Nooyi - the Indian executive who broke glass ceiling in corporate America

Nooyi is an alumnus of Indian Institute of Management, Calcutta and Yale University

Chennai-born Indra Nooyi not only broke the glass ceiling in corporate America when she was named CEO of global beverage giant PepsiCo in 2006 but, through her journey, inspired millions of young Indians who dreamed of and aspired to emulate the success the India-born woman achieved in America.

PepsiCo on Monday announced that Nooyi will step down on October 3 after 24 years with the company, the last 12 as CEO. PepsiCo's Board of Directors unanimously elected Ramon Laguarta, 54, to succeed 62-year-old Nooyi.

Nooyi, one of the most powerful and influential business leaders in the world, was regularly featured on the power lists compiled by Forbes and Fortune magazines. She was also among the few female executives to lead global corporate giants.

Apart from being a prominent face of women leadership across the world, she was also the epitome of success for the millions of young Indians who aspired to be like her as they watched her journey through the ranks of PepsiCo and eventually leading the global conglomerate. She was among the first of a handful of India-born executives to helm global corporates.

She was appointed as CEO in 2006, becoming PepsiCo's fifth chief executive in its 41-year history, and the first woman. MasterCard's President Ajay Banga, Microsoft CEO Satya Nadella and Google CEO Sundar Pichai were all named to the top jobs in their companies in the years that followed.

Nooyi was also very vocal about the challenges women faced in trying to find a balance in managing their home and work. She had famously said at an Aspen Ideas Festival in Colorado in 2014 that women "cannot have it all."

ALSO READ: PepsiCo's Indra Nooyi to step down as CEO, Ramon Laguarta to take over

She had told the Aspen audience that she has died "with guilt" several times in her life as she tried to bring up her two daughters with her husband. She recounted that she felt guilty for not being able to attend several activities at her daughters' school as she could not take time off from work.

Nooyi said she was disappointed at her mother's reaction to her "great news." She said her mother told her "let the news wait. Can you go out and get some milk."

She recalled her mother telling her, "let me explain something to you. You might be president of PepsiCo. You might be on the board of directors. But when you enter this house, you're the wife, you're the daughter, you're the daughter-in-law, you're the mother. You're all of that. Nobody else can take that place. So leave that damned crown in the garage. And don't bring it into the house. You know I've never seen that crown."

A staunch supporter of Hillary Clinton for president, Nooyi had also expressed her disappointment when Clinton lost the presidential elections in 2016. She had said Clinton's loss left her daughters and PepsiCo's employees devastated and there were serious concerns among the company's workers, especially the non-white employees, about their safety in an America with Donald Trump as its president. (Read more)

At 107,487, India accounts for 1/5th of global deaths from floods in 64 yrs

India is one of the world's most vulnerable regions to climate change

India Floods : India accounts for one-fifth of global deaths due to floods, according to government data that lend perspective to a new World Bank study that says climate change will lower the standards of living of nearly half of India’s population by 2050.

As many as 107,487 people died due to heavy rains and floods across India over 64 years between 1953 and 2017, according to Central Water Commission data presented to the Rajya Sabha (Parliament’s upper house) on March 19, 2018. Damage to crops, houses and public utilities was reported to be Rs 365,860 crore–or as much as 3% of India’s current gross domestic product–the data show.

“The main reasons of floods have been assessed as high intensity rainfall in short duration, poor or inadequate drainage capacity, unplanned reservoir regulation and failure of flood control structures,” according to the reply to the Rajya Sabha.

With heavy rains sweeping western India, many cities such as Mangaluru, Mumbai and Junagarh have flooded during the 2018 monsoon season. Over 30 people died in floods that inundated 58 villages, The Times of India reported on July 7, 2018.

Climate change will exacerbate flooding

“Temperatures have been rising across the [South Asia] region, and are projected to continue increasing for the next several decades under all plausible climate scenarios,” the World Bank study, published on June 28, 2018, said.

These changes will result in more frequent flooding, greater water demand and increased heat-related medical issues.

South Asian cities such as Kolkata, Mumbai, Dhaka and Karachi–that are home to over 50 million people–face a substantial risk of flood-related damage over the next century, the report said.

India is one of the world’s most vulnerable regions to climate change. It has increased the frequency of downpours as well as the gaps between rainy days during the monsoon, as IndiaSpend reported in January 2018 and February 2018.

As India’s climate warms, extreme weather, such as intense rain and floods, is predicted to worsen.

