6 economy & public affairs ‘inflation isn'ta bad thing...

2
We are in a situation where global growth is slowing and policymakers don't seem to have too many tools to reverse it. Will it get worse? Some of this is self-inflicted. Right now, the US is kind of breaking every rule of international conduct and if he (President Donald Trump) wins, it is going to get worse. If he doesn't win, some of the stuff against Chinese technology companies will continue because they are actually politically popular. But, on the trade war, we might be better off and that's going to help. There is slowdown that is already happening — the Chinese economy is slowing. The US grew extremely fast for a couple of years; it is going to slow automatically. So, that to me is already predicted. Now on top of that, whether we will see further slowing depends a bit on the US elections. In the Indian context, at one point, with reforms such as the goods and services tax, the Insolvency and Bankruptcy Code, and an inflation-targeting framework, it looked like India was going in the right direction. What, in your opinion, went wrong? I never thought inflation targeting at that level of inflation was a good idea. I have always been an opponent of it. We benefited a lot from inflation as a way, to keep the economy lubricated and growing. Given that we have downward-sticky prices, I feel inflation is not a bad thing, as it kind of keeps the labour demand up. Given that the wages don't fall, you have to do something to make the real wages flexible. We had very low real interest rates. Now, we have much higher interest rates and that is a big problem. Now that we are in a kind of a demand deficit, it is harder to revive anything by cutting interest rates a little bit. My view is that with inflation targeting, the pressure on support prices has something to do with demand slowdown. But are agriculture prices not linked to global prices, which have been weak in the last year? That is probably right, but we also happily ban exports… look at the terms of trade. You can take out global trends, you will still find terms of trade effect against Indian agriculture. The global effect is a small part of that. You have said India is facing a demand deficit. India is running an actual Budget deficit of close to 10 per cent of gross domestic product (GDP). If there is still demand deficit, it can be argued that the problem is much deeper. It may well be a deeper problem, but that was not the point I was making. You had this large and growing deficit for a long time, partly in effect because the economy was otherwise slowing. The government sector has been the one happy spot in the economy. So I don't disagree, and the deficit has grown, in part as a response to that. Nonetheless, there is a monetary side to this. The real interest rates have gone up a lot and the real interest rates are a key player… so there seems to be a monetary element in the story, and that seems to be important in also the government's ability to borrow. If fact, for a long time, we had a large deficit and the debt- to-GDP ratio was falling. And that is a great situation to be in. You have supported the idea of raising the income-tax (I-T) rate for the super- rich, but history shows that higher rates lead to more evasion. We have had a history. On the other hand, I think we are getting better and better at collecting. We should not assume that the leakage will be constant. We are getting better. The information systems are better. We can't live with the tax-to-GDP ratio that we have, we know that. That's the point you made about 10 per cent deficit. You can tweak things, but you are not going to get 10 per cent back. We need taxes. The credibility of economists was dented significantly after the financial crisis and the problem still continues. Do you think the kind of work that you have done with the randomised controlled trial will help restore some credibility for the profession? More importantly, people want economists to also pronounce on other things. I think we should expose our ignorance and say this is what we know… and explain why it is difficult to predict things. Try to say that given the circumstance, here are some of the problems we identify and say these are probably the things that can be done, but we don't know if it will get you the exact desired result. In your book, you have said that every economics student learns that there are large aggregate gains from trade. But you have raised some questions as well. What would be your advice to the government as it is about to sign a regional trade agreement? Whether or not the GDP goes up as a result of being more open to trade is not what we are actually arguing. We are saying that there are predictable people who will lose a lot. The reason why we don't take that into account is that we think resources will move. If the labour is cheap, capital will come. That's not what we see. Because we don't see it, we can anticipate that certain groups are going to get hammered. We should take preemptive action. And think of ways to handle that. You have argued in favour of Universal Ultra Basic Income in the book. Is it a feasible idea, given