

Nagpur Today : Nagpur News

For many decades Western Coalfields Limited with H.Q. at Nagpur was a sterling success story.
It could definitely be called a ‘Navratna of Maharashtra’ if not India. Thermal power being the main stay of the industrial state of Maharashtra, the coal mined by WCL went towards running our Mega Power plants – mostly situated in Vidarbha – that kept our industries humming and our cities lit up.

It is therefore shocking to learn that WCL is in the throes of becoming a ‘sick industry’ with mounting losses of thousands of crores. This year it has recorded a loss of Rs. 2829.28 before tax, which is up Rs. 1100.00 crores from last year’s loss of Rw. 1775.52 crores.

What is even more alarming is that the loss of revenue and mega losses are not coming from any new developmental activities/ expenses but from non – remunerative expenses.

As per their own Balance sheet for the current year ( which is the public domain), this is what their Chairman cum Managing Director Rajiv Ranjan Mishra’s report says:

During the year i.e. 2017-18, your Company has excelled its performance in all physical parameters namely Production, Over burden removal and dispatch and achieved turnover of Rs.12,432.20 Crores but incurred a loss of Rs. 2829.28 Crores before tax as against a loss of Rs. 1075.52 Crores in last fiscal.

Three major contributors attributing to increase in loss and their approx. impact are provisioning for gratuity due to raising of ceiling from Rs. 10 lakh to Rs. 20 Lakh (Rs.1323.97 Cr.), Overburden Removal Adjustment (Non Cash Loss/ Book Loss – Rs.938.82 Cr.) and provisioning for increase in salary of Non- Executive Employees under NCWA X & Executive Salary Revision (Rs.634.73 Cr.).

Thus we can see that according to the Chairman himself, increase in salaries and payment of gratuities and such non – remunerative expenses is causing the heavy losses.

Can the country afford Coal Mining companies going into such hefty losses?

Our Power Minister Shri Piyush Goyal, has set very ambitious targets for Coal Production before Coal India Limited, of which WCL is a susbsidiary. As the above stated report itself says in its preamble:

” Indian Coal Industry needs to augment coal production at ‘unprecedented rate’ to reach planned level of 1.5 Billion tons (of mined coal) by 2020″ i.e. less than two years from now.

The target set for WCL itself is 55.00 Billion Tons in two years.

It’s production for this year was 46.22 Million tons, up just marginally from last year’s production of 45.63 Million tons.

This amounts to a growth rate of a paltry 1.2% per annum. This is as against a growth of 7.5% as set by the Planning Commission in 2017.

This despite the fact that 19 new projects were added in the last 3 years.

If the slow growth and ‘sickness’ of WCL grows where is coal going to come from?

To reiterate the Chairman’s Vision statement:

Energy is the prime mover for the growth of the nation and coal is the primary source of energy in India. Coal is the most dominant source in India’s energy scenario & meets around 55% of primary commercial needs. Around 76% of India’s power generation is coal/ lignite based and Coal will remain India’s main energy source for the next three decades.

Shall we be forced to revert largely to imported and expensive Coal?

Given below is the chart that shows the discrepancy between our demand and supply that is being supplemented by increasing imports-

Coal imports to India. Source: World Coal.

Despite India’s efforts to reduce the volume of coal imports, it appears that the demand for coal is outpacing all of the actions. It is difficult to see this trend reversing anytime soon, unless there is a major delay in India’s plans for development in its economy and infrastructure.

This was the scenario before the present government took over.

In the last year of UPA 2, the alleged Coal Scam happened, which is now being cited as one of the main reasons for the Coal shortage the nation faces now.

What the ‘Coal Scam’ cost the nation and the Power Sector?

After the Supreme Court cancelled allocation of all captive coal blocks in August 2014, the coal ministry reallocated as many as 31 mines via auction to private sector end users in 2015.

Of these, only 12 have got permission to start production. The remaining 19 are still awaiting approval.

At the time of the auction, Goyal said that states would get Rs 1.93 lakh crore in revenue over the production life of these blocks, or Rs 6,500 crore a year. Against that, states have realised proceeds of just Rs 2,543 crore over last two years.

