Undeterred Flipkart gears up for next Big Billion-Day sale; event to be many times bigger than the previous one

BENGALURU: Online retailer Flipkart, which took quite a few knocks during its big discounted sale day last October, has started preparing for another such event at the end of this year that will be "many times bigger" and is working to improve its ability to anticipate demand, deliver goods faster and eliminate sub-standard and fake products.

"The sale emerged as a great learning experience for us and we have already started to implement processes in order to scale up our tech capabilities" said Sachin Bansal, CEO and co-founder of Flipkart.

Almost 1.5 million shoppers bought goods such as phones, clothes and accessories worth over $100 million from Flipkart on the Big Billion Day sale on October 6. However, several buyers looking for bargains found that the products had been sold out or were greeted by glitches on the website. The founders later apologised to their customers and said they were not adequately prepared for the sheer scale of the event.

Flipkart plans to work closely with sellers on its site to improve its ability to predict demand and invest more in automating its supply chain to speed up delivery, Bansal said. The e-tailer aims to double the strength of its technology team in the next 12-18 months. It currently employs about 1,000 people in its engineering division.

"Big Billion Day this year will be many times bigger. We also want to see our mobile platform play a larger role in serving customers during this years' sale," Bansal told ET in an interview. Mobile commerce is growing twice as fast as desktop for Flipkart and currently accounts for over half of the company's sales. "The pace at which this medium is catching up with and even surpassing desktops is faster than what we have seen in the US or China, where the concept of mobile commerce has been around for longer," he said.

Bansal, fresh off a company-wide strategy meeting, said that in 2015 it will also focus on data analytics to offer personalised experiences across its mobile apps, marketplace platform and supply-chain network.

Flipkart has a large amount of customer data that can be used to improve sales. During the Big Billion Day sale, it generated almost 500 TB of commerce data. "We primarily use data to predict customer trends based on region, gender, wish list etc., to drive an enriching shopping experience," said Bansal. 

The online retailer wants to get to 1 lakh sellers on its online marketplace by the end of the year, according to Ankit Nagori, SVP - Marketplace at Flipkart. It has tied up with small and medium enterprises, government bodies and co-operative societies to increase the number of sellers on the site.

"We aim to have at least 10,000 sellers become millionaires this year through the sales generated on our platform," said Nagori. WS Retail, a company Flipkart hived off earlier, is still one of the largest sellers on the marketplace but others have been catching up, he said, declining to disclose its share of overall sales.

The company will get stricter with merchants selling sub-standard products on the site, said Nagori. Marketplaces like Flipkart face difficulty controlling the quality of items listed by third-party sellers. Some consumer companies have alleged that counterfeits of their products are sold online. 

Sellers blacklisted by other ecommerce portals won't qualify to sell on Flipkart. Currently, there are over 4,000 sellers on the site. The company will ensure that sellers have a registered business and can only offer original products with warranties.

"We also have on-ground teams carrying out quality checks at seller facilities from time to time along with mystery shoppers who are constantly monitoring sellers for product quality, delivery timelines and customer friendly return/replacement policies, “ he said.

The e-commerce company is looking to raise another round of funds at a valuation of $15 billion (Rs 95,000 crore) and to sell goods worth $5 billion by March 2016. It is now valued at $11.25 billion and is set to clock $3 billion in gross sales by the end of the financial year in March.

Read more at:

http://economictimes.indiatimes.com/articleshow/46071989.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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Seventh Pay Commission's visit to Andaman & Nicobar Islands

The Commission, headed by its Chairman, Justice Shri A. K. Mathur, proposes to visit Andaman & Nicobar Islands from 4^th to 7^th February, 2015.

The Commission would like to invite various entities/associations/federations representing any/all categories of employees covered by the terms of reference of the Commission to present their views.

Your request for a meeting with the Commission may be sent through e-mail to the Secretary, 7^th Central Pay Commission at secy-7cpc@nic.in. The memorandum already submitted by the requesting entity may also be sent as an attachment with this e-mail.

The last date for receiving request for meeting is 31^st January 2015 (1700 hours).

Source :   http://7cpc.india.gov.in/

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Central government employees are likely to get 6% DA w.e.f January 2015

DA for January 2015

Presently, the AICPIN value for the month of December has been released.(253) We need the AICPIN value for the past 12 months in order to calculate how much DA we will get in January 2015. Accordingly, the AICPIN value of all the twelve months has been released now. I have provided the data for your reference below:

Table showing AICPIN value of the past 12 months

Jan-14	237
Feb-14	238
Mar-14	239
April-14	242
May-14	244
Jun-14	246
July-14	252
Aug-14	253
Sep-14	253
Oct-14	253
Nov-14	254
Dec-14	253

In the above table, we can see that the AICPIN value for a period of fIVE months has remained constantly at 253. If we calculate the DA, based on the AICPIN value of twelve months, we arrive at a DA value of 113%. When we compare this DA percentage with the previous one, we find that it has increased by 6%. It is expected that this 6% DA increase will be officially released in the end of February or first week of March after it is approved by the Cabinet.

