Homemakers Guide to Finance and Living

Will the Wild Ride for the Rupee Continue?

noreply@blogger.com (Bushra Muzaffar) — Thu, 27 Mar 2025 08:59:00 +0000

The recent depreciation of the rupee has sparked a debate on the relative merits and drawbacks of the fall in value vis-à-vis the US dollar. The recent volatility has been sparked by US President Donald Trump’s tariff policies that have increased uncertainty around the world and have led to a fall in the value of many currencies, not just the rupee.

Consider this: the rupee fell by 57 paise to 86.62 on January 28, 2025-the steepest decline in nearly two years. From just February 10 to 13, the rupee quoted between 86.50 and 88.

In this period, some have questioned the Reserve Bank of India’s (RBI’s) handling of the situation, raising concerns about its decision to sell dollars to shore up the currency. The debate has also included top ministers in the Prime Minster Narendra Modi-led National Democratic Alliance government.

“Depreciation is a bad thing. We believe that in the long run, we must focus on a stronger currency because we are still an import-dependent country,” Union Commerce and Industry Minister Piyush Goyal said at the India Today-Business Today Budget Round Table 2025.

That said, Goyal added that the rupee has performed better than most emerging market peers. “The rupee is one of the best-performing currencies among emerging market economies. Our depreciation is roughly half in terms of percentage-we are about 2.8–3% compared to 5.5–6% that most other competing economies have seen,” he pointed out.

This tells us something about the attitude to the rupee’s depreciation-it is a touchy subject.

But Reserve Bank of India (RBI) Governor Sanjay Malhotra, who took charge at Mint Road last December, made clear it after the Monetary Policy Committee’s deliberation that “Our stated objective is to maintain orderliness and stability, without compromising market efficiency”. Accordingly, the central bank’s interventions in the forex market focus on smoothening excessive and disruptive volatility rather than targeting any specific exchange rate level or band. “The exchange rate of the rupee is determined by market forces,” he said.

RBI Under the scanner

However, the RBI’s stated policy, reiterated by new governor Sanjay Malhotra, is that it does not target a specific rate
The RBI sold a speculated $70 billion in December 2024 to defend the rupee when it came under intense pressure
The central bank has said it intervened to ensure that movement is orderly and there’s no excessive volatility
Some observers have said that the RBI’s dollar sales led to a tightening in liquidity conditions in India
But considering the uncertainty sparked by us president Donald Trump’s policy, the rupee is expected to feel pressure

Some Comfort

Besides, there are silver linings even with a weaker rupee: the current account deficit (CAD) moderated to $11.2 billion (1.2% of GDP) in the second quarter of FY25 from $11.3 billion (1.3% of GDP) in Q2FY24. The World Bank says India remains the largest recipient of remittances globally in FY24, with an estimated inflow of $129.1 billion. The CAD for this year is expected to remain well within the sustainable level. As at end-January 2025, foreign exchange reserves stood at $630.6 billion, an import cover of over 10 months or 99% of the external debt. And around two-thirds of foreign currency loans were hedged.

Yet, in December, when the rupee came under pressure, the spotlight was on the central bank’s foreign exchange sales to stem the slide. A view gained currency that the RBI should have let it slide and not have sold a speculated $70 billion. After all, the new US President’s world view was something that had to be dealt with. Then again, it has been the central bank’s long held view that it does not target a specific level for the rupee. So why defend the rupee by blowing precious forex?

Of course, there was a counter view that having linked the rupee’s value to national pride, could the RBI have let the rupee find its level? After all, the rupee has moved to its current level from around 63 to the dollar a decade ago. And if this, indeed, was to be the case, it would have meant higher imported inflation, which in turn, would have delayed repo rate cuts. The logic was simple: you can’t have a weaker rupee and lower interest rates.

The Liquidity Crunch

The RBI’s dollar sales also brought another talking point into the picture: that it led to a tightening in rupee liquidity. This is not entirely true.

After remaining in surplus from July to November 2024, system liquidity-as measured by the average net position under the liquidity adjustment facility (LAF)-turned into deficit during December 2024 and January 2025. This is mainly attributed to advance tax payments in December 2024, capital outflows, forex operations, and a significant pickup in currency in circulation this January.

It is also misleading to pin the drainage of liquidity solely on the central bank’s dollar sales-every dollar sold sucks out an equivalent amount in rupees, and vice-versa. And the RBI Annual Report (FY25) details the developments that lead to the squeeze. Surplus liquidity moderated from August 12, 2023, following the imposition of the incremental-cash reserve ratio (I-CRR), a monetary policy tool to manage liquidity in the system, which resulted in around Rs 1.1 lakh crore moving out from the banking system. Then, the build-up of government cash balances due to advance tax collections and GST payments further tightened liquidity conditions. The average net liquidity adjustment facility slipped into deficit in September for the first time since May 2019.

Consequently, the average net LAF absorption moderated to Rs 89,000 crore in Q2FY24 from Rs 1.26 lakh crore in Q1. Liquidity turned into deficit with average net LAF injection of Rs 76,000 crore in Q3, driven by festival related currency outgo in October-November and build-up of government cash balances due to advance tax and GST payments in December 2023. Net LAF injection averaged Rs 1.36 lakh crore in Q4, with injections narrowing considerably in March 2024 from January-February.

Then the return-leg of the dollar-rupee sell-buy swap auction for $5 billion on March 8, 2022, also injected liquidity of Rs 42,800 crore on March 11, 2024. In Q4, the central bank injected liquidity through six main and 19 fine-tuning variable rate repo operations.

What now?

The bigger picture is as follows: the rupee will continue to gyrate. If the war between Russia and Ukraine ends, and sanctions are lifted on Russia, that may lead to the end of cheap oil supplies from that country months down the line. Will that show up in higher oil price-linked inflation and impact interest rates movements? That needs to be watched closely.

The RBI’s recent decision to cut the policy repo rate by 25 basis point to 6.25%—the first in five years—has not led to lending rate cuts by banks as their cost of funds will take time to go down. Higher provisioning for bad loans in some sectors, especially in unsecured retail credit means the headroom for lending rate cuts is narrower. Plus, the growth in deposits has just about managed to keep up with credit growth with the credit-deposit ratio of banks easing off 80 thereabouts. If, as a result of the repo rate cut, bank deposits were also to fall, then the CD ratio gets affected more. Besides, as stated earlier, the rate cut and the rupee’s depreciation cannot go together. When a currency is on the slide, it becomes costlier to buy the dollar. And the dollar does not get cheaper when interest rates are cut.

So, what is in store for the rupee?

The RBI may go easy on the rupee and give priority to domestic issues like other central banks. The fuss over the rupee’s level should end.

Business Today

Put-Call ratio

noreply@blogger.com (Bushra Muzaffar) — Tue, 15 Oct 2024 04:35:00 +0000

Put-Call ratio (PCR) indicates the mood of the market.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.

VIX - the fear indicator

noreply@blogger.com (Bushra Muzaffar) — Tue, 15 Oct 2024 04:35:00 +0000

The India VIX, the fear indicator

Retail investors in stock market as per Economic Survey 2023-24

noreply@blogger.com (Bushra Muzaffar) — Tue, 15 Oct 2024 04:33:00 +0000

Over the last few years, the Indian capital markets have seen a surge in retail activity through direct trading in markets through their accounts and indirect trading through mutual fund channels.

According to Economic Survey 2023-24, retail investors' share in the equity cash segment turnover was at 35.9% in 2023-24 (FY24). The number of demat accounts with both the depositories rose to 1,514 lakh in FY24 from 1,145 lakh in FY23.

