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Demonetization caused Double-digit De-growth in Two and Three wheeler industry: Rajiv Bajaj

“There has been a double-digit de-growth of the industry purely and directly as a result of demonetization. I am personally, surprised that not enough people are standing up and saying anything”

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Demonetization
Bajaj at Sirifot stadium (file photo, image courtesy- wikimedia commons)

Mumbai, Feb 18, 2017: Industrialist Rajiv Bajaj on Friday blamed the government’s demonetization drive for causing a double-digit de-growth for the industry and job losses.

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“The experience of Bajaj (Auto) has been no different from that of the industry as far as the demonetization is concerned,” Bajaj, who is the Managing Director of two- and three-wheeler major Bajaj Auto, told NDTV Profit in an interview.

“It (demonetisation) has hit us hard, whether it is the motorcycle industry or the three-wheeler industry. Especially so for the three-wheeler industry which is cash dependent.” “There has been a double-digit de-growth of the industry purely and directly as a result of this (demonetisation). I am personally, surprised that not enough people are standing up and saying anything.”  Besides de-growth, Bajaj blamed demonetization for job losses.

“A large supplier of mine who supplies to Bajaj and others like Yamaha and Honda told me in December that he alone had to let go 3,000 people as a result of the downturn in demand across all his customers,” Bajaj pointed out.

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A day earlier, Bajaj had termed the demonetization drive as a “wrong” idea.

“If the idea (demonetisation) is not working, don’t blame execution. I think your idea itself is wrong,” Bajaj said at the annual Nasscom leadership forum which was held here on Thursday.

On November 8, 2016, Prime Minister Narendra Modi announced the demonetization of Rs 500 and Rs 1,000 currency notes. These were replaced by new notes of Rs 500 and Rs 2,000 denomination notes.

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As per the data available with the Reserve Bank of India, 84 per cent worth of total currency under circulation at the time of November 8 announcement was demonetised. (IANS)

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Mahalaya: Beginning of “Devipaksha” in Bengali Celebration of ‘Durga Puja’

“Mahalaya” is the auspicious occasion that marks the beginning of “Devipaksha” and the ending of “Pitripaksha” and heralds the celebration of Durga Puja

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Mahalaya morning in Kolkata. Flickr
  • Mahalaya 2017 Date: 19th september.
  • On Mahalaya, people throng to the holy river Ganges in order to pay homage to their ancestors and forefathers; which is called ‘Torpon’
  • Mahalaya remains incomplete without the magical chanting of the scriptural verses from the ‘Chandi Kavya’ that is broadcasted in All India Radio
  • The magic is induced by the popular Birendra Krishna Bhadra whose voice makes the recitation of the “Chandi Kavya” even more magnificent

Sept 19, 2017: Autumn is the season of the year that sees the Hindus, all geared up to celebrate some of the biggest festivals of India. The festive spirit in the Bengalis all enthused to prepare for the greatest of the festivals, the ‘Durga Puja’.

About Mahalaya:

Mahalaya is the auspicious occasion that marks the beginning of “Devipaksha” and the ending of “Pitripaksha,” and this year it is celebrated on September 19.

Observed exactly a week before the ‘Durga Puja’, Mahalaya is the harbinger of the arrival of Goddess Durga. It is celebrated to invoke the goddess possessing supreme power! The goddess is invited to descend on earth and she is welcomed with devotional songs and holy chants of mantras. On this day, the eye is drawn in the idols of the Goddess by the artisans marking the initiation of “Devipaksha”. Mahalaya arrives and the countdown to the Durga Puja begins!

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The day of Mahalaya bears supreme significance to the Bengalis. The day is immensely important because on this day people throng to the holy river Ganges in order to pay homage to their ancestors and forefathers. Clad in white dhotis, people offer prayers and take dips in the river while praying for their demised dear ones. The ritual is popular as “Torpon”.

Mahalaya
An idol-maker in progress of drawing the eye in the idol of the Goddess. Wikipedia

As per Hindu myth, on “Devipaksha”, the Gods and the Goddesses began their preparations to celebrate “Mahamaya” or Goddess Durga, who was brought upon by the trinity- Brahma, Vishnu, and Maheshwara; to annihilate the fierce demon king named Mahishasura. The captivating story of the Goddess defeating the demon got popularized with the goddess being revered as “Durgatinashini” or the one who banishes all the evils and miseries of the world. The victory of the Goddess is celebrated as ‘Durga Puja’.

