Nagpur Today : Nagpur News

Nagpur: MIHAN India Ltd on Friday informed the Bombay High Court that it had never issued a letter of award to GMR Airports Ltd for upgradation of the international airport at Nagpur and had stated that the final decision depended on the Centre”s approval.

MIHAN, a joint venture of Maharashtra Airport Development Company and Airports Authority of India, filed its affidavit before the Nagpur bench in response to a petition filed by GMR Airports, challenging the cancellation of the bidding process for development and management of the Dr Babasaheb Ambedkar International Airport.

GMR Airports in its plea said it was awarded the project by way of a letter of award on March 7, 2019 and hence, annulling the tender in a letter dated March 19, 2020 was “unjust, arbitrary and illegal”.

However, MIHAN claimed that the communication sent to the petitioner on March 7 was only a bid acceptance letter and not a letter of award.

MIHAN said the letter clearly stated that the acceptance of the bid was conditional and required approval from the Union Ministry of Civil Aviation.

As per the affidavit, the state government in December 2017 had set up a Project Monitoring and Implementation Committee and in September 2018, it had received bids for share of gross revenue from Consortium of GVK Airport Developers Ltd with Mumbai International Airport Ltd and GMR Airports.

“Though the bid for share of gross revenue from the petitioner was the highest with 5.76 per cent, it was still financially very low and detrimental to the public exchequer,” the affidavit said, adding GMR was asked to reconsider the revenue share percentage and provide a revised quote.

GMR then increased the bid from 5.76 per cent to 14.49 per cent.

“Following this, by a communication dated March 7, MIHAN only communicated acceptance of the revised bid for purpose of further consideration,” the affidavit said.

It clarified that the communication clearly stated that the acceptance of the bid was subject to approval from the Centre.

MIHAN further said the Ministry of Civil Aviation had expressed its dissatisfaction on the revenue share offered by the petitioner and questioned its financial viability, considering the present revenue being generated by the Nagpur Airport.

“MIHAN is contemplating floating a tender wherein the financial model will be different from the one proposed in the first tender, which now stands cancelled,” the affidavit said.

It also refuted allegations that the decision to cancel the tender was politically motivated and said the decision of re-tendering was taken on October 14, 2019, which is before change in the government on November 28.

The Nagpur bench of HC on Friday posted the matter for further hearing after four weeks.

Never issued a letter of award to GMR for Nagpur Airport Project: MIHAN to HC

Nagpur Today : Nagpur News

The Institute of Company Secretaries of India (ICSI), celebrated its first virtual PCS Day on 15th June 2020 through a series of deliberations on the significant role of Practicing Company Secretaries, Recognitions awarded to them and their emerging areas of practice with eminent speakers from across the country.

Hon’ble Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur graced the occasion as the Chief Guest of the program and appreciated the efforts and role that Company Secretaries have been playing in creating awareness about the reform measures taken by the Ministry of Corporate affairs, Government of India.

Shri Thakur emphasizing on the three ‘Es’ said that “Quality Education and Employment Opportunities will lead to Empowered Company Secretaries who in turn will Empower the country.” In his admiration for the ICSI Motto, Shri Thakur added that “ICSI Motto – Satyam Vada Dharmam Chara – speaks volumes of the values ICSI imbibes in the Company Secretary Professionals, who are going to play an important role in making the Country, one of the top three Economies of the World. The more the world invests in India, the more will be the demand for Company Secretaries in the country.”

CS Ashish Garg, President, ICSI rejoicing the spirit of the day, echoed the sentiments of thousands of Practising Company Secretaries by acknowledging the responsibility showered onto the Institute by the Regulatory Authorities and the Government of India in making India a five trillion Economy by 2024.

“Our commitment and dedication, even in these times of pandemic stands undeterred. I feel an extreme sense of pride and delight to share that even when the entire world including the Indian nation was under lockdown, our Governance Professionals, our Company Secretaries in close collaboration with the MCA Officials have been working tirelessly to process applications for RUN, form SPICe, form AGILE & Form FiLLiP related to incorporation of Limited Liability Partnerships within 1-2 days”, CS Ashish Garg added.

June 15 has been earmarked as one of the most remarkable days for the profession of Company Secretaries, for it was the 15th of June 1988 that Company Secretaries in Practice were accorded recognition for Certifying the Annual Returns under the erstwhile Companies Act, 1956.

A special session with MCA Joint Secretary Shri Manoj Pandey and two Panel Discussions on – “Emerging Ecosystems & Business Framework: Reinventing the Profession”, and “From Profession to Entrepreneurship: The Transformation” redefined the role and responsibility of Practising Company Secretaries in newer avenues and highlighted the adaptability of the Professionals to the digital era.

Shri Manoj Pandey, Joint Secretary, MCA rightly said, “Company Secretaries should now be seen as Corporate Secretaries for they are playing roles beyond that of the traditional Compliance Officers and are helping in bringing in International Business to the country”.

Keeping the sanctity of June 15 as a historic day for the profession intact with professional excellence and dedication, the Institute of Company Secretaries of India celebrates June 15 as PCS Day every year.

ICSI celebrates PCS Day

Nagpur Today : Nagpur News

Nagpur: The Covid-19 lockdown across the country for the past 70 odd days has kept billions of Indians at home, but Nagpur-based Rita Steel & Industries has used the lockdown to brazenly usurp agricultural land belonging to farmers and another adjoining company premise in brazen disregard of the existing laws of the land.

It’s a simple case of using the absence of manpower during lockdown to chop off 70 fully grown healthy trees and blatantly capturing land belonging to Nagpur Power Company and farmers in connivance with local authorities. Says a local farmer whose land was also captured by Rita Steel, “The brutal felling of 70 odd large trees can never be undone. Those trees had survived droughts, famines and many natural calamities. They bore testimony to our ancestors’ land. It is a matter of deep anguish to all of us.”

In mid may, amid lockdown, an attempt was made to widen the pathways passing through the property of Nagpur Power & Industries Limited in Kanhan, Nagpur. On inquiring it was revealed that the local Nagar Parishad was doing some repair works. However, the municipal body as well as the local state Public Works Department (PWD) denied having commissioned any such work. An FIR was filed in the local police station against the illegal construction activities.

On 11 June, 2020, without any prior intimation or reasonable notice, some engineers from the tehsildar’s office and a local contractor by the name of Tushar Rawal along with a team of local police officers arrived on the property to do mojni (survey measurement of land). The collusion of these three authorities emboldened them to forcibly start work on the road.

