Vol 26 No 4 July 2012
IN THIS ISSUE President’s Message Chamber’s Activities: - Seminar on “Vision Tamil Nadu – Building Sustainable Tomorrow” - Video Discussion on “Time Management” - Workshop on Finance Act 2012 – A New System of Taxation at Coimbatore
- National Conference on ChennaiBangalore Industrial Corridor Issues, Opportunities and The way forward General Committee Expert Committee SPOT LIGHT - Cyber Security Policy Watch
Economic Review
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PRESIDENT'S MESSAGE
Ramadorai, Chief Guest at the AGM. Mr Ramadorai, as many of you will be aware, is the Advisor to the Prime Minister in the National Skill Development Council and he is of course the Vice Chairman of TCS.
Dear Members I am indeed happy to speak to you through this column, my first message as President of the Madras Chamber. You are all aware that at the 176th Annual General Meeting of the Chamber on 4th August ’12, the baton was handed over to me by Mr T T Srinivasaraghavan. Mr Srinivasaraghavan has done commendable work during his two year term as President of the MCCI and has taken the Chamber to a new level. A number of new initiatives were taken during that period which also saw the Chamber celebrating its historic 175th year. We now need to take these initiatives forward and keep the Chamber moving in its growth path. We made a start of our flagship activity – the Vocational Training and Skill Development Centre during the past year. We had the formal unveiling of the foundation stone during our last Chamber Day and the launch of the logo by Mr S.
In his speech in the AGM, Mr Ramadorai had rightly emphasized that industry should take the lead in skill development. As a Chamber, our aim in setting up the Skill Development Centre is both to work in a small way to bridge the skill gap and, more importantly, to serve as a prototype and role model for others to emulate. We had decided to focus on training manpower in skills that are relevant to our member industries which are predominantly in the manufacturing sector. Over the course of next year, we will be undertaking a number of activities in the Skill Development Centre and we look forward to the support of the members in this. The other major initiative that we started during the 175th year was the Sustainable Chennai Forum. We have been conducting programmes and activities not only in association with our members but also with partners in academia and others. We will be conducting some significant industry oriented studies during the course of this year. In October, we will also be organizing a major conference on Green Metropolis
in conjunction with World Habitat Day. We see a lot of traction for the Sustainable Chennai Forum and I am confident that with the support of the membership, we will be able to make a significant impact through this forum. The Expert Committees of the Chamber have been reconstituted at the AGM and they will be planning their activities for the year. You can await more activities by the various committees in the near future. We are also gearing up for Chamber Day 2012 and the associated celebrations. Taking all these together, we have some ambitious plans for the coming year and a very packed calendar for the Chamber. All these are possible, thanks to the tremendous support and goodwill we have from our members and well wishers. I am sure that we can count on your continued support. Together, let us work to take the MCCI to greater heights. With best wishes
T Shivaraman President
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CHAMBER’S ACTIVITIES th
13 July 2012
Video Discussion on “Time Management” The monthly video discussion was held on 13th July on the topic “Time Management”. Mr M Vijay Balaji, Consultant in HR and Marketing, was the facilitator. He said time is precious. Therefore plan, prioritise, anticipate roadblocks, and develop self-discipline. Time is perishable. You cannot control its flow but can control yourself in time. One always has enough time, if it is applied well. Once you are wedded to your priorities, you can manage time. There is good time and bad time depending on your faith, your environment, etc. After inter-action, the participants came out with the following suggestions on time management: -
Keep reminders
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Be crystal clear about your actions
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Delegation helps to save time
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Respect others’ timings
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Whatever you do, do it with passion
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Whatever you learn, share it with others
The video also showed how to handle paper work by proper labeling.
14th July2012
Workshop on Finance Act 2012 – A New System of Taxation This was an outreach programme of the Chamber and was organized in Coimbatore for the benefit of corporates located in and around Coimbatore. Mr K Vaitheeswaran, Chairman, and Mr K K Sekar, Co-Chairman, Indirect Taxes Committee of the Chamber were the faculty.
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After formal welcome by Mrs K Saraswathi, Secretary General of the Chamber, Mr R Rajendran, Director-Finance, Lakshmi Machine Works, Coimbatore, delivered the inaugural address. He said that while corporates are responsible and willing to pay taxes, they look for friendly policies and easy compliance norms. The various ambiguities in tax laws and the complexities of procedures lead to litigation and result in wastage of time and money for everyone concerned. Especially at a time when the businesses are all going through challenging phase, the government should ensure a business friendly atmosphere to prevail.
Government wants such a system, the administrative machinery will not help in smooth running of the system.
He said in India, taxes are mainly classified as Direct and Indirect Taxes. Direct taxes are income tax, gift tax and wealth tax. Indirect taxes are central excise, customs, service tax, VAT, octroi, entry tax, expenditure tax etc.
Mr S Sankaranarayanan, Senior Manager, MCCI, proposed the vote of thanks. He also coordinated the arrangements for this event.
There were several Acts and Rules that governed the levy of central excise taxes and customs duties. All these were consolidated and the Central Excise and Salt Act 1944 and the Indian Customs Act 1962 came into existence. He said goods had not been defined in the central excise law. As per judicial interpretation, for purpose of levy of duty, an article must satisfy two requirements to be goods i.e. (a) it must be movable and (b) it must be marketable. Indiscriminate show cause notices are issued by narrowly interpreting the law. By such acts, neither the Government nor the assessee is benefited. The middle men like lawyers and consultants derive lot of benefits out of this he felt. In the present computer age, face to face interaction should be stopped and information system should be properly utilized to ensure a trouble free taxation system in the country. Even though the
Even though the Government has planned for introduction of GST, it is getting postponed. He hoped that the new GST system will take us to a new world of taxation which will be without any fear. Mr K Vaitheeswaran made a presentation on Concept of Negative List based taxation of services – Key definitions and exclusions. Mr KK Sekar addressed on Cenvat Credit – recent developments.
The programme was attended by nearly 50 participants and was well appreciated.
