IIT Jammu, IIM Vizag get maximum funds from govt

The government has disbursed Rs 258.54 crore of funds to new IITs and Rs 133.65 crore for new IIMs.Six new Indian Institutes of Technology (IITs) and seven new Indian Institutes of Management (IIMs) had been announced in the Budgets of 2014-15 and 2015-16. While they are yet to get their permanent campuses, the government has disbursed Rs 258.54 crore of funds to new IITs and Rs 133.65 crore for new IIMs.Of this, IIT Jammu received Rs 69.34 crore from the Ministry of Human Resource Development (HRD) while IIM Vishakhapatnam received Rs 29.63 crore from MHRD. However, institute officials said that they will function in their full student strength once the campuses are constructed.We are operating from a temporary location. Once the full campus is ready, the new IITs will be able to offer multiple undergraduate as well as postgraduate courses," said an associate professor at one of the new IITs.Similarly, the newer IIMs will have to build the brand reputation so that during the placement process, top recruiters are able to visit the campus

Govt notifies simplified ITR; e-filing to start from tomorrow

The government today notified a simplified Income Tax Return form for individuals which will be available for filing ITR for Assessment Year 2017-18 from tomorrow.Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets).Only 6 crore out of 29 crore persons holding permanent account number (PAN) file income tax returns at present. 

Companies spend Rs 476 cr under Swachh Bharat Kosh as CSR initiative

Under the Companies Act, 2013, a certain class of profitable companies is required to spend at least 2 per cent of their three-year annual average net profit towards CSR works in a fiscal. The norm came into effect on April 1, 2014Companies spent about Rs 476 crore towards 'Swachh Bharat Kosh' as part of their corporate social responsibility (CSR) in two years, Parliament was informed today.In addition, companies spent a total of Rs 21 crore towards Clean Ganga Fund in 2014-15 and 2015-16.

'Trump administration may approve major export of natural gas to India'

No decision yet has been taken on Trump administration's commitment to the Paris Agreement on climate change. And same is the case with the various co-cooperation that the US has been doing with other countries including India on clean energy and climate change issues, the official said on condition of anonymity.trump administration is expected to give its consent for major export of natural gas to energy-hungry India, a senior US official has said, underling that energy sector is likely to be a major area of bilateral co-operation."Watch for it," the official said. His comments came as US President Donald Trump is set to sign an executive order to wipe out his predecessor Barack Obama's climate change legacy.

This Indian woman is shattering the glass ceiling for celebrity pay

PV Sindhu gets an endorsement fee of up to 12.5 million rupees (about $192,000) a day, according to her agent— that haul is second only to cricket captain Virat Kohli. Last week, Gatorade named Sindhu its first brand ambassador from India, and on Monday she took the stage at a news event for Panasonic."This Indian woman is shattering the glass ceiling for celebrity pay"India's silver medalist in badminton at the Rio Olympics, 21-year-old PV Sindhu, has become the country's second-highest-paid sports celebrity for endorsements.PV Sindhu gets an endorsement fee of up to 12.5 million rupees (about $192,000) a day, according to her agent— that haul is second only to cricket captain Virat Kohli. Last week, Gatorade named Sindhu its first brand ambassador from India, and on Monday she took the stage at a news event for Panasonic.achievements come in a nation obsessed with just one sport, men's cricket, and it's against the backdrop of consistently lower pay for women in India and globally. (The gender pay gap in India across all sectors is a gaping 25 percent, according to the 2016 Monster Salary Index.)Sindhu went to Rio with no sponsorship deals, but she came back with a medal and a star status that will be difficult to beat.

Snapchat' top-searched app on App Store

According to a report in Forbes magazine, Snapchat led all competitors in App Store search volume and as a result, Snapchat was also the app people were looking for most frequentlyAlthough Snap's stock price was a bit down this week, Snapchat is the top searched app on the iOS App Store,

Shiv Sena rakes up Ravindra Gaikwad's flight ban in house

Shiv Sena has raked up the ban flight ban imposed on it's MP Ravindra Gaikwad by various Indian airlines for assaulting an Air India staffer in Parliament Shiv Sena has raked up the ban flight ban imposed on it' MP Ravindra Gaikwad by various Indian airlines for assaulting an Air India staffer in Parliament.earlier, Finance Minister Arun Jaitley on Monday introduced Inter-state goods bill in Parliament. Congress has opposed the move, saying that sufficient notice given to them was not given to them before the government introduced the bill

