Saturday, August 19, 2017
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Vishal Sikka resigns as CEO, MD of Infosys, cites 'Distractions and Disruptions'
NEW DELHI, Aug 18 (Agencies): Vishal Sikka has resigned as the managing director and the CEO of Infosys with recent reports mentioning a tussle with founder Narayana Murthy. Infosys has appointed Sikka as Executive Vice-Chairman and U.B. Pravin Rao as interim Managing Director and CEO of the company. A press release by Infosys says: "In his notice of resignation to the Board, Dr. Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management's ability to accelerate the Company's transformation." "...The board of directors of Infosys Limited has at its meeting today accepted the resignat...
Kashmir Times News Report
RBI introduces new Rs 50 note
NEW DELHI, Aug 18 (Agencies): The Reserve Bank will shortly issue new Rs 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of RBI Governor Urjit R Patel. "The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage. The base colour of the note is Fluorescent Blue. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse," RBI said in a statement on Friday. "All the banknotes in the denomination of Rs 50/- issued by the Reserve Bank in the earlier series will continue to be legal tender," it said....
Kashmir Times News Report
Kerala Assembly passes GST Bill
Thiruvananthapuram, Aug 17 (Agencies): The Kerala Assembly on Thursday unanimously adopted the Kerala State Goods and Services Tax Bill, 2017, replacing an ordinance promulgated in this regard to facilitate implemention of the new tax regime from July last. Winding up the discussion, Finance Minister T M Thomas Isaac said steps would be taken to provide subsidy to the small and medium enterprises that had affcted due to the GST. The Legal metrology department would be strengthened to check the price hike of commodites in the open market. Public distribution system also would strengthen, he said. Opposition leader Ramesh Chennithala said that prices of essential commodities have soared after the implementation of GST. He wanted a state level mechanism to address the grievances of consu...
Kashmir Times News Report
Amitabh Bachchan under I-T scanner in Panama Papers case
NEW DELHI, Aug 14 (Agencies): Income tax department is now more actively pursuing names, including Bollywood superstar Amitabh Bachchan, in connection with the offshore companies mentioned in the Panama Papers, as per Times of India report. The report quoting a senior official further said that the tax department has already dispatched a top-level officer to the British Virgin Islands to access information. The British Virgin Islands in the Caribbean is considered to be among several tax havens. Earlier, Bachchan had made a public statement saying his name had probably been misused. “I do not know any of the companies referred to by Indian Express—Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd, and Tramp Shipping Ltd. I have never been a director of any of the...
Kashmir Times News Report
Money laundering case
Aslam Wani’s custody extended by 6 days
NEW DELHI, Aug 14 (Agencies): A Delhi court today extended by six days the ED custody of alleged hawala dealer Mohammed Aslam Wani, arrested in connection with a decade-old money laundering case involving Kashmiri separatist Shabir Shah. Duty Magistrate Pankaj Sharma allowed the Enforcement Directorate (ED) to interrogate Wani till August 20 after the agency’s special public prosecutor N K Matta sought 10 days custody. During the in-chamber proceedings, advocate M S Khan, appearing for Wani, opposed the plea and moved an application alleging that the accused was compelled to sign certain documents by the ED. Wani was arrested on August 6 by the ED, after a sessions court here had issued an open-ended non-bailable warrant (NBW) against him, and was sent to eight-day ED custody. An open...
Kashmir Times News Report
Now, your old PF account will get transferred to new employer automatically
NEW DELHI, Aug 13 (Agencies): Planning to switch job, but worried about the hassles involved in changing the PF account? Take a sigh of relief! Now, no longer you need to close your previous PF account in order to open a new one, while making a job shift. From September 2017 onwards, PF account of an employee will be automatically transferred to the new employer. This new provision will support the employees to continue their contributions till the time they retire from job. Earlier, employees had to terminate their old accounts and open new ones without even being able to transfer funds in many cases. Moreover, for Employees’ Provident Fund Organisation (EPFO) also, it was a huge challenge to handle the premature closure of accounts. To recall, EPFO in past few months has taken a nu...
Kashmir Times News Report
Banks to remain closed for 4 straight days from today
ATMs likely to run out of cash
NEW DELHI, Aug 11 (Agencies): Customers won't be able to conduct bank transactions at branches for 4 days in a row as all banks will be closed for business, starting August 12 in many parts of the country. The dates being - August 12 for second Saturday (Banks are closed on second and fourth Saturdays every month), August 13 for Sunday, August 14 for Janmashtami and August 15 for Independence Day. Here is the list of bank holidays -August 12 (second Saturday) -August 13 (Sunday) -August 14 (Monday) -Janmashtami -August 15 (Tuesday) - Independence Day Owing to this long closure, banking services will affect business transactions. While the banking activities will come to a halt, ATM holders will have to suffer the most since ATMs are expected to run out of cash. Though almost all t...
Kashmir Times News Report

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