RBI to inject Rs 10,000 cr for liquidity crunch on FCNR payout
In a bid to meet the perceived liquidity crunch due to upcoming redemption of USD 20 billion, RBI yesterday announced of pumping Rs 10,000 crore by buying government securities. "Based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations for an aggregate amount of Rs 10,000 crore on August 11 through multi-security auction using the multiple price method," RBI said in a statement.
1.36 cr non-filers identified under NMS: Govt
Government has identified 1.36 crore non-filers with potential tax liability under the Non-Filers Monitoring System (NMS), Parliament was informed yesterday. Replying to a question in Rajya Sabha, Minister of State for Finance Santosh Kumar Gangwar said about 1.36 crore non-filers with potential tax liability have been identified under NMS. Total number of taxpayers of income tax in the country for the financial year 2015-16 is 5,24,38,971, he said in a written reply. The Income Tax department has implemented the NMS, which analyses and assimilates all in-house information as well as transactional data received from third parties.
Zeta to help employee take-home package to rise Rs 30,000
For the salaried employee saving tax has always been a priority. Zeta, a fin-tech start-up, is revolutionising the Employee Tax Benefit and Rewards space and is empowering companies to increase their employees’ salaries by up to Rs 30,000 without increasing the CTC or increasing company costs. Meal vouchers, medical reimbursements, gift cards and asset reimbursements are four law-compliant tax-saving instruments that can help companies increase their employees’ net take-home salaries by a significant amount. Zeta’s digital platform along with its wide merchant acceptance network now makes the entire process very easy for both employers and employees.
Pawan Munjal reappointed Hero MotoCorp CMD & CEO
Two-wheeler market leader Hero MotoCorp yesterday reappointed Pawan Munjal as its Chairman, Managing Director and CEO for a period of five years and also elevated its head of operations and supply chain Vikram Kasbekar as a director on the company's board. Munjal's current tenure comes to an end on September 30 this year. He has been leading the company over the past several years in a highly competitive and volatile market, not to just consolidate market leadership but also expand global footprint across continents, the company said in a statement.
C.V.O. Chartered & Cost Accountants Association organises seminar
3% Professionals only reach the top and earn fame & wealth. Rest struggle for success, informed well-known Success Mentor Basesh Gala, MD & Founder of 39 Solutions, while addressing a seminar on Professional Excellence organized by C.V.O. Chartered & Cost Accountants Association on 6th August 2016 at Mumbai. An audience of 400 comprising of CAs, finance professionals, doctors, lawyers, management professionals and service organizations’ directors were present attending the Seminar. Basesh Gala further informed that Service organizations are easy to start but difficult to sustain. According to Basesh Gala, the biggest threat facing Professionals were global competition, disruption and automation.
Analysts see muted response for mega spectrum auction
Telecom analysts are predicting a tepid response to the biggest-ever spectrum auction, particularly in the prized 700 Mhz band, despite government's latest move to ease certain bidding norms to attract bidders. Government hopes to raise as much as Rs 5.63 lakh crore from auction of mobile phone airwaves, slated to begin from September 29. On Monday, the telecom department issued bid document also called the Notice Inviting Applications (NIA) for auction of spectrum in 7 bands - 700MHz, 800MHz, 900MHz, 1800MHz, 2100MHz, 2300MHz and 2500MHz bands.
Worldline enables Digital Payments through ‘Green Pin’
Corporation Bank has launched a new facility called “Green PIN”, an online module for PIN generation for credit cardsin association with Worldline India. It will now be convenient for cardholders to change their credit card PIN anywhere, anytime; it has also accelerated the process as people need not depend on the bank and postal services for physical delivery of the PIN. Customers who receive the Credit Card but not the PIN can also generate a fresh PIN, enabling them to use the card immediately. It is aptly titled, ‘Green Pin’, as it is a no paper initiative taken by the bank.
BSE rolls out e-submission facility for MF agents registration
Leading stock exchange BSE yesterday begun a new facility for electronic submission of application for registration of mutual fund distributors on its mutual fund platform. The exchange has a mutual fund trading platform, BSE StAR MF. It became operational for all investors in December 2009. "The exchange is pleased to introduce a facility for electronic submission of application for registration of mutual fund distributors on BSE StAR MF platform. The facility shall be available with effect from Tuesday, August 9, 2016," BSE said in a circular. "Mutual fund distributors applicants are required to sub
Surplus power may cause Rs 8K cr loss to discoms in FY'17
State power distribution companies (discoms) are staring at a net loss of Rs 8,000 crore in the current fiscal owing to purchase agreements in excess of power demand, according to India Ratings and Research (Ind-Ra). Ind-Ra's expectation is based on the assumption that discoms will surrender the power purchase agreements (PPAs) with the highest variable cost by paying the fixed costs based on the agreement, it said in a statement.