Author: Finance Khabar
Mumbai: Gold, always considered a safe haven for investment in uncertain times, is likely to glitter more and even soar to Rs 63,000 per 10 grams next year amid expectations of fresh stimulus measures and weaker American dollar. In 2020, the economic and social uncertainties triggered by the coronavirus pandemic turned the spotlight on gold as a safe haven. The price of the yellow metal reached an all-time high of Rs 56,191 per 10 grams at MCX and USD 2,075 an ounce in the international market in August. A sharp turn in global monetary policies that led to a low…
New Delhi: Prices for LED TV and appliances such as refrigerator, washing machines are expected to go up by around 10 per cent from January next year on account of rise in costs of key input materials like copper, aluminium and steel and increase in ocean and air freights charges. Besides, prices of TV panels (Opencell) have also gone up by over two-folds due to short supply by the global vendors, while cost of plastic has also gone up due to rise in crude oil prices, said manufacturers. Terming it as imminent and unavoidable, manufacturers such as LG, Panasonic and…
Small businesses and dealers will not be affected by the new rule mandated to make at least 1 per cent GST payment in cash. The reason for this is that only those units whose annual turnover is 6 crores or more, have to follow this rule. Sources in the finance ministry have said this. In view of the increasing use of fake invoices for evasion of Goods and Services Tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) added Rule 86B to the GST rules last week. This rule allows up to 99 per cent of GST liability…
Taiwanese tech company ASUS is about to expand its offline retail network in India. The company says that it will increase 1000 retail points next year. This is because Asus continues to get good demand in the consumer and gaming segments. As per IDC, Asus had a 7.5 percent share in the Indian PC segment in the September quarter. Currently, the company’s products are available at more than 6000 retail points along with online channels. ASUS India Business Head, Consumer & Gaming PC (System Business Group) Arnold Sue says that demand has continued to strengthen since the lockdown was lifted.…
China’s regulators have ordered the Ant Group to rectify their businesses. It has also said that the group complies with regulatory requirements. Ant Group is the world’s largest financial technology company. Explain that the investigation on anti-monopoly practices has intensified in the Internet sector in China. The founder of the Ant Group is Jack Ma, the richest person in China. He is also the founder of Alibaba. Ant Group started as payment services for Alibaba’s e-commerce platform Taobao. Today this group also offers insurance and investment products. China’s regulators said in a statement on Sunday that China’s Central Bank People’s…
New Delhi: India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot in 2020. ”India has been knocked off course somewhat through the impact of the pandemic. As a result, after overtaking the UK in 2019, the UK overtakes India again in this year’s forecasts and stays ahead till 2024 before India takes over again,” the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday. The UK appears to have overtaken India again during 2020 as a result of the weakness…
In 2020, the BSE Sensex has gained more than 14 per cent. This year, gold rose more than 40 percent and in August its price was Rs 56000 per 10 grams. But since then, the price of gold has come down and it is in the range of 49000 to 50000 rupees per 10 grams. This year, the reason for the sharp rise in the price of gold was the Corona virus, due to which people were looking for a safe place to invest. Investment in gold has always been safe. Because of Corona, people in the stock market reduced…
Chennai: In order to avoid virus infection during the Corona period, people spent most of this year imprisoned in their homes. During this time, condom sales saw a boom. People bought condoms more during the day than at night. Also, rolling paper purchases doubled in the year 2020. This has been revealed in the delivery trends of the Concierge services app Dunzo. Condom orders on the Concierge services app Dunzo were three times higher by day than at night. It increased 6 times in Hyderabad, 5 times in Chennai and 4 times in Jaipur. Mumbai and Bangalore saw a 3-fold…
HYDERABAD: Ratnadeep Retail Pvt Ltd South India’s most awarded fastest growing retail chain brand now launches its 100th store in the country in Hyderabad, Telangana. The retail conglomerate which embarked on its glorious journey in 1987 has now become the most trust-worthy retail chain in the state. The company with its strategically located and uniquely designed stores offers a seamless and easy shopping experience. The 100th store is located in the prestigious Jubilee Hills area the 4,500 sq. ft. store was launched in the presence of guests & dignitaries. Ratnadeep already has a retail footprint spanning over 4,00,000 square feet…
Tata Steel BSL bagged four Apex India Green Leaf Awards 2019 in Metal and Mining sector given by the Apex India Foundation in the category of Environmental Excellence (2), Energy Efficiency and Water Stewardship. Besides Mr Saroj Banerjee, Chief, Environment, Tata Steel BSL has been honoured as the Apex India Green Leaf Emerging environmentalist award 2019. Mr Harbinder Singh Deepak, Chief, Shared Services, Mr Anoop Kumar Trivedi, Executive Plant Head, Sahibabad and Mr Kapil Modi, Executive Plant Head, Khopoli received the awards for Dhenkanal, Sahiababd and Khopoli plants of Tata Steel BSL respectively. In its Dhenkanal plant in Odisha, it…
