KAKURO
No. 8280 Yesterday’s solution No. 8279
No. 2900 Yesterday’s solution No. 2899
No. 1727 Yesterday’s solution No. 1726
Across 1 Herb for guru (4) 3 Time soon alters feelings (8) 9 Flavour I discern in a new starter for dinner (7) 10 Girl with nothing but a rope (5) 11 Container found in Manchester (5) 12 Pass over wild region (6) 14 Old Briton reportedly selected (6) 16 A politician before current unit (6) 19 Be successful with peg that’s left behind (2,4) 21 House badly located in Virginia (5) 24 Drunkard in Mozart opera (5) 25 Refer to one in French resort (7) 26 Buy tea bag outside (8) 27 Old silver found by Miliband (4) Down 1 Painting with rollers, perhaps? (8) 2 Studio assistant beginning to eat beef (5) 4 Capital that’s crazy and free (6) 5 Not a lonely part for a hooker? (5) 6 Watch, say (7) 7 Work hard to produce singer’s first record (4) 8 It’s held up by little dog (6) 13 Kept near tide that’s turning (8) 15 Policeman takes heroin in helicopter (7) 17 Changing one’s residence may be poignant (6) 18 Scales from crocodile’s front legs? (6) 20 Ground near the centre (5) 22 Prone to deceit? (5) 23 Second best bar (4)
Sarfaesi Act can help resolve NPAs of NBFCs faster: Icra
NEW DELHI, Sep 18 (PTI): Nearly 70,000 workers were retrenched during the second quarter of 2015-16 due to sharp fall in merchandise exports, a report says. The joint study by Assocham and Thought Arbitrage noted that “sharp drop in merchandise exports mainly contributed to a loss of 70,000 jobs during the second quarter of 2015-16,” reinforcing a crucial point that the employment generation has to be led by the domestic demand. Decrease in livelihood opportunities in export units caused the retrenchment of around 70,000 workers during the said period, the report added. The textiles sector was most affected witnessing a massive drop in contractual employment as outward shipments shrank, it said. Besides, slowdown in global demand also compelled some of the units to retrench people from payroll. “There is a concer n because most of the exportoriented units in the economy are dependent on contractual workers. So massive reduction in contractual jobs in these sectors might imply deteriorating conditions in the export units,” the report said. Apart from marginal addition in jobs in the leather sector, as many as seven sectors saw drastic retrenchment in both regular and contractual employment. The study propagates that Indian economy has to look internally at its domestic scene to restart the growth story, which is only possible if there is extra demand generation within the economy.
Mumbai, Sep 18 (PTI): Domestic rating agency Icra has said the decision to extend provisions of the Sarfaesi Act to loans given by non-banking finance companies will help bring down delinquencies and may result in cheaper funds for borrowers. “The access to the Sarfaesi Act will strengthen NBFCs’ ability to contain life-time losses,” the rating agency said in a weekend note after the finance ministry decided recently to extend the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act 2002 to non-banking financial companies (NBFCs) with over Rs 500 crore in assets. The ministry notification has a list of 196 NBFCs that will benefit under the new framework. “If credit costs were to come down, there could be some moderation in lending rates by NBFCs, which would benefit borrowers, going forward,” the agency added. The report said the move is credit-positive for NBFCs with a retail focus, especially those which are in the mortgage space. As of March this year, only 19 per cent of the overall NBFC credit of Rs 5 trillion was extended as loan against property (LAP) and housing loans. “If we add the loans extended to SMEs, which include both property-backed and non-property backed credit to LAP, the total NBFC credit stood at Rs 1.2 trillion,” it said, adding that the share of non-property is very modest.
