Thank you codeManiac. Worked like a breeze. You rock!
I had posted this query on wordpress.com too and have received a very good answer. Reproducing it here for everyone else.
“Twenty Sixteen supports site logo only on WordPress.com.
Self-hosted version of Twenty Sixteen doesn’t support site logo. It sounds odd but I found this info in this .org forum thread. They have a suggested a solution to create a child theme.”
Full thread on wordpress.com is available here.