The team trespassed into the industrial premises of Nagpur Power and caused irreparable damage. They destroyed the boundary wire fencing and poles, uprooted, cut and demolished a large number of fully grown trees and plants and other assets. They then proceeded to illegally build a road with the help of JCB Machines, Dumpers, Falkland etc.. The work continued till next day evening during which they even broke the railway tracks entering the land parcel of Nagpur Power connecting to its railway siding. A complaint to SEC Railways has also been made. In this blatant abuse of power and political influence, a lot of villagers’ farm lands have also been destroyed.

In the suit filed at the Nagpur Civil Court, the petition whose copy is with this correspondent, reads, “(Nagpur Power & Industries Ltd.) submits that the land situated at Survey Nos. 101 and 106 entirely belongs to the plaintiff (Nagpur Power) and there is no Pandhan or the way for the movement or egress or the outgress exists. Under the circumstances, to carry the construction in the private land of Nagpur Power & Industries Ltd. is illegal and in violation of the Law.”

Clearly the lockdown and its consequent stay-at-home norm prompted the owners of Rita Steel whose premise adjoins that of Nagpur Power in Kanhan to commence this illegal work. The connivance of local authorities clearly points to some kind of political influence. While cases have been filed in the civil court of Nagpur, it remains to be seen how the current coalition government formed with support of independents deals with the issue.

Rita Industries at Kanhan usurp agricultural land during Lockdown

Nagpur Today : Nagpur News

Make optimum use of technology & resources to maximise results.

Nagpur Today : Nagpur News

The scope of work and recognition for Company Secretaries in the country, has gone beyond just being a Compliance Officer. They are now called the Governance Professionals and rightly so as they now are seen as a key role player in the Overall Governance Structure of not only the corporates but of the entire country.

The Institute of Company Secretaries of India (ICSI) has been working on developing Model Governance Codes for various entities in the country. Aligning to this momentum the ICSI recently organised a webinar on the theme “Governance – from Grass root to Global”. Hon’ble Speaker of the Loksabha Sri Om Birla was the Chief guest at the webinar.

Appreciating the initiatives undertaken by ICSI during the lockdown, Shri Birla acknowledged the role played by the Company Secretaries in making “Atmanirbhar Bharat” a reality. Shri Birla emphasized on strengthening local governments at the rural and urban levels.

“Company Secretaries are playing a commendable role in strengthening the Business Environment and Corporate Administration of the country and they should further pledge to turn challenges into opportunities and strengthen the rural economy of the country as well “, he said.

The webinar was attended by over sixty thousand ICSI members and professionals.

CS Ashish Garg, President ICSI, briefed the audience about the various initiatives specifically curated by the Institute during the lockdown for the professional development of its members and students. He explained the importance and prevalence of good governance in the country, since ancient times, by sighting examples from our rich cultural past.

CS Dr.Shyam Agarwal, Member Appellate Authority and Past President ICSI, gave an insight of the Four Governance Codes introduced by ICSI in 2017. The Model Governance Code for Gram Panchayat, Corporate Anti-Bribery Code, Code for Charity Governance and the Corporate Governance Code based on Ancient Scriptures had all won accolades from Hon’ble Prime Minister Shri Narendra Modi in 2017.

Prof. Ramesh K Arora, Chairman Management Development Academy, Jaipur, offered several suggestions on reforming the governance system at various levels, particularly relating to monitoring of work and a system of rewards and punishment.

About ICSI

The Institute of Company Secretaries of India (ICSI) is a premier professional body set up under an Act of Parliament, i.e., Company Secretaries Act, 1980, for the regulation and development of the profession of Company Secretaries in India. It functions under the jurisdiction of Ministry of Corporate Affairs, Government of India. The Institute, being a pro-active body, focuses on best and top-quality education to students of Company Secretaries Course and best quality set standards for CS members. The Institute has over 65,000 members and about 3 lakh students on its roll.

ICSI organises live Webinar on ”Governance – from Grassroot to Global”

Nagpur Today : Nagpur News

Jci Nagpur Pharma recently awarded India’s top Sweets Manufacturer Shri Mahesh Vazirani, Managing Director of Shree Heera Sweets Pvt ltd, Nagpur with the ‘JCI BUSINESS ICON AWARD 2020’ for his outstanding service in food processing industry for continued providing services in this crucial time of Covid-19. The Program was conducted at Factory of Shree Heera Sweets,Kamal Chowk,Nagpur. Social distancing was also maintained during felicitation program.

Zone IX Vice President Jc Karan Dilip Motwani was the chief guest of the award distribution. Shri Mahesh Vazirani said during his thank you speech that they had started Heera Sweets in 1952 by his Father late Shri Gurbaxrai Vazirani & in 1991 Mr. Mahesh take over business and takes to Shree Heera Sweets in new height and today’s Heera Sweets is exporting products to 16 countries also. Mr. Mahesh also said Jci Nagpur Pharma team is also Corona Warrior team and also having a main role in this pandemic situation of covid-19.

President Ashish Khatri, Secretary Manoj Jindal, Jcrt Chairperson Pooja Jindal Past president Veerbhan Kewalramani, Nikunj Shahu, Atul Pethia,Arvind Agrawal , Members Govind rughwani, Ankit Sobti, Ritesh ramani, Nikhil Chawla, Daksh Rajpal, Manoj kedia, Sandeep Kedia, Naresh Agrawal, onkar kewalramani were present during the program. President Ashish Khatri compered the event and formal vote of thanks done by secretary Manoj Jindal.

Mr.Mahesh Vazirani Managing Director of Shree Heera Sweets Gets Prestigious JCI Business Icon Award 2020

Nagpur Today : Nagpur News

Owning your land and having your own house has been the golden dream of all the ages. In amongst all the cultures, owning a property has been an important milestone in establishing the success and prosperity of a person or family. Getting your own house has many benefits. The first being, once you are the sole owner of your house, you live a stable rent-free life. Your shelter becomes permanent. Your house also acts as an investment. Property rates are always going up. Your house not only saves you rent but also increases in value with time serving as a double benefit. And finally, your house becomes the heritage that you leave for your children and their coming generations.

Getting a house has become very easy just apply for a mortgage loan. You can take up a housing loan now and pay the EMIs with the money that would have otherwise gone in rent. After your repayment tenure is over, you become the sole owner of the house, turning this into a hit investment.

Here are 5 tips to get mortgage loan on low-interest rates

Down payment: Like most people, you can divide your loan into two parts – Down-payment, and the actual loan. By the rule, you have to make a minimum of 20 % of the purchase price as the down payment. Always make sure to pay the maximum money as you can in down payment. it reduces your loan amount and makes it easy for you to repay your LAP loan interest rate.

