IOC to seek review on withdrawal of tax sops by Odisha govt 

The Odisha government Sunday withdrew tax sops allowed to Indian Oil Corporation Limited’s (IOC) Paradip refinery. Chairman B Ashok, said the company has a strong case and will take it up with the state for reconsideration.   The Odisha government Sunday withdrew tax sops allowed to Indian Oil Corporation Limited ’s (IOC) Paradip refinery. Chairman B Ashok, said the company has a strong case and will take it up with the state for reconsideration. The government had earlier promised a 11-year deferment of sales tax on products sold by Paradip refinery in Odisha. The agreement will lapse this month and the state has decided to discontinue the tax break allowed to the refinery.

Demonetisation process is almost complete: 

Jaitley Finance Minister Arun Jaitley today said the demonetisation process is almost complete, hailing it as the "smoothest possible replacement" of high denomination currency anywhere in the world. | Finance Minister Arun Jaitley today said the demonetisation process is almost complete, hailing it as the "smoothest possible replacement" of high denomination currency anywhere in the world. Describing the government's decision to take Rs 500 and Rs 1,000 notes out of circulation as a move towards creating a "new normal" in India, the minister told an audience of students and academics at the prestigious London School of Economics that it would ultimately lead to far higher growth rates.

Q3 GDP growth may fall to 6.1% as demonetisation impact 

 The GDP growth for the quarter ended December 31, is expected to be in the range of 5.5 to 6.5 percent. Last year, the GDP grew by 7.2 percent in the same period.The full impact of the government's decision to demonetise high denomination currency in November is likely to show up in the December quarter's GDP growth number that comes out Tuesday. According to a median of five economists' estimates surveyed by Mint , the economic growth in the third quarter this fiscal may decline to 6.1 percent. The GDP growth for the quarter ended December 31, is expected to be in the range of 5.5 to 6.5 percent. Last year, the GDP grew by 7.2 percent in the same period. The third quarter's GDP number will be an important indicator of how the economy fared in the aftermath of demonetisation. 

Wall Street rises further into uncharted territory

 The Dow Jones Industrial Average rose 0.52 percent to end at 20,611.86. The S&P 500 gained 0.50 percent to 2,349.25 and the Nasdaq Composite added 0.64 percent to 5,819.44. Wall Street pushed further into record-high territory on 500 notching a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes. Bigger-than-expected rises in retail sales and consumer prices in January reinforced confidence that the economy is growing at a solid pace following the strongest quarterly corporate earnings growth in over two years. In a meeting with top executives from U.S. retail companies, Trump said he would lower taxes substantially and simplify the tax code, echoing a vow he made last week and on the campaign trail. Optimism that lower taxes and corporate deregulation will expand the economy pushed the three major indexes to all-time highs.

Finance Ministry kickstarts listing process of 3 Rail PSUs 

The government is considering divesting a portion of the paid-up equity share capital through an IPO and has sought Expression of Interest (EoI) from merchant bankers Within three weeks of Budget announcement, the Finance Ministry today started the process of listing three rail PSUs -- IRCTC, IRFC and IRCON. The government is considering divesting a portion of the paid-up equity share capital through an IPO and has sought Expression of Interest (EoI) from merchant bankers . The Department of Investment and Public Asset Management (DIPAM) is scouting for merchant bankers to manage the initial public offering (IPO) of the three PSUs, which is under the administrative control of the Rail Ministry. 

Paytm well capitalised for at least next two years: 

CEO Paytm is set to launch a new plan to engage with more startups, especially those in the digital payments and financial services space. Adith Charlie (more) Deputy Editor, At a time when some of India’s top unicorns are looking at a 'down-round', mobile wallet and e-com major Paytm claims to be refusing investor money. Paytm CEO Vijay Shekhar Sharma says his company is well capitalised for at least the next two years. In a free wheeling chat with CNBC-TV18's Adith Charlie, Sharma throws light on Paytm's strategy for 2016-17 and discusses startups that he would like to work with. Funding winter, down-round – are words that have started being used in India’s startup landscape to describe the slowdown in investor capital. But Sharma is not perturbed. Speaking at the Techcircle Startup 2016 Conference in Bengaluru, Sharma claims to have recently refused four funding offers. In the next 12 months, Sharma is betting heavily on ramping up Paytm's play in offline transactions and online-to-offline commerce (O2O). While Paytm continues chasing ambitious targets, its legal team was called into action recently for a tussle with Unicommerce, a SAAS based-order management and inventory platform owned by rival Snapdeal. Paytm is set to launch a new plan to engage with more startups, especially those in the digital payments and financial services space

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India Economic Survey 2017: BHIM witnessed over 1 million transactions till January 

BHIM app was integrated with UID for making payments. Users can now send and receive money using their 12-digit Aadhaar number.The Bharat Interface For Money (BHIM) - PM Modi's flagship app to promote digital billing has witnessed over 1 million transactions as of January 10, even as 10 million people downloaded the app so far, said the Economic Survey 2016-17 tabled in the Parliament on Tuesday. However, it did not disclose the total value of the transactions done through the app. 

