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13 India's growth rate to
surpass China in 2016 40 Role of emotional
Intelligence at WorkPlace
www.money-wise.in VOLUME - 3 ISSUE -2 February 2015
Pages 52 50/- Monthly Be Wise!! It is your Money
28
What next for Financial
Brand Dhoni?...12 Audit &
Frauds
Money Wise February 2015 www.money-wise.in 1
CONTENT
EDITORIAL..... vintage series.....
6 Modi's MAKE IN INDIA
push is a master stroke. It is a
revolutionary concept, which
will firmly put India into growth
trajectory....
10
poorest and most
Africa
remains
the world's
underveloped continent.
The result of a variety of
factors that may include corrupt governments, high levels
of illiteracy, lack of access to foreign capital....
MONEY WISE Series
GOLD REVIEW..... legally wise.....
8 Gold posted significant
gains during the month after
investors fled other investment
avenues following several economic
developments....
14 Important Supreme
Court Judgements
(19th December 2014-
18th January 2015)
lexis of stock market.....
16
types....
When a company proposes to raise
capital from the public, it issues a
prospectus. Prospectuses are two
understanding mutual funds.....
44 Lets understand how financial instruments
came into existence. Its starts with the need
of capital to start any business. On one hand
there are industries/companies and.....
Be Wise!! It is your Money
VOLUME-3, ISSUE-2 February 2015 Monthly Pages 52 Price Rs. 50/-
Chief Editor: EditorIAL ADVISors ADVISors
T. S. Raghavendra Rao S.K. Seshachandrika T.B. Sridharamurthy
M.K. Vidyaranya T.S. Giri
CMA B.R. Prabhakar S.G. Chaturvedi
associate Editor R.S. Raghavan M.B. Balasubramanyam
M.N. Subramanya (Hon) S. Kannan Mangala Gopinath
SPECIAL CORRESPONDANTs
chennai Ahmedabad Mumbai New Delhi
S.V. Suryaprakash Rao Shirish Mohite Mrs. Lalitha Mr. Srinivasa Rao Kasabe
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Money Wise does not accept responsibility for any investment decision taken by readers on VIEWS Expressed by the authors are
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and help them take decisions for themselves. subscribes to those views.
Money Wise February 2015www.money-wise.in 2 Money Wiseowned, Edited & Published by T. S. Raghavendra Rao, Printed by S. Raghavendra at M/s Vagartha, No.149,
February 2015 www.money-wise.in 3
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CONTENT News in Nutshell
15 18
1. Government of India has allowed Public Sector 12. New Year eve celebrations at Burj Khalifa in Dubai
Supreme Court verdict on Dancing of Rupee Banks to raise upto Rs.1,60,000 Crores in stages was special. A light show involving 70,000 LED
IPL Match fixing scandal against Dollar by reducing Govt holding to 52% to meet Basel III bulbs were used which entered into the Guiness
and its impact on India Cements norms. Records.
2. Reserve Bank of India imposed a fine of Rs 50 lacs 13. Remittances by NRIs to Kerala crossed Rs 97000
20 NITI Aayog replaces & Rs.25 lacs on ICICI Bank and Bank of Baroda for Crores during July -Septr 2015.
not enforcing KYC norms.
PLANNING COMMISSION 14. IIMs may be allowed to award MBA Degree in the
3. Jack Ma founder of Alibaba portal is reported to near future.
have made a profit of $18.5 Billion in 2014.
27 Money on Mobile: 15. Planning Commission has been replaced by NITI
4. Public Sector Banks lost Rs.2417 Crores in the first Ayog with the Prime Minister as the Chairman.
An answer for Quarter of 2014-15 due to frauds. Leading the pack
instant fund transfer was Central Bank of India with Rs.818 Crores. 16 Bangalore Stock Exchange stopped functioning
24
due to reduced transactions. However, it's Stock
Memorable 5. Dharmaj, a small village with a population just 1100, Broking Arm BgSE Financials continues to function.
37 Not by Rupee alone: Changing
approaches in Employee
Memories
of Maiden
70 Kms from Vadodara boasts of a total deposits
of Rs 1000 Crores ! 13 Banks have opened branches 17. Central Government okayed. auctioning of 2G and
3G Spectrum which may yield about 64840 Crores
contents
SNIPPETS
in the village.
compensation
WORLD 6. Mr Hari Rao an ITO cum entrepreneur of Bangaluru
during the entire process.
CUP 1983 has designed a Gas Stove which saves 50% gas 18. Azim Premji Chief of Wipro topped the list of Indian
35 Are IPOs and is carbon and smoke free. Ideal for industrial Philanthrophists by donating Rs 12316 Crores
units. during April 2013 and October 2014.
losing ground?
7. Indian Premier Leage (IPL) fiasco reaches a 19. Crude Oil prices continued its slide falling below
$50 per Barrel. GOI responded by reducing
42
definite stage with Supreme Court verdict.
Soil Health Cards for More likely to follow. the prices of Petrol and Diesel twice in quick
Farmers succession.
38
8. Reserve Bank of India tightened norms for
MCX 20. Roger Federer, ace tennis Player recorded his
45
defaulters by classifying them as 'non -
commences Entrepreneurship as a cooperative' if they intentionally stonewall 1000th Win, a rare milestone.
Futures Trading in Career for Women recovery efforts of Banks.
21. Raghuram Rajan sprang a surprise by reducing
Crude Mini 9. IRDA imposed a fine of Rs 55 lacs on Max Life Ins Repo and Reverse Repo rate by 25 Basis Points.
MONEY I LOVE YOU Co for violating guidelines for outsourcing . Stock Exchanges responded positively as a result.
48
46
10. The total number of accounts opened under Jan 22. Crore Pathis all the way! CISCO has 132
Corporate Dhan Yojana crossed 10 Crores with total balance Crorepathis on their rolls compared to just 3 in the
A unique
Fraud Valentine Day of about Rs 7600 Crores. previous year.
reports 45% increase message Contributed by: M.B. Balasumbramanyam
Money Wise February 2015www.money-wise.in 4 Money Wise February 2015 www.money-wise.in 5
Letters to the Editor...
Make In India
Gold and Stock Market Review by Pradeep MSCS in Ponzi's Guise article by Sastry is
Chandrashekharan is coming well. It is a very interesting and it creates awareness to
T.S. Raghavendra Rao unique feature of Money Wise. general public against such schemes.
