Saudi to impose family tax: What it means to 41 lakh Indians & their family

Indians form Saudi Arabia's largest expat group

economy news|Saudi Arabia has always been a popular destination for job seekers. However, starting next month, things are about to change for the worse for expats. From July, Saudi will be collecting a new tax from expats and their dependents. The 'dependent fee' will be 100 Saudi riyals (approx. Rs 1,723, as on Wednesday) per month for each dependent. The amount is expected to increase gradually every year until 2020.

According to TOI, several Indians employed in Saudi Arabia are planning to send their dependents back to India as it is likely to prove a big financial burden for them.

Indians form Saudi Arabia's largest expat group and hence, will be most affected. Reportedly, 41 lakh Indians are currently working in the Kingdom.

Will this help Saudi as it struggles with financial crisis

Expat levy is seen to boost kingdom's revenues amid low oil prices. However, according to Gulf News, "reforms such as the levy on foreign workers may help augment government revenues, but they can increase the cost of doing business in the kingdom."

Companies in Saudi Arabia currently spend 200 Saudi riyals per month to cover the levy for every non-Saudi employee. This applies to organisations where foreigners exceed the number of local workers.|latest economy news

Migrant rights activist Bheem Reddy Mandha said several people had already sent their families back in the past four months. "The men have become forced bachelors," he told TOI.

Saudi - a no income tax

According to iExpats.com, the International Monetary Fund (IMF) is urging the Gulf states to introduce more taxes to soften the impact of falling government revenues as the price of oil drops, leaving a black hole in budgets.

"Saudi Arabia has one of the most liberal labour policies globally, with very few restrictions on importing foreign labour to work in the kingdom,” says the government.

"Currently, neither Saudi nationals nor foreign labourers pay income taxes, and this policy will remain in place.”

Why is the Kingdom of Saudi so popular for Indian job seekers?

The kingdom is home to largest Indian passport holders outside India with around 41 lakh Indians working there and over 400 Indian companies. It is attractive because so far Saudi has not imposed any tax on income earned.

Saudi law provides full protection to all expatriates, which includes a unified labour contract and provisions that prohibit employing persons in jobs different from the profession stated in the contract, said Saudi Ambassador Saud Al Sati.

In an interview to TOI, he said, rules prevent workers from being made to work longer than five hours at a stretch. Whenever Saudi authorities are provided with valid information, detailed investigations ensue, and violators face action."

Full text of Kumble's resignation letter as he quits as India head coach Edit

Kumble stayed back in England instead of travelling with the team for their next assignment

Legendary leg-spinner Anil Kumble has decided against continuing as the head coach of the Indian cricket team, it was announced on Tuesday.

According to reports, Kumble, whose one-year tenure was scheduled to end at the conclusion of the ICC Champions Trophy in England and Wales, stayed back in England instead of travelling with the team for their next assignment in the West Indies.


Here is the full text of his resignation letter:
I am honoured by the confidence reposed in me by the CAC, in asking me to continue as Head Coach. The credit for the achievements of the last one year goes to the Captain, the entire team, coaching and support staff.

Post this intimation, I was informed for the first time yesterday by the BCCI that the Captain had reservations with my ‘style’ and about my continuing as the Head Coach. I was surprised since I had always respected the the role boundaries between Captain and Coach. Though the BCCI attempted to resolve the misunderstandings between the Captain and me, it was apparent that the partnership was untenable, and I therefore believe it is best for me to move on.

Professionalism, discipline, commitment, honesty, complementary skills and diverse views are the key traits I bring to the table. These need to be valued for the partnership to be effective. I see the Coach’s role akin to ‘holding a mirror’ to drive self-improvement in the team’s interest.
In light of these ‘reservations’, I believe it is best I hand over this responsibility to whomever the CAC and BCCI deem fit.

Top 5 common mistakes to avoid while filing your income tax returns

Here is a list of things to help you sail through

economy news | With the due date of July 31 fast approaching, it is that time of the year again when the taxpayers need to file their I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit. The basic exemption limit for individuals is Rs 2.5 lakhs and for senior citizens, it is Rs 3 lakhs. So, if your income exceeds this limit, you need to file the tax return by the due date. Filing of tax return requires caution to avoid mistakes. Keeping in mind few things can make your tax filing a breeze.

Here is a list of things to help you sail through:

 

1. Choose the right ITR Form applicable

There are total 7 ITR forms available for e-filing.This year a lot of changes has been made in these forms. Make sure that you choose the right ITR form applicable to you. For example, there are two I-T return forms - ITR-1 and ITR-2 available for salaried individuals at the moment, and your sources of income will decide which form to use. ITR 3 is applicable for the person having income from business whereas last year ITR 4 was applicable for business income. So pick the correct ITR form. The Tax Department will refuse to accept your form in case you have chosen the wrong one.