21st July 2012
National Conference on Chennai-Bangalore Industrial Corridor Issues, Opportunities and The way forward It is estimated that over 40% Indians would be living in cities and 68 cities would have more than one million population and 70% GDP would be from cities by 2030. It is also estimated that US$1trillion would be required in the infrastructure sector during 12th plan and 50% of which is expected from the private sector. The growth of a nation depends on its infrastructure, which will play a significant role to boost up the nation’s economy. After the Mumbai-Delhi corridor, all eyes are now set on the Chennai-Bangalore corridor. Japan which has provided financial and technical aid to develop the proposed Delhi-Mumbai industrial corridor is now looking at financing a
CHAMBER’S ACTIVITIES similar one to connect Chennai with Bangalore. The Southern Corridor will have potential for investment of at least $25 billion and it would take advantage of the engineering, textiles, leather, agro-processing, iron ore, steel industries based in the Southern States of Karnataka, Andhra Pradesh and Tamil Nadu. The focus in Tamil Nadu would be automobiles and auto ancillaries; aerospace in Bangalore; and biotechnology, pharmaceuticals and petrochemicals in Hyderabad. Huge investments are required to be made in road and rail network and for power generation. It is against this background and in view of Hon’ble Prime Minister’s decision to expedite the key infrastructure projects for pushing the slowing growth, Assocham and MCCI jointly organized a National Conference on Chennai-Bengaluru Industrial Corridor – Issues, Opportunities and The Way Forward on 21st July at Hotel Le Royal Meridien. The industry experts felt that CBIC could pave the way for both Tamilnadu and Karnataka to become Eastern Market oriented gateway catering to those economies at a bigger scale and increase their trade integration. The white paper released at the Conference calls for a shared vision for the corridors across the State and Central Governments in areas of policy making and financing so as to translate the conceptual possibilities into concrete mega infrastructure projects. The CBIC has potential to emerge as one of the fastest growing investment destinations globally and help boost employment generation. The proposed Chennai- Bangalore corridor, modelled on the Delhi-Mumbai corridor is still at the board room stage and officials of other States are already proposing new routes. Andhra Pradesh officials want
the corridor to link Nellore in the east and Anantapur in the west. Others want the corridor to be extended to include Mangalore on the west coast. There has been a meeting of senior officials from both States about shortening the time of travel between Mangalore and Chennai ports. That would involve digging tunnels along the route (western ghats). Experts from Japan studied this proposals and feel it is doable said Mr C Kandasamy, Director General, Road Development and Special Secretary, Union Ministry of Road Transport and Highways. He further said under the National Highways Development Programme (Phase VI) about l000 KMs of expressways are to be created at a cost of Rs 16,680 crore. This project was approved in November 2006 and is being done on Design, Build, Finance and Operate basis. The target for completion is 2015. Chennai-Bangalore (334Kms) is one of the four expressway projects. The other three are Vadodara-Mumbai (4000 Kms) DelhiMeerut (66 Kms) and Kolkata-Dhanbad (277 Kms) he said. Mr Kandaswamy said instead of publicprivate-partnership, there should be addition of people to it to make four “Ps”. This will make it an inclusive project and win-win for all stakeholders, including both State and Union Government. Originally, the corridor was envisaged as a multi-billion dollar larger corridor that would end in Mumbai and cover Tamilnadu and Karnataka. Officials from Karnataka and Tamilnadu had also discussed the possibility of a high speed dedicated freight corridor with active assistance from Japan. The Japan International Cooperation Agency will complete the feasibility report for the first phase of the Chennai Bangalore Industrial Corridor by September. According to Mr Shin Oya, Chief Representative
(India), Japan Bank for International Cooperation, the project is quite important for Japan-India relationship. Mr Oya said that the project could be a good investment for urbanisation. While there are infrastructure bottlenecks, the project could be a change maker he said. Mr Ravindra Sannareddy, Chairman of Assocham Southern Regional Council, put in his recommendations for the “Corridor for Rural Development”(Cord) in the 334km stretch. He said this would go a long way in ensuring rural development in the corridor and improve connectivity. The CBIC is a multi-billion dollar project, which was conceived last year and promoted by SIPCOT .SIPCOT is preparing a final plan for the corridor running between Chennai-Sriperumbudur-Ranipet-Hosur in two phases.
24th July 2012
Interactive meeting with Ms Sarah Allan, Director, Field Work Enterprise, UK: The Chamber organized an interactive meeting with Ms.Sarah Allan and Mr Paul Lavelle, Directors of Field Work Enterprise, UK which is a social enterprise working in the built environment. Since under the Sustainable Chennai Forum, the Chamber was looking at the promotion of green buildings and improving the urban infrastructure, it was felt that it will be useful to interact with Ms Sarah and try to understand the appropriate models that may work in Chennai and other cities in Tamil nadu. Mrs.K.Saraswathi, Secretary General of the Chamber welcomed the guests and briefly informed them about the activities of the Chamber, the recent launch of the Sustainable Chennai Forum (SCF) and the initiatives being taken under SCF along with other like- minded organizations.
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CHAMBER’S ACTIVITIES Mr.S.G.Prabhakharan, Member of the Committee who presided said that Sustainability is most important in today’s life. The rain water harvesting scheme in Chennai introduced by the Chairman of State Planning Commission, Mrs. Santha Sheela Nair, IAS (Retd) who made it compulsory for every household, has greatly increased the ground water level. Ms.Sarah Allan and Mr.Paul Lavelle made a Presentation on “Opportunities for creating Legacy of Great Places”. They said Field Work Enterprise (FWE) is a community interest company with a focus on providing community benefit in the built environment. The aim of FWE is to help organizations deliver quality and value in the fields of architecture, urban design and planning. Field Work has a network of high profile experts in planning, sustainable
architecture and urban design in the UK . In the year 2000, the Government of UK set up the Commission for Architecture and the Built Environment (CABE) to improve the quality of buildings, places and open spaces. She showed a few examples of places they designed by working collaboratively with their Government and the public. During the Interactive session, members expressed their views as follows: Mr.M.G. Devasahayam, a Member of CMDA said that expansion of the CMA goes against the recommendations of the city development plan rolled out by the Chennai City Corporation in 2009. He further said that he and his team had prepared the development plan and proposed the Athens model of development which seeks to improve the quality of life rather than encourage real estate based growth. He felt that
ASSOCHAM CSR EXCELLENCE AWARDS 2012 -13 NOMINATIONS ARE INVITED FROM LARGE COMPANIES (TURNOVER Rs.500/- CRORE & MORE) SMEs AND OTHER COMPANIES (TURNOVER LESS THAN Rs.500/- CRORE) APPLICATION / DETAILS ARE AVAILABLE ON www.assocham.org/events LAST DATE FOR RECEIPT OF DULY FILLED IN APPLICATIONS – 31st AUGUST,2012 FOR MORE DETAILS PLEASE CONTACT KUMAR DEWASHIS (M) 09873455460 / HITESH KHANNA (M) 09899172904
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Chennai’s green cover which is less than 5% needs to be increased to 25%. Mr.G. Dattatri, former Chief Urban Planner of CMDA said that two administrative structures are being considered for the expanded CMA. Expanding Chennai beyond its carrying capacity is dangerous; the government should concentrate on environmental conservation. Any development should aim at improving the quality of life. Ms.Sarah Allan said that to motivate the Public to set up a Green environment in the city, there should be “feel good” relationship between the Government officials and the public. The session ended with few comments and suggestions for development of Chennai City.
