Super rich Indians soar

India had the 12th largest millionaire population in the world in 2010. The country for the first time entered the Top 12 league of high net worth individuals (HNWIs) on the back of a robust economy and strength in key wealth drivers such as equities.

According to the World Wealth Report released by Merrill Lynch Wealth Management and Capgemini today, the number of HNWIs in India soared to 153,000 in 2010. India took over Spain, which dropped to the 14th position.

HNWIs are individuals with investible assets of $1 million or more, excluding primary residence, collectibles, consumables and consumer durables.

The growth in HNWIs was nearly 20.8 per cent from 126,700 in 2009, the highest among the top 12 countries, and more than that of China where the number grew to 535,000 from 477,000.

“India with a GDP growth rate of 9.1 per cent in 2010 and an increase in market capitalisation by 24.9 per cent presents a great opportunity and continues to remain an important market for wealth management providers worldwide,” said Atul Singh, managing director and head of Merrill Lynch Global Wealth Management, India.

According to the report, the Asia-Pacific region continues to contribute the greatest year-on-year additions to global HNWI ranks. During 2010, the millionaire population in the Asia-Pacific rose 9.7 per cent to 3.3 million, overtaking that of Europe where the growth at 6.3 per cent saw the total number of HNWIs at 3.1 million. The wealth of Asia-Pacific HNWIs’ rose 12.1 per cent to $10.8 trillion, more than the $10.2 trillion held by their peers in Europe.

Asia’s growth has been led by India and China and it is being felt that the Asia-Pacific will soon overtake North America (3.4 million) in terms of the number of high net worth individuals.

The millionaire population remained concentrated in the US, Japan and Germany, which together accounted for 53 per cent of the world’s HNWIs.

The US had the single-largest population of millionaires (3.1 million) accounting for 28.6 per cent of the global HNWI population.

General insurance IPO

The insurance regulator will come out with a separate set of guidelines for general insurance (non-life) companies that are looking to tap the capital market with initial public offerings. The regulator is waiting for Sebi’s recommendations on the disclosure requirements.

According to R.K. Nair, member (finance and investment) of the IRDA, the disclosure requirement for non-life insurance companies will be different from those of life insurance firms given the nature of cash flows and risks underwritten by them.

“We are awaiting the recommendations of SCODA (Sebi Committee on Disclosures and Accounting Standards) which is still working on the disclosure requirements for non-life insurance companies. Once we get these recommendations, we’ll come out with the IPO guidelines,” Nair said on the sidelines of an insurance summit of the Indian Chamber of Commerce here today.

He declined to give any time frame for releasing the guidelines.

Early this week, the Insurance Regulatory and Development Authority (IRDA) unveiled draft IPO guidelines for life insurance companies. In the draft, the requirement that an IPO applicant should be profit-making has been replaced by the condition that the embedded value of a life insurer must be twice the paid-up equity capital of the company. The embedded value is the value of all in-force policies plus the net worth of a life insurance company.

Tax returns relief for salary Person

If you are salaried and your gross annual income is Rs 6.55 lakh or less, you need not file income tax returns for the assessment year 2011-12.

The Central Board of Direct Taxes (CBDT) today notified that salaried individuals having a total income up to Rs 5 lakh after allowable deductions, including salary from one employer and interest income from deposits in a savings bank account of up to Rs 10,000, need not file income tax returns.

Under current tax exemption rules, a person with gross annual income of Rs 6.55 lakh can be left with Rs 5 lakh after the allowable deductions.

This means those with Rs 6.55 lakh gross annual income in 2010-11 need not file tax returns in the assessment year 2011-12 if they don’t earn salary from more than one employer, they don’t have additional income from sources other than bank accounts and they don’t have any tax refund claims.

However, they should get from their employer Form 16 — the certificate of tax deducted at source. The returns-exempt salaried will also have to give details of their interest income from bank deposits to their employer for deduction of income tax at source.

If the new rule had not come into force, salaried persons earning more than Rs 3.15 lakh a year would have had to file returns by July 31 this year.