End users, who had already invested in associated power and steel projects, bid aggressively to regain their lost coal blocks. Now most of them find that their business has become unviable and want to surrender coal blocks.

Dismal performance of Goyal as Coal Minister

As per a report in Wire on Goyal’s performance -Even as Piyush Goyal is close to completing four years of his five-year tenure as coal minister, there is little relief for the power sector on the fuel supply front.

If anything, the fuel shortage has worsened for the industry despite Goyal’s promise of turning around the coal sector.

India’s coal imports stood at 217 million tonnes in 2017-18, higher than 212 million tonnes in 2014-15, setting back Goyal’s plan to end India’s dependence on overseas reserves.

The average coal stocks of power plants fell to ten days in 2017-18 from 27 days in 2015-16 while the number of generating stations with critically depleted fuel inventory shot up from two to 56.

After he took charge of the coal ministry in 2014, Goyal had promised to step up coal production and end India’s dependence on imported coal by 2016.

While coal imports have risen by nearly 14% in 2017-18 after dropping initially, Coal India (CIL) is struggling to step up production.

The government had initially targeted 660 million tonnes of coal production target for CIL in 2017-18 but later slashed it to 600 million tonnes. The public sector coal producer has failed to meet even the revised target.

Coming back to WCL, the C&MD admits that meeting targets is going to be difficult for his Company too in view of “adverse geo mining conditions and paucity of of reserves amenable to mega projects.”

But looking to its mounting losses, and growing liabilities, as reflected in their Balance sheet, not just paucity of projects, it seems paucity of funds is going to be a problem too!

Sunita Mudaliar
Executive Editor

(to be continued…)

Mounting losses of Rs.2829.28 crores – has WCL become a White Elephant ?

Nagpur Today : Nagpur News

MUMBAI: A leading jewellery chain has withdrew a one-and-a-half minute long advertisement featuring bollywood actor Amitabh Bachchan and his daughter after it came under attack from a bank union which said it was aimed at
creating ‘distrust’ in the banking system.

“We sincerely regret the inadvertent hurt caused and withdraw the advertisement from all media with immediate effect,” Executive Director of Kalyan Jewellers, Ramesh Kalyanaraman said in a statement here.

He said, “we understand that the advertisement has hurt sentiments of some people including members of our esteemed banking community. Any such hurtful interpretation being drawn is unintended.”

“We state that the creative advertisement was a work of fiction and not a reflection of banking employees at large. Along with crores of Indians, we acknowledge the valuable contribution of the banking community to our country,” the statement said.

All India Bank Officers’ Confederation, an organisation claiming to have membership of around 3,20,000 officers, last week threatened to sue Kalyan Jewellers accusing it of “casting aspersion and hurting the sentiments of millions of personnel” through the advertisement.

AIBOC general secretary Soumya Datta had alleged that the theme, tone and tenor of the Ad were “disgusting, derogatory, to say the least and is aimed to create distrust in the banking system, for pure commercial gain.”

However, Kalyan Jewellers had rejected the allegation, saying it was “pure fiction.”

The advertisement features Bachchan as an old man and Shweta Bachchan Nanda as his daughter.

In the ad, Bachchan, depicted as a person with integrity and honesty, is seen visiting a bank branch along with his daughter to return the extra money credited in his pension account and his bitter encounter with bank employees in the process.

“The advertisement portrays banks in bad light, casting aspersion, hurting the sentiment of millions of personnel, stakeholders and is a direct attempt to ruin the trust and confidence of billions of citizenries in banks,” Datta had
said.

Bachchan had tweeted the video of the ad, saying “Emotional moment for me.. tears welling up every time I see it.. daughters are the best !!”

Popular Malayalam actress Manju Warrier acted as his daughter in the advertisement’s Malayalam version.

