Demonetisation has brought windfalls for certain industry sectors like e-commerce, banking and financial services and technology consulting. These sectors have received a shot in the arm because of demonetisation and hence are expected to grow and intensify recruitments from B-schools. Earlier, there were instances of e-commerce companies deferring joining dates for their MBA recruits.

But with demonetisation coming in, the dynamics of placements seem to be changing. Demonetisation is a boon for companies like Paytm, MobiKwik, FreeCharge,IndiaMART, Shop-Clues, Amazon, Flipkart, Snapdeal, etc. The current short supply of cash is expected to translate into a trend that will see more and more of digital channels being used for payments and a sharp rise in e-commerce transactions.

In coming months, some of the e-commerce companies will see growth that would have normally taken years. Likes of Paytm are already seeing an exponential growth. Business growth obviously translates into more recruitment from B-school campuses. Early signs of e-commerce companies jump starting their B-school engagements are visible.


Posted On Monday, 09 January 2017 12:33

The Reserve Bank of India (RBI) on Thursday clarified it was still counting how many old notes have been returned to the banking system, to eliminate double counting. Therefore, it said the numbers being quoted should not be construed as verified. RBI is reconciling the numbers provided by banks against the actual cash stashed in currency chests. Media reports suggested that anything between Rs 14.5 lakh crore and Rs 15 lakh crore may have come back to the banking system, against Rs 15.4 lakh crore worth of old Rs 500 and Rs 1,000 notes.

These notes are now called specified bank notes (SBN) by RBI. "Now that the scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/possible double counts etc," a statement on the RBI website said. Till then, "Any estimate may not indicate the actual numbers of the SBNs that have been returned," RBI noted.  

The clarification has confused economists. "If RBI is now saying they need to recheck the figures, where did the earlier numbers originate from?" asked a senior economist with a bank. 



RBI's Deputy Governor R Gandhi had provided the numbers in a press conference on December 13. In that conference, Gandhi had said SBNs of Rs 500 and Rs 1,000 returned to RBI and currency chests amounted to Rs 12.44 lakh crore as on December 10, 2016. 

In that period, RBI had issued to the public through the banks and their branches a total of 21.8 billion pieces of notes of various denominations, of which 20.1 billion pieces belonged to small denominations of Rs 10, Rs 20, Rs 50 and Rs 100 notes and 1.7 billion belonged to higher denominations of Rs 2,000 and Rs 500, Gandhi had said. If RBI's figure of Rs 12.44 lakh crore as on December 10 was correct, then recent media estimates could be closer to the reality, given that there's still 20 days to go for the last leg of the demonetisation drive to end, economists say. 

The government, on its part, has found it difficult to face the fact that most of the demonetised money has come back to the banking system. Finance Minister Arun Jaitley had hoped that a substantial portion of the demonetised amount won't come back to banks and, therefore, this can be extinguished from RBI's liability side and transferred back to the government. The figures being touted was about Rs 3 lakh crore in government gains through unreturned money. 

Predictably, economic affairs secretary asked the RBI to recheck the figures that it provided to eliminate possibilities of double counting. “In the figures RBI announced, there are a lot of areas where we feel there could be double counting. We have identified those and requested RBI and banks to double-check,” Das told journalists at a press conference in mid-December. Before that, State Bank of India chairman Arundhati Bhattacharya had hinted at a possible double counting on RBI's part as both cooperative banks that maintain accounts with banks and banks themselves reported their deposit numbers individually to RBI and the government. 

After the figures provided on December 13, RBI did not come up with any update on how much money has been returned. However, it periodically gave updates on how much money was remonetised, latest being Rs 5,92,613 crore till December 19. RBI said this time, the figures provided will be firm. "RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date."


Posted On Monday, 09 January 2017 09:56

PUNE: Corporators from all political parties, except that of the BJP, on Thursday raised questions about the timing of the development plan's (DP) approval while contending that it was done to get political mileage ahead of the civic polls. At a programme on Wednesday, chief minister Devendra Fadnavis announced the approval of the DP for the old city areas. A committee, appointed under Pune divisional commissioner S Chockalingam, had submitted a draft plan to the state government in September 2015. The committee was appointed after Pune Municipal Corporation's general body failed to approve the plan within the stipulated time period.

"While taking back the DP from PMC, the BJP-led state government had announced that it will come up with the final plan within 90 days. However, that never happened. Now the party has announced the approval of DP just before the implementation of the code of conduct with an aim to get some benefits out of it," Shankar Kemse, leader of the house in PMC, said. Arvind Shinde, leader of opposition in PMC, said, "The DP is not a one-party project. It is the outcome of the work done by all party leaders and the administration. Therefore, it should not have been declared at a political party programme," he said.

The BJP, however, refuted the allegations saying that their party leader did not declare the approval of the DP to get political benefits. "Previous governments delayed the DP for years. Technically, the government had around one year's time for finalising the DP. However, the government wanted to be done with it quickly, so approved it now," Ganesh Bidkar, leader of the BJP in PMC, said.

While speaking at the general body, the party leaders raised the question on many changes introduced in the DP and also demanded an inquiry into these. "The three-member committee was appointed by the state government, then why would it reject the suggestions and changes made by the panel. Was there any misconduct at the committee's level in putting these reservations? Inquiry in this matter should be carried out," the corporators said.

Meanwhile, Ajit Pawar, former deputy chief minister, said the DP may turn out to be a hollow promise by the state government. "Many promises made by the BJP during the last few months have not seen the light of the day. Even DP will not be anything different. Planning should have been done considering the next 50 years. All the necessary reservations, which will benefit city in the future, should have been kept. We will study the report before coming up with our party's stand," he said.


Posted On Monday, 09 January 2017 09:50

Pimpri: The Standing Committee of Pimpri Chinchwad Municipal Corporation (PCMC) has decided to purchase a piece of vacant land within the ailing PSU Hindustan Antibiotics Limited (HAL), for conducting public functions in the future. An urgent basis proposal was discussed at a recent meeting of the panel in the wake of the approval by the Union cabinet to sell excess and unused land of the PSU to meet the liabilities of the company, which include paying dues of employees as well as repayment of loans that the company has taken. 

PCMC is keen to buy the HAL ground in Nehru Nagar, which is currently is being utilised for public functions like Pavanathadi Jatra and exhibitions. The proposal was not part of the agenda of the panel but was raised by the members in the wake of the government permission. The meeting was presided over by Standing Committee Chairman Dabbu Aswani. 

He said, “The proposal was discussed and passed, stating that if HAL ground is sold out to any other entity, a housing project is likely to come up in the open space. It is the only open space that remains in the centre of the city. So it will be better if PCMC bids for the land to retain this open space for public use.” “This proposal is nothing but the PCMC’s willingness to bid for the land which can be sold to government agencies only,” he added.


Posted On Monday, 09 January 2017 09:47
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