Hello Friends, I am here to share some of the recent happenings at AUH:- *All the students of MBA-M&S; (BATCH 2011-13) have got very good placements in the top most companies. *All the students of MBA 1st year (BATCH 2012-14) hav...
Hello Friends,
I am here to share some of the recent happenings at AUH:-
*All the students of MBA-M&S; (BATCH 2011-13) have got very good placements in the top most companies.
*All the students of MBA 1st year (BATCH 2012-14) have secured their summer internships for 8-10 weeks in the companies like ADIDAS, STATE BANK OF INDIA, SOFTAGE INFOTECH, ACnielsen and many other reputed MNC's.
Great Opportunity for the students !!!
Amity University Haryana is offering attractive scholarships for the coming MBA batch( 2013-15) .
Hello friends !!!
Below mentioned are the award details received this year:
World Education Summit Award 2013 won in the category "Innovation in Teaching Pedagogy" for Tailor made Business Simulation Software by Amity University, Gurgaon, held on April 23 & 24, 2013 at Le Meridian, New Delhi.
"Best Innovative Private University in North India" in Brands Academy Education Excellence Award Ceremony 2013, held on April 13th, 2013 at ITC Maurya, New Delhi
"Best Innovation in Industry Integration" in HT Campus Conclave on Excellence in Education 2013.
This is for those who are interested in INTERNATIONAL BUSINESS !!!
Yahoo to buy Tumblr for $1.1 billion: Report - The Times of India
How falling inflation Affects the investments !!!! How falling inflation affects your investments - The Economic Times
In order to provide more comfort to the students, Amity University Haryana is now coming up with AC hostel facility !!!
Please provide some insight on Scholarship scheme of Amity
Praveen Kr. Sharma, Amity Business School, Gurgaon
Rural India with its traditional perceptions has grown up over the years, not only in terms of income, but also in terms of thinking. The rural markets are growing at about two time faster pace than urban markets, not surprisingly, rural India accounts for 60 per cent of the total national demand.
According to a survey conducted by Mckinsey, rural India population would become bigger than total consumer market in countries such as South Korea or Canada in another 15 years and it will grow at least four times from its existing size.
Gone are the days when rural consumer went to nearby city to buy 'branded products and services'. The rural consumer is growing and this is an opportunity to grab the market share for all the global players in the market.
Introduction
Economic development in the rural areas has given rise to innumerable business opportunities. It is up to the initiative of the rural population especially the women to tap these opportunities and to turn them into income generating ventures. The government, on the other hand, through its departments and agencies is currently encouraging as many people as possible to participate in business in the rural areas so that they can increase their income levels. The ultimate aim of increasing the level of income of the rural population is to narrow the income disparity level between the rural and urban population.
In a broad sense, economic development can be defined as an activity that assist in the inducement of commercial as well as social endeavors. The process of economic development involves and facilitates activities that stimulate a self-sustaining process of economic development, create jobs at acceptable wages and benefits, and produce goods and services that meet social needs such as affordable housing, greater community control, and broader asset ownership.
The role of government and Non-government agencies became more effective under cluster development approach in rural areas. Small- scale entrepreneurship clusters are now being developed like filigree, machinery parts like auto bulb, auto parts, woodcarving, stone carving, appliqué, leather foot wear, artistic mat, batic print, toys, betel nut craft, brass and bell metal, cane and bamboo works, clay toy and idols, coir craft, dhokra casting, durry and carpet, golden grass crafts, horn works, jute craft, lac work, natural fiber products, paddy craft, palm leaf decoratives, paper making, patta and tasar painting, sabai grass craft, sea shell, solapith work, terracotta, tribal jewellery, woolen carpet, designer dress and many others.
Major Business Opportunities in Rural Area:
Agriculture and Agro-Based Sector:
Manufacturing and Engineering Industry
Chemical based Industry
FMCG
Consumer Durable
The Restaurant and Catering Business
Retailing Business
Cleaning and Laundry Services
Health Care and Beauty Treatment Salon
Tailoring Services
Transportation and Distribution Services
Cold Room and Refrigeration Services
Photography/Video
Insurance
Banking
Telecom
Conclusion
State Bank of India, the country's largest bank, recently announced that it would shift its focus to Rural India to boost the retail portfolio. According to its Chairman, there is business opportunity in rural India. Similarly, ICICI Lombard plans to market weather insurance in the rural areas.
Urban-oriented banks and financial institutions see business prospects in shifting focus to the rural sector. They had not given this market much attention hitherto. A large pool of high net worth individuals, traders, entrepreneurs, processing industries, marketing and warehousing agencies, market intermediaries, professionals, educational institutions, plantations and so on provides a wide range of business avenues and market for these institutions to diversify the risks and also seeks growth.
The development of the telecom infrastructure in the rural areas has made doing business easy. Marketing intermediaries and loan recovery agents have brought down the cost of operations. Recent studies indicate that the actual level of non-performing assets (NPAs) in the rural sector is less than elsewhere, and this coupled with the low cost of operations, less expensive labour, infrastructure, cost of living, and so on make Rural India an attractive market.
With India entering the globalisation mode and the rural revolution being governed by rising purchasing power, increased savings, changing consumer habits, there are sure and positive signs that a new dawn of rural India is going to come.
Success, however, depends on using the right strategies and the ability to foresee the growth of this sector. Many economists and policy-makers increasingly believe that future growth of the domestic economy to a large extent will depend on the robust performance of the agriculture and rural sector. The manufacturing and service sectors cannot sustain the economy's growth if the rural sector underperforms.
