Yamaha India launches new color option for the FZ-S, Saluto RX and Ray ZR

Yamaha has introduced a new colour option for the Yamaha FZ-S FI, Yamaha Saluto RX and Yamaha Cygnus Ray ZR in India. The new colour scheme, called the 'Dark Night', employs a matte black paint-job with highlights and inserts finished in chrome. These variants cost Rs 1,000 more than their respective standard variants.

Adding special value and innovation to their existing product line up, India Yamaha Motor Pvt. Ltd. announced the new ‘Dark Night’ colour option for its motorcycles and scooter. The “dark night” variant is offered in FZ-S FI, Saluto RX and Cygnus Ray ZR disc brake models.

The Matt black finish in chrome design will bring out its desired luster by enhancing the overall external appearance. The variant launch is an attempt of Yamaha to infuse excitement during the festive seasons and cater to diverse customer demand.

At Rs 1/17km, India's cheapest bus service launched in Kolkata

A Kolkata company has launched a new bus that runs on biogas produced from cow dung.

The first bus, will travel on the 17.5 km Ultadanga-Garia north-south route in Kolkata. The price for the entire journey is Rs. 1, making it the cheapest form of transportation in the country

15 more buses are expected to start plying on different routes this year.

Fact: What is biogas?

Biogas is a non-toxic colourless flammable gas that is produced from decomposing plant and animal matter. It consists mainly of Methane, and is used for cooking, heating and generating electricity in an environmentally friendly manner.

Details: Details of the project

The bus was developed by Phoenix India Research and Development Group in collaboration with Ashok Leyland. Phoenix India Research manufactures the biogas in Birbhum district and transports it via tanker to Kolkata.

The biogas costs Rs. 20/kg and the bus can run 5km on 1kg. The fuel tank can hold 80 Kg of gas, and the company seeks to improve efficiency to 20km/kg.

Harshad Mehta Scam

 Harshad Shantilal Mehta was born in a Gujarati Jain family of modest means. His early childhood was spent in Mumbai where his father was a small-time businessman. Later, the family moved to Raipur in Madhya Pradesh after doctors advised his father to move to a drier place on account of his indifferent health. But Raipur could not hold back Mehta for long and he was back in the city after completing his schooling, much against his father’s wishes.

Mehta first started working as a dispatch clerk in the New India Assurance Company. Over the years, he got interested in the stock markets and along with brother Ashwin, who by then had left his job with the Industrial Credit and Investment Corporation of India, started investing heavily in the stock market.

Mehta gradually rose to become a stock broker on the Bombay Stock Exchange, who did very well for himself. At his peak, he lived almost like a movie star in a 15,000 square feet house, which had a swimming pool as well as a golf patch. He also had a taste for flashy cars, which ultimately led to his downfall.

RISE OF MEHTA

The year was 1990. Years had gone by and the driving ambitions of a young man in the faceless crowd had been realised. Harshad Mehta was making waves in the stock market. He had been buying shares heavily since the beginning of 1990. The shares which attracted attention were those of Associated Cement Company (ACC),” write the authors. The price of ACC was bid up to Rs 10,000. For those who asked, Mehta had the replacement cost theory as an explanation. The theory basically argues that old companies should be valued on the basis of the amount of money which would be required to create another such company.
Mehta was the darling of the business media and earned the sobriquet of the ‘Big Bull’, who was said to have started the bull run. But, where was Mehta getting his endless supply of money from? Nobody had a clue.

FRAUD COMMITTED

The crucial mechanism through which the scam was effected was the ready forward (RF) deal. The RF is in essence a secured short-term (typically 15-day) loan from one bank to another. Crudely put, the bank lends against government securities just as a pawnbroker lends against jewellery….The borrowing bank actually sells the securities to the lending bank and buys them back at the end of the period of the loan, typically at a slightly higher price.
It was this ready forward deal that Harshad Mehta and his cronies used with great success to channel money from the banking system.

A typical ready forward deal involved two banks brought together by a broker in lieu of a commission. The broker handles neither the cash nor the securities, though that wasn’t the case in the lead-up to the scam.

In this settlement process, deliveries of securities and payments were made through the broker. That is, the seller handed over the securities to the broker, who passed them to the buyer, while the buyer gave the cheque to the broker, who then made the payment to the seller.
In this settlement process, the buyer and the seller might not even know whom they had traded with, either being know only to the broker.

This the brokers could manage primarily because by now they had become market makers and had started trading on their account. To keep up a semblance of legality, they pretended to be undertaking the transactions on behalf of a bank.

Another instrument used in a big way was the bank receipt (BR). In a ready forward deal, securities were not moved back and forth in actuality. Instead, the borrower, i.e. the seller of securities, gave the buyer of the securities a BR.

a BR confirms the sale of securities. It acts as a receipt for the money received by the selling bank. Hence the name - bank receipt. It promises to deliver the securities to the buyer. It also states that in the mean time, the seller holds the securities in trust of the buyer.

Having figured this out, Metha needed banks, which could issue fake BRs, or BRs not backed by any government securities. Two small and little known banks - the Bank of Karad (BOK) and the Metorpolitan Co-operative Bank (MCB) - came in handy for this purpose.

Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, obviously assuming that they were lending against government securities when this was not really the case. This money was used to drive up the prices of stocks in the stock market. When time came to return the money, the shares were sold for a profit and the BR was retired. The money due to the bank was returned.
The game went on as long as the stock prices kept going up, and no one had a clue about Mehta’s modus operandi. Once the scam was exposed, though, a lot of banks were left holding BRs which did not have any value - the banking system had been swindled of a whopping Rs 4,000 crore.

