ICICI Securities launches ICICIdirect eSafe

This service would enable its customer to securely store documents and images and download them at anytime from any location

ICICI Securities has launched 'ICICIdirect eSafe' on its online broking platform, ICICIdirect This service would enable its customer to securely store documents and images and download them at anytime from any location.

ICICIdirect eSafe offers free 25MB online space to each of its 2.2 mn customers to store documents in easy-to-use online folders in portable document format (PDF) and image (jpg) formats. Customers can use eSafe to store scanned copies of your Passport, PAN, Agreements or even medical reports under your ICICI direct account. eSafe also be used as a storage and retrieval account for back up and safe keeping.

"ICICIdirect eSafe helps eliminate the need to carry copies of important documents either as a physical photo copy or in storage devices like compact disks, USB token etc. It is a secure, confidential, convenient and flexible option to our customers to store and retrieve important documents on the go," said Vineet Arora, Head of products and distribution.

ICICI Securities is one of the largest integrated securities firms in India covering the needs of corporate and retail customers through investment banking, institutional broking, retail broking and financial product distribution businesses.

User

Moneylife Foundation sends memorandum on TDS to the FM, RBI

Moneylife Foundation decided to take the issue of hardships faced by bank depositors due to TDS and sent a memorandum to authorities.

Moneylife Foundation has sent a memorandum which highlighted the issue of charging Tax Deduction at Source (TDS) on interest earned on bank deposits.
Seeing the response of the readers of the article "TDS is not only tedious, it is sheer harassment. Government must make interest from banks free from income-tax" published on the Moneylife website, it was clear that TDS on bank deposits is detested by many.

Moneylife Foundation thus decided to take up the matter with the concerned officials and prepared a Memorandum on TDS titled "Income Tax Deduction at Source (TDS) on interest earned on deposits with bank causes tremendous hardship".

The memorandum has been sent to the Pranab Mukherjee, Finance Minister, RS Gujral, Finance Secretary,  DK Mittal, Banking Secretary, Dr D Subbarao, Governor, RBI, Kishori Udeshi, chairperson, Banking Codes and Standards Board of India (BCSBI), Dr KC Chakrabarty, Deputy Governor, RBI and MD Mallya, chairman, Indian Banks' Association (IBA).

Click below to see the memorandum, sent by Moneylife Foundation…

 

User

COMMENTS

RPRTR

5 years ago

Good Work.
Well Done.

sachin

5 years ago

If nothing else, the government should increase the threshold for TDS for Rs 10000 to Rs 1 lac.

Govindan

5 years ago

Thank you Money Life
foundation

Will Maruti lockout be a catalyst for corporate change?

There is speculation that Maruti may well use the lockout to move from the current landlocked location to a place near a seaport, which could be Gujarat, an auto hub. This will free up priceless land in Haryana as well

Maruti-Suzuki has been affected by a debilitating strike at its Manesar plant, followed by a lockout. The situation seems to be going from bad to worse. While mainstream media appears to be going by press releases as well as toeing what appears to be a mix of the company's and Haryana state government's line, on the ground it seems that the issues are deeper. Could it be that Maruti will actually gain from its current troubles, by relocating to a place like Gujarat which has two vibrant seaports?

Maruti-Suzuki may well need a complete transformation and the lockout may well be the catalyst for it. The "new" Maruti Swift was supposed to provide the much needed booster shot that Maruti-Suzuki was looking for. This is now in doubt, as production is certainly impacted, with the manufacturer taking what appears to be a very inflexible stance.

Decades of a dominant position, certainly misused in some cases, has brought in a sort of arrogance in Maruti-Suzuki's dealings with all segments of society, including the media. Couple that with the simple realities and facts of doing business in Haryana lately, where people are comparing the present regime to what used to happen in the "ABC" (Chautala) days, and you have the beginnings of what appears to be the end of an innings.

On another note, the value of the real estate owned and controlled by Maruti-Suzuki now far exceeds anything that anybody could have dreamt of even in their wildest dreams. Is that a reason for the continuing problems? On the other hand, the lack of a manufacturing or assembly unit near a seaport, is now beginning to tell on the bottom-line.

Another aspect not being reported in the media has to do with how working conditions at the Manesar plant are apparently worse than a steel-mill sweatshop.

These issues stayed below the radar as long as Maruti preserved its market domination. This is now coming to an end. An imminent price war with competitors will require rapid action. So, the lockout may just be one of those steps that works out very well for the company.