DA CALCULATION TABLE

Jan-14	237	2802	233.50	117.74	101.71
Feb-14	238	2817	234.75	118.99	102.79
Mar-14	239	2832	236.00	120.24	103.87
Apr-14	242	2848	237.33	121.57	105.02
May-14	244	2864	238.67	122.91	106.17
Jun-14	246	2879	239.92	124.16	107.25	107
Jul-14	252	2896	241.33	125.57	108.47
Aug-14	253	2912	242.67	126.91	109.63
Sep-14	253	2927	243.92	128.16	110.71
Oct-14	253	2939	244.92	129.16	111.57
Nov-14	253	2949	245.75	129.99	112.29
Dec-14	253	2963	246.92	131.16	113.30	113

The DA that we will get for the month of July 2015 will depend on the AICPIN value that is released between the months of January 2015 to June 2015.

Source-http://www.7thpaycommissionnews.com/

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Reservation in promotions for SC/ST employees in government services

Reservation in promotions for SC/ST employees in government services, Please see this news paper report:-

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All India Consumer Price Index for December 2014 - Remained stationary at 253

AICPIN :Consumer Price Index for Industrial Workers for December 2014

No.5/1/2014-CPI
GOVERNMENT OF INDIA
MINISTRY OF LABOUR & EMPLOYMENT
LABOUR BUREAU

`CLEREMONT’, SHIMLA-171004
DATED: the 30th January, 2015

Press Release

Consumer Price Index for Industrial Workers (CPI-IW) – December, 2014

The All-India CPI-IW for December, 2014 remained stationary at 253 (two hundred and fifty three). On 1-month percentage change, it remained static between November, 2014 and December, 2014 when compared with the decrease of (-) 1.65 per cent between the same two months a year ago.

The largest downward pressure to the change in current index came from Food group contributing (-) 1.09 percentage points to the total change. At item level, Coconut Oil, Poultry (Chicken), Chillies Green, Ginger, Onion, Vegetable & Fruit items, Sugar, Petrol, etc. are responsible for the decrease in index. However, this decrease was restricted to some extent by Rice, Wheat, Wheat Atta, Arhar Dal, Masur Dal, Moong Dal, Mustard Oil, Fish Fresh,. Goat Meat, Eggs (Hen), Dairy Milk, Milk (Cow & Buffalo), Tea (Readymade), Cigarette, Electricity Charges, Firewood, E.S.I. Contribution, Cable Charges, Private Tuition Fee, Taxi Fare, Barber Charges, Flower/Flower Garlands, etc., putting upward pressure on the index.

The year-on-year inflation measured by monthly CPI-IW stood at 5.86 per cent for December, 2014 as compared to 4.12 per cent for the previous month and 9.13 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at 5.73 per cent against 2.56 per cent of the previous month and 11.49 per cent during the corresponding month of the previous year.

At centre level, Kodarma reported a maximum decrease of 12 points followed by Ranchi Hatia (7 points), Tripura (6 points) and Varanasi & Agra (5 points each). Among others, 4 points fall was observed in 5 centres, 3 points in 4 centres, 2 points in 18 centres and 1 point in 16 centres. On the contrary, Bhilwara & Tiruchirapally recorded maximum increase of 5 points each followed by Mumbai & Puduchery (3 points each). Among others, 2 points rise was registered in 5 centres and 1 point in 9 centres. Rest of the 12 centres’ indices remained stationary.

The indices of 38 centres are below and other 39 centres’ indices are above national average. The index of Varanasi centre remained at par with all-India index.

The next index of CPI-IW for the month of January, 2015 will be released on Friday, 27 February, 2015. The same will also be available on the office website www.labourbureau.gov.in.

(S.S.NEGI)
DIRECTOR

Source: Labour Bureau

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Sukanya Samriddhi Account / Yojana - Highest fetching interest scheme across all schemes

Disclaimer :- 

The infrormation is compiled by Akula.Praveen Kumar, Marketing Executive, Medak HO, AP Circle. Author of blog does not accepts any responsibility in relation to the accuracy, completeness, usefullness or otherwise of the contents.

Sukanya Samriddhi Account/Yojana is a Small Savings Special deposit Scheme for girl child. This scheme is specially designed for girl’s higher education or marriage needs.

Highest fetching interest scheme across all schemes.