New Members A warm welcome me to our following new members: memb
CCS Infotech Ltd. Business: System Integration, computer hardware distribution, FMSS Solutions and Services
Narasappa, Doraswamy & Raja Business: Legal Services Advocates & Solicitors, Bangalore
Saveetha Engineering College Business: Educational Institution (Affiliated Member)
Cori Engineers Pvt. Ltd. Business: Manufacturers of rubber moulded components, rubber sheets, etc.
SPOTLIGHT - Cyber Security
Cyber Terrorism and National Security By R. Ramamurthy, Founder Director, Cyber Society of India, Chennai.
The threat of cyber terrorism to India’s
infrastructure and modern-day workflow
there are enough indications to suggest
technical infrastructure is real and
of law enforcement, firefighting, public
who was behind, there are no proofs to
immediate. Computers and servers,
works, public safety, defence, health, and
support that. Both Stuxnet and Duqu
especially those belonging to the
emergency medical services personnel,
were found only by lucky accidents, but
governments, are the most aggressively
we have to address concerns common to
had both been operating long before their
targeted information systems in the
a broad spectrum of disciplines. Most of
discovery. A degree of panic that began
world, with attacks increasing in severity,
the countries do not cooperate on these
to be felt in 2010 due to the discovery of
frequency, and sophistication each year.
aspects and this is the biggest frustrating
the Stuxnet worm led to several countries
As India’s critical infrastructure grows
point in cyber crime investigations.
deciding to equate use against them of
more reliant on information technologies,
When a country gets into a successful
cyber-weapons with real, “traditional”
it also becomes more exposed to
investigation and start getting more and
acts of war with bombs and bullets. Then
attackers, both foreign and domestic.
more data about the cyber criminals, it
in 2011 practically all large countries of the
These attacks can threaten our nation’s
often happens that the criminal is in a
world have showed their readiness for the
economy, public utility works, power
country which refuses to cooperate and
creation and use of cyber-weapons - albeit
generation systems, communication
it becomes almost impossible to arrest
off the record. All this testifies to the fact
systems,financial and banking services,
the cyber criminal. The good news is that
that we find ourselves at the dawn of a
air/rail/road transport, SCADA networks
Interpol is now going to introduce the
new era - the era of cyber-warfare.
and computer networks and cripple them
Internet division of Interpol in a far east
for a longer duration, if not protected
country very shortly.
properly. Besides physical and virtual actions that are normally to be taken, it is advisable to create an awareness among the users by training them adequately by a comprehensive, integrated series of courses that incorporates best practices, procedures, and methodologies for a variety of systems. Because information technology is an integral part of the
After good deal of discussions, a suggestion has come up to create an International
The discovery of the first state-sponsored
Cyber-Security Agency , which would act
malware programs – Stuxnet (2010) and
as an independent global platform for
Duqu (2011) – has demonstrated to us all
international cooperation and treaties
the new capabilities that can be applied
on non-usage of Cyber-Weapons, and
in conducting cyber-espionage, cyber-
cyber-security regulation for critical
sabotage, and potentially even cyber-
infrastructures. This agency should also
warfare via the Internet. We still can’t say
investigate incidents and combat Cyber-
for certain who was behind Stuxnet. While
Terrorism. The agency may not totally eliminate Cyber-Weapons, but it will
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SPOTLIGHT improve the current situation a lot. The
charge may appear on your credit card bill.
which defines rules of engagement for
most vulnerable parties (i.e. developed
Over 70,000 new cyber security threats
cyber attacks by a country. If you look at
countries with high Internet usage) will
are discovered on a daily basis. Even the
all the malware modifications a year ago
mostly benefit from the existence of this
strongest networks are not safe from
for mobile devices alone, you would see
agency, and should be the first ones to
hackers. PC systems are definitely not
maybe 30 to 40 modifications per month.
support it. We must enlist the cooperation
safe. Android smartphones are a mobile
Now we get 30 to 40 modifications a
and support of United Nations which is
hackers favourite platform. Every year,
day.
also ready to cooperate on their part.
the wall around the internet gets broken
Most people today have multiple devices and in future, people will switch from computer to mobile phones. They are already doing this. Right now, however, there are lot less malware on the mobile compared to the desktop, but that’ll change very rapidly. In the future, consumers will
down a bit more. The internet {Arpanet} was not designed with security in mind and now we are all scrambling to patch the various platforms out there to keep it safe. There are tons of people working on this now and every day they only find more holes in the system.
Even though it has become a part of daily life, the internet itself remains a cloudy idea to most people. It’s nebulous in a deeper way than previous leaps in home technology like Radio or TV. Internet is there, all around us, like the old idea of Ether. No antenna. No waves – at least, none of the kind readily understood. And
get rid of desktops because for an ordinary
More governments are looking into cyber
it contains not just a voice or picture,
consumer, they’ll only have devices such
security now than ever before. They see
but… the whole world and everything in
as tablets, mobile, PS3 etc. Computers
it as one of the most important security
it: pictures, sounds, text, movies, maps,
would stay only at the enterprise level.
problems in the world. Cyber criminals
routes, art, propaganda, music, news,
Once this happens, cyber criminals will
can earn millions and they have made
games, mail, whole national libraries,
switch to two categories. One category
enough money to retire and move their
books, magazines, newspapers, dictionary,
will still infect Microsoft Windows and
businesses into the real world. If the
encyclopeadia, along with close-up
enterprise environment, while the other
police have not collected sufficient info
pictures of Mars and Jupiter, your long-
part of cyber criminals will infect only
on them, they will just get away with
forgotten professor, the menu at your local
mobile devices.
helping make the internet the dark alley
restaurant, everything you ever heard of
it is becoming. Cyber criminals are behind
and plenty you had not ever dreamed
most malicious code. They are making
about, all of it just waiting to be plucked
huge profits and are reinvesting those
out of thin air.
