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Recent Update

Tuesday, February 21, 2017



1. Shurhozelie Liezeitsu elected new Nagaland CM
Nagaland People’s Front (NPF) president Shurhozelie Liezeitsu will be sworn in as the state’s eleventh Chief Minister Wednesday. He was on Monday invited by Governor P B Acharya to form the next government after the ruling Democratic Alliance of Nagaland (DAN) unanimously elected him leader of its legislature party. Accompanied by the outgoing Chief Minister T R Zeliang, Shurhozelie met the Governor at the Raj Bhavan and staked claim to form the next government.
2. Bharat QR code launched to push less-cash economy
•Bharat QR code the world's first inter-operable payment acceptance solution, was launched as part of efforts to move towards less-cash economy at an insignificant cost, according to RBI.

•Payment networks such as MasterCard and Visa have joined hands with National Payment Corporation of India (NPCI) to launch Bharat QR, a common Quick Response(QR) code that would enable seamless digital payments without card swiping machines.

•This is billed as the next big digital payment solution after the recent initial success of Bharat Interface for Money (BHIM), a mobile-based App launched in end December 2016 to promote digital payments. Built under the direction of the Reserve Bank of India in September 2016, Bharat QR is a revolutionary step as it provides an inter-operable solution.

•This Bharat QR code is expected to be convenient for those who are into mobile banking and do not want to use debit or credit cards for small ticket payments. Bharat QR code is seen as a better alternative to physical Point-of-Sale (PoS) machines which involves capital costs.
3. Bharat QR code launched to push less-cash economy
•UNESCO celebrates International Mother Language Day (IMLD) on February 21, 2017 under the theme "Towards Sustainable Futures through Multilingual Education". 

•To foster sustainable development, learners must have access to education in their mother tongue and in other languages. 

•It is through the mastery of the first language or mother tongue that the basic skills of reading, writing and numeracy are acquired. Local languages, especially minority and indigenous, transmit cultures, values and traditional knowledge, thus playing an important role in promoting sustainable futures.

4. EDII wins International Mercury Award 2016-17
The Ahmedabad-based Entrepreneurship Development Institute of India (EDII), an acknowledged national resource institute for entrepreneurship education, research, training and institution-building, has received the prestigious International Mercury Awards (IMA) for the year 2016-17 for the best overall presentation of its 2015-2016 annual report. 

5. Buying jewellery over Rs 2 lakh in cash will attract 1% tax from April 1, 2017
Cash purchases of jewellery will attract 1% TCS (Tax Collected at Source) from April 1, 2017 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% 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.

6.V Ramakrishnan appointed as TCS CFO, NChandrasekaran named TCS Chairman too

  • Tata Sons Chairman-designate Natarajan Chandrasekaran will also hold the chairmanship of the group's crown jewel Tata Consultancy Servicesfrom tomorrow.
  • The country's largest software services provider has also named V Ramakrishnanas its Chief Financial Officer to succeed Rajesh Gopinathan, who will take over as the CEO and MD of the Tata Group company.
  • "TCS has received a letter from Tata Sons, in exercise of the powers under Article 90 of the Articles of Association of the Company, nominating N Chandrasekaran as the Chairman of the Board of Directors of the company in place of Ishaat Hussain, with effect from February 21, 2017," it said in a BSE filing.
  • The nomination was duly noted by the directors at its meeting held on February 20, 2017, it added.

  • Chandrasekaran, currently Chief Executive and Managing Director of TCS, will take charge as the Non-Executive Chairman of the board of directors of TCS with effect from tomorrow.
  • In a separate filing, TCS said its board of directors appointed V Ramakrishnan as the Chief Financial Officer with effect from February 21.
  • Ramakrishnan, or Ramki as he is popularly known, joined TCS Finance in 1999, and served as the Finance Head of TCS North America for seven years.
  • "Ramki closely partnered with business in the rapid growth of TCS' operations in the region. Most recently, he has been responsible for the financial controllership of TCS subsidiaries and branches globally and various merger and acquisitions integration initiatives," TCS said.
  • Earlier in the day, TCS also announced a Rs 16,000 crore buyback, the largest till date in the Indian corporate history.

  • "Ramki has been a key member of the TCS Finance team for more than 17 years and has worked closely with me over the last nine years. I am confident that under Ramki's leadership, TCS Finance will continue to extend its leadership position," Gopinathan, who has been appointed to the Board, said.
  • TCS also announced that Chief Operating Officer N Ganapathy Subramaniam will be on the board of the company as Executive Director.
  • The bitter boardroom battle between the Tatas and Cyrus Mistry had led to Tata Sons removing him as the Chairman of TCS.
  • Tata Sons then appointed Ishaat Hussain as TCS Chairman on November 11.
  • TCS had said Hussain would hold office as the Chairman until a new Chairman is appointed in his place. SR MBI MKJ