The new World Bank study mentioned above said the worst affected states by 2050 would be Chhattisgarh and Madhya Pradesh. Seven of the 10 most affected districts will belong to Vidarbha, Maharashtra.

Article Source : BS

Fortis shortlists Munjal-Burman, TPG-Manipal, IHH, Radiant for stake sale

Fortis said it has received interest from various parties on May 31, as per the timeline specified in the fresh process for bidding

Fortis Healthcare on Friday said it has shortlisted four entities -- the Munjal-Burman combine, Manipal-TPG consortium, Malaysia's IHH Healthcare Berhand and Radiant Life Care to bid for the sale of its business.

In a regulatory filing, Fortis said it has received interest from various parties on May 31, as per the timeline specified in the fresh process for bidding.

It said the company's board has decided to include the following four parties -- Hero Enterprise Investment Office and Burman Family Office (Dabur), IHH Healthcare Berhand, Radiant Life Care, Manipal-TPG consortium in the bidding process.

Earlier this week, Fortis Healthcare initiated a fresh time-bound bidding process for its sale after terminating the offer made by the Munjal-Burman combine.

As part of the process, the Fortis board decided to invite three entities that had put in binding offers -- Munjal-Burman combine, TPG-Manipal consortium, and Malaysia's IHH Healthcare Berhad -- to participate in the fresh bidding process subject to certain conditions.

The three entities were given time till today to confirm adherence to the new bidding process while other interested parties were also required to submit an Expression of Interest (EoI) by May 31.

As per the fresh criteria, the buyers have to make a minimum investment of Rs 1,500 crore into Fortis Healthcare by way of preferential allotment apart from having a plan for funding the acquisition of RHT Health Trust (RHT) and a plan for providing exit to private equity investors of diagnostic arm SRL.

Among others, the bids should be unconditional as well as mention about the source of funds for the transaction and elaborate on the plans for retention of current management and employees.

Last week, Fortis board was reconstituted after shareholders had voted out its director Brian Tempest, who was among the four directors whose removal was sought by two institutional investors.

Three other directors -- Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill -- had resigned ahead of an Extraordinary General Meeting (EGM) on May 22. During the meeting, shareholders voted out Tempest.

Interestingly, these four directors were among those who had favoured the binding offer made by Munjal-Burman combine.

Following the board revamp, Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee have joined as independent directors.

RCom, Ericsson agree on settlement; green signal for Reliance Jio deal

The NCLAT asked the Anil Ambani-controlled firm to pay Ericsson Rs 5.5 billion by the end of September

The National Company Law Appellate Tribunal (NCLAT) stayed the May 15 order of the National Company Law Tribunal (NCLT) in Mumbai, which had admitted Reliance Communications (RCom) and two of its subsidiaries for insolvency proceedings.

The NCLAT asked the Anil Ambani-controlled firm to pay Ericsson Rs 5.5 billion by the end of September.

With the stay on bankruptcy proceedings, RCom can now continue with its asset monetisation scheme involving the sale of towers, optic fibre cable network, spectrum and media convergence nodes to brother Mukesh Ambani-controlled Reliance JioInfocomm (Jio) for Rs 170 billion.

On Tuesday, NCLAT chairman Justice S J Mukhopadhaya asked the parties to settle the matter stating that the fate of operational creditors under the corporate resolution process was not ideal, especially if Ericsson wished to recover the majority of its dues.

NCLAT also asked RCom and Ericsson to file an affidavit by June 7 stating that the two companies will abide by the settlement.

Ericsson India, a subsidiary of the Swedish telecom equipment maker and service provider, had filed a case at NCLT, Mumbai last September seeking the liquidation of Reliance Communications (RCom), and its subsidiaries Reliance Infratel and Reliance Telecom, in order to recover Rs 11.5 billion.

The three companies were subsequently admitted under the Insolvency and Bankruptcy Code (IBC), and NCLT appointed a resolution professional (RP) to take over the management of each company. Ericsson had argued that it had entered into a seven-year agreement in 2014 with RCom and its subsidiaries for maintaining, upgrading and developing the latter's telecommunications infrastructure, which was not honoured.

RCom and its subsidiaries owed Ericsson around Rs 9.78 billion for their services which, Ericsson's counsel told the NCLT, had increased to around Rs 16 billion given that there were delays in the payment, despite several notices being issued to the Anil Ambani controlled companies.

RCom filed its appeal with the NCLAT, and was awarded with a stay on the order admitting the three firms under the IBC.