Computer criminals in the past used to spread malware just for fun. Hackers on the other hand, use malware as a tool to protest. Hackers do not develop their own malware. Instead they use open source tools to attack the victims. The motivation is highly different and therefore, the behaviour is also different.
profits observing exit strategies. If there is a damage to a country’s infrastructure , done by another country, then it is an act of war. If hackers and cybercriminals are behind it, it is possible to investigate it through police. The Interpol can get
All of us are well aware of Botnets,
other countries to investigate. And if one
trojans, SQL injections and DDoS attacks.
country doesn’t want to get involved,
But several internet users have no idea
then may be they are the ones launching
what those things are, or how they are
the attacks. The IT security and software
shaping the future of their connected
industry is still unsure what to do with
lives. One thing is certain, more computers
all the information. They believe that
and wireless devices are going to be
learning how malware creators work,
compromised this year than what was
and how their programs work, will help
done last year. Some companies will go
protect internet structures from attacks.
out of business as a result. Government
The best solution would be to create
secrets may be revealed. A mysterious
an international cyber security agency,
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Normal folk tend to use the terms “virus” and “worm” interchangeably, while the “Geek Tribe” defines them differently. The overarching term “malware” refers to any programme that infects a computer and operates without the user’s consent. For the purposes of this article, the difference between a “virus” and a “worm” is in the way each spreads. To invade a computer, a virus relies on human help such as clicking unadvisedly on an unsolicited email attachment, or inserting an infected floppy disk or thumb drive into a vulnerable computer. A worm, on the other hand, is state of the art. It can spread all by itself..
SPOTLIGHT Botnets, a network of infected ‘robot’
grids, transportation networks, pipelines
solutions to protect data, identity and
computers, are exceedingly valuable tools
– you name it. Earlier this year, the
information. The Govt. of India should also
for criminal enterprise. A botnet-creating
Pentagon formulated its first-ever formal
be practical and tighten up physical and
worm doesn’t want to harm your computer;
cyber strategy, which found that a cyber
legislative measures and bring out a Cyber
it wants to use it.Among other things,
attack on America originating in another
Security Policy, covering all essential
they can be used to efficiently distribute
country would be considered as much an
safeguards, including the offensive
malware, to steal private information from
act of war as dropping bombs on a city,
military perspective of keeping ourselves
otherwise secure websites or computers,
one that would justify a traditional military
informed of what our enemy is doing in
to assist in fraudulent schemes, or to
response. It is, of course, always easier
their computers. On defence IT Security
launch Dedicated Denial of Service (DDoS)
to tear something down than to build it
perspectives, they should take the help
attacks – overwhelming a targeted server
up, easier to break into a computer than
of the Industry experts who are capable
with a flood of requests for response.
to protect it, so the good guys work at a
of contributing greatly on this sensitive
If you control even a minor botnet, one
constant disadvantage.
issue. The GoI seems to have understood
with, say, 20,000 computers, you own
the seriousness of the issue and hope that
enough computing power to shut down
It is one of the peculiarities of modern
most business networks. The creator of
times that as industrialised nations depend
an effective botnet, one with a wide range
more and more on computer networks
and the staying power to defeat security
for everything, relatively little thought
measures, can use it himself for one of
has been given to protecting them. The
the above scams, or he can sell or lease
US spends billions on its military, not
it to people who will. Botnets are traded
just to protect its own borders, but to
in underground markets online. The
project force anywhere in the world on
cumulative power of a botnet has been
short notice. Yet the telecommunications
used to extort protection money from large
networks that increasingly undergird every
business networks, which will sometimes
aspect of modern life, not to mention the
pay to avoid a crippling DDoS attack.
military itself, are shockingly vulnerable
Botnets are also used to launder money.
to infiltration and sabotage, not just from
Opportunity for larceny and sabotage is
pranksters and cybercriminals, but from
limited only by the imagination and skill
the very nations the United States are
Cyber Society of India was started to
of the botmaster. If the right orders were
likely to confront as enemies.
create an awareness on cyber security
given, and all bots in a large net, worked
The article can go on and on and on,
hazards that any computer user may
together in a concerted effort, they could
as there is no perfect solution for the
have to face, if adequate safeguards
crack most codes, break into and plunder
problem as yet. For India, the threat is a
are not taken. Mr. N. Vittal, Former
just about any protected database in the
national threat and can create disastrous
CVC, Dr. R.K. Raghavan, former
world and potentially hobble or even
consequences and throw the economic
destroy almost any computer network,
CBI Chief, Mr. T. Theethan, former
growth of the country back by several
including those that make up a country’s
decades. We can be sure that in the next
vital infrastructure: systems that control
few years, we will face more and more
banking, telephones, energy flow, air
cyber attacks or cyber wars, whatever
traffic, health-care information – even the
name you call it, mostly by countries
of CDAC are some of the people
internet itself.
who hate the progress of India. The
who were responsible for starting the
The threat may be virtual, but the
younger generation in India has been very
society. Mr Ramamurthy is a founder
consequences would be all too real.
well exposed to the various innovative
Director of the Society and served as
A successful computer attack could
technologies being applied on the Internet
Chairman for seven years.
compromise nuclear reactors, electrical
and should be able to device appropriate
they take adequate measures to protect the security of India not only by their Army, Navy, Airforce but also in the new sensitive and dangerous areas of Satellite airspace and Cyber Space, for which it has already become very essential to open up separate full fledged wings in the defence set up of India.