the kind of Budget and political constraints because some of the subsidies will have to be rolled back? I think the political constraints are less serious. People also know that these subsidies are leaky and wasteful. I think they don't believe the government will actually give the support. Partly, the government needs to build credibility. We need a mechanism which makes it clear that when the government promises X, it gives you X. Credibility is central to this. But the government has given income support to farmers without cutting other subsidies. And that's the fear some people have that it will work this way. I understand that fear. But that's not entirely true, because they did take something. Support prices were kept flatter. So the government actually first took it away and then came back to compensate. I don't think that's the best process. Support prices drove terms of trade for a while and they decided not to do that. And then just before the last election, they came back and said we are now going to compensate you partly. You have also said in the book that people are often unable or unwilling to move to take advantage of economic opportunities. Will programmes like basic income and the Mahatma Gandhi National Rural Employment Guarantee Act (MGNEGA) not slow labour movement? They are very different. Basic income is unconditional. So if I move from agriculture to being an urban construction worker, my basic income doesn't go away. The MGNREGA is very different, and there is evidence that it slows down migration to the cities. Portability is critical in basic income. If it is not portable, it is going to distort. So basic income will not affect migration. In a sense, it might encourage it. When I first go to the city, I don't know if I will find a job and might be risk-averse. But if I have a basic support, I might actually move and take that risk. 6 ECONOMY & PUBLIC AFFAIRS HYDERABAD | TUESDAY, 22 OCTOBER 2019 1 > ‘Inflation isn't a bad thing... it keeps economy growing, labour demand up’ Cutting interest rates will hardly help revive the massive demand deficit in the economy, claims ABHIJIT BANERJEE, the co-winner of the Sveriges Riksbank Prize in Economic Sciences — popularly, the Nobel Prize in Economics — this year, along with Esther Duflo and Michael Kremer. In India to promote his new book, Good Economics for Hard Times: Better Answers to Our Biggest Problems — co-authored with Duflo, to whom he is married — Banerjee spoke to Rajesh Kumar about concerns of global and Indian economy. Edited excerpts: PHOTO: SANJAY K SHARMA We have been using the Incoterms FOB, CIF and CFR for all modes of transport, without any problem. Now, in your article “Revised Incoterms take effect from Jan” (Business Standard, October 14, 2019), you say that the terms FAS, FOB, CFR and CIF should be used only for transport by water from port to port, whether through ocean-going vessels, river barges or a combination, and that these terms should not be used for container shipment (even if carried by ships), other modes of transport (e.g. air or road) or multi-modal transport, for which other terms such as FCA, CIP, CPT, etc, must be used. We are confused. Please clarify. Incoterms clearly define the obligations of the seller and buy- er, when the risk passes from seller to buyer and who bears what costs. These are very useful to the parties to a sales contract, the courts, arbitrators, etc. when there is a dispute regarding the said obligations or risks or costs. So, the need to use the correct Incoterms cannot be overstated. The terms FAS, FOB, CFR and CIF clearly define these obliga- tions in the context of transport by water from port to port, whereas the terms FCA, CIP and CPT specify the obligations for shipments by multi-modal and other modes of transport. In case of containerised car- go, the seller usually delivers the container to the carrier at its premises or container terminals. The ship may not have even arrived at that time. The seller has no control once the contain- er is delivered to the carrier. He cannot ensure that the contain- er goes on board the vessel or is placed alongside the vessel. He cannot bear the risk of any dam- age to the cargo thereafter. This is true even in case of LCL cargo, where the goods are handed over to a carrier at a Container Freight Station for consolidation. That is why the Incoterms clearly say that for containerised cargo, the terms FCA, CIP and CPT should be used. What is the difference between Delivery at Terminal (DAT) in the Incoterms 2010 and Delivery at Place Unloaded (DPU) in Incoterms 2020? In the guidance notes to Incoterms 2010, “terminal” incl- uded “any place, whether cov- ered or not, such as a quay, ware- house, container yard or road, rail or air cargo terminal”. The trade, however, took DAT to me- an a restricted reference to only some form of transport terminal where the seller will deliver the cargo and from where the buyer would collect the cargo, after completing any regulatory for- malities. The DPU now replaces the DAT to cover delivery at any des- tination outside the terminal also. That is the main difference between DAT and DPU. This is helpful, for example, when