Tuesday, 1 March 2016

COMPONENTS OF STARTUP INDIA

Simplification & Handholding

  • Compliance regime based on self-certification: The idea is to reduce the regulatory burden on startups, so that they can focus on their core business and keep the cost of compliance low. The regulatory regimes will thus be made simpler and flexible; inspections more meaningful and simple.
  • Startup India Hub: Creation of a single point of contact for the entire startup ecosystem to enable the exchange of knowledge and access of funding. The Government will be the main stakeholder and will collaborate with Central and State Governments, Indian and foreign VC's, angel networks, banks, incubators, legal partners, consultants, universities and R&D institutions.
  • Rolling Out of Mobile App and Portal: It will act as an interacting platform for startups with the Government and regulatory institutions. This will be made available from 1st April, 2016 on all leading mobile/ smart device platforms.
  • Legal Support and Fast: Tracking Patent Examination at Lower Costs- To promote and create awareness in startups about IPRs and ensure continuous growth and development of new startups, this scheme will make the task of filing patents easier.
  • Relaxed norms of Public Procurement for Startups: The aim is to provide equal opportunity to Startups as compared to experienced companies. The Government will exempt startups from the criteria of 'Prior experience/ Turnover' in case of tenders floated by Government or by PSU's, without relaxation in the quality parameters.
  • Faster Exit for Startups: The Action Plan will make it easier for Startups to wind up operations in case they fail to succeed. An insolvency professional will be provided to the Startups, who will be in-charge of the company for liquidating the assets and paying the creditors in six months time. This process will accept the concept of limited liability.

Funding support & Incentives

  • Provide funding support to startups: The Government will set up an initial fund of Rs.2,500 crore per year and a total of Rs.10,000 crore over a period of 4 years
  • Credit Guarantee for Startups: To encourage Banks and other Lenders to provide Venture Debts to startups, Credit guarantee mechanism through National Credit Guarantee Trust Company (NCGTC)/ SIDBI is being considered with a budget of Rs.500 crore per year for the next four years.
  • Tax Exemptions on Capital Gains: To promote investments into Startups, the Government will give tax exemption to those who have capital gains during the year and have invested such capital gains in the Fund of Funds recognized by the Government.
  • Tax Exemption to Startups for Three Years: To address the working capital requirement, stimulate the development of Startups in India and provide them a competitive platform, the profits of Startups will be exempted from Tax for a period of 3 years.
  • Tax Exemption on Investments over Fair Market Value: Investment by incubators in Startups will be exempted from Tax.

Industry - Academia Partnership & Incubation

  • Organizing Startup Fests for Showcasing Innovation and Providing a Collaboration Platform: To strengthen the Startup ecosystem in India, the Government has proposed to introduce Startup fests at both national and international levels. This will be a platform for the Startups in India, to showcase their work and ideas and work with a larger audience comprising of potential investors, mentors and fellow Startups.
  • Launch of Atal Innovation Mission (AIM) With Self Employment and Talent Utilization (SETU) Program: This will serve as a platform for promoting world- class innovation hubs, grand Challenges, Startup businesses and other self employment activities particularly in technology driven areas.
  • Harnessing Private Sector Expertise for Incubator Setup: Government will create a policy and framework for setting up incubators across the country in public private partnership.
  • Building Innovation Centers at National Institutes: To increase the incubation and R&D efforts in the country, Government will set up 31 centers of innovation and entrepreneurship at national institutes. For 13 centers an annual funding of Rs.50 Lakhs will be provided for 3 years to encourage student driven Startups.
  • Setting Up of 7 New Research Parks Modeled on the Research Park Set Up at IIT Madras: In order to give a push to successful innovation through incubation and joint R&D efforts between academia and industry, the Government will set up 7 new Research Parks in institutes with an initial investment of Rs.100 crore each. The Research Parks shall be modeled based on the Research Park setup at IIT Madras.
  • Promoting Startups in the Biotechnology Sector: The Biotechnology sector in India is on a strong, growth trajectory. Department of Biotechnology endeavors to scale up the number of Startups in the sector by nurturing approximately 300-500 new Startups each year to have around 2000 Startups by 2020.
  • Launching of Innovation Focused Programs for Students: The Government will promote research and innovation among young students and has thus launched a few programs like- Innovation Core, NIDHI (a grand challenge program) and Uchhatar Avishkar Yojna. These schemes will initially apply to IIT's only and each project may amount Rs.5 crore.
  • Annual Incubator Grand Challenge: Incubators play an important role in identifying early stage Startups and supporting them across various phases of their lifecycle to build an effective Startup ecosystem. The Government is proposing to make forward looking investments towards building world class incubators in its first phase; the aim is to establish 10 such incubators. The Government will hence identify 10 incubators having the potential to become world class. These will be given Rs.10 crore each as financial assistance and such incubators will become reference models for other incubators. These will then be showcased on Startup India Portal. An Incubator Grand Challenge exercise will be carried out for the identification of such incubators and this will be an annual exercise.