By Praveen Kr Sharma, Faculty Member, Amity Business School, Amity University Haryana, Gurgaon.
Real Career in Real Estate Sector - Dr. Deependra Sharma, Amity Business School, Gurgaon
"Water, water, everywhere, Nor any drop to drink."
- Samuel Taylor Coleridge
Almost 35% of the world's wealth is tied up in real estate. It is estimated that real estate industry needs around 5 million professionals, including architects, civil engineers, planners and facility managers, every year, but only one million such professionals pass out from Indian institutes annually. Further, most of the real estate projects get delayed by three-four years and the acute skill shortage is a major contributor to this issue.
As the Indian economy continues to grow jobs are likely to reach the level of 5 million level by 2015. Consequently, the housing boom spurred by the requirements of office space and residential apartments is going to pick up steam over the next few years and reach a new high by 2016. With the phenomenal growth in the Real Estate sector during the last few years, property and Real Estate business has transformed to become more complex in structure and international in scope.
There is a Real Estate business opportunity of 100, 00,000 crores in India spread over the next 20 years which is likely to grow at an annual rate of 15% during the next 20 years. The residential real estate broking sector at present is estimated to be worth about Rs. 2,500 crores and is growing at a rate of approximately 20 to 25 per cent per annum.
This scenario answers the question with which the article started and says a lot about the potential of career (not job only) in real estate sector.
FACTS ABOUT INDIAN RETAIL
The Real Estate Sector in India provides Employment to about 33 to 36 million people. This sector consists of the Real Estate (Residential, Commercial and SEZ's) and Infrastructure.
The GDP economy of construction will grow at a CAGR of 9.5% to 10% till 2022 in real terms. This would translate to the overall employment in the industry increasing from the current level of around 36 to over 83 million by 2022.
This sector for employment will emphasize more on highly skilled professionals than on the educational profile. The incremental human resource requirement in the "skilled workforce" alone is expected to be above 9 million. The training requirements of this manpower have massive potential.
Real Estate Professionals with mix of skills are vital if real estate market is to operate efficiently and deliver the range of objectives required by real estate users, investors and developers.
REASONS FOR GROWTH
Real Estate industry is one of the fastest growing industries in India with an estimated market size of USD12 million and an annual growth rate of 30%. Factors such as the changing demographics, increasing affluence, large segments of population becoming economically active, increasing urbanization, rise of nuclear families, and the desire to own rather than rent a house, are the key drivers that are shaping up the demand in the real estate sector.
The advent of organized retail market with players such as Wal-Mart, Reliance, Spencer, etc, who are looking to expand into Tier 2 and Tier 3 cities, has further boosted the real estate market and therefore, the opportunities offered by the industry.
SCOPE IN REAL ESTATE DEVELOPMENT CAREER
The career opportunities that the real estate sector provide an individual in India are as Residential real estate broker ,Commercial real estate broker ,Real estate appraiser ,Property manager, Facilities manager, Real estate investment consultant ,Project development experts. Further, in this sector individual gets benefit in terms of independency, sense of achievement,. unlimited income, huge potential, work schedule.
WHY TO JOIN REAL ESTATE COURSES?
Having read all this it is possible that one may get interested in pursuing career in this field. For them the following information would be of some help.
The scenario is changing fast and there is a lot of professionalism coming in because of the arrival of major players. Developers are cleaning up their acts and introducing best practices and higher transparency now, thanks to evolving market dynamics. People equipped with the right know-how, training and professionalism are in high demand, and are paid correspondingly.
The emergence of Indian real estate as a new academic focus is, of course, heartening. Equipping students with a basic understanding of the real estate market is as valid as instructing them on stock market dynamics - knowledge of either field can open up various career possibilities and attract youthful progressiveness into the sector.
And as in every other business field, the instructed youth of today are the leaders of tomorrow.
Funding/Scholarship
Fees may vary between Rs 60,000 to 1, 00,000 per year depending on the college one chooses. However, one can borrow a loan from a bank, which offers a loan of up to Rs. 7.5 lacs.
Pay Packet
The pay packet for real estate sales executives may start from a minimum of Rs. 15,000 and go up to Rs. 50,000 based on the business he brings. If one has been hired on a commission basis for the realty or mortgage department in a bank or private financing companies, one will earn proportionate to the business relationships. As a civil engineer, one may be placed as structures managers for a higher starting salary of Rs. 20,000 to Rs. 25,000 per month.
CONCLUSION
With land and buildings being integral parts of any venture that is initiated, real estate is an industry that will always keep thriving and offering lucrative career opportunities. The industry offers career opportunities not only to the individuals with a background in the Real Estate sector but also to those coming from finance, marketing, consulting, general management, and other domains.
All aspiring real estate professionals are advised is to educate themselves to the maximum extent possible on all aspects of the property sector and the business world. He is expected not only to have strong understanding of sound business ethics but also must believe them.
As discussed opportunities in this sector are highly lucrative yet most of the Indian Colleges, Universities and even Business Schools do not offer any structured Real Estate Management programs.
Thus, real estate provides an opportunity to students as well as to various institutes who are already in the education sector but have not focused on this sector. If this happens, it will be a win-win situation for prospective employer, prospective employee and educational institutes.
Article by Dr. Deependra Sharma, Amity Business School, Gurgaon.