Filing returns is a hassle that involves seeking the services of a tax consultant for a fee ranging between Rs 250 and Rs 500, though it can be done by individuals on their own either manually or through an online process which requires the purchase of a digital signature.

According to CBDT officials, the revised rule, which was announced in the budget, will benefit 85 lakh income tax assessees. The notification mentions only the assessment year 2011-12 but the government is expected to extend the relief.

Tatas vs ‘people in power’ Gloves off but no stay on Day One

The Tata Motors legal team today drew a distinction between the State and governments and pointed out that the “very people who created the lawless situation are now in power”. But the high court did not issue an interim order following an assurance by the administration that peace would be maintained at the Singur site taken over last night. The hearing on the Tata petition against the new government’s law that was invoked to reclaim the Singur factory land will resume tomorrow afternoon. The company lawyers blamed politics and held both the Left Front and the current dispensation — without naming either — responsible for the exit of the Nano plant from Bengal. The lawyers said the project was relocated to Gujarat after the “previous government” failed to maintain law and order. Barrister Samaraditya Pal, appearing for Tata Motors, added that the “very people who created the lawless situation (at Singur) are now in power”. “Politics should be behind economics but sadly it is ahead today and the common people are the sufferer,” Samaraditya Pal said during his three-hour argument that would continue tomorrow before Justice Saumitra Pal. Justice Pal did not pass any interim order today to enforce status quo on the Singur land or stay the Singur land act. The court was assured by the state advocate-general, Anindya Mitra, that enough police and security personnel have been mobilised at the site, 45km from Calcutta on Durgapur Expressway in Hooghly district. Justice Pal said law and order should be maintained and peace and tranquillity ensured at the site to protect the assets of Tata Motors and its associates on 997 acres. Around 500 security personnel, including a wing called “special strike force”, have been deployed at the Singur site. The factory has several shells of the Nano, wheels and accessories, besides cables, air conditioners, generators and huge containers. Some villagers stood in queues and sneaked into the factory though gaps in the walls and took away broken iron rods, plastic pipes and window frames. Officials said such “pilfering of junk” has been a regular occurrence, adding that the incidents could not be classified as “looting” or “vandalism”. In the court, Tata Motors said it came to invest in Singur at the invitation of the State and not the government, making a distinction between the two. It pointed out that the State was a continuation and the government, which acted as an arm of the State, changes every five years following elections that reflect the people’s verdict. “The verdict (in Bengal) was in favour of a party which is responsible for the Tatas to leave,” barrister Samaraditya Pal said. The counsel’s contention directly linked the Tata departure to chief minister  Mamata Banerjee’s party, unlike the company statement last week. The statement issued by Tata Motors on the day the bill was passed had referred to “violent agitation” and “hostilities” at the site but had not explicitly held anyone responsible. “India is a confederation of the states, not of governments,” Samaraditya Pal said in order to drive home the point that State policy should not be made subservient to the whims of political parties. The company said the Singur Act was bad in law and against the tenets of the Constitution. It also countered an assertion in the Singur Act that the company had abandoned the site. “The land remained unutilised. Who is responsible? Is it the State or is it my (Tata Motors) fault?” Samaraditya Pal asked. He said the land was acquired under a central act (the land acquisition act of 1894) and leased to the company. While taking the land back, the central act was not amended and a state law could not bypass the mother law. The company said it had offered two options to the previous government: an alternative project on the same land or move out if compensated for the loss but it did not respond to the communication. The company pointed out that no termination notice was sent as was required under the lease deed agreement. Tata Motors said that in the lease deed of March 2007, the State had promised to provide peaceful possession of land and also pledged to indemnify the company from any losses that would arise if any court held that the acquisition was bad in law. The courtroom witnessed some heated exchanges between the two sides. Tata Motors was represented by Samaraditya Pal and his associate Siddhartha Mitra and the government by Anindya Mitra, counsel and MP Kalyan Bandopadhyay and government pleader Ashok Banerjee. When Samaraditya Pal prayed that the State must protect the company’s assets, Bandopadhyay quoted a Tata letter to suggest no “plant or machinery” were left at the site after the relocation. Samaraditya Pal spoke of contempt of court following a remark by Bandopadhyay about the chief justice. Bandopadhyay said he did not insult the chief justice. Courtesy- The Telegraph,Kolkata,23rd June 2011

Retail bonds offerings

 Risk-averse investors can now hope to earn 11 to 12 per cent interest a year as non-banking finance companies (NBFCs) make a beeline to tap the retail non-convertible debenture (NCD) market.

