Monthly Archives: August 2017

YUVA is Delhi Police initiative under Pradhan Mantri Kaushal Vikas Yojana

The Union Home Minister Shri Rajnath Singh inaugurated the YUVA – a skill development programme and an initiative by Delhi Police under Pradhan Mantri Kaushal Vikas Yojana, here today.

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Speaking on the occasion, Shri Rajnath Singh said that these kind of initiatives improve the image of the police among common man. He said that it is a big task that Delhi Police has opened skill development training centres in the police stations. He said that the 21st Century India will also like to see Indian police in this form only. The Home Minister said that core policing is important for any police, but at the same time the police should also adopt people-friendly measures and increase their social interaction. He also thanked the Ministry of Skill Development and Entrepreneurship for the YUVA project.

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Shri Rajnath Singh said that the Police should engage with the youth who are prone to drug addiction and other crimes. He expressed happiness over the fact that efforts are being made that about 70-80% youth under this project get employment. He further said that it is the collective responsibility of the police and the society to bring the youth of the country on right path. He appreciated the fact that Delhi Police has started this project with the same objective in mind.

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Addressing the gathering, the Minister of State for Skill Development & Entrepreneurship (Independent Charge) Shri Rajiv Pratap Rudy said that under the guidance of Prime Minister Shri Narendra Modi, the skill development has increased the employability among the youth. He said that the system in the country needs to be such that it gives enough importance to the skills possessed by any individual. He added that many skills are in huge demand world over and our youth can tap this opportunity, if groomed properly.

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Speaking on the occasion, Lt. Governor, Delhi, Shri Anil Baijal said that the Government is making efforts to reorient the working of Delhi Police. He also emphasised that the police should establish connect with the youth and community. He also said that the YUVA programme is a big initiative to make youth employable.

The Delhi Police Commissioner, Shri Amulya Patnaik also emphasised on the need of social service along with prevention of crimes. He said that due to this project, a lot of alienated youth can be brought into the mainstream.

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The ‘YUVA’ initiative by Delhi Police aims to connect with youth by upgrading their skill as per their competencies. It will help them to get a gainful employment under Pradhan Mantri Kaushal Vikas Yojna under the Ministry of Skill Development. Delhi Police has tied up with National Skill Development Corporation (NSDC) and Confederation of Indian Industry (CII) for providing mass job linked skill training for the selected youth. National Skill Development Corporation shall be providing skill training to the youth under ‘Pradhan Mantri Kaushal Vikas Yojna’ (PMKVY) and CII will provide job linked training through its Sector Skill Councils who are connected to industry and thereby provide job guarantee.

A detailed exercise was conducted in all 13 districts of Delhi Police to select the youth in the age of 17-25 years for this training belonging to categories such as School dropouts, Juvenile offenders, Victims of crimes and families in dire state due to incarceration of the bread earner of the family, mostly from the underprivileged colonies.

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So far, 2,269 candidates have been selected to be trained by 36 training partners in 45 skills in the next three months. A total of 32 police station buildings have been identified where Skill Development Centers would be opened at the earliest.

The youth coming for skill training in a police station building will be a huge step in building up their confidence and faith in police organization and will go a long way in building a positive image of police in the long run.

source; Press Information Bureau: August 30, 2017

ICEX launches world’s first diamond futures contracts

The Indian Commodity Exchange (ICEX) launched the world’s first diamond futures contracts on Monday to provide exporters with a hedging tool.

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India is a global diamond polishing hub where 14 out of every 15 rough diamonds in the world are polished. At the launch, the first diamondcontract for delivery in November was traded at Rs 3,279/cent. One cent is the one-hundredth of a carat (ct).

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With over 103 registered members so far, ICEX has launched 1 ct diamond futures contract for delivery in November and followed by contracts with monthly settlements. 50 cents and 30 cents contracts will be introduced after making the initial contract successful. The 1-carat contract for expiry in November, December and January will have delivery centre at Surat.

The merger of Ahmedabad-based National Multi Commodity Exchange (NMCE) into ICEX was also announced on Monday. ICEX will soon approach the National Company Law Tribunal (NCLT), Ahmedabad, to initiate the merger procedure. After merger clearance, ICEX would automatically get approval for the launch of some agricultural commodities like rubber, coffee.

“The journey for diamond futures launch started over two and a half years ago with approaching several ministries to convince about the potential of this contract. With diamond not being a notified commodity, it was important for the exchange to convince the government officials about the need of such contract. Diamond was notified as a commodity for derivatives trading on online exchanges. Convincing ICEX Board was also a challenge. The Securities and Exchange Board of India (Sebi) has approved the contract after lots of consultations with the physical market intermediaries,” said ICEX Managing Director (MD) and Chief Executive Officer (CEO) Sanjit Prasad.