AIBOC had said in the ad, Bachchan tried to exhibit his honesty by drumming around that “Honesty doesn’t mean when everyone is watching, rather it is about being honest when nobody is looking at you. But, Mr Bachchan perhaps was unaware that in the process of doing so on screen, he has made a mockery of the entire bankers’ community in the ad which is deplorable and culpable.”

Kalyan jewellers withdraws controversial ad starring Bachchan

Nagpur Today : Nagpur News

Lady Entrepreneurs’ Wing (LEW) of Vidarbha Industries Association organized a session on “Means of Financing your Business for Women Entrepreneurs” which was conducted by Sonali Bhope, Founder Director of Legitimate BizMentors & Advisors (OPC) on 23rd July, 2018 at VIA, Nagpur.

Thereafter, the installation of the LEW Team for 2018-19 was announced in the august presence of Shri Atul Pande, President – VIA and Dr Suhas Buddhe, Hon. Secretary – VIA, the following members office bearers and Executive Committee members for the year 2018-2019 :

Chairperson : Reeta Lanjewar

Secretary : Manisha Bawankar

Advisory Committee : Sarala Kamdar; Prafullata Rode; Madhubala Singh and Sarita Pawar

Immd Past Chairperson : Shachi Mallick

Past Chairpersons : Vandana Sharma; Anita Rao; Anjali Gupta; Neelam Bowade; Y Ramani & Chitra Parate

Vice Chairpersons : Poonam Lala & Indu Kshirsagar

Treasurer : Shikha Khare

PRO : Rashmi kulkarni

EC Members : Mitali Rafique, Minal Khedkar; Yogita Deshmukh & Madhvi Kavishwar

Earlier dignataries were welcomed with signature sapling. Mrs.Shachi Mallick, Chairperson, VIA LEW presented the annual report. Mrs.Prafullata Rode, Advisory committee addressed the audience. Mrs.Madhubala Singh, Advisory committee announced the new team while Mr Atul Pande and Dr Suhas Buddhe handed over their batches. Mr Atul Pande and Dr Suhas Buddhe congratulated the newly Elected team. Mrs.Manisha Bawankar, Secretary,VIA LEW proposed the vote of thanks. The program was conducted by Mrs.Poonam Lala and Ms Shikha khare. The program was attended by entrepreneurs and students in large numbers.

Reeta Lanjewar unanimously elected as Chairperson & Manisha Bawankar Secretary of the LEW

Nagpur Today : Nagpur News

Nagpur: Vidarbha Taxpayers Association (VTA) in its Executive Body Meeting held recently welcomed the GST Council’s resolution to cut rates on several items and simplification of tax return filing process for businesses, which was also requested by VTA to the Finance Ministry and GST Council in VTA memorandum dispatched to them in June 2018.

VTA also hailed by decision by Centre to increased the official maximum load carrying capacity of heavy vehicles, including trucks, by 20-25% besides scrapping the mandatory annual renewal of fitness certificates for freight carriers.

J. P. Sharma – VTA President said that now, we are on a par with the international freight carrying norms for transport vehicles and this will also bring down overloading. Although these new norms will be applicable to the vehicles that would be manufactured after the statutory order comes into effect, but thereafter heavy penalty should be imposed on overloading. Due excessive overloading, roads are unable to withstand its true life; fuel consumption is more which also adds to pollution. VTA is thankful to union transport minister Nitin Gadkari for taking this initiative.

Tejinder Singh Renu – Secretary of VTA said, the decisions relating to simplification of returns and especially keeping the interests of small taxpayers are significant. This would smooth the progress of ease of doing business both for small and large taxpayers which will also help in widening the tax base and are in the right direction to achieve the objectives of GST.

VTA specifically appreciates reduction in the GST rates from 28 to 18 per cent on 88 items. Raising threshold limit from Rs. 1.5 Crore to Rs. 5 Crore for filing of Quarterly returns, which comprise more than 90% of taxpayers, would certainly reduce the compliance burden of small dealers and assist them in channelizing their energy in doing business rather than worrying about monthly tax filings.