At least three such NBFCs are planning to come out with retail NCD issues during the current financial year to diversify their funding sources.

Shriram Transport Finance Company (STFC), a Reserve Bank-registered deposit-taking NBFC, will be the first to hit the market on June 27, offering a maximum of 11.6 per cent interest to investors who invest less than Rs 5 lakh for five years. 

Higher net-worth investors will, however, get a lower interest rate of between 11 per cent and 11.35 per cent depending on the investment tenure.

Shriram’s NCD offer has two options — one for five years and the other for three years.

The debentures will be later listed on the National Stock Exchange to provide liquidity. 

Besides, the issue has a put and call option, which can be exercised at the end of four years.

However, an investor must have a demat account to apply for these debentures. Each debenture is priced at Rs 100, and the minimum application amount is Rs 10,000.

Manappuram Finance and Muthoot Finance are also planning to come out with their NCD offerings soon.

As per Karvy Stock Broking, “NBFCs have so far depended mostly on institutional funding, including banks. But as fund-raising from these sources have become a challenge under the current environment, NBFCs are looking to diversify their lender’s portfolio and turn to the retail debt market.”

Retail investors will be benefited because these NCD issuers will have to offer a higher interest rate than bank fixed deposit rates to attract investors.

Shriram Transport’s offer of a maximum of 11.6 per cent interest rate per annum is a case in point.

In fact, the company had offered an 11 per cent interest for its NCD offering last year, which was listed on the stock exchanges at a premium; the debentures still attract a premium despite a rise in interest rates since then. Debenture price generally comes down when interest rates go up. STFC hopes to mop up Rs 1,000 crore from the forthcoming issue.

STFC is engaged in the financing of new and old commercial vehicles of small road transport operators. The company has more than Rs 36,000 crore assets under management as at the end of 2010-11.

“

We are aiming at a 15-20 per cent growth in business in the current financial year and to support this business growth we may need to borrow Rs 12,000 crore,” said R. Sridhar, managing director, STFC.

However, he added that the company would not offer any more retail NCD issues in the current financial year.

A Great quote

If you steal from one author, it is a plagiarism,
if you steal from many it is a research.
.............. Wilson Mizner.

Indian IT industry concerned over global economic crisis

The resurgent Indian IT industry Monday expressed concern over the fragile global economy plunging into crisis again due to sovereign debt defaults in Europe, sluggish growth in the US and emerging economies overheating.

'The economic crisis is not just in India, but the world over. This is a period of concern. If the situation becomes worse, I don't think anybody can predict what will happen,' a top industry executive said here.

Though the Indian IT industry had not seen any impact of the crisis brewing, especially in Europe, Infosys chief executive S. Gopalakrishnan hoped that the lessons learnt from the 2008 global financial crisis would help in tackling the present crisis.

'I am hopeful that the coordinated efforts by the European Economic Forum and the IMF (International Monetary Fund) to address the debt-ridden crisis would get a right response as they did two years ago,' Gopalakrishnan said on the margins of an ICT function.

Admitting that the present crisis was a matter of concern for everybody, including the Indian IT industry, Gopalakrishnan said though economists projected that the post-2008 recovery would be a long drawn out downturn, the situation changed in a short time for better, especially for the developing countries.

'Hopefully, this time also, such concerted effort across nations will happen and we will be able to sustain this recovery. Though we (Indian IT industry) have not seen any impact yet, we don't know the future,' the IT honcho quipped.

 Courtesy-Indo Asian News Service, On Monday 20 June 2011, 11:01 PM

Inflation haunts growth drivers

Inflation is proving to be a huge bugbear for both India and China — the two fastest growing economies in the world.

Data released on Tuesday showed that inflation had spurted to 9.06 per cent in India in May, which came on top of an 8.66 per cent jump in April.