Think about it in cold numbers: If it shuts down a couple of plants in Haryana, rapidly leverages excess capacity in other states closer to seaports (Gujarat), it could re-invent the company.

User

COMMENTS

Shadi Katyal

5 years ago

It is well known in our nation that where the Unions got upper hand, the industry is destroyed. One can give many examples of textile industry of Mumbai,Jute industry of W.Bengal as well as PSU's.
When it comes to quality and a mischief is created,such miscreants not only be fired but sued for such destruction and it is high time that we should abolish the rights of any unions. Has anyone thought of any mechanical failure of a car and loss of life because of such union workers who are trying to destroy the quality ??Look around and see what happened to USA car industry and why because of Unions and their shenanigans. Does India wan the same fate of auto industry.
It is unfortunate that we lack working ethics and discipline and it has become fashionable to drop the tools on any pretext.;
Govt of Haryana will off course be unions as those the vote banks but will loose much more if company decides to move to another state.

a v moorthi

5 years ago

Maruti Suzuki is the best pay master in Automobile sector. Suzuki true to its Japanese tradition observe zero tolerance to violation in quality control. So it is for the Maruti workers to thro out black sheep amongst them who played mischief with quality there by tarnishing the reputation of Maruti. Failure to thro out external leadership in Workers Union will taken them to fate of textile & other workers that destroyed then when they had allowed Datta Samant in Mumbai - Thane industrial belt.

Author is not supposed to make false unsubstantiated allegation like " how working conditions at the Manesar plant are apparently worse than a steel-mill sweatshop".

REPLY

malq

In Reply to a v moorthi 5 years ago

Dear AV Moorthi ji thank you for writing in.

1) I would seek empirical evidence thah Maruti-Suzuki are "best paymasters" in the automobile sector.

2) Unions and leadership are best left to democratic methods, not arm-twisting by existing inertia levels.

3) I agree, authors are not supposed to make unsubstantiated allegations, but then, does anybody from Maruti-Suzuki deny the allegations or even permit independent external enquiries? There are some specific complaints up with the office of the Labour Commissioner as well as with other bodies, and in the media, by the workers and others, you may wish to double check those too.

Regards/VM

Udit C

5 years ago

Of course there's a historical background to the location in Gurgaon that I would not want to dig up here.

Shifting a manufacturing facility of that scale and complexity across so many states and to such a distance would itself involve a highly risky if ingenious re-invention. Not only do the plant and machinery but also the associated decision and resource centres, from banks to anciliary units to skill providers (contracted, unionised and otherwise) need to move or synch with such a change. Then there also factors like power, environment and local climates of economy and polity to be considered.

While Gujarat has access to ports, critical to modern manufacturing models dependent on imports and exports, one needs to understand why other auto companies have failed to establish base or even back-tracked.
GM got ready infrastructure at Halol which was piling up liabilities after the earlier HM-Isuzu collaboration aborted while Tata got the Sanand land under top boss' supervision, but can a Centrally controleld PSU be as lucky? There has been a history of resistance by farmers and labour bodies.

On the other hand, there are other choices too:

MP has both the Jabalpur and Indore-Bhopal regions with a large number of heavy engineering as well as auto and defence-auto ancillary units which include tool-rooms, steel foundry and other capacities much needed to support competitive auto manufacture. The Pithampur automobile manufacturing complex has been highly successful an is home to large players as also manufacturers of components, materials and suppliers of engineering services including tooling.

The Pune-Nashik-Kolhapur belt is close top ports as well as those support facilities mentioned above which makes it home to Tatas, Fiat, Toyota and others whereas the Chennai and Coimbatore regions have traditionally been home to automobile engineering providers for India ranging from Pistons India, Solex and TVS to vehicle manufacturers Leyland, Standard (extinct), Ford, Mitsubishi and others.

REPLY

Udit C

In Reply to Udit C 5 years ago

It also comes to mind that Maruti has a plant at Numaligarh in Rajasthan, not too far from its existing support network and that could be the scene of re-location if not further expansion.

p k

5 years ago

it seems to be chanakya neeti on maruti's ..no it is SUZUKI'S part. how to win the war without loosing anything.

relocation would take few months and it wd be a boon for competition.be it tata/ hyundai or g m.

REPLY

malq

In Reply to p k 5 years ago

Thank you for writing in. It is now almost confirmed that Maruti-Suzuki is going in for a new plant in Gujarat, but will use surplus capacity from another manufacturer till then - unless Tamil Nadu option works. But as of now, Gujarat seems to be chosen . . .

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