Thursday, 11 February 2016

New Foreign Trade Policy (FTP) 2015-20, announced on 1st April, 2015

The New Foreign Trade Policy (FTP) 2015-20, announced on 1st April, 2015, provides a framework for increasing exports of goods and services as well as generating employment opportunities in line with the “Make in India” vision of Prime Minister. This policy restructures the
export incentive schemes by reducing a plethora of schemes to only two schemes namely “Merchandise Exports from India Scheme (MEIS)” for export of specified goods to specified markets and “Services Exports from India Scheme (SEIS).”

Clarification on ‪#‎Loans‬ and Advances to ‪#‎Employees‬: Section 186 Company ACT 2013

Clarification on ‪#‎Loans‬ and Advances to ‪#‎Employees‬: Section 186 of the Companies Act, 2013 imposes
restriction on companies from giving loans to any person more than a threshold level. The Ministry of
Corporate Affairs vide General Circular No. 04/2015 dated 10.03.2015, clarified that loans and/or advances to their employees, other than managing and whole time directors, are not governed by the requirements of section 186. It is also clarified that such loans/ advances to employees should be in accordance with the conditions of service applicable to employees and
with the remuneration policy.

Industrial output for the month of February 2015

Industrial output for the month of February 2015 increased at a rate of 5% as against 2.8% growth in the previous month. While the Index of Industrial Production (IIP) remained volatile during the last fiscal with an estimated growth rate of 2.8% during the year until February, 2015, production of capital goods and electricity increased at 6.4% and 9.1% respectively, indicating significant capacity creation in the economy.

Monday, 1 February 2016

Shishu/ Kishor/ Tarun Schemes – MudraLoan

#Shishu/ #Kishor/ #Tarun Schemes – #MudraLoan


The Bank will nurture small businesses through different stages of growth and development of businesses termed as Shishu, Kishor and Tarun.
#Mudra Bank Starts Financing at 7.00% rate of #Interest

#Shishu This is will be the first step when the business is just starting up. The loan cover in this stage will be upto Rs 50,000.

#Kishor In this stage, the entrepreneur will be eligible for a loan ranging from Rs 50,000 to Rs 5 lakh.
#Tarun This last and final category will provide loans for upto Rs 10 lakh. 27 nationalised, 15 private and one Regional Gramin Bank participated in mega loan under Pradhan Mantri Mudra Loan Scheme. 15.90 Crore were sanctioned to 3239 beneficiaries in Gurgaon under Pradhan mantri Mudra Yojna (#PMMY).
#SBBJ has sanctioned 16,814 loans amounting to Rs 226 crore under PMMY

Saturday, 16 January 2016

Google Eco systems

+Google
Google Account: http://myaccount.google.com
. Start here > http://support.google.com/accounts
. Stronger security > http://goo.gl/8GxnAz
. Online Safety > http://goo.gl/zfHuP2
. YouTube > http://goo.gl/yRNmVm

Protect Your Google Account:  http://goo.gl/UmZzEc

How does Google keep my information safe: goo.gl/XNnWRU

Google Smart Lock: http://get.google.com/smartlock/

What Google does with the data they collect: http://goo.gl/EmCfif

Google Transparency Report: http://google.com/transparencyreport

Contact Google: http://goo.gl/NNWY44

Google Help Videos: http://goo.gl/oKuzYb

Google Product Forums: http://goo.gl/Zcqfgb
. Start here > http://support.google.com/groups
. Forum > http://goo.gl/bq7xo4

Google Mobile: http://google.com/mobile/

Google Top Contributors: http://topcontributor.withgoogle.com

Google Training/Certification
. Google Partners > http://google.com/partners
. Google Apps > http://certification.googleapps.com
. Google Training Center > http://edutrainingcenter.withgoogle.com
. Google for Education > http://google.com/edu/training/

Google Weekly Updates: http://goo.gl/2GsXd1

Google Contacts: http://contacts.google.com

Google Bookmarks: http://google.com/bookmarks/

Google Merchandise Store: http://goo.gl/k7S9TV

Google URL Shortener: http://goo.gl

Important URLs as a Google User
. Google Privacy & Terms > http://goo.gl/n8FYrO
. Sign Up without Gmail > http://goo.gl/lwUrZe
. Ads preferences > http://goo.gl/2Yrwgu
. Take out > http://goo.gl/ZMUJNo
. Legal > http://goo.gl/lTJkC2
. Location history > http://goo.gl/8OglRd
. History > http://goo.gl/cOzjKZ
. Inactive account > http://goo.gl/SPVWQR
. Activity security > http://goo.gl/Kj7R1w
. Permissions security > http://goo.gl/WN1wun
. Admin password > http://goo.gl/q33njO
. Google Contacts > http://goo.gl/evLMNs
. Help > http://goo.gl/nEddD1
. Feedback > http://goo.gl/qxzeHr
. Google Careers > http://goo.gl/h0XZnE

