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WednesdAY 11•01•2017

business

THE MORUNG EXPRESS

‘Clarifications on online sale of medicines soon’

E-pharmacy players, in recent months, have come under attack from off-line chemist stores that allege that the former are violating foreign direct investment (FDI) rules by offering discounts

New Delhi, JaNuary 10 (ageNcies): The government will soon come out with clarifications on the sale of medicines online, acceding to requests of startups seeking a legal framework for e-pharmacy business. “The ministry of health is working on clarifications on this issue,” commerce and industry minister Nirmala Sitharaman said on Monday. The Drugs and Cosmetics Act—which regulates the import, manufacturing, distribution and sale of drugs and cosmetics in the country — doesn’t explicitly disallow the sale of medicines online

with a valid prescription, although more clarity is required on this issue, some analysts have said. E-pharmacy players, in recent months, have come under attack from off-line chemist stores that allege that the former are violating foreign direct investment (FDI) rules by offering discounts. Off-line chemist stores have also raised concerns about the quality of drugs sold by online players. Already, the uncertainties have hit some start-ups. Phaneesh Murthy-backed online pharma market place Zigy.com has trimmed operations substantially following court cases brought by offline chemists and druggists. The Department of Industrial Policy and Promotion (DIPP) has initiated discussions with certain fi-

Bank of Baroda beats SBI in offering cheapest home loan New Delhi, JaNuary 10 (ageNcies): Traditionally, State Bank of India (SBI), India’s biggest lender, has offered home loans at cheapest rates. But it has now been upstaged by rival Bank of Baroda, which has lowered it home loan rate to as low as 8.35%. State-run Bank of Baroda (BoB) has reduced its home loan rates by 70 basis points to 8.35%, which will be applicable for customers having a strong Cibil score, which is a measure of creditworthiness of the borrower. At 8.35%, Bank of Baroda’s home loan rate is lower than industry leader State Bank of India’s 8.50% on offer. SBI and some other lenders, including private sector major HDFC Ltd, have already reduced their rates. Bankers have attributed reduction in interest rates to surge in deposits with the banks post-demonentisation. Bank of Baroda also said its existing customers whose loans are linked to base rate can also switch to the new MCLR or marginal cost of funds-based lending rate regime without any additional charges. However, several other lenders charge a switch-over fee, which is a minimum of Rs. 10,000 or 0.5% of the outstanding loan amount in case of SBI. Banks have switched to MCLR as their new benchmark lending rate from April last year, replacing the base rate system for new borrowers. All new floating rate loans are linked to MCLR and banks charge a premium over the MCLR to offer a loan. FiRe StatiOnS

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New Delhi, JaNuary 10 (iaNs): While the Reserve Bank of India (RBI) is still reconciling the quantum of demonetised currency that has been returned to banks by the December 30, 2016 deadline, NITI Aayog Member Bibek Debroy feels about 10 per cent of such notes won’t return to the system. “Even now, Rs 1.6 lakh crore is what will be missing at the end of it all. Those are the figures. If I take a base of roughly rounding off demonetised currency around Rs 16 lakh crore, 10 per cent of it is about Rs 1.6 lakh crore,” Debroy told IANS in an interview. “Figures say that still Rs 1.5 lakh crore that has not come back. There is still a gap. People have made estimates that may be 10 per cent will not come back,” he added. Some reports have said about 97 per cent of the demonetised currency notes worth Rs 14.97 lakh crore have been deposited back as on December 30. The government had earlier estimated that about Rs 15.4 lakh crore of Rs 500 and Rs 1,000

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notes -- or 86 per cent of cash in circulation -- will be taken out of the system. Meanwhile, the central bank has cast doubts on its own estimates. “The periodical SBN (specified bank notes) figures released by us were based on aggregation of accounting entries done at the large number of currency chests all over the country,” it said. The last figure released by the RBI was that deposits of Rs 12.44 lakh crore have been received till December 10, 2016. “Now that the scheme has come to an end these figures would need to be reconciled with physical cash balances to eliminate accounting errors/ possible double counts. Till this is completed, any estimate may not indicate the actual numbers of the SBNs that have been returned,” RBI had said. Debroy said the bulk of the old currency coming in is a positive indication. “I can look at it as a positive thing. If it doesn’t come back, then that currency is destroyed. It reduces RBI’s liability to that extent. For the