Tejinder Singh Renu, who also holds charge as President of Nagpur Residential Hotels Association (NRHA) thanks Finance Minister Piyush Goyal for giving major relief for hotels as GST rate will now be applied on actual tariff and not on published tariff; this will also ease the IT systems for hotel players.

Other prominently present in the meeting were Hemant Trivedi and Amarjeet Singh Chawla – Joint Secretaries, Pawan Chopra – Treasurer, Executive Body Members Praveen M. Agrawal, Govind Patel and others.

Nagpur: VTA hails recent GST changes & rise in load capacity of heavy vehicles

Nagpur Today : Nagpur News

A delegation of ICAI, Nagpur Branch met Rajeev Jalota, Commissioner of State Tax, Government of Maharashtra recently. The delegation was led by CA Umang V Agrawal, Chairman of the Branch along with the Managing Committee members and senior members of the profession.

CA Agrawal said, “We are receiving several complaijnts faced by the assessee and their consulting professionals in uploading the GST returns every month. Some of them are server getting slow of the department, non allowability of revision/rectification of GSTR-3B, problems related to different cash ledger for each type of tax, Composition Scheme and also regarding the prolonged cancellations of GST certificates.”

Further the ambiguity with respect to the Reverse Charge Mechanism and TDS under GST was discussed in detail by the Chairman with the Commissioner. He requested the Commissioner to allow the professionals to comment and provide suggestions on the new return that is expected to be rolled out soon so that post-implementation hardships can be reduced to a larger extent.

The delegation while meeting with the Commissioner pointed various recommendations that the State Government can give to the GST Council so as to minimise the complexities and also help the taxpayers in reducing the time consumed in matching the GST data and consequent filing of the returns. The members also highlighted that a simple, comprehensive and concise GST audit report form is required.

CA Preetam Batra and CA Ritesh Mehta pointed out the anomalies existing in the current GST law while suggesting the Department to adopt GSTIN wise matching rather than Bill-wise matching under the current system. They further highlighted that the State Government should request the GST Council to have a unified advance ruling authorities to avoid discrepancies in the order passed by various State authorities. It was further suggested to allow amend the GSTR-1 return anytime by the taxpayer so that necessary changes may be made for ensuring correct returns are filed by the assessees.

The delegation requested Commissioner to kindly take up the matter with concerned higher authorities and kindly consider request to issue clarification /amendment in law to for chargeability of GST for Works Contract pertaining to pre-GST period where payments are held up and Bill amount also not quantified by authorities.

Responding to the interaction Rajeev Jalota accepted the memorandum submitted by the Nagpur Branch and assured them to take up the issues with higher authorities. He further acknowledge the efforts of ICAI which is continuously providing practical solutions on various matters related to GST law.

He further suggested the delegation of Nagpur Branch to prepare FAQ’s (Frequently Asked Questions) which can be sent across to all concerned officers on matters requiring clarification/guidance. He said, “Department is also taking active steps to create assessee friendly-atmosphere and suggestions are welcomed.”

Prominently present on the occasion were CA Suren Duragkar, Vice Chairman, CA Saket Bagdia, Treasurer, CA Sanjay Agrawal, CA Jiten Saglani, CA Sandeep Jotwani, CA Swapnil Ghate, CA Chandan Patel and other members.

‘New returns under GST should be put in public domain’

Nagpur Today : Nagpur News

Representational Pic

The government today extended the last date for filing income tax returns for assessment year 2018-19 by a month to August 31.

The new income tax return forms were notified early in April and taxpayers (whose accounts are not liable for audit) were allowed to e-file their ITRs till July 31.

“Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘due date’ for filing of Income Tax Returns from July 31, 2018 to August 31, 2018 in respect of the said categories of taxpayers,’ a finance ministry statement said.

Income Tax filing deadline extended till Aug 31

Nagpur Today : Nagpur News

Nagpur: Marketing forum of Vidarbha Industries Association had organized a seminar on the topic ‘Digital or Dead’ by a renowned marketing guru from the city, named, Mr. Sanjay Arora, CEO & Managing Partner Shells Advertising Inc., one of central India’s largest advertising agency and Advisor.