M
odi's Make In India push is a masterstroke. as easy as in China,
Ms.Renuka Sundaram, Chennai Mrs. Veena S Gopal, Hyderabad
It is a revolutionary concept which will Making Maximum out of 'Make In India' Push
firmly put India into growth trajectory. India has an inbuilt advantage in terms of cheap We are working on increasing the
Article on 'Understanding Mutual Funds'
Make In India is about job creation, Make In India is and skilled labour. It is time we take advantage of our coverage on these topics.
by K.S.Chhayaa is evolving very good and
about accelerating India's growth story. This initiative demographic dividend and govt push and change the educative.
will transform India into a global manufacturing face of India once and for all. Vintage Series by Chandan Kulkarni is
coming out well. It is giving a different
Mr.Ramesh Narayan. Tumkur
hub. The recently-concluded deliberations on the
The government has identified 25 key sectors in Prime Minister’s ‘Make in India’ campaign provide dimension to our thinking. Keep it up sir.
which India has the potential of becoming a world an opportunity for delineating a forward-looking Ms. Shylaja, Mumbai Article on V.R. Krishna Iyer is excellent. It is a
leader.. Enough ground work has been done in approach in respect of manufacturing activity, great loss to the country.
this regard. The Make In India, campaign wants income, employment and environment in the We shall try to live up to the expectation. Ramanujam, Mumbai
to increase the contribution of the Manufacturing coming years. The decisions that the government
sector to the overall GDP of the country. India's GDP takes and implements in these areas are of far-
'Lexis Of Stock Market' by Mr.Kannan S is 'News In Nutshell' caption for Snippets is a
in 2013 had 56.9% contribution by the Services sector reaching consequence, and will impact the trajectory
very knowledgeable and educative. He is
EDITOR ANSWERS
EDITOR SPEAKS
while Manufacturing sector contributed only 15%.. of progress, as the economy moves from the status of welcome change. Snippets is evolving well.
covering it very comprehensively Good job by Mr.M.B.Balasubramanyam.
Prelude: The Indian economy, which slumped ‘developing’ to that of ‘developed’.
badly in 2012 and 2013, will likely grow 6.3 percent An action plan has been prepared, and the ROAD Mr.Anand Rajshekhar, Goa Mr. Kalyan Raman, Pune
this year, because of investor confidence in Modi. to success consisting of Responsibility, Ownership,
By 2016 the country’s growth rate of 7.2 percent Accountability and Discipline defined Article on BCCI's Monetary growth by Abhijit
will surpass China’s 7.1 percent, says CLSA senior Pride in the organisation, nation and community Money Wise is yet to start detailed coverage
Burli is excellent . Very good Abhijit Burli Sir of Stock Market.
economist Rajeev Malik. to which one belongs is needed to a much greater
Make In India; Right On time: This is the golden extent than it exists today. While a lot is made of
Mr.George ,Cricket Lover, New Delhi Mrs. Poornima Srinath, Mysore.
opportunity for Indian Industry to take advantage of globalisation and the need for the adoption of global
the Govt push on Make In India especially when our best practices, there is ample scope for building on 'BJP's Poll ready Team' article by We are working on it madam.
neighbour China is showing a downward trend in this intangible element of local and national pride, M.N.Subramanya is very insightful
GDP growth. not for covering our inherent weaknesses but for Mr.Rajeshwari Devi, Bangalore 'Revisit Of Base Rate Mechanism' by
The slowdown in China, however, could make emphasising our strengths, capacities and potential.
R.S.Raghavan is very technical and extremely
a big difference this time. China became an export There is no dearth of these, be in the form of
good.
powerhouse because of its vast pool of low-wage richness of tradition, culture and values, or in the Article on 'BIosimilar of Adalimumab' gives
workers, but it’s no longer so cheap to manufacture availability of indigenous knowledge. All of these valuable information. Mr.Krishna Kamath,
there. Pinched by double-digit increases in China’s need to be re-emphasised and combined with the Mr.Nagraj, Chennai Rtd. Canara Bank Manager, Mysore
minimum wages, many companies are looking for availability of technology, organisation and efficiency,
low-cost alternatives. Southeast Asian countries such so as to create adequate momentum and motivation
as Vietnam and Indonesia are attractive, but they lack to overcome some of the underlying inefficiencies in Subscription Details
the deep supply of workers available in India. “Neither our system.
one is big enough to take up the slack,” leaving India A combination of self-pride, institutional support, 1 Year - Rs. 600/- 3 Years - Rs. 1600/- 5 Years - Rs. 2700/
with a “golden opportunity.” critical thinking and effective action can undoubtedly Mode of Payment: Online Transfer:
China's GDP is continuously on a downward enable the ‘Make in India’ stamp to become a hallmark Cheque/DD favouring Money Wise
trend. Difficult to recover considering China's of global excellence. The steps mentioned here can "Money Wise" and send it to Account No: 32583988349
Demographics. provide a strong foundation for enabling a successful # 31, Vidya Bhavana, 1st Floor, State Bank of India
And though foreign investment is rising in ‘Make in India’ campaign. West Anjaneya Temple Street, IFSC Code: SBIN0010411
“Vietnam, Thailand, Myanmar and the Philippines,” 'Money Wise' wishes 'Make In India' initiative of Opp: Karanji Anjaneya Temple. City: Bangalore
conducting business in those countries is usually not Prime Minister Narendra Modi a very success. Basavangudi, BANGALORE-560 004 moneymatu@gmail.com
Money Wise February 2015www.money-wise.in 6 Money Wise February 2015 www.money-wise.in 7
GOLD REVIEW STOCK MARKET REVIEW
THE NIFTY positions in such stocks.