some cargo, such as capital goods, has to be delivered at site. Also, DPU requires the seller to unload the cargo at the named destination. In that sense, it differs from DAP (Delivers at Place) also, which does not place on the seller the obligation to unload the cargo. Business Standard invites readers’ SME queries related to excise, VAT and exim policy. You can write to us at [email protected] CHATROOM T N C RAJAGOPALAN ‘Need for correct Incoterm usage can’t be overstated’ PUBLIC NOTICE The State Level Environment Impact Assessment Authority, Karnataka, constituted by the Ministry of Environment & Forests, Government of India, vide its letter No.SEIAA:96:CON:2019 dated 04th October, 2019 has accorded Environmental Clearance to Brigade Hotel Ventures Limited for construction of Office and Hotel Development at New Survey No. 47/6 (Old Survey No. 47/2), Udayagiri Village, Anneshwara Gram Panchayat, Kasaba Hobli, Devanahalli Taluk, Bengaluru as per applicable provisions of EIA Notification, 2006 and amended thereafter. Copy of the Clearance letter is available with the Karnataka State Pollution Control Board and may also be seen on the website of the SEIAA, Karnataka at http://seiaa.karnataka.gov.in/, http://seiaa.kar.nic.in & http://environmentclearance.nic.in. This Public Notice is issued in compliance with the conditions laid down in the above Environmental Clearance. Date: 18th October, 2019 NOTICE FOR INVITING BIDS (Regd. Office: PSEB Head Office, The Mall, Patiala - 147001, Corporate Identity Number: U40109PB2010SGC033813 Website: www.pspcl.in e-Tender Enquiry No. 7158/P-1/EMP-11559 dated 15.10.19 & ID: 46455 Scope of Work: SPECIFICATIONS FOR PROCUREMENT OF TYRES, TUBES & FLAPS FOR VEHICLES FOR THE YEAR 2018-19. Qty: As per NIT. EMD: @2% of tender value Date & time upto which tender shall be received 21.11.19 & 11:00 AM Date & time of opening of tender 21.11.19 & 11:30 AM Tender specification can only be downloaded from PSPCL website https://pspcl.abcprocure.com/ & no hard copy of the same will be issued by this office. Note:1. In case any difficulty regarding uploading of the tender the prospective bidders are requested to get clarification from this office and or M/s e- procurement Technologies Ltd. Contact No.+91-(79)-6813 6833/54/48/49/50. lt is also requested to get their digital signature well in time so as to submit tenders through e-tendering only. 2. The perspective bidders are requested to visit the PSPCL website periodically even after downloading the specifications to check for corrigendum issued, if any. No corrigendum shall be published in newspaper. Sd/- Dy.CE/Monitoring, C7542 RTP-80/19 GGSSTP, Roopnagar Under Section 13(2) of the Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002 (the said Act.) read with Rule 3 (1) of the Security Interest (Enforcement) Rules, 2002 (the said Rules). In exercise of powers conferred under Section 13(12) of the said Act read with Rule 3 of the said Rules, the Authorised Officer of IIFL Home Finance Ltd.(IIFL HFL) (Formerly known as India India Infoline Housing Finance Ltd.) has issued Demand Notices under section 13(2) of the said Act, calling upon the Borrower(s), to repay the amount mentioned in the respective Demand Notice(s) issued to them. In connection with above, notice is hereby given, once again, to the Borrower(s) to pay within 60 days from the publication of this notice, the amounts indicated herein below, together with further interest from the date(s) of Demand Notice till the date of payment. The detail of the Borrower(s), amount due as on date of Demand Notice and security offered towards repayment of loan amount are as under:- DEMAND NOTICE If the said Borrowers fail to make payment to IIFL HFL as aforesaid, IIFL HFL may proceed against the secured assets under Section 13(4) of the said Act. and the applicable Rules, entirely at the risks, costs and consequences of the Borrowers. above Demand Notice Date and Amount Name of the Borrower (s) Guarantor (s) / Description of secured asset (immovable property) Place: Vishakaptnam Date: 22-10-2019 Sd/- Authorised Officer For IIFL Home Finance Ltd. (IIFL HFL) For, further details please contact to Authorised Officer at Branch Office:- Sai Trade Center, 4th Floor, Dwarakanagar, 2nd Lane, Vizag, Andra Pradesh - 530016 and /or Corporate Office : IIFL Tower, Plot No. 98, Udyog Vihar, Phase-IV Gurugram, Haryana. 17-10-2019 Rs.88,19,730/- (Rupees Eighty Eight Lakh Nineteen Thousand Seven Hundred Thirty Only) All that piece and parcel D.no.86/1, S.no. 86/1, Patta no. 370 Bantupalli Vari Kallalu Village & Gram Panchayat Vemulavalasa Revenue Division Anandapuram Mandal Vishakapatnam- 530052 Andhra Pradesh 1.Tankala Harsha Teja 2.Rajya Lakshmi Tankala (Prospect No. / Loan A/c No. 706397) Applications are invited for filling up 05(Five) posts of Chief General Manager(CGM)/General Manager (GM), 04(Four) posts of Deputy General Manager (DGM)/Assistant General Manager (AGM) and 5(Five) posts of Manager/Assistant Manager(AM) on deputation basis. The detailed vacancy may be seen at www.ibbi.gov.in.' davp 07121/11/0009/1920 Insolvency and Bankruptcy Board of India (A Statutory Body of Government of India) Notice