Sanjay rightly said, ‘Business go extinct not because they can’t see what’s coming. But they can’t respond fast enough’. With this he highlighted the pace of progression Digital era has brought in India. He brought some amazing statistics as an eye opener. To reach 50million users radio took 38yrs whereas television 13yrs, internet 4yrs, I pod 3yrs and Facebook only 9months for reaching 100 million users.

Going digital will not suffice your business. Digital plan has to be accompanied with proper strategy to stay ahead in this competitive world. It’s the right time for the business houses to switch to digital marketing rather than adopting the traditional style of print ads.

Dr.Sanjay explained the use of various social media platforms like Facebook and Linkedin to make a few.He added that Linkedin can be called Facebook for professionals and depending on your product/services ,one should take a call as to which would be a better option for paid advertisements.He also explained that how the ratings are done for likes,comments,share etc.Sanjay also explained the difference between page and profile on Facebook and explained the advantages of having business page on Facebook.

Dr.Sanjay also explained about Search engine optimization,AdWords and YouTube.He suggested various ways of increasing your chances of being on the first page of search done on Search engines.He rightly pointed that usually people dont visit second page of search on search engines. He suggested that digital marketing is not only economic but helps to reach your target audience effectively.

He further shared some digital marketing strategy which is a must for every business. According to him one must follow mobile only strategy no matter how your content looks in website it should be designed as per Mobile App.

At the outset, Ms. Shikha Khare, Convener, VIA Marketing forum gave the opening remarks. Welcome address was given by Shri. Atul Pande, President,VIA. Prominently present were Mr. Suhas Buddhe. Secretary, VIA and Mr. Ashit Sinha,Former Vice President,VIA. Summing up & vote of thanks was proposed by Dr.Hetal Gaglani, Co-Convener,VIA Marketing forum.

This program received an overwhelming response and was attended by Professionals, students, businessman, retailers, Industrialists in large numbers.

No longer MOBILE first….Its MOBILE ONLY!!!!

Nagpur Today : Nagpur News

Union Home Minister Shri Rajnath Singh said that in every economy trade and industry pay an important role. They have great value. In fact they are backbone of economic activiteis and artiries of distribution system. If trade closes whole economy will collapse. He said that there are 6.5 Crores of traders and if we allign farmers with them it will become dominating strength of economy.

He further siad that Honorable Prime Minister Narendra Modi has said that by 2022 income of Farmers will double. With increae in minimum support price for agriculture produce the rural income will also increse. This is good news for farmers as well as traders. If farmers have more money at its disposal the traders will get more customers.

Shri Rajnath Singh said that India is fastest growing economy in world. Our economy is 6th largest economy after getting upgraded from 9th in the world. In our economy continues to grow like this, it will be in first 5 biggest economy in the world very soon. In our country there is no shortage of potentiality.

In our country since new govt has come into power GDP is more than the rate of inflation. India has become most preferred destinaton to do business in world. Structural and procedual changes along with ease of doing business has benefitted growth. Make in India has shown growth in manufacturing sector.

Foregin Direct Investment has shown remarkable incrase in these years said Union Home Minister Shri Rajnath Singh. While inaugurating the National Traders Conclave Organised by Confederation of all India Traders, New Delhi at constitution club New Delhi.

Corruption has not been rooted out but has been curtailed and brought under control.

Opening of accounts under Jan Dhan Yojana has helped in financial inclusion of weekar section of society Digitalisation of banking transaction has been given due importance by Govt. Cash is significant but it is to be appriciated that digitisation helps in transaparancy and in ease of doing transactions.

This has helped in Direct Benefit Transfer. E-commerce potential has to be appriciated. Our traders will have to accept e-commerce platfrom to expand their business. Similarly globalisation of economy is a reality and we will have to accept it and get prepared to face it.

Demonetisation was a big decision. The traders inspite of initial trobule joined the Demonetisation movement.

World wide where ever GST was introduced that country faced lot of problems but in our country though their were issues & concerns the sensitive govt took quick steps to remove initial difficulties and accepted the suggestion given to it. He said that govt will continue with amendement whereever necessary. He assured that GST and insolvency code will help in long run.

