Saturday, November 26, 2016

Indian Companies are Investing 70% of CSR Funds on Education

Nasscom Foundation, in its yet-to-be-released report said that a substantial number of companies have spent more than 60-70% of their CSR spend in education initiatives.

"Education forms the major chunk of CSR spend: A substantial number of companies interviewed have spent more than 60-70% of their CSR spend in education initiatives, and the remaining half spend between 30-40% of their budget in education," the report, to be released shortly at a different event said the report.

Nasscom Foundation at its flagship event, The CSR Leadership Conference (CLC), also announced that the industry had widely accepted the 2% CSR rule with a trend of more and more companies coming out openly to declare 100% utilisation of their CSR money for 2015-16.

"The social landscape of the country is changing for good and the CSR is proving to be a much-needed catalyst. India Inc in its third year of the CSR mandate, has started to show signs of maturity towards its CSR spends, and larger number of companies are willing to work towards sustainable goals and create a more developed society around them," said Nasscom Foundation CEO Shrikant Sinha.

The Conference announced that the industry had widely accepted the 2% CSR rule with a trend of more and more companies coming out openly to declare 100% plus utilisation of their CSR money for 2015-16.

Monday, November 21, 2016

IIID Holds Design Yatra, Competitions, Motorcycle Rally in Bengaluru



The Institute of Indian Interior Designers (IIID), Bangalore Chapter organized a Design Yatra – Talking Design to the Masses at the Taj Westend in the city on November 19, 2016. As per the initiative, the institute organized Design Interventions at a slum in Vyalikaval and among other initiatives also flagged off a motorcycle rally to Nandi Hills.

Speaking to the media, Shymala Prabhu, Conveynor of IIID, Bangalore Chapter says, “We have been doing this initiative for the last few years. Our chapter also flagged off a Nano car rally to Goa covering the length and breadth of the country. Also as per the Design Intervention visited a slum in Vyalikaval to design a plot of 10x7 feet for the project. Besides also held several roadshows at colleges and the star attraction was the presentation by nationally-renowned architect A.R. Habeeb Khan.

Infact, the Nano car rally was flagged off from Indore in February, the year-long yatra will cover 15,000 km and reached Bangalore from Kochi on November 19, 2016 as part of the celebration. The rally will again travel on to Mangalore and Manipal before reaching Goa for the next chapter to take forward.

Similarly, a bike ride was among the many events marking the 15-day social and design extravaganza which aims to take design to the masses. Other events included panel discussions with eminent architects and citizens, heritage walks across the city, and a series of student competitions for various social initiatives.

As per the schedule, IIID also held a motorcycle rally for its members on November 20 from Vidhana Soudha  to Nandi Hills. The bikers rode to a century-old heritage temple at the foothills of Nandi Hills on Sunday as part of the Bengaluru leg of Design Yatra, organized by the IIID.  Most of the bikers were architect members from IIID. 

Italian MV Augusta Unveils Limited Edition Superbikes in Bengaluru



The powerful engines from the high-end motorcycles on the roads has just made the roaring sound on the Indian roads louder. Over the years the number of luxury motorcycles being sold in India has witnessed a three-fold increase, as per SIAM data.  The arrival of new players like MV Augusta has added fillip to the Rs 13,000 crore market. The Italian manufacturer has unveiled four superbikes including the limited edition F3 800 RC AMG in Bengaluru.

Ajinkya Firodia, Managing Director of MV Agusta India says, "Bangalore figures among the top three Indian markets besides Delhi and Mumbai and have opened our third showroom here. The market for superbikes is growing at 18% per annum and looking at the trends have unveiled MV Agusta, the most premium motorcycle brand in the world and its motorcycles are designed by legends like Massimo Tamburini."

MV Agusta India has announced its official entry in South India via an exclusive showroom in Bangalore. MV Agusta unveiled F3 800 RC (Reparto Corse), priced at Rs 19.73 lakh (ex-showroom, Pune).


The company also displayed its range of superbikes − the F4, F3 and Brutale 1090 −which will now be available at its third ‘Motoroyale’ dealership in Bangalore after flourishing showrooms in Pune and Ahmedabad .

Motoroyale is Kinetic Group’s chain of high-end motorcycle stores with bikes sourced from some of the leading two-wheeler brands in the world. The showroom will operate as ‘MVAgusta Bangalore’ under the ‘Friendly Motorcycles’ chain.