RCom and its subsidiaries now have the permission to go ahead with the debt restructuring plan that was prepared in December 2017. There were fears of the three Reliance group companies undergoing insolvency proceedings, which would have meant that the asset monetisation scheme under the plan would not be allowed.

Amazon may buy 10% in Future Retail for $600 mn, expand offline retail biz

The move comes days after Walmart acquired a majority stake for $16 billion home-grown e-commerce firm Flipkart at a valuation of around $20 billion.

Looking to expand and consolidate its presence in the Indian offline retail market, American e-commerce giant Amazon is in talks with Kishore Biyani-controlled Future Retail to acquire a 10 per cent stake in it, according to a FactorDaily.comreport.

The report comes days after Amazon's global rival Walmart acquired a majority stake for $16 billion in home-grown e-commerce firm and Amazon's main rival in India, Flipkart, at a valuation of around $20 billion. With an increased burden of competition from Flipkart because of Walmart's entry into the sector, Amazon is looking to make inroads into the offline retail sector to enhance its position in India's retail space.

Here are some of the details of Amazon-Future Retail deal as reported by FactorDaily.com :

1. Future Retail's valuation: The deal values Kishore Biyani's Future Retail, the company that owns brick-and-mortar retail outlets like Big Bazaar and Easy Day, at about $6 billion (Rs 40,872 crore).

2. Deal value: Amazon may spend around $500-$600 million to acquire a 10 per cent stake in Future Retail, whose market cap is around $4 billion.

3. Coping up with the competition: After Walmart's backdoor entry into India's e-retail sector through Flipkart, competition is expected to get fierce in the country's e-retail space. To expand its base in the Indian consumer market, Amazon is looking to enhance its business profile through the offline retail channel.

4. Amazon in India: According to a Citi Research report, Indian e-commerce sector is expected to be worth $202 billion in the next 10 years. Amazon is expected to be a major part of this growth, with a 35 per cent market share. The current valuation of Amazon India is pegged at $16 billion.

5. Amazon's previous investments in offline retail: Amazon had previously picked up a 5 per cent stake in Shoppers Stop for $26.35 million (Rs 179.25 crore).

6. Other buyers in the race: Amazon is not the only one eying a stake in Future Retail. Jack Ma's Alibaba and Walmart have also shown interest in it. Discussions are underway and any decision is yet to be taken.

7. What makes Future Retail a good investment target for Amazon? With a series of acquisitions, Biyani has consolidated Future Retail's business and it could be a perfect choice for Amazon to enter into the offline market. Future Retail has 773 stores across the country, Big Bazaar and Easy Day combined. As Amazon wants to build a food and grocery business, it can capitalise on the fact that Future Retail gets 35 per cent of its business from garments and grocery and has a large number of in-house brands in 68 categories.

Heartbreak, anger in US' Richardson after Indian girl's death

The Richardson community in the US was mourning the death of Sherin Mathews, the three-year-old Indian girl whose foster father has claimed that she choked while drinking milk, with many people asking why he did not wake his nurse wife when the child was struggling to breathe.

Sherin, who had developmental issues and limited verbal communication skills, was confirmed dead by US police yesterday after over two weeks of investigation. She was missing since October 7.

Wesley Mathews, 37, the father of Sherin, told the police that his daughter choked while drinking milk and he removed her body from the house as he "believed she had died".

He was re-arrested and charged with first-degree felony injury to a child due to a conflicting statement to police.

The arrest came a day after the body of a small child was found in a culvert near their home in suburban Dallas.

While the cause of her death was still being probed, the community and neighbourhoods all across Texas are shocked, heartbroken, angry and mourning her death.

Wesley's wife Sini Mathews, who is a registered nurse and could have helped her, was reportedly sleeping in her room.

"All these lies, first punishing the girl and putting her under tree, later choking her in a garage at 3 AM for not drinking milk, does not add up. It is heartbreaking and shocking," said a teary-eyed resident Diana.

"It will be another story soon, when police will find the actual cause of the death," she said.

Another neighbour Barabaa Diamond Johnson asked why did not Wesley Mathews wake his nurse wife as Sherin Mathews choked to death, especially when she is a registered nurse at Children's hospital Dallas. (more)

Loneliness may be a greater public health hazard than obesity: Study

Loneliness and isolation may actually lead to early death, researches say

Loneliness may be a greater public health hazard than obesity, according to a study which found that social isolation may put people at an increased risk of early death.