The inflation number was higher than the consensus estimate of 8.74 per cent and immediately sparked worries about another round of rate increases on Thursday when the RBI meets to review its monetary policy. The Street is expecting a 25 basis point increase. The RBI has already forecast that inflation will ease to 6.5 per cent by March next year.

In China, inflation accelerated to 5.5 per cent in May, the fastest pace in almost three years, and industrial output grew more than the economists’ forecasts. China has raised interest rates four times since September, increased banks’ reserve requirements to a record and allowed the Yuan to gain about 1.6 per cent against the dollar this year.

Finance minister Pranab Mukherjee said appropriate steps would be taken to rein in inflation. Economists expect another rate hike by the RBI on Thursday.

Costlier fruits, petrol and manufactured goods were behind higher inflation in May compared with April.

“We would keep a close watch on developments, both domestic as well as international, in the coming months and make appropriate adjustments as we go along,” Mr. Finance minister said. He said inflation was actually lower compared with May 2010 when it was at 10.48 per cent.

Economists said the RBI could take a cue from Beijing to continue with its rate tightening policy. The RBI has raised key policy rates nine times since March 2010.

While the consistent rate hikes have affected investments and led to a fall in growth numbers, inflation still remains the RBI’s major focus.

In May, prices of manufactured products, which have a weight of around 65 per cent in the wholesale price index, went up 7.27 per cent year-on-year. Inflation in fuel and power, with a weight of almost 15 per cent, stood at 12.32 per cent during the period.

With rising core inflation, the focus will remain on inflation rather than on growth. Therefore, we expect the RBI to hike policy rates by 25 basis points on June 16 and another 25 basis points in the third quarter.

OECD view

The Paris-based think tank OECD said the Indian economy was likely to expand at over 8 per cent this fiscal and had the potential to witness double digit growth in the medium term, provided right policies were in place and demographic developments pushed savings rate higher.

Mauritius Double Tax Treaties

Mauritius Double Tax Treaties

RIL hires SBI, other banks to raise over USD 1 bn loan

Billionaire industrialist Mukesh Ambani-led Reliance Industries is believed to have hired banking majors SBI, Bank of America and Citigroup among others to raise debt of about USD 1.1 billion (about Rs 5,000 crore).

The energy-to-retail conglomerate plans to utilise the fresh five-year term loan to refinance its existing higher interest rate debts, sources said.

When contacted, a company spokesperson did not comment on the debt raising plans.

The banks hired for raising USD 1.1 billion of loans include SBI, Stanchart, Bank of America, RBS, HSBC, ANZ Bank, Bank of Nova Scotia, Bank of Tokyo Mitsubishi UFJ, Barclays, BNP Paribas, Citigroup, DBS and Sumitomo Mitsui.

Earlier this month, Chairman and MD Mukesh Ambani said at the company''s AGM that RIL would become debt-free on net basis in the current financial year ending March 2012.

RIL had an outstanding debt of Rs 67,397 crore (USD 15.1 billion) as of March 31, 2011, as against Rs 62,495 crore (USD 13.9 billion) a year ago.

At the same time, RIL had cash and cash-equivalents of Rs 42,393 crore (USD 9.5 billion) as on March 31 this year, which was nearly double the level seen a year ago.

The company began a process last month to raise fresh loans worth about USD 1.5 billion.

Out of this, loans worth about USD 1.1 billion are for repaying its existing loans maturing in next two years, while the company would also look at further USD 400-500 million of fresh borrowings from abroad.

Last year in October, RIL had raised USD 1.5 billion for the first time through bonds denominated in US dollars.

While it raised USD one billion through 10-year bonds, another USD 500 million were arranged through sale of 30-year bonds. These funds were raised through RIL''s wholly-owned subsidiary Reliance Holding USA Inc.

This USD 1.5 billion bond sale was the company''s first such bond issue after 13 years. Besides, it was the largest ever public market offshore bond offering by RIL and largest ever corporate bond from India.

This debt raising exercise was followed by plans to raise funds through sale of bonds in global markets by other Indian companies.