AG of Tamil Nadu , Dr. N. Seshagiri, former Director General of NIC, Mr. S. Ramakrishnan, former Chief
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SPOTLIGHT
Indian Cyber law – Should it concern you? R Vittal Raj (Former Chairman of the Expert Committee on IT/ITES, MCCI) rvittalraj@gmail.com
on businesses in handling and protecting personal information such as those relating to for eg. customers, employees and suppliersand due care against misuse of their systems.
With the accelerating proliferation of
for the purposes of any other law, for
The impact of the provisions of the Act
mobile and internet technologies, most
eg. books of account maintained in
came to light in one of the first judgments
of our business and personal information
accounting software, digital contracts,
under the Act,where a large private sector
is in the air we breathe! The good thing
electronic notice, information residing
bank was directed to pay up damages of
is connecting to your bank account or
in financial accounting or operations
about Rs. 12 lacs toone of its customerwho
your business information or even simply
software, ERP or other business software,
fell prey to a phishing mail and thereby
accessing mail is just a tap away on your
spreadsheets, e-mail communications
losthis bank balance. This, inspite of no
smart phone or computer. On the flip side,
pertaining to contractual obligations,
apparent fault of the bank. The saving
what is increasingly worrying is that the
management authorisations, minutes of
grace for the Bank was to be spared of
same information is just a password away
meetings, to name a few.
criminal prosecution provisions under the
for hackers, business competitors or just casual ‘peeping cyber toms’!
Act, which would have landed a whole Besides, with accelerating mobile enabled commerce, transactions or information
lot of its officials and top management members in dire trouble!
The Information Technology Act, 2000, as
communicated using SMS, VOIP meetings,
amended by the Information Technology
freeware, social networking software
Amongst the several good things under
Amendment Act, 2008 (ITAA), is a
etc., if put to use by the organisation
the Act, for both individuals and business
landmark legislative development that
should be controlled using appropriate
entities include:
ushered in the, first of its kind, data
measures.Ironically the Act, that was
protection regime in our country. The
in its initial avatar was dismissed as a
Act is India’s answer to moving towards a
toothless legislation, consequent to
cyber safe economy bringing in the much
its amendment, is seen as one of the
needed legal recognition for information
toughest pieces of legislation with ruthless
in electronic form, cyber offences and
penalties and prosecutions. With fast
provides for its protection and regulation.
growing number of cyber crime incidents,
• protection against computer related
The amended Act that came into force
more commonly, internet bank & online
crimes such as stealing data,
in the latter half of 2009, potentially
business frauds, stealing of sensitive
impersonating digital identities,
concerns not only individuals but also
business data by not only hackers but
unauthorized access to computer
business entities or for that matter anyone
more so by rogue employees, the Act
resources, hacking, using electronic
who uses computers or may have anything
has provided much needed protection,
medium for cyber offences, cyber
to do with computers including service
prosecution of criminals and salvage to
terrorism etc.
providers, intermediaries etc.
those affected.
Recognition of e-commerce & protection against electronic crime By virtue of the Act, information in electronic form now has legal recognition
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• Recognition of electronic messaging, contracting through electronic means such as mails and SMS etc., e-filing, protection of sensitive private information.
The Act provides for compensation
Though the legislation is a welcome
for damages and where such actions
move towards policing cyber crime and
are done dishonestly or fraudulently,
regulating the cyber space, the act also
provides for severe consequences
provides for significant responsibilities
including penalties upto twenty five lakh rupees and imprisonment upto three
SPOTLIGHT years. The Act also provides for extensive
and regulations. As regards companies
signing eg. e-filing with MCA21,
powers of search and seizure and arrest
to which the provisions of CARO, 2003
income tax, excise and customs
without warrant of any person, reasonably
are applicable, violations under the Act
authorities.
suspected of having committed or of
impact clauses relating to adequacy of
committing or of being about to commit
internal controls and internal audit system
any offence under the Act.
etc.
Data protection obligations for business entities:
Each of these potentially bears risks, eg.: • lack of attention to legal issues
The Act also recognizes responsibilities relating to retention of records stipulated
while contracting/transaction using electronic means
to be maintained in any other law that are
• unauthorized access to sensitive private
Equally engaging are the responsibilities
maintained in electronic form eg. Books
including transaction information
and obligations cast under the Act on
of account, business records, voice logs
business entities to protect sensitive
etc.
systems, networks and capabilities
personal information, in exercising due care against mis-use of their systems.
• inadequate protection of computer
Managing data protection risks
leading to unauthorized access or misuse
The amended Act provides that every
In the normal course of business, a
body corporate (including proprietorship,
few common facets of dependence on
firm or any association of persons) shall
computers involve:
be liable to pay compensation for failure to protect any sensitive personal data or information that it possesses, deals in or handles. This includes any entities engaged in business process outsourcing, transaction/payroll processing, e-filing services, audit & assurance services or any such activity which involves handling sensitive personal data. The term sensitive personal data and information is defined in the rules to the Act to specifically include certain kinds of data including financial, personal and secret data. As regards companies, failure to protect such data not only attracts penal and prosecution proceedings under the Act
including software functionality design
financial, costing or operational information. Such data could be either accessed at the business/client’s site b) access to internet banking including online transaction capabilities c) access to and use of business application software such as financial accounting software, ERP, Core Banking system, e-mail, spreadsheets & word processing software
• security risks in outsourced processes • Weak controls over internet banking access, digital signature tokens etc. With the critical dependence on computers, mobiles and the Internet, it is now strategic for every business entity to have a clear understanding of the risks to its business information and information of its stakeholders and
d) Access and use of computer resources
status of compliance with cyber law
such as desktops, laptops, Internet,
stipulations as regards its obligations in
pen drives, printers etc.
ensuring reasonable security measures.
e) Access to business wireless computing
governance responsibilities. As regards
capabilities and use of portable
listed companies, non compliance under
computing devices such as data
the ITAA would invite violation of the
enabled mobiles, mobile with audio/
SEBI Clause 49 of the listing agreement
video recording, pen drives etc.
compliance with all applicable laws
intellectual property rights eg. engineering diagrams, digital copyrights & designs
a) Access to business data such as
but also result in failure of corporate
that requires certification as regards
• Ignoring and/or violating digital
A comprehensive risk assessment against the provisions of the I T Act supplemented by IS audits would provide the much needed risk consciousness and periodic assurance to the management on state of data security controls and compliance
f) Control over and use of digital
with the data protection regulations.