The exchange had to suspend trading in 2014 when its net worth had eroded to little above Rs 40 crore on very thin volume because of stiff competition from its peers.

“Our net worth as of today stands at Rs 121.52 crore, way above the regulatory requirement of Rs 100 crore. Following the merger of NMCE, our net worth would surpass Rs 200 crore,” informed Prasad.

ICEX has been polling polished diamond prices for over 8-9 months for the settlement of the contract. Polling prices from the physical market would be used as a benchmark for the settlement of the contract. Price variation would be Re 1 with an initial margin of 5 per cent on value at risk (VAR) basis.

ICEX will offer HVS2 quality diamond certified by the International Institute of Diamond Grading & Research (IIDGR), a De Beers group company, and vaulting services will be offered by Malca Amit.

“It is a compulsory delivery contract. Hence, any attempt of price manipulation is associated with the fear of delivery. Thus, we do not see any risk of price manipulation by any trader or group of traders,” said Prasad.

The contract has the facility to trade in one cent that can be accumulated over a period of time up to 1 ct and make it deliverable like systematic investment plan (SIP). Until the time of delivery, the trade quantity would continue to remain in an electronic account of the trader. The price displayed/traded includes delivery and transaction charges.

When asked about over dependence on one commodity and one contract, Prasad said, “Globally, an exchange is known for specific one or two commodities and [a] similar number of contracts. For example, London Metal Exchange (LME) is popular for its non-ferrous metal contract with copper being the primary commodity. Similarly, NYMEX (New York Mercantile Exchange), COMEX (Commodity Exchange), Bursa Malaysia and Multi Commodity Exchange are known for trading largely in one or two specific commodities and contracts only.”

India imports rough diamond worth $19 billion and exports polished valued $24 billion annually. India caters to over 90 per cent of the world’s polishing market for rough diamonds.

source: Business Standard: August 29, 2017

GST Revenue Figures – July 2017

The Goods and Services Tax (GST) tax was introduced on 1st of July, 2017.  The last date for payment of GST for the month of July 2017 was 25th August, 2017.  The last date for filing returns in cases, where the taxpayer wanted to avail transitional credit was 28th August, 2017 and, in all other cases, it was 25th August, 2017.

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If we exclude the taxpayers who have registered with the GSTN in August 2017 and the composition dealers, total number of tax payers who were required to file the returns for July 2017 is 59.57 lakhs, of which, as on 29th August, 2017 (10 a.m.), 38.38 lakh returns have been filed, which is 64.42% of the total number of returns, which are to be filed for the month of July 2017.

The total revenue of GST paid under different heads upto 29th August, 2017 (10 a.m) is Rs.92,283 crore.  The total CGST revenue is Rs.14,894 crore, SGST revenue is Rs.22,722 crore, IGST revenue is Rs.47,469 crore (of which IGST from imports is Rs.20,964 crore) and Cess is Rs.7,198 crore (of which Rs.599 crore is Compensation Cess from imports).

It may be mentioned that IGST will be allocated between the CGST and the SGST to the extent that the same is used for payment of CGST/SGST.  This exercise will be done based on the cross-utilisation report to be received from the GSTN.  Exact revenue figures of the Central and the State Governments respectively will be known after this exercise is complete before the end of this month.

Out of total 72.33 lakh taxpayers, 58.53 lakh taxpayers have completely migrated to the GSTN and13.80 lakh taxpayers are yet to complete their procedural formalities to migrate to the GSTN.  The number of new taxpayers who have registered with the GSTN upto 29th August, 2017 (10 a.m.) is 18.83 lakhs.

source: Press Information Bureau: August 29, 2017

India largest seafood exporter in 2016: FAO

Bhubaneswar: Amid growing uncertainties in the seafood trade, exporters now have a reason to cheer as India has emerged as the highest shrimp exporter in 2016. India exported about 438,500 tonnes in 2016, up 14.5 per cent in 2015, according to a report by Globefish, a unit within the Food and Agriculture Organisation (FAO) of the United Nations.

The exports of value-added shrimp from India surged by 130 per cent in 2016 to 23,400 tonnes from 10,100 tonnes in 2015 and were mostly directed to the US market.

According to the report, the top five shrimp exporters to the international market in 2016 were India, Vietnam (425,000 tonnes, up by 18–20 per cent from 2015), Ecuador (372,600 tonnes, up 7.8 per cent), Indonesia (220,000 tonnes, up 21 per cent) and Thailand (209,400, up 22 per cent).