Credit Score: One of the most relevant factors in determining whether you will qualify for a mortgage loan is your credit score. Those who don’t know what it is. Your credit score determined the likability of your loan repayment to the lenders. Your credit report is created and maintained based on your past financial transactions. How well you have repaid your loans and EMIs in the past. Maintaining a good credit card report is essential to getting mortgage loans. Some people take up debt from credit cards, and when it comes to repayment, they settle by paying half the amount that they originally owed. It marks the person’s credit card report for settlement and any future loans that the person might take get affected. Better credit card reports result in lower interest rates.

Employment stability: Your financial stability is of prime importance to your lender. If they can verify that you have a stable employment situation, you become a reliable creditor, and you might just get lower interest rates.

Debt-to-Income ratio: Another important factor in your loan approval and interest rate is our debt to income ratio. If you already have a few loans going on your fixed income. You have a higher chance of getting your loan rejected or getting a higher interest rate. Lower your debt to income ratio to get lower interest rates.

Market Research and Negotiation: Whatever deal you are having is not set in stone. Always negotiate for a better offer. Do your market research. Find out the best lender for you and negotiate for the best offer you can get.

5 Tips to Get a Mortgage Loan at Low-Interest Rates?

Nagpur Today : Nagpur News

• Deliveries of the motorcycle start from 20th July 2020 at dealerships across India
• Powered by a 334cc cross port engine delivering 30.64 PS of power and a higher 32.74 Nm of torque
• The company puts in place attractive finance schemes and safety protocols across dealerships for a worry-free buying experience

Nagpur: Jawa Perak has been one of the most anticipated motorcycles of 2020 and now the wait to see the Perak on the road and own this creature of the night is over. Classic Legends Pvt. Ltd. today announced the start of deliveries of the Perak from the 20th of July across the length and breadth of the country.

The Perak is a motorcycle reminiscing the past, yet far ahead of its time. Designed and developed as a factory custom embodying the spirit of ‘Stealth, Vigilante and Dark’, the BSVI compliant machine is a true bobber in spirit and form with ‘bobbed’ fenders, chopped exhaust and a floating seat.

India’s first Factory Custom is powered by a 334cc liquid cooled, single cylinder, four stroke, DOHC engine, producing 30.64 PS of power and 32.74 Nm of torque, breathing out through signature twin Jawa exhausts chopped for the authentic bobber stance.

The time during the lockdown was spent fruitfully by the Perak product team as they managed to crank up the torque by nearly 2Nm from its earlier 31 Nm. The higher torque directly translates to better pulling performance both from standstill and rolling acceleration. This has been achieved with meticulous fine tuning of the engine coupled with the new cross port technology that ensures thrilling performance while delivering cleaner emissions compliant with BSVI regulations. All this power is put to the tarmac via a 6-speed transmission with ratios optimised to offer a great riding experience through the gears.

Housed in a completely reworked chassis with an all-new swingarm, engineered to offer the optimum transverse, longitudinal, torsional rigidity. Frame and swingarm stiffness have been tuned for a linear feel, aiding stability over straights and poise along winding roads. This plays a significant role in improving the handling.

Unleashing the Jawa Perak, Anupam Thareja, co-founder, Classic Legends said, “When we set out to build the Perak, the goal was simple – to create a motorcycle with the right blend of exclusivity, individuality and performance, with a hint of sinister and dark. Built on the idea of India’s first factory custom, the Perak is just that and now it is out on its prowl. We are proud of our creation and today we offer it to our customers to enjoy. We welcome them to the ’dark’ side and hope that nights will never be the same for Perak riders.”

To help bikers give in to temptation more easily, the Jawa Perak is also available with a range of easy finance options. Each Finance Options on offer across Jawa dealerships has something unique. A few highlights are:
• 50% off on first 3 EMIs
• Special EMI plan @ Rs. 6,666/month
• EMI plans as low as Rs. 8,000 @ 2years and Rs. 6,000 @ 3years
• 100% funding | Zero down payment | No income proof required. (T&C apply)

The Jawa Perak was officially launched on November 15th 2019 and the bookings for this factory-custom bobber motorcycle began on January 1st. The motorcycle is priced at Rs 1,94,500, ex-showroom, Delhi. The motorcycle is available for display, test rides and booking at all Jawa dealerships across India.

Classic Legends has put in place a comprehensive standard operating procedure across its sales outlets and the dealerships have been adhering to the policies and measures directed by the Central and State governments with respect to the safety of customers, employees and visitors. The showrooms are functional with teams trained and equipped to follow social distancing, hygiene and sanitation protocols.

India’s first Factory custom, Jawa Perak, hits the streets across the country

Nagpur Today : Nagpur News

Recently Nagpur Branch of WIRC of ICAI, hosted Webinar on – “Office Automation – Ensure Office Working at All Times”. The current global pandemic in the form of COVID-19, has created a paradigm shift on the way a professional should approach work. The ongoing crisis is although a bane but it is important to set expectations right and have a positive outlook at the opportunities and challenges so as to mould in into a boon and ensure office working at all times. Keeping these aspects in mind Nagpur Branch of ICAI had organized an apt program in the form a webinar for CA Members, which was very well attended by more than 150 members.

1. Nihar Jambusaria Hon. Vice President ICAI, Mumbai, lent gracious presence to the webinar and guided the members attending, with his inaugural remarks, on the occasion. He congratulated Team Nagpur led by CA Kirit Kalyani, Chairman, for planning apt webinars including the one on hand, for the benefit of members in the profession. He graced the webinar and lent his words of wisdom on the occasion. He being at the helm of affairs and shouldering the responsibilities as Vice President, shared his rich treasure of knowledge as regards the required approach to understand the importance of Office Automation for ensuring effective working at all times.

CA Nihar Jambusaria, conveyed about the initiatives of the Institute at Central Level, for enabling the members to ensure effective work from home. Information as regards the tie ups including the proposed ones, were shared by him. The Vice President added words to his remarks by saying that before COVID, the Institute was appealing to enable ourselves to ensure office work, all times. Now COVID 19, has duly compelled us to sincerely think on the lines of updating ourselves and ensure continuous working at all times, from home and rather from any place, he conveyed. As regards the four speakers for the program, he said that he knows all of them and the deliberations are going to be really beneficial as they wont be preaching, but infact are practicing in the respective areas and hence will be sharing their personal experiences. Nagpur Branch of ICAI, will really find that purpose of hand holding of members, is effectively served through such Webinars, he remarked. Before concluding, he extended all good wishes to Nagpur Branch in its ventures and members in profession. He ensured his continuing availability for the sake of serving the members and students.

