Author: Finance Khabar
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…
MUMBAI: Along with positive signals from the global level, buying on the domestic level in groups like IT, Tech and Telecom, the stock market continued to rise for the second consecutive day and during this period the market recorded a gain of nearly one per cent. The BSE Sensex jumped 437.49 points to 46444.18 points and the National Stock Exchange (NSE) Nifty climbed 134.80 points to 13601.10 points. Small and medium-sized companies witnessed higher buying as compared to heavyweights, with the BSE midcap rising 2.40 per cent to 17666.04 and the smallcap rising 2.65 per cent to 17572.02. Among all…
The upcoming Volkswagen Taigun was first showcased at the 2020 Auto Expo along with other SUV models. The company has confirmed that the Taigun will arrive at the Indian market as a two-wheel drive version only. The company has also confirmed that the Taigun will be powered by a TSI turbo-petrol engine. However, it is still unclear that it will be a 1.0-litre unit of the 1.5-litre unit as seen on the T-Roc model. The 1.0-litre turbo-petrol engine will produce a maximum power of 108bhp at 5500rpm, and a peak torque of 175Nm at 1750rpm. On the other hand, the…
Sonalika Tractors on Wednesday launched the country’s first field ready electric tractor ‘Tiger’. This is the company’s first e-tractor. Sonalika Tiger’s ex showroom price has been kept at Rs 5.99 lakh. Sonalika has also started booking for Tiger. The Tiger Electric tractor has a state-of-the-art IP67 compliant 25.5 kW natural cooling compact battery. The company claims that it reduces the running cost of the tractor by a quarter of that of a diesel tractor. Sonalika Tiger has a top speed of 24.93 kmph. The battery backup of the electric tractor is 8 hours with a two-ton tractor trolley. The company…
Kolkata: Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), today announced the launch of its new plan ABSLI Assured Income Plus. ABSLI Assured Income Plus offers guaranteed monthly income to fulfil monetary requirements of an individual and their family’s recurring needs for up to 30 years while building a financial safety net. This non-linked, non-participating individual savings plan offers several options providing enough flexibility to customize the product as per one’s requirements. It comes with two-income benefit options and allows the flexibility of three premium paying term options of 6, 8, and…
New Delhi: Central Bank of India, in association with National Payments Corporation of India, has launched a new version of the contactless debit card ‘Rupe Select’ on the occasion of its foundation day. In a statement issued here today, the bank said that this new form of debit select card has been made keeping in mind the lifestyle, fitness, entertainment, nutrition and personal care needs of the consumer. The bank’s managing director and CEO Pallav Mohapatra launched it in a virtual event with NPCI MD and CEO Dilip Asbe. The Central Bank RuPay Debit Select Card comes with unique features…
New Delhi: A revival in demand, led by increased offtake from e-commerce channels, will support a rebound for paper-packaging entities this fiscal, offsetting the impact of pandemic-induced disruptions in the first quarter, Crisil said on Tuesday. According to the rating agency, despite a 200 basis points (ps) blow to operating margin, credit profiles will be stable on the back of strong capital structure. A study of 50 CRISIL-rated companies, which account for 37 per cent of the industry’s revenue, indicates as much. Sales volume had wilted after the lockdown as demand from key end-user industries such as ready-made garments, industrial…
The date for filing income tax returns is approaching. Filing returns has been considered difficult for years and the reason behind it is clear, because people have to give details from their income to property. This is why most people enter it at the last minute. The government has taken several steps to make this process easier. India is seeing an increase in the number of people filing returns every year. The government has fixed 31 December 2020 as the last date for filing returns this year. After 31 December 2020, those filing returns will have to pay a penalty.…
New Delhi: The traders’ organization All India Merchants Federation has claimed that the agitation of farmers of some states sitting on dharna on the borders of Delhi caused a huge loss of about 14 thousand crores in the areas of Delhi, Haryana, Rajasthan and Uttar Pradesh. The Confederation issued this assessment here on Tuesday, saying that due to the protests of farmers, about 20 percent of the trucks are not coming to Delhi from other states of the country. The goods being sent from Delhi to other states are also being adversely affected. However, there is currently no loss of…
Industry body FICCI has called for abolition of anti-profiteering provisions in the GST law to allow market forces to determine prices of goods and service. The plea has been made in a set of pre-Budget recommendations submitted by the federation to the Finance Ministry for implementation in FY22 Budget. The recommendations come at a time when the National Anti-profiteering Authority (NAA) has become active and is actively awarding penalties to companies for breach of anti-profiteering regulations that prohibit an entity to keep prices of their goods and services higher even if GST rates have fallen. The NAA had charged companies…
New Delhi: The Finance Ministry on Monday released the eighth weekly installment of six thousand crore rupees to compensate for the reduction in the Goods and Services Tax (GST) compensation of the states. Thus far, 48,000 crore rupees have been released to the States / Union Territories through this medium. The Finance Ministry gave this information in a statement on Monday. The ministry said, ‘Of this, Rs 5,516.60 crore has been released to 23 states. Apart from this, Rs 483.40 crore has been released to three union territories Delhi, Jammu and Kashmir and Puducherry. ”Implementation of GST in the remaining…