India’s top export markets included the US, Vietnam, the EU and Japan. India exported 1,134,948 tonnes of seafood, worth an all-time high of $5.78 billion (Rs 37, 870.90 crore), in 2016-17 against 9,45,892 tonnes, worth $4.69 billion, a year earlier.

The US Food and Drug Administration (FDA) rejected 133 shrimp consignments due to the existence of prohibited antibiotics, which included 95 from India.

The report has come at a time when Indian exporters are fearing a ban from the EU, their third-largest market.

Stating that imports to the EU declined last year, the report stated, “Beginning in late 2016, the EU Veterinary Authority has increased the mandatory quality checks of Indian farmed shrimp from 10 to 50 per cent, a move that contributed to additional costs for importers and led to diversification of shipments to other markets.”

On the global demand, it said that imports increased moderately in the US, EU and Japanese markets in 2016.

In China, strong demand was reported as a result of falling domestic production with foreign supplies increasing both directly and indirectly to this market. International prices remained stable throughout 2016.

“Mixed production trends for farmed shrimp were observed in Asian producing countries during 2016, with a total estimated production of around 2.5 million tonnes. While disease remained a major concern, adverse weather conditions also had an impact on production, particularly during the first half of the year. Fortunately, supplies recovered in India, Indonesia, Vietnam and Thailand during the second half of 2016,” the Globefish report said.

In terms of prices, vannamei shrimp prices increased marginally during 2016. In the single-largest import market, the US, there was a 5.5 per cent rise in import prices compared with 2015. US prices for Indian shrimp and Ecuadorean shrimp increased by 2.7 per cent and 7.8 per cent, respectively, the report said.

source: Business Standard: August 26, 2017

Japan’s Miniso sets up shop in India, eyes Rs10,000 crore revenue in 2 years

New Delhi: Miyake Junya, co-founder and chief designer of the Japan-based low-cost retail chain Miniso, has set himself an audacious target for India, which he believes is a market of “immense potential”.

Junya, who opens the first Miniso shop in India on Friday, is looking to earn Rs10,000 crore in revenue over the next two years. Founded in 2013, Miniso positions itself as a lifestyle brand and sells products in 12 categories including health, beauty, stationery, gift items, creative homeware, boutique package decoration and digital accessories at a starting price of Rs150.

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The company, which retails in 60 countries through 2,000 stores, will open its first store in Ambience Mall, Vasant Kunj, Delhi, spread over 2,000 sq. ft. Subsequently, Miniso plans to open 210 stores by the end of 2018 and take the count up to 800 by 2019. The company is currently looking for franchise partners in India.

Globally, Miniso opens an average of 80-100 stores every month. “India has a good market expansion opportunity. The brand is all about fashion and lifestyle; life is moving fast in metro cities, so will Miniso. Keeping in mind the fast-paced lifestyle, we will be starting with metro cities first Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad, Jaipur and so on,” said Junya, in response to an e-mailed query.

The plan, Junya said, is to make India one of its top five markets in terms of revenue. For the year 2016-17, Miniso recorded a revenue of $1.5 billion, up from $750 million in the previous year. “The huge potential of India lies in the fact that it offers a very large customer base to tap into. With the population of India running into the billions, the scope this offers is tremendous,” he said, adding that the company is planning to open 10,000 stores in more than 100 countries by 2019, with annual revenue reaching $15 billion.

Over the years, the company has faced criticism for positioning itself as a Japanese brand despite its Chinese origins. The company, however, claims that the confusion regarding its origins can be attributed to the fact that it has both Japanese and Chinese co-founders. While Junya is from Japan, co-founder Ye Guofo is from China.

“Headquartered in Japan, Minoso also has an operations headquarters in China. Minoso was co-founded by Ye Guofo who is Chinese,” said Junya. The company claimed that it primarily sources its products from countries like Japan, South Korea, Singapore and Malaysia.

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Rajat Wahi, partner, management consulting, Deloitte India, said that the company might be looking at a challenging model in India.“The company will have to build multiple distribution channels including e-commerce and teleshopping and play strong in all. The targets are ambitious, but the price point is very attractive. However, the challenge here is that this kind of category can be easily copied by others,” he said.