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accelerators associated with startups, Sitharaman said after holding a comprehensive meeting devoted to only incubators that play a major role in boosting the start-up ecosystem. SIDBI manages the ‘fund of funds’ of Rs10,000 crore, which was part of the package announced by Prime Minister Narendra Modi last year to help start-ups. The fund is supposed to invest in Sebiregistered Alternative Investment Funds which, in turn, will invest in start-ups. In the meeting with Sitharaman, some incubators have pitched for adequate tax incentives. The Department of Industrial Policy and Promotion has sought the approval of the expenditure finance committee of the finance ministry for setting up a credit guarantee fund, Abhishek said. The proposed Rs 2,000-crore fund, a part of the corpus meant for the fund of funds, will provide up to 80 per cent risk cover for collateral-free credit being given by banks to start up.

Note Ban: 10% currency won’t come back: Niti Aayog’s Debroy

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nancial sector regulators like the IRDAI and the PFRDA on allowing insurance companies like LIC as well as pension funds to invest in start-ups, DIPP secretary Ramesh Abhishek said. The DIPP move follows comments by various start-ups that while large insurance firms invest mainly in risky assets like stocks, they don’t fund start-ups. The DIPP has convened a meeting on February 2 of SIDBI, venture capitalists, various incubators and

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amount that comes into the system, people will have to pay taxes, penalties, that is the money that actually comes to the government,” he said. The scrutiny of the money deposited in banks, however will take time, he added. Debroy also said demonetisation has checked the disproportionate cash in the Indian society, and that the cash-GDP ratio in India is way higher than its other Asian counterparts. “Around 2000, the cash-GDP ratio in India used to be around 9 per cent while today it has gone up to 13 per cent. Obviously the use of cash is disproportionately high to what is required for transaction purposes,” he said. As per official data, Sri Lanka, for example, has cash-GDP ratio of just 3.5 per cent, Bangladesh has 5 per cent, while Pakistan has 9 per cent. Quite clearly, there is excess cash in India that needs to be reduced, Debroy said. He said about 97 per cent of households in India have bank accounts, though it is a separate matter that for various reasons they have not been encouraged.

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New york/New Delhi, JaNuary 10 (iaNs): Yahoo, which was acquired by US wireless communications service provider Verizon for a mere $4.8 billion in July last year, will soon be called Altaba, media reported on Tuesday, adding that Yahoo CEO Marissa Mayer will step down from the board of directors. “Six Yahoo directors will be leaving after the Verizon sale, including Mayer,” The Wall Street Journal reported. After the sale of its core internet business, the company will change its name to Altaba Inc., Yahoo said in a regulatory filing. The name is a combination of the words “alternate” and “Alibaba,” a person familiar with the matter was quoted as saying. “The idea behind the name is that Altaba’s stock can now be tracked as an alternative to Alibaba because Yahoo owns a sizeable chunk of the Chinese company,” The Washington Post reported. The Yahoo acquisition will lead Verizon to firm up its operations in the digital ad space. According to experts, the viable option for Verizon is now to marry online Yahoo assets with AOL, which it acquired for $4.4 billion. AOL has properties like The Huffington Post and technology

websites Techcrunch and Engadget -and now Yahoo Finance -- which together can become a strong digital advertising platform for Verizon. “Verizon will surely monetise both Yahoo and AOL operations to get the best out of this deal,” Vishal Tripathi, Research Director at global market consultancy firm Gartner, told IANS. Photo-sharing website Flickr and the slowly growing microblogging and social networking website Tumblr are two Yahoo assets that show some promise for growth. “Verizon has now got Tumblr, Flickr, Yahoo Sports and Yahoo News. With the consolidation, the deal may prove to be a sweet one for Verizon,” Tripathi said. The deal means an end to the struggle to survive for Yahoo which was once valued at over $125 billion at its peak in January 2000 when the dot com bubble was nearing its end. Following the sale, the company will be left with about $41 billion it invested in the Chinese e-commerce company Alibaba as well as Yahoo Japan. Verizon makes most of its money from mobile phone connections while Yahoo generated more than twice as much revenue from search and display ads on desktop computers than it did from its so-called MAVENs businesses (Mobile, Video, Native and Social).