Budget 2017: Spend on education sector seen falling short

 Experts feel the Budget spend on education is woefully inadequate for a country which is aspiring to create a pool of skilled workforce to fuel economic growth.  Budget 2017-18 was billed as ‘no-nonsense’ by many, but its impact on the education sector is not yet clear. The government has allocated roughly Rs 80,000 crore for the sector, about 10 percent higher than last year. While the number may seem huge, one has to view it in proportion to the total expenditure. Compared to peers, India spends the least on education. Experts feel this is woefully inadequate for a country which is aspiring to create a pool of skilled workforce to fuel economic growth.The mid-day meals scheme, which continues to face problems and much criticism since inception, will get only Rs 300 crore more. Rohin Kapoor, Director, Deloitte Haskins & Sells LLP says, “There has been shortage of funds, lack of quality control in schools and instances of vendors providing poor quality, sub-standard meals to kids. So, the entire implementation of Sarva Shiksha Abhiyan has not come to fruition as per the desired objectives of the government and the SSA allocation that has been increased by Rs 1,000 crore is clearly not enough to tackle these challenges

New budget to make travel easier and cheaper: Travel portals

 The industry, which was endorsed by Finance Minister Arun Jaitley as a sector of economic importance, has welcomed the proposed decisions, saying that the steps will make travel more "accessible and reduce friction between the user and service provider". New budget to make travel easier and cheaper: Travel portals The push for digital payment platforms and removal of service tax on IRCTC bookings online in the latest Union Budget have enthused the travel industry, who believe the initiatives will make travel easier and cheaper across the country. The industry, which was endorsed by Finance Minister Arun Jaitley as a sector of economic importance, has welcomed the proposed decisions, saying that the steps will make travel more "accessible and reduce friction between the user and service provider". According to online travel portal Skycanner, that recently took on board a direct booking application, the travel industry has already seen a hike in the number of transactions made via smart phones over the past one year, and the trend is only going to catch up with the recommendations under the budget.

NPPA simplifies rules to ensure no stents shortage to patients

 NPPA said relabelling of stents is not mandatory, and called upon manufacturers and importers to issue revised price lists as quickly as possible in line with its price cap order - a move seen as an attempt to simplify the process ensure continuation of cardiac services to patients. Viswanath Pilla Moneycontrol Bureau Indian drug price regulator National Pharmaceutical Pricing Authority (NPPA) in a notification on Friday said relabelling of stents is not mandatory, and called upon manufacturers and importers to issue revised price lists as quickly as possible in line with cap order. The move is being percieved as an attempt to simplify the procedure to ensure continuation of cardiac services to patients. NPPA's announcement comes amidst media reports of manufacturers and importers are withdrawing stents from the market holding up cardiac service delivery to patients.

Trump accepts US intelligence

Reince Priebus, the former Republican National Committee chairman, said Trump understands that Moscow was behind the intrusions into the Democratic Party organizations. "He accepts the fact that this particular case was entities in Russia so that’s not the issue," Priebus said on Priebus' comments marked a major shift. Trump has repeatedly dismissed claims that the Russians were trying to help him, arguing that those charges are the product of his political opponents trying to undermine his victory

Polling underway in 67 Assembly seats in western Uttar Pradesh 

 The districts where polling is on amid tight security arrangements are Saharanpur, Bijnor, Moradabad, Sambhal, Rampur, Bareilly, Amroha, Pilibhit, Kheri, Shahjahanpur and Badaun. |  Polling underway in 67 Assembly seats in western Uttar Pradesh Polling began this morning in 67 Assembly constituencies spread over 11 districts of western Uttar Pradesh figuring in the second phase of voting. The districts where polling is on amid tight security arrangements are Saharanpur, Bijnor, Moradabad, Sambhal, Rampur, Bareilly, Amroha, Pilibhit, Kheri, Shahjahanpur and Badaun. Official sources said here that elaborate arrangements have been made for free and fair polling. Of the 67 seats at stake, ruling Samajwadi Party had won 34 in 2012, followed by BSP 18, BJP 10, Congress three and others two. In this phase, 720 candidates are in the fray with a maximum of 22 from Barhapur (Bijnor) and a minimum of four nominees from Dhanaura (Amroha). Prominent contestants include controversial SP minister Azam Khan and his son Abdullah Azam, who are contesting from Rampur and Swar seats respectively, Saif Ali Naqvi, son of former Congress MP Zafar Ali Naqvi, former central minister Jitin Prasada from Tilhar (Shahjahanpur), BJP Legislature Party leader Suresh Kumar Khanna from Shahjahanpur city and state minister Mehboob Ali from Amroha. The fate of these candidates will be decided by 2.28 crore voters, including over 1.04 crore women, eligible to cast their ballots in 14,771 polling centres and 23,693 polling stations. 

