Companies & Sectors
Reliance Jio launch in 'coming months': Ambani
Assuring shareholders that significant progress had been made in erecting the infrastructure for Reliance Jio, along with some 1.5 million test users, Chairman Mukesh Ambani has, without specifying a date, said the commercial launch will happen in the "coming months".
 
"During the year, Reliance Jio moved towards completion of its network infrastructure as well as business services and platforms. We on-boarded over 1.5 million test users, who have been using the services extensively," Ambani said in the company's annual report for 2015-16. 
 
"This has enabled testing of the network, user applications and services and business platforms. The feedback from test users is extremely encouraging. The test programme will be progressively upgraded into commercial operations in the coming months."
 
Shareholders were also told that Jio is now present in all the 29 states of India with a direct physical presence in more than 18,000 urban and rural towns and over 150,000 villages. 
 
The chairman said Reliance Industries invested over Rs 112,000 crore ($17 billion) in its various businesses operations during 2015-16, which he claimed was the highest-ever by any corporate in India in creating growth engines for the future. 
 
"As we near the end of our largest capital expenditure cycle, we are focused on ensuring a smooth start-up and stabilisation of new growth platforms across hydrocarbon and consumer businesses," he said, adding the record profit of $4.2 billion against a gloomy environment was laudable.
 
He particularly mentioned that the company's gross refining margins -- the difference between the crude oil price and the value of petroleum products coming out of a refinery -- stood at $10.8 pr barrel in 2015-16, was the highest in seven years and outperformed the Singapore benchmark.
 
The company said the annual shareholders' meeting will be held here on Sep 1 at 11 a.m. at Birla Matushri Sabhagar auditorium.
 
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.

User

RBI launches 'Sachet' portal to check illegal money collection
The Reserve Bank of India (RBI) on Thursday launched a portal to curb illegal collection of money by companies.
 
This website will enable public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits, said RBI Governor Raghuram Rajan while launching 'Sachet' here. 
 
“Initiating quick follow up and taking cases to logical conclusion by punishing the guilty is paramount to deterring entities in future from carrying out unlawful activity. I hope 'Sachet' would help regulators in doing this as much as it would help members of public in depositing their hard earned money with genuine companies by giving them timely information about them,” Rajan said.
 
The website would also help enhance coordination among regulators and state government agencies.
 
Explaining the features of the website, Deputy Governor S.S. Mundra said, people can file and track a complaint on this website if any firm has illegally accepted money from them or defaulted in repayment of deposits. 
 
People can also share information regarding any such entity on this portal, Mundra said.
 
The website also incorporates regulations prescribed by all financial regulators that one has to follow. 
 
'Sachet' also has a section for closed user group for State Level Coordination Committee (SLCCs) wherein they could share market intelligence and other information about their activities as well as agenda and minutes of meetings across the country in real time.
 
All states have SLCCs comprising of various regulators, including RBI, Securities and Exchange Board of India (Sebi), National Housing Bank (NHB), Insurance Regulatory and Development Authority (IRDA), Registrar of Companies (ROC) and concerned state government departments, such as, home, finance, law and various police authorities. 
 
Mundra hoped that the website will act as a 'force multiplier' and go a long way in making the SLCCs more effective in curbing the menace of unauthorised money raising activities.
 
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.

 

User

7 hit-and-run accidents every hour; how witnesses can help
More than 20,000 people lost their lives in hit-and-run cases nationwide in 2015, according to government data, and the reluctance of witnesses to be involved because of legal entanglements illustrates the need for clear laws to support “good samaritans”, as the state describes them.
 
Hit-and-run cases accounted for 11.4% of total accidents in 2015, an increase from 10.9% in 2014, according to road transport ministry data.
 
While 57 accidents were reported and 17 lives lost per hour in 2015, more than 54 per cent killed were between 15 and 35 years old, in the prime of youth.
 
Protecting Samaritans
 
On January 21, 2016, the government issued standard operating procedures to prevent unjust examination of eyewitnesses to road accidents, India's transport minister said, replying to a question by G. Hari, a Lok Sabha member Tamil Nadu, on February 25, 2016.
 
The standard procedures call for non-coercive, non-discriminatory, and time-bound inquiry into an accident -- and the examinee cannot be compelled to disclose personal information.
 
The guidelines also state that the samaritan does not have to pay for treatment unless he/she is related to the injured person.
 
National highways see more accidents
 
The central government intends to convert 52,000 km of state highways into national highways. The upgrade -- without instituting adequate safety measures on and along the national highways -- would be undesirable because the accidents and deaths in 2015 on national highways exceeded those on the state highways in 2014, by 4.5% and 6%.
 
Two-wheelers were involved in more fatal accidents (26%) than other vehicles; those riding two-wheelers accounted for 25.2% of all deaths on the road.
 
Uttar Pradesh (as on June 23, 2016) became the latest state to make wearing of helmets for pillions mandatory.
 
Controlled areas (manned by policemen or with machines installed for regulating traffic movement) witness fewer accidents (32% of the total) as compared to uncontrolled environments.
 
More than 20% of accidents were caused by drivers either on learner's licence or without licence, suggesting the need for remedial classes for those who cause accidents while on such licences.
 
As many as 52% of 387 drivers tested to discern a causal link between visual defects and accidents failed in at least one of the vision parameters tested, according to a study by Ashish Varma, Assistant Professor, Transportation Engineering, Indian Institute of Science.
 
The study also found that 60% of commercial bus drivers failed the minimum vision requirements for driving.
 
As many as 74% of respondents expressed unwillingness to assist victims of road accidents, according to a study, Impediments to Bystander Care in India, conducted by SaveLIFE Foundation, an advocacy working for road safety and TNS India, a global marketing research company, in July 2013.
 
As many as 88% of the unwilling bystanders cited legal hassles, involving repeated police questioning and multiple court appearances, for their hesitation.
 
Nearly 90% of the study participants wanted the enactment of a law to protect bystanders from harassment in case of administration of help to the victims.
 
The SaveLife-TNS study also points to another study by the Indian Journal of Surgery published in 2006 where it was found that 80% of road accident victims do not receive any medical care within the first or golden hour after the accident.
 
The absence of any protective framework is in stark contrast to legislations prevalent throughout the world.
 
The 201st Law Commission report mentions that doctors say 50% of accident victims could be saved if timely intervention is ensured.
 
Global pledges and comparisons
 
The Sustainable Development Goals (SDGs) formulated by the United Nations on September 25, 2015 aim to halve the global deaths and injuries from road accidents by 2030.
 
For India (a middle-income economy), the target is less than seven fatalities per 100,000 population from a baseline of 20.1 in 2010.
 
India became a signatory to the Brasilia declaration on November 19, 2015, committing to halve road accident deaths by 2020.
 
The road ahead: mitigating measures
 
A pilot project for cashless treatment of road accident victims is already operational on NH-8 (Gurgaon-Jaipur and Vadodara-Mumbai) and NH-33 (Ranchi-Mahulia). The service includes free cashless treatment up to Rs30,000 for road accident victims within 48 hours.
 
The government is also implementing the National Highway Accident Relief Service Scheme (NHARSS) to provide cranes and ambulances for evacuation purposes. As many as 140 advanced life support ambulances have been handed over to 140 identified state government hospitals.
 
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.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)