These companies included the likes of Anil Ambani group firm Reliance Communications, ICICI Bank, Axis Bank, Essar Energy, JSW Steel and IDBI Bank.

KG basin contract: RIL under scanner again

Reliance Industry Limited (RIL) which is already facing criticism for pumping less gas than it should have from the key D6 block is once again under scanner for its alleged nexus with the Oil ministry for the KG basin gas contract.

The CAG report has said that the energy major Reliance Industries had inflated development costs on its D6 block in the Krishna-Godavari basin.

The CAG report which has ignited a lot of political fire also noted that former Director General of Hydro-carbons (DGH) permitted Reliance to inflate its development costs on extracting the gas in the D6 block to the KG basin from $2.47 billion to a whopping $ 8.84 billion.

The CAG also cited a joint venture of Reliance with BG and ONGC for hiking development costs in the Panna-Mukta and Tapti gas fields, newspaper reports added.

The Comptroller and Auditor General's (CAG) had asked the oil ministry to reply within two weeks as to why it had allowed some explorers to overstate costs of field developments and explore beyond their contracted areas, a newspaper report said.

It has been earlier been alleged that an Empowered Group of Ministers (EGoM) had allowed RIL to sell per unit of the gas at a price of rupees 4.20 even as the government companies were selling the same for just rupees 1.20.

In a statement issued late Monday this week, the oil ministry said it was examining the draft report, received on June 8, and would prepare a reply to the audit observations after obtaining details from relevant agencies.

The CAG report comes at a time when the government is struggling to fend off allegations of massive corruption in awarding of telecoms licences that may have resulted in revenue losses worth billions of dollars.

Mutual funds in a demat account

Investors can now hold their mutual fund units in dematerialized form. Investor who own a demat account can use it to hold mutual fund units. It is however not mandatory to convert units into demat form. Investors can also use the electronic platforms of stock exchanges to transact in their mutual fund units through the brokers of the stock exchange.

For this, investors have to use a standard form specified by the depository (CDSL or NSDL) called the conversion request form (CRF) or destatementisation request form (DRF). This form is available with the depository participant (DP). The completed form, along with the statement of account (SoA) which shows the unit holdings of the investor, has to be submitted to the DP. The DP will verify and forward it to the registrar and transfer agent, who in turn will confirm the details of units held in the SoA. Units will be credited to the demat account after this confirmation.

1. ISIN: Each mutual fund is assigned an ISIN (International Security Identification Number). It can be obtained from NSDL or CSDL and has to be included in the CRF/DRF.

2. Details: The details of each scheme with respect to scheme name, ISIN and number of units held should be correctly mentioned in the CRF/DRF and should tally with the SoA being attached.

3. Holding Pattern

The holding pattern of the mutual fund folios and that of the demat account should be the same, and in the same order.

4. Free & Lock-in Units

Mutual fund units such as those of tax-saving schemes may be subject to lock-in. Different forms have to be used for free and locked-in units of the same scheme even if held under the same folio.

Points to note

Signatures: The CRF/DRF has to be signed by all the unit holders of the folio, irrespective of the mode of operation of the folio.

Transacting with the mutual fund: Once units are dematerialized, investors cannot transact in them directly with the mutual fund or investor service centers. Transactions are routed through the stock exchange platform or through the DP.

Re-materialsation of units: Investors can also make an application for re-materialisation of the dematerialised units and only then transact with the mutual fund.

Historic Speech Delivered by Swami Vivekananda at world’s parliament of religions, Chicago: September 11, 1983:

Sisters and Brothers of America,

It fills my heart with joy unspeakable to rise in response to the warm and cordial welcome which you have given us. I thank you in the name of the most ancient order of monks in the world; I thank you in the name of the mother of religions; and I thank you in the name of millions and millions of Hindu people of all classes and sects.