The NIFTY had a volatile month and moved in a
fairly narrow range during the month. Fresh bouts of
buying interest in several pivotals has enabled the NIFTY
to claw its way back close to its all-time high. The short
and medium term trends continue to be sideways while
the long term trend continues to be up. In the forth
coming sessions, the NIFTY can be expected to test its
Pradeep Chandrasekaran resistance at the 8650 level. This is going to be crucial in
the sense that a failure now to break this level will result
G
in the formation of a double top. Double tops have
old posted significant gains during the month DOMESTIC GOLD PRICE MOVEMEN bearish implications and are formed when the prices
after investors fled other investment avenues The domestic gold moved slower relative to the reach the same level and is unable to break through it.
following several economic developments. The international prices but have also managed to turn the On the downside, the NIFTY now has strong support
slump in oil prices have and slump in several global long term trend up. The domestic prices are now close around the 8300 level. A close below this level will result The CNX IT INDEX
STOCK MARKET REVIEW
equity markets led to renewed buying in Gold. to the initial target at the Rs.28000 level. Long positions in the short and medium term trends turning bearish. The CNX IT Index staged a recovery during the
The decision of the Swiss National Bank to break can be maintained in Gold though it would be advisable
GOLD REVIEW
month by building on the strength of the triple bottom
the three year peg of the Franc against the USD also to initiate fresh positions only during a correction. The
formed at the 10860 level. The recovery has been strong
aggravated the situation which aided Gold to post more on-going upmove in Gold will come under threat only in
enough to turn the short term trend bullish. The Index
gains. the event of a close below the Rs.26800 level.
is now poised to test its recent high around the 12000
Chart Review GBP – USD mark. As in the case of the NIFTY, this is going to be
Gold broke through all the near-by resistance with crucial because a failure now to break above the 12000
the bulls tightening their hold. The gains over the last mark will result in the formation of a double top. On
few sessions have been significant enough for the long the downside, the first support is currently placed at the
term trend to turn bullish. Gold now can be expected to 11350 level. A close below this level will result in the
test the $1340 level in the coming weeks. The erstwhile short term trend turning bearish.
resistance for Gold around the $ 1260 level is now the first
level of support for Gold. Investors can use corrections
in Gold to build long positions. The short and medium
term trends will turn bearish only if Gold where to close THE BANK NIFTY
below the $1220 level. The BANK NIFTY broke through its resistance
levels and rose to new record highs. All the trends in
the Index are now up. The struggle of the Index over the
The GBP came under renewed attack from the bears last few weeks in the range between 17600 and 18900
with the result that the short term has once again turned will now have the ability to cushion any fall and will act
down. The GBP is now heading towards a test of its 2013 as the first area of support. The immediate target for the
low at the 1.4806 level where it has previously formed Index is now at the 19900 level. There are several stocks
a double bottom (see chart). This is a major support in the sector which continue to offer entry opportunities
area for the GBP now and is a crucial area. Should the at low risk and investors can continue to build long
support hold, the GBP will have the potential to stage a
recovery – potentially all the way to the 1.55 level. On
the other hand, if this level is broken, further selling can Pradeep Chandrasekaran
be expected since there is no visible support immediately (the author is the Founder and CEO of Finmark Trainers
after this. and can be reached at pc@finmark.co.in)
Money Wise February 2015www.money-wise.in 8 Money Wise February 2015 www.money-wise.in 9
Vintage Series Vintage Series
Diamonds of War
Africa dominates the global diamond market. They are generally in "rough" form, meaning they
In 2008, the continent produced 55 percent of the have recently been extracted and not polished.
world’s diamonds. Botswana, Angola, South Africa, the A diamond mined in Sierra leone by RUF commiting
Democratic Republic of the Congo, and Namibia,Sierra brutalities may well be a engagement ring in US or may
Leone are Africa’s largest producers of diamonds. be made into a beautiful necklace.All such diamonds
Diamonds,a Resource Curse? invariably are responsible for the conflict.Diamonds have
Sierra Leone is a country in West Africa. It is always been looked at as source of power and wealth,but
Chandan Kulkarni
chandanmeetsu@gmail.com
Blood Diamonds bordered by Guinea in the north-east, Liberia in the its hard to imagine their brutal past.
south-east, and the Atlantic ocean in the south-west. The world demand for diamond is so high that it helps
Freetown is the capital city,its a bustling port city. to keep the conflict going. At the height of the civil war
The main minerals mined in Sierra Leone are in Sierra Leone, it is estimated that conflict diamonds
diamonds, rutile, bauxite, gold, iron and limonite. represented approximately 4% of the world's diamond
production.
Mining in Sierra Leone, especially diamond mining,
has been seen as one of the key factors for instability The war claimed over 75,000 lives, caused 500,000
in the country and one of the reasons for the country's Sierra Leoneans to become refugees, and displaced
recent civil war. half of the countries 4.5 million people.More than
5,000 child soldiers were forcibly recruited. Many were
The first Sierra Leonean diamond was found in 1930,
given drugs and forced to commit barbarious crimes.
and significant production commenced in 1935. Sierra
AK47,knives,macheetes were given to them ,looting
Leonean production is characterized
,Rape,burning down entire villages followed.Child
by a high proportion of top-quality gem diamonds. soldiers were most feared,they formed a "Boys Unit".
The Star of Sierra Leone, a magnificent 969-carat Most of all, however, the RUF became known for mass
VINTAGE SERIES
VINTAGE SERIES
diamond, was discovered in the Koidu area. By 1937 mutilation. According to an estimate by the humanitarian
Sierra Leone was mining one million carats annually, agency medico international, the rebels hacked off limbs
reaching a peak of 2 million carats in 1960. of about 20,000 civilians.RUF took labourers as slaves
From 1930 to 1998, approximately 55 million carats to work in mines.Revolutionary United Front (RUF)
"For every hand taken in marriage,another were mined (officially) in Sierra Leone. At an average established itself as a brutal militia.
hand is taken away" in one of the Ads. price in 1996 dollars of US $270 per carat, the total value Diamonds are a guerilla’s best friend
is close to US $15 billion.
Throughout the nine-year civil war, fighting
A
Unfortunately several African conflicts and civil wars concentrated in and around the diamond districts.
frica remains the world's poorest and most total global gemstone production, America buys more have been caused and funded by the diamond industry.
underdeveloped continent, the result of a variety than half of the world's total gem quality diamonds. RUF leaders were very aware that whoever controls the
Whenever a substance of value was found in Africa diamond mines controls Sierra Leone, and profits from
of factors that may include corrupt governments, Diamonds were too rare and expensive for those ,it resulted in bloodshed - history is a witness to such
high levels of illiteracy, lack of access to foreign capital. smuggled diamonds funded its attack.
of lesser means to afford until the discovery of African conflicts.