"Being connected to others socially is widely considered a fundamental human need - crucial to both well-being and survival," said Julianne Holt-Lunstad, professor at Brigham Young University in the US.

"Extreme examples show infants in custodial care who lack human contact fail to thrive and often die, and indeed, social isolation or solitary confinement has been used as a form of punishment," said Holt-Lunstad.

"Yet an increasing portion of the USPopulation now experiences isolation regularly," she said.

To illustrate the influence of social isolation and loneliness on the risk for premature mortality, Holt-Lunstad presented data from two research reviews.

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The first involved 148 studies, representing more than 300,000 participants, and found that greater social connection is associated with a 50 per cent reduced risk of early death.

The second study, involving 70 studies representing more than 3.4 million individuals from North America, Europe, Asia and Australia, examined the role that social isolation, loneliness or living alone might have on mortality.

Researchers found that all three had a significant and equal effect on the risk of premature death, one that was equal to or exceeded the effect of other well-accepted risk factors such as obesity.

"There is robust evidence that social isolation and loneliness significantly increase risk for premature mortality, and the magnitude of the risk exceeds that of many leading health indicators," said Holt-Lunstad.

AB de Villiers No 1 batsman in ICC ODI list, Kohli only Indian in top 10

Kagiso Rabada ranked No 1 bowler, not a single Indian player in top 10 bowlers ranking

India captain Virat Kohli is the lone cricketer from the country to feature in the top 10 of the ICC Players Rankings for ODIs as he managed to hold on to his third spot in the batsman's chart.

The intense competition in the individual rankings justifies the upcoming ICC Champions Trophy's significance as players from the eight participating teams feature prominently in it and not much separates the top players in the fray.

The top three batsmen - South Africa's AB de Villiers (874 rating points), Australian David Warner (871) and Kohli (852) are separated by just 22 points.

Among other Indians to feature in the top 20 of the ICC Players Ranking for ODI batsmen are Rohit Sharma (12th), Mahendra Singh Dhoni (13th) and Shikhar Dhawan, who dropped a place to 15th.

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However, there was disappointment for India in the bowlers chart as not a single cricketer from the country features in the top 10 list which is being headed by Kagiso Rabada of South Africa.

Left-arm spinner Akshar Patel finds himself at joint 11th spot along with New Zealand's Matt Henry while Amit Mishra (13th) and off-spinner Ravichandran Ashwin (joint 18th) are the other two Indian bowlers to feature in the top 20 list.

Only 23 points separate the top three bowlers - Rabada (724 points), Imran Tahir (722) and Mitchell Starc (701).

India, South Africa and England have four batsmen each inside the top 20 with New Zealand (three), Australia and Pakistan (two each) also having significant presence. Read more

'Sachin: A Billion Dreams': Informative, inspirational (IANS Review, Rating: ***)

Film: "Sachin: A Billion Dreams"; Director: James Erskine; Cast: Sachin Tendulkar, Anjali Tendulkar, Ajit Tendulkar, Sara Tendulkar, Mayuresh Pem, Mayur More; Rating: ***

"Sachin: A Billion Dreams" is a biopic that gives a holistic view of Sachin Tendulkar's life, who is revered as "the God" of cricket by his fans.

Structurally, the film is designed as a documentary. While the film encapsulates the life of the master blaster right from his birth till date, it also gives an insight into the socio-economic situation of the country, making it feel like heavy-duty stuff.

Also Read : Want my children to be judged as individuals: Sachin Tendulkar

This may not be the first documentary on Tendulkar, but probably it is the only one endorsed by him. So, you have him as the narrator sharing his personal moments along with his views and fears in a sincere and heartfelt manner.

While the film tells us of his growth as a cricketer which is common knowledge, it also reveals his personal life bringing to the fore his close-knit family and friends. How he got the name Sachin, how he met his wife, got married and how he spends his free moments, are a few of the interesting nuggets shared. So apart from Sachin you actually get to see his family and friends. Read more

Job insecurity gives way to India's 1st IT workers union in Tamil Nadu

Previous attempts to organise 2.8 million employees of the country's IT sector have failed

In 2008, as Tamil Nadu erupted in angry protests against the killings of Sri Lankan Tamils during that country’s civil war, a group of young software professionals in Chennai’s Tidel Park banded together to form a human chain. “Stop the War, Save Tamils” was their demand – a slogan that featured on posters, T-shirts and Orkut posts.