The impact of this influx of the investors in the market is also reflected in new investor registrations with the exchanges, their share in total traded value, net investments, and ownership in the listed companies.

The registered investor base at NSE has nearly tripled from March 2020 to 9.2 crore as of March 31, 2024, potentially translating into 20% of the Indian households now channelling their household savings into financial markets.

"The significant increase in retail investors in the stock market calls for careful consideration. This is crucial because the possibility of overconfidence leading to speculation and the expectation of even greater returns, which might not align with the real market conditions, is a serious concern," said the document tabled by Finance Minister Nirmala Sitharaman in Parliament.

The survey noted that a rise in retail participation was more substantial and steadier through the indirect channel — mutual funds. The FY24 has been a spectacular year for mutual funds as their Assets Under Management (AUM) increased by ₹14 lakh crore or 35% year-over-year to ₹53.4 lakh crore at the end of FY24, boosted by mark-to-market (MTM) gains and expansion of the industry.

The total number of folios increased to 17.8 crore at the end of FY24 from 14.6 crore at FY23-end.

Some of the factors that facilitated the entry of investors included seamless technological integration, government measures towards financial inclusion, growth of digital infrastructure, rapid smartphone penetration, a rise of low-cost brokerages, the pursuit of generating income from alternative sources and lower returns generated by traditional asset classes such as real estate and gold.

The survey said that the enhanced participation of retail investors in the Indian capital market is hugely welcome and lends stability to the capital market. Also, it has enabled retail investors to earn higher returns on their savings.

Noting the interest of retail investors in the derivative market, the survey said," the derivatives are hedging instruments, they are mostly used as speculative instruments by investors worldwide. India is likely no exception".

"Derivatives trading holds the potential for outsized gains. Thus, it caters to humans' gambling instincts and can augment income if profitable. These considerations are likely driving active retail participation in derivatives trading," the Survey said.

The survey calls for raising investor awareness and continuous financial education to warn them of the low or negative expected returns from derivatives trading.

It, further, said that a significant stock correction could see losses that are more considerable for retail investors participating in capital markets through derivatives.

"Investors’ behavioural response would be to feel 'cheated' by unseen more considerable forces. They may not return to capital markets for a long time. That is a loss to them and the economy," it added.

The Economic Survey 2023-24 on July 22 cautioned against significant increase in retail participation in the stock market, saying expectation of higher returns without real market conditions is a matter of concern.

The Survey also mentioned that enhanced participation of retail investors lends stability to the capital market and noted the increasing interest of these investors in the derivative trading.

Source: The Hindu

OFS in an IPO - a double-edged sword

noreply@blogger.com (Bushra Muzaffar) — Tue, 15 Oct 2024 02:34:00 +0000

An OFS in an IPO is seen as a double-edged sword, where on one
hand, it provides an opportunity for existing shareholders to cash in on the
early investments. On the other hand, it doesn't bring any new funds to the
company for strategic growth initiatives, unlike a fresh equity sale that could
be used to fund growth opportunities.

A Decade of Make in India

noreply@blogger.com (Bushra Muzaffar) — Mon, 07 Oct 2024 05:44:00 +0000

An uptick in manufacturing activity a decade since the launch of the Make in India initiative notwithstanding, India's integration with global value chains faces some challenges.

Global value chain (GVO-related rade, a measure of a country's participation in the multi-stage trade process, accounts for more than half of the gross trade in India's manufacturing sector. And despite an uptick in the ratio in other sectors as well, India's total GVC-related trade lags behind Vietnam and Russia (Charts 1, 2).

One of the stated objectives of the Make in india initiative was to boost manufacturing activity and improve investments in the sector. Manufacturing contributes less than a fifth of india's gross domestic product, a ratio that has remained unchanged since 2013-14. In the decade ending in 2022, India's manufacturing output per capita grew at a compound annual growth rate of 5 per cent.

However, Bangladesh, Vietnam, and China grew at a faster pace (Chort 3). But manufacturing activity, which has picked up after the pandemic, remains robust compared to many peers from the Brics (Brazil, Russia, China, and South Africa) grouping (Chort 4). The initiative also aimed to strengthen self-reliance and boost exports.

However, India's share in the world's merchandise exports has remained stagnant despite exceeding $400 billion in the decade since the initiative was launched (Chart 5). India has taken its share of high-technology exports in total manufactured goods exported up by over 3 percentage points between 2014 and 2022, while in the same period, China has seen a drop of over 6 percentage points.

The share of India's overall high-technology exports, though, remains small compared to China,Vietnam, and the global average (Chart 6).

Source Sameer Want/Statsguru

Automobile Sales in September 2024 - FADA

noreply@blogger.com (Bushra Muzaffar) — Mon, 07 Oct 2024 05:30:00 +0000

The overall automobile sales in September,2024 witnessed a significant decline of -9.26% YoY, says Federation of Automobile Dealers Association.

Two wheeler segment witnessed YoY decline of 8.51%, driven by weak consumer sentiment, low inquiries, and delayed purchases due to heavy rains and seasonal factors like Shraddh

Passenger Vehicles like cars, SUVs witnessed Steep YoY decline of 18.81%.
Commercial vehicle witnessed YoY decline of 10.45%, with only marginal Month on month growth of 1.46%, reflecting subdued market conditions and weak government spending

Three wheelers and tractor segments reported Marginal growth of 0.66% YoY and 14.69% YoY respectively, attributed to positive customer engagement and increasing demand for e-rickshaw options

Passenger Vehicles (PV) Dealers are facing all time high inventory levels of 80-85 days, equivalent to 7.9 lakh vehicles worth ₹79,000 crore due to aggressive OEM dispatches. Dealers are under financial pressure, with increased cash flow challenges
FADA urges the RBI to issue stricter guidelines on channel funding policies to mitigate the financial risk faced by dealers.

FADA said it is “Cautiously Optimistic” on the overall outlook. “While the festive season presents an opportunity for recovery, the high stakes in October make it crucial for dealers and OEMs to clear existing inventory. Strategic inventory management and targeted festive promotions are key to capitalizing on the expected surge in demand and stabilizing market conditions,” it said.

Source: The Hindu

Lavasa Story by Bloomberg's Andy Mukherjee

noreply@blogger.com (Bushra Muzaffar) — Fri, 13 Sep 2024 11:44:00 +0000

Nearly a quarter century after investors formed a private corporation to build and manage a hillside resort four hours from Mumbai, just 5,000 people linger in the derelict shadow of what was meant to be the first of several picturesque enclaves, housing 300,000 in total.

For the hapless residents — and the homebuyers waiting to move in — more bad news came last week. The bankruptcy court sent packing the only rescuer of Lavasa Corp. to have kindled some hope in six years of insolvency. Creditors will start their hunt for a white knight all over again.

Situated in the Sahyadri mountain range along the country’s western coast, Lavasa was supposed to be India’s answer to Portofino, the popular tourist destination on the Italian Riviera. Other such capitalist oases were to follow suit, for the well-heeled to circumvent the poor state planning and administrative apathy that plague urban living in India.

Yet for all its promise, the project bombed after completing a fifth of its first phase. It is mired in about $1 billion in liabilities, most of which are to financial institutions. The homeowners who never got the keys lost $63 million in lease advances. Those who did make Lavasa their home live in a crumbling ghost town: In landslides during this year’s rains, three villas vanished. Two electricians were trapped inside one of them.

Lavasa is a cautionary tale. The Indian state has little money and even less executive capacity and political will to give the people of its polluted, overpopulated megalopolises the breathing spaces and retirement communities they yearn for. Mumbai has 22 million inhabitants; Delhi is home to 34 million. The tech hub of Bengaluru has a population of 14 million and is growing a lot faster than Silicon Valley.