Africa is rich in natural resources. Sudan and Nigeria diamond mines in the 1870s. The De Beers Company was By the war’s end, the RUF was generating an annual
The Sierra Leone Civil War (1991–2002) began on 23 $ 25 million to $ 125 million this way. In 2001, peace
are two of the main oil producers,the copper belt in the sole owner and operator of these newly discovered March 1991 when the Revolutionary United Front (RUF),
Katanga, the diamond mines in Sierra Leone, Angola, mines in South Africa. In the 1930s, when demand for negotiations were conducted under pressure from the
with support from the special forces of National Patriotic UN, and the war ended one year later.
and Botswana are well known for their abundance and diamond rings declined in the U.S. during hard economic Front of Liberia (NPFL), intervened in Sierra Leone in
rich produce. times, the De Beers Company began an aggressive The diamonds mined were smuggled to Liberia
an attempt to overthrow the Joseph Momoh government.
The word "Diamond" comes from the Greek word marketing campaign using photographs of glamorous and other neighbouring countries and exported. The
The resulting civil war lasted 11 years, enveloped the
"Adamas" and means "unconquerable and indestructible". movie stars swathed in diamonds. Within three years, the astoundingly high levels of its diamond exports bear
country, and left over 50,000 dead.
sales of diamonds had increased by 50 percent. no relationship to its own limited resource base. By
During the medieval ages Diamonds were known in Conflict diamonds, also known as "blood diamonds"
In 1947, De Beers launched its now classic slogan, accepting Liberian exports as legitimate, the international
ancient Greece and the Roman empire and were believed are diamonds illegally traded to fund conflict in war-torn
"A Diamond is Forever." This spurred even more sales. diamond industry actively colluded in crimes committed
to be tears of the Gods and splinters from falling stars. areas, particularly in central and western Africa. The or permitted by the Liberian government.
Their rarity, durability and beauty made them popular Africa’s two most profitable mineral resources are United Nations (UN) defines conflict diamonds as "...
among royalty.Today, diamonds continue to hold a deep gold and diamonds. In 2008, Africa produced about 483 Annual Liberian diamond mining capacity is between
diamonds that originate from areas controlled by forces
fascination as the world’s ultimate symbol of wealth. tons of gold, or 22 percent of the world’s total production. 100,000 and 150,000 carats, but the records indicate
or factions opposed to legitimate and internationally
South Africa accounts for almost half of Africa’s gold Liberian imports into Belgium of over 31 millioncarats
The U.S. is the world’s largest diamond market. recognized governments, and are used to fund military
production. between 1994 and 1998 - an average of over six million
Although the U.S. accounts for less than one-percent of action in opposition to those governments..”
Money Wise February 2015www.money-wise.in 10 Money Wise February 2015 www.money-wise.in 11
India's growth rate to surpass China's in 2016: IMF
I
ndia under the leadership of Prime Ministership of Global growth in 2015 16
Narendra Modi is expected to grow at 6.3 per cent is projected at 3.5 and 3.7 per
his year and 6.5 per cent in 2016 , when it is likely to cent, a downward revision of 0.3
cross China's projected growth rate. per cent relative to the October
While terming the new 2014 World Economic Outlook
government's reforms as "promising" (WEO).
it insisted that their implementation The revision reflect a
is key., the IMF has said. In 2014, reassessment of prospects in
M.K. Vidyaranya
India's growth rate was 5.8 per China, Russia, the euro area and Senior Journalist
cent against China's 7.4 per cent, Japan as well as weaker activity in & Political Analyst
said the World Economic Report some major oil exporters because
narendra update released by the International of the sharp drop in oil prices.
modi Monetary Fund. India's growth rate The United States is the only major economy for
"Labourers mine for diamonds in Sierra Leone" in 2013 was five per cent as against which growth projections have been raised, the IMF
China's 7.8 per cent. said.Investment growth in China declined in the third
carats a year.These are suspected to be blood diamonds. reach is to any substance that is of value.Recently Rebels Indias projected growth rate quarter of 2014, and leading indicators point to a further
hijacked mines in Congo that supply precious metals to would be at 6.3 per cent in 2015 and slowdown.
Diamond industry is made up of
electronics manufacturers 6.5 per cent in 2016, when it is likely
miners,polishers,marketers and ultimately consumers.
to cross China's projected growth
VINTAGE SERIES
Once the rough stones are mined they are exported to Today, Sierra Leone is at peace, but the country still
IMF REPORT
rate of 6.3 per cent, the IMF said. "I
polishing centres in Belgium(Antwerp),Surat(India),L bears deep scars. The latest Human Development Index
think the reform plans of the new
ondon.All diamonds become legitimate after polishing, (HDI) ranked Sierra Leone number 180 of 187 countries.
Gian Maria Prime Minister Narendra Modi are
their source is no longer necessary. Nearly 20 % of children die before their fifth birthday. Milesi- promising. We are going to have to
What is being done to stop the trade? Only about 40 % of adults over 15 years can read and Ferretti, see the speed of the implementation,
write. And almost two-thirds of the people live on less deputy director according to " Gian Maria Milesi-
The Kimberley Process started when Southern
than $ 1.25 purchasing power a day.Legitimate minig in IMF's Ferretti, deputy director in IMF's
African diamond-producing states met in Kimberley,
activities are carried out.Business is still not transparent. Research Research Department.
South Africa, in May 2000, to discuss ways to stop the
Distrust prevails. Department Responding to a question, the
trade in conflict diamonds and ensure that diamond
purchases were not funding violence. In 2003, the UN Special Court for Sierra Leone (SCSL) IMF official said the effect of Prime Minister Narendra IMF downgrades
The result was an agreement by the United Nations,
indicted Charles Taylor,Fomer President Of Liberia. He
was found guilty in all 11 charges – including war crimes
Modi-led government's economic reform would be
difficult to predict as these are structural reforms and are
global growth forecast
European Union, the governments of 74 countries, the However the IMF now expects global growth
and crimes against humanity. growing gradually over the medium term. "Key is going
World Diamond Council. of 3.5% this year, compared with the previous
Although Africa supplies about 60 percent of the to be implementation," Milesi- Ferretti said.
They established the Kimberley Process Certification According to the latest IMF report, in India, the estimate of 3.8% which it made in October.The
world's diamond supply, there are alternate sources.
Scheme (KPCS), whereby members are required to certify growth forecast is broadly unchanged, however, the growth forecast for 2016 has also been cut, to 3.7%.