Director Speak: Interview with Dr. Padmakali Banerjee, Amity Gurgaon
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There are few women in leadership roles in our higher education system in India. What do you think are the challenges?
The role of women has undoubtedly changed significantly in the last 67 years. Today's women aspire for leadership roles in all sectors including higher education. There are challenges in all sectors and in all industry irrespective of gender. As a women leader I always look forward to transforming the challenges into opportunities, rather than looking at them as challenges. Coupled with my need for achievement, the leadership role is very fulfilling and contributing towards knowledge creation.
What important interventions would you suggest for business schools today to be relevant in such a dynamically changing world?
The rapidly changing business landscape requires leaders with a global perspective and understanding of evolving economies. Innovative curriculum coupled with world class faculty and thought leadership help create such leaders. By focusing on quality education through innovative teaching methods, industry interaction, live projects and corporate connect Programmes we are able to stay relevant in today's dynamically changing world. Additionally, any intervention that is futuristic, which deals with the current economy, addresses the climatic changes, and keeps in mind the current trends of changing economic scenario and disaster management will also aid in being consistent with the changing economy.
Do you think the recent growth of 1yr PGP courses is a sign of maturity in the market both from candidates as well as employers?
1 Year PG courses are certainly the need of the hour. Executive education is very critical to the success of any individual that chooses to rise within the society or an organization. For example, technical graduates that are looking to climb the corporate ladder in hierarchy, have the opportunity to do so by enrolling in the 1 year executive MBA courses, thereby fast tracking their career. In this case, we provide learning that is perfectly aligned with strategic goals and has value added impact for their future growth in any work area.
You can connect with Dr. Padmakali Banerjee on Amity Gurgaon Official Thread
What is the objective for Centre of BRICS Study at Amity?
The Centre of Excellence was formed with an objective of creating a practice research outreach center. The center promotes technological information exchange among the countries of this economic block. The center aims to improve the professional development of the BRICS countries by benchmarking the best practices and providing a holistic atmosphere, that nurtures and encourages the application and practice of research leading to towards growth in all sectors. The other centers of Excellence that we have established are Center for Financial Analytics, Center for ROBOTICS etc to name a few.
Would the future of higher education in India be driven by "private" or "public" Universities? Why?
Whether government or private, innovation and reforms in academic delivery system are very much essential in today's education scenario. The future is driven by collaboration between public-private partnership,Government of India, and Research& Academic Institutions. More than 45% of the universities in India today are private. I visualize a growing trend through collaboration and association; both national and international with industries as well as best practices center.
What is your view on Innovative best practices
Innovation is the order of the day. Our innovative techniques focus on academic flexibility, blended and innovative learning methods, teaching and enhanced learning,flexible credit system and academic innovation which can be holistically referred to as value based quality education.Through innovative best practices we are able to develop responsible leaders that bring value to their education and are able to serve the community better. By offering a curriculum with a contemporary and global perspective, we are able to develop future leaders that possess knowledge and skills that are relevant to the changing trends.
by Bhaskar L Kandpal, Amity Gurgaon
Over the past few decades as a result of markets and economies across the world opening up for international trade, the competition across all sectors has risen catastrophically. Organizations now find it hard to maintain competitive edge over rivals as a result of constant innovation and meeting changing tastes and requirements of customers, in an instant as a result of breakthrough innovation by rivals or failing to meet customer needs organizations can hand over edge to rivals. Also as a result of many opportunities which exist in different sectors, retention has become a major issue for organizations; poaching top talent from one another is what most organizations are after in today's era. This and many other such factors have made it hard for organizations to sustain, survive and compete effectively, yet some organizations stand in a league of their own, not only are they growing at a fast rate, but also at the same time they have been able to maintain competitive edge rivals for long periods. The question arises that what is it that these organizations are doing right and the others aren't?
The answer to the above question is creation of an organizational culture which fosters mutual respect, harmony, sincerity, dedication, hard work at the workplace; this is what differentiates successful organizations from the not so successful and failed ones. I would like to highlight here as an example an organization by the name of Semco Partners Brazil, the company as described by Australian ABC television news broadcaster is the most unusual workplace in the world. This because of the fact that the company does not have any set timings for work, people can come and go when they want, they can take holidays when they want, employees set their own wages/ productivity targets, employees decide who their boss is going to be, there are no designated areas for sitting, everyone has the right to participate in board meetings and voice their opinion including a lathe machine worker and so on. Looking at the above anyone would say that such a case is impossible, such a company does not exist, even if it does exist it would not survive for long, yet the reality is the company exists and has witnessed a phenomenal growth within a short span of time.
Profits have tripled and net worth of the company has increased from $5 million to well over a billion within a matter of few years, how such phenomenal growth can take place despite the company having such a liberal workplace which gives employees absolute freedom. One can easily argue that people would obviously take advantage of such freedom and over a period of time the company would collapse, yet in the case of Semco it is entirely opposite, the company not only is growing currently but also expanding its presence in different sectors. This unusual phenomenon has taken place as a result of the companies culture, the CEO of the company Ricardo Semler believes that people will work only when they want to, pressurizing them to work would eventually result in work being done, but that would be less significant in terms of delivering success as in case when people work out of their willingness. In the interview on a ABC news Australia and also in HBR archives case study he has mentioned the fact that most organizations have a military culture whereby there are set timings of work, set places where people work, hierarchies which prohibit sharing of ideas and innovation and so on. By abolishing all rules and regulations he has created a culture whereby people have developed a sense of responsibility towards work, people work in small self managed teams and cover up for one another at all times, they decide amongst themselves holidays, times of work and other related aspects, their ultimate goal is to deliver high quality services on or before time.