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PM Narendra Modi just undertook a major political shift"

Prime Minister Narendra Modi's controversial decision to install a rabble-rouser as leader of India's most populous state may signal a new direction in his policy platform and potentially sow seeds of religious tension.Following an impressive victory in recent state elections, Modi's ruling faction — the Bharatiya Janata Party (BJP) — named Yogi Adityanath as Uttar Pradesh chief minister on Sunday. A 44-year old priest, Adityanath is a well-known figure of Hindutva, a right-wing ideology that champions Hindu nationalism.In the past, he's made numerous remarks perceived as hateful towards minority religions in the Hindu-majority nation. He's asked Indian Muslims to leave the country, recently praised President Donald Trump's travel ban on certain Muslim-majority countries, and suggested that minorities were to blame for communal riots. Last year, he claimed Mother Teresa was part of a conspiracy to Christianize India.

After IT, fear of layoffs hits telecom space; 10,000 jobs at risk"

With many telecom companies joining hands to beat competition and cut costs, some industry employees are having restless nights out of fear they may lose their jobs.A Hindu BusinessLine today quoting industry sources, says that thanks to the spate of consolidation recently, as many as 10,000 employees may lose their jobs over the next year.A large merger, such as the one announced between Idea and Vodafone earlier this week, tends to many job roles redundant at participating companies due to duplication.“Some departments may have surplus employees. Jobs like telecallers or ground-fleet salesmen would be too many in number and a good portion of them might have to be let go,” Dinesh Goel, Co-Founder CEOTelecom companies are generally bottom heavy with a lot of entry level staff for sales and back office operations, he added.Other support teams like finance and legal may also see surplus of employees, which will result in layoffs.Companies that are coming together

FEATURE- With automation threat looming, IT cos ramp up reskilling. 

But is it enough?As need for manpower continues to shrink for traditional application and maintenance business, IT companies are reskilling their million-strong workforce in newer technologies. Developers today need to focus on full-stack programming rather than specialize in a particular technology. Full stack programmers can work on both front end and back end tech, including design.India’s USD 154-billion technology industry is in the midst of its biggest transformation ever, as automation disrupts delivery models.  With clients asking outsourcing majors to bring down the costs year-on-year for the traditional application and maintenance business, vendors have no choice but to automate processes, which threaten to make 30-40 percent of existing workforce redundantAs need for manpower continues to shrink for traditional application and maintenance business, IT companies are reskilling their million-strong workforce in newer technologies. Developers today need to focus on full-stack programming rather than specialise in a particular technology. 

Musafir.com launches technology centre in Pune"

UAE-headquartered online travel firm Musafir.com today launched a technology centre in Pune as the company plans to double the strength of its tech team globally to over 100 by the year-end.The company's Pune centre will complement the technology and product teams that are already operating out of centres in Mumbai and UAE, Musafir.com said.The company currently has around 50 people in it's technology team in the three centres.Commenting on the development, Musafir.com Co-founder and CTO Albert Dias said: "Musafir.com was founded with the promise of a stellar user experience backed by the best technology".The establishment of the company's third technology centre in Pune reinforces our commitment to this promise, he added.

Electric vehicle development loses spark as consortium members decide to go solo"

India’s ambitious plan to build a consortium for electric mobility solutions has failed even before hitting the road. The five members in the group working on the project to jointly develop critical hardware for all-electric or hybrid vehicles have decided to go their own way.Mahindra and Ford were jointly working on the project.When asked by if the electric vehicle development consortium had achieved any breakthrough, CV Raman, Executive Director (Engineering), Maruti Suzuki India said: “There is no movement on that front.”The open-ended technical alliance entailed an investment of Rs 22-25 crore with the government to invest an equal amount under the faster adoption and manufacturing of hybrid and electric (FAME) vehicles.
Motor, transmission and batteries are the hardware part of an electric vehicle. However, the software is equally crucial as it the controls vehicle's critical systems like motor and battery. Hybrid or electric vehicles make use of on-board computers to distribute the right amount of power to the vehicle.