My thanks, also, to some of the speakers on this platform who, referring to the delegates from the Orient, have told you that these men from far-off nations may well claim the honour of bearing to different lands the idea of toleration. I am proud to belong to a religion which has taught the world both tolerance and universal acceptance. We believe not only in universal toleration, but we accept all religions as true. I am proud to belong to a nation which has sheltered the persecuted and the refugees of all religions and all nations of the earth. I am proud to tell you that we have gathered in our bosom the purest remnant of the Israelites, who came to Southern India and took refuge with us in the very year in which their holy temple was shattered to pieces by Roman tyranny. I am proud to belong to the religion which has sheltered and is still fostering the remnant of the grand Zoroastrian nation. I will quote to you, brethren, a few lines from a hymn which I remember to have repeated from my earliest boyhood, which is every day repeated by millions of human beings: “As the different streams having their sources in different places all mingle their water in the sea, so, O Lord, the different paths which men take through different tendencies, various though they appear, crooked or straight, all lead to Thee.”

The present convention, which is one of the most august assemblies ever held, is in itself a vindication, a declaration to the world of the wonderful doctrine preached in the Gita: “Whosoever comes to me, through whatsoever form, I reach him; all men are struggling through paths which in the end lead to me.” Sectarianism, bigotry, and its horrible descendant, fanaticism, have long possessed this beautiful earth. They have filled the earth with violence, drenched it often and often with human blood, destroyed civilisation and sent whole nations to despair. Had it not been for these horrible demons, human society would be far more advanced than it is now. But their time is come; and I fervently hope that the bell that tolled this morning in honour of this convention may be the death-knell of all fanaticism, of all persecutions with the sword or with the pen, and of all uncharitable feelings between persons wending their way to the same goal.

Tips on Energy Conservation: Domestic Sector

 Lighting System

01.  One of the best energy-saving devices is the light switch. Turn off lights when not required.

02.  Many automatic devices can help in saving energy used in lighting. Consider employing Infrared sensors, motion sensors, automatic timers, dimmers and solar cells wherever applicable, to switch on/off lighting circuits.

03.  As for as possible use task lighting, which focuses light where it's needed. A reading lamp, for example, lights only reading material rather than the whole room.

04.  Dirty tube lights and bulbs reflect less light and can absorb 50 percent of the light; dust your tube lights and lamps regularly.

05.  Fluorescent tube lights and CFLs convert electricity to visible light up to 5 times more efficiently than ordinary bulbs and thus save about 70% of electricity for the same lighting levels.

06.  Ninety percent of the energy consumed by an ordinary bulb (incandescent lamp) is given off as heat rather than visible light.

08.  Replace your electricity-guzzling ordinary bulbs (incandescent lamps) with more efficient types. Compact fluorescent lamps (CFLs) use up to 75 percent less electricity than incandescent lamps.

09.  A 15-watt compact fluorescent bulb produces the same amount of light as a 60-watt incandescent bulb.

Room Air Conditioners

01.  Use ceiling or table fan as first line of defense against summer heat. Ceiling fans, for instance, cost about 30 paisa an hour to operate - much less than air conditioners (Rs.10.00 per hour).

02.  You can reduce air-conditioning energy use by as much as 40 percent by shading your home's windows and walls. Plant trees and shrubs to keep the day's hottest sun off your house.

03.  One will use 3 to 5 percent less energy for each degree air conditioner is set above 22°C (71.5°F), so set the thermostat of room air conditioner at 25°C (77°F) to provide the most comfort at the least cost.

04.  Using ceiling or room fans allows you to set the thermostat higher because the air movement will cool the room.

05.  A good air conditioner will cool and dehumidify a room in about 30 minutes, so use a timer and leave the unit off for some time.

06.  Keep doors to air-conditioned rooms closed as often as possible.

07.  Clean the air-conditioner filter every month. A dirty air filter reduces airflow and may damage the unit. Clean filters enable the unit to cool down quickly and use less energy.

08.  If room air conditioner is older and needs repair, it's likely to be very inefficient. It may work out cheaper on life cycle costing to buy a new energy-efficient air conditioner.

Refrigerators

01.  Make sure that refrigerator is kept away from all sources of heat, including direct sunlight, radiators and appliances such as the oven, and cooking range. When it's dark, place a lit flashlight inside the refrigerator and close the door. If light around the door is seen, the seals need to be replaced.