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Page 1: 6 ECONOMY & PUBLIC AFFAIRS ‘Inflation isn'ta bad thing ...midhani-india.in/WordPress-content/uploads/2019... · tweak things, but you are not going to get 10 per cent back. We need

We are in a situation where global growth isslowing and policymakers don't seem to havetoo many tools to reverse it. Will it get worse?Some of this is self-inflicted. Right now, theUS is kind of breaking every rule ofinternational conduct and if he (PresidentDonald Trump) wins, it is going to get worse.If he doesn't win, some of the stuff againstChinese technology companies willcontinue because they are actuallypolitically popular. But, on the trade war, wemight be better off and that's going to help.There is slowdown that is already happening— the Chinese economy is slowing. The USgrew extremely fast for a couple of years; it isgoing to slow automatically. So, that to me isalready predicted. Now on top of that,whether we will see further slowing dependsa bit on the US elections.

In the Indian context, at one point, withreforms such as the goods and services tax,the Insolvency and Bankruptcy Code, and aninflation-targeting framework, itlooked like India was going in theright direction. What, in youropinion, went wrong?I never thought inflation targeting atthat level of inflation was a good idea.I have always been an opponent of it. Webenefited a lot from inflation as a way, to keepthe economy lubricated and growing. Giventhat we have downward-sticky prices, I feelinflation is not a bad thing, as it kind of keepsthe labour demand up. Given that the wagesdon't fall, you have to do something to makethe real wages flexible.

We had very low real interest rates. Now,we have much higher interest rates and thatis a big problem. Now that we are in a kind of ademand deficit, it is harder to reviveanything by cutting interest rates a little bit.My view is that with inflation targeting, thepressure on support prices has something todo with demand slowdown.

But are agriculture prices not linked to globalprices, which have been weak in the last year?That is probably right, but we also happily banexports… look at the terms of trade. You cantake out global trends, you will still find termsof trade effect against Indian agriculture. The

global effect is a small part of that.

You have said India is facing a demand deficit.India is running an actual Budget deficit ofclose to 10 per cent of gross domestic product(GDP). If there is still demand deficit, it can beargued that the problem is much deeper.It may well be a deeper problem, but thatwas not the point I was making. You had thislarge and growing deficit for a long time,partly in effect because the economy wasotherwise slowing.

The government sector has been the onehappy spot in the economy. So I don'tdisagree, and the deficit has grown, in part asa response to that.