Earlier B.C.Bhartia National President CAIT welcomed Shri Rajnath Singhji and also proposed Vote of thanks. Praveen Khandelwal Secretary Generay CAIT conducted the proceeding. He raised different issues concerning traders which has been duly replied by the Minister. About 2000 traders from all our the country attended the traders conclave.

Trade & Industry Play Important Role in Economy : Rajnath Singhji

Nagpur Today : Nagpur News

The President of Institute of Company Secretaries of India CS Makarand Lele, visited VIA and interacted with the industrial fraternity. Atul Pande, President VIA, has put the concerns of Industries relating to Company Law, Limited Liability Act before him. Atu Pande discussed about the mandated, issued by Ministry of Corporate Affairs, of filing of new form DIR 3 KYC for all Directors every year.

Atul Pande suggested that this KYC requirement should be clubbed with annual documents which are filed every year. The industry should not be burdened with more and more formalities. Mr Lele appreciated the recommendation.

Omprakash Bagdia requested to take the issue of per day penalty for filing RoC returns, large scale rejection of name send for approval and procedural difficulties in forming company. He also demanded that formation of LLP by persons not having Director Identification Number should be started again as soon as possible. Lele also discussed other issues relating to Insolvency Bankruptcy Code. He assured that the institute will take up and support all these issues before the Ministry of Corporate Affairs.

Atul Pande has also asked Lele to keep and easy exit rout for companies who which to cancel the incorporation. Both the presidents also shared their thoughts on present regulatory framework.

Lele appreciated the role of regional industry chambers and associations like VIA. According to him MSME are large in number and therefore the associations like VIA have eminent role to play in making laws and policies.

Lele also shared thoughts on role of Company secretary in Industry. Dr Suhas Buddhe, Hon. Secretary VIA, also suggested that VIA can frame a program for budding Company Secretaries for giving insight of Industry environment similar to program of VIA for IIM students.

Lele, appraised VIA team about proposed “Chamber Connect” initiative of the ICSI wherein the Company Secretaries will be able to have better co-ordination with Industries. This will help ICSI in getting better insights of need of Industry and also for effective training of Company Secretaries.

Pande also accepted the recommendation of Lele to have Nagpur Chapter Chairman as an ex-officio member of VIA Tax and Corporate Law forum for better co-ordination. At the same time he accepted the request of nominating VIA team member to Nagpur Chapter ICSI as its Co-opted Member.

Omprakash Bagdia, Ex-Vice President of VIA, Sachin Jajodia, Convener of VIA Taxation and Corporate Law Forum, CS Amit Rajkotiya, CS Ashish Garg, Central Council Member ICSI were present amongst other industrialists and Company Secretaries.

VIA has larger role in framing Corporate Law and Policies”

Nagpur Today : Nagpur News

MUMBAI:The rupee depreciated by 5 paise to 68.59 against the US dollar in early trade today ahead of the Reserve Bank’s monetary policy outcome, scheduled later in the day. Dealers attributed the rupee’s fall to fresh demand for the US currency, but a higher opening in domestic stocks limited the fall.

Major currencies were mostly weak against the dollar overseas after reports that US President Donald Trump would propose tariffs of 25 per cent, instead of 10 per cent, in an announcement that may come as early as today.

Policy meetings of the US Federal Reserve (today) and Bank of England (tomorrow), are also keeping investors cautious; although the US central bank is expected to keep rates unchanged.

Yesterday, the rupee had gained 13 paise to close at a fresh two-week high of 68.54 against the dollar on expectations that the US Fed is likely to keep rates unchanged.

Meanwhile, the benchmark BSE Sensex rose 58.95 points, or 0.15 per cent, to hit an all-time high of 37,665.53. NSE Nifty too scaled a new peak high of 11,378.95 in early trade today.

Rupee sheds 5 paise against USD ahead of RBI’s monetary policy outcome

Nagpur Today : Nagpur News

The all India Quality Progress was organized at the institution of engineers (India), Nagpur local Center on 28th and 29th July 2019.