First, remember that not all African diamond mines are
that all rough diamond exports are produced through weaker external demand is offset by the boost to the terms The downgrade to the forecasts comes despite one
corrupt. The African nation Botswana has been able to
legitimate mining and sales activities and are "conflict- of trade from lower oil prices and a pickup in industrial major boost for the global economy - the sharp fall
thrive thanks to a legitimate diamond industry, Botswana
free." and investment activity after policy reforms. in oil prices, which is positive for most countries.
has enjoyed a complete about-face from one of the world's
Each shipment carries a certificate that details where poorest countries in 1966. The global growth will receive a boost from lower oil The IMF expects that to be more than offset by
the diamonds came from, how they were mined, where prices, which reflect to an important extent higher supply negative factors, notably weaker investment.
As they say Diamond's are forever...
they were cut and polished, the parties involved, and the Press Trust of India reported. That in turn reflects diminished expectations
their ultimate destination. The idea is that members of "A resource curse, also known as the paradox of But this boost is projected to be more than offset about the growth prospects for many developed
the Kimberley Process cannot trade with non-members. plenty, refers to the paradox that countries and regions by negative factors, including investment weakness as and emerging economies over the next few years.
with an abundance of natural resources, specifically point- adjustment to diminished expectations about medium- If business expects weaker growth, there is less
As of 2015 less than 1% of diamond's traded are
source non-renewable resources like minerals and fuels, term growth continues in many advanced and emerging opportunity to sell goods and services and so less
beleived to be conflict diamonds.
tend to have less economic growth and worse development market economies. incentive to invest.
Conflict Trade is not limited to diamonds alone,its outcomes than countries with fewer natural resources"
Money Wise February 2015www.money-wise.in 12 Money Wise February 2015 www.money-wise.in 13
Legally Wise
the Corporation losing
Compiled by
confidence or faith in
such an employee and Supreme Court Verdict on IPL Match fixing
scandal and its impact on India Cements
Sivaramakrishnan M.S. awarding punishment of
Practicing Supreme Court dismissal. In such cases,
Advocate there is no place for
T
siva0714@gmail.com generosity or misplaced he Supreme Court-appointed probe
sympathy on the part committee, led by Justice Mukul Mudgal,
Important Judgements
of the judicial forums had in its first report indicted Meiyappan of
and interfering therefore betting and sharing team information. Srinivasan
with the quantum of had mentioned that Gurunath was a mere 'cricket
punishment. The amount enthusiast.' Srinivasan was earlier charged for not
[19 December 2014 – 18 January 2015]
misappropriated may be taking adequate action against those involved in
Civil Procedure he may in a reasonable manner Criminal Procedure small or large; it is the act 'misdemeanours.' M.N. Subramanya
Setting aside of exparte give notice to the vendor, and fix a An Appellate Court, while of misappropriation that is
Today's Supreme Court Verdict in the IPL match Retd. Banking
decree under Order XXXVII Rule period at which the business is to be dealing with an appeal against an relevant. Professional
fixing scandal has absolved former BCCI President,
4 of the Code cannot be allowed in terminated. order of acquittal, has full power to Diwan Singh v. Life CSK owner and Vice Chairman of India Cements Mr.N.Srinivasan of cover up.
routine and special circumstances Kailash Nath Associates v. Delhi review, re-appreciate and reconsider Insurance Corporation The allegations of cover up charges against N Srinivasan were not proved and
are required to be established. Development Authority, Civil the evidence upon which the order of India, Civil Appeal at best, the SC said there's only a case of suspicion of cover up.
However, the expression "special Appeal 193 of 2015, dated 9 of acquittal is founded. An appellate 3655 / 2010, dated 5 However, N. Srinivasan, suffered a huge setback as the Supreme Court
circumstances" has to be construed January 2015 court, however, must bear in mind January 2015 observed that he created a conflict of interest by being the BCCI president and
having regard to the individual fact that in case of acquittal, there is the owner of a team at the same time. The SC also said that clause 6.2.4 that
situations. The Court has to balance Companies Act double presumption in favour of the Voluntary Retirement
LEGALLY WISE
allowed Srinivasan to own a team is not sustainable.
IPL verdict
the equities and while safeguarding On a conjoint reading of the accused. Firstly, the presumption Under any Voluntary
In a significant decision, the court struck down the controversial 6.2.4 clause
the interest of the plaintiff, relevant provisions of Sections 391 of innocence is available to him Retirement Scheme, the
that allows BCCI officials to own IPL teams and have commercial interests.
appropriate conditions can be laid and 393 it becomes at once clear that under the fundamental principle employees that opt for
"BCCI must ensure institutional integrity in the conduct of game considering
down if the defendant makes out the Company Court which is called of criminal jurisprudence that the scheme and receive
the expectations of millions of viewers. Rule 6.2.4 violates principle of natural
a debatable case which may prime upon to sanction such a scheme has every person shall be presumed the ex-gratia payment
justice," the court said.
facie show injustice if the ex-parte not merely to go by the ipse dixit of to be innocent unless he is proved as provided for under
decree was not set aside. guilty by a competent court that scheme shall form The court earlier said Srinivasan's son-in-law Gurunath Meiyappan and Raj
the majority of the shareholders or
of law. Secondly, the accused a different class of Kundra of Rajasthan Royals are team officials who were involved in betting.
Mahesh Kumar Joshi v. Madan creditors or their respective classes
having secured his acquittal, the employees and cannot In a landmark judement " The two-judge special bench however said "BCCI
Singh Negi, Civil Appeal 450 / who might have voted in favour of
presumption of his innocence is claim the same benefits functions are public functions, amenable to judicial law."