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The average ticket size for LAP is pegged at Rs 1013 million and up to 65 per cent of the book is estimated to have a ticket size of over Rs 10 million, which is the threshold for enforcement of security interest, it said. The report further noted that large NBFCs having over Rs 100 billion in assets under management will be benefiting more through this decision while small and midsized ones will not as their average loan sizes are under Rs 2.5 million. The report blamed poor underwriting and over-leveraging of borrowers for the rising 90+day delinquencies in LAP and SME loans of NBFCs, which rose to 2.8 per cent in March 2016 from 2.2 per cent a year ago. The Sarfaesi law will result in some moderation in NPAs as proceedings towards possession and sale of the security can get completed in two years as against three years required for action under the provisions of the Negotiable Instruments Act. The report, however, conceded that proceeding under the Sarfaesi Act can take longer because of delay in getting possession orders from district or chief metropolitan magistrates as also stay orders from various courts. But fear of action under Sarfaesi laws is likely to act as a deterrent to wilful defaulters, curb extended litigation and lead to faster resolution, it hoped.
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DP-6965(B)
FPIs pour in Rs 5,790 cr in markets in a fortnight
70K jobs lost in Q2 2015-16 on dip in exports
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I, Shri. Zhavile Neihu, Son of Late Khrielie Neihu of Kigwema Village, do hereby, on this day, the 12th August, 2016 publicly declare that I have already taken claim of all my shares of properties/assets of my late father. That henceforth, Shri. Neiseto Neihu and Sevizo Neihu are the sole and legal heirs to the remaining land and properties of late Khrielie Neihu. And that I have no more shares in it. Therefore, after considering all the pros and cons, I am signing this written agreement with a 'clear conscience' in the presence of the following relatives and witnesses : (ZHAVILE NEIHU) Relatives Witnesses 1. Khwenyü Neihu 1. Beizo Zaphu 2. Thinozelhou Neihu 2. Seyiengulie Pfükha NOTARY PUBLIC K-3545
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New Delhi, Sep 18 (PTI): Among the 40-odd anchor equity share capital. At the upper end of the ICICI Prudential Life Insur- investors are Morgan Stanley, ance’s IPO, worth up to Rs Goldman Sachs, Nomura, price band, the offer would be 6,057 crore and biggest for Government Of Singapore, worth Rs 6,057 crore. This would be the biggest Indian markets in about six UTI MF, Russell Investment, years, will hit the capital market GMO Emerging, SBI MF, Tata initial public offering after Coal MF, HDFC Standard Life, India. The state-run firm had Monday. The first public offer by an Reliance, Birla Sun Life, Kotak hit the capital markets in 2010 insurer in Indian market would Mahindra, IDFC,National to raise over Rs 15,000 crore. The company, which filed open for bidding on September Pension Service Managed By 19 and is scheduled to close on Oaktree Capital Management the draft red herring prospectus September 21, during which L P and The Boeing Company with the Securities and Exthe stock would be offered in Employee Retirement Plans change Board of India (Sebi) on July 18, got the regulator’s a price band of Rs 300-334 Master Trust. The public offer com- go-ahead on September 2. per share. The insurer is a venture Ahead of the IPO, ICICI prises of up to 18,13,41,058 Prudential has allocated over equity shares of ICICI Pruden- between banking major ICICI 4.89 crore shares at Rs 334, tial Life Insurance Company, Bank and UK’s Prudential Corthe top-end of the price band, including a reservation of up poration Holdings. Singapore’s aggregating Rs 1,635.33 crore to 1,81,34,105 equity shares Temasek and PremjiInvest also Nirmala Sitharaman to a clutch of anchor investors (10 per cent of the offer) for the are shareholders. ing iPhone models at their from India and abroad. ICICI Bank has around shareholders of ICICI Bank. facilities in India. The offer would con- 68 per cent stake in the inIt marks one of the bigAfter meeting senior gest anchor investor placements stitute 12.63 per cent of the surer, while Prudential has 26 officials from manufacturing in the Indian IPO market. company’s post-offer paid-up per cent. giant Foxconn, partner of Apple, the then Telecom Minister Ravi Shankar Prasad in May had said the California-based technology major was coming New Delhi, Sep 18 (PTI): Building on Sentiment also rode high after domestic to manufacture iPhones in Intheir buying momentum, foreign investors passenger vehicle sales grew for the 14th dia. Apple has been lobbying hard for exemption from the have pumped in Rs 5,790 into the country’s straight month in August and consumer mandatory 30 per cent local capital markets within a fortnight this month, inflation eased to a five-month low of 5.05 per cent for the month, mainly because of a sourcing on the ground that its driven by global and domestic factors. The latest infusion comes on top of a slower rate of price increase in vegetables as products have such high-end technology that these cannot whopping inflow of Rs 25,904 in the preced- well as food and beverages. According to depositors’ data, net investbe sourced locally here. The ing two months (July-August). Prior to that, government in June relaxed foreign portfolio investors (FPIs) had pulled ment by FPIs stood at Rs 2,122 crore in equities FDI norms by giving a three- out a total of Rs 4,373 crore from the capital during September 1-16, while the same for debt year exemption from local markets (equity and debt) in June and July. markets was at Rs 3,668 crore, taking the total Experts attributed the latest flurry in inflow to Rs 5,790 crore ($871 million). sourcing to foreign players So far this year, FPIs have invested Rs in single-brand retail and a inflow to factors such as widespread monfurther five-year relaxation for soon, better corporate earnings, clearing of 42,972 crore in equities, while withdrawing Rs ‘state-of-the-art’ and ‘cutting- the Goods and Services Tax Bill and positive 3,680 crore from the debt market. This resulted edge’ technology. data on the US economy. in a net flow of Rs 39,292 crore.