Firodia says, "As we are aggressive on our targets, by the end of December, we are planning to sell 400 vehicles. Our eventual target is to reach 600-800 units for only MV Agusta in India.”

The company has sold 70 bikes in Pune and Ahmedabad since inception in May, Firodia said adding that our target for Bengaluru is about 60-70 vehicles every year.


Firodia says, “After receiving an overwhelming response for our Pune and Ahmedabad showrooms, we are excited to launch our third showroom in Bangalore and also unveil our limited edition model; F3 800 RC. MV Agusta is the most premium motorcycle brand in the country and its motorcycles are designed by legends like Massimo Tamburini. Owning a MV is a dream for all bike enthusiasts, and in that sense Bangalore becomes a highly important market for us – being one of the biggest super biking market in India.”

Firodia goes on to the add that this excitement we bring in the last 9 AMG branded F3 800 RC’s to India; The F3 800 RC is truly a collector’s edition; as it offers not only an unparalleled blend of power, performance and handling, but each motorcycle is autographed by Jules Cluzel and Lorenzo Zanetti; and comes with a co-branding with MV Agusta’s partners, AMG (the high performance brand of Mercedes Benz).  Apart from F3, we are proud to show the in line 4 cylinders, the Brutale 1090 & the F4, considered as the most beautiful bike in the world. 

Raghu Chaitanya NayakDealer, MV Agusta Bangalore said, “We are very happy to open the first Motoroyale dealership In South India.  Our group has immense expertise in automobiles and luxury automobiles, and MV Agusta is the most exotic motorcycle manufacturer in the world.  Coupled with Kinetic’s experience, we are all set to make automobile history here and I invite all of you at our world class facility on Lavelle road.”

Following Bangalore, Motoroyale dealerships will soon be inaugurated in Chennai, Delhi and Mumbai. Motoroyale showrooms will focus on sales, service, spares and after sales support for MV Agusta customers in India. MV Agusta India Pvt. Ltd. has the exclusive distribution rights for all MV Agusta motorcycles in India, Bangladesh and Sri Lanka. 

Friday, November 18, 2016

Indian Students Accepting ACCA Membership to Work in Leading Global Markets


By Manu Sharma

When it comes to education, Indian youngsters are still holding on to what’s traditional option for them and choosing something that seems familiar to them, like choosing CA to ACCA. However, today’s youth are looking for better prospects in their career and what’s better than a lucrative career in leading markets across the globe.

ACCA (The Association of Chartered Certified Accountants), which has been responsible is shaping many youth’s career has suddenly looking up in India. Today over 10,000 student in the commerce stream are taking to ACCA fundamental courses to raise in their career. What’s more is that 400-500 students are adding each year.

Talking to the media, Sajid Khan, Head of International Development. ACCA says, “Over the last two or three years have become active in India and investing through our Approved Learning Partner (ALP). Interestingly for us southern states like Kerala, Tamilnadu and Karnataka amount to 50% of the ACCA students doing fundamental courses in India.”

ACCA has also announced a major step forward in shaping the future of accountancy by unveiling major innovations to its Master’s level qualification. The new, ground-breaking design of the qualification draws on an extensive, two-year review and consultation with members, employers and learning providers.

On the professional front, according to Khan, 7,400 approved ACCA members are presently employed in leading organisations and banks globally. India has over 1,100 qualified ACCA members and the numbers are slowing gaining number by adding about 100 over the last two years.

ACCA membership is not accepted not just in the United Kingdom but also in Australia, New Zealand, Middle East, Singapore, Malaysia, China etc.

In April 2016, India chose the path of IFRS (International Financial Reporting Standards) convergence and introduced Ind-AS (Indian Accounting Standards). Ind-AS is modelled along the lines of IFRS, which is internationally accepted accounting standards, and it upgrades India’s accounting standards to an international level. This has created the necessity for a new, modern day accountant who can understand the dynamic nature of Ind-AS and can successfully implement it.

“The ACCA qualification combines local relevance with international best practice. We are excited to bring these developments to India, as it now stands at the cusp of financial transformation, in order to plug existing skill gaps by providing a truly global qualification,” said Sajid Khan. “By supplementing the accountancy profession with skill sets that have been devised keeping in mind the dynamic nature of the profession and drivers of change like automation and globalisation, we are creating finance professionals who are capable of supporting and driving India’s economic growth.”