1. Kirit N. Kalyani,Chairman, Nagpur Branch of ICAI, in his welcome remarks, extended warm welcome to Hon. Vice President CA Nihar Jambusaria, for gracing the Webinar with his valuable presence. He also welcomed, the speakers from Mumbai being, CA Murtuza Kanchwala, Hon. Secretary WIRC, CA Adarsh Madrecha, CA. Huzeifa Unwala, and CA Ankit Raipuria, who had kindly agreed to take great efforts and share their treasure of knowledge with respect to various effective modes and manner to plan in the matter of achieving automation in office working. He shared with the members that efforts for the program  were being taken since about a fortnight and the due discussions with speakers will ensure addressing practical concerns of members in profession. Further, the PowerPoint presentations of the speakers will help understand the concepts effectively, he added.

1. Kirit N. Kalyani, went further to add that, on account of unfortunate outbreak of COVID 19, even though slowdown, setbacks, etc. are being witnessed in financial arena, webinar on such topic is sure to prove as a blessing in disguise. This is because, even though need to maximise the use of digitalisation was realised since long, but sincere efforts to ensure the same in practical lives was missing, generally. The webnar on hand, is going to lend effective guidance, he assured. He concluded his remarks by briefing about the forthcoming ventures of Nagpur Branch and wished for fruitful sessions ahead.

CA.Murtuza Kanchwala, Hon. Secretary WIRC, Mumbai shouldered responsibilities as valuable speaker, very well. He shared his treasure of knowledge as regards effective ways for Client management. He went on and on to deliberate on the said crucial aspect in professional lives. He guided the members as regards making effective data base of cllients. Relationship with clients need to be duly valued, he conveyed. Proper nurturing of the same and the ways to ensure win-win professionally viable relation with clients, were few of the valuable takeaways from his deliberation. He guided the members right from making first and positive impression to initiating discussion, dos and donts in the meeting, dealing with technical questions, etc. He also dealt with the required steps to be taken, post meeting with prospective client, including writing a thanks giving mail, required details required to be shared, etc. CA Murtuza, who played a major role in the matter of coordinating efforts for the webinar, as well, before concluding, dealt with the querries of the members and resolved the same very effectively.

1. Huzeifa Unwala, Mumbai,also dealt with his topic very effectively. Digitisation is the only effective solution, to ensure office working at all times, he said. He appealed the members to start building blocks in the matter of journey towards ensuring office automation at reasonable and effective levels. This is because, he said, COVID has really compelled us to think sincerely, on the said aspect. Clients are used to share data of all sort including structured, unstructured, images, etc. In such scenario, he highlighted the importance of data mining being key competence in the digital world. He convincingly dealt with various aspects including artificial intelligence, sales forecasting, marketing, segmentation, real time monitoring, etc. He discussed practical case laws including of Walmart, TCS, etc. He threw due light on the matter of ensuring due precautions to deal with mails from clients, etc. as they are always vulnerable to misuse. He shared to use cloud arrangements for data management, so as to enable access of the same, from anywhere.

1. Adarsh Madrecha, Mumbai,the third speaker on the occasion, guided the members with respect to effective modes of Working Remotely. Crucial aspects including Data Access to Team Members, Collaboration, beautiful initiative of the ICAI about the maturity model, were effectively discussed. Public Collaboration Storage options, benefits and pitfalls, were effectively discussed by the speaker.Tools that can be used for communicating with team members, were discussed. He also guided the attendees as regards Digital Competency Maturity Model Version 2 document, which is aimed at helping the professionals to ensure effective professional life. The said model brought out by Digital Accounting &  Assurance Board of ICAI, effectively enables to make a self assessment of firms to know the level at which we stand. This then, enables us to plan further, to reach the expected milestone in our professional arena, he said.
2. Ankit Raipuria,Mumbai,the last but not the least speaker, guided with the fourth pillar in the lives of professionals. Team Management, was the topic of discussion for him. He effectively conveyed the importance of mutual trust and respect, prompt communication, transparency, acknowledgement of work responsibility, conflict resolution, leader – subordinate relation, etc. He also shared his profile in professional arena and guided the members with the crucial aspects of task management including from receiving data, verification, effective compilation, etc. He shared idea about practice management softwares to effectively excel in our lives. He went on to add words of wisdom to his deliberation and also conveyed tips to make team work effectively from home or from any place. He highlighted the importance of team review and team spirit in the matter of effectively serving on professional front.

CA Akshay Gulhane, Chairman WICASA Nagpur Branch, effectively coordinated the webinar. He moderated the questions raised during the program and helped resolve the same through speakers. Prominently present among the attendees included CA Jiten Saglani, Secretary, CA Sanket Gala, CA Premlata Daga, CA Garima Gupta, CA Chaitra Salankar, CA Vicky Waghwani, and more than 150 members.

Office Automation is the Need of Hour for Chartered Accountants to Ensure Effective Office Working at All Times –CA Nihar Jambusaria

Nagpur Today : Nagpur News

Equity benchmarks defied gravity for the fourth straight session on Monday as robust buying in banking, financials and IT counters offset lacklustre global cues amid mounting COVID-19 cases. Starting the session on a positive note, the BSE Sensex marked the day’s high at 37,478.87, before closing at 37,418.99, up 398.85 points or 1.08 per cent. Likewise, the broader NSE Nifty climbed 120.50 points or 1.11 per cent to end at 11,022.20.

The Sensex has now gained 1,385.93 points in four sessions, while the Nifty has advanced 414.85 points. Bajaj Finance was the top gainer in the Sensex pack on Monday, spurting 4.23 per cent, followed by Bajaj Finserv, HCL Tech, Tech Mahindra, Infosys, HDFC Bank and ICICI Bank. Market heavyweight HDFC Bank accounted for most of the gains on the benchmark after posting strong results over the weekend.

The country’s largest private sector lender clocked a nearly 20 per cent rise in standalone net profit at Rs 6,658.62 crore for the June quarter on the back of healthy interest income driven by growth in advances. Sun Pharma, NTPC, Maruti Suzuki, Kotak Mahindra Bank and L&T were among the losers, shedding up to 3.86 per cent. —

Markets continue bull run despite Covid gloom

Nagpur Today : Nagpur News

Beginning a strong call for China Quit India , the trade Associations across Country will stage a demonstration under the umbrella of the Confederation of All India Traders (CAIT) on 9 August, the Quit India movement day under CAIT’s mission “ Bhartiy Saamaan – Hamara Abhimaan “ for boycott of Chinese goods. The trade associations will raise the bugle for a movement against the across the country and will make loud slogan china Quit India” in about 600 cities of Mr. BC Bhartia, National President and Mr. Praveen Khandelwal, Secretary General of the CAIT said that in view of the way China has occupied the retail market of India through Chinese products in the last 20 years under a long strategic planing and also the changed circumstances, it is very important to liberate the country’s retail market from Chinese products and create a self-reliant Indian market and to reduce Country’s dependence on China.