2015, dated 15 January 2015 the scheme by requisite majority
but the Court has to consider the further reinforced, reaffirmed and as the other employees A three-member panel comprising of Justices RM Lodha, Ashok Bhan and
strengthened by the trial court. If who have retired in the RV Ravindran was also formed to decide the fate of Chennai Super Kings,
Contract Act pros and cons of the scheme with
a view to finding out whether the two reasonable conclusions are normal course. Revisions Rajasthan Royals and recommend changes in the BCCI constitution. The panel
If time be made the essence of
scheme is fair, just and reasonable possible on the basis of the evidence in pensions accruing to will give its report in six months.
the contract, that may be waived by
and is not contrary to any provisions on record, the appellate court should employees who retired in The Supreme Court Thursday said sidelined BCCI president N. Srinivasan
the conduct of the purchaser; and
of law and it does not violate any not disturb the finding of acquittal the normal course can be cannot contest elections for the Indian cricket board's governing body
if the time is once allowed to pass,
public policy. This is implicit in recorded by the trial court. denied to employees who presidency as long as he is involved in a "conflict of interest" situation as an
and the parties go on negotiating
for completion of the purchase, the very concept of compromise or Vinod Kumar v. State of voluntarily retired under a owner ofIPL franchise Chennai Super Kings (CSK).
then time is no longer of the essence arrangement which is required to Haryana, Criminal Appeal 1401 VRS Scheme, provided the Impact Of this judgement on India Cements: Shares of India Cements
of the contract. But, on the other receive the imprimatur of a court of / 2008 dated 8 January 2015 Scheme sets out as such surged nearly 9 percent today after the Supreme Court verdict.
hand, it must be borne in mind that law. expressly.
Now that the final Verdict is out, N.Srinivasan is barred by SC from
a purchaser is not bound to wait Infrastructure Leasing & Service Law Manojbhai N. Shah v. contesting BCCI elections as long as he is involved in Conflict of interest.
an indefinite time; and if he finds, Financial Services v. BPL Ltd., When an employee is Union of India, Transfer N.Srinivasan has to take a call now. Earlier the better. Once the quantum of
while the negotiations are going on, Civil Appeal 2701 / 2006, dated found guilty of pilferage or of Case (Civil) 48 / 2010, punishment is decided aganist CSK and RR by the panel, we will have clarity
that a long time will elapse before 9 January 2015 misappropriating the Corporation's dated 7 January 2015 on the impact as N.Srinivasan is the Vice Chairman of India Cements and
the contract can be completed, funds, there is nothing wrong in Dhoni is Vice President of India Cements.
Money Wise February 2015www.money-wise.in 14 Money Wise February 2015 www.money-wise.in 15
themselves. For such investors, between these two prices could be
Lexis of Stock Market
the option available is ‘Cut off a maximum of 20%. This is often
price’ which simply means that the
applicant is willing to subscribe
referred to as Price Band.
Price discovery
Do you
know…?
at a price at which majority of
The issuer company definitely
the bidders are willing or at a
would look to get as much money
price at which the issue is fully
as possible from the investors
Part- 6 subscribed. By using this option, The Wholesale Debt
for lesser number of shares that
the investor forfeits his option to
he would issue. Obviously the Market segment
determine the price at which he is
opposite is true from the point deals in fixed income
willing to subscribe to the shares.
SEBI guidelines permit only retail
of view of investors. The point securities and is fast
of meeting of both the issuer and gaining ground in an
individual investors to have an
the investors would lead to the
option of applying at cut off price. environment that has
price discovery. In simple, price
Price Band largely focussed on
discovery would help the issuer to
Price Band is nothing but a identify the maximum amount that
equities. The segment
range of price indicated by the he could collect from the investor commenced operations
CS Kannan S on June 30, 1994. This
issuer at the time of opening of for each security issued by him and
cs.skannan@gmail.com
bids for the book building issue. the price at which the issue would provided the first
The issuer provides the floor price be fully subscribed, at least once. formal screen based
W
e have seen about too. The price of the securities, provides an opportunity to the and the cap price the difference … to be continued trading facility for the
Prospectus in the the number of securities that are market to discover the price for debt market in the
previous issue. When offered to public and the amount securities and also the demand Readers are invited to send questions referring to country.
LEXICON
LEXICON
a company proposes to raise that is intended to be collected are for such securities can be known specific words used in stock market. You are welcome Courtesy : www.
capital from the public, it issues made known in advance under the everyday as the book is built based to send your queries to moneymatu@gmail.com or nseindia.com
a prospectus. Prospectuses are fixed price issue. The minimum on the bids received. cs.skannan@gmail.com
two types (1) Normal Prospectus number of shares to be subscribed Unlike the Fixed Price Issues,
and (2) Red herring Prospectus. by each applicant is indicated in there are certain specific terms
Normal Prospectus was explained the prospectus. The critical point used under the Book Building
to your benefit in the previous to be noted under this kind of an
issue. Let us now see what Red
herring Prospectus is. To put it in
issue is that the demand for the
securities offered is known only
Issues. Let us see some of them.
Cut off Price
In a book building issue, the
"ONLY" In Lighter Vein
a layman’s language, ‘red herring’ after the close of the issue.
means some thing, some thing Book Building Issue
issuer is required to indicate a floor
price, that is, a price below which
ONLY he said that he loved her.
important is “missing”. What is
This is more a recent
missing in such prospectuses? A
red herring prospectus does not
development in the primary
the bids would not be accepted
and a cap price which is usually He ONLY said that he loved her.
market in India. In tune with the 20% above the floor price beyond
He said ONLY that he loved her.
include three key details of the
global practices, SEBI introduced which the investors need not bid.
issue such as (i) price per share; (ii)
book building guidelines for It is also possible for the issuer to
the number of shares offered and
He said that ONLY he loved her.
primary markets as early as 1995, provide a price band within which
(iii) the amount of issue. These two
almost no book building activity the investor could bid. This is
types of prospectuses are used in
was seen in the Indian capital actually the liberty that is provided
two different types of public issues.
They are: (1) Fixed Price Issue and
market till 2000. Book building is
a process by which a demand for
to an investor who is expected
to bid an appropriate price after
He said that he ONLY loved her.
(2) Book Building Issue. Let us
He said that he loved ONLY her.
the securities offered for sale by a considering various prospects of
see what are they.
corporate is built up and the price the issue.
Fixed price issue for the security is assessed on the
He said that he loved her ONLY.
Though this looks very simple,
This is an age old type of basis of the bid obtained from the
it would be very difficult for the
public issue and most popular one investors. This type of mechanism
investors to arrive at a price by
Money Wise February 2015www.money-wise.in 16 Money Wise February 2015 www.money-wise.in 17
Dancing of to that extent of supporting to meet that much value of
Import, resulting in concrete Trade Deficit, reflected in
adverse Balance of Payments. This is the prime cause
exports, dependent on Europe for CAD may be a good
theoretical concept.