More:
. A Map of the new Google EcoSystem: http://goo.gl/2mqLdk

#Googlepedia  

Saturday, 26 December 2015

Remuneration Of Managerial Personnel / Managing Director Under Companies Act 2013

Section 205(2) provides that provisions contained in section 204 and section 205 shall not affect the duties and functions of the Board of Directors, chairperson of the company, managing director or wholetime director under this Act, or any other law for the time being in force.
MANAGERIAL REMUNERATION 
Just as profits drive business, incentives drive the managers of business. Not surprisingly then, in a fiercely competitive corporate environment, managerial remuneration is an important piece in the management puzzle. While it is important to incentivize the workforce performing the challenging role of managing companies, it is equally important not to go overboard with the perks and the pay. In India, to keep a check on unnecessary profit squandering by companies and, at the same time, to ensure adequate and reasonable compensation to managerial personnel, the law intervenes to do the balancing act.
Remuneration to Managerial Personnel 
Section 197 of the Companies Act, 2013 prescribed the maximum ceiling for payment of managerial remuneration by a public company to its managing director whole-time director and manager which shall not exceed 11% of the net profit of the company in that financial year computed in accordance with section 198 except that the remuneration of the directors shall not be deducted from the gross profits.
Further, the company in general meeting may, with the approval of the Central Government, authorise the payment of remuneration exceeding 11% of the net profits of the company, subject to the provisions of Schedule V.
The net profits for the purposes of this section shall be computed in the manner referred to in section 198.
The remuneration payble to any one managing director or wholetime director or manager shall not exceed 5% of the net profits of the company and if there are more than one such director remuneration shall not exceed 10% of the net profits to all such directors and manager
taken together.
Except with the approval of the company in general meeting, the remuneration payable to directors who are neither managing directors nor whole-time directors shall not exceed,—
— 1% of the net profits of the company, if there is a managing or
whole-time director or manager;
— 3% of the net profits in any other case.
The percentages aforesaid shall be exclusive of any fees payable to directors for attending the meeting of the board/committees or for such other purposes as decided by the board.

Remuneration by a Company having no Profit or Inadequate Profit
If, in any financial year, a company has no profits or its profits are inadequate, the company shall not pay to its directors, including
managing or whole-time director or manager, any remuneration
exclusive of any fees payable to directors except in accordance with
the provisions of Schedule V and if it is not able to comply with Schedule V, with the previous approval of the Central Government.
In cases, where Schedule V is applicable on grounds of no profits or inadequate profits, any provision relating to the remuneration of any director which purports to increase or has the effect of increasing the amount thereof, shall not have any effect unless such increase is in accordance with the conditions specified in that Schedule and if such conditions are not being complied, the approval of the Central
Government had been obtained.
Remuneration to Directors in other Capacity [Section
197(4)]
The remuneration payable to the directors including managing or
whole-time director or manager shall be inclusive of the remuneration
payable for the services rendered by him in any other capacity except
the following:
(a) the services rendered are of a professional nature; and
(b) in the opinion of the Nomination and Remuneration
Committee (if applicable) or the Board of Directors in other
cases, the director possesses the requisite qualification for the
practice of the profession.
Sitting Fees to Directors for Attending the Meetings
[Section 197(5)]
A director may receive remuneration by way of fee for attending
the Board/Committee meetings or for any other purpose as may be
decided by the Board. Provided that the amount of such fees shall not
exceed the amount as may be prescribed.
The Central Government through rules prescribed that the amount
of sitting fees payable to a director for attending meetings of the Board
or committees thereof may be such as may be decided by the Board of
directors or the Remuneration Committee thereof which shall not
exceed the sum of rupees 1 lakh per meeting of the Board or committee
thereof.
The Board may decide different sitting fee payable to independent
and non-independent directors other than whole-time directors.
Monthly Remuneration to Director or Manager
A director or manager may be paid remuneration either by
way of a monthly payment or at a specified percentage of the net
profits of the company or partly by one way and partly by the
other. [Section 197 (6)]
An independent director shall not be entitled to any stock option
and may receive remuneration by way of fees, reimbursement of
expenses for participation in the Board and other meetings and
profit related commission as may be approved by the members.
[Section 197 (7)]
Any director who is in receipt of any commission from the
company and who is a managing or whole-time director of the
company shall not be disqualified from receiving any remuneration
or commission from any holding company or subsidiary company of
such company subject to its disclosure by the company in the Board’s
report. [Section 197 (14)]
Remuneration Drawn in Excess of Prescribed Limit
If any director draws or receives, directly or indirectly, by way of
remuneration any such sums in excess of the limit prescribed or
without the prior sanction of the Central Government, where it is
required, he shall refund such sums to the company and until such
sum is refunded, hold it in trust for the company. [Section 197(9)]