India tries to fix Iran trade payments as Trump hardens line"

India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo.US President Donald Trump has denounced an agreement between Iran and major powers on its nuclear programme as a bad deal, and his administration has put Tehran "on notice" after the test-firing of a ballistic missile.Under previous Western sanctions, India had devised a barter-like scheme acceptable to Washington that allowed it to make some oil payments to Tehran in rupees through a small state bank,Indian companies were then able to receive payments for goods exported to Iran using the oil money held in non-convertible rupee balances at UCO, maintaining a trade lifeline between two countries with long historical ties.

Airtel's 'fastest network' claim misleading: Jio to ASCI

 Telecom operator Reliance Jio has approached advertisement sector watchdog ASCI against Bharti Airtel saying the latter's claim of being "officially the fastest network" is "misleading" and done in "mala fide manner in collusion with" broadband speed tester Ookla.Telecom operator Reliance Jio has approached advertisement sector watchdog ASCI against Bharti Airtel saying the latter's claim of being "officially the fastest network" is "misleading" and done in "mala fide manner in collusion with" broadband speed tester Ookla."The claim of Airtel that it is India's fastest network is false, misleading and incorrect. This claim is being made by Airtel acting in a mala fide manner in collusion with Ookla, LLC," Jio said in its complaint filed before The Advertising Standards Council of India (ASCI)When contacted, Airtel spokesperson said Airtel has been rated as India's fastest mobile network by Ookla - the global leader in broadband testing and web-based network diagnostic applications."This is clearly mentioned in the ad. Ookla's findings are based on analysis of millions of internet speed tests logged on 'modern devices' by mobile customers across India using its popular Speedtest app. 

Note ban to affect NBFC collections in short term: Moody's"

Moody's Investors Service today said non banking financial companies (NBFCs) will demonstrate broadly stable asset quality, but delinquencies could rise over the next 1-2 quarters as demonetisation adversely affects collections across asset classes.It said the growth in loans against property has outpaced overall retail credit growth in recent years, but relatively loose underwriting practices, combined with intensifying competition, will translate into higher asset quality risk for this segment."NBFCs in India will demonstrate broadly stable asset quality, but delinquencies will likely rise over the next 1-2 quarters, as demonetisation adversely affects collections across asset classes," Moody's said in a statement.Over the past three years, NBFCs have gained some market share in the origination of retail lending, on the back of faster growth exhibited by such entities when compared to the banks.This is particularly the case when compared to public sector banks, which face significant challenges on their asset quality and overall solvency profiles, it said."Nevertheless, we expect that competitive pressures from the banking sector will remain intense as banks are increasing targeting of the retail segment to offset weakness in their corporate lending

No import of food items with less than 60% shelf life

Imported food items with less than 60 percent of shelf life left will not be allowed to enter Indian market as per the new regulations issued by regulator FSSAI.The Food Safety and Standards Authority of India (FSSAI) has notified the Food Safety and Standards (Import) Regulation 2017, making it mandatory for importers to obtain its license."We are happy that FSSAI has been able to finalise the regulations for imports of food items. This will bring an end to all uncertainties regarding food imports into the country," FSSAI CEO Pawan Kumar Agarwal told PTI.In the new regulations, which was notified earlier this month, the FSSAI said: "No article of food shall be cleared from the customs unless it has a valid shelf life of not less than 60 percent at the time of import".Shelf life means the period between the date of manufacture and the 'Best Before' or 'Date of expiry', whichever is earlier as printed on the label, FSSAI said.It specified that no person shall import any food article without an import license from the Central Licensing Authority in accordance with the provisions of the Food Safety and Standards (Licensing and Registration of Food Businesses) Regulations, 2011.FSSAI said it has brought the regulation with an aim to streamline the process of clearance of imported food in an efficient and transparent manner.

PM Modi favourite for 2019 Lok Sabha elections, say US political experts"

 Prime Minister Narendra Modi has emerged as a clear favourite for the 2019 general elections after the BJP's landslide victory in assembly elections in Uttar Pradesh and Uttarakhand, top US experts on India have said.While one of the experts noted that the electoral results of the just concluded Assembly polls in five states show that the 2014 Lok Sabha election results were not an aberration, another noted that Modi would continue to lead India after 2019.The Assembly elections do not signal much of a change. The Uttar Pradesh election results showed that the 2014 general elections were not an "aberration". Same is the case with Punjab, Adam Ziegfeld, Assistant Professor of Political Science and International Affairs at the George Washington University said.Modi has been established by this election as the "clear and favourite winner" for the 2019 elections, Sadanand Dhume, a resident fellow at the American Enterprise Institute said."Modi is the front runner (for 2019)," he said.Irfan Nooruddin, a professor at the Walsh School of Foreign Service at the Georgetown University predicted that in 2019, the BJP is unlikely to get a simple majority and Modi would rather be heading a coalition government.