Ground reality of rupee slide is due to huge Current
RUPEE against DOLLAR for free fall of Rupee. India handled and managed this
shortfall in B O P through the flows in Capital Account
Account Deficit, caused by primarily large value of import
of capital goods besides import of oil, fuel and gold. In pre
A
movement of funds, which also shrunk as there was 2004-05, the average annual capital goods import was just
t the time of Independence in 1947, Rupee was Exchange Rate Implications: Exchange Rate is the exodus of foreign funds out of Indian Debt as well as $10 billion and the same grew exponentially, USD 25.5 b
equal to a Dollar and rupee has been significantly price of a currency expressed in terms of another currency. Equity markets. in 2004-05, USD 47 b in 2006-07, USD 80 b in 2010-11
depreciated to the extent of 65 or 66 per Dollar, Floating and Pegged modes are used to determine a Inflation rates also played its role in the exchange rate and further during the last three years till 2013-14, there
an year ago in August 2013, with the major contributors, currency’s exchange rate. In the former, government movement as the former eroded the purchasing power that by pushing the average to USD 90 plus.
in the past six and a half a decades, being import of make changes to its national economic policies, directly one currency could fetch against another currency. Apart Adding fuel to fire, incentives were given for the
Petroleum products and Gold metal. Despite crossing the or indirectly affecting the exchange rate, in the pegged from inflation, which is too many demands chasing too exports, thereby depriving of revenue to government
threshold figure of 60 and fluctuating beyond that, dollar exchange rate system, government sets / maintains the few commodities, External Debt which is the net money exchequer. The double edged sword of Tax cut induced
exchange rate relentlessly moved against rupee without exchange rate, with no daily swing. owed by Indian individuals as well as entities, inclusive of Capital Goods Import of huge value totally wiped out the
retirement. In May 11, Rupee was In the latter, the central bank government and those abroad, had a solid bearing on the CAD surplus and was allowed to run in deficit mode for a
around 45 against dollar and crossed needs to have large forex reserves rupee as Indian government and corporate access funds considerably long time, impacting the rupee.
the psychological barrier of 50 later for mitigating changes in the supply abroad, following the opening up of economy in the free The rally in Rupee is seen as reflective of weakening
and remained above that almost and demand proportion. If anyone market set up. gold Prices, both significantly and rapidly. Good
entirely in 2012, followed by its poses a question as to whether Added to this, quite a good number of Indians take quantum of foreign portfolio inflows helped the Rupee
peak in mid- 2013. There is nothing the exchange rate prevailing now up higher education abroad, necessitating borrowing strengthen beyond the psychological benchmark of 60.
magical about the figure of 60, akin would stabilize and reflects the arrangements to meet the cost. These aggregate to a The Dollar Rupee outlook appears to be positive in the
to Senior Citizen concept, or for real exchange rate, the answer may substantial quantum of External Debt getting magnified short term and bullish in the medium term. It is expected
that matter even 70, but it reflects not be forthcoming. The exchange through exchange rate. All of such things in totality exert to revolve around 55 to 60 during the early part of 14-15
on the economy badly, when not rate does not reflect the real value.
Rupee V/s Dollar
Rupee V/s Dollar
heavy pressure on the rupee against dollar both in near and may even touch a high of 50 or so as the electorate
checked properly. A free fall of currency is a challenge The Real Effective Exchange Rate (REER) is actually a and long terms.. has given a firm verdict with strong leader. With large
not normally faced during good years of economic measure of the trade weighted average exchange rate of In this messy affair of amplified foreign economy, foreign fund flow, there is no better economic indicator
indicators. the rupee against the basket of currencies, duly factoring it is the students and the general populace who are than exchange rate. Rupees oscillation surge is coupled
Economic conditions in early nineties, when the inflation differentials of the respective countries most affected as these people do not have any hedging well with swelling forex reserves to over USD 300 billion
Liberalisation, Privatisation and Globalisation (LPG) through an index number with reference to some base mechanism for the currency upward movement risk and also fall in gold prices.
opened up and policy stance, during the pre-gulf crises year. This is akin to Inflation Indexed cost arrived at for being witnessed. When the exchange rate is on the rise, Since mid-May 2014, the Rupee is on strengthening
era, were different than what is prevailing now, the Forex the Capital Gain tax for the reason that money value does value of foreign remittance being sent by persons working mode and mood, as it revolves around 60. As foreign
reserves were merely $ 3 billion and the same now hovers not remain the same, over any period of time. abroad gets multiplied for every dollar. But the other side money flow is on the rise, prevention of recurrence of
beyond $300 b, which is nearly 100 times and not just 100 EXCHANGE RATE IMPLICATIONS: Currency is is that foreign residents touring India would pay a few the nightmarish experience seen in later part of 2013 is
%. In 2003-07, when credit off take was driven by high often taken, by the international market, as one of the dollars less for their vacation trip, than when the rate was possible. There appears to be no way of the rupee going
growth witnessed in private sector, Rupee appreciation nation’s vital barometer in economic trade prosperity better. Further, stock markets had also reacted badly. But steep, akin to 2013, though there may be a cap for the
was significant. Thus, reason for continued fall in rupee status. Falling rupee affects many during its journey attempts are being made to decouple the stock markets improvement in the rupee.
against dollar could be traced to the low level of credit and more so in the spectrum of costlier products, rise from the forex markets, which of late seemed to break Though there appeared to be some sort of recovery
creation reflected in poor GDP / Credit Deposit Ratio of in fuel bills, higher cost for students pursuing courses loose from the clutches of the rupee. witnessed during the last one year, after it peaked to 65
banks. in abroad, expensive foreign holiday trip, escalated Obviously, Rupee’s tumble makes exports more plus, the Indian Rupee depreciated in July- August 2014.