The Indian fashion and lifestyle market is expected to touch Rs3.94 trillion over the next five years, according to a 2016 survey by consulting firm A.T. Kearney. The market was valued at Rs2.21 trillion in 2016, growing at a compounded annual growth rate of 12%.

source; Livemint: Aug 18, 2017

NCERT की 40 कहानियों की बुक, नॉर्मल के अलावा स्पेशल बच्चे भी पढ़ सकेंगे स्टोरी

एनसीईआऱटी ने प्रयोग के तौर पर 40 कहानियों की किताब तैयार की है।इसे सामान्य और किसी भी तरह की फिजिकल प्रॉब्लम से जूझ रहे बच्चे भी पढ़ सकेंगे।

लगभग डेढ़ साल में तैयार की गई इन किताबों में प्रेरक, चटपटी, मनभावन कहानियां चित्रों के ज़रिये समझाई गई हैं। कहानियों के शब्द ब्रेल लिपि में लिखे गए हैं ताकि जो बच्चे देख नहीं सकते वह भी उसी किताब से पढ़ सकें। चित्रों में प्रिंटिंग के वक्त ऐसा उभार दिया गया है कि बच्चे कहानी के किरदारों को छूकर पहचान सकते हैं।

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इतना ही नहीं अगर कहानी में कहीं कोई कठिन शब्द आ जाता है तो उसका अर्थ अलग से समझाने के लिए वहीं पर एक खांचा बनाया गया है, जिसे छूकर उस कठिन शब्द का अर्थ नेत्रहीन बच्चे समझ सकते हैं। इससे उन्हें कहानी समझने में कोई दिक्कत नहीं होगी।

पुस्तक बनाने में इस बात का ख्याल भी रखा गया है कि पन्ना पलटाने से लेकर किताब के अगले और पिछले कवर पेज और सभी पन्नों को पहचानने में बच्चों को कोई दिक्कत न हो। इसके लिए अलग-अलग रंगों और उभारों का इस्तेमाल किया गया है। इन किताबों के साथ इनका डिज़िटल वर्जन भी लाया जा रहा है। देश में 2 प्रतिशत बच्चे ऐसे हैं जो किसी न किसी तरह की फिजिकल प्रॉब्लम का शिकार हैं। बच्चों की क्षमताएं अलग-अलग हो सकती हैं, लेकिन आगे बढ़ने की ललक और सीखने की इच्छा एक जैसी है, इसी बात को ध्यान में रखकर ये किताबें तैयार की गई हैं।

एनसीईआरटी की स्टोरी बुक का एक पेज।

बच्चे पूरा कर सकेंगे कहानी पढ़ने का शौक

स्कूल प्रिंसिपल विजय खंडेलवाल ने बताया कि नॉर्मल और स्पेशल बच्चों के लिए एक समान बुक तैयार करने का कॉन्सेप्ट बेहद सराहनीय है। इससे सभी बच्चे खुद को बराबर महसूस कर सकेंगे। कहानियां सभी बच्चों को पसंद होती हैं। कुछ बच्चे कहानियों का मज़ा वैसे नहीं ले पाते जैसे सामान्य बच्चे उठाते हैं। हजारों बच्चे ऐसे हैं जो देख नहीं पाते या सुन नहीं सकते या ऑटिज्म जैसी गंभीर बीमारी से जूझ रहे होते हैं। ऐसे बच्चे इन किताबों से कहानी पढ़ने का शौक पूरा कर सकेंगे।

source: Bhaskar News at Bhaskar.com / August 08, 2017

Titan partners with Amazon to enter US watch market

Amazon.com Inc. will sell Titan watches through its global selling programme that allows local merchants from India to sell in other countries

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Bengaluru: Titan Co. Ltd has partnered with Amazon.com Inc. to enter the US watch market, a departure from its typical strategy of entering new markets through the traditional brick-and-mortar retail route.The ecommerce platform made for you

The two companies will look at gradually expanding the scope of their collaboration to other markets too, possibly starting with the European Union and Japan.

Under the partnership, Amazon will sell Titan watches through its global selling programme that allows local merchants from India to sell in other countries. Apart from watches, the Bengaluru-based firm will also launch its range of Fastrack accessories and eventually look at adding other products from its portfolio.

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E-commerce is the fastest growing retail channel even for Titan, its watches and accessories chief executive officer S. Ravi Kant said at a press conference in Bengaluru on Tuesday.

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“The US e-commerce market is a very mature market. I think the US watch industry is about $11-12 billion and the e-commerce contribution should be in the range of 15-20%,” he added.

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Titan sells its watches in more than 30 countries, with a significant presence in the Middle East, and overall contribution from exports to sales is under 10%. E-commerce is growing very rapidly as a retail channel even in some countries where the company has had a presence for decades, the company said.

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Titan has chosen 500 models from its eponymous watch brand and its Fastrack youth segment brand for Amazon in US, to be priced at $30-$300. Titan has not had any formal discussions yet with Amazon about the latter being the exclusive e-commerce partner for it in the US, Ravi Kant said.