But the private sector has no magic wand, either. An entire city built and managed by investment capital was ambitious when it was conceived. It remains an impossible dream even now. India’s bankruptcy law, brought in with much fanfare in 2016 to salvage the precious capital trapped in grandiose, debt-fueled undertakings like Lavasa, is failing to make headway even with state-run creditors accepting 80% haircuts.

Mumbai builder Ajit Gulabchand’s HCC Real Estate Ltd., or HREL, was the original 69% owner. HREL, as well as other large shareholders, had raised debt for the venture by offering guarantees and share pledges. By May 2018, however, Lavasa had defaulted. A Bloomberg News article from the time paints a picture of decay and defeat: crumbling sidewalks; garbage rotting in the lake; a shell of a hotel in construction for seven years; and a resigned Gulabchand estimating the cost of revival at $1.5 billion.

That he wasn’t going to be a part of the solution became clear soon. In August 2018, the project slipped into bankruptcy. Gulabchand lost control of the township to an administrator. The banks played along, preferring to recover 60 billion rupees ($700 million) of claims via the sale of Lavasa. They didn’t enforce the guarantees. In July 2023, the insolvency tribunal cleared the sale to a new owner while releasing all securities and pledges, allowing more than $900 million of HREL’s assurances to just disappear. In March this year, Guabchand’s Hindustan Construction Co. divested its shareholding in HREL for $12,000. The guarantee had already gone, and now the guarantor, too, had left the building.

Hindustan Construction shares have jumped nearly 12-fold since March 2020. Other stakeholders weren’t as lucky. Few had ever heard of Darwin Platform Infrastructure Ltd., the savior chosen by the lenders. The new-owner-in-waiting lost no time in getting into trouble with India’s anti-money-laundering sleuths. It never completed the insolvency resolution from which the creditors were hoping for $137 million over nine years — a fraction of what they were owed.

Eventually, the lenders soured on Darwin, which, in turn, accused them of illegally pocketing the surety it had put up against concluding the purchase. Last week, the tribunal came down on the creditors’ side. The sale process will begin afresh. More years will be added to the decade-long wait for the hundreds of fully constructed new houses the suitor had promised.

The owners of mansions and apartments, some of whom are former ministers, movie stars, judges, businessmen and top bureaucrats, no longer dream of living alongside golf courses, amusement parks, a NASA research center, and a campus of Oxford University’s Said Business School. It’s only because of a desolate old-age home, and a college — Christ University of Bengaluru, not Oxford — that the town has a population. In a cruel twist on Danny Boyle’s Oscar-winning Slumdog Millionaire, Lavasa has taken rich people’s retirement savings and given them a shantytown to slum it out. A resident told me his wife had to carry an umbrella to the bathroom during this year’s monsoon.

The arc of the bankruptcy law in India bends toward power, not justice. And here, there is a power vacuum. The deadline for putting farmland to commercial use has come and gone. The environmental clearance has expired. Politicians have lost interest. Capturing power in crucial state polls later this year is their priority, not a project that has no more contracts to award.

So creditors could consider liquidating Lavasa Corp., and handing over management to the municipal authority of Pune, the nearest large city. Or, with a little imagination, they could turn their dying investment in 10,000 acres of land acquired from farmers — plus the manmade lake leased from a government agency— into a community of rain-swept idylls. Let individuals construct their cottages, with the infrastructure supplied by a people’s collective, rather than by a company or the government.

Lavasa won’t be among the 100 “smart cities” promised by Prime Minister Narendra Modi. Does it even need to be? A smart village is a better destiny, and a superior alternative to a bankrupt, half-finished city where only a forlorn street is named after Portofino.

GIFT Nifty, Earlier SGX Nifty, started trading from July 2023

noreply@blogger.com (Bushra Muzaffar) — Tue, 07 Nov 2023 02:43:00 +0000

What is GIFT NIFTY, which started trading from July 3

GIFT NIFTY is the first cross-border initiative in connecting India and Singapore’s capital markets.

Rechristened GIFT NIFTY, the popular Singapore Exchange (SGX) NIFTY started trading from GIFT City in Gujarat Monday, executing over 30,000 trades in a single session.

Gift Nifty Futures Live is a priceless resource for traders and investors who enjoy following the Nifty Futures market in real-time.

After moving from the Singapore Exchange (SGX) to the GIFT IFSC in (GIFT City) Gandhinagar district in Gujarat, India. On July 3, 2023, the current SGX Nifty Futures & Options contracts will be replaced by the new name of GIFT (Gujarat International Finance Tec-City) Nifty, which was revealed by the NSE IFSC-SGX. It is the first international effort to establish a connection between the capital markets of Singapore and India.

A significant turning point for GIFT IFSC’s outreach to international investors and the improvement of GIFT City’s capital market environment is GIFT Nifty. The NSE International Exchange trades the Gift Nifty, Gift Nifty Futures, which is the IFSC-SGX Connect Nifty Index, at IFSC, Gift City, Gujarat, India.

(Gujarat International Finance Tec-City) Gift Nifty is something that is used by institutional investors and hedge funds to manage their exposure to the Indian stock market. It is also used by traders to make predictions about the future course of the Nifty 50 index.

What is the GIFT NIFTY opening time?

GIFT Nifty will be accessible for around 19 hours, coinciding with trading hours in Asia, Europe, and the US. In the Asia time zone, the GIFT NIFTY begins at 6:30 am and lasts until 3:40 p.m. The next session, which runs from 4:35 p.m. to 2:45 a.m. the next day, is aimed at the United States and European investors.

When Gift Nifty Opens:-

In Asia, the GIFT NIFTY started at 6:30 am and lasted for 9 hours.
The second session opens at 4:35 pm and lasts for 10 hours.

Time of Gift Nifty Closing:-

In the Asia time zone, the first GIFT NIFTY session lasts till 3:40 p.m.
The second session, which is targeted at investors from the US and Europe, continues until 2:45 am on the next day.

What are other names used for GIFT NIFTY?

Some of the common names / alias used for GIFT Nifty are Gujarat International Finance Tec-City, Gift Nifty Live, Gift Nifty Futures, Gift Nifty Futures Live, Gift Nifty Index, Gift Nifty Chart, Gift Nifty Future, Gift Nifty Live Price, Gift Nifty Live Chart.

How Gift NIFTY, Gift Nifty Futures Live, Impact on Share Market ?

As per experts, the shift will boost GIFT City to become a true international. The change will swiftly speed up GIFT City’s transition into a truly global city. Currently, each sale transaction is liable for a tax deduction at source, and the attestation of documentation issued by embassies is required in order to open an NRI account.
This shift will help GIFT City establish itself as a leading global financial services hub by significantly increasing trading volumes and liquidity. This would attract more market intermediaries, traders, and investors.
India’s integration with the global financial sector and its increasing international recognition would both be improved by the SGX Nifty’s relocation to GIFT City, India.
Investors will profit from the SGX Nifty shift because the NSE IX operates out of a Special Economic Zone (SEZ), which allows them to allowances from capital gains waiver, dividend payment tax, commodity transaction tax, and securities transaction tax.