02.  Refrigerator motors and compressors generate heat, so allow enough space for continuous airflow around refrigerator. If the heat can't escape, the refrigerator's cooling system will work harder and use more energy.

03.  A full refrigerator is a fine thing, but be sure to allow adequate air circulation inside.

04.  Think about what you need before opening refrigerator door. You'll reduce the amount of time the door remains open.

05.  Allow hot and warm foods to cool and cover them well before putting them in refrigerator. Refrigerator will use less energy and condensation will reduce.

06.  Make sure that refrigerator's rubber door seals are clean and tight. They should hold a slip of paper snugly. If paper slips out easily, replace the door seals.

07.  When dust builds up on refrigerator's condenser coils, the motor works harder and uses more electricity. Clean the coils regularly to make sure that air can circulate freely.

08.  For manual defrost refrigerator, accumulation of ice reduces the cooling power by acting as unwanted insulation. Defrost freezer compartment regularly for a manual defrost refrigerator.

Water Heater

01.  To help reduce heat loss, always insulate hot water pipes, especially where they run through unheated areas. Never insulate plastic pipes.

02.  By reducing the temperature setting of water heater from 60 degrees to 50 degrees C, one could save over 18 percent of the energy used at the higher setting.

Microwave Ovens & Electric Kettles

01.  Microwaves save energy by reducing cooking times. In fact, one can save up to 50 percent on your cooking energy costs by using a microwave oven instead of a regular oven, especially for small quantities of food.

02.  Remember, microwaves cook food from the outside edge toward the centre of the dish, so if you're cooking more than one item, place larger and thicker items on the outside.

03.  Use an electric kettle to heat water. It's more energy efficient than using an electric cook top element.

04.  When buying a new electric kettle, choose one that has an automatic shut-off button and a heat-resistant handle.

05.  It takes more energy to heat a dirty kettle. Regularly clean your electric kettle by combining boiling water and vinegar to remove mineral deposits.

06.  Don't overfill the kettle for just one drink. Heat only the amount of water you need.

Computers

01.  Turn off your home office equipment when not in use. A computer that runs 24 hours a day, for instance, uses - more power than an energy-efficient refrigerator.

02.  If your computer must be left on, turn off the monitor; this device alone uses more than half the system's energy.

03.  Setting computers, monitors, and copiers to use sleep-mode when not in use helps cut energy costs by approximately 40%.

04.  Battery chargers, such as those for laptops, cell phones and digital cameras, draw power whenever they are plugged in and are very inefficient. Pull the plug and save.

05. Screen savers save computer screens, not energy. Start-ups and shutdowns do not use any extra energy, nor are they hard on your computer components. In fact, shutting computers down when you are finished using them actually reduces system wear - and saves energy.

Wish you all a happy energy saving.

India loses $16 bn every year due to corruption: Bedi

India loses a whopping USD 16 billion a year due to corruption, IPS officer-turned social activist Kiran Bedi has said. 

Speaking at an event organised by the Chicago Council on Global Affairs, she said, "out of every Rs 100 meant for infrastructure development, only Rs 16 is used and Rs 84 is lost."

She said that if India is free of corruption, it could become the most developed country in the world and all its debt would go away.

"I would like to see Indians in America collectively raising a voice because it is our future," said Bedi, who is associated with social activist Anna Hazare's anti-corruption campiagn.

Speaking about the Lokpal Bill, Bedi said corruption has increased because there was no system to check it and and there was no system in place to handle the negative aspects of positive growth. 

"It is only in the last two months thanks to the Supreme Court that key players and politicians went to jail for the first time and have not been bailed out till now," Bedi said.

She also spoke at the India Against Corruption event held at the Gayatri Shaktipeeth. "Scams have increased over the years and the number of recorded scams have also increased," she said, adding that records show that there are no commensurate punishment for such scams.

Bedi said that she needed the support of Non-Resident Indians to give the movement an additional momentum. "We can also try to weed out corruption if we allocate even 0.5 per cent of % for anti-corruption,"

Courtesy-http://www.moneycontrol.com/news/currentaffairs/indialoses3616bneveryyearduetocorruptionbedi_558218.html