Foreign investors can now buy more HDFC Bank equity

 Foreign investors can now buy more shares in HDFC Bank as the Reserve Bank has removed restrictions imposed on it with immediate effect. |Foreign investors can now buy more HDFC Bank equity Foreign investors can now buy more shares in HDFC Bank as the Reserve Bank of India has removed restrictions imposed on it with immediate effect. The aggregate foreign shareholding through ADR/GDR/FIIs/FPIs/FDI/NRIs/PIOs in HDFC Bank have gone below the prescribed limit stipulated under the extant FDI Policy, RBI said in a notification. "Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect," RBI said

HDFC Bank at new high, up 9%; 

RBI withdraws FII stake-buy limit As on December 31, 2016, promoter shareholding in the bank was at 26.09 percent. Error loading player: No playable sources found Shares of HDFC Bank touched a record high of Rs 1450, rising more than 9 percent intraday Friday after the RBI has withdrawn the limit for purchase of shares. The Reserve Bank of India on Thursday notified that the aggregate foreign shareholding through American Depository Receipts (ADR)/Global Depository Receipts (GDR)/ foreign institutional investors (FIIs)/foreign portfolio investors (FPIs)/ foreign direct investment (FDI)/non-resident Indians (NRIs)/ persons of Indian origin (PIOs) in HDFC Bank have gone below the prescribed limit stipulated under the extant FDI Policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, it said

Samsung heir arrested in corruption probe

 The heir of South Korean giant Samsung was today arrested as part of a probe into corruption and influence-peddling that caused President Park Geun-Hye to be impeached. |  Samsung heir arrested in corruption probe The heir of South Korean giant Samsung was today arrested as part of a probe into corruption and influence-peddling that caused President Park Geun-Hye to be impeached. "It is acknowledged that it is necessary to arrest (Lee Jae-Yong) in light of a newly added criminal charge and new evidence," a court spokesman said in a statement. Lee Jae-Yong, Samsung Electronics vice chairman, is accused of paying nearly USD 40 million in bribes to Park's secret confidante to secure policy favours. He was already being held at a detention centre after appearing in court yesterday as judges deliberated whether to issue an arrest warrant. Lee, the son of the Samsung group boss Lee Kun-Hee, has been quizzed several times over his alleged role in the scandal that has rocked the nation.

Sasikala loyalist Palaniswami invited to form TN government

 Edapaddi K Palaniswami is set to be sworn in as that the state governor had invited its legislature party leader Edapaddi K Palaniswami to form the government in Tamil Nadu, potentially ending a fortnight-long tussle for the chief minister's chair. Palaniswami, who had conveyed to Governor Vidyasagar Rao on Wednesday that he has the support of 124 MLAs - seven more than required - will be sworn in as the next Chief Minister of the state, possibly on Thursday evening. The Governor has given Palaniswami a 15-day grace period to prove his majority, after which he will have to go for a floor test in the Assembly. Palaniswami is a loyalist of AIADMK General Secretary Sasikala, who was bidding to become Chief Minister before her conviction in a corruption case ruled her out of the race. 

Three SME IPOs to hit capital market this month to raise funds

 Besides, the initial share sale plan of Krishana Phoschem is under way while that of Steel City Securities closed earlier this month. |Three SME IPOs to hit capital market this month to raise funds To tap upbeat investor sentiment, three small and medium enterprises (SMEs) -- Nitiraj Engineers, Global Education and Tanvi Foods -- will come out with their initial public offerings (IPOs) this month to raise about Rs 39 crore. Besides, the initial share sale plan of Krishana Phoschem is under way while that of Steel City Securities closed earlier this month. According to draft papers, Nitiraj Engineers plans to mop up Rs 22.01 crore through its IPO and Global Education, which will sell 6.83 lakh shares, is expected to garner about Rs 10 crore and Tanvi Foods (India) Private Ltd Rs 6.6 crore. Nitiraj Engineers' IPO will be open to public subscription between February 20 and March 1 and that of Global Education will be on between February 16 and February 21 whereas Tanvi Foods' public issue will open on February 17 and close on February 22.