Difference between GIFT Nifty & SGX NIFTY

Factor	GIFT Nifty	SGX Nifty
Based On:	Gujarat International Finance Tec-City	Singapore Exchange SGX.
Trading Hours:	It follows the trading hours of the Indian stock market, with trading sessions in line with the NSE’s timings.	SGX Nifty trading occurs during the trading hours of the SGX, which are different from the Indian market hours. It provides opportunities for trading on the Nifty 50 index even when the Indian markets are closed.
Location and Exchange:	GIFT Nifty is traded on the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC) exchange in India. It is an onshore derivative product.	SGX Nifty is traded on the Singapore Exchange (SGX) in Singapore. It is an offshore derivative product.
Regulatory Oversight:	It falls under the regulatory jurisdiction of Indian financial authorities and is subject to Indian financial regulations and taxation.	As an offshore derivative, SGX Nifty is subject to the regulatory framework of Singapore and is not directly regulated by Indian authorities. Tax implications may also differ.
Liquidity and Participation:	GIFT Nifty typically sees higher participation from domestic investors and traders.	SGX Nifty attracts a mix of international and Indian investors, making it a more globally accessible product.

Urban Company erstwhile Urban Clap

noreply@blogger.com (Bushra Muzaffar) — Mon, 06 Nov 2023 05:20:00 +0000

Urban Company, the Hyperlocal services unicorn has a presence in top 10 metros and 40 Tier 2 cities, by-and-large it has "been in a metro phenomenon so far".

On the international front, the UAE market is doing quite well for the company.

"On the back of the success of UAE, we are at the cusp of announcing a JV in Saudi Arabia...which should happen hopefully in the next three months...and Singapore, which is also a very important and strategic market for us...we have been there for the last three years, and that market also is doing well," Abhiraj Bhal, co-founder of Urban Company

Bhal said Urban Company, the marketplace for home services, would like to go for an IPO "at the right time", and while internal preparations have started, there are no firm timelines for hitting the public markets.

"We would definitely like to go public at the right time. Internal preparations have started, but I can't put a firm timeline...I think we are still some distance away, but we would like to be ready," Bhal said.

The company in October launched its range of fully 'Made in India' smart RO water purifiers - marking its foray into the branded water purifiers space.

Core Sector in India - Core Sectors and their weightage in Index of Industrial Production(IIP)

noreply@blogger.com (Bushra Muzaffar) — Thu, 02 Nov 2023 04:07:00 +0000

What are the core sectors of India?

The Core Sector of India includes Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity. It comprises 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). The Core sectors of an economy are the primary or important industries.

The Office of the Economic Adviser (OEA), Department of Industrial Policy and Promotion (DIPP), and Ministry of Commerce and Industry compile and publish the index.

The Index of Key Industries evaluates the performance of the eight core industries of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and power in aggregate and individual production terms. These industries serve as the foundation for all other industries. The current year’s production of these industries is computed using the 2011-2012 base year.

Core industries include eight sectors of the Indian economy that are mentioned below:

Sector	Description	Weightage
Coal	Coal production, excluding Coking coal.	10.33 %
Electricity	generation of thermal, nuclear, hydro	19.85 %
Crude Oil	Total crude oil production.	8.98 %
Cement	Production in large plants and mini plants.	5.37 %
Natural Gas	Total production of natural gas.	6.88 %
Steel	Production of alloy and non-alloy steel only.	17.92 %
Refinery Products	Total refinery production.	28.04 %
Fertilizer	Urea, ammonium sulfate, calcium ammonium nitrate, complex grade fertilizer, and single superphosphate, among others.	2.63 %

15 Tax Saving Options Other Than Section 80C

noreply@blogger.com (Bushra Muzaffar) — Sat, 28 Oct 2023 04:26:00 +0000

Go beyond 80C tax benefits to become a smart tax saver. Here is a complete list of tax-free deductions available under Section 80 apart from Section 80C.

One of the most popular tax-saving options is Section 80C. Section 80C provides investment options for people who want to reduce their tax liability. The list of tax-free instruments under this section is quite lengthy - life insurance premiums, PPF contributions, five-year term deposits, and ELSS schemes are just a few.

However, there is a catch.

The total exemption you can claim through Section 80C investments cannot exceed ₹1,50,000. By adding NPS investments (Section 80CCD), you can claim an additional ₹50,000, bringing your total deduction to ₹2 lakhs. Is the two-lakh exemption enough?

What if you can get more?

In addition to Section 80C, there are other tax-saving exemptions that you may qualify for. Some of these fall under Section 80, while others come under other sections.

Let us find out what they are.

List of Tax Saving Options under Section 80

Here is a complete list of tax-free deductions available under Section 80 apart from Section 80C:

Sections	What They Deal In	Exemption Limit
80CCD	Contributions to National Pension Schemes (NPS)	₹50,000
80D	Health insurance premiums	Up to ₹25,000 for oneself + family ( including spouse and child). Up to ₹50,000 for oneself and family + parents Up to ₹75,000 for Oneself and family (below 60 years) + Parents above 60 years of age Up to ₹1,00,000 for Oneself and family (with members above 60 years) + Senior Citizen Parents
80DD	Expenses on a handicapped dependent	₹75,000 for people with 40% to 80% disability ₹1,25,000 for people with higher than 80% disability
80DDB	Treatment of specified illnesses	₹40,000 (₹1,00,000 for senior citizens)
80E	Education loan interest payment	No limit
80EE	Home loan interest payment for first time home-owners	Up to ₹50,000
80G	Donations to approved charitable institutes	No Limit
80GG	Rent paid by employees not having HRA	Lower of the following – ₹5000/month The total annual income of 25% 10% of the basic annual income.
80GGA	Donations for Scientific Research and Rural Development	No Limit
80GGB	Donations Made to Political Parties or an electoral trust. (Indian companies are eligible to claim benefits)	No Limit
80GGC	Contributions made to a political party	No Limit
80TTA and 80TTB	Saving account interest	80TTA – Up to ₹10, (individuals below 60 years) 80TTB – Up to ₹10,000 for senior citizen
80U	Handicapped tax-payers can claim this deduction	₹75,000 for 40% to 80% disability ₹1,25,000 for higher than 80% disability
80RRB	Royalty or patent income	Up to ₹3 lakhs

India hikes interest rates on one small savings scheme for Oct-Dec quarter

noreply@blogger.com (Bushra Muzaffar) — Mon, 02 Oct 2023 05:41:00 +0000

The Finance Ministry on Friday, September 29, kept small savings interest rates steady for the October-December quarter except for a marginal increase in five-year recurring deposit rates. The interest rates in schemes like the Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Account Scheme (SCSS) have been unchanged.

The five-year recurring deposit rate has been increased by 20 bps to 6.7 percent, a statement issued by Ministry of Finance said.

Notably, the interest rates on small savings schemes are reviewed every quarter by the government.

Here are the revised rates offered by small savings schemes for October-December 2023 quarter:

Savings Scheme	Interest rate
Post Office Savings Account	4%
Post Office Recurring Deposit	6.7%
Post Office Monthly Income Scheme	7.4%
Post Office Time Deposit (1 year)	6.9%
Post Office Time Deposit (2 years)	7%
Post Office Time Deposit (3 years)	7%
Post Office Time Deposit (5 years)	7.5%
Kisan Vikas Patra (KVP)	7.5%
Public Provident Fund (PPF)	7.1%
Sukanya Samriddhi Yojana	8%
National Savings Certificate	7.7%
Senior Citizens’ Saving Scheme (SCSS)	8.2%

In the last announcement, the government hiked rates of select small savings schemes for the July-September 2023 quarter by 10-30 bps

The PPF have been unchanged from April-June 2020, when it was cut to 7.1 percent from 7.9 percent. Prior to that, it was cut in July-September 2019. It was last raised in October-December 2018 to 8 percent from 7.6 percent.

Talking about SCSS, the interest rate was kept constant at 8.2 percent for the July-September quarter, following two consecutive quarters of upward revisions. In the April-June period, the interest rate was raised from 8 percent to 8.2 percent, and in the preceding quarter of FY 2022-23, it was further increased to 8 percent.

