Do not Blame Execution if Thought Itself is Improper: Rajiv Bajaj on Demonetisation

Mumbai: With the adverse impact of note ban continuing to hamper two-wheeler sales, Bajaj Auto Managing Director Rajiv Bajaj on Thursday said the idea of demonetisation was itself “wrong” and it is incorrect to blame only the execution side of it.
“If the solution or the idea is right, it will go like a hot knife through butter…if the idea is not working, for example, demonetisation, don't blame execution. I think your idea itself is wrong,” Bajaj said at the annual Nasscom leadership forum here.
Prime Minister Narendra Modi had on November 8 last year scrapped all the Rs 500 and Rs 1,000 notes, with a view to check the black money.
Massive cash rationing was introduced as the new replacement notes were in short supply. The ban on 86 per cent of the total currency worth Rs 15.55 trillion in circulation impacted economic activity across sectors with the consumption-driven ones being the most affected.
Notably, the two-wheeler sales are yet to recover from the impact of demonetisa..

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Vodafone Brings in Former India MD to Work on Merger With Thought

New Delhi: British telecom major Vodafone has brought in Martin Pieters, former Managing Director and CEO of its Indian arm, to work on proposed merger of Vodafone India with Idea Cellular, sources said.
Vodafone Group Chief Executive Vittorio Colao is also likely to brief all business heads of the Indian arm over a conference call next week about the proposed merger.
“Martin Pieters has reached India to oversee proposed merger of Vodafone India with Idea Cellular. Vittorio (Colao) will brief all business heads of Vodafone India over a conference call on the merger on February 24,” said a source. Vodafone declined to comment.
Pieters, the longest serving Chief Executive Officer of a telecom firm in the India, who stepped down on April 1, 2015 to be succeeded by present Vodafone India MD and CEO Sunil Sood.
If the deal is successful, the combined entity will create largest telecom player in the country with revenue share of around 40 percent and over 380 million subscribers base, as per..

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Xiaomi Elevates India Head Manu Kumar Jain as World VP

New Delhi: Chinese handset maker Xiaomi has elevated its India Head Manu Kumar Jain to a global role as its Vice President.
“Manu, congratulations from the entire Xiaomi family on your promotion to Vice President of Xiaomi!,” Xiaomi said in a Facebook post.
Under Jain's leadership, Xiaomi's operations in India expanded from a small team into the second largest smartphone vendor in the country with 10.7 percent market share, the post added.
Apart from being the VP of the company, Jain will also be Managing Director, Xiaomi India.
Industry watchers said Jain's elevation indicates the importance of the Indian market, which is one of the fastest growing one globally. Xiaomi crossed the USD 1 billion revenue mark in India last year.
Recently, Xiaomi's Vice President Hugo Barra had put in his papers to return to the Silicon Valley and lead Facebook's virtual-reality efforts, including the Oculus VR.
Barra was considered as the face of the company and his exit was see..

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GST Council Approves Regulation For Compensating States’ Income Loss

Udaipur: Making some headway, the GST Council on Saturday approved a law to compensate states for any loss of revenue from implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
Legal language of a half-a-dozen provisions of the Central GST (C-GST), Integrated GST (I-GST) and State GST (S-GST) laws held up approval but Finance Minister Arun Jaitley expressed hope to get them approved in the next meeting on March 4-5 so as to take them to Parliament in the second half of the Budget session next month.
Parallelly, the Council will get down to fixing rates of taxes for different goods and services by fitting them into the four approved slabs of 5, 12, 18 and 28 percent, he said.
Jaitley said the GST Compensation Law that provides for compensating states that incur losses because of implementation of the Goods and Service Tax (GST) in first five years was approved by the Council on Saturday.”It will not come before the Council anymore and wil..

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Shopping for Jewelry Over Rs2 Lakh Money to Entice 1% TCS from April 1

New Delhi: Cash purchases of jewellery will attract 1 per cent TCS (tax collected at source) from April 1 if the amount exceeds Rs 2 lakh, as against the current threshold of Rs 5 lakh.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
The Bill seeks to do away with the threshold of Rs 5 lakh on jewellery purchases for applicability of TCS because the Union Budget 2017-18 has proposed to ban cash dealings of over Rs 3 lakh and make violations punishable with a penalty of an equivalent amount to be paid by person receiving the cash.
However, as there is no special provision for TCS on its purchase, jewellery is now being clubbed in general ‘goods’ on which 1 per cent TCS is triggered if a single transaction exceeds Rs 2 lakh in cash.
In a bid to check generation of black money through large transactions, after the Budget proposal to scrap the previous threshold of Rs 5 lakh is appro..

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Normalcy in Foreign money Operations Restored, Says Arun Jaitley

New Delhi: Finance Minister Arun Jaitley on Friday said normalcy has been restored within few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation and there is no shortage of notes in market.
Currency note printing presses of Reserve Bank of India as well as Security Printing and Minting Corporation of India Ltd (SPMCIL) have worked without a break to remonetise by issuing new bank notes, he said.
Speaking at the 11th Foundation Day function of SPMCIL, he said the easiest task during demonetisation was to pass comments and make snide remarks.
“But the toughest work is to implement it.This is perhaps the biggest demonetisation drive in the world that was aimed at striking at the very root of corruption, black money and counterfeit currency,” he said.
Stating that people often commented that it may take up to one year or at least seven months to restore normalcy, he said the task has been achieved within few weeks.
“Normalcy has been restored within fe..

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