Tata Investment Q3 net profit declines 12% to Rs 22 cr

 The tata group company had posted a net profit of Rs 25.39 crore in the October-December quarter of the 2015-16 fiscal, Tata Investment said in a regulatory filing on stock exchanges. | 1 Comments Tata Investment Q3 net profit declines 12% to Rs 22 cr Tata Investment reported a 12 percent decline in its net profit at Rs 22.38 crore for the third quarter ended December 31. The tata group company had posted a net profit of Rs 25.39 crore in the October-December quarter of the 2015-16 fiscal, Tata Investment said in a regulatory filing on stock exchanges. The company's total income also declined to Rs 32.29 crore in the quarter under review from Rs 35.18 crore in the same period a year

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BSE Q3 net profit drops 17% to Rs 64 cr

The exchange had posted a net profit of Rs 76.73 crore in the third quarter ended December 31, 2015-16, latest update available with BSE (formerly known as Bombay Stock Exchange) website showed. |  BSE Q3 net profit drops 17% to Rs 64 cr Leading stock exchange BSE has reported a 17 per cent decline in consolidate net profit to Rs 63.73 crore in the October-December quarter of the current fiscal. The exchange had posted a net profit of Rs 76.73 crore in the third quarter ended December 31, 2015-16,  However, total income increased to Rs 174.72 crore in the third quarter, from Rs 160.56 crore in the same period a year ago. Overall expenses rose to Rs 112.36 crore in the quarter under review, from Rs 97.78 crore in the same period last fiscal, mainly due to employees, computer technology and administration related spending.

Siti Cable Network Q3 net loss at Rs 26 crore 

 The company had posted a net profit of Rs 14.65 crore in October-December quarter of the previous fiscal. | Siti Cable Network Q3 net loss at Rs 26 crore Essel group firm Siti Cable Network today reported a consolidated net loss of Rs 26.33 crore for the third quarter ended December 31. The company had posted a net profit of Rs 14.65 crore in October-December quarter of the previous fiscal. The company's total income from operations during the quarter under review declined by 13.23 per cent to Rs 298.46 crore, as against Rs 344 crore in the year-ago period, Siti Cable said in a BSE filing.

Govt focus on clean economy, bold decisions:

 FM The Modi government's emphasis is on bold decision making and a clean economy with business friendly environment, the returns of which can be spent on the poor, Finance Minister Arun Jaitley said today. |  The Modi government's emphasis is on bold decision making and a clean economy with business friendly environment the returns of which can be spent on the poor, Finance Minister Arun Jaitley said today. He also said the fundamental problem during the UPA rule was that its Prime Minister (Manmohan Singh) was not a natural leader of the ruling party or the government that committed mistakes in its approach to policy as well as in intention. "But now we have someone who is willing to take courageous decisions in the form of Narendra Modi," he added. "Our overall emphasis has been on faster decision, bolder decisions, cleaner economy, freedom from black money, freedom from corruption and a friendly environment for doing business, so that the larger returns that come to the economy in terms of taxes can be spent on the poor of this country," 

Budget 2017: Do you know these changes in income tax return filing process? 

Changes ensure that income tax reporting happens earlier than what it used to be. Balwant Jain (more) Company Secretary, Bombay Oxygen | Capital Expertise: Tax ,Property Balwant Jain This government is focussing on early reporting of the income by the tax payers for facilitating the decision making.  And with this aim in mind has been proposing changes in the income tax law with respect to various aspects of filing of the income tax return. In good old days one was allowed to file income tax returns for previous two years.  The previous year’s budget has reduced this to one year. So beginning from 1st April 2017 you will be able to file your income tax return for one  year. For the previous year ended 31st March, 2017 you should be filing your income tax return by  31st March 2018. This year’s budget has proposed various changes keeping this aim of early reporting of income by the tax payers in mind. Let us discuss the provisions which are applicable to the Individual tax payers

Budget 2017: Spend on education sector seen falling short

 Experts feel the Budget spend on education is woefully inadequate for a country which is aspiring to create a pool of skilled workforce to fuel economic growth. 2017-18 was billed as ‘no-nonsense’ by many, but its impact on the education sector is not yet clear. The government has allocated roughly Rs 80,000 crore for the sector, about 10 percent higher than last year. While the number may seem huge, one has to view it in proportion to the total expenditure. Compared to peers, India spends the least on education. Experts feel this is woefully inadequate for a country which is aspiring to create a pool of skilled workforce to fuel economic growth. The budget for Sarva Shiksha Abhiyan (SSA) was increased by Rs 1000 crore, and that for Rashtriya Madhayamik Shiksha Abhiyan (RMSA), teacher training and adult education has been increased by Rs 305 crore compared to the revised Budget estimate for FY17. The mid-day meals scheme, which continues to face problems and much criticism since inception, will get only Rs 300 crore more. 

IT spends of governments will grow in 2017:

 Gartner Even though the research firm did not attribute any specific reasons for its estimates in the press statement, it can be noted that this comes amid a greater thrust on technology through campaigns like 'Digital India'. |  IT spends of governments will grow in 2017: Gartner Global research firm Gartner today said the information technology spends of Centre and state governments will increase 9.5 percent to USD 7.8 billion in 2017. Even though the research firm did not attribute any specific reasons for its estimates in the press statement, it can be noted that this comes amid a greater thrust on technology through campaigns like 'Digital India.