Experts said the Reserve Bank of India's (RBI) decision to pause rate hikes has left limited room for further upward adjustments in small savings schemes. Furthermore, a global decrease in inflation has contributed to this scenario.

In August 2023, India's retail inflation eased to 6.83 percent from 7.44 percent in July. While small savings scheme rates are not solely influenced by monthly figures, experts point out that the expectation is that inflation will remain high throughout the year, based on the recent policy announcement where RBI Governor Shaktikanta Das increased the CPI inflation forecast for FY24 from 5.1 percent to 5.4 percent.

Source CNBCTV18

Rs 20,054 crore order book: This multibagger aerospace & defence company receives order worth Rs 290.90 crore from Indian Air Force!

noreply@blogger.com (Bushra Muzaffar) — Thu, 21 Sep 2023 00:15:00 +0000

Bharat Dynamics Limited (BDL) has signed a contract with the Indian Air Force (IAF) for the supply of surface-to-air missiles order worth Rs 290.90 crore. The consolidated order book position of BDL as of April 01, 2023, is worth Rs 20,054 crore including Rs 2,586 crore export orders. BDL is expected to get an additional Rs 25,000 crore in orders over the next 2 to 3 years due to its continuous efforts to win new business.

Additionally, the company announced a final dividend of Rs 1.2 per equity share having a face value of Rs 10 each. The dividend was ex-traded on Wednesday, September 20, 2023.

On Wednesday, shares of Bharat Dynamics Ltd plunged 1.31 per cent to Rs 1042 per share from its previous closing of Rs 1055.80 with an intraday high of Rs 1,087.6 and an intraday low of Rs 1,037.

Bharat Dynamics (BDL), is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence types of equipment.

According to the financials, this PSU company has a market cap of over Rs 19,000 crore. The company reported positive numbers in its Quarterly Results and annual results. The company is almost debt-free and has been maintaining a healthy dividend payout of 43.8 per cent.

The stock is up by 170 per cent in 2 years and over 230 per cent in just 3 years. Investors should keep an eye on this Mid-Cap multibagger stock.

Disclaimer: The article is for informational purposes only and not investment advice.

Source: dsij. In

Birth certificate to be single document for Aadhaar, driving license, jobs from next month. Key points here

noreply@blogger.com (Bushra Muzaffar) — Wed, 20 Sep 2023 05:20:00 +0000

Come October 1, Birth Certificate will be considered as single document for availing several crucial services including admission to an educational institution, issuance of a driving licence, preparation of voter list, Aadhaar number, registration of marriage, appointment to a government job etc.

Announcing the implementation of Registration of Births and Deaths (Amendment) Act, 2023, Union Ministry of Home Affairs said “it will help create database of registered births and deaths which eventually would ensure efficient and transparent delivery of public services and social benefits and digital registration."

"In exercise of the powers conferred by sub-section (2) of section 1 of the Registration of Births and Deaths (Amendment) Act, 2023 (20 of 2023), the Central Government hereby appoints the 1st day of October 2023, as the date on which the provisions of the said Act shall come into force," the notification said

Both the Houses of Parliament passed the Registration of Births and Deaths (Amendment) Bill, 2023, in the Monsoon Session concluded last month. The Rajya Sabha passed the the bill by voice vote on August 7 while the Lok Sabha has passed it on August 1.

Here are some key points:

The Act grants authority to the Registrar General of India to oversee a national registry of births and deaths. State-appointed Chief Registrars and Registrars will be obligated to contribute data to this national database, while Chief Registrars maintain similar databases at the state level.
Earlier, there was a requirement for certain persons to report births and deaths to the Registrar.
For example, the medical officer in charge of a hospital where a baby is born must report the birth. Moreover, the Aadhaar number of the parents and the informant need to be provided. The rule also applied to in case of case of births in a jail, a hotel or lodge. Herein, the jailor and the hotel manager need to provide all the relevant information.
Under the new Act, the list has been further expanded and will now included adoptive parents for non-institutional adoption, biological parents for births through surrogacy, and the parent in case of birth of a child to a single parent or unwed mother.
The new legislation allows sharing of the national database with authorized authorities like population registers, electoral rolls, and others, subject to central government approval. Similarly, state databases can be shared with state-approved authorities.
As per the Act, any person aggrieved by any action or order of the Registrar or District Registrar may appeal to the District Registrar or Chief Registrar, respectively. Such an appeal must be made within 30 days from receipt of such action or order. The District Registrar or Chief Registrar must give their decision within 90 days from the date of appeal.

Source: Mint

Student Fare Discounts on Domestic Flights

noreply@blogger.com (Bushra Muzaffar) — Tue, 19 Sep 2023 02:39:00 +0000

Student Fare Discounts with Domestic Flights - If you are a student in any educational institution in India, enjoy good discounts on domestic flights. Travel anywhere in India and find the cheapest deals on flights with student discounts at leading online travel portals.

Domestic airlines with student discounts

Air India, GoAir, IndiGo and Vistara are among the major domestic airlines offering student discount on flights. In addition, students can enjoy certain privileges on baggage allowances across some of the aforementioned airlines.

• GoAir

On a GoAir domestic flight, the student fare amounts to a 15% discount on base fare. A student also is allowed to carry 25 kg of baggage on any flight with this airline.

• IndiGo

IndiGo offers flights with student discounts up to 6% of the base fares. Along with the standard baggage allowance, a student gets to carry an additional weight of 10 kg. However, this discount option is available only for bookings made until 31st March, 2021.

• Vistara

A student booking a Vistara domestic flight under Economy Class and Economy Flexi will get a discount of 10% of the base fares. If a student opts for Economy Lite, s/he will be able to avail a 5% discount. The baggage allowance will remain free based on the class chosen.

• SpiceJet

SpiceJet allows a student discount of 6% on all domestic flights. Additionally, the student will also be able to carry 25 kg of baggage.

• Air India

Air India offers a 50% discount on the base fare of an Economy Class cabin.

What documents should students provide to avail student discounts on flights?

To avail student discounts on all domestic flights, students who are 12 years and above, need to provide a valid ID card issued by the school or university while checking in at the airport.

When should student book a ticket with respective airlines?

A student has to book an Air India flight ticket 3 days before departure to enjoy. On the other hand, to avail the student discount on a flight with Vistara, the student has to book a ticket 7 days beforehand.

Does the student discount apply for one-way and round trip bookings?

For GoAir, IndiGo and SpiceJet domestic flights, the student discount is applicable for both one-way and round trip flights.

Bloomberg Ranks The Best European Business Schools For 2023

noreply@blogger.com (Bushra Muzaffar) — Mon, 18 Sep 2023 02:38:00 +0000

Bloomberg Businessweek named SDA Bocconi School of Management the best business school in Europe in its 2023 MBA ranking.

The Italian school climbed two places to secure the top spot after ranking in third place in the 2021-2022 ranking.

Spain’s IESE Business School followed close behind, holding last year’s second-place position. Third place was taken by last year’s top-ranking institution, IMD Business School, with INSEAD and London Business School taking fourth and fifth place respectively.

According to Bloomberg, IE Business School, Mannheim Business School, the University of St. Gallen, Cambridge Judge, and Oxford Said complete the top 10 best business schools in Europe.

While the UK is the best-represented country in the top 10 with three schools represented, Spain dominates the overall ranking.

Bloomberg ranks a total of six Spanish business schools in the top 20, with ESIC Business and Marketing School in Barcelona leaping from 23rd position in last year’s list to 14th place in 2023.

Mannheim Business School in Germany is another big climber, jumping from 16th in 2022 to 7th this year. The University of St. Gallen also climbed from 13th in last year’s ranking to reach 8th place in 2023.