certificate tokens used for digital
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A MCCI & MM Audience – ith w g in ct ent” ji intera e Managem Mr.Vijay Bala ssion on “Tim Video Discu
ary General wathi, Secret Mrs.K.Saras Workshop on – e Speakers th g in m co batore. el w 2012 at Coim Finance Act swaran, ee ith Va r: Mr. K. Indirect on Seated l to ee rt Committ pe Ex , an n, rm ra Chai r. R. Rajend Taxes and M E ce, LMW, CB an in -F or Direct
e audience A view of th Act e nc na Fi Workshop on batore. 2012 at Coim
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Release of study on Chennai Bangalore Industrial Corridor (l-r : Dr S Rawat, Secretary General, Assocham, Mr.Ravindra Sannareddy, Chairman – SR, Assocham ; Dr J Geeta Reedy, AP Minister for Major Industries ; Mr C Kandasamy, Director General (Road Development) and Special Secretary, Ministry of Road Transport & Highways ; Mr.T T Srinivasaraghavan, President, MCCI)
w of th he a udience on C A view the audience Conference on CBIC
Interactive meeting with Ms.Sarah Allan & Team, Director, Field Work Enterprise, UK
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CHAMBER’S ACTIVITIES General Committee 12th July 2012
The Committee met on 12th July in the Board Room of Sundaram Finance. On the study to assess the social and economic health of Tamilnadu – Status Paper on TN economy, a special meeting was held on 2nd July to discuss Vision 2023 document and decide possible role of MCCI in the implementation. A detailed presentation was made by IMaCS and there were vibrant discussions on the same . It was broadly agreed that the Chamber could focus on areas like manufacturing, governance, port and urban infrastructure infrastructure. A follow up meeting was convened just before the General Committee meeting, to discuss and suggest specific projects for implementation by the Government. This would help us to decide on the scope of our study in the context of Vision document. A follow up meeting to discuss specific projects in the above areas was held on 12th July just before the meeting of the Committee. It was suggested that a quick note with specific suggestions could be prepared within a week, putting together various inputs from members and sent to IMaCs.
Finance Act 2012 – effective date of notifications: The notifications were to be effective from 1st July. As decided at the last meeting of the Committee, a representation was immediately sent to the Ministry of Finance to defer the date to 1st October. However, in spite of representations from various trade bodies, the notifications have come into force from 1st July.
Skill Development Centre Members were informed that courses on Fitter, basic computer skills etc. in our existing temporary facility are going on. Spoken English course is being introduced. The Chamber is also on the look out for a suitable person to head the Centre. Members suggested to give more publicity to this initiative of the Chamber and to the work done so far. The President reported on the various meetings held and also informed of the forthcoming programmes. The Committee admitted four new companies as members. Before closing, the President once again expressed that it has been a great honour to be a part of this Chamber and as its President at the momentous period of its 175th year. He thanked the members of the Committee for their participation in the meetings which made the meetings interesting and for their wise counsel.
Expert committees 10th July 2012
Company Law/Corporate Matters The Committee met on 10th July. Its agenda consisted of: • Standing Committee Report on Com panies Bill • Exposure Draft on XBRL taxonomy for commercial and industrial entities for filing their Balance sheet and Profit and Loss account for the financial year 2011-12 based on the Revised Schedule VI • Proposed Seminar on Company Law & Corporate Issues The Companies Act 1956 had been enacted with the object to consolidate and
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amend the law relating to the Companies and other associations. The Revised Companies Bill 2011 was referred to Parliamentary Standing Committee on Finance for examination. The Committee examined the same in detail in consultation with various stakeholders and submitted the report. Out of 178 recomendations, 167 have been fully incorporated, six have been partially accepted and for five recommendations, a different view has been indicated by the standing committee. Most of the changes proposed in the Bill after submission of the report of the Committee seek to achieve the aim and strengthen corporate governance. CSR provisions have been included. The Committee suggested and proposed that companies covered under such provisions should constitute a CSR Committee and should spend 2% amount to CSR activities and also directed to take activities in and around they operate. The Committee suggested to organise a suitable programme to analyse the various issues of the Companies Bill 2011. Members suggested this would be organised after passing the Bill by the Parliament. The Committee discussed the Exposure Draft on XBRL Taxonomy for commercial and industries entities, for filing their Balance sheet, Profit & Loss Account for the financial year 2011-12 based on the Revised Schedule VI. After considerable discussions, the Committee decided to send a representation to the MCA on the following lines. • XBRL could be considered in the Format Mode instead of tagging mode. The purpose is to file the Audited Accounts which are in the Schedule VI format. Filling the entries in the Format Mode is easier as in the Income Tax filling and returns. Tagging and searching the entries is cumbersome and difficult and enormous time needs to be spent
GENERAL COMMITTEE on this. Further, when taxanomy is not extendable, MCA could consider giving a unique number for each taxonomy as per the serial number given in the excel sheet. This procedure would facilitate the corporate to tag on this number in the finance master easily. The Committee discussed a suitable programme on the Companies Bill, covering Directors, Auditors, Accounts, CSR, Deposits and Borrowings and Investor related issues that could be organised.
Another programme was also suggested on the topic “Recent trends in SEBI & FEMA.” These two events would be scheduled after consulting suitable faculty members.
Policy Watch Govt. Hikes GPF Interest Rate to 8.8% The Finance Ministry has announced that during the year 2012-13, accumulations at the credit of subscribers to the General Provident Fund (GPF) and other similar
funds shall carry interest at the rate of 8.8 per cent per annum. The Interest rate on such funds was 8.6 per cent during Dec 2011 – March 2012 period, while it was 8 percent from April – Nov,2011. Source : The Financial Express No Service Tax on Foreign Currency Remittances: Finance Ministry The Govt. on 10th July,2012 clarified that service tax cannot be levied on foreign currency remittances into India as the
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transaction is actually executed outside the country. This move gives more relief to a large number of non residents who send funds to their families in States like Punjab & Kerala. The clarification comes after concerns were raised about levying 12% service tax on such transactions under the negative list regime that came into force on July 1. India received about $64 billion of foreign remittances in 2011. Source : The Financial Express State environment policy on the anvil Tamil Nadu State is in the process of drafting its State Environment Policy. The draft guidelines are published in the website of department of environment (www.environment.tn.nic.in). The policy would look at specific strategies to strengthen the institutional capacity of the TNPCB. The Thrust areas will be air and water quality ; pollution ; municipal solid waste management and coastal zone management. The Govt is taking steps to eliminate completely the use of plastic carry bags. Source : The Hindu
Mauritius assures India to resolve tax controversy: Mauritius has assured India of its readiness to resolve the controversy over its tax treaties and appreciated New Delhi’s help to bolster its security and safety.