Railways mulling more advts, sponsoring uniforms to hike revenue Minister 

 Railways Suresh Prabhu gave these details in Rajya Sabha during the Question Hour, where he also informed members that the government is working to complete the dedicated freight corridor by 2019 after which it is expected that the average speed of Indian trains would go up substantially by 2020. Railways mulling more advts, sponsoring uniforms to hike revenue Railways is considering a slew of innovative measures like exploiting space rights over station buildings, sponsorship of uniforms for its personnel, commercial farming alongside tracks, in its bid to boost non-fare revenue. Minister of Railways Suresh Prabhu gave these details in Rajya Sabha during the Question Hour, where he also informed members that is working to complete the dedicated freight corridor by 2019 after which it is expected that the average speed of Indian trains would go up substantially by 2020.

Railways mulling more advts, sponsoring uniforms to hike revenue

Minister of Railways Suresh Prabhu gave these details in Rajya Sabha during the Question Hour, where he also informed members that the government is working to complete the dedicated freight corridor by 2019 after which it is expected that the average speed of Indian trains would go up substantially by 2020. Railways mulling more advts, sponsoring uniforms to hike revenue Railways is considering a slew of innovative measures like exploiting space rights over station buildings, sponsorship of uniforms for its personnel, commercial farming alongside tracks, in its bid to boost non-fare revenue. Minister of Railways Suresh Prabhu gave these details in Rajya Sabha during the Question Hour, where he also informed members that the government is working to complete the dedicated freight corridor by 2019 after which it is expected that the average speed of Indian trains would go up substantially by 2020. The Minister said a Mobility Directorate had been set up to look at aspects related to increasing speed while another Directorate has come up to deal with non-fare revenues. In successful railway systems across the world, non-fare revenues form a big chunk but with regard to Indian Railways, these earnings are not significant.

Investors not clear on govt's electronics mfg schemes:

 ICA Electronics companies evaluating to invest in India for manufacturing are confused over government schemes and roadmap meant to boost local production, mobile industry body Indian Cellular Association said today. Investors not clear on govts electronics mfg schemes: ICA Electronics companies evaluating to invest in India for manufacturing are confused over government schemes and roadmap meant to boost local production, mobile industry body Indian Cellular Association said today. They have also expressed concern over high taxes in India, it added.

Budget 2017 to bring positive structure to economy:

 The government’s commitment to rural electrification and the announcement of an additional 20,000 MW of solar target is a welcome step that gives a much needed boost to the renewable sector. However, we believe that for renewable sector to achieve its potential strengthening the Renewable Purchase Obligations (RPO) mechanism is essential and should be part of government’s larger vision for renewable energy.""The move towards improving electricity access to rural India will be instrumental in contributing to the social and economic development of the country. 

Raincoat Jibe: Rahul says Modi likes to peep into 'bathrooms'

 Taking a swipe at Prime Minister Narendra Modi over his raincoat jibe against predecessor Manmohan Singh, Congress vice president Rahul Gandhi on Saturday said the PM "likes peeping into other people's bathrooms." Raincoat Jibe: Rahul says Modi likes to peep into bathrooms Taking a swipe at Prime Minister Narendra Modi over his raincoat jibe against predecessor Manmohan Singh, Congress vice president Rahul Gandhi on Saturday said the PM "likes peeping into other people's bathrooms." While addressing a joint press conference with UP chief minister Akhilesh Yadav after the release of SP-Congress list of 'Top Priorities', Rahul said, "He loves peeping into other people's bathroom. He loves to google. He can to do all that in his free time, but he also needs to fulfill his promises."

Union Budget 2017-18: Big infrastructure push a major takeaway, says

Arun Lakhani A big infrastructure push along with a substantial hike in provisions for the National Highways in the Union Budget for 2017-18 is a major takeaway and I congratulate the Finance Minister for the growth oriented approach. Arun Lakhani (more) Chairman and Managing Director, Vishvaraj Infrastructure Ltd | Arun Lakhani, Chairman and Managing Director, Vishvaraj Infrastructure Ltd "A big infrastructure push along with a substantial hike in provisions for the National Highways in the Union Budget for 2017-18 is a major takeaway and I congratulate the Finance Minister for the growth oriented approach. A 25 percent higher capital expenditure is sure to give the economy a big growth momentum