Bloomberg Ranking methodology

Bloomberg uses four indexes to rank business schools: Compensation, Learning, Networking, and Entrepreneurship. There is also an additional index of Diversity, but this is only used to assess US schools.

To generate the weightings for each index, Bloomberg surveys students, alumni, and employers to determine which factors are the most important to them.

In the 2023 rankings, the compensation index was weighted highest for schools in Europe, Asia, and Canada, at 37.1%. This index is calculated using a combination of survey results and compensation data to reflect both its importance to students and alumni and the real impact of education on compensation.

Learning was given the next-highest weighting, at 25.4%, followed by networking (23.9%), and finally entrepreneurship (13.6%).

Finally, stakeholder groups are surveyed about how schools perform in relation to each index. For example, alumni are asked whether their school took entrepreneurship seriously and rank the quality of their entrepreneurial training; recruiters rate schools based on whether their graduates show exceptional entrepreneurial thinking.

Bloomberg vs Financial Times

Bloomberg’s ranking differs significantly from the Financial Times European Business School Rankings 2022.

Where HEC Paris takes the top spot in the Financial Times’ ranking, it doesn’t feature on Bloomberg’s list; the same is true for ESCP Business School, which is ranked third by the FT.

In fact, the only schools to appear in both top five lists are SDA Bocconi (ranked top by Bloomberg, fourth by the FT) and London Business School (ranked fifth by Bloomberg; second by the FT). IMD Business School is ranked in 11th place in the Financial Times’ ranking and INSEAD is ranked 15th.

These differences are likely a result of the two outlets’ differing methodologies. Bloomberg’s ranking focuses solely on MBA programs, whereas the Financial Times takes the overall scores each school achieved in every degree ranking it features in. These might include MBA, EMBA, and Master in Management rankings.

The Financial Times also places more emphasis on the quality and breadth of the programs offered at each school, while learning is only given 25% weighting in Bloomberg’s list.

Finally, the FT’s ranking uses the average salary increase after business school as a separate metric to the average salary. This makes a difference because it makes it clearer which schools helped their students achieve promotions and raises, whereas high average salaries could be accounted for by graduates earning high wages before their MBA.

These differences demonstrate why it is important not to rely on just one ranking to get a picture of a business school. Compare different rankings and determine which factors are most important to you when shopping for a degree in order to make the right choice of school.

Source: Business Because

Goldman Sachs in India

noreply@blogger.com (Bushra Muzaffar) — Mon, 18 Sep 2023 02:16:00 +0000

Goldman Sachs has been serving clients in India since the 1980s and established an onshore presence in Bengaluru, in 2004, Mumbai, India in December 2006 and a new office in Hyderabad opened in 2021 following a ten-year joint venture.

Today, Goldman employs 9000+ Indians and serves leading corporate and institutional clients through corporate finance advisory, equity sales and trading, and fixed-income securities businesses, as well as providing macro-economic and investment research.

With investments totaling more than USD 7 billion since 2006, Goldman Sachs is a significant investor in Indian companies.

List of Stocks Held by Goldman Sachs

Annual Jackson Hole Symposium

noreply@blogger.com (Bushra Muzaffar) — Fri, 25 Aug 2023 12:16:00 +0000

The Federal Reserve Bank of Kansas City’s Economic Policy Symposium in Jackson Hole, Wyo., is one of the longest-standing central banking conferences in the world. The event brings together economists, financial market participants, academics, U.S. government representatives, and news media to discuss long-term policy issues of mutual concern.

The 2023 Economic Policy Symposium. “Structural Shifts in the Global Economy,” will be held Aug. 24-26.

To foster the open discussion that the symposium is known for, attendees are selected based on each year’s topic with consideration for diversity in region, background, and industry. In a typical year, about 120 people attend consisting of the following groups.

A key feature of the event is the thoughtful discussion that takes place among the participants. Given the participants and the topics being discussed, there is substantial interest in the symposium. However, to help foster the open discussion that has been so critical to the symposium’s success, attendance at the event is limited.

Similarly, although the Bank receives numerous requests from media outlets worldwide, press attendance is also limited to a group that is selected to provide important transparency to the symposium, but yet not overwhelm or influence the proceedings. All symposium participants, including members of the press, pay a fee to attend. The fees are then used to recover event expenses.

The 2023 event marks the 46th year of the annual forum.

The Federal Reserve Bank of Kansas City will convene its annual Economic Policy Symposium, Aug. 24-26 in Jackson Hole, Wyoming. The 2023 event, which marks the symposium’s 46th year, will focus on the theme "Structural Shifts in the Global Economy."

This year’s theme will explore several significant, and potentially long-lasting, developments affecting the global economy. While the immediate disruption of the pandemic is fading, there likely will be long-lasting aftereffects for how economies are structured, both domestically and globally, as trade networks shift, and global financial flows react. Similarly, the policy response to the pandemic and its aftermath could have persistent effects as economies adjust to rapid shifts in the stance of monetary policy and a substantial increase in sovereign debt. Papers will share how these developments are likely to affect the context for growth and monetary policy in the coming decade.

The full agenda will be available at External Linkkansascityfed.org on Thursday, Aug. 24 at 8 p.m. ET/6 p.m. MT. Federal Reserve Chair Jerome Powell’s remarks will be streamed on the Kansas City Fed’s YouTube channel, External Linkyoutube.com/kansascityfed on Friday, Aug. 25 at 10:05 a.m. ET/8:05 a.m. MT. Papers and other materials will be posted on the Kansas City Fed’s website as they are presented during the event.

Since 1978, the Federal Reserve Bank of Kansas City has sponsored a symposium on an important economic issue facing the U.S. and world economies. Beginning in 1982, the symposium has been hosted at the Jackson Lake Lodge at Grand Teton National Park, which is located in Wyoming—one of the seven states served by the Tenth Federal Reserve District.

Each year, the event provides a venue for international central bankers, Federal Reserve officials, other policymakers and academics to discuss issues of mutual concern. Visit External Linkkansascityfed.org to read more about the symposium's External Linkdecades-long history.

As the regional headquarters of the nation’s central bank, the Kansas City Fed and its branch offices in Denver, Oklahoma City and Omaha serve the seven states of the Tenth District: Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri.

Monetary policy 2023-24

noreply@blogger.com (Bushra Muzaffar) — Wed, 09 Aug 2023 16:07:00 +0000

Who decides CRR and SLR in India?
The Reserve Bank of India

The Reserve Bank of India is authorised to make monetary policy under the Reserve Bank of India Act, 1934 and can set the cash reserve ratio between 3% and 15%

What is the upcoming RBI policy 2023?

In the April 2023 policy, the RBI had paused its rate hike cycle after raising the key lending rate for six consecutive times since May 2022. The RBI retained the real GDP growth projection at 6.5 per cent for FY2024 but cut the inflation projection marginally from 5.2 per cent to 5.1 per cent for the current fiscal.

What is the monetary policy in June 2023?

In June 2023, the Monetary Policy Committee decided to keep the benchmark repo rate unchanged for the second time in a row, amid easing inflation and steady GDP growth in the Indian economy. RBI Governor Shaktikanta Das, however, was ready to act should the situation so warrant.

How many times MPC is conducted in a year?
The MPC is required to meet at least four times in a year. The quorum for the meeting of the MPC is four members.

What is the date of monetary policy in June 2023?
The Monetary Policy Committee (MPC) met on 6th, 7th and 8th June 2023. Based on an assessment of the macroeconomic situation and the outlook, the MPC decided unanimously to keep the policy repo rate unchanged at 6.50 per cent.