Nonetheless, there is a monetary side tothis. The real interest rates have gone up a lotand the real interest rates are a key player… sothere seems to be a monetary element in thestory, and that seems to be important in alsothe government's ability to borrow. If fact, for along time, we had a large deficit and the debt-

to-GDP ratio was falling. And that is agreat situation to be in.

You have supported the idea of raisingthe income-tax (I-T) rate for the super-rich, but history shows that higher

rates lead to more evasion.We have had a history. On the other hand, Ithink we are getting better and better atcollecting. We should not assume that theleakage will be constant. We are gettingbetter. The information systems are better.We can't live with the tax-to-GDP ratio thatwe have, we know that. That's the point youmade about 10 per cent deficit. You cantweak things, but you are not going to get 10per cent back. We need taxes.

The credibility of economists was dentedsignificantly after the financial crisis and theproblem still continues. Do you think thekind of work that you have done with therandomised controlled trial will help restoresome credibility for the profession?More importantly, people want economists toalso pronounce on other things. I think weshould expose our ignorance and say this iswhat we know… and explain why it is difficultto predict things. Try to say that given the

circumstance, here are some of the problemswe identify and say these are probably thethings that can be done, but we don't know if itwill get you the exact desired result.

In your book, you have said that everyeconomics student learns that there are largeaggregate gains from trade. But you haveraised some questions as well. What would beyour advice to the government as it is about tosign a regional trade agreement?Whether or not the GDP goes up as a result ofbeing more open to trade is not what we areactually arguing. We are saying that there arepredictable people who will lose a lot. Thereason why we don't take that into account isthat we think resources will move. If the labouris cheap, capital will come. That's not what wesee. Because we don't see it, we can anticipatethat certain groups are going to gethammered. We should take preemptiveaction. And think of ways to handle that.

You have argued in favour of Universal UltraBasic Income in the book. Is it a feasible idea,given the kind of Budget and politicalconstraints because some of the subsidieswill have to be rolled back?I think the political constraints are lessserious. People also know that these subsidiesare leaky and wasteful. I think they don'tbelieve the government will actually give thesupport. Partly, the government needs tobuild credibility. We need a mechanismwhich makes it clear that when thegovernment promises X, it gives you X.Credibility is central to this.

But the government has given incomesupport to farmers without cutting othersubsidies. And that's the fear some peoplehave that it will work this way.I understand that fear. But that's notentirely true, because they did takesomething. Support prices were keptflatter. So the government actually firsttook it away and then came back tocompensate. I don't think that's the bestprocess. Support prices drove terms oftrade for a while and they decided not to dothat. And then just before the last election,they came back and said we are now goingto compensate you partly.

You have also said in the book that people areoften unable or unwilling to move to takeadvantage of economic opportunities. Willprogrammes like basic income and theMahatma Gandhi National RuralEmployment Guarantee Act (MGNEGA) notslow labour movement?They are very different. Basic income isunconditional. So if I move from agriculture tobeing an urban construction worker, my basicincome doesn't go away.

The MGNREGA is very different, andthere is evidence that it slows downmigration to the cities.

Portability is critical in basic income. If it isnot portable, it is going to distort. So basicincome will not affect migration. In a sense, itmight encourage it. When I first go to the city, I don't know if I will find a job and might berisk-averse. But if I have a basic support, Imight actually move and take that risk.

6 ECONOMY & PUBLIC AFFAIRS HYDERABAD | TUESDAY, 22 OCTOBER 2019 1>

‘Inflation isn't a bad thing... it keepseconomy growing, labourdemand up’Cutting interest rates will hardly help revive the massive demand deficit in the economy,claims AABBHHIIJJIITT BBAANNEERRJJEEEE, the co-winner of the Sveriges Riksbank Prize in Economic Sciences— popularly, the Nobel Prize in Economics — this year, along with Esther Duflo and MichaelKremer. In India to promote his new book, Good Economics for Hard Times: Better Answersto Our Biggest Problems — co-authored with Duflo, to whom he is married — Banerjeespoke to RRaajjeesshh KKuummaarr about concerns of global and Indian economy. Edited excerpts:

PHOTO: SANJAY K SHARMA

We have been using theIncoterms FOB, CIF and CFR forall modes of transport, withoutany problem. Now, in yourarticle “Revised Incoterms takeeffect from Jan” (BusinessStandard, October 14, 2019),you say that the terms FAS,FOB, CFR and CIF should beused only for transport bywater from port to port,whether through ocean-goingvessels, river barges or acombination, and that theseterms should not be used forcontainer shipment (even ifcarried by ships), other modesof transport (e.g. air or road) ormulti-modal transport, forwhich other terms such as FCA,CIP, CPT, etc, must be used. Weare confused. Please clarify.Incoterms clearly define theobligations of the seller and buy-er, when the risk passes fromseller to buyer and who bearswhat costs. These are very usefulto the parties to a sales contract,the courts, arbitrators, etc. whenthere is a dispute regarding thesaid obligations or risks or costs.So, the need to use the correctIncoterms cannot be overstated.The terms FAS, FOB, CFR andCIF clearly define these obliga-tions in the context of transportby water from port to port,whereas the terms FCA, CIP andCPT specify the obligations forshipments by multi-modal andother modes of transport.

In case of containerised car-go, the seller usually delivers thecontainer to the carrier at itspremises or container terminals.The ship may not have evenarrived at that time. The sellerhas no control once the contain-er is delivered to the carrier. Hecannot ensure that the contain-er goes on board the vessel or isplaced alongside the vessel. Hecannot bear the risk of any dam-age to the cargo thereafter. Thisis true even in case of LCL cargo,where the goods are handed overto a carrier at a Container FreightStation for consolidation. Thatis why the Incoterms clearly saythat for containerised cargo, theterms FCA, CIP and CPT shouldbe used.

What is the difference betweenDelivery at Terminal (DAT) inthe Incoterms 2010 andDelivery at Place Unloaded(DPU) in Incoterms 2020? In the guidance notes toIncoterms 2010, “terminal” incl-uded “any place, whether cov-ered or not, such as a quay, ware-house, container yard or road,rail or air cargo terminal”. Thetrade, however, took DAT to me-an a restricted reference to onlysome form of transport terminalwhere the seller will deliver thecargo and from where the buyerwould collect the cargo, aftercompleting any regulatory for-malities.

The DPU now replaces theDAT to cover delivery at any des-tination outside the terminalalso. That is the main differencebetween DAT and DPU. This ishelpful, for example, when somecargo, such as capital goods, hasto be delivered at site. Also, DPUrequires the seller to unload thecargo at the named destination.In that sense, it differs from DAP(Delivers at Place) also, whichdoes not place on the seller theobligation to unload the cargo.

Business Standard invites readers’ SME queries related to excise, VAT and exim policy.

You can write to us at [email protected]

CHATROOMT N C RAJAGOPALAN

‘Need for correctIncoterm usage can’t be overstated’

PUBLIC NOTICEThe State Level Environment Impact Assessment Authority, Karnataka, constituted by the Ministry of Environment & Forests, Government of India, vide its letter No.SEIAA:96:CON:2019 dated 04th October, 2019 has accorded Environmental Clearance to Brigade Hotel Ventures Limited for construction of Office and Hotel Development at New Survey No. 47/6 (Old Survey No. 47/2), Udayagiri Village, Anneshwara Gram Panchayat, Kasaba Hobli, Devanahalli Taluk, Bengaluru as per applicable provisions of EIA Notification, 2006 and amended thereafter.Copy of the Clearance letter is available with the Karnataka State Pollution Control Board and may also be seen on the website of the SEIAA, Karnataka at http://seiaa.karnataka.gov.in/, http://seiaa.kar.nic.in & http://environmentclearance.nic.in.This Public Notice is issued in compliance with the conditions laid down in the above Environmental Clearance.Date: 18th October, 2019

NOTICE FOR INVITING BIDS

(Regd. Office: PSEB Head Office, The Mall, Patiala - 147001,Corporate Identity Number: U40109PB2010SGC033813