Raymond Jack, Executive Director, Finance and Operations added that the new emphasis for the qualification is a major step forward for the future of accountancy. “Today accountants are increasingly being called upon to demonstrate that they are strategic forward-thinkers as they play senior executive roles in business. ACCA has responded accordingly with a qualification that offers the complete and essential blend of technical and ethical accounting competencies mixed with strategic leadership and professional skills required to turn students into the confident, inspiring and trusted business partners that employers need.”

“We’re delivering a qualification that meets the demands of professional accountants in the 21st century, while maintaining the rigorous standards of technical, ethical and professional skills that has established ACCA as the international benchmark for accountancy qualifications,” said Judith Bennett, FEDS (Flexible Exam Delivery Programme) Programme Director, ACCA, at the event.

New developments


ACCA’s latest innovations to the top level of its qualification are new Strategic Professional level exams which will replace the existing Professional level exams in September 2018 and a new Ethics and Professional Skills module, which will be introduced in October 2017.

The redesign enhances the breadth and depth of the qualification, with greater focus on employability and the practical application of core skills in the contemporary workplace and includes:

·         Strategic Business Leader – an innovative case study exam, based on a realistic business scenario. This gives students the skills and technical expertise required by modern business where decisions need to be made, measured and effectively communicated to the wider organisation.

·         Strategic Business Reporting – a new exam exposing students to the wider context of finance and business reporting, giving them the vital skills needed to explain and communicate to stakeholders the implications of transactions and reporting.

·         An Ethics and Professional Skills module - making modifications to the existing ethics module, which ACCA was the first professional body to offer to students in 2008. This new module will equip them with the professional skills that are needed in the modern workplace.

Indian Students Accepting ACCA Membership to Work in Leading Global Markets


When it comes to education, Indian youngsters are still holding on to what’s traditional option for them and choosing something that seems familiar to them, like choosing CA or ACCA. However, today’s youth are looking for better prospects in their career and what’s better than a global career in leading markets across the globe.

ACCA (The Association of Chartered Certified Accountants), which has been responsible is shaping many youth’s career has suddenly looking up in India. Today over 10,000 student in the commerce stream are taking to ACCA fundamental courses to raise in their career. What’s more is that 400-500 students are adding each year.

Talking to the media, Sajid Khan, Head of International Development. ACCA says, “Over the last two or three years have become active in India and investing through our Approved Learning Partner (ALP). Interestingly for us southern states like Kerala, Tamilnadu and Karnataka amount to 50% of the ACCA students doing fundamental courses in India.”

ACCA has also announced a major step forward in shaping the future of accountancy by unveiling major innovations to its Master’s level qualification. The new, ground-breaking design of the qualification draws on an extensive, two-year review and consultation with members, employers and learning providers.

On the professional front, according to Khan, 7,400 approved ACCA members are presently employed in leading organisations and banks globally. India has over 1,100 qualified ACCA members and the numbers are slowing gaining number by adding about 100 over the last two years.

ACCA membership is not accepted not just in the United Kingdom but also in Australia, New Zealand, Middle East, Singapore, Malaysia, China etc.

In April 2016, India chose the path of IFRS (International Financial Reporting Standards) convergence and introduced Ind-AS (Indian Accounting Standards). Ind-AS is modelled along the lines of IFRS, which is internationally accepted accounting standards, and it upgrades India’s accounting standards to an international level. This has created the necessity for a new, modern day accountant who can understand the dynamic nature of Ind-AS and can successfully implement it.

“The ACCA qualification combines local relevance with international best practice. We are excited to bring these developments to India, as it now stands at the cusp of financial transformation, in order to plug existing skill gaps by providing a truly global qualification,” said Sajid Khan. “By supplementing the accountancy profession with skill sets that have been devised keeping in mind the dynamic nature of the profession and drivers of change like automation and globalisation, we are creating finance professionals who are capable of supporting and driving India’s economic growth.”

Raymond Jack, Executive Director, Finance and Operations added that the new emphasis for the qualification is a major step forward for the future of accountancy. “Today accountants are increasingly being called upon to demonstrate that they are strategic forward-thinkers as they play senior executive roles in business. ACCA has responded accordingly with a qualification that offers the complete and essential blend of technical and ethical accounting competencies mixed with strategic leadership and professional skills required to turn students into the confident, inspiring and trusted business partners that employers need.”