How many times RBI announces monetary policy in a year?
The Reserve Bank of India (RBI) has announced that its rate-setting panel, the Monetary Policy Committee (MPC), will meet six times in the next financial year (FY24). The first meeting of the MPC is scheduled to take place from April 3-6, followed by meetings in June, August, October, December, and February 2024.

How many members are there in a Monetary Policy Committee?
There are six members in the RBI's Monetary Policy Committee (MPC) of which three are from RBI and three are appointed by the Central government. The Members of the Monetary Policy Committee appointed by the Central Government shall hold office for a period of four years.

Who are the members of the monetary policy in 2023?
All members of the MPC, including Dr. Shashanka Bhide, Dr. Ashima Goyal, Jayanth R. Varma, Rajiv Ranjan, Michael Debabrata Patra, and Shaktikanta Das, unanimously voted to keep the policy repo rate unchanged at 6.5% for the second time.

Who are the 4 deputy governors of RBI?
One post of Deputy Governor is reserved for a commercial banker out of the four Reserve Bank of India Deputy Governors for which SBI MD Swaminathan Jankiraman has been appointed. The other three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar

Who was the first female governor of RBI?
RBI has never had a female Governor. The Reserve Bank of India has not had a female Governor ever since it was formed on April 1, 1935. However, the apex bank had three female Deputy Governors, KJ Udeshi being the first appointed in 2003.

Who is the first woman Deputy Governor of RBI?
KJ Udeshi

KJ Udeshi is the first woman to hold the position of Deputy Governor in the Reserve Bank of India (RBI).

SGX Nifty is NOW Trading as GIFT Nifty

noreply@blogger.com (Bushra Muzaffar) — Thu, 06 Jul 2023 23:55:00 +0000

Recently on 3 July 2023, the SGX Singapore Nifty was rebranded as the GIFT Nifty; after years of efforts and dedication, and willingness to achieve the set goal, the NSE (National Stock Exchange) of India has successfully developed a new international financial hub in the capital city of Gujarat, Gandhinagar.

As a result of this rebranding, all the derivative contracts (including futures contracts) will get shifted to Gandhinagar, Gujarat. The total value of this segment is said to be worth $7.5 Billion. This type of step is one of its kind in the history of the financial market; it reflects international connectivity, creates more opportunities for all types of traders, and ultimately promotes mutual growth.

The decision to rebrand the financial vehicle was due to many economic factors. Among them, one is, it can be considered as cash-settled after moving to the GIFT City. Many existing and potential inverters & traders are attracted by this cash settlement of the contracts at the time of expiry.

Before knowing other benefits and reasons or needs for doing this rebranding, let us briefly see what a GIFT Nifty is.

GIFT Nifty is a rebranded version of the SGX Nifty as all the open positions of Nifty have been transferred to IFSC with effect from 3 July 2023. While trading with GIFT, city traders may use any currency of the world except the Indian rupee.

Also, the US-Dollar dominated Nifty contracts will be traded in GIFT city Gandhinagar instead of the Singapore exchange. The MD and CEO of the NSE IX V Balasubramaniam, has described this event as a "watershed moment," it is one of its kind.

Another reason to necessitate this rebranding was to boost the trading environment within the tech city of Gujarat. It will help welcome more traders and investors into the financial market.

Those who are very concerned about the taxes have good news with this rebranding procedure, as the NSE IX operates out of an SEZ, which allows them to get exemptions from the securities transactions Tax (STT), commodity transaction tax, dividend distribution tax, and also capital gains waivers. Thus, they can trade without worrying about the percentage of taxes.

With any change comes resistance to acceptance; the same is visible for this rebranding. Many investors have welcomed it whole-heartedly as they can see the benefits on a big scale, while some are still resisting and stating their concerns, such as less liquidity and a risk of data manipulation and more.

The success or failure is dependent on time. We can only judge after a few months or a successful completion of a year. However, the authorities have mentioned their vision and objective of making GIFT City one of the significant international trading centers.

There are some notable changes with this rebranding of SGX Nifty to GIFT Nifty; find them below:

The number of products under its umbrella:

The GIFT Nifty has four products under its umbrella: GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty financial service, and GIFT Nifty IT derivative contracts.

Trading hours:

The trading hours are extended more than the Indian standard trading hours and are divided into two parts to ease transactions. It will also provide traders some time to think, analyze and react to the trend. The first half trading time will be 6:30 am IST to 3:40 pm IST, and the second half is from 4:35 pm to 2:45 pm.

Market expansion on a global level:

The collaboration of two giant players, NSE -SGX, will help global investors to participate in the Indian capital market through NSE IX at Gandhinagar. It will increase global reach, and cash flow will also improve.

Smooth transition process:

The process of placing the order and conducting the trades has remained the same, so traders and investors will not have any problem with the transition. The majority process remains the same as earlier.

Assignment of work between the two authorities:

It is decided that the futures contracts will be trading in GIFT city Gandhinagar, while the Singapore exchange will do the clearing process.

Participants of GIFT Nifty:

As per the NSE IX, those registered with Indian or foreign offices, having the licenses, can trade in the GIFT Nifty products. Over 50 brokers are currently having their units in GIFT City. They have permission to trade for themselves and also on behalf of their clients.

Further, as per the RBI’s LRS - Liberalised Remittance Scheme, Indian retail investors would not have a chance to trade in GIFT Nifty.

Conclusion:

Lastly, SGX IFSC India has developed a special-purpose company at Singapore Exchange that will facilitate the transition of open positions in their exchange to the NSE IX; the process has already been started. Those executed trades will be cleared through the NSE IFSC - NICCL clearing corporation.

This partnership has marked a significant milestone in the Indian financial system. It will encourage global investors to exploit one of the fastest-growing economies in the world.

We are excited to witness tremendous growth, High liquidity, and much more benefits with this vast revolutionary step and the best future in this segment for future generations.

Important Documents for your Child

noreply@blogger.com (Bushra Muzaffar) — Fri, 20 Dec 2019 15:35:00 +0000

It is of utmost importance for parents to ensure that a baby’s identity documents are in place. There are some basic documents that one should obtain by the time the baby completes her first birthday.

These are mandatory documents required at the time of school admission, opening of a bank account, investments in the name of the child or taking the child overseas on a holiday.

Birth Certificate

This is a mandatory document that must be obtained within 21 days of the child’s birth. It records the name, gender, parents’ name, address, date of birth and place of birth of the child.

Application must be made in the prescribed format with the municipal corporation or panchayat of the place of birth. Birth records and certificate issued by hospital must be attached with fees.

Aadhaar Card

Aadhaar is an essential document for school admission. There is a simplified procedure without biometrics for children below five years. The child’s Aadhaar card is linked to the parent’s Aadhaar card.

Photograph of the child is captured along with biometric verification of the parents. Original birth certificate will have to be carried at the time of registration.

Passport

This is a very important document that acts as proof of citizenship, identity and address. Application can be filled online at www.passportindia.gov.in. Online appointments can be taken and documents prescribed on the website can be carried at the time of appointment.

Family Health Policy

It is a good idea to include the new child in the family floater health policy. Insurance companies typically prescribe an age after which the child can be included in the policy. Copy of birth certificate along with prescribed form and additional premium can be submitted to the insurance company.

