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    Business Wire India

    OT (Oberthur Technologies), a leading global provider of embedded security software products, services and solutions, today announces that it has received certification from the Cartes Bancaires group (CB), a French Economic Interest Group (EIG) bringing together nearly 120 payment services establishments, for its dynamic security code payment card MOTION CODETM, a world first.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161108005477/en/

     
    « Motion Code » (Photo: Business Wire)

    « Motion Code » (Photo: Business Wire)

    Functional and security tests applied to OT MOTION CODETM were deemed fully compliant with the requirements of CB group, thereby allowing it to receive CB certification.

     

    As a world exclusive, in May 2015, OT had announced OT MOTION CODETM, the new standard in dynamic security code payment cards. This 3-digit code displayed on the back of the card near the signature panel is used to validate online payments. It now changes every hour automatically and randomly thanks to cutting edge technology making it possible to integrate an e-paper screen, an NFC antenna and a mini-battery inside the card. If the card data gets stolen, it becomes useless in the next hour.

     

    OT thereby offers to banks and financial institutions an innovative and fully integrated ready-to-go solution including the card issuance (manufacturing and personalization) and the dynamic security code validation server.

     

    Currently, more than 64.5 million bank cards are in circulation in France.

     

    "More than 90% of online transactions are made using credit cards in France. The dynamic security code will strengthen the security of online transactions. This solution is compliant with all e-commerce sites across the world and provides a transparent customer experience. These are the keys to success. CB group congratulates OT for receiving CB certification, which attests to the conformity of the product with all functional and security requirements of the CB system", said Gilbert Arira, CEO of CB.

     

    "OT is particularly pleased to have received CB certification for MOTION CODE™, thus enabling recognition of a solution that secures online transactions, by an entity recognized in the payment world. MOTION CODE™ is a revolutionary innovation that ensures maximum security for online payments, simplicity and speed-of-deployment while guaranteeing immediate adoption by users. OT is deploying this offer for universal adoption by all users in all markets ", said Eric Duforest, Managing Director of OT's Financial Services Institutions activity.

     

    ABOUT OBERTHUR TECHNOLOGIES
    OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.

     

    OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators and governments, as well as manufacturers of connected objects and equipment.

     

    OT employs over 6,500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centres, OT’s international network serves clients in 169 countries. For more information: www.oberthur.com

     

    For more information: www.oberthur.com/motioncode

     

    Download The M World,
    All you need to know about the latest trends of the Mobility world, available on AppStore and Google Play

     

    www.oberthur.com/themworld

     

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    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20161108005477/en/

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    Business Wire India

    • First Bank to introduce augmented reality technology innovation, offering customers an interactive and engaging way of searching for pre-approved properties
    • One stop solution for property seekers, powered by Magicbricks.com
    • Feature incorporated in the pre-login section of the app, enabling customers & non-customers to search properties, connect with sellers and also apply for a Home Loan
     
    Axis Bank, India’s third largest Private Sector Bank, announced the rollout of an augmented reality enabled feature on its Mobile App that empowers home seekers to search and locate properties which are pre-approved by the bank for financing. The feature, powered by India’s no1 property site Magicbricks.com, offers home seekers options to choose from over 10,000 bank-approved properties, including new, resale and under construction projects across India.

    Incorporated in the pre-login section of the Axis Bank Mobile App, the feature can be accessed by any individual who downloads the App. Augmented Reality technology enables users to search and locate nearby properties on the go, in a 360 degree mode, through their mobile camera.  In addition to the search function, home seekers can also connect with the sellers / builders, check their eligibility and also apply for a home loan.

    Speaking on the occasion, Mr. Jagdeep Mallareddy, Head Retail Lending, Axis Bank, said, “The new AR feature will help users to easily identify any property that is available in their preferred locality and apply for the home loan. We are confident that this innovative technology in Banking will be highly accepted by a large customer base. This initiative is yet another step towards offering world best services by enhancing the customer experience.”
     
    Speaking on the occasion, Mr. Sudhir Pai, CEO – Magicbricks.com, said: “Magicbricks.com is always at the forefront of technology & better consumer experience to make home buying experience a cherished one. Our collaboration with Axis Bank imparts a new dimension to service integration to help our loyal customers receive the best service on one platform. This novel integration will make applying for loans to buy one’s dream home a swift and hassle-free experience, setting new milestones in both the real estate and banking industries”. The new feature will be now available on Android and iOS platforms.
     
    About Axis Bank:

    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

    With its 3,106 domestic branches (including extension counters) and 13,448 ATMs across the country, as on 30th September 2016, the network of Axis Bank spreads across 1,920 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.

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    Business Wire IndiaIndia has started a surgical strike against black currency and terrorist funding by demonetizing present Rs.500 and Rs.1000 notes from Indian financial market. The sudden move from the central government has been widely accepted across the country to protect Indian economy. While addressing to the nation, Prime Minister Mr. Narendra Modi stated that Black money and corruption were the biggest obstacle in nation’s development and poverty eradication.

    In support to the sudden but radical change, MD, UAE Exchange, India Mr. V George Antony expressed his full support through his words, “Foreseeing this, years back, UAE Exchange India had applied and got license from RBI for XPay Digital Wallet as early as 2009. Now we stand as a pioneer in digital payment with a fully functional XPay Cash Wallet.”

    Every individual have to exchange the current 500 and 1000 rupee notes at nearby post office or banks before December 30, 2016. Those unable to deposit their notes by 30th December have to change the notes by March 31, 2017 through a valid ID card. Don’t be panic as you have enough days to make your exchange.

    XPay cash wallet, the digital payment platform of UAE Exchange India will support every Indian to tackle this financial emergency not just today but even in the days ahead.

    Why Xpay Cash Wallet?
     

    • Payments to Merchant for buying goods and services
    • Instant Wallet to Wallet Money Transfer free of cost
    • Instant Money transfer to Bank account
    • Free of cost registration for customers and merchant
    • Download from www.uaeexchangeindia.com

    About UAE Exchange

    UAE Exchange India is one of the pioneers of financial services renowned for its penchant quality and optimized service trends, creating a niche for itself in the industry. Connecting people and creating progress with the finest of quality is the vision of the company that has an extensive reach of 372 branches serving a population of 1.25 million people under the proficient support of 3375 employees. The company has been instrumental in providing cost-effective service in Foreign Exchange, Money Transfer, Air Ticketing & Tours, Loans, XPay Cash Wallet, Insurance and Share Trading.