Nine years later, their agitation has led to the formation of India’s first independent union for information technology employees. Amid reports of large-scale layoffs by several Indian software firms companies, the Forum for Information TechnologyEmployees, which evolved from the campaign to protect Tamils in Sri Lanka, is in the process of getting itself registered formally as a union for technology employees in India. It will be the first independent association of its kind in the country.

Previous attempts to organise the estimated 2.8 million employees of the country’s information technology sector have failed to make much headway. “Normally, the middle class has an aversion to political activity,” said J Jayaprakash, a member of the forum.

But in recent months, insecurity has been running high among India’s information technology employees. Approximately 4.5% of employees are expected to lose their jobs over the next few months, reported Mint, attribution the turbulence to the companies’ “under-preparedness in adapting to newer technologies and dealing with the fallout from US President Donald Trump’s protectionist policies”. It added that at least 56,0000 employees of top software companies such as Infosys, Wipro and Cognizant are expected to lose their jobs over the next year.

This uncertainty has made employees realise the need for collective action. Said Jayaprakash: “Since we ourselves are IT employees who have started this, people trust us to take up their issues. It is a homegrown solution to their problems.” Read more

No-fly list: Govt proposes maximum 2-year ban on unruly flyers

Draft rules, a first of kind in the world, have three levels with progressively higher sanctions

Almost a month after the country was shocked by the visuals of a parliamentarian assaulting an airline crew member for not being able to provide a business class seat as it didn't exist, the government took steps to empower airlines to ban unruly passengers.

The centre on Friday released draft rules for a 'no-fly list' -- a first of its kind in the world -- for unruly passengers. The rules allow airlines to bar a passenger from three months to maximum two years depending on the intensity of the offensive behaviour. The government has placed disruptions from flyers into three categories -- level-1 will include disruptive behaviour such as physical gestures etc., level-2 will be physically abusive behaviour like pushing, kicking and sexual harassment, and level-3 is for life-threatening behaviour and damage to aircraft operating systems.

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Punishment for unruly behaviour will simultaneously depend on the category of the offence.

The corresponding time of grounding for offenders, would be three months for level-1 and six months for level-2, while level-3 will attract a ban of two years. The new rules will be open for public comments for a month, and will pass through stakeholders' consultation before being finalised.

"There is no other country in the world with a no-fly list based on safety. There are no-fly lists based on security where people are seen as grave threats and they are not allowed to fly. India is blazing a new trail in this regard," Jayant Sinha, minister of state for civil aviation said. Read more

Want Rs 2,500 tickets under UDAN? Please book in advance on popular routes

Shimla-Delhi flights are sold out but others are available much below the capped limit of Rs 2,000

Five days after Prime Minister Narendra Modi launched the “Ude Desh ka Aam Nagrik”, or UDAN, scheme from Shimla airport, Tushar Patel tried to book tickets from Delhi to the hill station. To his surprise, he couldn’t find the subsidised Rs 2,500 fare. Instead, the cheapest fare in May was Rs 8,049 and on some days, it was as high as Rs 15,090.

Travellers lapped up the cheaper tickets soon after the scheme was launched. “On Delhi-Shimla route, all tickets reserved under UDAN scheme are sold out until June end. What’s available now are few seats that have market-linked rates,” says CS Subbiah, chief executive officer of Alliance Air, an Air India subsidiary.

This is quite a contrast to the other three routes that are operational at present. If you were to take a round trip between Mumbai and Nanded, the fares are Rs 4,000 – below the cap of Rs 2,500 one way. But if you are flying between Hyderabad and Kadapa or Nanded and Hyderabad, you can get a return ticket even for around Rs 2,000.

Shimla stands out among all other operational routes because of the holiday season. “The city is one of the most popular holiday destinations in India, hitherto inaccessible to many tourists due to lack of convenient air connectivity. It is also a state capital. There is a huge unmet demand,” says Amber Dubey, partner and India head of aerospace and defence at global consultancy KPMG.

The number of seats available on the route are much lower, too, because the airport is at a high altitude. "From Delhi to Shimla, the 42-seater aircraft can only carry 35 passengers. Read more

Wipro Q4 consolidated net rises marginally to Rs 2,267 cr

Board approves bonus issue in the ratio of 1:1; standalone net rises 20% on sequential basis

Wipro, India's third largest software exporter said fourth quarter profits grew 0.4% to Rs 2,267 crore on revenues of Rs 13,987.5 crore, a jump of 2.6%

The Bengaluru-based IT services firm said IT services revenue grew 2.7% over the previous quarter to $1.96 billion. For the fourth quarter, Wipro had projected growth between $1.9 billion-$1.94 billion or 1-2%.

