Citizens' Issues
FICCI passes resolution against wilful default
New Delhi : Industry body Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday held cases of wilful default should be dealt with in a firm manner as its national executive committee passed a resolution against it.
 
"The rules laid down for 'wilful default' should be strictly followed," said FICCI president Harshavardhan Neotia in a statement, after passage if the resolution which calls for industry to join hands with banks for evolving workable solutions which are preventive in nature and remedial as well.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Do 'Original' Prices Really Even Exist?
Shopping for a spring wardrobe? Here's what you need to know about price tags
 
Unless you’re an 8-year-old boy who insisted on wearing shorts all winter, you may now be mulling a spring shopping spree. But some advertised discounts on warm weather wear might not be such an awesome deal.
 
Several major clothing stores including Macy’s and Kohl’s are accused of overstating savings by comparing sale prices to original or list prices that never actually existed. More than a dozen class-action lawsuits allege that retailers “artificially inflate” original prices so that they can trick consumers into believing they are getting a bigger discount than they actually are.
 
J.C. Penney has already agreed to pay $50 million to settle deceptive reference pricing allegations. The class-action lawsuit claimed that the department store giant advertised 40 and 50 percent off deals on blouses and purses using original prices that were not the prevailing retail price three months preceding the sale, as required by California law.
 
In 2014, four federal lawmakers urged the FTC to investigate deceptive reference pricing at outlet stores, arguing that certain retail prices to which outlet store prices are compared are “impossible to substantiate” because the items were especially made for the outlet store and never sold at retail. Several stores with outlet locations including Ann Taylor and Tommy Hilfiger are among the retailers now facing class actions.
 
“List price should really be labeled wish price because it’s the price manufacturers wish they could charge,” says Larry Compeau, a professor at Clarkson University who is an expert on pricing issues. “The list price has come to reflect no real information; it’s rendered meaningless.”
 
The reality is that consumers nowadays rarely purchase clothing at the original or list price, Compeau says. Often, he said, the item has never been offered at an “original” price.
 
But there are federal rules for retailers to follow along with state laws. FTC guidelines on price comparisons state that the original or former price must have been offered “on a regular basis for a reasonably substantial period of time” for the advertised discount price not to be deceptive:
 
If, on the other hand, the former price being advertised is not bona fide but fictitious — for example, where an artificial, inflated price was established for the purpose of enabling the subsequent offer of a large reduction — the “bargain” being advertised is a false one; the purchaser is not receiving the unusual value he expects. In such a case, the “reduced” price is, in reality, probably just the seller’s regular price.
 
Why we buy what we buy
 
Reference pricing, which is also referred to as bargain advertising or price anchoring, can make an expensive item appear inexpensive. The tactic increases how we perceive the value of the deal, Compeau says. That, in turn, makes us more willing to stop shopping and make a beeline for the register because we’re convinced we found the deal of the day.
 
So how can you know for sure that you’ve nabbed a bona fide bargain? Compeau says it’s difficult but that seasonal markdowns in which retailers are trying to unload old inventory to make room for new collections present the best chance that the discount can be counted on. Other than that, shop around and compare prices for the same item at different stores.
 
Find more of our coverage on pricing issues here
 

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Indian techie killed in Brussels terror attack
Bengaluru/New Delhi : India-born techie Raghavendran Ganeshan, who went missing after the March 22 terror strikes in Brussels, died in the attack on a metro station, the external affairs ministry and software major Infosys said on Monday. The ministry said the body would be flown to India Monday night or Tuesday morning.
 
External affairs ministry spokesperson Vikas Swarup said late on Monday night: "The Belgian authorities have identified Raghavendran as one of the victims of the barbaric terror attacks of March 22."
 
"If they are able to make it, the body accompanied by family would be on a flight from Amsterdam to Chennai via the Gulf tonight (Monday night) or tomorrow (Tuesday) morning with Jet (Airways) to India," he added.
 
In a statement issued in Bengaluru, the IT major said: "It is with deep regret that we confirm the passing of our colleague Raghavendran Ganeshan in the terrible attack in Brussels."
 
The 28-year-old techie was said to be in a metro train on March 22 when the Maelbeek metro station in the Belgian capital was rocked by an explosion, in which at least 20 people died and many were injured.
 
Offering her "heartfelt condolences" to the bereaved family, External Affairs Minister Sushma Swaraj tweeted that his mortal remains were being handed over to the family in Brussels.
 
"I am deeply pained to inform that Brussels authorities hv identified Raghavendran as one of the victims of terror blasts in Brussels. Unfortunately, he was travelling in the same coach of the metro in which the suicide bomber blew himself up," she posted.
 
Sushma Swaraj had tweeted on March 23 that Ganeshan's last phone call was traced to the metro in which he was travelling when terror struck the main metro station in that city.
 
The Infosys statement noted: "Our thoughts and prayers are with Ganeshan's family and those who were injured or lost a loved one in the terror attacks."
 
"We will continue to provide all possible support to Ganeshan's family in this hour of grief and request the privacy of his family during this difficult time," it added.
 
The company learnt from a tweet Sushma Swaraj posted on March 22 that she spoke to Ganeshan's mother Annapoorni and assured her of all help in tracing her son then.
 
It is also learnt that Ganeshan spoke to his mother in India an hour before blasts ripped the Brussels airport and the metro rail station.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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