In the last financial year 2013-14, Rupee depreciated, medical treatment outside India, steeper interest rate. affordable. If exporters have sellers advantage, they make The chief reason for the volatility as well as the fear
Gross Domestic Product (GDP) declined and Current On the whole, it is bad times ahead for the economy. money. On the contrary, if they are dictated with price, coupled with expectation of the same may have stemmed
Account Deficit (CAD) initially widened. The root Balance of Payments, External Debt and Inflation are the same gets bargained down. The long term impact of rupee out of the imminent Quantitative Easing Programme of
causes for the Rupee and CAD not matching much with three main causes known as Trinity Tri-lemma for the face value is the inducement to produce more in India. the US Federal Reserve coming to end shortly in October
the monetary policy, but with the real sector economy, ballooning exchange rate and depreciation in the related Due to nearly 25% dip in exchange rate, imports have 2014. This means that the rebound of rupee is short-lived
is that the Government was not successful in ensuring Indian Rupee. Among the trinity, the weakness of Rupee become expensive and hence it may make more sense to and the country may again face the currency problem
significant growth in the manufacturing sector in against dollar could be traced mainly to the widening produce in India and export by capitalizing the prevailing rising its head. Thus, there is every chance for facts such
alignment with the service sector in Finance and I T deficit. When the value of Imports over Exports is on situation. When country is facing crises situation on as stoppage of inflow of funds to buy financial assets in
fields. Owing to misplaced priorities by those in power, the rise, demand for foreign currency increases, thereby more than one front, viz. Exchange Rate, inflation, CAD, India, rise in the interest rate, higher outflow of funds,
business developments in India were focused where the weakening the domestic currency. This deficit was the adverse Balance of Payment, etc., both RBI and Finance etc may have an adverse impact on the dancing capability
returns were quick, viz in financial and service industry. main cause for the diminution in the value of rupee. Ministry should openly discuss and arrive at a consensus or the volatility of Rupee. This was also confirmed and
In this, capital outflow would also be quick when the In India while Imports increased, owing to mainly for a workable solution, without making any differences concurred by the Governor, RBI.
confidence level tapers off. crude oil and gold, Exports from India did not match between them as obvious to the outside world. Boosting R.S. RAGHAVAN
rsraghavan007@yahoo.co.in
Money Wise February 2015www.money-wise.in 18 Money Wise February 2015 www.money-wise.in 19NITI Aayog
economic front, dissemination of best practices from
F
within the country as well as from other nations, the ormer Planning
infusion of new policy ideas and specific issue-based Commission Secretary
support. Sindhushree Khullar
It may be recalled that the Planning Commission is appointed as Chief
replaces Planning Commission was set up on the 15th of March, 1950 through a
Cabinet Resolution. Nearly 65 years later, the country
Executive Officer of
the newly formed NITI
M.K. Vidyaranya
has metamorphosed from an under-developed Sindhushree Aayog. Khullar, a retired
Senior Journalist & Political Analyst economy to an emergent global nation with one khullar IAS officer, has been
of the world’s largest economies. Prime Minister CEO NITI appointed on contract
Narendra Modi gave NITI Aayog to the nation as the basis for a period of one year from January
New Year gift. 1, 2015, according to a note from the
The institution to give life to these aspirations Department of Personnel and Training.
is the NITI Aayog (National Institution for
Transforming India). This is being proposed after
extensive consultation across the spectrum of of national and international experts, practitioners
stakeholders including inter alia state governments, and other partners. To offer a platform for resolution
domain experts and relevant institutions. The NITI of inter-sectoral and inter-departmental issues
Aayog will work towards the following objectives: in order to accelerate the implementation of the
To evolve a shared vision of national development development agenda. To maintain a state-of-the-
priorities, sectors and strategies with the active art Resource Centre, be a repository of research on
NEW FINANCE BODY
NEW FINANCE BODY
involvement of States in the light of national good governance and best practices in sustainable
objectives. The vision of the NITI Aayog will and equitable development as well as help their
provide a framework ‘national agenda’ for the Prime dissemination to stake-holders. To actively monitor
The vision of
Minister and the Chief Ministers to provide impetus. and evaluate the implementation of programmes and
the NITI Aayog
To foster cooperative federalism through structured initiatives, including the identification of the The
will provide
support initiatives and mechanisms with the States author is a former civil servant
a framework
on a continuous basis, recognizing that strong States needed resources so as to strengthen the
‘national agenda’
make a strong nation. probability of success and scope of delivery. To focus
for the Prime
Minister and the Chief NITI Aayog is to develop mechanisms to on technology upgradation and capacity building
Ministers to provide formulate credible plans at the village level and for implementation of programmes and initiatives.
impetus. To foster aggregate these progressively at higher levels of To undertake other activities as may be necessary
cooperative federalism government. To ensure, on areas that are specifically in order to further the execution of the national
through structured support referred to it, that the interests of national security development agenda, and the objectives mentioned
initiatives and mechanisms with are incorporated in economic strategy and policy. To above.
the States on a continuous basis, pay special attention to the sections of our society The NITI Aayog comprises the Prime Minister
recognizing that strong States make that may be at risk of not benefitting adequately from of India as the Chairperson. Governing Council
a strong nation. The NITI Aayog comprises economic progress. To design strategic and long term comprising the Chief Ministers of all the States
policy and programme frameworks and initiatives,
T
the Prime Minister of India as the Chairperson. and Lt. Governors of Union Territories. Regional
Governing Council comprising the Chief he Government has replaced Planning and monitor their progress and their efficacy. The Councils will be formed to address specific issues
Ministers of all the States and Lt. Governors Commission with a new institution named lessons learnt through monitoring and feedback and contingencies impacting more than one state or
of Union Territories. Regional Councils will NITI Aayog (National Institution for will be used for making innovative improvements, a region. These will be formed for a specified tenure.
be formed to address specific issues and Transforming India). The institution will serve including necessary mid-course corrections. The Regional Councils will be convened by the Prime
contingencies impacting more than one state or as ‘Think Tank’ of the Government-a directional To provide advice and encourage partnerships Minister and will comprise of the Chief Ministers of
a region. These will be formed for a specified and policy dynamo. NITI Aayog will provide between key stakeholders and national and States and Lt. Governors of Union Territories in the
tenure. The Regional Councils will be convened Governments at the central and state levels with international like-minded Think Tanks, as well as region. These will be chaired by the Chairperson of
by the Prime Minister and will comprise of the relevant strategic and technical advice across the educational and policy research institutions. To the NITI Aayog or his nominee. Experts, specialists
Chief Ministers of States and Lt. Governors of spectrum of key elements of policy, this includes create a knowledge, innovation and entrepreneurial and practitioners with relevant domain knowledge as
Union Territories in the region. matters of national and international import on the support system through a collaborative community special invitees nominated by the Prime Minister.
Money Wise February 2015www.money-wise.in 20 Money Wise February 2015 www.money-wise.in 21You can also read