“We’re delivering a qualification that meets the demands of professional accountants in the 21st century, while maintaining the rigorous standards of technical, ethical and professional skills that has established ACCA as the international benchmark for accountancy qualifications,” said Judith Bennett, FEDS (Flexible Exam Delivery Programme) Programme Director, ACCA, at the event.

New developments


ACCA’s latest innovations to the top level of its qualification are new Strategic Professional level exams which will replace the existing Professional level exams in September 2018 and a new Ethics and Professional Skills module, which will be introduced in October 2017.

The redesign enhances the breadth and depth of the qualification, with greater focus on employability and the practical application of core skills in the contemporary workplace and includes:

·         Strategic Business Leader – an innovative case study exam, based on a realistic business scenario. This gives students the skills and technical expertise required by modern business where decisions need to be made, measured and effectively communicated to the wider organisation.

·         Strategic Business Reporting – a new exam exposing students to the wider context of finance and business reporting, giving them the vital skills needed to explain and communicate to stakeholders the implications of transactions and reporting.

·         An Ethics and Professional Skills module - making modifications to the existing ethics module, which ACCA was the first professional body to offer to students in 2008. This new module will equip them with the professional skills that are needed in the modern workplace.

Indians Rank High in Terms of Falling Prey to Ransomware: Norton

About 33 percent Indians have either experienced ransomware themselves or know someone who has. Of those who have experienced ransomware, 83 percent of the victims did so in the past one year alone, indicating a steady rise of this menace. 27 percent of these victims actually paid the ransom to gain access to their files, said the report on India finding announced by Norton by Symantec.  The report which sheds light on the truth about online crime said that in these kind of cases proving that paying the ransom is no guarantee, 26 percent victims paid ransom, but could not retrieve their files or data.
Addressing the media, Ritesh Chopra, Country Manager, Norton by Symantec says, “Cybercrime isn’t going away and consumers must reject complacency to adequately protect themselves. By adopting a few basic behaviours, we can make big strides in mitigating cybercrime risk.” added Chopra.
In 2015, India was ranked way down at 12th place in ramsomware attacks this year has moved up to number 4 position globally in the number of attacks. Likewise, among Asia countries, India remain at number 2 position for the number of ransomware attacks.
As a starting point, Norton recommends the following best practices:
Avoid Password Promiscuity: Protect your accounts with strong, unique passwords that use a combination of at least 10 upper and lowercase letters, symbols and numbers to help keep the bad guys at bay. Make it difficult for attackers to access your information by changing your passwords every three months and not reusing passwords for multiple accounts. That way, if a cybercriminal gets your password, they can’t compromise all of your accounts. And if it’s too overwhelming to keep up this practice, use a password manager to help!
Don’t Go On a Phishing Expedition: Think twice before opening unsolicited messages or attachments, particularly from people you don’t know, or clicking on random links. The message may be from a cybercriminal who has compromised your friend or family member’s email or social media accounts.
Do Not Pay the Ransom and Backup: Backing up important data is the single most effective way of combating ransomware infection. Attackers have leverage over their victims by encrypting valuable files and leaving them inaccessible. If the victim has backup copies, they can restore their files once the infection has been cleaned up.
Be in Control When Online: Entrust your devices to security software to help protect you against the latest threats. Protect all your devices with a robust, multi-platform solution, like Norton Security.
Know the Ins and Outs Of Public Wi-Fi Networks: Accessing personal information on unprotected public Wi-Fi is like broadcasting your entire screen on TV – everything you do on a website or through an app, could potentially be exposed. Avoid anything that involves sharing your personal information (paying a bill online, logging in to social media accounts, paying for anything with a credit card, etc.)
Tidy Your (Dis) Connected Home: When installing a new network-connected device, such as a router or smart thermostat, remember to change the default password. If you don’t plan on using the Internet feature(s), such as with smart appliances, disable or protect remote access when not needed. Also, protect your wireless connections with strong Wi-Fi encryption so no one can easily view the data traveling between your devices.
Cybercrime Continues Due To Unsafe Behaviour
Similarly, the report found that consumers who were victims of cybercrime within the past year often continued their unsafe behaviour. For example, while these consumers were equally likely to use a password on every account, they were over twice as likely to share their password with others, negating their efforts. Further, 79 percent of consumers know they must actively protect their information online, but they still share passwords and engage in other risky behaviour. Additionally, close to one in five (18 percent) consumers have at least one unprotected device, leaving their other devices vulnerable to ransomware, malicious websites, zero days and phishing attacks. While quoting various reasons for not protecting their devices, 36 percent said they don’t do anything “risky” online, and 23 percent believed security measures would slow them down.
“Our findings show that people are increasingly growing aware of the need to protect their personal information online, but aren’t motivated to take adequate precautions to stay safe,” said Ritesh Chopra, Country Manager, Norton by Symantec. “While consumers remain complacent, hackers are refining their skills and adapting their scams to further take advantage of people, making the need for consumers to take some action increasingly important.”
Indians Love Public Wi-Fi but Underestimate the Accompanied Risks
Amongst those surveyed, a vast majority (85 percent) of Indians have Wi-Fi in their homes. Proving that thinking about cyber security doesn’t mean you’re secure, people who experienced cybercrime within the past year were more likely to be concerned about the security of their home Wi-Fi network (79 percent vs. 70 percent non-victims), yet less likely to password protect their home Wi-Fi network than non-victims (28 percent vs. 10 percent of non-victims have unprotected networks).
Only 56 percent of consumers knew how to determine whether the Wi-Fi network they are using is secure; this is of concern especially since 22 percent of respondents agreed to have used their neighbour’s Wi-Fi network without their permission. Additionally, when it comes to public Wi-Fi, one in four (27 percent) regularly use public Wi-Fi connections available at airports, coffee shops, etc. Further:
• Nearly two out of three consumers (59 percent) believe entering financial information online when connected to public Wi-Fi is riskier than reading their credit or debit card number aloud in a public place (41 percent).
• 70 percent say public Wi-Fi is useful for checking emails, sending documents, and logging into accounts on the go, and 80 percent of the business travelers agree.
• 45 percent of consumers connect to a Wi-Fi network using VPN regularly; others can potentially allow a hacker to steal data as it travels on the network.
• Despite half of respondents believing they are likely to have their identity stolen after entering account or personal information on public Wi-Fi, in order to gain access to public Wi-Fi consumers are willing to give in to actions such as answering a survey question (58 percent), installing a third-party app (35 percent), provide access to files while online (21 percent) or even turning off security software (19 percent).