LCD-like flat screens could remotely charge all your devices washiNgtoN, JaNuary 10 (Pti): Someday you could be able to remote charge your smartphone by switching your TV on. A flat-screen panel your living room wall that resembles a TV could one day remotely charge smartphones and tablets within its line of sight, making dead batteries a thing of the past, according to new research. Scientists, from the University of Washington and Duke University in the US, said that the technology already exists to build such a system. “Whether its headphones, cell phones, watches, or even your mouse and keyboard, a major irritation for consumers is the hassle of being tethered to cords to recharge batteries,” said David Smith, professor at Duke. “Our proposed system would be able to automatically and continuously charge any device anywhere within a room, making dead batteries a thing of the past,” said Smith. “There is an enormous demand for alternatives to today’s clunky

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charging pads and cumbersome cables, which restrict the mobility of a smartphone or a tablet,” said Matt Reynolds, associate professor at University of Washington. “Our proposed approach takes advantage of widely used LCD technology to seamlessly deliver wireless power to all kinds of smart devices,” Reynolds said. “The ability to safely direct focused beams of microwave energy to charge specific devices, while avoiding unwanted exposure to people, pets and

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other objects, is a gamechanger for wireless power,” he said. “We’re looking into alternatives to liquid crystals that could allow energy transfer at much higher power levels over greater distances,” he added. Some wireless charging systems already exist to help powerspeakers, cell phones and tablets. These technologies rely on platforms that require their own wires, however, and the devices must be placed in the immediate vicinity of the charging station, researchers said.

CURRenCY nOteS

Us dollars sterling Pound Hong Kong dollar Australian dollar singapore dollar Canadian dollar Japanese Yen euro thai Baht Korean won UAe dirham (Aed) Chinese Yuan

BUY (rs) 66.52 80.88 8.3 49.01 46.35 50.3 57.29 70.54 1.81 0.0538 17.53 9.36

seLL (rs) 69.52 84.79 9.24 51.42 48.62 52.75 60.50 73.93 2.01 0.06 19.52 10.43

leisure

Contact numbers

8575045501 8575045510 8575045502 8575045520 8575045508 8575045518 8575045506 8575045516 8575045507 8575045517 8575045505 8575045515 8575045549 8575045538 8575045509 8575045519 8575045500 (Emergency No. – 100)

Yahoo to be renamed Altaba, CEO Marissa Mayer to step down

CROSSWORD # 3825

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SUDOKU

Simple Rules - Fill in the grid so that every row, every column, and every 3x3 box contains the digits 1 through 9.

Game Number # 3820

Answer Number # 3819

ACROSS 1. Earthenware jar 6. Lummox 10. Yowl 14. A radioactive gaseous element 15. Attraction 16. River of Spain 17. Spry 18. Winglike 19. Many millennia 20. A decorated dart 22. Be worthy of 23. City in Peru 24. Leash 26. Greek cheese 30. Chitchat 31. Diminish 32. Matured 33. Chalcedony 35. Wide 39. Win over 41. Gist 43. Fruity-smelling compound 44. Dispatched 46. Pang 47. Neither ___ 49. Caviar 50. Lock openers 51. Sleeping sickness carrier 54. Iridescent gem 56. Beige 57. Fish seller 63. French for “Black” 64. Pearly-shelled mussel 65. Line of a poem 66. Leader 67. Prig 68. Jagged 69. Celebrity 70. Feudal worker 71. Propelled with oars DOWN 1. . Fourth sign of the zodiac 2. Indian music 3. Norse god

4. Frigid 5. Drop to one’s knees 6. Applicants 7. Cradlesong 8. By mouth 9. Lower the capability 10. Grief 11. A religion based on sorcery 12. Scribbled 13. Hermit 21. Severity 25. Wanes 26. Visage 27. Prima donna problems 28. Canvas dwelling 29. Daredevil 34. He fears foreigners 36. A single time 37. Sore 38. D D D D 40. God of love 42. Water vapor 45. Ablation 48. Decline 51. Looks after 52. Pathfinder 53. Genus of heath 55. Admirer 58. Hotels 59. Roman emperor 60. Get bigger 61. Being 62. Marsh plant Answer to Crossword 3824

January 11th, 2017  

The Morung Express Dimapur, Nagaland, India

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