2. Claim all the Deductions

Ensure that you have claimed all the deductions allowed under various sections of I-T Act that you are eligible for. For example under Sec 80C- PPF, PF, school tuition fees of children etc, under Sec 80D- Health insurance premium and so on.In case of Salaried individuals, they can claim such deductions even if it is missed in Form 16, provided that such investments are done before 31st March 2017.| economy policy

3. List all sources of income including Interest Income

Firstly, you need to identify your sources of income under different heads. Under the I-T Act, all incomes earned by persons are classified into five different heads, such as income from salary, income from house property, income from business or profession, income from capital gains, and income from other sources. Thus, you should identify all your incomes from different sources, just to ensure that you haven't missed out something while filing your return. Many taxpayers do not report interest income in returns thinking that since the tax has already been deducted by the bank. But even though TDS has been deducted on any of your income, it has to be disclosed in your return.

Banks chart plan for 12 large NPA accounts, Lanco Infra first to be booked

Lenders have been asked to register against these defaulting borrowers in NCLT within a month

economy news| Lenders on Monday began meeting to initiate proceedings against 12 stressed accounts identified by the Reserve Bank to be referred under the Insolvency and Bankruptcy Code (IBC), sources said.

The accounts identified by the RBI include Amtek Auto (Rs 14,074 crore), Bhushan Steel (Rs 44,478 crore), Essar Steel (Rs 37,284 crore) Bhusan Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075 crore), Monnet Ispat (Rs 12,115 crore) and Lanco Infra (Rs 44,364.6 crore).

Lanco Infratech, power and road construction firm, became the first among the "dirty dozen" companies to be booked by IDBI Bank.

"Lanco Infratech (LITL)...vide letter dated June 17, 2017, intimated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that RBI directed IDBI Bank, the lead bank of LITL to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy Code, 2016,” the company said in a filing on Saturday.|Economy policy 

The list also named Electrosteel Steels (Rs 10,273.6 crore), Era Infra (Rs 10,065.4 crore), Jypaee Infratech (Rs 9,635 crore), ABG Shipyard (Rs 6,953 crore) and Jyoti Structures (Rs 5,165 crore) as defaulting borrowers.

According to sources in Finance ministry various banks held meeting today to chart out future course of action regarding some of the accounts identified by RBI.

"In today's meeting, banks met to finalise their action plan for some of the accounts before referring to the National Company Law Tribunal (NCLT)," said a banker.

Bankers met to discuss accounts such as Amtek Auto, Bhushan Steel and Essar Steel, among others, said another banker.

The lenders have been asked to register against these defaulting borrowers in NCLT within a month.

 

Bankers' meet begins today to decide on 12 large defaulters RBI named

These 12 accounts have an exposure of more than Rs 5,000 crore each, with 60% or more bad loans

 

economy news| Bankers are meeting from Monday to finalise their next course of action on six of the 12 bad loan accounts for immediate referral to NCLT after the RBI named the largest defaulters to face bankruptcy proceedings.

The first set of six troubled accounts are Bhushan Steel (Rs 44,478 crore), Essar Steel (Rs 37,284 crore), Bhusan Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075 crore), Amtek Auto (Rs 14,074 crore) and Monnet Ispat (Rs 12,115 crore), a banker said.

According to RBI, these 12 accounts owe Rs 2.5 lakh crore to the system, which constitutes around 25 per cent of gross bad loans.

The other accounts named for bankruptcy action, according to bankers, include Lanco Infra (Rs 44,364.6 crore), Electrosteel Steels (Rs 10,273.6 crore), Era Infra (Rs 10,065.4 crore) Jaypee Infratech (Rs 9,635 crore) ABG Shipyard (Rs 6,953 crore) and Jyoti Structures with a defaulted loan of Rs 5,165 crore.

Last week, the RBI's internal advisory committee (IAC) had sent the list of 12 accounts to bankers for immediate reference under the Insolvency and Bankruptcy Code (IBC). These 12 accounts are led by SBI (six of them), PNB, ICICI Bank, Union Bank, IDBI Bank and Corporation Bank, according to bankers.|Latest economy news

"Beginning Monday, banks are meeting to discuss six of the 12 accounts named by the RBI before referring accounts to the National Company Law Tribunal (NCLT) by the end of this month," a banker told PTI.

Since these are large accounts and involve multiple banks, the lenders will try to take a common view on all administrative requirements before referring these accounts to the NCLT.

Another banker said, "they will also decide on the appointment of insolvency professional (IP) who will later decide on the resolution plan and submit it to the lenders for their consideration".

While ABG Shipyard, Amtek Auto, Alok Industries, Bhushan Steel, Bhushan Power and Steel, Electrosteel Steels, Jaypee Infratech, Jyoti Structures and Monnet Ispat and Energy did not respond to e-mails sent to them, Era Infra and Lanco Infra could not be contacted.

Duty on mobiles after GST: iPhones to get costlier; local brands won't gain

Smaller players could be routed; major Indian brands may not get any significant advantage

 

The Union government is mulling imposing a 15 per cent basic customs duty (BCD) on the import of finished mobile handsets once the Goods and Services Tax (GST) comes into effect.