The property owned by Mallya, who is now abroad and facing a slew of criminal charges for defaulting over Rs 6,000 crore loans, has an aggregate 12,350 sq metres. Along with interest and penalties, he owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. The lenders took possession of the villa only on May 13 this year after a long legal battle with United Spirits, which had claimed tenancy rights over the property. The villa, owned by United Breweries Holdings, was mortgaged by the nowgrounded Kingfisher Airlines to SBI-led 17-bank consortium to obtain loans in 2010. Last month, the lenders and tax authorities had put under the hammer various movable and immovable assets of the airline for the second time, but failed to get any buyers.
K-3499
Crossword
CICI Pru’s Rs 6,000 cr IPO to open Today
The assets put on sale included the airline’s erstwhile headquarters, the Kingfisher House near the Mumbai airport, cars, Mallya’s plush personal jet, numerous brands and trademarks, including the famed ‘Fly with Good Times’. Most of these assets were put on the auction route for the second time with a lower reserve price. The lenders had reduced the reserve price of the Kingfisher House, which has a builtup area of over 17,000 sq ft and is located in the prime suburb of Vile Parle, to Rs 135 crore, from Rs 150 crore. Similarly, the reserve price of the airline’s trademarks, including Kingfisher logo and the tagline Fly the Good Times, for the last month’s auction was slashed to Rs 330.33 crore, from Rs 366.70 crore. All the auctions turned out to be a damp squib as bidders found the reserve prices too high.
MUMBAI, Sep 18 (PTI): The 17-lender consortium led by State Bank of India has put on sale embattled businessman Vijay Mallya’s prime Goa property, the Kingfisher Villa, at a reserve price of Rs 85.29 crore. The auction of the property located at Condolim in North Goa, which was once used by Mallya to host lavish parties, will be conducted on October 19. “The e-auction will be of the immovable property of the villa with structures and buildings and will include pumping systems of swimming pools, AC ductings, electrical wiring and piping,” says a public notice issued by SBICap Trustee. The notice, however, says all movable assets inside the premises of the villa are not included in the e-auction and that the bidders can inspect the villa on September 26-27 and October 5-6.