They said that the people of the country supported the CAIT campaign of celebrating the recent Rakshabandhan festival as Hindustani Rakhi and completely boycotted the Chinese Rakhi as a result of China has suffered a loss of Rs. 4 thousand crores rupees. It is clear from the fact that if the people of the country take a resolution and boycott Chinese goods, then India’s business can get independence from China very soon and 7 crore traders of the country under the leadership of CAT have taken this resolution firmly. .

Mr. Bhartia and Mr. Khandelwal announced today that all the upcoming festivals celebrated in the country will be celebrated using Indian goods and Chinese goods will not be used at all. They said that the upcoming festivals include Janmashtami, Ganesh Chaturthi, Navratri, Dussehra, Dhanteras, Diwali, Bhaiya Dooj, Chhath Puja and Tulsi Vivah will be celebrated in full form in traditional Indian way and especially this year Diwali will be celebrated across the country as Hindustani Diwali. CAIT has already started extensive preparations for the upcoming festivals.

Mr. Bhartia and Mr. Khandelwal told that under the China Quit India campaign, the government will be demanded to immediately ban Chinese company Huawei in rolling out the 5G network and also order exit of Chinese companies that have invested in the startup units of the country and provide necessary financial assistance to such startups. According to the government steps , 59 Chinese apps have been banned in India and in the same line the government should immediately ban the remaining Chinese apps. Praising the Central Government for taking all steps from time to time in recent past, the Govt has rejected the participation of Chinese companies in various projects of the government, on the same lines, border areas, security related areas. where Chinese machines having IOT devices is being used should be banned since this device can inform the companies based in China, what work is being done by those machines, how much work is going on and other strategic and Important information can be sent which can be misused. All the above steps are necessary to safeguard the country.

CAIT to launch China Quit India campaign on 9 August

Nagpur Today : Nagpur News

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Recently Nagpur Branch of WIRC of ICAI, successfully hosted Virtual CPE Meet cum Webinar on – “RERA – CA Certification & Audit under MAHARERA”. The current global health crisis in the form of COVID 19, has compelled to avoid fellowship meets including seminars and conferences for CA Members. However, Nagpur Branch of ICAI, continuing with its commitment to serve the cause of profession, continuously is organising webinars of due relevance for members. Hopefully, when this phase of prescribed compulsions gets over, Chartered Accountants will be facing challenges to revive the work flow on all fronts, including representations before concerned authorities, to convince with respect to the appropriateness of workings in the matter of certifications, etc. and audit reports concerning builders and developers fraternity. With this in mind and to enable members update their knowledge bases, Nagpur Branch organized webinar.

Shri. Girish Joshi, Dy. Secretary MAHARERA, graced the webinar with his gracious presence and congratulated the efforts of Nagpur Branch in the matter of serving the fraternity under the able leadership of CA. Kirit Kalyani. He thanked Team Nagpur to give opportunity to interact with CA Members and hence able to share the initiatives and steps taken by MAHARERA Department, to ensure transparency and fair deal to the concerned stakeholders. He added to his inaugural words that, security for the people buying the property was wished to be ensured. This formed one of the core reasons to find the Act, in place, he conveyed. He shared concerns about the land records in place and said that the same need to be improved.

Shri Joshi, remarked that Chartered Accountants, Architects, Engineers and Agents are strong pillars for ensuring provisions in the interest of all and buyers, specifically. Chartered Accountants are the effective links between department and the assesses, to ensure due compliance, he added. Chartered Accountant plays an important role in the matter of providing value added consultancy to builders and developers on one hand and ensuring effective implementation of concerned provisions, on the other hand, he said. Law needs to be duly enforced and hence proper reporting for smooth implementation of MAHARERA provisions, is need of hour. This needs to be ensured to achieve desired transparency in the deals concerned. Before concluding, he ensured that the officers at MAHARERA Department at Nagpur, are always available and will help resolve any querries, etc. of the stakeholders.

CA Kirit N. Kalyani, Chairman of Nagpur Branch, remarked that, in these testing times because of unfortunate health crisis in the form of COVID 19, members were missing live seminars for getting due updation in the areas of professional interest. However, webinars getting organised and that too at regular intervals, duly are serving the purpose, in the best possible manner, Chairman remarked. He was happy to share that Nagpur Branch of ICAI, because of past presendence is fortunate to find best ever faculties to have guidance in the matter of topics concerning our professional lives. Also, it lends due satisfaction to Team Nagpur because of being duly able to enable the Chartered Accountant members ensure enviable edge at all times, CA Kirit Kalyani remarked. He also duly recognised the commitment to serve the cause of profession of Shri Girish Joshi, Dy. Secretary, MAHARERA Chief Guest and Speaker CA Ramesh Prabhu, Mumbai for taking great efforts and agreeing to deliberate and guide the members regarding RERA – CA Certification & Audit Under MAHARERA, of due relevance in professional arena.

CA. Kirit N. Kalyani, went further to add that, slowdown, setbacks on account of unfortunate outbreak of COVID 19, etc., are bound to be over, at the earliest possible time. He said RERA has given immense opportunity to the practising professionals such as Chartered Accountants and is important to effectively serve in this field in these testing times, as it is expected to be one of the major contributors in the growth of Indian economy. To make members aware of the said, one of the appealing areas in profession, Nagpur Branch has organized this webinar in the best manner possible, for serving the members, he remarked. He revived the memories of visit of faculties at Nagpur on previous occasions and shared the same with them to duly acknowledge their nice gesture to remain available for guiding the members, at all times. Before wishing to have joyous and fruitful learning sessions, he appealed the attendees to remain in touch with efforts and ventures of Nagpur Branch, to stay updated at all times.

CA Ramesh Prabhu, Mumbai, the resource person, shouldered his responsibilities to guide the members, very effectively. He presented his deliberation by classifying the same in three parts to make it simple and convincing for the attendees. He guided the members with all the critical aspects namely Overview, Certificates and Precautions and methodology to carry the audit. His indepth knowledge in the field was evident. He shared that Maharashtra became pioneer state in the year 2012, for implementing the Act. He went further to guide about the provisions of the MAHARERA Act which was implemented from May 2017, he added. The main purpose of the Act included provisions to plug loopholes either under earlier act MOFA [Maharashtra Ownership of Flat Act] which was for under construction property and was lacking due enforcement provisions, he conveyed. If something wrong doing was evidenced, customers needed to go to court for either civil or criminal matters, etc. Hence RERA came into picture to ensure transparency and efficiency of operations on part of builders and to promise fair transaction for consumers.