Sole mission & motive is UP's development: PM on Yogi government

 As the Yogi Adityanath-led government took over in Uttar Pradesh, Prime Minister Narendra Modi today said the "sole mission and motive is development" of the state, in an apparent bid to allay apprehensions over the hardline Hindutva mascot becoming the Chief MinisterSole mission & motive is UP's development: PM on Yogi governmenAs the Yogi Adityanath-led government took over in Uttar Pradesh, Prime Minister Narendra Modi today said the "sole mission and motive is development" of the state, in an apparent bid to allay apprehensions over the hardline Hindutva mascot becoming the Chief Minister.Modi, while noting that BJP had formed the government in four out of five states that went to the polls recently, said, "Our unwavering efforts to create a 'Bhavya' (great) & 'Divya' (brilliant) Bharat (India) continue. India's Jan Shakti is powering the rise of a new transformed India.

Sebi to enlist resource persons to spread financial literacy

Markets regulator Sebi has decided to empanel 'resource persons' to help spread financial Sebi to enlist resource persons to spread financial literacy" Markets regulator Sebi has decided to empanel 'resource persons' to help spread financial literacy in select districts.The Securities and Exchange Board of India (Sebi) will empanel financial education resource persons (RPs) on part-time basis for various districts in Uttar Pradesh, Haryana, Punjab, Jammu and Kashmir, Himachal Pradesh and Uttarakhand.he individuals will be part of the financial education efforts of the regulator for the districts where it does not have any financial education resource person and/or where there is deficiency of RPs.Sebi has invited applications from interested candidates by February 28."This empanelment is not a full-time job but an exercise to enlist experienced persons having good communication skills, including effective presentation ability and passion for social work along with knowledge of computer/net to spread message of importance of financial literacy among masses in their identified area of operations,"

Telecom minister Manoj Sinha says he's not in running for UP CM post

BJP sources say that Sinha is a front runner because he is an ‘Ajatshatru’ – a man without enemies.Telecom minister Manoj Sinha says he's not in running for UP CM post"Widely considered the favourite, Union Telecom Minister Manoj Sinha said on Friday afternoon that he wasn’t in the race to become Uttar Pradesh chief minister.Sinha's remarks come a day before the Bharatiya Janata Party, which managed a three-fourths majority in the UP Assembly elections, holds a legislature party meeting on Saturday to zero in on a chief ministerial pick.Sinha, a three-time parliamentarian who represents Ghazipur in the Lok Sabha, told reporters outside Parliament that he is not in the race for chief minister nor does he know about any such race.Tipped by many to be the next chief minister, Sinha is a man without enemies.In 2014, a local BJP worker in Ghazipur opened a dhaba on the outskirts of the city. He invited Manoj Sinha, the local MP, to inaugurate the dhaba but did not expect him to turn up. Sinha was, after all, a Union Minister by this point. To the worker’s surprise, Sinha made it for the inauguration. This “connect” with his constituents is not uncharacteristic of Sinha.At least till late last year, he spent most weekends in his native Ghazipur. 

SpiceJet will shortly foray into

 India’s highly competitive retail space with plans to set up a string of physical stores, online e-tail gateways, and in flight merchandise, selling a range of consumer goods from fashion products, gadgets and electronic items to, eventually, food.The company will sell its own brand of products sourced from hundreds of vendors across the country and overseas, top sources, who did not wish to be identified,A special line of brands have been created for each product category under the umbrella “Spice” brand, which the company is currently finalising.A separate subsidiary of airline’s holding company is being created for the retail venture, which will be run by a completely different team maintaining arm’s length distance with the airline’s operations, sources indicated.A formal announcement on the retail venture is expected within a month.A company spokesperson declined to comment for this story.