Additions to Library Directories Travel, Tourism and Hospitality Directory 2012-13 – Assocham Others Banking for the Unbanked - Challenges of Financial Inclusion in India - IOB Indian Banking Expectations – messages from luminaries from various fields on their expectations from Indian banking industry - IOB
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The issue at stake is capital gains tax. The India-Mauritius tax treaty says capital gains accruing in India from investments sourced from Mauritius can only be taxed in that country.
India aims to double trade with West Africa:
for the proposed non-operative holding company of new banks in the private sector should be Rs 1000 crores instead of Rs 500 crores. The RBI recently released the gist of comments and suggestions received on the draft guidelines for “licensing of new banks in the private sector”. The RBI would take these suggestions/comments into account while finalizing the guidelines.
India has set a target of $ 40 billion trade turnover with the West African nations from the present $ 20billion.
TUFS for textile sector to stay:
Mr Anand Sharma, Commerce & Industry Minister inaugurating the India Show in Ghana said that India is not only looking at enhancing trade with the West African countries but also looking at cooperation in gas and oil sectors. India is looking at Africa as a whole for taking its partnership to a new level through various gestures in different fields.
Centre hints at packages for power loom and silk sectors:
Mr Sharma also said that India has also set a target of $ 90 billion trade with Africa by 2015. The total trade between India and Africa was around $ 50 billion till last year. India and African financial institutions have already signed a MOU to promote finance, trade and investment flows.
Rs.1000 cr minimum capital mooted for holding Company of new bank:
Stating that the UPA Government was working on a package for power loom and silk sectors, Commerce, Industry and textiles Minister Mr. Anand Sharma a n n o u n c e d t h at t h e Te c h n o l o g y Upgradation Fund Scheme (TUFS) for the textile sector would be continued in the XII Plan with an allocation of Rs 15,886 crores. Mr Sharma said Government was concerned over the development in the power loom and silk sectors, and hence, was working on financial packages for these sectors. The industry has been hit by high raw material prices and high interest rates, besides demand slowdown in major markets such as Europe and the US.
Banks and Institutions have suggested to the RBI that the minimum capital required
MCCI conveys its congratulations to Sanco on the conferment of Company the Logisticcss Co omp mpan any of o th he Year Award 2012 Aw warrd 2 01 12 at the 4th South East CEO Conclave & Award 2012 presented by Exim India Wishing you many more laurels in the years to come.
Assocham organised a Seminar on “Vision Tamil Nadu – Building Sustainable Tomorrow – The Banking Perspective” on the 4th July at Hotel Le Royal Meridien. The inaugural address was delivered by Dr Subir Gokarn, Deputy Governor, Reserve Bank of India. He also released the Assocham study on Vision Tamilnadu – Building Sustainable Tomorrow. MCCI participated in this event and lent its support.
ECONOMIC REVIEW CONTENTS 1.
2011-12 compared to 244.78 million tonnes in the previous year. This is highest ever foodgrains production, surpassing all earlier records.
Macroeconomy
1.1 Wholesale Price Indices for Primary Articles and Fuel and Power, June 2012 1.2 Estimates of Foodgrain Production for 2011-12 1.3 Consumer Price Index Numbers for Rural, Urban and Combined, June 2012 2.
Moreover, record production has been achieved in the case of rice (104.3 MT), wheat (93.9 MT), cotton (35.2 million bales), and sugarcane (357.7 MT).
Corporate Sector
2.1 Commodity-Wise Freight Revenue by Railways during April-June 2012 2.2 Revised Guidelines on Priority Sector Lending-Targets and Classification
1. Macroeconomy 1.1 Wholesale Price Indices for Primary Articles and Fuel and Power, June 2012 The annual rate of inflation, based on monthly WPI, stood at 7.25% for the month of June, 2012 (over June, 2011) as compared to 7.55% for the previous month and 9.51% during the corresponding month of the previous year. The index for Food Articles group rose by 1.4 percent to 209.2 from 206.3 for the previous month due to higher prices of poultry chicken (7%), gram (6%), masur (4%), fruits & vegetables, egg, arhar, rice and pork (2% each) and tea, milk, wheat and mutton (1% each). However, the prices of barley (6%), jowar, condiments & spices and ragi (2% each) and moong and bajra (1% each) declined. The index for Non-Food Articles group declined by 2.6 percent to 193.5 from 198.6 for the previous month due to lower prices of gaur seed (28%), logs & timber (9%), gingelly seed (4%), raw rubber (3%), raw cotton (2%) and linseed, flowers and groundnut seed (1% each). However, the prices of raw jute (5%), niger seed and raw silk (4% each), soyabean (3%), sunflower (2%) and mesta, saower, coir fibre and castor seed (1% each) moved up. The index for Minerals group declined by 2.6 percent to 347.6 from 357.0 for the previous month due to lower prices of copper ore (16%), barytes (3%), crude petroleum (2%). However, the prices of magnesite (5%), manganese ore (4%),
zinc concentrate (2%) and iron ore (1%) moved up. The index for Fuel and Power group declined by 0.4 percent to 178.2 from 178.9 for the previous month due to lower prices of light diesel oil (7%), aviation turbine fuel and furnace oil (6% each) and naphtha (4%). However, the prices of petrol (7%) moved up. Manufactured Products index rose by 0.3 percent to 144.8 from 144.3 for the previous month. Please Refer Table 1 1.2 Estimates of Foodgrain Production for 2011-12 The Government has recently released the 4th advance estimates of foodgrain production for the year 2011-12. As per the latest estimates, India has produced 257.44 million tonnes of foodgrains during
1.3Consumer Price Index Numbers for Rural, Urban and Combined, June 2012 All India provisional General (all groups), Group and Sub-Group level CPI numbers of June 2012 for rural, urban and combined reveal that the General Indices for rural, urban and combined are 120.6, 118.5 and 119.7 respectively. Annual inflation rate based on all India general CPI (Combined) for June 2012 on point to point basis (June 2012 over June 2011) is 10.02 % as compared to 10.36 % (final) for the previous month of May 2012. The corresponding provisional inflation rates for rural and urban areas for June 2012 are 9.74 % and 10.44 % respectively. Inflation rates (final) for rural and urban areas for May 2012 are 9.57 % and 11.52 % respectively.