It is clearly evident from the above discussions that creating an organizational culture whereby employees have mutual respect for one another, they are passionate about their work and they respect what the company is doing for them, success will be delivered to organizations in the short and long run. Another example which I would like to mention over here is that of a company by the name of Zappos, the company is into online shoe retailing, the companies' revenue have grown from $1 million in 2000 to well over $1 billion by 2008, the company was acquired by Amazon in an all stock deal worth about $1.2 billion in 2009. How can a company grow its revenues so much within a short period of time? The answer to the question has been given by Tony Hseigh (CEO, Zappos), in an interview in IBSCDC case study he has mentioned the importance of organizational culture, the company hires employees who match with their organizational culture which focuses on developing within employees the passion and zeal to go out of way in providing customer service. The company does not do any marketing; it focuses on superior customer service over it and places high emphasis on organizational culture which promotes this value in each and every employee. 70% of its customers are repeat customers and it relies on word of mouth publicity, the company was ranked no. 23 in fortunes list of 100 best companies to work for, also the company has a set of 10 core values which make its culture unique. All in all the company, its employees and CEO attribute the success of the company to its unique organizational culture.
It is evident on the basis of both the examples given, that organizational culture is indeed a powerful force that can propel organizations towards success, also in today's competitive era it will not only ensure long term growth but also create win win situation for all (Employees, employers, customers, different stakeholders) at all times. This article has been discussed in the light of two companies which are not so big and famous, however there are other corporate giants like GE, Google and so on which have witnessed phenomenal success as a result of getting the organizational culture right, all in all to conclude I would like to mention the fact that competitive edge, mega profits, innovation and so on are all delivered to organizations by its employees, taking care of employees and making sure they are happy hence becomes the prime responsibility of organizations, organizational culture if right can be an effective tool which will ensure employees are happy, dedicated, passionate and so on about their work.
References:
https://www.youtube.com/watch?v=gJkOPxJCN1w, Interview with Ricardo Semler
Semler, R. (2004). The seven day weekend: Changing the way work works. Penguin group publishing.
Ricardo Semler & Semco SA, Thunderbird case study, Harvard Business review Archives, 1999
Designing an organizational culture: Tony Hseigh writing Zappos organizational culture?, IBSCDC case study 2009
Article authored by Bhaskar L Kandpal (Assistant Professor, Amity Business School, Gurgaon)
He has done his MBA from University of Wales Institute, Cardiff, UK, BA (Management) from University of Leeds, UK and ADBM (Gold Medal), Forbes college, London.
Term to maturity is the main Evil
The recent financial crisis has left a number of questions on the financial engineering concepts and methodology. Does it lag in any basic assumption while designing the instrument or it is so complicated that even investor is not able to foresee its side-effect?
Whatever be the reason, I have observed one thing by analyzing different economical crisis, instrument having longer term to maturity is the main evil of these entire crises. This is because longer the term to maturity, longer the period of further transaction. And as we know, a transaction occurs only when at least one of the parties gets benefited. That means each transaction occurs with the rise in the value of the asset. Hence, longer the maturity, more the chances of transaction; more transaction, more value creation and hence more bubble formation.
This can be proved from the time value of money concept as well. An instrument having longer time to maturity has a more time value associated than with a short term maturity instrument. This time value decreases with the passes of time and attains the intrinsic value at the maturity. If this maturity is very long, its very difficult for the instrument to achieve its intrinsic value and before achieving maturity, a creates a lot of bubble and bursts in between. This bubble formation is further supplemented when a number of derivative instruments are designed on this underlying instrument and hence the inverted pyramid is formed.
Recent crisis also occurred because of a huge exposure in housing loans which had a term to maturity of approximately 15-20 Years and we have seen the leverage ratios during those days (its was to the extent of 30-40 times). This leverage was not created overnight; this was created over a period of more than five years. Just think, if the period for this leverage creation would have not been provided, there was little chance for this bubble formation. Have you heard, financial or economic crisis because of money market instruments or short duration instruments.
This left us at a juncture where we are forced to think, should we stop using these instruments? Or should we take some measure to control the transaction of these instruments over the period? This is a wide topic for discussion.
Peter Drucker predicted that the major changes in
society would be brought about by information. He argues that knowledge has become the central, key resource
that knows no geography. According to him, the largest working group will
become what he termed "knowledge workers." Over the past few decades or
so organizations have witnessed radical transformations in terms of size,
structure, culture and so on, in particular organizations have had to adapt to
omnipresent volatile changes on a more often basis than not. This in a way has
led to organizations focusing on recruiting people who are educated,
knowledgeable & capable of adjusting to changes time and again, in short
knowledge workers constitute majority part of the organizations workforce, managing
people therefore as a result of this can now be considered as an art rather
than a function. This is purely because of the fact that no longer can
organizations have a major say in their running, organizations now tend to be
more flexible in their approach, and the transformation from authoritarian to
participative management culture is what has led to managing people becoming
difficult in current scenario.