Paytm rolls back 2% levy on credit card recharge

 In a u-turn to Thursday’s decision, e-wallet company Paytm rolled back its 2 percent charge on credit card transactions used for recharging the wallet. Paytm rolls back 2% levy on credit card recharge In a u-turn on Thursday’s decision, e-wallet company Paytm rolled back its 2 percent charge on credit card transactions used for recharging the wallet. The company said it has been done for customers’ convenience. It said: “Keeping the millions of customers and merchants interest as utmost priority, we have decided to suspend the 2 percent fees and will continue to build a series of features to curb such misuse.

India Home up 6% on MOU with Surat Urban Development Authority 

 "India Home Loan has entered into memorandum of understanding (MOU) with Surat Urban Development Authority (SUDA) for facilitating housing loans to borrowers in Surat," the company said in its filing. Shares of India Home Loan gained nearly 6 percent intraday Friday after signing agreement with SUDA for providing housing loans. "India Home Loan has entered into memorandum of understanding (MOU) with Surat Urban Development Authority (SUDA) for facilitating housing loans to borrowers in Surat," the company said in its filing.

Pollsters predict a clear BJP win in UP, AAP-Cong faceoff in Punjab

 Pollsters have fairly written off the possibility of other political parties coming to power in Uttar Pradesh. But remember exit polls predictions come with a warning — they may be proven wrong. Final results will be declared on Saturday after all the votes are counted.After a high-intensity election battle for over two months, an aggregate of exit polls released on Thursday have predicted the BJP cruising through in Uttar Pradesh. While Aam Aadmi Party (AAP) is in pole position in Punjab, it has a wafer-thin lead over the Congress. BJP is seen snatching the rule from the Congress in Uttarakhand. In Goa, BJP is likely to come up trumps with debutant AAP trailing behind. The Congress is marginally ahead in Manipur and may win the state election for third time in a row. The pollsters have fairly written off the possibility of other political parties coming to power in Uttar Pradesh. But remember exit polls predictions come with a warning — they may be proven wrong. Final results will be declared on Saturday after all the votes are counted. Uttar Pradesh The Network18-Gramener exit poll predicts BJP to cross the finish line in Uttar Pradesh with 193 seats. While VMR predicts BJP to win 200 seats in Uttar Pradesh, MRC predicts it to win 185 seats. Axis exit poll puts BJP in the victory lap with around 251-279 seats. The BJP will win 161 seats, according to C-Voter exit poll. CSDS is the only pollster that says there can be a neck-and-neck finish between the BJP and SP-Congress combine with 164-176 seats and 156-169 seats, respectively. 

India, Egypt should find ways to enhance trade ties'

 India-Egypt trade and investment made a significant headway in the last few years, despite the weakening of the global economy and declining trade. The bilateral trade grew 60 per cent over the last five years touching almost USD 5 billion. India, Egypt should find ways to enhance trade ties India has invited Egyptian businesses to invest in the country saying the two sides enjoying very strong political and cultural ties should now work out ways to enhance two-way investments and trade. "India and Egypt have been very strong and old partners in politics and culture. Today it is the world of economics and so I believe that it is very necessary for us to work more closely in the economic field to increase investments in both ways," said India's Ambassador to Egypt Sanjay Bhattacharyya on the sidelines of an economic seminar entitled "Make in India" organised here yesterday as part of the two-week cultural festival "India by the Nile". The seminar construes the flagship programme 'Make in India' which aims to transform India into a global design and manufacturing hub of innovative, low cost, eco friendly and zero defect products and to develop synergies with Egyptian industry. "Today we receive the largest amount of investments anywhere in the world and that's because of the systems that had been created," he added.

TRAI to propose PCO-like model to popularise public WiFi service 

 According to an official, the services will be device-agnostic, allowing the consumer to use the WiFi data pack on multiple devices. 'PCO STD ISD' written on them? If the model likely to be suggested by the Telecom Regulatory Authority of India for popularising public WiFi services is implemented, we could have 'DPO or data public office’ on the lines of those public call office or PCO as they were called. According to an official, the services will be device-agnostic, allowing the consumer to use the WiFi data pack on multiple devices. “Suppose a user buys WiFi pack at a DPO and uses only a certain percentage of the data. He or she can comfortably walk away and use the remaining data later as well at another spot of the service provider. Not only that, the person will be able to use the data on any other device as well using the user id and password,” the telecom regulator was expected to send its recommendations on public WiFi services to the Department of Telecommunication today or tomorrow. 