Points to Note

1. It is advisable to apply for more than one original birth certificate by paying additional charges.

2. Once the child turns 15, biometrics need to be captured for Aadhaar records.

(Source ET)

Tu Zinda Hai

noreply@blogger.com (Bushra Muzaffar) — Fri, 20 Dec 2019 13:51:00 +0000

A Poem by communist poet Shankar Shailendra, celebrating the victory of life

Tu Zinda Hai , to zindagi ki jeet par yakeen kar
Agar Kahin hai Swarg to, Utar la zammen par
Tu Zinda Hai , to zindagi ki jeet par yakeen kar
Agar Kahin hai Swarg to, Utar la zammen par
Tu zinda hai…

Ye gam ke aur char din , sitam ke aur char din…
Ye din bhi jayenge guzar, guzar gaye hazar din..
Ye gam ke aur char din , sitam ke aur char din…
Ye din bhi jayenge guzar, guzar gaye hazar din..
Kabhi to hogi is chaman pe bhi bahar ki nazar
agar kahin hai swarg to , utar la zameen par
Tu zinda hai , tu zindagi ki jeet par yakeen kar
agar kahin hai swarg to , utar la zameen par
Tu zinda haaaaai…

Subah aur shaam ke range hue gagan ko choom kar
Tu sun zameen ga rahi hai , kab se jhoom jhoom kar
tu aa mera shringar kar , tu aa mujhe haseen kar
agar kahin hai swarg to , utar la zameen par
Tu zinda hai , tu zindagi ki jeet par yakeen kar
agar kahin hai swarg to , utar la zameen par
Tu zinda haaaaai…

Hazar desh dar par aaye, maut tere dwar par
Magar tujhe na chhal saki , chali gayi wo haar kar
Hazar desh dar par aaye maut tere dwar par
Magar tujhe na chhal saki, chali gayi wo haar kar
Nayi suabh ke sang sada tujhe mili nayi umar
agar kahin hai swarg to , utar la zameen par
Tu zinda hai , tu zindagi ki jeet par yakeen kar
agar kahin hai swarg to , utar la zameen par
Tu zinda haaaaai…

UGC NET 2018: Application Form Correction Window Opens, Check Details Here

noreply@blogger.com (Bushra Muzaffar) — Mon, 08 Oct 2018 21:49:00 +0000

The candidates who have registered for the UGC NET 2018 (National Eligibility Test) can make the necessary changes in their application form via the official website, ntanet.nic.in. A notification issued by the UGC stated that the online window to make necessary changes in the application form has been activated. UGC NET Dec 2018 Correction Window at 10:30 a.m, on October 08, 2018. Previously it has been decided by the NTA that correction window will open at 10:00 a.m.The students need to have their application number and password to make the necessary changes. The notification also stated that the candidates have the time till October 14, 11:50 PM to make all the necessary changes.The candidates who have successfully filled and paid the fee for the UGC NET Dec 2018 Application Form before or till the last date i.e. September 30, 2018 and October 01, 2018 respectively only those candidates are allowed to do the Application form correction.

Notably, the UGC NET 2018 is held for eligibility for Assistant Professor post only or Junior Research Fellowship (JRF) or both. The exam is scheduled to take place from December 9, 2018, to December 23, 2018. It will be conducted in 84 subjects in 91 selected cities. Also, the admit cards will be made available to the candidates from November 19. The results will be declared on January 10, 2019. Earlier, the online application process for UGC National Eligibility Test 2018 was concluded on September 30, 2018

As per the official notification, the candidates need to be very attentive while making the corrections as it is a onetime facility. Also, any change after October 14, will not be permitted under any circumstances. However, if a correction related with photographs and signature will be available till October 30, 2018.

Steps to make changes in the filled up UGC NET 2018 application form:

Log in to the official website of national Testing Agency – nta.ac.in
Seach for the link that reads, “UGC NET 2018”
Click on the link
Candidates will be directed to a different page
Here, click on the link that reads, “Click here for application correction”
Candidates will again be directed to a new window
Here, enter the details and login to the user portal
Your application form will be displayed on the screen of your computer
Click on the section where changes are needed to be made
Make corrections and save the details finally
Submit and take a print out of the application form

To go to the UGC NET 2018 filled up application directly and make changes directly, click on this link: https://ntanet.nic.in/ntanet/root/loginpage.aspx

Uses and Importance of PAN Card

noreply@blogger.com (Bushra Muzaffar) — Sun, 16 Jul 2017 05:06:00 +0000

Whether you’re looking at buying a car or property, investing in the stock market or converting your Indian rupees to foreign currency, there is one thing that you will need for each of these activities. What could possibly link these, you might ask. The answer is the PAN card. The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays.

The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity. In this way, the Income Tax Department has a detailed record of all major transactions for tax purposes.

Indian citizens who are residents of the country as well as NRI (Non Resident Indians), OCI (Overseas Citizen of India) cardholders, PIO’s (Person of Indian Origin) as well as foreigners who come under the purview of the Income Tax Act of 1961 are eligible to apply for a PAN card. Firms and companies, governments and minors too can apply for a PAN card.

However, the PAN card also has many other uses besides just being a way for the Income Tax department to keep tabs on your financial dealings.

The Uses of PAN Card are given below:

IT Returns Filing: All individuals and entities who are eligible for Income tax are expected to file their IT returns. A PAN card is necessary for filing of IT returns, and is the primary reason individuals as well as other entities apply for one.

Opening a bank account: A PAN card is required in order to open a new bank account, whether it is a savings or a current account. All banks, whether public, private or co-operative, require the submission of a PAN card in order to open an account with them.

Buying or selling a motor vehicle: If you wish to buy or sell a motor vehicle worth more than Rs. 5, 00, 000, you have to provide your PAN Card details when conducting the transaction.

Applying for a credit or debit card: When applying for either a debit card or a credit card at any bank or financial institution, furnishing your PAN card details is mandated by regulations. The bank will not issue the card if this criteria is not met.

Purchase of jewellery: If you are looking at buying any sort of jewellery that is valued at over Rs. 5, 00, 000, you will have to provide your PAN card details at the time of purchase.

Making investments: Investing in securities is seen as a good way to build your wealth. If you are considering investing in securities, you would have to furnish your PAN details for any transactions amounting to above Rs. 50, 000. This extends to equities, mutual funds, bonds as well as debentures.

Proof of Identity: a PAN card is accepted as valid proof of identity anywhere in the country, and is also considered as proof of age. It can also be used as proof of identity when making an application for a passport, voter ID card, driving licence, electricity connection etc.

Foreign Exchange: If you are travelling abroad and wish to convert your Indian currency into foreign currency, you are required to provide details of your PAN at the money exchange bureau/bank/institution where you are converting the money.

Property: Buying, selling or renting property in India now requires PAN card proof. In the case of buying of property, the PAN details of the buyer as well as the seller have to be listed on the sales deed and any other such documentation for the sale to be complete.

Loans: If you require to take out a loan, all loan providers, both banks as well as other lending institutions, require you to submit details of your PAN at the time of loan application. All loans, from education loans to personal loans require PAN details for the loan to be approved.

Fixed Deposits: If you plan on investing your money in a Fixed Deposit (FD) amounting to above Rs. 50, 000 in a bank, you will have to provide your PAN details. This is done as the bank will deduct TDS (Tax Deductible at Source) on the FD interest amount.

Cash Deposits: If you are making a cash deposit that amounts to over Rs. 50, 000 at a time, you will have to submit your PAN details as well. This is in keeping with the RBI mandate, which directs banks to report any large cash deposits to the RBI, as a way to prevent money laundering.

Telephone Connections: If you wish to get a new telephone or mobile phone connection, it is mandatory to submit your PAN details, as private cellular operators will not provide you a connection without it.

Insurance Payments: As per the Income Tax Department directives, PAN card details have to be furnished when making an insurance payment exceeding Rs. 50, 000 a year.

From the above, we see that a PAN card is required for a large number of activities, both financial as well as non-financial.

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