CA Ramesh Prabhu, fondly called as Housing Guru, went on and on to enlighten the members attending the webinar. He said that because of the provisions with respect to registering the project and agents, stakeholders and builders get secured. He clarified that both the cases of freehold and leasehold rights are also covered. He said that the parties entrusted to ensure effective implementation of provisions include architechts, engineers and Chartered Accountats. Further, it goes without saying that as the stakes are high, professionals need to be very careful while certifying, he remarked. He included various practical cases to make his presentation effective. He shared that, even housing society is also required to register. Further, penalties for non compliance are very heavy and the same can go upto thirty percent of cost of project, he added. He guided as regards disclosure requirements of inf by promoters. Registration procedure was also effectively discussed. He threw light on the provisions concerning consequences of revocation of registration of real estate project by the authorities on complaint from stake holders or suo moto, as well. Formats of certificates to be given by various professionals including architects, engineers and CAs, he shared. Chartered Accountants are entrusted with the crucial task of certifying from books of account as regards cost incurred on land and construction. This certificat effectively gives drawing power, he conveyed. Issues and intricacies to find the land cost and construction cost he shared. Value of land as per annual statement of rates is the basis to certify, important point he put forth. He resolved the querries of members after his effective deliberation.

CA Suren Duragkar, Past Chairman, coordinated the VCM. CA Jiten Saglani, Secretary, introduced the resource person for the event and proposed formal vote of thanks, as well. Prominently present on the occasion were CA Akshay Gulhane, Chairman WICASA, CA Harish Rangwani, Executive Committee Member, CA Prafulla Bagdi, CA Mohinder Chawla, CA Anu Bajaj, CA Parikshit Loya and more than 200 Chartered Accountant participants.

Chartered accountants are the effective lnks between MAHARERA department and assessees-Girish Joshi

Nagpur Today : Nagpur News

Nagpur: The Nagpur Vidarbha Chambers of Commerce ( NVCC ) has showed concern on the decision taken by nmc commissioner tukaramji mundhe of compulsory covid testing for all businessman and their staff without which the can not do their business activity. Being a member of your organisation and a businessman, reads the statement issued by Mohanlal Kisanlal and Vijay Agrawal, the president, NVCC,civil line Nagpur

On one side, nmc or government are lack of hospital beds, doctors, ventilators, medicines etc and other side they want to test all the people who have zero symptoms of covid-19 disease. Even if we conduct test at the given centres, how much should we trust the reports generated because as per the history and data, there have been instances where 1 patient has got 2 different results in 2 different labs on same day. Apart from this all businessman will have to visit the nmc centre to get the test done which will increase the chances of us meeting with more people publicaly eventually making us more prone in getting infected by covid.

Other organisations nccl has opposed nmc’s decision. Therefore we request you to please re think on the above decision and also sign a petition from all the members of the organisation in order to support.

NVCC Skeptical Of NMC Decision Of Compulsory Covid Testing For All Businessman

Nagpur Today : Nagpur News

Nagpur : NVCC President Ashwin Mehadia hoisted the national flag at the Nag Vidarbha Chamber of Commerce (NVCC) headquarters in the Civil Line area of the city on Saturday as part of the 74th Independence Day celebrations.

NVCC office bearers were also present during the event, which took place amid tight Covid-19.

In PIC: Flag hoisted at NVCC

Nagpur Today : Nagpur News

Recently Nagpur Branch of WIRC of ICAI, successfully hosted Webinar on – “OPPORTUNITIES AT USA”. The current global health crisis in the form of COVID-19, has put the things temporarily on pause mode. But, the phase has favourablycompelled us to think that, rendering of services to a client at a distance of 10Kms. or 20000 Kms., through online mode, is one and the same. To carry the said thought process further and to effectively make use of surplus time at disposal, Nagpur Branch organized International Webinar, for helping members to mark their presence in professional arena at abroad including USA, as well.

CA. Amarjit Chopra, New Delhi, Hon. Past President ICAI,lent gracious presence to the webinar and guided the members attending, with his inaugural remarks on the occasion. He congratulated Team Nagpur led by CA KiritKalyani, Chairman, for planning apt webinars at right juncture of time. His commitment to serve the fraternity was evident. Country feels proud because the distinguished speakers from USA for the webinar, belong to India and are bringing laurels, he proudly added. Indian Chartered Accountants are able to carve a niche for themselves at any place in world, including at USA, he opined convincingly.

CA. Amarjit Chopra, shared his experience as regards professional opportunities abroad including at Middle East. He addedthat it gives proud feelings to find around 60 to 70 % CFOs’ are Indian CAs. He shared his experience with respect to Europe as well. If UK is excluded, and thought of Spain, Germany, etc., language can become a barrier to certain extent. But USA can prove to be a good source of opportunities, because of English speaking population there. Before concluding, he appealed the members attending the webinar to listen patiently and get the querries resolved from the apt resource persons.

CA.DhirajKhandelwal, CCM, Vice Chairman of Committee for Export of Professional Services and WTO, graced the occasssion and guided with his key note remarks. He conveyed thatopportunities for CAs are immense at overseas. Professsionals can plan to work from India itself and excel professionally by serving to clients abroad, as well, he opined. CAs are able to render services to any part of world. Webinar will serve the purpose for members of Nagpur Branch to find newer opportunities and / or resolve queries, doubts, etc. He added to his remarks and said that three basic ingredients viz. knowledge of language, culture andrequired infrastructure, are the prerequisites to think favorably in the proposed direction. He wished all good wishes to Chairman CA KiritN. Kalyani and Nagpur Branch in its ventures to serve the members in profession.

CA. Rakesh Jain, Former Chairman, US Chapter of ICAI, deliberated nicely as a resource person on the occassion. Strategising is must to excel in profession, he said. He appealed the members to follow tier three approach to effectively explore professional opportunities at USA.He went on to add that its must to have required credentials and tools, knowledge of legal structure to avoid any sort of possible litigations and effective execution and delivery of work, are the required keys to success. He guided as regards CPA Qualification which is prerequisite to start practicing at USA. Also, it is required to have attestation and auditing services, he added. Registration with IRS is required to go for consultancy in the matter of taxation, he added. For instance, if planning to serve in the field of book-writing services, he said that everything is driven by tax return preparation services eventually. Hence, it needs to be in coordination with the consultant for the same, so as to ensure one stop shop for the required services, he remarked.

CA. Aradhana Aggarwal, Former Chairperson, US Chapter of ICAI, shouldered responsibility to guide as another resource person, very effectively. Services that can be provided while being in India, were discussed. Types of services majorly pertain to regulated and non-regulated markets, she conveyed. As regards first one, generally assurance services are the required major services and for that CPA Qualification is must. For second sort of services, accounting, advisory, management consultancy, etc. can be thought of. She also guided with respect to forms and compliances. US is a land of opportunities on one hand and land of laws on other hand, she remarked. Changing landscape of technology, client satisfaction, integrate applications including erp systems, accounting softwares, tax softwares, etc. and knowledge of informal culture at USA, need to be duly considered to plan and provide effective professional services, in the long run, she opined.