The Scheme launched for the welfare of the girl child, to save and educate the girl child.

Features of Sukanya Samriddhi Account (SSA):

·           Who can open the account? – Sukanya Samriddhi a/c (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.

·           What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of ten years.

·           How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.

·           How to open a SSA account? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules.

·          What is the minimum deposit to open the account? – The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.

·          What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.

·          Deposits in an account may be made till the child completes fourteen years, from the date of opening of the account.

·           Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.

·          What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank.The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.

·          What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme

·          Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.

·           The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.

·            Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.

·           Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.

·          Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.

·         The scheme would mature on completion of 21 years of the girl child, from the date of opening of the account, with an option of keeping the account till marriage.

·           Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.

·            What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.

·          On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.

Tax Benefits on Sukanya Samriddhi Account Scheme

The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961.

At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C. But discussions are on to also exempt the interest income and withdrawal amount. We can expect a formal announcement on this in the coming Union Budget 2015-16.

(Issue of making interest income and withdrawal exempt from taxation can be done by Department of Revenue (DoR) through legislative amendments. The matter is under examination of DoR)

Sukanya Samriddhi Account vs Public Provident Fund (PPF)

Both Sukanya Samriddhi Account (SSA) and Public Provident Fund (PPF) aims to seed the savings habit but both schemes have their own pros and cons.

Stressing on the girls role in making the India competitive and prosperous nation, Prime Minister Shri Narendra Modi has today launched a new small savings account for the girl child “Sukanya Samriddhi Account” as an integral part of the “Beti Bachao-Beti Padhao” campaign.

Sukanya Samriddhi Account was initially introduced by Shri Arun Jaitely in his maiden budget speech but has been officially launched today by Prime Minister Shri Narendra Modi. He has handed over bank account details to five girls under the “Sukanya Samridhi Yojna” (girl child prosperity scheme).

Sukanya Samridhi Yojna is a special deposit scheme for girl child only but one another popular scheme to benefit child (irrespective of girl or boy) is Public Provident Fund (PPF).

Let’s see the difference between Sukanya Samriddhi Account and Public Provident Fund (PPF)

Sukanya Samriddhi Account vs Public Provident Fund (PPF)

Points of Difference	Sukanya Samriddhi Account (SSA)	Public Provident Fund (PPF)
For whom	Only for Girl Child.	For every Indian Citizen.
Age Limit	From the birth till she attains age of 10 years.	No age limit.
By whom	By the girl child who has attained the age of 10 years or by the natural or legal guardian.	By the Individual but by the natural or legal guardian for the minor child.
Where to open	Post office and nationalized banks but not private banks.	Post office and nationalized banks, including private banks.
Number of Account	One account for each girl child, maximum up to 2 or 3 accounts if twin girls are born in the second birth or triplets are born in the first birth.	Each Individual can hold only one account in his name.
Minimum Contribution	Rs.1,000	Rs.500
Maximum Contribution	Rs.1.5 lakhs in all accounts.	Rs.1.5 lakhs in all accounts.
Interest Rate	9.1% per annum for fiscal year 2014-15.	8.70% per annum for fiscal year 2014-15.
Tax Benefit on the Contribution	Contributed Amount will be deductible u/s 80C.	Contributed Amount will be deductible u/s 80C.
Tax Benefit on the interest earned	At present no tax benefit is announced for the interest earned. A mere sum of Rs.1,5o0 will be deductible u/s 10(32) .	Interest Earned is tax free under PPF.
Time Period of contribution	Minimum tenure of contribution is 14 years from the date of opening of account.	Minimum 15 years and then in blocks of 5 years.
Maturity	21 years from the date of opening of account.	15 years from the fiscal year of opening of account.
Penalty	Rs.50 per year if minimum contribution is not made.	Rs.50 per year if minimum contribution is not made.
Mode of Deposit	Cash or Demand Draft or Cheque	Cash or Demand Draft or Cheque
Premature Withdrawal	Allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age	No premature withdrawal is allowed except in case of death of the account holder.
Loan	No loan can be taken on the SSA balance.	Loan can be taken from the third year of opening of account to the sixth year.
Taxation on Maturity	No tax will be levied on the maturity amount.	No tax will be levied on the maturity amount.

Note:

1.      Interest rate under both the schemes will be notified each year by the Government.

2.      Interest will be compounded yearly under both schemes.

3.      Loan on the PPF balance is restricted to 25% of the balance at the end of 2^nd year.

4.      At present interest earned on SSA account is taxable in the hands of guardian but it may get tax rebate in the upcoming budget.

5.       Contributed amount get deduction u/s 80c up to Rs.1.5 lakhs including all other eligible investments.

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