As mentioned above managing people is not the only challenge which organizations are facing, one of the major challenges is that of adapting to volatile changes, this includes various aspects like meeting customer needs and requirements as per changing tastes, keeping tabs on competition, continuous innovation and so on. These mentioned problems are external in nature, however problems happen within the organizations as well, culture mismatch, interpersonal/ intrapersonal relationships issues, problems related to group/ team dynamics, communication issues, politics and so on are problems which are part of most organizations. If we look at all of the above discussion, one can easily say that sustenance, survival & growth which most organizations are after has become a difficult task. Keeping in mind knowledge workers constituting major part of the workforce & external and internal problems which are omnipresent, how do organizations create a balance between them, employees and different stakeholders, also at the same time sustain, survive and grow in an effective and efficient manner?
Organization development is an effort planned,
organization wide, and managed from the top, to increase organization
effectiveness and health through planned interventions in the organizations
"Processes", using behavioral science knowledge. In short OD is a process which
involves implementing change within an organization in a planned and systematic
manner for the betterment of one and all. The process can be used when an
organization is facing problem (External & Internal mentioned above), or
when the organization wants to grow via the means of implementing a planned
change. In the former case OD consultants assess the situation at grass root
level within an organization and then suggest changes which would enable
organizations to eliminate the problem. In the latter case the OD consultant
assesses where the organization is today and where it would like to be in
future, on the basis of assessment of the two factors the OD consultant
proposes a series of planned changes that will help the organization grow.
Most researches have indicated towards the fact that change is not something which many people are comfortable with; in particular this becomes a very complex issue keeping in mind the number of times organizations have to adapt to changes in the current scenario. OD as a field makes sure that people working within organizations are capable enough of adjusting to changes with ease; this is done via the means of showing people the benefits they would reap as a result of change. Also organizational development aims at creating a culture whereby both people and organizations have the willingness to change for each other's benefit; in short it tries to create a right balance between people and organizations. OD uses extensive knowledge of behavioral sciences; this gives it a very humane approach, Marguiles & Raia (1972), have mentioned humanistic values of OD as being:
1. Providing opportunities for people to function as human beings rather than as a resources in the productive process
2. Providing opportunities for each organization member, as well as for the organization itself, to develop to their full potential
3. Seeking to increase the effectiveness of the organization in terms of all of its goals
4. Attempting to create an environment in which it is possible to find exciting and challenging work
5. Providing opportunities for people in organizations to influence the way in which they relate to work, the organization, and the environment
6. Treating each human being as a person with a complex set of needs, all of which are important to their work and their life
Carefully analyzing the above and comparing it with the discussions in previous paragraphs it can clearly be seen that OD as a field not only helps organizations manage change effectively, but also aims to eliminate any problems which it faces at grass root level. Also the field focuses on creating humane organizations which have right balance between itself, employees and different stakeholders involved, on an overall basis it lays the foundations of an organization which can sustain, survive and grow in the current volatile and competitive business scenario.
Marketing executives in commercial banks are working under tremendous pressure to fulfill their business targets at any cost. These executives are selling various banking and insurance products of high value without adhering strictly to KYC norms, allowing high magnitude cash transactions and even fill in forms with wrong permanent account number (PAN) to facilitate transactions. Even, there have been instances where RBI has found that money was deposited in certain accounts through countless demand drafts valued at between Rs 49,500 and Rs 49,900 within months. These transactions short-circuited the transaction-tracking process and helped the customers to evade tax and may have even facilitated money laundering. The banks involved may feign ignorance of this, but under the norms of Prevention of Money Laundering Act, 2002, they are required to file Cash Transaction Report (CTR) and suspicious transaction reports (STRs) to Financial Intelligence Unit (FIU).
Money laundering (ML) has always been a matter of discussion for government of all the countries. Money Laundering is the process of concealing the source of money obtained by illicit means. The methods by which money may be laundered are varied and can range in sophistication. In 1996, the International Monetary Fund estimated that two to five percent of the worldwide global economy involved laundered money. In India the Prevention of Money Laundering Act 2002 (PMLA), comes into effect on July 1, 2005. Section 12 (1) of PMLA prescribes the obligations on banks, financial institutions and intermediaries (a) to maintain records detailing the nature and value of transactions which may be prescribed, whether such transactions comprise of a single transaction or a series of transactions integrally connected to each other, and where such series of transactions take place within a month; (b) to furnish information of transactions referred to in clause (a) to the Director (FIU) within such time as may be prescribed and the records of the identity of all its clients. Section 12 (2) of PLMA prescribes that the records referred to in sub-section (1) as mentioned above, must be maintained for 10 years after the transactions finished.
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This law lays down the mandates for reporting Cash Transaction Reports, Suspicious Transaction Report and Counterfeit currency transactions to the Financial Intelligence Unit (FIU). Each government is expected to set up a FIU according to recommendations from the United Nations. These FIU institutions help in the implementation of the Money Laundering Act. In India we have the FIU under the Department of Revenue, Ministry of Finance, India. Implementation of Anti Money Laundering Act is through Financial Intelligence Unit and Enforcement Directorate. Role of Financial Intelligence Unit in India FIU are specialized government agencies created to act as an interface between financial sector and law enforcement agencies for collecting, analyzing and disseminating information particularly about suspicious financial transactions.