Geopolitical conditions in the Middle East and currency fluctuations in a few of the Far East markets that Titan sells in, like Malaysia and Singapore, hit watch exports in 2016-17 according to the company’s annual report. Entering the US market is one way of mitigating that hit, Ravi Kant said in an interview on the sidelines of the event.

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Titan’s watches and accessories business grew 2.7% annually in 2016-17 and earned Rs2,028 crore in revenue, the company said in its annual report.

“The global selling programme itself is getting a lot of momentum. We started this about two years ago with a few hundred sellers. Today we have more than 23,000 sellers listing 65 million products in ten different marketplaces,” said Gopal Pillai, director and general manager of seller services at Amazon.

source– Livemint: August 09, 2017

CT1/ARE1 Procedure for Merchant Exporter under GST

Question : We are merchant exporters dealing in various
products. As per current procedure, we purchase goods from
a particular factory against CT1/ARE1 so that no excise is levied
on us. After goods are exported, we provide proof of export
and Form H (for sales tax exemption) to the concerned factory.
How would GST impact us and what will be the process now?
Answer: Taxable event in the GST regime is supply of goods.
Exports being inter-State supply, you would be required to
obtain GST registration.

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The manufacturer would be supplying
you the goods on the payment of IGST or CGST and SGST/
UTGST as applicable. You may avail of input stage credit of the
tax paid on goods and services and export the goods under
bond/LUT. Unutilized credit can be availed as refund. Alternatively,
you may export the goods on payment of integrated
tax and refund of integrated tax would be available to you.

 

What procedure will be followed by EOU to import goods without payment of Customs duty in the GST regime?

Answer: To avail such import benefits, EOUs will have to follow
the procedure under the Customs (Import of Goods at
Concessional Rate of Duty) Rules, 2017.

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source: Central Board of Excise & Customs

Domestic mobile manufacturing industry to touch Rs1.35 trillion by FY20: report

An IAMAI report estimates that by 2020, about 96% of mobile phones to be sold in India will be locally manufactured

New Delhi: India’s domestic mobile manufacturing industry is projected to touch Rs135,000 crore by FY2019-20, up from Rs94,000 crore in FY2016-17. Of this, the market size of domestic manufacturing of smartphones is expected to be Rs120,200 crore by FY2019-20, industry body Internet and Mobile Association of India (IAMAI) said in a report on Wednesday.

According to the report titled Indian Mobile Phone market: Emerging Opportunities for fulfilling India’s Digital Economy Dream, published jointly by IAMAI and Enixta Innovations, a start-up focusing on artificial intelligence, “In the backdrop of such strong growth potential for smartphone adoption, India is set to increase its domestic localisation rate from 6.1% in 2016 to 25.8% in 2019, which translates to Rs31,000 crore in value generated through local sourcing and assembly.”

The report also estimated that by 2020, about 96% of mobile phones to be sold in India will be locally manufactured. In 2016, two out of every three mobile phone sold in India were produced locally.

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The projections come in the wake of Reliance Jio Infocomm Ltd’s launch of JioPhone, which essentially is a feature phone but promises to disrupt the traditional handset market as it offers 4G services with the device. Other telecom companies such as Bharti Airtel are expected to follow suit wherein they will tie up with makers of feature phones to offer their services.

Launching the report, Dr. Ajay Kumar, additional secretary in the ministry of electronics and IT (MeitY) said, “25% to 30% of the global economy will be actually determined by the digital economy… The component roadmap is going to continuously enhance the value addition. The phase manufacturing programme initially had focused on mobile manufacturing. Now since component manufacturing is such an important part of it, we need to bring in representation from component manufacturers also. There is a taskforce which drives this phase manufacturing programme. Component manufacturers should be brought into this taskforce so that they can guide and bring their vision. We are working with industry in that regard.”

Kumar emphasized that India is the second largest smartphone market and phones are central to all plans for Digital India, which in turn will further expand the demand for mobile phones.

“All of these value addition leaves us with three major components for which we need to find some answers. These are the difficult ones and constitute significant part of the value: the touch panel, lithium ion battery, and chips,” Kumar added.

Responding to media, Kumar said that Apple Inc. is a big and important brand…discussion is still going on regarding its demands on tax breaks for manufacturing phones in India.

“Battery pack, non-electronic parts, accessories, packaging etc. have high local sourcing possibilities. Medium local sourcing possibilities for display or touchscreen and camera, while main electronic components seem to have low local sourcing capabilities,” the report said.

source; Livemint: Aug 03, 2017