This 16th seminar was jointly organized by the institution of engineers (India), Nagpur local Center and Shreyas Quality Management System (SQMS), Nagpur.

Er. Abhay Harne, Chief Engineer, Koradi 660 MW Thermal Power Station, MSPGCL, Nagpur was a chief guest for the inaugural function. Mr. Abhay Harne during his speech impressed upon the importance of quality in every walk of life. He further said that quality not only improves productivity but also improves the overall outlook towards life. He suggested that the prefix Er. should be retained before writing Dr.

Dr. D. P. Mase, Chairman institution of engineers (India), Nagpur local Center Welcomed the invitees and participants. During his brief he stressed upon the importance of zero defect and also cited an example of Boeing for reposing the confidence among the fliers.

Dr. R. R. Lakhe. Principal Convener, Director of SQMS, during his speech narrated the outline of the program and various activities to be carried out in the two days program. Dr. R. R. Lakhe quoted the example of Chief Guest Er. Harne to extend this concept of walk the talk. He said that Er. Harne developed the garden in the Bhusawal Colony. This has improve the social life of the residents.

Following the inaugural function dignitaries awarded doctorate degree were felicitated. The honors were done to Dr. Sanjay Uttarwar , Dr. S. V. Deshmukh, Dr. ArunKedar, Dr. C. M. Sedani, , Dr. NitinMandavgade.
Vote of thanks was proposed by Er. MilindPathak, Hon. Secretary, the institution of engineers (India), Nagpur local Center.

After the inaugural function, competition of team events (viz. Quality Circle, Kaizen, 6 sigma, 5S, quality award) were conducted along with research paper presentation in two different streams.

Total 19 teams participated form various organizations like CSTPS, KTPS, CUMI, Toyota Kirloskar, Adani Thermal Power station, NTPC Mauda, BHEL haridwar.

A team of kids from ZillaParishad School from KodeLohari (Tah. Tiroda) made an impressive presentation on 5S implementation.

Research paper theme was “innovation and excellence in quality, productivity, environment, energy and safety”. Total 21 papers were presented during course of 2 days. Out of this 14 were research paper and remaining 7 were case study/ project competition.

Fellow ship dinner along with cultural program was organized for participants on 28th July.
Valedictory and prize distribution was organized on Sunday 29th July 2018 at 4:00 pm. Hon. Er. VinayNagdeo, Superintending Engineer, Aurangabad Regional inspection circle, Energy and labour dept. Gov. Maharashtra was Chief Guest of function.

Chief guest of Valedictory function had said that safety should be at top priority in the organization and work place. Secondly he pressed that importance of quality in day to day life. He said that quality is the key of prosperity for any organization. He extends his best wishes and compliments to the all participating team of quality progress 2018 and wish them success for future events.

During valedictory function Dr. SachinUntawale and Dr. S. B. Jaju were felicitated for acquiring Doctorate degree in Engineering.

Dr. R. R. lakhe Principal Convener, Director of SQMS, extended his best wishes to all participants.
Dr. Sanjay S Uttarwar Media coordinator of the QP 2018 extended all information to Radio, TV Channels and print media.

All India Seminar “Quality Progress 2018”

Nagpur Today : Nagpur News

RBI Governor Urjit Patel-led Monetary Policy Committee announced a hike of 25 basis points in the repo rate to 6.5 per cent in its monetary policy statement on Wednesday. This is the third bi-monthly statement by the central bank for financial year 2018-19. Repo rate is the key rate at which the RBI lends short-term funds to commercial banks.

The reverse repo rate stands adjusted to 6.25% and marginal standing facility rate & Bank Rate to 6.75%.

In its last policy review, the RBI had announced a 25-basis-point hike in the repo rate while maintaining its policy stance at ‘neutral’. The June rate hike marked the first in more than four years. Since then, inflation has moved higher, further up from the RBI’s target of 4 per cent over the medium term.

RBI hikes repo rate to 6.5%