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Mahalaya remains incomplete without the magical chanting of the scriptural verses from the ‘Chandi Kavya’ that is broadcasted at dawn in All India Radio in the form of a marvelous audio montage enthralling the souls of the Bengalis. Presented with wonderful devotional music, acoustic drama, and classical songs- the program is also translated to Hindi and played for the whole pan-Indian listeners.

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Mahalaya
Birendra Krishna Bhadra (1905-1991). Wikipedia

The program is inseparable from Mahalaya and has been going on for over six decades till date. The magic is induced by the popular Birendra Krishna Bhadra whose voice makes the recitation of the “Chandi Kavya” even more magnificent! He has been a legend and the dawn of Mahalaya turns insipid without the reverberating and enchanting voice of the legendary man.

Mahalaya will keep spreading the magic and setting the vigor of the greatest festival of the Bengalis- the Durga Puja, to worship the supreme Goddess, eternally.

                 “Yaa Devi Sarbabhuteshu, Shakti Rupena Sanhsthita,

                     Namastaswai Namastaswai Namastaswai Namo Namaha.”

– by Antara Kumar of NewsGram. Twitter: @ElaanaC

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New Rs 200 notes: It may take ATMs three months to dispense Rs 200

Will all the 2.25 lakh ATM machines across India would be recalibrated?

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Wait for 3 more months as ATM recalibration is not yet done
Wait for 3 more months as ATM recalibration is not yet done. Wikimeida
  • Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up
  • The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent
  • The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon
New Delhi, September 4, 2017: While the RBI launched the new Rs 200 notes a week ago, it may take up to three months for ATMs to start dispensing the new denomination currency “new Rs 200 note” as it will involve a huge exercise of recalibration.

What are ATM companies saying about when will the new Rs 200 notes come into the market?

Some banks have even asked the ATM companies to begin testing the new Rs 200 notes for recalibration of the machines, though they have not got supplies of the new Rs 200 notes/ currency. Only last year, the banks were involved in the recalibration of ATM machines after the demonetization of high-value currency notes in November.
ATM manufacturing companies said that they have not received any directive from the RBI regarding the recalibration of ATMs for the new Rs 200 note. They disclosed that some banks have at an informal level have asked them to start testing of the new note since it is of a different size.

 

When will the supply of the new Rs 200 notes see an increase?

Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up but has not given any time-frame by which it will be available in adequate numbers.

 It is yet to be seen whether all the 2.25 lakh ATM machines across India would be recalibrated for dispensing the new Rs 200 notes.

 

 avi B Goyal, Chairman, and Managing Director, AGS Transact Technologies Limited, which claims to have an installed base of 60,000 ATMs, told IANS, “The process of recalibration will begin once we receive the directive from the RBI. The size of the new Rs 200 notes are different from the existing ones and so, once we receive the new Rs 200 notes, we will have to understand its dimensions and accordingly reconfigure the ATM cassettes. Next, we will have to check if the supply of new Rs 200 notes is good enough to run the cassettes at full capacity.”

 “The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent. In fact, the ATMs will continue to be fully operational during recalibration and will continue to supply Rs 100, Rs 500 and Rs 2,000 denominations,” he said.

 

Among the other companies operating in the sector are NCR Corporation, which has over 1,08,000 machines, and BTI Payments, which has 4,500 cash dispensers. NCR Corporation said that while some banks have reached out to them to start testing of the new Rs 200 notes, they were yet to receive the supply to begin the process.

 “Banks have started getting in touch with us for testing the same “new Rs 200 notes”. They will let us know which machines they wish to configure for new rs 200 notes, which will require physical visits to ATMs. However, the new Rs 200 notes are still to be provided to us by the respective banks so that the testing can begin,” Anand Garollu, General Manager (Services), NCR Corporation said.

K. Srinivas, Managing Director, and CEO of BTI Payments, a RBI-licensed firm that operates cash dispensers not owned and managed by banks, said, “Recalibration will begin as and when we receive adequate quantity of new Rs 200 notes. We are looking to roll this out as quickly as possible.”