Table 1: Wholesale Price Index and Rate of Inflation Month of June, 2012 Commodities/ Major Groups/ Groups/SubGroups
Primary articles Food Articles Non-Food Articles Minerals Fuel & power Manufactured products All commodities
Weight
WPI June 2012
Latest month over month
Build up from March
Year on on Year
2011 -12
2012 -13
2011 -12
2012 -13
2011 -12
2012 -13
20.1 14.3 4.3 1.5 14.9
216.4 209.2 193.5 347.6 178.2
0.51 1.34 -1.09 -1.72 0.75
0.14 1.41 -2.57 -2.63 -0.39
4.09 5.47 -5.38 13.79 2.54
4.14 6.14 1.90 -3.12 0.22
11.31 7.64 18.44 23.41 12.85
10.46 10.81 6.85 14.49 10.27
65.0 100
144.8 164.2
0.36 0.46
0.35 0.18
1.70 2.41
1.54 1.99
7.90 9.51
5.00 7.25
S o u r c e : O f f i c e o f t h e E c o n o m i c A d v i s e r, M i n i s t r y o f C o m m e r c e a n d I n d u s t r y, Government of India.
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ECONOMIC REVIEW 2. Corporate Sector 2.1 Commodity-Wise Freight Revenue by Railways during April-June 2012 The Railways have generated Rs. 21027.96 crore of revenue earnings from commodity-wise freight traffic during April-June 2012 as compared to Rs. 16507.66 crore during the corresponding period last year, registering an increase of 27.38 per cent. Railways carried 244.81 million tonnes of commodity-wise freight traffic during AprilJune 2012 as compared to 233.66 million tonnes carried during the corresponding period last year, registering an increase of 4.77 per cent. Out of the total earnings of Rs. 6925.50 crore from commodity-wise freight traffic during the month of June 2012, Rs. 3017.40 crore came from transportation of 39.26 million tonnes of coal, followed by Rs. 672.10 crore from 9.61 million tonnes of iron ore for exports, steel plants and for other domestic user, Rs. 650.82 crore from 8.15 million tonnes of cement, Rs. 527.10 crore from 3.74 million tonnes of foodgrains, Rs. 415.30 crore from 3.49 million tonnes of petroleum oil and lubricant (POL), Rs. 447.27 crore from 2.89 million tonnes of Pig iron and finished steel from steel plants and other points, Rs. 338.27 crore from 3.39 million tonnes of fertilizers, Rs. 130.34 crore from 1.29 million tonnes of raw material for steel plants except iron ore, Rs. 296.58 crore from 3.29 million tonnes by container service and Rs. 430.32 crore from 5.32 million tonnes of other goods.
The priority sectors are broadly taken as those sectors of the economy which, if not designated as priority sectors, may not get timely and adequate credit. Typically these are small value loans to farmers for agriculture and allied activities, micro and small enterprises, poor people for housing, students for education and other low income groups and weaker sections. The highlights of the revised priority sector guidelines are: ·
Overall target under priority sector is retained at 40 per cent as suggested by Nair Committee.
·
The targets for both direct and indirect agricultural lending are kept unchanged at 13.5 per cent and 4.5 per cent of Adjusted Net Bank Credit, respectively.
·
The following important activities, among others, form part of priority sector lending as per the revised guidelines:
-
Loans to Micro and Small Service enterprises up-to Rs. 1 crore and all loans to Micro and Small manufacturing enterprises
-
Loans upto Rs. 25 lakh for housing in metropolitan centres of population above Rs. 10 lakh and Rs. 15 lakh at other centres.
-
Loans to Food and Agro processing units. -Loans to individuals for educational purposes including for vocational courses upto Rs. 10 lakh in India and Rs. 20 lakh abroad.
-
Loans for housing projects exclusively for economically weaker sections and low income groups, provided the cost does not exceed Rs. 5 lakh per dwelling unit.
-
Loans to distressed farmers indebted to non institutional lenders.
-
Overdrafts upto Rs. 50000/- in No-Frills account.
2.2 Revised Guidelines on Priority Sector Lending-Targets and Classification The Reserve Bank of India released the revised guidelines on Priority Sector Lending-Targets and Classification.
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-
Loans to State Sponsored Organisations for scheduled castes and scheduled tribes.
-
Loans to individuals for setting up of offgrid solar and other off-grid renewable energy solutions for households.
-
Loans to individuals other than farmers upto Rs. 50000/-to prepay their debt to non institutional lenders.
·
Foreign banks having 20 or more branches in the country will be brought on par with domestic banks for priority sector targets in a phased manner over a maximum period of 5 years starting April 1, 2013. They will be required to submit an action plan for achieving the targets over a specific time frame to be approved by RBI.
·
The foreign banks with less than 20 branches will have no sub targets within the overall priority sector lending target of 32 per cent. This is expected to allow them to lend as per their core competence to any priority sector category.
·
Bank loans to Primary Agricultural Credit Societies (PACS), Farmers’ Service Societies (FSS) & Large Adivasi Multi-Purpose Co-operative Societies (LAMPS) ceded to or managed/ controlled by such banks for onlending to farmers for agricultural and allied activities are included under direct agriculture.
·
Investments by banks in securitised assets, outright purchases of loans and assignments to be eligible for classification under priority sector provided the underlying assets qualify for priority sector treatment and the interest rate charged to the ultimate borrower by the originating entity does not exceed Base Rate of such bank plus 8 per cent per annum. Source: Assocham
Dr. Ram Charan
Sadhguru
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