New Delhi: In its letter, the industry body noted that although the government has taken a number of steps to provide liquidity support to NBFCs over the past two years, small and medium-sized NBFCs continue to face challenges on the liquidity front. It said that all the small-sized NBFCs, and also a large number of medium-sized NBFCs, do not access capital market due to the complexities in compliances to various rules and regulations. They do not issue bonds, debentures or commercial papers and instead borrow by way of ‘term loans’ secured against their receivables, from banks and FIs like SIDBI…
Citibank has announced to change the credit card late payment charge from 25 January 2021. The bank has now increased the late payment charge. However, the late payment zero (Nil), which is on arrears from zero to Rs 1,000, has been increased to Rs 2,000. Meaning that if there is an outstanding of up to Rs 2000, then late payment charge will not be levied. Most of us use credit cards. We feel that shopping on credit cards gives the benefit of free credit period by shopping on credit for free. Experts suggest that it allows you to borrow for…
The central bank, the Reserve Bank of India, through the tweet on December 23, made people aware of the unauthorized digital lending platform or mobile apps by providing quick loans. A day after this initiative of the RBI, 5 fintech companies have prepared a code of ethical conduct for digitally lending transactions, so that people can be saved from any kind of loss. According to the Fintech Association for Consumer Empowerment (FACE), through this code, all those methods will have a negative impact on the digital landing eco-system. Face 5 is a non-profit body formed by Pintech companies. This includes…
New Delhi: As of November, the capex of PSU oil companies put together stands at Rs 46,303 crore, less than 50 per cent of the annual target of Rs 98,522 crore. The government has asked companies to complete at least 75 per cent of capex till the end of December quarter. But this looks highly unlikely now pushing the case for higher dividend payout. In meetings with PSUs, Finance Minister Nirmala Sitharaman had stressed on the need for PSUs to step up investment during the time of the pandemic to boost overall sentiments and kickstart investment climate in the country.…
Axis Mutual Fund has renamed its Multicap scheme to Flexicap Fund due to new directives from market regulator Securities and Exchange Board of India (SEBI). After this change, Axis Mutual Fund will not be compelled to follow the market cap rules in the new category. That is, the fund house will get a flexible approach for allocation under this scheme by moving the investment to a new category. This new category will be effective from 31 January 2021 next year. Earlier, a circular was issued by the capital markets regulator Securities and Exchange Board of India (SEBI) for the fund…
New Delhi: FASTag is going to be mandatory for all vehicles in the country from 1 January 2021. Union Road Transport and Highways Minister Nitin Gadkari has said this. In a virtual event on Thursday, the minister confirmed that fastag will be mandatory for vehicles from 1 January 2021. Earlier, his ministry has issued notifications about this in November. Gadkari also said that people will not have to stay for payment at toll plazas due to fasting. The toll will be cut automatically, which will help in saving time, fuel. The payment of toll at the toll plaza is done…
New Delhi: As economic activities gather momentum and strive to get back to pre-Covid levels, the Reserve Bank of India has said that the Indian economy is reflating at a pace higher than most predictions. The monthly bulletin of the central bank for December said the more evidence has emerged since the last bulletin which shows that the Indian economy is coming out of the Covid-induced slowdown. “Since the assessment presented in the last month’s article, more evidence has been turned in to show that the Indian economy is pulling out of COVID-19’s deep abyss and is reflating at a…
Mumbai: The BSE index on Thursday gained 529 points and ended at 46,973.54 over positive global cues. In terms of percentage, the Sensex registered 1.14 per cent increase. The NSE nifty too surged by 148.15 points and ended at 13,749.25, 1.09 per cent higher. Among the indices, Axis Bank was the top gainer, followed by Sun Pharma, Reliance Industries, ONGC, HDFC, ICICI Bank, Kotak Bank and Bharti Airtel. The laggers included Infosys, IndusInd Bank, HCL Tech, Nestle India Tech Mahindra. According to market experts, the positive sentiments were witnessed owing to the possibility of completion of the Brexit trade deal.…
Kolkata: The Direct Taxes Professionals Association (DTPA) has urged Finance Minister Nirmala Sitharaman for extension of date of furnishing of tax audit report under section 44AB to February 28 and the due date of filing of income tax returns of assessment year 2020-21 in audit cases to March, 31, 2021. Due to the corona pandemic normalcy in operations is yet to set in. Even many professionals as well as their staff have suffered infection from COVID-19. Therefore, there is need for extension of dates for furnishing tax audit reports and ITRs, DTPA president N K Goyal said in their recent…
New Delhi: Government’s asset monetisation programme involving development and sale of surplus land parcel and other non-core assets of central public sector enterprises (PSEs) is expected to be a big focus of Budget 2021-22 that is constrained to look at various innovative models to mobilise additional resources amidst a Covid-hit economy. In tandem with the objective, the Centre may set asset monetisation-related targets for several state-run enterprises including Indian Oil Corp, GAIL, HPCL, NTPC, NHPC, PFC, REC, HAL, RITES and MTNL. The targets would allow execution of the scheme in a structured manner. The government will benefit from such an…