CA. Praveen Jain, USA, the third speaker on the occasion, also guided effectively. Since 2015, reporting for FATCA Compliances is in place, he said. Clients having US Corporation Entitites need to comply with various prescribed forms, he conveyed. He guided with respect to financial control concept, transfer pricing, reporting requirements with respect to related party transactions, etc. and penal provisionsfor non-compliances. He guided with respect to the CPA Examination. Prescribed procedure and formalities were dealt in detail by the speaker.

CA. Kirit N. Kalyani, Chairman, Nagpur Branch of ICAI, in his welcome remarks, extended warm welcome to the attendees of the webinar. He further welcomed CA Amarjit Chopra, Hon. Past President, ICAI, Chief Guest and CA DhirajKhandelwal, Hon. CCM, for gracing the International Webinar with their valuable presence and agreeing to guide the members, as well. Chairman also duly welcomed, the speakers from beyond geographical borders,who had agreed to take great efforts and share their treasure of knowledge with respect to scope for export of professional services, beyond borders.

CA. Kirit N. Kalyani, went further to add that, unfortunate slow down, set backs, etc. because of outbreak of COVID 19, are bound to be over, at the earliest possible time.To make members aware of the various appealing areas in profession at USA which is fondly known as land of opportunities, Nagpur Branch has organizedthis webinar in the best manner possible, for serving the members, he remarked. He revived previous intereactions with resource persons and conveyed that US People know about the strength of Indian CAs being high cultural values, knowledge of English, adaptability, hardworking, passion, etc. and all these core factors need to effectively channelized to explore the opportunities in store, he added. Before concluding, healso appealed the attendees to remain in touch with efforts and ventures of Nagpur Branch to stay updated at all times.

CA AkshayGulhane, Chairman WICASA, effectively coordinated the webinar. He along with Chairman CA KiritKalyani, moderated the questions raised during the program and helped resolve the same through speakers. CAJitendraSaglani, Secretary,proposed formal vote of thanks on the occasssion.

Prominently present among the attendees included CA SaketBagdia, Vice Chairman, CA Sanjay Agrawal, Treasurer, CA Suren Duragkar, Immediate Past Chairman, CA Harish Rangwani, Committee Member, CA Arvind Bhansali, CA Rajesh Bora,CA Mohinder Chawla, CA Hitesh Gadhiya, CA Meera Dsouza, CAYogeshKabra and more than 250 CAs.

INDIAN CAs Are Able To Carve Niche For Themselves At Any Place in World – Amarjit Chopra

Nagpur Today : Nagpur News

RawMatt Industries Pvt.Ltd. has launched the revolutionary change in Nagpur’s fuel system by introducing CNG gas nearly an year ago and so far have converted a very large number of vehicles into CNG excluding NMC buses and Dutta Meghe buses. RawMatt Industries Pvt.Ltd. had partnered with Italian Kit manufacturer Tomesseto Achilles to convert cars into CNG with best performance which has brought us to the topic why should you also look forward to convert your vehicle in CNG and we have included few testimonies from RawMatt’s customer to shed some light on this topic.

CNG cars have substantial increase in its mileage. By driving in petrol and diesel cars we add more pollution to the environment and suffocate ourselves although CNG is a 0 emission gas so it does not affect the environment and also gives 5 years of additional life to your vehicle. CNG cars are the highest selling cars in cities like Pune, Mumbai & Delhi. So, companies like Maruti and Mahindra have already launched CNG vehicles in Nagpur like, Wagon R, Swift, Swift Desire, Celerio, Ertiga & Maruti Eco and Mahindra Jeeto CNG. (These above Cars are available at Nagpur’s Maruti & Mahindra dealers)

Satish Kulkarni had converted his car to CNG before most other people come to know about it, we spoke to him and he said,”I have converted my vehicle to CNG at convenient price and got better mileage and better performance.” Hemant Dhalwale converted Honda Amaze and he said,“Extremely happy with my car’s performance and with the service provided by RawMatt Industries.” Pravin Itankar converted his alto told us, “100% satisfied with the service, I have call RawMatt during lockdown for some help and they reached at my place within an hour and resolved my problem, I have long runs every day so running on CNG had made me save Rs.3000 every month.”

Our operational pumps are at Wadi Naka No.10, Amravati Road, Nagpur & Near Automotive square, kalamna Road, Nagpur.
Our pumps coming at Khapri Naka, Hingna Naka, Ghat Road, Katol Road.
Kindly reach us at RawMatt Pvt. Ltd. – 1800120887744

RawMatt partnered with Tomesseto Achilles to convert cars into CNG in Nagpur

Nagpur Today : Nagpur News

Nagpur: City Iconic Entrepreneur, Philanthropist and Investor Ravi Omprakash Agrawal has acquired 3,76,109 shares on August 19th 2020, which resulted in an acquisition of total 6,00,60,010 equity shares of Infibeam Avenues LTD.

He along with persons acting in concert Suraj Omprakash Agrawal, Amit Ravi Agrawal and L7 Hitech Private Limited have acquired the equity shares. Ravi now represents 9.05% of the total issued and paid-up equity share capital of Infibeam Avenues — The leading digital payments and e-commerce technology platforms company.

Technology and e-commerce have been a part of people’s lives forever, but during this unfortunate time of COVID-19, it holds an important role. “With social distancing playing a huge role in our lives recently, digital payments and e-commerce platforms will further flourish.”

Says Ravi. His interest in technology has been seen through his initiative of supporting free technical education in tailoring and computer programs for many people.

Ravi has certainly been optimistic about digital payments and e-commerce to be precise. 

Ravi Agrawal’s business skills have taken L7 from the ancestral trade to a colossal dynasty of L7 group of companies.

He joined the family business during his first year of graduation and his judicious strategies proved to be highly beneficial for the company. Ravi’s personality highlights his strong business acumen.

Investor Ravi Agrawal Raises Stakes in Infibeam Avenues

Nagpur Today : Nagpur News

TRADERS WELCOME COIVD-19 TESTING PROTOCOL NOTIFIED BY STATE GOVERNMENT : NVCC

Nagpur: Nag Vidarbha Chamber of Commerce (NVCC) representing 13 lac traders from the Vidarbha Region welcomes Government of Maharashtra’s order dated 21/08/2020 directing authorities below to refrain from directing traders and their staff for undertaking Covid test if there are no symptoms in them.