 He said that the industry was expecting new Rs 200 notes to be available over a period of time across various geographies.

 “The recalibration can be done progressively as and when the new denomination note starts to become available. Unlike the last time around (during demonetization), when we had to recalibrate all machines in one go,” Srinivas added.

 The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon. However, emails to RBI in this regard did not elicit any reply, they said.

 “The production of these “new Rs 200 notes” is being ramped up by the currency printing presses and over time, as more notes are printed, it will be distributed across the country through the banking channels and will be available for the public in adequate quantity,” the RBI had said in a statement.

 Currently, new Rs 200 notes are available only through select RBI offices and some banks.

While State Bank of India and Punjab National Bank are reported to have received the new Rs 200 notes, Eknath Baliga, Manager, KYC-Antimoney Laundering Cell, Corporation Bank, Mangalore, told IANS that none of its branches across the country had received the new Rs 200 notes so far.

The new Rs 200 notes are currently being printed only by RBI presses. Security Printing and Minting Corporation of India (SPMCIL) sources told IANS that the company has not received any indent so far for the printing of new Rs 200 notes. India’s two currency presses are owned by RBI and two by SPMCIL, which is a government-owned company.

 How ATM recalibration happens:

Usually, an ATM holds four cassettes — three of which can continue to be used for Rs 100, Rs 500, Rs 2,000, and the fourth cassette can be used for the new Rs 200 notes. On an average, each cassette has a capacity to hold 2,000-2,500 notes depending upon the quality of cash issued by banks. However, there are many ATMs that only have either two or three cassettes.

The number of slots in the ATM can be configured as per the bank’s preference. The banks decide which denomination needs to be configured in a machine on the basis of the customer profile in the area where the ATM is located and the number of transactions on that machine.

The banks need to make requisite changes at their ATM switch before the rollout of the physical recalibration at the ATMs in the field.

The recalibration of a new denomination takes 30-45 minutes per ATM. The process of recalibration is not very difficult but is time-consuming given an engineer has to visit every ATM and configure it to dispense the requisite denomination.

The introduction of the Rs 200 note has been welcomed as it would ease the currency circulation in the market as people prefer lower denomination cash withdrawals from ATMs. Rs 200 would also be more convenient for rural consumers. (IANS)

 

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Navratri is a Festival which can be Celebrated by all, Irrespective of their Caste or Religion

Religious enthusiasm and excitement accompany the festivities of Navratri as people come together to celebrate the triumph of good over evil

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The nine day festival of Navratri celebrates the feminine nature of the Divine. Wikimedia
  • Navratri is a nine day festival primarily dedicated to Goddess Durga
  • The festival combines ritualistic puja and fasting along with cultural activities for nine consecutive days and nights.
  • This year the festival will be celebrated from September 21 to 29

Mumbai, August 31, 2017 : Navratri is a festival which can be celebrated by all, irrespective of their caste or religion, says one of the organizers of Ruparel Navratri Utsav 2017 here.

Ruparel Navratri Utsav 2017, co-organised by Ruparel Realty and Showbizz Entertainment, will be held from September 21 to 29. Popular singer Falguni Pathak is set to perform at the festival.

Asked if Muslims are barred from such events, Santosh Singh, one of the organizers and director of Showbizz Entertainment, told IANS: “Garbas are not meant for Hindus only. There are no divisions based on caste or religion. Everyone should be welcome, and in Mumbai, they are.”

ALSO READ Navratri: Why India is celebrating 9-Day Hindu Festival and how it is associated with re-incarnations of Goddess Durga?

The festival will take place at the 13-acre Late Shri Pramod Mahajan Sports Complex of Borivli, Mumbai. It means loads of people would turn up for the event. What are the security measures taken by them?

“We are not checking anyone’s identity, but we have deployed extra security and stringent crowd management measures, especially for women, so that they can enjoy the festival while feeling safe and relaxed,” said Singh.

Have demonetisation and GST taken a toll on Navratri celebrations?

“We don’t know about others, but for us, this year the Navratri festival will be interesting because after demonetization and GST, it will be the first religious and social programme that will bring lakhs of people together,” he said. (IANS)