Financial Intelligence Unit - India (FIU-IND) was set by the Government of India in 2004 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspicious financial transactions. FIU-IND is also responsible for co-ordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing the global efforts against money laundering and related crimes. FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister. The main function of FIU-IND is to receive cash/suspicious transaction reports, analyze them and, as appropriate, disseminate valuable financial information to intelligence/enforcement agencies and regulatory authorities. Reporting requirements of Banks: Cash Transaction Report is defined in the Prevention of Money Laundering law as list of transactions having value above Rs 10 lakh which are to be reported by banks to the FIU. Cash Transaction Report PMLA requires banks, financial institutes and capital market intermediaries to furnish the FIU information related to:: 3 - All cash transactions of the value of more than rupees 10 Lakhs or its equivalent in foreign currency. - All series of cash transactions integrally connected to each other, which have been valued below rupees 10 Lakhs or its equivalent in foreign currency where such transactions take place within a month
Suspicious Transaction Report Under PMLA 2002, reporting entities are required to report suspicious transactions to FIU. Rule 2(1)(g) of the PMLA Rules defines a suspicious transaction as a transaction, whether or not made in cash, which to a person acting in good faith - - Gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime of an offence specificied in the schedule to the act. - Appears to be made in circumstances of unusual or unjustified complexity. - Appears to have no economic rationale or bonafide purpose - Gives rise to reasonable ground of suspicion that it may involve financing of the activities related to terrorism.
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The world is no longer mapped on the business blueprint with demarcated boundaries, rather today; it is regarded as a boundary-less global economic village. There are no barriers to trade from one country to another. Within the countries, there are innumerable industries that lay the foundation for the country's growth and development. Globalization, internet and hyper competition are dramatically reshaping markets and changing the way business is done. Customer needs, values, ethics and norms have undergone drastic changes. Today, customers want endless options and alternatives. The market has shifted its axis from 'Seller Market' to a 'Buyer Market'. International marketers have to; therefore, make strong efforts to enter new markets to sell their products and services whilst keeping the growing competition at bay. Organizations have to evolve new strategies. They look for competitive edge and strategies based on their value chain, strengths, opportunities and core competences.
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Brand and product positioning is the name of the game. International marketing executive have to be on high alert at all times so as to keep abreast with the latest happenings in the global arena. Growing liberalization, globalization and privatization in developing economies like India have created situations where international managers have to look for new innovations and creative strategies in order to meet the competitive threats positively and effectively and carve a niche for oneself. The full-time regular Master of Business Administration in International Business Program offered by Amity Business School is an opportunity to achieve the aforementioned challenges and reap the opportunities. Here, a plethora of activities like international platforms for industry interaction, meetings with corporate honchos, CEO's, top management of MNC's etc., aggressive placements in the top corporate houses of India and abroad, renowned faculty & academia, world-class infrastructure, 100% online teaching pedagogy etc. are just some of the things that make our students culturally sensitive, dynamic and ethical global business leaders of tomorrow. An opportunity to possess a dual specialization diploma (in addition to International Business) gives a competitive advantage to our students.
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In keeping with tradition at Amity University Gurgaon, the colourful and vibrant annual student's festival - Amifest 2015 - was held on 20 March 2015. The day-long intra-university festival showcased the myriad talents possessed by the students of AUG, be it in the field of art and culture or in the sphere of technology and engineering. While on the one hand, the festival witnessed excellent performances on the dance stage, supremely talented students regaled the audiences with brilliant singing on the other.
Amifest has been part of the AUG folklore since its inception as a university in 2010. The student's festival is an extremely important part of the academic calendar as each student looks forward to the events with enthusiasm and interest. The 2015 version of Amifest was a grand success with student's participation being above expectations in all events convened as part of the festival, including Techfest 2015 organized by the Amity School of Engineering and Technology.
A major highlight of Amifest 2015 was the spectacular fashion fiesta which captured the imagination of the audience like never before. Students of fashion design and technology showcased their creations on the ramp cheered by a massive show of strength from the students. The glittering fashion event was preceded by DJ War which drew tremendous applause from the audience as the multi-faceted character of our students came to the fore. The auditoria rang out with the beats of the bhangra as well as popular Bollywood numbers as the solo and group dance competitions were held enthralling the students and faculty alike.
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Technical skills of the students were on full display as they participated with gusto and vigour in the several technical events organized as part of Techfest 2015 including technical paper presentation, circuit designing, LAN gaming, MATLAB and MCAD, as well as paper plane flying. The day-long technical fest engaged the students as previous year's winners jostled for space with new aspirants. The Tech Gallery with innovative technical and scientific models prepared by the students and faculty was a major highlight of Techfest 2015. The events were well attended and successfully completed.
The field of literature and social issues received a special boost as Poetica 2015 and The Big Debate 2015 were held as part of Amifest. The debate competition saw a fantastic response from the students as eight teams and two individual participants matched their wits on a topic of great relevance, "Freedom of expression with conditions is no freedom". Close to twenty students recited their self-composed poems and drew tremendous applause from the audience as well as the judges.
A high point of Amifest 2015 was the NukkadNatak competition which drew on social issues such as women's safety to engage the audiences with their superlative performances. Live painting sessions with prominent artists from around the country was organized along with an art and sculpture exhibition.
Amifest 2015 ended with the students feeling one with the ethos of Amity University Gurgaon where talent and spirit is celebrated and promoted. The infectious enthusiasm matched the efforts of all faculty coordinators involved in the festival.
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Nobel Laureate Shri Kailash Satyarthi, Bharat Ratna Prof. CNR Rao and Padma Vibhushan Dr. G. Madhavan Nair conferred with Honorary Doctorates
It was most cherished moment for the graduands of Amity University when they were conferred Degrees and Diplomas during memorable first Convocation 2015 at University Campus, Manesar.