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    Business Wire India

    Siemens and Bentley Systems announced today that they have formalized a strategic alliance agreement to drive new business value by accelerating digitalization to advance infrastructure project delivery and asset performance in complementary business areas. Siemens and Bentley Systems will initially invest at least Euro 50 million in developing joint solutions to enlarge their respective offerings for infrastructure and industry to the benefit of the end-customers. This work will uniquely leverage new cloud services for a connected data environment to converge respective digital engineering models from both companies. In addition to those elements of the agreement, approximately Euro 70 million of secondary shares of Bentley’s common stock have been acquired by Siemens, under a company program that will continue until such time as Bentley Systems’ stock is publicly traded.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161109006446/en/

     

    Siemens and Bentley Systems have a track record of complementing their respective portfolios through the licensing of each other’s technology to provide solutions in the Digital Factory and Process Industries & Drives divisions, where respective software offerings have already been integrated. For example, Bentley’s reality modeling software has been integrated into Siemens Process Simulate to leverage laser-scanned point clouds in modeling the existing context of brownfield industrial environments. The automotive industry manufacturer Turnkey Manufacturing Systems (TMS) successfully employed the innovative point cloud capabilities to create a “digital twin” of their production line to significantly enhance their planning and validation processes, while saving time and costs.

     

    The new investment initiatives will involve virtually all Siemens divisions. The major benefit will be accumulating intelligence from Siemens solutions throughout Bentley’s complementary applications for design modeling, analytical modeling, construction modeling and asset performance modeling. As a result, the integrated and accessible digital engineering models, such as the “digital twin” viewed through an immersive 3D interface, will enable unprecedented operational performance, visibility and reliability. This work will uniquely converge digital engineering models: physical engineering models in their 3D physical reality context by way of Bentley’s software solutions and the corresponding functional engineering 2D models within Siemens’ solutions.

     

    Siemens and Bentley Systems have identified opportunities to work together in Energy Management, Power Generation, Building Technology and Mobility where each company can leverage their respective technology and industry expertise to bring new business value to the market. For example, Bentley’s applications for the 3D modeling and structural analysis of industrial and infrastructure assets complement Siemens’ solutions and unparalleled domain expertise in electrification and automation. Siemens and Bentley Systems will each provide software from the other to deliver complete solutions from either company to the benefit of their respective customers in order to improve their project and asset performance through simulation and virtual commissioning. Development work will benefit from and extend Siemens’ and Bentley Systems’ established commitments to openness and interoperability.

     

    Klaus Helmrich, member of the Managing Board of Siemens AG, said, “This move further extends our industry software ecosystem from 2D to 3D software solutions, taking the simulation portfolio in our Digital Enterprise offering to a new dimension. We’re rigorously executing our ‘digital twin’ vision from virtual planning to the real product to the benefit of our customers who themselves are driving digitalization across their value chains. Bentley Systems’ independence, track record in interoperability and leadership in engineering- and design-software make them our ideal partner for this undertaking.”

     

    Bentley Systems CEO Greg Bentley said, “Only with Siemens could we so purposefully advance beyond merely linking the ‘Industrial Internet of Things’ to ultimately leverage digital engineering models for visual operations and connected infrastructure asset performance. Given our long history of sharing complementary technologies, we are very excited to now contribute so broadly to Siemens’ industrial digitalization leadership.”

     

    Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of gas and steam turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2015, which ended on September 30, 2015, Siemens generated revenue of €75.6 billion and net income of €7.4 billion. At the end of September 2015, the company had around 348,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

     

    Bentley Systems is a global leader in providing architects, engineers, geospatial professionals, constructors, and owner-operators with comprehensive software solutions for advancing the design, construction, and operations of infrastructure. Bentley users leverage information mobility across disciplines and throughout the infrastructure lifecycle to deliver better-performing projects and assets. Bentley solutions encompass MicroStation applications for information modeling, ProjectWise collaboration services to deliver integrated projects, and AssetWise operations services to achieve intelligent infrastructure – complemented by worldwide professional services and comprehensive managed services. Founded in 1984, Bentley has more than 3,000 colleagues in over 50 countries, more than $600 million in annual revenues, and since 2009 has invested more than $1 billion in research, development, and acquisitions. Additional information about Bentley is available at www.bentley.com.

     

    This press release and further information is available at www.siemens.com/press/PR2016110064COEN

     

     

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20161109006446/en/

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    Business Wire IndiaPrime Minister Narendra Modi’s announcement on Tuesday about the withdrawal of Rs. 500 and Rs. 1,000 currency notes from the market took everyone by surprise. The move was directed at cracking down on India’s long-standing problem of ‘black’ money and corruption. PM Modi’s announcement is being looked upon as a bold move that will help accelerate the adoption of a cashless economy.

    However, the change – effective immediately – was bound to have a big impact on the common man. While banks are dealing with the implications of the new order and the subsequent restrictions on transactions, the market is currently facing a cash crunch.

    Why let this cash crunch affect you? And how can you find a way to beat the hindrances caused by the current market scenario?

    Bajaj Finserv EMI Card is the answer.

    With your EMI (Existing Member Identification) Card, you can shop for consumer durables, furniture or apparel, footwear, eyewear or even groceries at retailers such as Reliance, Croma, Vijay Sales, Viveks, Girias, as well as brand stores such as Apple, Samsung, Sony, Arrow, UCB, and more. The EMI Card network exists at more than 30,000 retailers across 817 towns and cities.

    Bajaj Finserv EMI card provides a smart, hassle-free way to shop and go cashless. It gives you access to a pre-approved loan, which you can use to make your daily purchases. Approval happens instantly, all you have to do is swipe the card to get approval. Unlike other EMI plans, you need not wait a couple of days for approval. You may even find no-cost EMI deals from time to time.

    Here is a closer look at its benefits:
     

    1. An affordable way to shop: The EMI card entails a joining fee of Rs. 399 and a renewal fee of Rs. 99. However, the renewal fee applies only if the cardholder does not avail any loans in the past 12 months. If you do avail a loan during the period, no renewal fee becomes due. Unlike other loans, EMI card transactions are free of interest.
       
    2. Easy application process: Interested customers may apply for the card in two ways:
      (a) through the customer portal (only for existing customers)
      ​(b) at Bajaj Finserv’s partner stores
       
    3. Minimal documents required: The documentation required is minimal. It includes an address proof, a photo ID, a photo, and a cancelled cheque. You may need a credit-related document such as your salary slip.
       
    4. Super-quick loan approvals: If you are a card-holder you can get instant approval for loans as soon as you swipe or submit your card details.
       
    5. EMI payments are cheaper and easier: Each transaction functions like an interest-free loan. This helps you save on EMI payments, especially compared to paying big credit card debts.
       
    6. Shopping becomes more convenient: When you use the EMI card, online shopping is as easy as A, B, C. Although it is not a credit card, it offers the same convenience. You simply enter the card details and submit the one-time password for verification.
       
    7. Zero foreclosure charges: Most loans have penalties on early payment. But that is not the case for the EMI card. The card encourages pre-payments. There is no limit on the prepayment amount and customers can make up to six prepayments free of charge in a year.
       
