Aroon Purie hands over baton of India Today to daughter Kalli
Aroon Purie, who headed the India Today group for 42 years on Tuesday decided to handover the baton to his daughter Kalli Purie, who has been appointed as vice chairman of the group. Except the Group Editorial Director for Publishing and Group Chief Financial Officer, all others would now be reporting to Ms Purie, instead of Mr Purie.
 
In an internal communication, Mr Purie says, "I would now like to spend my time on strategic steering of the Group and exploring new opportunities...All those who reported to me will no report to VC. In the new order, the Group CFO and the new Group CEO, when appointed, will report to the Vice Chairperson."
 
 
Here is the mail sent by Mr Purie....
 
 
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    40% drop in Diwali Sales this year, say traders
    With just three days to go for Diwali, markets across the country are gloomy. There is a 40% drop in sales in comparison to last year, according to a press release from CAIT (Confederation of All India Traders). CAIT National President BC Bhartia and Secretary General Praveen Khandelwal said that “lower sales are because of acute shortage of cash. Consumers are more inclined to buy only essential commodities and do not have the desire to buy other goods because of cash shortage."
     
    Investment in real estate and gold which are not doing well is also resulting in money being blocked, pointed out CAIT. On the other hand, merchants have invested in procuring stocks for Diwali festival which is locked up due to poor sales. The slowdown is further multiplied by glitches in GST (Goods and Service Tax). “Confusion still prevails to a great extent on GST rates which is bothering traders. Tax compliance of almost all taxes falls in this month. Over and above, most of the items related to the festival are under bracket of 28% GST tax rate, which the consumer is hesitating to pay, terming it as one third cost of the product,” pointed out the CAIT release.
     
    Sales of items including consumer durables, FMCG (fast moving consumer goods) products, electronics items, kitchen appliances & accessories, luggage, watches, gift items, sweets, dry fruits, home decor, light fittings, readymade garments, decoration items, furniture, furnishing fabrics have been adversely affected, concludes the release from CAIT.
     
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    Criminalise corruption in private sector, says former DRI head
    It is high time corruption in the private sector is criminalised if the war on corruption has to be effective, says a former head of the Directorate of Revenue Intelligence (DRI)
     
    "Unfortunately, many countries do not penalise corruption in the private sector," B.V. Kumar, who is a former Director General of DRI, says in his 392-page book "Underground Economy: An Insight into the World of Tax Havens and Money Laundering" (Konark Publishers).
     
    "With growing liberalisation and privatisation, a stage has now come that corruption in the private sector should be criminalised.
     
    "Legislation should be introduced to punish corruption in the private sector, including corporate corruption," says Kumar, who was also the Director General of the Narcotics Control Bureau and the Economic Intelligence Bureau, the federal agency that protects India's economic security from smugglers and financial offenders. 
     
    "This is particularly necessary because of the corrupt practices indulged by multinational companies. In fact, the trade wars between multinationals result in competitive corruption. We should remember that private corruption usually involves fraud."
     
    Kumar underlined that a corrupt government and a clean private sector cannot co-exist -- and vice-versa.
     
    "In the government, we expect accountability, which is not just a regime of punishments, but a system of governance.
     
    "Similarly, the private sector should have a code of corporate governance and a corporate philosophy of social commitment."
     
    He said that when a public servant accepts illegal gratification, he is charged with corruption and conduct unbecoming of a government servant.
     
    But "when a businessman or a corporation indulges in corruption, it is termed as business acumen resulting in profit... A time has now come to evolve a proper definition of 'corruption' so that these distinctions are removed".
     
    According to Kumar, some of the changes in economic policy that can reduce opportunities for corruption include lowering tariffs and non-tariff barriers in global trade, unifying market-determined exchange and interest rates, ending enterprise subsidies, minimising regulations and licensing requirements, demonopolising and privatising government and national assets through e-auction and transparently enforcing prudential banking regulations.
     
    The book says that corruption makes the exploiter rich -- at the cost of the poor. "It is inimical to public welfare. It becomes a facilitator for organised crime to take over legitimate business, leading to organised corruption."
     
    On the demonetization of November 2016, which did away with the existing 1,000 and 500 rupee notes, Kumar predicted it was likely to hit the economy hard and was expected to grind the consumption activity to a virtual halt.
     
    "The service sector, which dominates economic activity and involves a sizeable quantum of cash transactions, is likely to be hit the hardest," he said in the book which was written earlier this year. 
     
    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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