Dr. Ashok Chauhan - Founder President - Amity Group and Mr. Aseem Chauhan, Chancellor, Amity University Gurgaon and Prof. P B Sharma, Vice Chancellor, AUG conferred UG and PG Degrees and Diplomas to 1038 successfully qualified graduands for various programs.
The Convocation procession, led by Piper Band, heralded the entry of venerated members of the management including Dr. Ashok K Chauhan- Founder President, Amity Group, Mr. Aseem Chauhan- Chancellor, Amity University Gurgaon, Ms. Amita Chauhan- Chairperson, Amity International Schools, Ms. Sapna Chauhan - Chairperson, AmiOwn PreSchools, distinguished Trustees and members of Management, Directors, Head of Institutions who walked the aisle, wearing impressive ceremonious gowns, much to the awe of the gathering.
Graduands, accompanied with their family members and acquaintances, beamed with joy and exhilaration as they went down the memory lane, reminiscing college days while re-uniting with their friends, faculty members and Institution Heads. All the graduands donned beautiful black robes with caps and colored scarves representing their programmes and they walked with pride and sparkle in their eyes.
163 meritorious graduands received special Awards, Trophies, Medals and Salvers, wherein, 50 graduands were awarded with Gold Medals, while 49 students bagged silver medals, 45 Graduands were presented with bronze medal, and 12 commendable graduands received trophy.
Mr. Aseem Chauhan- Chancellor, Amity University Gurgaon declared the Convocation open.
Addressing the gathering, Prof PB Sharma- Vice Chancellor, Amity University Gurgaon welcomed the august gathering, and presented a brief report of the University. He outlined the achievements of the University of academic year 2013-2014 wherein he mentioned that Amity University Gurgaon have succeeded in percolating the culture of research and innovations Prof. Sharma congratulated the graduands and wished them luck in their future endeavors.
Sharing his views, Dr. Ashok K Chauhan- Founder President, Amity Group addressed Amity alumni as Amity's Amazing Achievers and stressed that Amity alumni are empowered to change the country and the world. He remarked that Amity alumni are equipped with rich Indian culture and ethos which would help them to achieve anything in their lives. Dr. Chauhan, who himself believes in "Success by Compulsion", called upon the Alumni to have an urge to achieve something in life, forge ahead with strong conviction, self confidence and faith in God, without getting perturbed by deterrents.
During the occasion, Nobel Laureate Shri Kailash Satyarthi was conferred with Honoris Causa in Science for his extraordinary and far-sighted commitment to social emancipation with profound and exemplary contribution in pursuit of his long-cherished goal of ending child slavery.
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During his acceptance speech through video conferencing, Shri Kailash Satyarthi expressed his gratitude for the honor bestowed upon him. Encouraging the graduands to contribute towards development of nation, he said that the youth has to create a new type of 3D wherein the first D represents Dream which means to dream success in life with the dream of making India developed in the field of economy, knowledge and morality; the second D is Discover which means to identify the power within yourself and the third D is Do which means to do things immediately. He further added that when a person dreams about his career then the reach is limited but when a person dreams about the development of nation then his/her personality enhances and the person achieves success at great heights. Mr. Satyarthi opined that there is a need for democratization of knowledge, economy and moral values which will make India a superpower. He congratulated the graduands for their accomplishment and wished them success for their careers.
In the convocation, Bharat Ratna Prof. CNR Rao, Head of the Scientific Advisory Council to the Prime Minister of India was conferred with Honoris Causa in Science for his extraordinary scientific vision and unwavering commitment to the cause of the society.
In his acceptance speech, Bharat Ratan Prof. CNR Rao said, "I am honored to receive the honoris causa from Amity University." Enlightening the students with mantra of success,he said that if an Indian decides to succeed then he/she is destined to succeed. He further added that a person who desires to succeed must follow three things which are dedication, doggedness and pugnacity. He cited the example of Mahatma Gandhi who had all the three qualities in him which led to the independence of the nation. Prof. Rao said that there is no limit to excellence and more a person works, more steps are added to the ladder of success. He also mentioned that world is changing at rapid pace and the competition level is very high with escalating demands of higher quality, therefore, the youth needs to prepare themselves for the tough struggle for success. Prof. Rao opined that the domain of Science and Technology is providing the foundation for future India; hence there is a need for young people to climb this ladder of excellence.
During convocation, Padma Vibhushan Dr. G. Madhavan Nair, former Chairman of Indian Space Research Organization and Secretary to the Department of Space, Government of India was conferred with Honorary Doctorate in Science for his exceptional scientific vision and profound commitment to India's self reliance in space research and development.
Accepting the Honorary Doctorate in Science, Dr. G. Madhavan Nair expressed his gratitude for being included in the distinguished Honorary Doctorate recipients of Amity University. He further added that he had always stressed on the importance of research and innovation and he commended Amity for implementing the same in their University. He mentioned that India is a country with largest population of youth but quite often there is a deficit view of future, as most of the institutions are mass producing graduates or post graduates who want to be the employees of an organization, hence this situation needs to be changed. Dr. Nair apprised that over years India has achieved a lot in various fields, when there has been a clear set of objectives with focused energy and determination. He further encouraged the students to focus on innovation and research in whichever field they want to establish their career in.