    8. Flexible tenure options: Any transaction with the Bajaj Finserv EMI card gives you options for the tenure. Common tenures are three, six, nine, and 12 months. You are free to choose whichever works for you.
     
    Thus, it is no surprise that the EMI Card is the preferred mode of payment of more than 7 million customers who avail cashless transactions and take advantage of various unique propositions including offers, discounts and more. Find out more about the Bajaj Finserv EMI Card by visiting https://www.bajajfinserv.in/finance/emi-cards/salaried-emi-cards.aspx

    To know more please visit www.bajajfinserv.in/finance

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    Business Wire IndiaRazorpay, an online payments platform, today announced the launch of ‘Express Activation’ for all offline businesses in India. The move aims to provide immediate relief to thousands of small businesses caught off guard because of the demonetization effort taken up by the government. ‘Express Activation’ will allow merchants to get their account approved and activated within 1 hour of submitting relevant documents.
     
    With Express Activation, Razorpay will be the only payment gateway to onboard merchants in an hour. The initiative will help small merchants who have been primarily transacting through cash until now. Razorpay expects 5x growth in merchants to get onboard within the next 30 days. A lack of an alternative online payment solution is detrimental to smaller business who will be impacted the most. Razorpay’s ‘Express Activation’ will help these merchants start accepting online payments in a matter of hours.

    “We’ve been inundated with queries since the demonetization announcement was made by the Prime Minister. Small businesses rely heavily on cash to carry out their day-to-day operations. Though we welcome the government’s move of banning 500 and 1000 rupee notes, we also understand the difficulties for small businesses to cope with the situation. We want to do our part in helping the nation adapt to online payments and reduce the dependency on cash transactions”, said Harshil Mathur, CEO & Co-Founder, Razorpay.
     
    Razorpay already enables merchants with a completely online and paperless onboarding process. Razorpay’s easy to use API helps merchants integrate Razorpay with their website as fast as 30 minutes. For merchants who use e-commerce platforms like Shopify, Razorpay offers plugins for integration.
     
    Razorpay is the second company from India to be selected by the world's most prestigious startup accelerator Y Combinator, with over 10,000 merchants including the likes of Nykaa, Voonik, Papa John’s, Runnr, Chai Point, Nestaway, Eatfresh, etc among others.
     
    About Razorpay
     
    Razorpay is a payments platform for online businesses in India. Razorpay helps businesses accept online payments via Credit Card, Debit Card, Net banking and Wallets from their end customers. Razorpay is known to be a developer oriented payment gateway and focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences. Razorpay’s investors include MasterCard, Tiger Global, and Matrix Partners.

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    Business Wire India

    • Nil to minimum down payments on most categories
    • Shop for groceries to durables to furniture with a simple swipe and easy instalments

    In response to the demonetisation efforts being undertaken by the government to tackle and eliminate relevant issues and opt for a cashless mode, Bajaj Finance Limited (BFL), the lending arm of Bajaj Finserv and India’s leading and most diversified retail-focussed NBFC, today announced that its revolutionary EMI (Existing Member Identification) card is the way to pay, enabling cashless transactions to buy anything from consumer durables, furniture, apparel, footwear, eyewear or even groceries. The EMI Cards have built in magnetic stripe technology which empowers buyers to convert their shopping bill to equated monthly instalments, directly at POS terminals of retail outlets. There is nil to minimum down payment in most categories, which makes the experience hassle free.

    Bajaj Finance has partnered with multi leading manufacturers and retailers to offer lowest down -payment EMI financing options. The company’s EMI financing is available across 817 locations and covers close to 30,000 retailers and over 7 million customers enabling efficient cash free alternatives to customers & retailers for hassle-free purchases.

    The company has tie-up with large format multi-brand retailers such as Reliance, Croma, Vijay Sales, Viveks, Girias, Future Group stores (Big Bazaar/ Central/ Brand Factory), brand outlets such as Apple, Samsung, Sony, Arrow, UCB, MegaMart, Globus, Adidas Group, Lawrence & Mayo, Arrow, Zodiac, Arvind Brands, Me & Moms, Baby Oye and Cox & Kings as well as local retailers like Pothys and more.

    ‎Devang Mody, President - Consumer Business, ‎Bajaj Finance Ltd. said, “Being a responsible financial lender we understand the needs of our customers, therefore, it is prerogative for us to respond to the needs of our customers and ensure no inconvenience is caused to them at such a time. The EMI finance options will ensure people are able to make their purchases and not face any panic on the commendable move made by the government. ”

    He also added, “BFL’s EMI card is extremely popular and a preferred mode of payment for most of its customers, preferring to conduct cashless transactions. Unlike Credit Cards, close to 65% of EMI card franchise is across in Tier 2 cities and this includes offering unique opportunities to our small town customers. For the convenience of the customers, the company has rolled out unique propositions with various partners.”

    About Bajaj Finance Limited

    Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.

    To know more please visit https://www.bajajfinserv.in/finance

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    Business Wire India

    Today, Citi announced the launch of a new global API Developer Hub (developer.citi.com) to rapidly connect with developers and enable them to build innovative client solutions faster than ever before. The global developer platform is one of the most comprehensive to date in the financial services industry.

     

    The release of Citi APIs marks the evolution of Citi’s technology to open architecture, which will facilitate collaboration and partnerships with FinTech companies and consumer brands across the globe to benefit customers. Through the global API Developer Hub, Citi will grant developers access to APIs across eight usage categories, including account management, peer to peer payments, money transfer to institutions, Citi rewards, investment purchases and account authorization. Additional categories will be added over time.

     

    “Citi’s Global Developer Hub advances our open-innovation approach to delivering cutting edge solutions and enabling new streams of value for clients, partners and developers,” said Stephen Bird, CEO, Global Consumer Banking at Citi. “The rapid pace of technological change demands transformation from the inside out and the outside in. By creating a collaborative ecosystem of leading brands and developers, we will be able to offer a complete suite of products, services and experiences to meet our clients’ financial needs today and in the future.”

     

    Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, said, “We are delighted that Citi Singapore is playing a leading role in developing and launching this global API initiative during the Singapore FinTech Festival which is held from 14-18 November 2016. This will encourage open collaborations with the FinTech community and potentially deliver better financial services for customers, as well as re-affirm Citi’s thought leadership in shaping the future of financial services.”

     

    Citi has already teamed up with several leading companies, including Mastercard, Virgin Money and Wonder, that are leveraging Citi API’s to develop innovative customer solutions. Earlier this year in the U.S., Citi’s Pay with Points API started providing Citi ThankYou® Rewards members with an eligible Citi credit card the option to use points to cover all or part of their purchases with a statement credit when using their card to make purchases on BestBuy.com and in the Wonder App. In October, 1800Flowers.com was added as ThankYou Rewards’ latest Pay with Points participant.