Wipro has forecast its IT services revenue in the first quarter of the fiscal 2018 to be in the range of $1.92 billion to $1.96 billion.

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“We delivered revenues within the guidance range in our fourth quarter,” said Abidali Z Neemuchwala, Chief Executive Officer of Wipro. “We are confident that the recovery in Energy & Utilities and our demonstrated strength in Digital will help us improve our growth trajectory during the course of the current financial year.”

Wipro's larger rivals Infosys and TCS too faced business and currency challenges in the quarter.

The company board approved bonus issue in the ratio of 1:1.

Standalone net profit jumped 20% to Rs 2,303 crore sequentially as compared to Rs 1,918 crore in December quarter. (more)

Jet Airways joins SpiceJet, Vistara, starts variable pay to save wage bill

Plan covers 100 execs; fixed pay at 80-85%, rest based on staff performance, firm's profitability

Jet Airways is introducing 15-20 per cent variable pay component for its top management as it looks to save on its wage bill.

The Mumbai-headquartered airline has a higher cost structure than other listed domestic airlines and is undertaking cost control exercises to remain nimble. The variable pay scheme will be applicable to around 100 senior executives of Jet Airways and is expected to result in annual savings of Rs 25-30 crore, an airline source.

While the fixed salary component will be 80-85 per cent, the remainder will be linked to employee performance and airline profitability. The senior executives will also not receive salary increment this year.

A Jet Airways spokesperson did not offer immediate comments.

Some of Jet's peers already have a variable pay scheme in place. Vistara and SpiceJet too have variable pay for its senior management. Air India a productivity linked incentive scheme which was a variable pay out in mid-1990s but the same was discontinued in 2012.

Jet Airways has a staff strength of around 15,000 and had a wage bill of Rs 2,316 crore in the first nine months of FY 17. Employee costs rose 26 per cent on a year on year basis for the period. The airline has around 2000 pilots on its rolls whose salaries account for nearly half of the wage bill. Read more

Claiming HRA to get harder as govt cracks down on fake house rent receipts

I-T department could now ask for supporting documents to prove that you are a genuine tenant

If you have been producing fake rent receipts to lessen your tax burden there is a bad news for you now.

You may no longer be able to claim income tax deductions for house rent allowance (HRA) by fabricating fake bills. The income tax department may now ask for proof from the tax payer showing that he is a genuine tenant.

According to a report in Economic Times, Dilip Lakhani, senior tax advisor, Deloitte Haskins & Sells LLP said, "The ITAT (Income Tax Appellate Tribunal) ruling has now laid down the criteria for the assessing officer to consider the claim of a salaried employee and if necessary question its justification. This will put the onus on the salaried class to follow the rules in availing the tax rebate.”

ITAT Mumbai recently struck down the HRA exemption claim of a salaried individual for rent paid to her mother. This opens a pandora's box for all salaried people as now an IT officer can ask for proof such as leave and licence agreement, letter to the housing co-operative society informing about the tenancy, electricity bill, water bill and so on.

Till now, a salaried person receiving HRA could escape paying tax on 60% of the amount by submitting a rent receipt. Now, it may not be possible as the department could ask for supporting documents.

This Tribunal ruling comes a few months after the government's decision to cap the loss on property bought with borrowed money. According to this ruling a person producing fake rent receipt will be deemed as counterfeit and no required documents will be available with him. There may not be any genuine rent outflow from the person and in some circumstances even if the person is a genuine tenant, the amount mentioned in the receipt may be more than what's paid.

However, if you pay more than Rs 1 lakh annually towards house rent, then quoting landlord's PAN is mandatory for claiming tax benefit under House Rent Allowance.

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Ashwin and Virat Kohli honoured in BCCI Awards 2017

Virat Kohli with team mates during the BCCI Annual awards in Bengaluru

Kohli won the Polly Umrigar award for best international player of 2015/16, becoming the first player to get the award three times.

Engineer urged everyone to know and respect the contributions made by Pataudi to Indian cricket, saying that the Tiger was "still a world-class player despite losing one eye".

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Ashwin wins the CK Nayudu award for his performance in the West Indies in 2016. He picked up 17 wickets in four Tests, including a haul of 7/83 in North Sound.

Ajinkiya Rahane with wife during the BCCI Annual awards in Bengaluru

Sharmila Tagore with daughter Saba pose during the BCCI Annual awards in Bengaluru

More pics Click here