Mehta made a brief comeback as a stock market guru, giving tips on his own website as well as a weekly newspaper column. This time around, he was in cahoots with owners of a few companies and recommended only those shares. This game, too, did not last long.

Interestingly, however, by the time he died, Mehta had been convicted in only one of the many cases filed against him.

MEHTA DIED

Mr Mehta was under judicial custody in the Thane prison after a special court remanded him and his two brothers, Mr Ashwin Mehta and Mr Sudhir Mehta, in a fresh case of misappropriation. According to sources, Mr Mehta complained of chest pain late night and was admitted to the civil hospital where he breathed his last around 12.40 a.m.(jan. 1, 2002).

About Stock Audit

Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory. However at times, it may also involve the valuation of the inventory but it would depend on the terms of reference or the engagement letter of the assignment. When heading forward, it is important to remember and keep in consideration the purpose for which the audit is being conducted because different audits may have different approach which would ultimately depend on the aim.

In other words, stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.

Here are the reasons why one should look forward for the stock audit :

• To update the opening stock details in shoper.
• To identify the discrepancy between book stocks also known as computed stock and physical stock.
• To update the actual physical stock as book stock.
• To ensure proper preservation and handling of stocks.

We offer reliable stock audit services to companies and organizations with a dedication and aim to help them safeguard and monitor their physical assets and inventories.

Stock Audit Procedure and Services in India

The stock audit procedure and services in India is everywhere the same. We have highly experienced and well trained stock audit professionals that can not only offer you quality results and output but at the same time, help you suggesting for the controlling of cost of the stocks. Stock audit offers you great benefits.

Here are a few listed key benefits of stock audit :

• Direct impact on costs and bottom line
• Prevent pilferage and fraud
• Identifies slow moving stock, obsolete stock, dead stock and scrap
• Third party independent opinion, especially for agent warehouses
• Identifies gap in current inventory management process
• Enable accurate valuation of inventory

M S Dhoni Quit Captaincy

Mahendra Singh Dhoni, India's One Day International and T20 International captain, made a surprise decision to quit as skipper of both formats with immediate effect. While he will be available for selection in both formats, he does not want to continue as captain, the Board of Control for Cricket in India said in a statement. Indian Test team captain Virat Kohli is expected to be named captain in all three formats.

"On the behalf of every Indian cricket fan and the BCCI, I would like to thank MS Dhoni for his outstanding contribution as the captain of the Indian team across all formats," BCCI chief executive Rahul Johri said. "Under his leadership, Indian team has touched new heights and his achievements will remain etched forever in the annals of Indian cricket."

What Is BHIM APP?

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Bhim App By Modi: Bharat Interface for Money (BHIM) is an initiative to enable fast, secure, reliable cashless payments through your mobile phone. BHIMis interoperable with other Unified Payment Interface (UPI) applications, and bank accounts. BHIM is developed by the National Payment Corporation of India (NPCI).

Prime Minister Narendra Modi has announced a new digital payments app called BHIM based on the Unified Payments Interface (UPI). The app is currently available only on Android; so iSO, Windows mobile users etc are left out. BHIM is also supposed to support Aadhaar-based payments, where transactions will be possible just with a fingerprint impression, but that facility is yet to roll out.

You can DOWNLOAD BHIM APP here.

So what can BHIM app do?

BHIM is a digital payments solution app based on Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI). If you have signed up for UPI based payments on your respective bank account, which is also linked to your mobile number, then you’ll be able to use the BHIM app to conduct digital transactions.

BHIM app will let you send and receive money to other non-UPI accounts or addresses. You can also send money via IFSC and MMID code to users, who don’t have a UPI-based bank account. Additionally, there’s the option of scanning a QR code and making a direct payment. Users can create their own QR code for a certain fixed amount of money, and then the merchant can scan it and the deduction will be made.

So BHIM app is like another mobile wallet?

No, BHIM app is not a mobile wallet. In case of mobile wallets like Paytm or MobiKwik you store a limited amount of money on the app, that can only be sent to someone who is using the same wallet. So if I have a Paytm account it won’t be possible for me to send money to someone on MobiKwik.

But BHIM is based on UPI, which is the Universal Payments Interface and thus linked directly to a bank account. Your friend, relative or even a merchant who you’re trying to pay doesn’t necessarily need to be on the BHIM app. All they need is a bank account to receive the payment.

If they have UPI activated, you can just ask for their VPA or virtual payment address, and just make a payment to that account. So for instance, if I have a VPA at SBI which could be called shrutid@SBI, then I can just send my friend that bit of information and he/she can transfer it straight from BHIM. Otherwise there’s the option of IFSC code or MMID for sending/ receiving money.

The advantage is I don’t need to remember my account number or share that with everyone. This VPA is all that is needed to transfer funds. A maximum of Rs 10,000 can be shared per transaction, and a total of Rs 20,000 can be sent within 24 hours.

Which banks are supported by BHIM app?

There’s a pretty comprehensive list of banks that are supporting BHIM app for UPI-based payments. The list includes Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, and Vijaya Bank.

So exactly does BHIM work? How many accounts can I link to the BHIM app to make payments?

BHIM lets you choose your preferred bank after it has verified your mobile number. The app sends an SMS via the SIM in your phone. So it is best if your phone has the same mobile number as the one that is linked to a bank account.

Make sure there is enough balance for BHIM to send out an SMS. In our case, we’ve gotten some cases of device binding failure, but after a couple of tries the app got synced in one of phones. The app will then ask you to set a passcode (4 digit), which you can choose. Keep something you don’t forget easily because you will need the code every time you open the app and to authenticate the transaction.

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