SEBI asks RBI to review commodity hedging norms: 

 The markets regulator’s latest initiative in aimed at diverting local firms from hedging their risks in international bourses. The Securities and Exchange Board of India (SEBI) is in 'informal' talks with the Reserve Bank of India to review norms on hedging in commodity markets, sources told The capital and commodity markets regulator's latest initiative in aimed at encouraging listed firms in India to hedge their commodity risks on the local commodity exchanges instead of international markets. “The SEBI has informally initiated a dialogue with the RBI for hedging domestically,” SEBI's initiative follows an unsuccessful attempt by the now defunct Forward Markets Commission (FMC), which under its Chairman Ramesh Abhishek, had kicked off discussions with RBI. FMC, now merged with SEBI, had also increased the trading timing of commodities which were affected by overseas pricing, added the source. Hedging is a mechanism to cover future costs or realisation price in advance to minimise risks. 

Sebi exempts NIIT promoters' trusts from making open offer

 Exemption has also been extended to the two trusts with respect to NIIT Technologies.Sebi exempts NIIT promoters trusts from making open offer Sebi exempted two private family trusts, set up by the promoters of NIIT, from making an open offer to the company's public shareholders. Exemption has also been extended to the two trusts with respect to NIIT Technologies . NIIT is a leading IT training solutions provider while NIIT Technologies is an IT firm. Thadani and Pawar families are among the promoters of both companies. The exemption from making open offers have been given to Thadani Family Trust -- represented by its trustee Vijay Kumar Thadani -- and Pawar Family Trust. The latter is represented by its trustee Rajendra Singh Pawar. In both companies, Thadani Family Trust and Pawar Family Trust are to acquire the shares issued by Global Consultancy and PIPL Consultancy, respectively. Once the two trusts complete these acquisitions, their holdings in NIIT and NIIT Technologies would breach the 25 percent threshold. When shareholding of entity cross the 25 percent threshold, then it is required to make an open offer for the public shareholders under the Sebi regulations. The two trusts' shareholding would be 30.99 percent in NIIT after the indirect acquisition of shares, while in the case of NIIT Technologies, it would be 30.80 percent. Sebi's latest ruling has come on separate pleas filed by the two trusts with respect to the two companies

India announces new hydrocarbon exploration licensing policy Christened 

"Hydrocarbon Exploration Licensing Policy" or HELP, the new policy also gives the investors the much needed freedom in pricing and marketing for crude oil and natural gas. | 1 Comments India announces new hydrocarbon exploration licensing policy India has announced a new hydrocarbon exploration licensing policy which offers single license to explore conventional and unconventional oil and gas resources, as the country seeks to propel investment in the energy sector. Christened "Hydrocarbon Exploration Licensing Policy" or HELP, the new policy also gives the investors the much needed freedom in pricing and marketing for crude oil and natural gas. The new policy is part of the strategy to make India a business and investor friendly destination and achieve the plan to double India's existing oil production from current 80 million metric tons to about 150-155 million metric tons by 2022, said the Union Petroleum and Natural Gas Minister Dharmendra Pradhan. Pradhan is leading a high-powered delegation to Houston to attend CERAWeek 2017 an international meeting of top leaders from the oil, energy and natural gas industry. In addition to the Canadian Prime Minister, the week-long meeting is being attended by oil and energy ministers from countries like Russia, Saudi Arabia and United Arab Emirates. "In the new model, government will not micromanage, micro monitor with producers. Government will only share revenue. It will be an open and regular affair

India's GAIL signs 1st time-swap deal for US LNG with Gunvor

It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive.(India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its US liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive. The deal equates to around 5 percent of India's 2015/16 LNG imports and will support a government push to promote use of the cleaner fuel in fertiliser and the power sector, even as India's local gas production is falling.

