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Royal Enfield roars into global market with Interceptor, Continental

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Pune: Royal Enfield, the global leader in the mid-size motorcycle segment, launched the much awaited 650cc twin bikes called the Interceptor and Continental GT 650 for the international market in California.

The company said both motorcycles would be launched in India later this year. Both bikes are available in three variants such as Standard, Custom and Chrome.

The Standard variant of the Interceptor and Continental GT 650 are priced at $5,799 (about Rs 4.21 lakh) and $5,999 (about Rs 4.36 lakh), respectively.

 

However, when the motorcycles will be introduced in the Indian market, Royal Enfield is likely to price them below the Rs 3 lakh at pan-India showroom. With this price it will be a cracking deal for most Indian motorcycling enthusiasts.

The Custom variants of both bikes are priced at $5,999 (Rs 4.36 lakh) and $6,249 (Rs 4.53 lakh), while the Chrome variants are tagged at $6,499 (Rs 4.72 lakh) and $6,749 (Rs 4.91 lakh).

“The twins are our first truly global line of products and will play a very strategic role in ushering the next set of Royal Enfield owners across the world,” said Siddhartha Lal, Royal Enfield chief executive officer.

Royal Enfield over the last decade has had an amazing journey, growing from sales of around 50,000 motorcycles in 2010 to over 8,20,000 motorcycles in 2017, he pointed out.

“This unprecedented growth is a result of our focus on making simple, deeply engaging, beautiful motorcycles, that are modern at the core, and building a thriving ecosystem of personal journeys and expressions around them,” Lal said.

The company offers buyers a 3-year/unlimited kilometer warranty with roadside assistance in the US. However, the company is likely to offer a 3-year or 40,000 km warranty with free roadside assistance for the first year in India. The 650cc twins are powered by a 648 cc, oil-cooled, parallel-win motor that is mated to a 6-speed gearbox with slip and assist clutch. It produces peak power of 47 hp at 7,250rpm and 52Nm of torque.

These new Royal Enfields are equipped with a conventional telescopic fork and gas-charged twin shock absorbers. Braking is addressed by a single 320mm disc up-front and a smaller, 240mm disc at the rear with dual-channel ABS as standard.

The bikes also share the same wheel and tyre sizes. The wheels are 18 inches and the tyre sizes are 100/90-18 at the front and 130/70-18 at the rear.

The bikes also have a claimed top speed of over 160 kph and an overall fuel efficiency figure of 25.5 kpl (WMTC). The fuel tank on the Interceptor is also slightly larger, at 13.7 litres, compared to the 12.5-litre tank on the Continental GT. The seat height and ground clearance on both motorcycles is identical, at 804mm and 174mm, respectively.


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Income Tax return processing time to reduce from 63 days to just 1 day

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Mumbai:The Union Cabinet approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch.

“Earlier, taxpayers would face troubles because of delay in refund processing and the CBDT used to spend a lot of money every year as interest on pending refunds, which will be history now,” Union minister Piyush Goyal told reporters after the Cabinet meeting here.

Last month, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra had said a simplified return form and process would be put in place soon in which the department would process the self-declaration made by the taxpayer. The new Rs 4,241-crore project will incorporate these changes.

 

“This is a laudable initiative and will go a long way to ease tax compliance, and enhanced experience for taxpayers. However, the real success of this will be measured when it brings ease to a common man and is accompanied by changes in the culture of the tax authorities at the operational level,” said Neeru Ahuja, partner, Deloitte India.

Currently, the e-filing portal and the CPC work separately. While e-filing is being managed by Tata Consultancy Services (TCS), the CPC is run by Infosys.

In the bids invited by the government, Infosys emerged as the lowest bidder and it would develop the ITR-CPC 2.0 project in 18 months from now, Goyal said.

Under the new system, Infosys will handle end-to-end solution — from e-filing to return assessment to refund processing. The CBDT and Infosys would work in a revenue-sharing model, sources in the know said.

Goyal said ramping up scrutiny was not the mandate of the new portal. Currently, about 0.3 per cent of the I-T returns are scrutinised, he said. The system intends to resolve taxpayer grievances as well as tax demands from the CBDT faster and equitably, he said.

“The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule driven, identity blind manner. This will assure fairness in tax treatment to every taxpayer irrespective of their status,” a government release said.

But even under the new ecosystem, only those applications which are clean would have the chance of getting processed in a day, sources said.

About 23 crore I-T returns have been processed, along with Rs 2.62 trillion worth of refunds, till September 2018 cumulatively. Of this, refunds worth Rs 1.83 trillion have been processed in 2018-19, said Goyal.

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Lenders considering resolution plan for Jet Airways: SBI

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Mumbai: State Bank of India (SBI) on Thursday said lenders are considering a resolution plan for Jet Airways to ensure long-term viability of the debt-laden company.

The SBI statement comes a day after the crisis-hit airline said discussions were “progressing well” with stakeholders on a comprehensive resolution plan that also contemplates equity infusion and consequent changes in its board of directors.

There are rising concerns over financial health of Jet Airways, whose shares have also taken a beating at stock exchanges.

 

“We would like to state that lenders are considering a restructuring plan under the RBI framework for resolution of stressed assets that would ensure a long-term viability of the company,” SBI said in a statement.

It said the restructuring plan for the cash-strapped airline would need approval from boards of lenders.

“Any such plan would be subject to approval of boards of the lenders and subject to adherence and clearance, if required, from the RBI and/or Sebi (takeover code, ICDR regulations.) and Ministry of Civil Aviation and in compliance with all regulatory prescriptions,” the statement said.

Shares of the airline are trading 4.24 per cent lower at Rs 259.50 apiece on BSE.

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NGT slams Volkswagen for not depositing Rs 100 crore as per its 2018 order

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New Delhi: The National Green Tribunal (NGT) slammed German auto major Volkswagen for not depositing Rs 100 crore in accordance with its November 16, 2018 order and directed it to submit the amount within 24 hours.

A bench headed by NGT chairperson Adarsh Kumar Goel took strong exception to the non-compliance of its order by the automobile giant and asked it to give an undertaking that it will submit the amount by 5 PM Friday.

“Why have you not complied with our order when there is no stay. We will not give you any further time,” the bench, also comprising Justice S P Wangdi, said while asking Volkswagen to submit an affidavit of compliance after deposit.

 

The tribunal deferred the matter for hearing after it was informed that the Supreme Court is also seized of the issue.

On November 16 last year, the tribunal had said that the use of ”cheat device” by Volkswagen in diesel cars in India leads to inference of environmental damage and had asked the German auto major to deposit an interim amount of Rs 100 crore with the Central Pollution Control Board (CPCB).

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