The convocation witnessed the conferring of Honorary Professorship on Dr. Kumar Krishen, Lead Technologist NASA Johnson Space Center Houston, US was conferred with Honorary Professorship for his visionary achievements in the field of scientific innovation and technology transfer; Dr. Fred P. Bemak, Professor, Counseling & Development Program at George Mason University was conferred with Honorary Professorship for his extraordinary academic achievements in the field of education and human development, and Dr. Paroma Roy Chowdhury, Country Head, Corp Comm. & Public Affairs, Google India was conferred with Honorary Professorship for her contribution in the field of Journalism and Mass Communication.
During the convocation, Mr. Aseem Chauhan announced to confer Honorary Professorship on Renowned Scientist Dr. Stephen C. Rand for his extraordinary achievements in the field of applied physics and optical science, when he will visit the University next month.
During the convocation, the students of Centre of Robotics, Amity University presented a live demonstration of "Amibot - Human Robot" which showcased his dancing skills to the audience. The eminent personalities and scientists were impressed with the creation of the students.
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At the National Education Summit organized by ASSOCHAM, (Associated Chambers of Commerce and Industry in India), on Saturday, 18th April 2015 Amity University Gurgaon has been conferred with the National Education Excellence Award 2015 for being the "Best Higher Education University of the Year". The award was presented by Dr Ram Shankar Katheria, Hon'ble State Minister of HRD, Government of India in presence of Shri Ravi Wig. Shri Anil Aggarwal, outgoing President ASSOCHAM was also present among the galaxy of industry experts and education leaders from the various Institutes of higher learning and Universities from all over India.
Shri Ravi Wig, Chairman ASSOCHAM India - SAARC Committee in his opening remarks emphasised the need for focusing on employability and new business development as part of the University's preparation of its graduates for the world of industries and the corporates. Shri Wig advocated for a strong academia- industry cooperation in the universities across the countries to nurture the vital industry relevant skills and corporate values in the university campuses. Dr Ram Shankar Katheria, Hon'ble State Minister of HRD, GOI informed the august gathering that the mission of the Hon'ble Prime Minister "Make in India" requires skilled manpower in abundance for its success. As such the government is paying serious attention to promoting National Skills Mission to meet the challenge of providing industry ready professionals for the industries in India. He invited the University leaders to be partners in progress with the Government's Skill Mission to empower India with the skilled manpower at all levels.
Expressing his delight on receiving the "Best Higher Education University of the Year" award for Amity University Gurgaon, Prof PB Sharma, Vice Chancellor AUG informed that at AUG we pay a greater emphasis to the tripod of curriculum innovation, industry integration and internationalization for our education and research programs. We have a strong industry connect at AUG and have succeeded in nurturing the culture of research and innovation from under graduation level upwards. AUG curriculum offers the vital flexibility to integrate industry relevant skill courses along side with domain specific subjects ensuring high employability.
Amity Education Group is India's largest education group currently enrolling over 1,25,000 students in Amity Universities in different states in addition to its global campuses in US, UK, Singapore, China, Mauritius and Dubai is driven by the visionary leadership of its Founder President, Dr Ashok K Chauhan and is inspired to achieve excellence by the innovative leadership of Shri Aseem Chauhan, Chancellor AUG.
Click here to know more about Life at Amity Gurgaon
At the National Education Summit organized by ASSOCHAM, (Associated Chambers of Commerce and Industry in India), on Saturday, 18th April 2015 Amity University Gurgaon has been conferred with the National Education Excellence Award 2015 for being the "Best Higher Education University of the Year". The award was presented by Dr Ram Shankar Katheria, Hon'ble State Minister of HRD, Government of India in presence of Shri Ravi Wig. Shri Anil Aggarwal, outgoing President ASSOCHAM was also present among the galaxy of industry experts and education leaders from the various Institutes of higher learning and Universities from all over India.
Shri Ravi Wig, Chairman ASSOCHAM India - SAARC Committee in his opening remarks emphasised the need for focusing on employability and new business development as part of the University's preparation of its graduates for the world of industries and the corporates. Shri Wig advocated for a strong academia- industry cooperation in the universities across the countries to nurture the vital industry relevant skills and corporate values in the university campuses. Dr Ram Shankar Katheria, Hon'ble State Minister of HRD, GOI informed the august gathering that the mission of the Hon'ble Prime Minister "Make in India" requires skilled manpower in abundance for its success. As such the government is paying serious attention to promoting National Skills Mission to meet the challenge of providing industry ready professionals for the industries in India. He invited the University leaders to be partners in progress with the Government's Skill Mission to empower India with the skilled manpower at all levels.
Expressing his delight on receiving the "Best Higher Education University of the Year" award for Amity University Gurgaon, Prof PB Sharma, Vice Chancellor AUG informed that at AUG we pay a greater emphasis to the tripod of curriculum innovation, industry integration and internationalization for our education and research programs. We have a strong industry connect at AUG and have succeeded in nurturing the culture of research and innovation from under graduation level upwards. AUG curriculum offers the vital flexibility to integrate industry relevant skill courses along side with domain specific subjects ensuring high employability.
Amity Education Group is India's largest education group currently enrolling over 1,25,000 students in Amity Universities in different states in addition to its global campuses in US, UK, Singapore, China, Mauritius and Dubai is driven by the visionary leadership of its Founder President, Dr Ashok K Chauhan and is inspired to achieve excellence by the innovative leadership of Shri Aseem Chauhan, Chancellor AUG.
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