Wednesday, November 16, 2016

E-Commerce Player Flipkart Slightly Impacted by Demonetisation Drive

By Manu Sharma
Flipkart, India’s leading e-commerce player has been slightly impacted by the Prime Minister’s Demonetisation drive. Sachin Bansal, ‎Exec Chairman and Co-Founder at Flipkart addressing the Global Mobile Internet Conference (GMIC) 2016 in Bengaluru says, “The move slightly impacted us but not very much. We have always seen a 50:50 ratio between cash and digital payment and with this move, all transactions are now on digital payment. So our customers, who were paying cash on delivery are now gone for digital payment. We have been pushing our new payment platform - UPI - and anyone with a bank account can set up our UPI in just 5 minutes and start transacting.”
PhonePe Internet Pvt. Ltd, owned by Flipkart, aunched its Unified payment interface (UPI) platform earlier, as it seeks to take on the likes of Paytm and Freecharge for a piece of India’s fast-growing digital payments business. 
Bansal was addressing a questions raised by Vikram Chandra, Consulting Editor at NDTV on impact of monetization in India, Bansal says the Jan Dhan Yojana has opened a number of accounts in rural India but not many have left any money in their accounts. But the growth of smart mobiles in the country will help the Indian e-commerce industry grow. The government should give subsidiary on smart mobiles to the poor. Also the fast growth of technology has enabled the mobile prices to drop considerably for someone with an small income can now afford a smart phone, he said.
If the e-commerce bubble with burst?
Reacting to Vikram Chandra’s question If the e-commerce bubble with burst?, Bansal says micro level shopping will also go digital but is still small in India, compared to China and US with 10%-12% growth in online shopping while it is only 2% in India but the efficiency and management principals are much better here and we will attract a lot more consumers shortly. Presently, we are thriving on technology which is an integral part of our company and so will continue to invest in data science and artificial intelligence going forward.
MNC Players Don’t Scare Me
MNC players like Amazon, Alibaba are here to stay but we are not scared of them. They are catering to the elite high income group. But in India localization is important. Like I always say don’t follow the NASA model but follow our own Indian ISRO model going forward. This is the way to success in India.

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