     

    "The Virgin Money and Citi partnership continues to go from strength to strength,” said Greg Boyle, CEO, Virgin Australia. “A key priority is the delivery of a new dedicated Virgin Money mobile app which will leverage Citi's APIs for credit card functionality to deliver a fantastic experience for our customers. Citi's support via their APIs is critical to ensuring we meet the digital needs of our customers today and will allow ongoing innovation into the future."

     

    In Singapore, Citi has partnered with honestbee, one of Asia’s fastest growing online concierge and delivery services, to allow their customers to apply for a Citi Cash Back card on honestbee’s website and mobile app. Launching in December, this integrated experience for customers is made possible using Citi’s API technology, allowing a seamless card application process via Citi’s merchant partners’ sites.

     

    The Global Developer Hub, developed by Citi FinTech and Citi teams across Asia, North America and Mexico, is the latest in a series of Citi innovations, from pioneering the ATM to introducing the first banking app for Apple Watch. In 2014, Citi launched a global hackathon and accelerator called the Citi Mobile Challenge which traveled to Latin America, the U.S., Europe, the Middle East, Africa and Asia Pacific, with participation from thousands of developers across more than 100 countries. In 2015, Citi FinTech was created as a new unit within Citi’s Global Consumer Bank, charged with accelerating speed to market with next generation mobile banking capabilities.

     

    The global API Developer Hub launched today. Developers are invited to register their interest at developer.citi.com where they will be given tools to connect in a development sandbox, enabling them to test their ideas.

     

    About Citi

     

    Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

     

    Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

     

     

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    Business Wire IndiaGovernment’s greatest move to curb black currency market through the withdrawal of 500 and 1000 rupee notes from the economy has left the common populace with several queries. How to get back the hard earned money was the repeated question from every nook and corner of the nation. Supporting the historic move, UAE Exchange India shares valuable information for the public.
     
    UAE Exchange, India Managing Director, Mr. V George Antony shared, “Digital transactions and payments will support the nation’s struggle in curbing black currency and bringing a cashless economy with high degree of security. This move is going to reflect in the lives of common man in a positive manner.”
     
    How can I exchange my 500 and 1000 rupee notes?
     
    Individuals can deposit their old notes with a valid ID in nearest Banks or Post Office from 10th November to 30th December 2016. You can even exchange the currency till 31st March 2017 with the support of valid ID at RBI.
     
    What is the limit of ATM withdrawal?
     
    Withdrawals are restricted to Rs. 2500 per card per day.
     
    Can I make a withdrawal with cheque?
     
    Yes, you can make a withdrawal against cheque for Rs. 10,000 a day and Rs. 20,000 a week.
     
    How to get new currency?
     
    RBI has started issuing new currency. These currencies can be obtained from your nearby banks.
     
    Can I get currency from any bank?
     
    One can exchange or get currency from any other banks with the assistance of a valid ID proof.
     
    How foreigners with these currencies make currency exchange?
     
    Foreign tourist can purchase these currencies equivalent to Rs. 5000 at airport exchange counters provided with valid ID proof.
     
    How can I make secure payments?
     
    To tackle this financial crisis, individuals have the best option to make payments and transfer through online modes. Mobile cash wallet payments are the best possible means to carry out immediate shopping, utility payments and fund transfer. 
     
    Get back your safe currency through latest updates from valuable sources. Kindly ensure not to write anything on the new currency. New currency has several security features to prevent the intrusion of black currency in the coming days. It’s the duty of all citizens to value every currency and to support India’s “surgical strike on black currency”. Let’s make a move together for a developed nation.
     
    About UAE Exchange           
     
    UAE Exchange India is one of the pioneers of financial services renowned for its penchant quality and optimized service trends, creating a niche for itself in the industry. Connecting people and creating progress with the finest of quality is the vision of the company that has an extensive reach of 372 branches serving a population of 1.25 million people under the proficient support of 3375 employees. The company has been instrumental in providing cost-effective service in Foreign Exchange, Money Transfer, Air Ticketing & Tours, Loans, XPay Cash Wallet, Insurance and Share Trading.
     
    XPay cash wallet edge over on other wallets – view by MD.V George Antony
    https://www.youtube.com/watch?v=GYVqPr-cWXA
     
    Safety while using Mobile wallet against Debit card – view by MD.V George Antony
    https://www.youtube.com/watch?v=oS2CG0xU7tc
     
    Advantage of cash wallet against Debit card – View by MD.V George Antony
    https://www.youtube.com/watch?v=dqekmrUO0hE
     

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    Business Wire IndiaWhile the nation deals with the challenges posed by demonetisation, especially in terms of exchanging the old Rs. 500 and Rs. 1000 notes for new ones, home seekers might just end up with positive gains from the scenario. “It looks like being ‘advantage home buyer’ on two aspects,” said Niranjan Hiranandani, CMD- Hiranandani Communities and Founder-President, NAREDCO Maharashtra.

    At level one, the situation which we see developing is one where banks will be flush with funds, and will be open to lending to customers – in this case, home seekers, said Niranjan HIranandani. “The second positive is one where the situation looks like it will offer space to the RBI to reduce rates in the coming months, which will have a direct
    impact on home loan interest rates and EMIs,” he added. “I expect a 25-basis-point rate cut by the RBI in Q1 of calendar year 2017,” he said.

    “For a home buyer, the impact of demonetisation of Rs. 500 and Rs. 1000
    notes on home loan interest rates could be positive, and we look forward to home seekers ‘dream homes’ becoming a  ‘reality’ – with a lower interest rate home loan,” Niranjan Hiranandani concluded.

    Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (Maharashtra), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.

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    Business Wire IndiaAdrenalin eSystems Limited, a global product and software solutions company in HR automation, announced that it has closed its books for the half yearly ended 30 September, 2016 with a record double digit growth in its 14- year history.

    Adrenalin almost doubled its revenue during the first half of the year in comparison to the previous fiscal year. The company has shown phenomenal results in the first six months and it is a direct result of continuous improvement and focus on product by incorporating customer and market feedback, development of user friendly interface, fresh and innovative brand positioning through channels like “The Economist” Magazine and participation in high profile events to position Adrenalin amongst the top players in the Asia Pacific Region.

    Speaking on the Occasion Mr. Krishna G V Giri, Chairman & CEO says, “We have delivered great results and double digit growth in the second quarter. I have been quite keen to position Adrenalin amongst the premium HCM product segment. Over the last 6 months my focus has been to re-organize and re-structure the team, ensure there is a clear measure of outcome based efforts and focus on branding, delivery excellence and the product revamp. Today we have started seeing the results of that change that we have initiated. Adrenalin has added 85 new logos in South Asia, Middle East and Asia-Pacific to Adrenalin’s increasing list of Marquee customers which clearly brings out the growing popularity of the product in the market.”