Website: www.pspcl.ine-Tender Enquiry No. 7158/P-1/EMP-11559 dated 15.10.19 & ID: 46455Scope of Work: SPECIFICATIONS FOR PROCUREMENT OF TYRES,TUBES & FLAPS FOR VEHICLES FOR THE YEAR 2018-19.Qty: As per NIT.EMD: @2% of tender valueDate & time upto which tender shall be received 21.11.19 & 11:00 AMDate & time of opening of tender 21.11.19 & 11:30 AMTender specification can only be downloaded from PSPCL websitehttps://pspcl.abcprocure.com/ & no hard copy of the same will be issued bythis office.Note:1. In case any difficulty regarding uploading of the tender the prospectivebidders are requested to get clarification from this office and or M/s e-procurement Technologies Ltd. Contact No.+91-(79)-6813 6833/54/48/49/50. ltis also requested to get their digital signature well in time so as to submit tendersthrough e-tendering only.2. The perspective bidders are requested to visit the PSPCL website periodicallyeven after downloading the specifications to check for corrigendum issued, ifany. No corrigendum shall be published in newspaper.

Sd/-Dy.CE/Monitoring,

C7542 RTP-80/19 GGSSTP, Roopnagar

Under Section 13(2) of the Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002 (the said Act.) read with Rule 3 (1) of the Security Interest (Enforcement) Rules, 2002 (the said Rules). In exercise of powers conferred under Section 13(12) of the said Act read with Rule 3 of the said Rules, the Authorised Officer of IIFL Home Finance Ltd.(IIFL HFL) (Formerly known as India India Infoline Housing Finance Ltd.) has issued Demand Notices under section 13(2) of the said Act, calling upon the Borrower(s), to repay the amount mentioned in the respective Demand Notice(s) issued to them. In connection with above, notice is hereby given, once again, to the Borrower(s) to pay within 60 days from the publication of this notice, the amounts indicated herein below, together with further interest from the date(s) of Demand Notice till the date of payment. The detail of the Borrower(s), amount due as on date of Demand Notice and security offered towards repayment of loan amount are as under:-

DEMAND NOTICE

If the said Borrowers fail to make payment to IIFL HFL as aforesaid, IIFL HFL may proceed against the secured assets under Section 13(4) of the said Act. and the applicable Rules, entirely at the risks, costs and consequences of the Borrowers.

above

Demand Notice Date and Amount

Name of the Borrower (s)Guarantor (s)

/ Description of secured asset (immovable property)

Place: Vishakaptnam Date: 22-10-2019 Sd/- Authorised Officer For IIFL Home Finance Ltd. (IIFL HFL)

For, further details please contact to Authorised Officer at Branch Office:- Sai Trade Center, 4th Floor, Dwarakanagar, 2nd Lane, Vizag, Andra Pradesh - 530016 and /or Corporate Office : IIFL Tower, Plot No. 98, Udyog Vihar, Phase-IV Gurugram, Haryana.

17-10-2019Rs.88,19,730/- (Rupees Eighty Eight Lakh Nineteen Thousand Seven Hundred Thirty Only)

All that piece and parcel D.no.86/1, S.no. 86/1, Patta no. 370 Bantupalli Vari Kallalu Village & Gram Panchayat Vemulavalasa Revenue D i v i s i o n A n a n d a p u r a m M a n d a lVishakapatnam- 530052 Andhra Pradesh

1.Tankala Harsha Teja2.Rajya Lakshmi Tankala(Prospect No. / Loan A/c No. 706397)

Applications are invited for filling up 05(Five) posts of Chief General Manager(CGM)/General Manager (GM), 04(Four) posts of Deputy General Manager (DGM)/Assistant General Manager (AGM) and 5(Five) posts of Manager/Assistant Manager(AM) on deputation basis. The detailed vacancy may be seen at www.ibbi.gov.in.'

davp 07121/11/0009/1920

Insolvency and Bankruptcy Board of India(A Statutory Body of Government of India)

Notice

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