Under the agreement, Gunvor will supply 15 cargoes or about 0.8 million tonnes of LNG to GAIL on India's west cost between April and December this year in oil-linked prices on a delivered basis in India, two sources with knowledge of the deal said.In return GAIL will sell 10 cargoes or about 0.6 million tonnes next year from Sabine Pass on the US Gulf coast in 2018 at a premium to its pricing formula on a free-on-board (FOB) basis, they said

India's GAIL signs 1st time-swap deal for US LNG with Gunvor

It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive. Indias GAIL signs 1st time-swap deal for US LNG with Gunvor State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its US liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive. The deal equates to around 5 percent of India's 2015/16 LNG imports and will support a government push to promote use of the cleaner fuel in fertiliser and the power sector, even as India's local gas production is falling. Under the agreement, Gunvor will supply 15 cargoes or about 0.8 million tonnes of LNG to GAIL on India's west cost between April and December this year in oil-linked prices on a delivered basis in India, two sources with knowledge of the deal said. In return GAIL will sell 10 cargoes or about 0.6 million tonnes next year from Sabine Pass on the US Gulf coast in 2018 at a premium to its pricing formula on a free-on-board (FOB) basis, they said.

Cash transaction charges levied by banks: should you worry?

Finance industry experts believe the brunt of the negative impact of the move would be faced by self-employed and small businesses, while the salaried class might not face much inconvenience. – have over the week announced new charges on cash transactions beyond certain limits While the move may appear to be against the interest of customers, should you be the one to worry about its impact?Finance industry experts believe the brunt of the negative impact of the move would be faced by self-employed professionals and small businesses, while the salaried class might not face much inconvenience

Pradhan Mantri Suraksha Bima Yojana logs 100 million enrollments 

The personal accident policy offers a cover of Rs 2 lakh for a premium of only Rs 12 per annum

The government’s personal accident scheme Pradhan Mantri Suraksha Bima Yojana (PMSBY) has almost touched 100 million enrollments. This plan, which was launhced in May 2015, was an extension of the Jan Dhan Yojana.As on March 1, the scheme covered 99.1 million lives. The personal accident policy offers a cover of Rs 2 lakh for a premium of only Rs 12 per annum. To make it affordable for everyone, the policy premiums have also not been revised despite insurers requesting a revision.Jan Dhan Yojana’s aim was to provide bank accounts to all Indians while Jan Suraksha aims to get all Indians under the insurance net.

PMSBY has seen a substantially higher number of enrollments than the term insurance policy Jeevan Jyoti Bima Yojana. The latter has seen 30.8 million enrollments as of March 1, 2017. Insurers said that this is not only because PMSBY was cheaper but also because accidental deaths are higher in the country.This scheme also covers death or disability resulting from natural calamities. While death due to suicide is not covered, that from murder is.

Indian startups need govt support to minimise failures:

Startups in India face numerous challenges at different stages in terms of incorporation, fund raising and hiring and they need adequate support to tide over these difficulties and minimise failures, says a report. |  Indian startups need govt support to minimise failures: Report Startups in India face numerous challenges at different stages in terms of incorporation, fund raising and hiring and they need adequate support to tide over these difficulties and minimise failures, says a report. The government should provide incentives to investors in startups and direct funding on the basis of monitoring and evaluation as India has the potential to become a major hub for startups, industry body Ficci said in the report. The report on the vibrancy of the startup ecosystem in the UK and its lessons for India's developing startup scene observes that while in global hubs like London failure for such venture is accepted, entrepreneurs in countries such as India could be seen as braver as they are taking comparatively greater risks in the face of adverse situations. "There are a number of challenges for Indian startups, from the stage of incorporation through the stages of raising capital, hiring resources, scaling up and making an exit. "There is a need to address such bottlenecks to minimise failures and ensure that the startups graduate to becoming scaleups," Ficci said. Corporates can act as hotbeds for co-creation with startups, provide market opportunities through procurement and encourage a wider culture of entrepreneurship.

Virtual currencies pose real financial risk:

RBI's Gandhi Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks. | Virtual currencies pose real financial risk: RBIs Gandhi Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks. He said such digital currencies are not created by any authority but more and more people have started accepting them. "We can see that in these types of virtual currencies there is no central bank or monetary authority. They pose potential financial, operational, legal, customer protection and security-related risks," Gandhi said at a Fin Tech conference organised by Ficci, Indian Banks' Association and Nasscom. Gandhi said virtual currencies are stored in digital electronic form and are prone to losses arising out of hacking, loss of password, and malware attacks. "No established framework for recourse to customer problem, disputes and grievances is feasible with this (virtual currencies) kind of framework." The Deputy Governor said a number of cases have been reported in which virtual currencies have been used for illicit and illegal activities. "My arguments against virtual currencies stem from two elements -- the concept of confidence and anonymity.