    Some Key Customer Logos added are Deloitte Shared Services India LLP, Utkarsh Micro Finance, Manipal Hospital, Axis Securities, Axis Capital, Primer Group of Companies, Philippines National Bank and Metro Bank Card Corporation.

    He further added that Adrenalin has closed its books with positive bottom-line and he was confident of doubling the top-line & bottom-line during the second half of the fiscal year.

    Adrenalin also issued a bullish forecast for coming quarters of the current fiscal year given its strong business pipeline in countries like Philippines, and future plans are to expand to markets like Australia, China and Japan with Adrenalin’s dedicated offices in APAC region to provide strong push in expanding the regions and numbers.

    About Adrenalin

    Adrenalin is a group company of Intellect Design Arena Ltd, a global leader in Financial Technology for Banking, Insurance and other Financial Services. Adrenalin is a comprehensive, (web-based) human resource management software which automates the entire HR processes right from hire to retire. Over 700 customers from various verticals the world over & 800,000 users use Adrenalin HCM. For more information visit www.myadrenalin.com.

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    Business Wire IndiaRazorpay, an online payments platform, today, unveiled its latest and innovative product, eCOD, to help eCommerce companies accept payments at the time of delivery using payment methods other than cash. The product is aimed to replace ‘Cash on Delivery’ and provide relief to online merchants impacted by the phasing out of Rs 500 and Rs 1000 currency notes.
     
    Government of India’s demonetization efforts to curb the flow of black money and corruption in India has led to a temporary loss in sales for several eCommerce companies. With eCOD, Razorpay offers its merchants the option of collecting payments from their customers, at the time of delivery, via non-cash payment modes like UPI or digital wallets like OlaMoney, Mobikwik, PayUmoney and Freecharge. Delivery person can also generate an instant payment link at the time of delivery that enables the customer to pay via credit/debit card or Net banking.
     
    Razorpay has already partnered with Shadowfax, one of the largest logistics provider for local businesses and various online merchants like Licious and GoZefo to launch eCOD feature.
     
    “In India, Cash-on-Delivery accounts for around 70% of all online transactions. In the present situation, we understand the problems online businesses are facing. Cash is difficult to come by and customers want to utilise their limited cash judiciously. In addition, not all online buyers in India are willing to pay first and receive the product. With eCOD, we have attempted to retain the essence of payment on delivery while giving consumers an array of payment modes to pay instead of cash. A great secondary benefit of the demonetization effort by the Prime Minister Mr. Narendra Modi, gives an opportunity for companies like us to build greater trust in online payments among consumers,” said Harshil Mathur, CEO & Co-Founder, Razorpay.
     
    Upon choosing eCOD as a payment option while shopping online, customers will be able to pay at the time of delivery either by UPI, digital wallets or by requesting a payment link. The payment mechanism, will generate a PIN number without internet connectivity or wallet login, which the customer receives at the time of delivery, making the process as simple as paying cash.  
     
    Vaibhav Khandelwal, Co-founder & CTO of Shadowfax, said, “We see the current situation as a fabulous opportunity to improve the much-needed customer experience by taking transactions online. Innovation to make online payments seamless will help our merchants retain customers. Razorpay's eCOD stands out as the best mechanism to replace cash-on-delivery and achieve our business objectives.”
     
    Vivek Gupta, Founder of Licious, said, “We have been associated with RazorPay for some time now and it is great working with them. Their new initiative of eCOD is commendable and we are sure this will offer our consumers a more convenient way to pay for their orders. RazorPay seems to know once again how to boost the consumer payment experience, especially now when cash on delivery percentages are dipping.”
     
    Razorpay is the second company from India to be selected by the world’s most prestigious startup accelerator Y Combinator, with over 10,000 merchants including the likes of Nykaa, Voonik, Papa John’s, Runnr, Chai Point, Nestaway, Eatfresh, among others.
     
    About Razorpay:
     
    Razorpay is a payments platform for online businesses in India. Razorpay helps businesses accept online payments via Credit Card, Debit Card, Net banking and Wallets from their end customers. Razorpay is known to be a developer oriented payment gateway and focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences. Razorpay’s investors include MasterCard, Tiger Global, and Matrix Partners.
     
    About Shadowfax:
     
    Shadowfax is a technology-based logistics service provider, present across India. Shadowfax is redefining local delivery with their proprietary technology and operational excellence. Be it first or last mile, Shadowfax offers its clients the most efficient, convenient and reliable delivery solutions.
     
    About Licious:
     
    Licious is India's best online meat shop. It was started with a simple vision that everyone should enjoy fresh, hygienic, quality meat and seafood.
     

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    Business Wire India

    Point72 Asset Management moved into a new office space in Singapore’s OUE Bayfront in Marina Bay on Monday. The 8,880 square foot space can seat up to 60 employees, doubling the capacity of the Firm’s previous Singapore office.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161114006698/en/

     
    Point72 Doubles Office Space in Singapore's OUE Bayfront; Affirms Commitment to Hiring Region's Top  ...

    Point72 Doubles Office Space in Singapore's OUE Bayfront; Affirms Commitment to Hiring Region's Top Talent (Photo: Business Wire)

    Marc Desmidt, Chief Executive Officer of Point72’s international business, said, “We are making a push to find, attract, and retain the industry’s brightest talent around the world, and we see Singapore as an important source of that talent.”

     

    Point72 opened its current Singapore office in 2009 with six employees. Today, it has 27 employees in Singapore, including nine who joined in 2016. The Firm has been in Asia since establishing its Hong Kong office in 2006.

     

    Chris Coward, Head of Risk for Point72’s international business and the Head of the Singapore office said, “We are excited to be able to move into a space that can accommodate our growth in the region. We are committed to grow our presence in Singapore starting with the high-caliber talent we know are here.”

     

    The layout and design of the new office will facilitate collaboration among employees in the Singapore office and between other offices at the Firm, with conference rooms, upgraded video conferencing capabilities, informal team gathering spaces, an open pantry and seating area, and a wellness room.

     

    “We care deeply about the health and wellbeing of our employees, and that starts with ensuring they have the best-in-class equipment and facilities they need to do their jobs every day,” added Desmidt. “A strong culture begins with a premier workplace.”

     

    Point72 has more than 1,000 employees worldwide including more than 140 people in the Asia-Pacific region.