Budget 2017: Time to align with the changes in income tax rules

 The budget of 2017 has many provisions which affect an individual tax payer. Let us discus these in detail. Reduced tax rates for initial tax slab and imposition of surcharge on higher taxable income Looking at the fact that the tax base of the tax payer is very narrow in the country as compared to other countries, the finance minister did not have the luxury of increasing the present limit exemption limit of Rs. 2.50 lakh. In order to increase the tax base, the Finance minister has proposed reduced tax rate for the initial tax slab of Rs. 2.50 lakh to Rs. 5 lakh from 10% to 5%. This will reduce tax liability almost all the tax payers. However in order to make up for the loss due to proposal of reduced tax rates, the finance minister has proposed to levy a surcharge of 10% on the taxpayers whose income is above Rs. 50 lakh. Surcharge of 15% on the income above Rs 1 Crore will continue to be levied. Reduction in amount and eligibility for tax rebate under Section 87A Presently an Individual tax payer is eligible to a tax rebate of up to Rs. 5000 in case the taxable income does not exceed Rs. 5 lakh. The Finance minister has proposed to reduce both. Now the eligibility for this rebate has been reduced to Rs. 3.5 Lakh and the quantum of the tax rebate will also be restricted to Rs. 2500 only. So effectively individual with income less than Rs 3 lakh and senior citizens with income less than Rs 3.50 lakh will not have to pay any tax. Of course, they still have to file income tax returns. 

PV sales surge in India as demonetisation impact recedes

 However, with two-wheeler sales still continuing to be in the negative zone, the overall sales across categories registered a decline of 4.71 percent to 16,20,045 units from 17,00,141 units in January 2016. | PV sales surge in India as demonetisation impact recedes Signalling a drive towards recovery with the impact of demonetisation waning off, passenger vehicle (PV) sales in India rose by 14 percent in January reviving hopes of the automobile industry to achieve double digit growth this fiscal. However, with two-wheeler sales still continuing to be in the negative zone, the overall sales across categories registered a decline of 4.71 percent to 16,20,045 units from 17,00,141 units in January 2016. In December 2016, the overall automobile sales growth had touched a 16-year-low at 12,21,929 units, down 18.66 percent, from 15,02,314 units in December 2015. According to Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales last month were at 2,65,320 units, as against 2,31,917 in January last year. Domestic car sales also ticked up to 1,86,523 units as against 1,68,303 in January last year, up 10.83 percent, SIAM said. "Most of the sectors have shown improvement last month. 

Demonetisation: Taxmen suspect income mismatch in 18 lakh people

 Labelled ‘Operation Clean Money’, the I-T department has uploaded the first set of data on its electronic filing portal.  The Income Tax Department has identified 1.8 million people who have made cash deposits between November 10 and December 30 and suspects there is an income mismatch. Labelled 'Operation Clean Money', the I-T department has uploaded the first set of data on its electronic filing portal. “In its first phase, the Income Tax Department has identified 18 lakh (1.8 million) persons where cash deposited during demonetisation period is not in line with the taxpayers’ profile,” said a notice on the I-T department website. To find out whether one’s name is in the list, the department has asked individuals to log on to the I-T electronic filing website and look under 'cash transactions 2016’.

Rise of global protectionism not a grave threat, say experts 

Investors are worried over President’s Donald Trump’s ‘Make in America’ rhetoric, UK Prime Minster Theresa May’s Brexit stance and Indian Prime Minister Narendra Modi’s demonetisation drive. However, the rise of global protectionism is not a grave threat to the growth of markets in 2017, according to market experts.In the recent months, there have been concerns over instances of disruptive leadership seen globally, from the US to the UK. Investors are worried over President’s Donald Trump’s ‘Make in America’ rhetoric, UK Prime Minster Theresa May’s Brexit stance and Indian Prime Minister Narendra Modi’s demonetisation drive. However, the rise of global protectionism is not a grave threat to the growth of markets in 2017, according to market experts.

To that extent, Singhania said that domestic equity schemes may fetch USD 1 billion monthly flows going ahead.Meanwhile, Fidelity Management’s Sam Polyak said investors can look at PSU bank stocks as they are trading at significant discounts. He said he is bullish on domestic-oriented stocks, cement stocks, two-wheeler companies and advised caution against consumer companies as they are expensive.Vazirani added that oil marketing companies make a great bet in the current times, but he was apprehensive about private investment pick-up in India in the near term. He added that earnings for the next two quarters may not be in line with expectations.Further, if financial penetration continues in the country,  banks can be a good theme to bet on he said.Edelweiss’ Khemani, contrary to Polyak’s views, said the consumption sector continues to remain strong and infrastructure companies can benefit in 2017

 

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Greece bailout 'credible' despite IMF criticism:

 EU A standoff between the eurozone and the International Monetary Fund has dragged on for months, raising fears of a new debt crisis and sparking fresh talk of Greece tumbling out of the euro. |  Greece bailout credible despite IMF criticism: EU The EU firmly maintained that Greece's economy remained on track despite a withering opinion by the IMF that Athens needed major deep debt relief and less austerity to prosper. A standoff between the eurozone and the International Monetary Fund has dragged on for months, raising fears of a new debt crisis and sparking fresh talk of Greece tumbling out of the euro. The fund and the 19-nation single currency area are battling over how much debt relief Greece needs, and over economic targets required of Athens as part of a third massive bailout, agreed in 2015. "We continue to believe that the commitments reached for the programme are both credible and ambitious," said Annika Breidthardt, a spokeswoman for the European Commission, the EU's executive arm which monitors the bailout for the eurozone, along with the IMF and the ESM bailout fund. More debt relief is the condition set by the IMF to lend more to Athens, but that demand is staunchly resisted by Germany and other fiscal hardliners in the single currency

BHIM app users have spent Rs 361 cr so far

Government Minister of State for Planning Rao Inderjit Singh also said the BHIM (Bharat Interface for Money) app has brought various banks under one umbrella, making it conventient for the users. |  BHIM app users have spent Rs 361 cr so far: Government Transactions worth Rs 361 crore have so far been made using the newly-launched Bhim application for mobile phones, Lok Sabha was informed today. Minister of State for Planning Rao Inderjit Singh also said the BHIM (Bharat Interface for Money) app has brought various banks under one umbrella, making it conventient for the users

Earlier, the consumers had to use different applications offered by various banks for digital transactions. Responding to supplementaries during Question Hour, he said while Scandinavian countries have achieved a rate of 90 percent in digital transactions, in India the figure was three percent. If the figure reaches 22 percent, it will help cut down black money from the economy, Singh said. To a poser on whether security was in place for digital economy, he said though no system is "101 percent fool-proof", India being a software-rich nation, it will be able to plug the flaws on its own.

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RBI Policy: Why MPC changed monetary policy stance to neutral

 "The Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky," the central bank said in a statement. In the sixth bi-monthly monetary policy committee (MPC) meeting for FY17, the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.25 percent and changed its outlook from accommodative to a neutral. "The Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky," the central bank said in a statement.

 "The committee decided to change the stance from accommodative to neutral while keeping the policy rate on hold to assess how the transitory effects of demonetisation on inflation and the output gap play out," it added. RBI said that inflation is edging up on the back of rising energy prices and a mild firming up of demand. "Global trade remains subdued due to an increasing tendency towards protectionist policies and heightened political tensions. Furthermore, financial conditions are likely to tighten as central banks in advanced economies (AEs) normalise exceptional accommodation in monetary policy," the release said. Listing the intent behind the outlook shift from accommodative to neutral, RBI governor Urijit Patel said that the main reason for this shift is because the committee wanted to emphasise that in a calibrated manner and on a more durable basis move closer to the 4 percent inflation mark. Secondly, the non-food, non-fuel part of the CPI index has been stubborn at 4.8-4.9 percent since September, 2016 and therefore due to such kinds of risks and various other uncertainties the committee felt it need all the flexibility that it could muster, he added.

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Budget 2017 to bring positive structure to economy

Anil Sardana Anil Sardana, MD & CEO, Tata Power is of the view that the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. Anil Sardana (more) MD, Tata Power | Anil Sardana, MD & CEO, Tata Power "We commend the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. The government’s commitment to rural electrification and the announcement of an additional 20,000 MW of solar target is a welcome step that gives a much needed boost to the renewable sector. However, we believe that for renewable sector to achieve its potential strengthening the Renewable Purchase Obligations (RPO) mechanism is essential and should be part of government’s larger vision for renewable energy

"The move towards improving electricity access to rural India will be instrumental in contributing to the social and economic development of the country. Tata Power will also continue to amplify government’s initiatives for rural development, as we partner with surrounding communities. The increased budget for the Deen Dayal Gram Jyoti Yojana will strengthen and uphold the ongoing work of feeder separation and sub-transmission & distribution infrastructure. This is a positive step towards augmenting the reliability and quality of supply distribution network which is affected due to poor financial health of discoms." "We are hopeful that our long pending demand that the electricity sector will be included in the GST regime will soon set into a roll-out stage." "Further, the reduction of individual taxation rates and provision to increase taxation net alongside clarity in taxation processes are also positive moves and we applaud the government’s efforts in initiating these reforms. We are also in support of this government’s reforms directed towards curbing corruption and bringing about a transparent system.

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Only 54% of land title documents digitised so far in Maharashtra 

Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced R Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced that digitisation of all 7/12 receipts will be completed by March 31, 2017. However, going by the current pace, it is highly unlikely that the state will be able to do so. See also: Maharashtra to have digitally signed 7/12 receipts from March 2017 “There have been a number of challenges, including poor internet connectivity, lack of skilled manpower and non-availability of infrastructure, to carry out the drive.