Ashwin Mehadia, President-NVCC appreciating the timely response of the State government by issuing the covid testing protocol, making it clear that testing is to be done only when there is any symptom or the person falls under high-risk category said that, we are expecting similar response from government in the matter of Trade License order issued by Nagpur Municipal Corporation which is ultra-vires to Article 14, 19 and 21 of the Constitution of India.

Adv. Sanjay K. Agrawal, Vice President-NVCC said that, the recent order issued by Nagpur Municipal Commissioner, mandating every shop/office to obtain trade licence from Corporation is not only lacks jurisdiction but also is in violation to procedure prescribed for under the Maharashtra Municipal Corporation Act 1949. Commissioner without following the provisions to make, add, alter or rescind the rules, regulations and bye-laws by Corporation has directly issued the Trade License Order.

Agrawal further said that, the Section 376 of the MMC Act, under which the order is claimed to be issued, in unequivocal terms states that only specified things, trades and operations as specified in rules can be asked to obtain a license. The list of goods, trades and operations which can be regulated by Commissioner are mentioned in Chapter XVIII of Schedule-D of the MMC Act. The Act doesn’t empower the Commissioner to control the goods, trades and operations not mentioned in the said chapter. The Commissioner in his order has prohibited every trade and profession (including offices of Advocates, Engineers, Charted Accountants, Company Secretary, Banks, Insurance, Cooperative Society, etc.) within the territorial jurisdiction of Nagpur Municipal Corporation to operate without obtaining a trade license. Thus, the said order is ultra-vires to the provisions of the MMC Act, he added.

Ramawtar Totla, Secretary-NVCC, in reference to Commissioners first statement in press that, the trade license will enable the civic body to know the details of business and services operating in its jurisdiction and accordingly make necessary provisions in the new development plan (DP) in making, and second that said data is required by Centre for Smart City Project said that, introduction of new license raj is not required to gather such information, same can be procured from the Shop & Establishment Department at the click of a button. Shop & Establishment Department of our State is now fully computerised and operational, at least in Nagpur. Totla further said that, the order promotes duplication of work, NOC from fire department and zoning certificate is obtained by builder before construction and sanction of building plan, the order stipulating to again obtain the same as condition precedent for issuance of license is sheer wastage of precious man-hours of administration and public as well.

President, Ashwin Mehadia and Secretary Ramawtar Totla appealed traders, not to apply for trade license till further notice and they should inform Chamber if any coercive action is taken by NMC officers or they pressurise for applying or obtaining trade license.

Informs a press release issued by RamawtarTotla, Hon. Secretary of the Chamber.

Traders Will Not Apply To Corporation For Trade License: NVCC

Nagpur Today : Nagpur News

Nagpur: Dipen Agrawal, President of Chamber of Associations of Maharashtra Industry & Trade (CAMIT) welcoming the order dated 21.08.2020 issued by Government of Maharashtra clarifying that traders and their staff is not required to get Covid-19 tested if they do not have any symptoms, said that this is clear indication to all nodal officers to judiciously use the discretionary powers conferred on them under the Epidemic Act and Disaster Management Act.

CAMIT had strongly objected to the irrational diktats issued by nodal officers across the state making it mandatory for traders and their staff to undertake Covid-19 test and in some cities, it was directed to get tested at private labs. Maharashtra Governments covid-19 testing protocol order has saved many citizens from contacting the virus by mingling with doubtful cases in government/private testing centres, he added.

Dipen Agrawal, expressed gratitude to Chief Minister, Uddhav Thackeray, Guardian Minister (Nagpur), Dr. Nitin Raut for sensitively considering the hardship being faced by the traders due to corona-virus pandemic and saving them from the mental agony and financial burden of uncalled for Covid testing. He also expressed gratitude towards the Mayor, Sandeep Joshi and all elected members of political fraternity for supporting and taking-up the trader’s rightful demand to recall the mandatory Covid testing order.

Dipen Agrawal, appealing to Chief Minister, Uddhav Thackeray, Guardian Minister (Nagpur), Dr. Nitin Raut said that, business community and professionals from Nagpur expect similar justice from State Government in the matter of untenable Trade License order issued by Nagpur Municipal Commissioner recently.

CAMIT welcomes Maharashtra Government’s Covid-19 testing protocol order : Dipen Agrawal

Nagpur Today : Nagpur News

Chairman of Chamber of Small Industry Associations Vidarbha Shri Mayank Shukla, informed that less than 40% industries under MSME sector are working to the extent of more than 50% of its capacity. Under these circumstances, the Industries particularly under micro and small category are facing numerous problems like funds liquidity crunch,migration of labour problems, procurement of further orders and execution of existing ones,supply chain,transportation and fulfillment of statutory compliances etc

Delayed payments from suppliers particularly from PSUs, Corporates and large scale Industries adds fuel to their woes.CA Julfesh Shah,Vice Chairman,COSIA said that although RBI has announced extension of moratorium upto 31st Aug 2020,still MSME sector is reeling under tremendous pressure & facing a stiff challenge to reasonably survive in this peak COVID period & in view of this the moratorium period on the financial facilities availed by them need to be further extended till 31st Dec 2020.Mr Shah further added that in the present situation if moratorium period is not extended it may lead to rise in the number of overdue accounts & eventually may increase NPA percentage considerably in the MSME sector.

Although number of relief packages are announced by the Govt.for MSMEs, but the situation has not improved to the extent desired.Under such situation it is urged by COSIA to the Finance Ministry & MSME Ministry that clearance of outstanding payments to micro and small level Industries needs to be done on topmost priority, otherwise several micro and small scale Industries are likely to be permanently closed thereby creating a huge job cuts and reduction in direct and indirect employment.

Shri Shukla has further urged the Goverment to expedite the release of relief offered to MSME sector.Simply relaxing norms do not help the actual beneficiaries but it only broadens the area of its scope.

It is also most earnestly urged that the Provident Fund relief granted by the Government needs to be further extended upto December’20. This relief of contribution of PF on behalf of Employers and Employees (Total 24%) has enabled employers with more liquidity and employees to carry heavier pay packets.This also improves the purchasing power of employees thereby creating demand in market and strengthening Nation’s Economy to certain extent.

COSIA has also humbly appealed to Government to remove the rider of eligibility criteria that is having an employment more than 90% drawing below 15,000/- per month.This will enable more number of beneficiaries to take its advantage.

CA Julfesh Shah said that in the present scenario when the Unlock 3.0 is half heartedly implemented that too by few states because of COVID-19 fear still persisting, it is utmost important to continue with moratorium and relief package for MSME sector till December’20 which will provide some solace to the under pressure trade & industry at large.

COSIA Urges Government to Extend Moratorium and Relief Period for MSMEs