     

    About Point72 Asset Management:

     

    Point72 Asset Management is a family office managing the assets of its founder, Steven A. Cohen, and eligible employees. Point72 primarily invests in discretionary long/short equities and makes significant quantitative and macro investments. The Firm’s long/short investment divisions are Point72 Asset Management and EverPoint Asset Management. Cubist Systematic Strategies is its quantitative business. The Firm is headquartered in Stamford, Connecticut, and maintains offices in New York, London, Hong Kong, Tokyo, and Singapore. Point72 Asset Management, L.P. is a family office and does not seek, solicit or accept any external investments. www.Point72.com

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20161114006698/en/

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    Business Wire IndiaSME MaXX, India's leading SME success services company, announced collaboration with IDFC bank to enable Indian SMEs set up an effective e-commerce channel for their business. As a part of the collaboration IDFC bank will sponsor a series of e-commerce workshops in major Indian cities.

    E-commerce adoption has positively impacted revenues and profitability of SMEs. Despite high potential, a majority of Indian SMEs are yet to adopt e-commerce or are sub optimally engaged. A recent KPMG study highlighted the need for training programs and support to help SMEs benefit from e-commerce.

    SMEs attending these workshops will be trained to set up and manage their own e-commerce channels. They will gain insights in to global best practices and access the latest e-commerce tools to grow their business.

    As per a recent Goldman Sachs report, the e-commerce sector in India is projected to cross USD80 billion by 2020 and USD300 billion by 2030. A large percentage of this growth will be at the cost of conventional business channels. SMEs that are unable to leverage e-commerce effectively, risk losing customers.

    “We are already seeing the digital economy get a massive boost post the recent demonetization. As more people get comfortable with digital payments, e-commerce will boom,” said Dr. Kiran Reddy, CEO of SME MaXX. “The objective of our initiative is to help SMEs with the impending transition. The workshops will equip SMEs to compete effectively with large chains and e-commerce companies and protect their market share.”

    The workshops will be conducted in Mumbai, Delhi and Bengaluru and later expanded to Ahmedabad, Chennai, Hyderabad and other cities. SMEs can get complete information and register for the workshop at www.smemaxx.com.

    About SME MaXX

    SME MaXX is a one stop shop for SME Success. SME MaXX provides solutions to the most common challenges faced by small and medium sized businesses. We maximize the success potential of SMEs by enhancing employee effectiveness, providing technology and finance solutions, saving costs and time, while connecting them with an ecosystem of partners who can contribute to their success. SME MaXX is a unit of F.A.C.E Pvt Ltd, with its registered office in Mumbai, India. More details could be had from www.smemaxx.com.

    About IDFC Bank

    IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders.

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    Business Wire IndiaH-Energy Private Limited and the Korea Consortium comprised of Korea Gas Corporation Limited, SK Shipping, Fairwood Peninsula Energy and Korea Development Bank, have entered into a landmark MOU on November 16th, 2016. This MoU envisages the participation of four large entities, as members of the Korea Consortium, in the FSRU and pipeline projects of H-Energy Private Limited in the East Coast and the West Coast of India through equity investments coupled with joint management in the areas of project execution, operations and maintenance and skill development.

    On the East Coast of India H-Energy Pvt. Ltd. has made significant progress in setting up a Floating Storage and Regasification Unit (FSRU) in the offshore Digha region of West Bengal which will be connected to the onshore receiving facility by a 115 km subsea pipeline. This project was awarded to H-Energy Pvt. Ltd. and its technical partner through a tender process carried out by the Kolkata Port Trust. In parallel H-Energy Pvt. Ltd. plans to lay a 715 km Natural Gas pipeline originating in Contai in West Bengal. This pipeline is intended to service a number of customers in West Bengal, Odisha as well as to gas based power projects in Western Bangladesh. The point of delivery of Natural Gas will be near Duttapulia at the India-Bangladesh border.

    H-Energy Pvt. Ltd. is also executing an FSRU project at Jaigarh Port in Maharashtra on the West Coast of India. For this project H-Energy Pvt. Ltd. has entered into a Port Concession Agreement with JSW Jaigarh Port Limited and has awarded the contract for the construction of LNG jetty to JSW Jaigarh Port Limited. For delivery of the regasified LNG to customers in Maharashtra, Gujarat, Goa and Karnataka, the Petroleum and Natural Gas Regulatory Board has granted two authorizations to H-Energy Pvt. Ltd., namely a 60 KM tie-in Natural Gas Pipeline from Jaigarh to Dabhol and a 635 KM Natural Gas Pipeline from Jaigarh to Mangalore through the markets of Ratnagiri, Sindhudurg, Goa and Karwar. The EPC contract for the construction of the LNG jetty and the EPCM contract for the construction of tie-in pipeline will be awarded shortly.

    The cumulative capability of the Korea Consortium is immense. KOGAS is the largest importer of LNG in the world and owns and operates 4440 km of pipeline network in Republic of Korea. SK Shipping is the third largest business group in Republic of Korea and owns and operates 96 vessels including 12 LNG carriers. Fairwood Peninsula Energy is engaged in the path breaking development of the Delfin Floating LNG project in the Gulf of Mexico in the United States. The Korea Development Bank is owned by the Government of Republic of Korea and plays a major role in providing project finance to projects in the Asia Pacific region.

    It is expected that the partnership of H-Energy Pvt. Ltd. and Korea Consortium will provide much needed fillip to the development of Energy Infrastructure in Eastern and Western India.
     

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    Business Wire IndiaBharti AXA General Insurance, the private general insurance joint venture between Bharti Enterprises and AXA, the No.1 global insurance brand for the 8th consecutive year as per Interbrand*, is expanding its two wheeler product portfolio by launching “Two Wheeler Long-Term Package Policy”. The product is designed to cater to the large two wheeler segment in India most of which is uninsured due to break in policies.

     
    In an online poll conducted by Bharti AXA General Insurance with two-wheeler owners pan India, two main reasons cited for not renewing insurance were a. the hassle of yearly renewals and b. forgetting to renew on time. Over 80% respondents said that they would prefer buying long term two wheeler insurance if they did not need to renew for 3 years.

    The ‘Two- Wheeler Long Term Package Policy’ is a comprehensive plan that offers multiple benefits with minimum paperwork and hassle-free renewals at reasonable cost. The main features of the plans are:
     
    • Hassle-free renewals by ensuring that the policy can be renewed after 2 or 3 years
    • Benefits on ‘No Claim Bonus’
    • Discounts on premium
    • Minimal paperwork
    • Accidental damage cover to the vehicle
    • Liability for third party injury/death and property damage
    • Compulsory Personal Accident Cover for owner/driver
     
    Announcing the launch of the new product, Parag Gupta Chief Underwriting Officer, Bharti AXA General Insurance said, “As per industry projections, the two wheeler segment is expected to grow at CAGR of 10-12% till FY 2020. Additionally, as per IRDAI, approximately 75% of two wheelers are either uninsured or have lapsed insurance policies. With the two-wheeler segment poised for growth, coupled with a large consumer base with a break in policy, it’s extremely important to introduce comprehensive two wheeler plans that will encourage riders to not only buy insurance but also renew regularly. Basis our online poll we understood that majority riders either found renewals cumbersome or simply forgot to renew.
     