BMC polls: 19% winners face criminal cases

 43 winners in the just concluded Brihanmumbai Municipal Corporation (BMC) elections are facing criminal cases, says a report. |BMC polls: 19% winners face criminal cases, says report As many as 43 winners in the just concluded Brihanmumbai Municipal Corporation (BMC) elections are facing criminal cases, says a report. This implies that nearly 19 per cent of the newly elected corporators have criminal charges against them, including for offences like attempt to murder and rape, as per an analysis of the affidavits of 225 winners out of the total 227 in BMC polls recently done by NGOs Association for Democratic Reforms (ADR) and Maharashtra Election Watch Maharashtra Election Watch's state-cordinator Sharad Kumar said,

Demonetisation: Premium properties, land worst affected Priyansh Jain

 A textile merchant from New Delhi, has an independent three-storeyed property in upmarket Pitampura locality. He has a large joint family and is now looking to sell his property and relocate to R Priyansh Jain, a textile merchant from New Delhi, has an independent three-storeyed property in upmarket Pitampura locality. He has a large joint family and is now looking to sell his property and relocate to a bigger house. However, over the last one year, he has seen a drastic fall in property rates. “What was selling for Rs 20 crores at one point of time in 2015, was in the range of Rs 8-10 crores, in 2016. The recent demonetisation has added to the problems of the property market it seems,” says Jain. The situation seems similar in other metro cities and tier-2 cities. Take for example the case of Mumbai’s upmarket Bandra region, where high-end properties have seen a correction of more than 10%. “Given that old currency notes are no longer valid, home buyers/investors using unaccounted wealth to carry out transactions in cash, are facing a tough time and developers accepting cash components are facing a higher liquidity crunch than those accepting all payments through cheque/ bank transfer,” says Anuj Puri, former head of JLL India.

Govt sees FY17 per capita income rising 10% to Rs 103,818 

"The per capita net national income during 2016-17 is estimated to be Rs 103,818 showing a rise of 10.2 percent as compared to Rs 94,178 during 2015-16 with the growth rate of 8.9 percent," as per data on Second Advance Estimates of National Income, 2016-17. |Govt sees FY17 per capita income rising 10% to Rs 103,818 India's per capita net national income is expected to rise 10.2 percent to Rs 103,818 in the current fiscal, government data showed today. The per capita national income during 2015-16 stood at Rs 94,178, an increase of 8.9 percent from the previous fiscal. "The per capita net national income during 2016-17 is estimated to be Rs 103,818 showing a rise of 10.2 percent as compared to Rs 94,178 during 2015-16 with the growth rate of 8.9 percent," as per data on Second Advance Estimates of National Income, 2016-17.

Tax officials to send 50,000 letters to PM for successful GST

 A decision in this regard was taken during a meeting of representatives of All India Association of Central Excise Gazetted Executive Officers and those from Indian Revenue Service (Customs and Central Excise) Tax officials to send 50,000 letters to PM for successful GST At least 50,000 letters will be sent by indirect tax officials to Prime Minister Narendra Modi seeking his intervention to ensure successful roll-out of Goods and Services Tax (GST). A decision in this regard was taken during a meeting of representatives of All India Association of Central Excise Gazetted Executive Officers and those from Indian Revenue Service (Customs and Central Excise). "We have decided that each employee working under Central Board of Excise and Customs (CBEC) will write a letter to the Prime Minister seeking his intervention for the successful GST. "Though there are about 85,000 indirect tax employees working at various levels across the country, at least 50,000 letters will be sent to the Prime Minister within next two days," said Anup Kumar Srivastava

Q3 growth negates negative speculations about note ban impact Economic Affairs 

Secretary Shaktikanta Das said the third quarter and the 7.1 percent growth projected for full fiscal are "definitely something noteworthy". | Q3 growth negates negative speculations about note ban impact Elated at the GDP numbers, Finance Ministry said the 7 percent growth in the third quarter has negated the negative projections and speculations about the impact of demonetisation on growth. Economic Affairs Secretary Shaktikanta Das said the third quarter and the 7.1 percent growth projected for full fiscal are "definitely something noteworthy". "We had said that most of the reports were anecdotal, not based on statistics. There were reports that manufacturing activities in many sectors were affected due to demonetisation but as we see from the numbers manufacturing growth at very 8.3 percent is very satisfying number and promising number," Das told reporters here.