Companies & Sectors
Reliance Infrastructure to sell transmission business
Anil Ambani-led Reliance Infrastructure on Wednesday said it is selling its entire transmission assets to Adani Transmission. The deal size was not divulged, but banking sources estimated it at over Rs 2,000 crore.
 
Reliance Infrastructure owns the country's first 100 per cent private sector transmission project -- the Western Region System Strengthening Scheme -- in Maharashtra, Gujarat, Madhya Pradesh and Karnataka. 
 
Reliance Infrastructure also owns 74 per cent in Parbati Koldam Transmission located in Himachal Pradesh and Punjab in a joint venture with Power Grid Corp. All three transmission projects have been completed and are revenue-generating, the company said in a statement.
 
"The entire sale proceeds from the transaction will be utilized for debt reduction," the company said, adding that SBI Capital Markets is their financial advisor for the transaction.
 
"The transaction is in line with the strategic plan of monetizing non-core business and focus on growth areas like defence and engineering, procurement and construction business." The cement business has been monetised and that of roads and Mumbai power are in advanced stages.
 
Reliance Infrastructure is one of India's largest companies in the sector, developing projects through various special purpose vehicles in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.
 
It is also a leading utility company having a presence across the value chain of power businesses
-- generation, transmission, distribution and power trading. Its portfolio includes a metro rail project in Mumbai, and 11 road projects of 1,000 kms. 
 
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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Blatant misuse of national emblem, govt logos by mobile apps makers
India was never known to guard its own properties, copyrights or patents. The same goes for protecting the national emblem and official logos of various departments. No wonder, hundreds of private mobile apps maker are blatantly misusing the Indian emblem and official logos like that of Aadhaar, and earning money through advertisements. With the usage of national emblem or official logos, common people take these apps for granted as official apps from the government and ended up boosting income of the private app makers.
 

Take for example an app called the Govt of India! Yes, that is the name of the app created by someone called as 'contactmeandroid'. Except an email ID, not many details of this app developer are available. The app uses India's national emblem as its logo! What is more shocking is that it does not provide any service on its own. It simply rips off data from India.gov.in and shows it inside the app. 
 
The State Emblem of India (Prohibition of Improper Use) Act, 2005 prohibits usage of national emblem by any unauthorised person for any purpose. The Act says, "No person can use the emblem or any imitation in a manner so as to create an impression that it is associated with or an official document of the Central Government or State Government, as the case may be, without permission of the appropriate government. No person can use the emblem for commercial purpose or as a part of patent title, trademark or design except in cases as specified by the Central Government. Registration of intellectual property containing the Emblem is prohibited."
 
The Act also prescribes punishments for misuse of national emblem. It says, "Creation of a false impression of association with Government is punishable with imprisonment for a term, which may extend to two years, or with fine, which may extend to Rs5,000 (five thousand rupees), or with both or in case of a subsequent offence, with imprisonment for a term which shall not be less than six months, which may extend to two years and with fine which may extend to Rs5,000 (five thousand rupees). Commercial usage of the Emblem is punishable with imprisonment for a term which shall not be less than six months, which may extend to two years and with fine which may extend to Rs5,000 (five thousand rupees)". 
 
 
There are literally hundreds of mobile app on Google Play Store that claims to provide everything about or on Aadhaar and Passports. Here are details of some of them, along with names of developer, how it earns money and what it breaches, in terms of misuse of emblem and logos.
 
 
 
The State Emblem of India (Prohibition of Improper Use) Act, 2005, passed by the Parliament regulates improper or commercial usage of national emblem. Under the Act, even state government are required to seek permission from the Central Government for using the national emblem. In addition, even former functionaries of the Government, Commission or Committee, Public Sector Undertaking, Bank, Municipal Council, Panchayat Raj Institution, Parishad, non-government organisation, and University are not allowed to use the national emblem.
 
So how are private mobile app developers being allowed to use the national emblem and logos of government department or services in their mobile apps? Who is responsible for this?   
 
Or is the Act a toothless legislation that is meant to be enforced only as an act of vendetta by governments when they choose to?
 

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COMMENTS

Roy Aranha

2 months ago

startling total mis use an dis not thi sclean governmemt aware of all this as they promised to provide efficent administration ?

Hemant Chitale

2 months ago

This is unnerving. Many users may be misguided and misled. Malicious software could very well be included in such Apps as well.

Shirish Sadanand Shanbhag

2 months ago

The State Emblem of India ( Prohibition of Improper Use ) Act, 2005, is a toothless law, it is not stating who will prosecute the offender.
This has given a chance to several people to misuse it.
You cannot carry out any business without the registration of your business. When you register with state government, you will get a registration certificate, with national emblem on it. Several businesses like private financial institutions write on their letter


Several private financial institutes write on their letter heads and on their board, that "REGISTERED WITH GOVERNMENT OF INDIA" with national logo, giving an impression that it is Government organisation. All such things should be stopped immediately, as such statements mislead the people.

Shrikant Dattatraya Sahasrabuddhe

2 months ago

You have raised an issue of national importance.I will spread the message as far as possible .

Shrikant Dattatraya Sahasrabuddhe

2 months ago

You have raised an issue of national importance.I will spread the message as far as possible .

Shrikant Dattatraya Sahasrabuddhe

2 months ago

You have raised an issue of national importance.I will spread the message as far as possible .

IFRS 9 may pose operational challenge for APAC banks
Moving over to International Financial Reporting Standard (IFRS) 9 or its local equivalent that requires providing for expected credit losses may create operational challenges across many Asia-Pacific (APAC) banking systems, said credit rating agency Fitch Ratings.
 
According Fitch, IFRS 9 is one of the more significant accounting changes that banks are facing, and will be implemented in 2018 for most major APAC market.
 
In India, for example, it is possible that the local equivalent of IFRS 9 could be delayed, Fitch said.
 
This is due to challenges faced by the banking system in meeting the capital required by end-March 2019 relating to the Basel III standards -- currently estimated at around $90 billion.
 
"Banking systems that have been characterized by under-reporting of impaired assets also look vulnerable to the potential rise in provisioning," Fitch said.
 
The IFRS 9 requires banks to switch to recognising and providing for expected credit losses (ECL) on financial assets, rather than the current practice of providing only when losses are incurred.
 
IFRS 9 will also change the way that banks account for a wide range of financial assets.
 
Fitch expects the adoption of the new standard to lead to greater provisioning and earlier recognition of credit losses, which will have an impact on banks' financial statements and regulatory capital.
 
Moving to an expected-loss approach will require significant process changes, including greater integration of credit risk management and internal accounting systems. Banks will also need more data on how portfolios perform though the credit cycle, and will need to build complex models of expected losses.
 
The transition is likely to be more operationally manageable in sophisticated banking systems where there is better access to robust data.
 
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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