    In view of these insights, we realized a need to introduce a comprehensive “buy & forget” type of two wheeler insurance policy. We are confident that our ‘Two Wheeler Long Term’ plan will cater to all the needs of a rider and create a strong foothold for us within the two-wheeler insurance category.”
     
    Bharti AXA has launched this product with its dealer and agent network pan India and will soon launch this online on its website www.bharti-axagi.co.in
     
    About Bharti AXA General Insurance:
     
    Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection. The joint venture company has a 51% stake from Bharti and 49% stake from AXA Group. Bharti AXA General Insurance is the first organization in the GI Industry to receive dual certifications of ISO 9001:2008 & ISO 27001:2005 for its superior quality and information safety systems.

    Presently, the organization has cashless facilities across 4,500 network hospitals, over 2,700 garages for motor claims and associations with 16+ TPAs pan India.

    Photo Caption:
    Data on online poll conducted by Bharti AXA General Insurance with two-wheeler owners pan India
    Data on two-wheeler accidents

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    Business Wire India

     

    The Reserve Bank of India has granted approval for appointment of Shri. C.VR. Rajendran as the Managing Director & CEO of Catholic Syrian Bank Ltd. for a period of three years from the date of his taking charge. Shri. Rajendran is currently holding the position of Chief Executive Officer of the Association of Mutual Funds in India. Prior to this he has held other key positions like Chairman and Managing Director of Andhra Bank and Executive Director at Bank of Maharashtra. Shri. C.VR. Rajendran is a seasoned banker with rich grass root level Indian banking experience spanning more than three and a half decades.
     
    Shri. Rajendran has had hands-on cross functional experience in different aspects of banking  spread across Branch Operations, NPA / Asset quality management, Business process reengineering, Productivity enhancement, Corporate / Industrial Finance, Merchant Banking, Treasury Operations, International Banking, Primary Dealership, Collection and Payment Services, and Information Technology.

    Shri. Rajendran’s rich and varied experience will help the bank in quickly attaining its ambitious transformation and growth agenda.

    Website: www.csb.co.in

    Photo Caption: C. VR. Rajendran to be appointed MD & CEO at Catholic Syrian Bank

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    Business Wire IndiaThe new Companies Act, 2013, now requires auditors to also opine on whether a company has an adequate internal financial controls (IFC) system in place and the operating effectiveness of such controls. This is in addition to the existing audit opinion on financial statements. While this requirement was originally applicable to financial statements ending 31st March 2015, considering the lack of guidance, this applicability was deferred and is now effective for the year ending 31st March 2016. Due to the deferral of this reporting requirement, the Ministry of Corporate Affairs (MCA) retained the reporting requirement relating to internal controls in certain specific areas under the Companies (Auditor’s Report) Order, 2016 (CARO). Reporting on IFC is undoubtedly a paradigm shift from the reporting required under CARO. The ICAI has now reissued the long awaited ‘Guidance Note on Audit of Internal Financial Controls over Financial Reporting’ (guidance note), which provides detailed guidance on this topic.


    Section 134(5) (e) explains internal financial controls as the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information. Section 143(11) of 2013 Act requires that the auditor’s report of specified class of companies should include a statement on prescribed matters.

    The guidance note provides the necessary criteria for maintaining effective IFC for companies. It draws upon the ‘Internal Control Components’ of Standard on Auditing (SA) 315, ‘Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment’, which includes the following five required components:
     

    • Control environment
    • Entity’s risk assessment process
    • Control activities
    • Information system and communication
    • Monitoring of controls 


    The guidance note explains that for auditor reporting, the term ‘IFC’ is restricted within the context of the audit of financial statements and relates to internal control over financial reporting only (ICFR). This is also consistent with the practice adopted internationally, e.g. Sarbanes-Oxley (SOX) reporting in the US. This is a relief as it removes unnecessary ambiguity by excluding from the scope operational controls, i.e. those facilitating the effectiveness and efficiency of company’s operations, and also differentiates ICFR from enterprise risk management and risk management policies which boards of companies have to maintain.

    Role of Various Authorities

    Management: In case of LISTED companies, section 134(5) (e) of the Companies Act, 2013 requires Directors Responsibility Statement to state that the Directors had laid down internal financial controls and the same were adequate and operating effectively. In case of ALL companies, Rule 8(5)(viii) of Companies (Accounts) Rules, 2014 requires the Board of Directors’ Report to state the details in respect of adequacy of internal financial controls with reference to the financial statements. Clause 49 IX(C) of Equity Listing Agreement requires CEO’s of listed entities to certify effectiveness of internal control systems pertaining to financial reporting. In all cases, it is the management responsibility to establish Internal Control over Business Operations.

    Auditor: Section 143(3) (i) of the Companies Act, 2013 requires the auditors of ALL companies to state in their report whether the company has adequate internal financial control system in place and the operating effectiveness of such controls. The auditor will have to modify its audit methodology to obtain reasonable assurance on the adequacy of internal financial controls over financial reporting and its operating effectiveness. It should be noted that when forming the opinion on internal financial controls, the auditor should test the same during the financial year under audit and not just as at the balance sheet date, though the extent of testing at or near the balance sheet date may be higher.

    Independent Director: Schedule IV of the Companies Act, 2013 requires the Independent Directors of the Company to satisfy themselves on the integrity of financial information and financial controls and also to ensure that the systems of risk management are robust and defensible.

    Audit Committee: Section 177(4) (vii) requires Audit Committee to evaluate internal financial controls and risk management systems. Also, section 177(5) gives power to the Audit Committee to call for comments of the auditors on internal control systems, scope of audit, their observations on internal control systems and financial statements before submission of the same to the board. They may also discuss any related issues with the internal auditors and the management of the Company.

    Integrated audit

    Both corporates and auditors in India will need to come to terms with the concept of a combined or an integrated audit, which includes an audit of ICFR over financial reporting and financial statements. The guidance note acknowledges that while the objectives of the audit of ICFR and audit of financial statements are not identical, the auditor now needs to plan and perform work in such a way that it achieves the objectives of both the audits in an integrated manner.

    To conclude

    The introduction of IFC has helped companies enhance their internal control environment. For the IFC framework to be sustainable, each stakeholder is expected to play an important role during its implementation. IFC implementation is a journey and Indian companies over the next few years should focus on adopting the right approach to reap the potential benefits for their stakeholders as well as for themselves.

    About the author

    Neeraj Bhagat is a member of the Institute of Chartered Accountants of India (ICAI) since 1997. He is also an Associate member of Association of International Accountants, United Kingdom.  He is founder of Neeraj Bhagat & Co, an Indian Chartered Accountancy firm serving various MNC’S from across the globe. Neeraj Bhagat & Co. has its offices at New Delhi, Gurgaon and Mumbai. They are part of Allinial Global Accounting Association which is one of the World's Top 10 in accounting associations.