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B E N G A LU RU, S e p 1 8 (PTI): Union Minister Nirmala Sitharaman today said her Ministry has recommended the Ministry of Finance to raise tax holiday for start-ups from three years to seven with a sense of constructive and positive approach, and was awaiting a response. “They (Finance Ministry) have received the recommendations of Commerce and Industry Ministry to raise tax holiday to seven years from the current three years with sense of constructive and positive approach. That’s where it is. We certainly like to hear from them,” Sitharaman told PTI here after addressing the Karnataka BJP Women’s Executive Meeting here. On May 30, Sitharaman had said lots of recommendations were made to the Finance Ministry for extending the three-year tax holiday to seven, after several startups pitched for increasing the same, as it would provide certainty on taxation matter. Replying to a query on Apple setting up a manufacturing unit in India, Sitharaman said, there is no proposal as yet with the Centre from Apple to set up a manufacturing unit in the country. “They have not approached us and therefore we are silent,” she said. Apple have reportedly been in talks with Foxconn on the possibility of manufactur-
cent w.e.f. 1st October 2016.” As per the ministry, with effect from October 1, 2016, the MIP on the import of marble slabs will be reduced to $40 per square metre. “In order to address the interest of domestic producers the basic customs duty on import of marble slabs is being doubled from 10 per cent to 20 per cent w.e.f. 1st October 2016,” the statement said. The ministry pointed out that the MIP on the import of granite slabs will come down to $50 per square metre. “In order to address the interest of domestic producers the basic customs duty on import of granite slabs is being doubled from 10 per cent to 20 per cent w.e.f. 1st October 2016,” the statement said. “The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of marble and travertine blocks.”
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Recommended 7-yr tax holiday for start-ups: Sitharaman
of the required interconnection capacity,” it said. Responding to the charge, Bharti Airtel categorically denied what it called was “the rhetorical statements made by Reliance Jio with regard to the release of additional PoIs from Airtel to Jio and mobile number portability (MNP) requests.” “Following the bilateral discussions on September 13, 2016, Airtel agreed to release the additional PoIs to Jio on the same day itself and raised the demand notes on September 14, 2016. “With the latest augmentation, the total number of PoIs provided will become three times the present number of PoIs. This capacity will be sufficient to serve over 15 million customers, which is much more than their present subscriber base and their demand for 10 million projected customers,” Airtel said.
New Delhi, Sep 18 (IANS): The government on Sunday announced the new import policy for marble, travertine blocks and granite slabs which removes various restrictions and comes into effect from October 1, 2016. According to the Ministry of Commerce and Industry, the quantitative restriction on the import of marble and travertine blocks, and the associated administratively cumbersome and restrictive import licensing system has been brought to an end under the new policy. “The minimum import price (MIP) for import of marble blocks has been reduced to US Dollars 200 per metric ton to address the distortions associated with an MIP,” the Ministry of Commerce and Industry said in a statement. “To address the interest of domestic producers, the basic customs duty on import of marble & travertine blocks will go up four times from the present 10 per cent to 40 per
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(Quality of Service) will continue to suffer and Indian customers will be denied the benefits of superior and free voice services as a result of such anti-competitive behaviour,” it added. The comments come a day after Airtel said it will work towards releasing the points of interconnect or PoIs “well ahead” of the contractual obligation. Reliance Jio Infocomm Ltd (RJIL) said the PoIs provided to enable its users to complete calls on existing operators’ network were “substantially less”. It said two crore calls fail daily as the largest telecom operator dilly dallies on adequate PoIs. “Based on the current traffic flow between the two networks, the proposed augmentation by Airtel would still only suffice for less than one-fourth
Banks to auction Kingfisher Villa; reserve price Rs 85.3 cr
New import policy for marble, granite to remove curbs
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New Delhi, Sep 18 (PTI): Continuing their war of words, Mukesh Ambani-led Reliance Jio today accused Bharti Airtel of providing less than onefourth of the necessary interconnect points to complete calls between the two networks, a charge vehemently denied by the Sunil Mittal-led firm. Reliance Jio, the newest player in telecom arena, alleged that Airtel was abusing its market dominance and was indulging in “anti-competitive behaviour”, as it put the blame for over two crore call failures everyday squarely on the older rival. “It is apparent that Airtel continues to abuse its market dominance by imposing onerous conditions which will imminently hinder RJIL’s ability to efficiently utilise the additional E1s,” it said in a statement. “It appears that the QoS
Nagaland Post, Dimapur monday, september 19, 2016
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Reliance, Airtel spar over interconnect ports
business
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LOST NOTICE I, Miss Nilo Kinny, am applying for duplicate copy of HSLC Marksheet as I have lost it. Name : Miss Nilo Kinny F/Name : Khunito Kinny D.O.B : 07/07/1997 Year : 2015 (NBSE CL-X) Name of the School : Government School Akuluto (Zunheboto) Roll No : 1571200 DP-7198