 There have been efforts to push the digitisation but other factors are affecting the progress of the project,” said an official, on the condition of anonymity. The 7/12 receipt is a crucial piece of document for the establishment of ownership of a land. The receipt is extensively used by farmers, for loan agreements, crop survey and availing government facilities. Till some years ago, hand-written 7/12 receipts were prepared by the village-level revenue officers (Talathi). Only Talathis are entrusted with the powers to make changes in these receipts and this resulted in several instances, wherein officers misused their authority. To avoid this, the state government had come up with an idea of digitisation of entire revenue documents. The aim is also to boost transparency and avoid any tampering with documents. The state government has made several provisions, including setting up optical fibre networks, providing high-speed internet connection and asking Talathis to use laptops instead of pen and paper, for issuing 7/12 receipts to needy people. We may miss the deadline but we will achieve it for sure, the official assured

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Budget 2017: Government has done a bare minimum for the IT sector 

The intention of the government seems clear to slowly and steadily develop an entire back end eco system in India for manufacture of mobile phones. Mahesh Jaising (more) Partner, BMR & Associates LLP | Mahesh Jaising Expectations are always on a high during Budgets with every person expecting a small piece of the incentives proposed by the Finance Minister. The run-up to Budget 2017 in terms of expectation for the IT sector was no less. While the IT industry did not expect big bang changes on the indirect tax front account of the imminent migration to GST, the IT sector was definitely expecting a few proposals especially on the customs front and extension of the Governments ‘Make in India’ initiative. The government has been very committed towards this initiative and has been rigorously pursuing this initiative.

 The recent initiative of differential duty benefit has given a facelift to the manufacturing sector in India, especially for domestic manufacture of mobile phones, tablet and CPE equipment and attracted world class established manufacturers globally to set up manufacturing facilities throughout the country. In addition to providing a facelift to the manufacturing sector, the initiative has resulted in generating employment, manufacturing ecosystem, capex expenditure and improving India’s forex reserves. As a next step to increase the level of value addition undertaken in India, the government has introduced special additional duty (SAD) at the rate of 2 percent on populated printed circuit boards used for manufacture of mobile phones. The intention of the government seems clear to slowly and steadily develop an entire back end eco system in India for manufacture of mobile phones. Given the success enjoyed for manufacture of mobile phones and in the backdrop of the government’s Digital India program, it was the ask of the IT industry that the success should not be limited and should be extended at least to IT products such as laptops, notebooks and desktops. These products have become necessities for day to day functioning of life in the present digital era. With the importance of these products showing an increasing trend, most of India’s demand is catered by importing these goods

However, despite advocacy efforts made by the industry, the said ask did not come through. Nonetheless, the government provided nil customs duty incentive to goods such as Micro ATMs as per standards version 1.5.1, Fingerprint reader / scanner, Iris scanner and Miniaturised POS card reader for mPOS (other than Mobile phone or Tablet Computer). Further, parts of the said goods can be imported without customs duty for manufacture in India. While the initiative is welcome, these exemption may not per se aid in boosting the domestic manufacturing industry as the import of finished goods is exempt from customs duty as well. Another relief for the industry would be repealing the Research and Development Cess Act, 1986 (32 of 1986) (‘R&D cess’) is proposed to be repealed. Levy of R&D cess, levied at 5% on payments for import of technology, was not available as credit and hence was a cost. This amendment should aid the domestic manufacturers. The government in the budget has done a bare minimum for the IT sector. With imminent implementation of Goods and Services Act in due course of time in India, the manner in which ‘Make in India’ scheme and other incentives would be grandfathered by the government should be interesting space to watch out for

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Union Budget 2017-18: Big infrastructure push a major takeaway, says 

Arun Lakhani A big infrastructure push along with a substantial hike in provisions for the National Highways in the Union Budget for 2017-18 is a major takeaway and I congratulate the Finance Minister for the growth oriented approach. Arun Lakhani (more) Chairman and Managing Director, Vishvaraj Infrastructure Ltd | Arun Lakhani, Chairman and Managing Director, Vishvaraj Infrastructure Ltd "A big infrastructure push along with a substantial hike in provisions for the National Highways in the Union Budget for 2017-18 is a major takeaway and I congratulate the Finance Minister for the growth oriented approach. A 25 percent higher capital expenditure is sure to give the economy a big growth momentum. 

Priority to doubling of farm income and rural development makes it a balanced and inclusive Budget. The focus on rural sector, large allocation of Rs 3.96 lakh crore for infrastructure development and social spending are welcome moves. New dispute resolution mechanism for quick dispute settlements and abolishing FIPB will improve the ease of investing in India along with the push on digital that will bring in efficiency and eradicate corruption. Addressing arsenic and fluoride menace in 28,000 villages gives the Budget a human touch while reducing corporate tax rate by 25 percent for MSME and the move to curb cash donations for political funding are very good move

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