    For more information please log on to:  http://www.neerajbhagat.com or email at neeraj@neerajbhagat.com.

    Photo Caption: 
    Internal Financial Controls
     

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    Business Wire India

    Nexif Energy, a Southeast Asian independent power producer, announced today that it has entered into an agreement to subscribe additional equity in Viet Hydro Pte Ltd. The proceeds will be used by Viet Hydro to further consolidate its holdings in the Coc San project.

     

    “Nexif Energy is pleased to increase its commitment to the Coc San project, which recently completed construction and commenced operation,” said Surender Singh, Founder and Co-Chief Executive Officer of Nexif Energy. “We also look forward to making more investments in Vietnam’s power sector.”

     

    Coc San is a run-of-the-river 30 megawatt hydro power project located in the Dum River Valley, a tributary of the Hong (Red) River. It is approximately 300 kilometres northwest of Hanoi in the Lao Cai province.

     

    “The Coc San project is regarded as a model hydro project for environmental and social compliance by multilateral organizations, local government and communities, and Viet Hydro is thankful for the cooperation extended by the government, employees and contractors that resulted in the successful implementation of the project,” said Srinivas Rao, Chairman of Viet Hydro and Executive Vice President, Projects and Operation of Nexif Energy.

     

    Nexif Energy will subscribe to additional shares in Viet Hydro. Viet Hydro will use the proceeds to acquire the remaining holdings in the project of Colben Energy Holdings (Vietnam) Limited, and HVD Construction and Investment Consultant JSC, which will increase Viet Hydro’s shareholding in the project to 92 percent. InfraCo Asia Development Pte Ltd will retain its minority interest in Viet Hydro.

     

    “Vietnam is a key target market for Nexif Energy. Further investment into Coc San is a testament of our commitment to the country. We aim to become a leading independent power generation company in Vietnam and are currently evaluating a number of additional promising investment opportunities there,” added Enamul Latifi, EVP of Business Development, Nexif Energy.

     

    About Nexif Energy

     

    Nexif Energy was formed in August 2015 by Nexif, a Singapore-based independent power management company, and Denham Capital, a leading global energy-focused private equity firm, to develop, finance, construct and opportunistically acquire conventional and renewable power generation assets across Southeast Asia and Australia. The investment in Nexif Energy marks a return to the region for Denham and builds upon Nexif’s strong experience and relationship base. For more information on Nexif Energy, visit www.nexifenergy.com.

     

     

     

     

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    Business Wire IndiaRazorpay, an online payments platform, announced today the launch of its flexible Payments solutions that opens the market for SaaS businesses to start accepting recurring payments from India and abroad. The ‘Recurring Payments’ feature auto-debits transactions from the customer’s account without the need for any manual intervention from the customer.

    With the recurring Payments feature, companies will now be able to reduce significant hours spent in collection of recurring invoices for online businesses. The feature also makes it easier for customers to schedule payments for products or services rendered by online businesses automatically and increase the efficiency of Payments systems. 

    Razorpay's API driven service also provides greater control over payment collection by helping merchants charge customers in real-time, therefore, the timing and the amount need not be specified at a predetermined date.

    Payments is a major reason for stunted growth for SaaS businesses and Razorpay’s ‘Recurring Payments’ feature will go a long way in solving these issues. Currently, SaaS businesses take either of two approaches –
     

    1. Use an international payment gateway for recurring transactions month-on-month. This option is only supported for Indian cards which have International transactions enabled and the fees are exorbitant.
    2. Businesses opt for a payment model which has a 6-months payment plan or an annual payment plan for easier collection. This model hinders customers from trying out the service for a shorter duration -  meaning potential loss of customers for SaaS businesses.

    The feature has already been rolled for a number of clients including Zoho, a leader in the SaaS applications space. With the integration, Razorpay will offer its developer friendly payment solution and superior technology to Zoho's products – Zoho Invoice (online invoicing solution), Zoho Books (online accounting solution), Zoho Subscriptions (online subscription management solution) and Zoho Inventory (online inventory and order management solution).

    “Saas businesses find it extremely difficult to manage all the hassles that come with recurring payments from customers. We’ve had existing clients and customers reach out to us and ask for options to circumvent this complicated process. There are also companies who register outside of India due to these payment related issues. We are also glad to be the preferred payment gateway for Zoho’s bouquet of finance products in India. Globally, Zoho has partnered with major players like Paypal. The integration with Razorpay in India, is indeed a proud achievement for us”, said Shashank Kumar, Co-Founder, Razorpay.

    Zoho's customers from India can now offer a seamless checkout experience for one-time and recurring payments with a host of Razorpay’s payment options including card payments, multiple wallet offerings and net banking with over 50 banks.

    “We were looking for an India-based payment gateway that is not only flexible but also provides the best processing rates to our merchants and onboards them easily. Razorpay fitted in perfectly. With Razorpay’s integration, we can now help our Indian merchants get paid faster”, said Sivaramakrishnan Iswaran, Director of Product Management, Zoho.

    Razorpay is the second company from India to be selected by the world's most prestigious startup accelerator Y Combinator, with over 10,000 merchants including the likes of Papa John’s, Knowlarity, Runnr, Chai Point, Nestaway, Eatfresh, among others.

    About Razorpay

    Razorpay is a payments platform for e-commerce businesses in India. Razorpay helps businesses accept online payments via Credit Card, Debit Card, Net banking and Wallets from their end customers. Razorpay is known to be a developer oriented payment gateway and focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences. Razorpay’s investors include MasterCard, Tiger Global, and Matrix Partners.

    About Zoho

    Zoho is the operating system for business - a single cloud platform with all the necessary applications to run a business entirely from the cloud. Businesses can acquire and manage customers using Zoho's marketing, sales and customer support applications - Campaigns, CRM and Desk - and can then empower employees to create, store and distribute content on the cloud with Zoho's productivity and collaboration applications - Office, Mail and Docs. Additionally, businesses can run their own operations on Zoho's finance and human resources applications - Books, People and Recruit.

    More than 20 million users around the world across hundreds of thousands of companies rely on Zoho every day to run their businesses - including Zoho itself. A business can choose to run the entire Zoho suite or just a single application. Zoho applications are available directly through zoho.com, or through an ecosystem of hundreds of worldwide Zoho partners.
     
    Zoho is a division of Zoho Corp., a privately-held and consistently profitable company, with more than 4,000 employees. Zoho is headquartered in Pleasanton, CA with international headquarters in Chennai, India and offices in Austin, London, Yokohama, and Beijing. For more information, please visit https://www.zoho.com

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