The move is intended to protect manufacturers who have set up units in India and put a curb on the outflow of foreign exchange to countries like China, Taiwan, and Vietnam.Boosting local manufacturing or assembly of mobile phones is a key part of Prime Minister Narendra Modi’s pet project — Make in India.| Economy news

What the government intends to do?

The Commerce and Industry Ministry had proposed a customs duty of 15 per cent on smartphone imports. Under the Phased Manufacturing Program (PMP) developed by the ministry of electronics and information technology, the government aims to enable large-scale manufacturing of mobile phones. As local value addition in handsets remains as low as two per cent at present, sub-parts such as mechanics, microphones, receivers, keypads, and USB cables, among others, have been targeted in the initial stage.

The PMP covers mechanics, die cut parts, microphone and receiver, keypad and USB cable in the current financial year. It also aims to promote the indigenous manufacturing of populated printed circuit boards, camera modules and connectors in 2018-19, and display assembly, touch panels, vibrator motor and ringer in 2019-20.

The government is also in the process of formulating the second phase of the PMP, which it expects will enhance value addition to 58.3 per cent in feature phones and 39.6 per cent in smartphones.| Latest economy news

What will be the consequences?

While the government’s upcoming move could be well intended, a look at the current dynamics of the sector raises some important questions. Will an import duty on finished handsets be able to save Indian brands from being routed by Chinese vendors — a story which is currently unfolding? What happens to smaller local players who are heavily dependent on imports and will Indian consumers benefit from the move?

Daily fuel prices rolled out, but dealers unhappy, shut shop in Karnataka

At least 1000 petrol pumps across 7 districts in Karnataka has shut shop protesting against the move

On a day when state-run oil marketing companies (OMCs) like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) launched the daily revision of fuel prices, at least 1000 petrol pumps across seven districts in Karnataka have shut shop protesting against the move.

This comes after fuel dealer associations called off their plan to go for “no purchase” of fuel following intervention from Petroleum Minister Dharmendra Pradhan. “The move will wipe out the entire margins of marginal dealers. While oil marketing companies claim that 95 per cent of retail outlets are automated, only 5 per cent are automated. At least 1000 petrol pumps are shut down in seven districts of Karnataka with no purchase and no sale, while some outlets in Bangalore too have opted to go for no purchase,” said Ranjith Hegde, secretary of Mysore Petroleum Traders Association.|Economy policy

All the major associations had called off their strike after the government assured an increase in dealer commission from July. When asked about this, a senior official from IOC told Business Standard, “The rollout of daily pricing was done smoothly and there is no disruption reported so far.” Pradhan had assured the dealers that the automation of petrol pumps will happen as soon as possible and a committee is set to submit a report on this.

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Poultry producers cash in on beef slaughter ban as demand for chicken rises

Demand rose due to cattle restrictions, especially in northern states where Muslims are a minority

India's poultry producers are posting record profits as feed costs have dropped to a five-year low and on rising chicken demand after cattle slaughtering restrictions were enacted in the majority Hindu country.

Poultry company profits should continue to rise as raw material costs are set to remain depressed and demand rises due to the political fight over cattle slaughtering in India, home to the world's biggest population of Hindus, who hold cows to be sacred, plays out in the courts.|economy news

On May 31, the Madras High Court in the southern state of Tamil Nadu overturned a government ban on cattle trading for slaughter, an industry dominated by Muslims, but the case is set to go before the Supreme Court.

The cattle restrictions have been good for poultry producers as average broiler chicken prices in Mumbai have jumped 47 per cent so far in 2017 to 100 rupees ($1.55) a kg, while corn and soymeal prices, the main chicken feed ingredients, have fallen 7 per cent and 2 per cent respectively.

"For the first time, broiler prices sustained above 100 rupees (per kg) for a fortnight," said Uddhav Ahire, the chairman of leading poultry firm Anand Agro Group based in the western city of Pune. "The average margin of integrated poultry firms was more than 30 rupees."

Usually soymeal and corn rise during the summer as supplies drop, but this year bumper harvests and sluggish exports have kept prices in check, Ahire said.

Feed typically makes up two-thirds of poultry production costs. Back-to-back droughts that crimped grain output in India in 2014 and 2015 pressured the poultry farmers but that has changed.|economy policy

Shares of Venky's Ltd, India's biggest poultry producer, shot to a record high on Thursday after the company reported net profit more than doubled during the quarter that ended in March and full-year profit was a record Rs 125 crore.

Poultry profits may be even higher in the June quarter on the rising average chicken prices, said Prasanna Pedgaonkar, general manager at Venky's, which is also the owner of Blackburn Rovers Football Club in Britain.

 

Buying a home wins hands down against renting today. Here's why

Buying a home wins hands down against renting due to Pradhan Mantri Awas Yojana and RERA laws

I have this running debate with my youngest client and perhaps, the most financially savvy. This client has spent a few years already as a marketing professional in a software company in Bangalore and got married recently.

Unlike many fellow professionals, he had sought out my services almost as soon as he started his working career. The family has all the required insurance policies and even save a tidy sum every month in a portfolio of mutual funds balanced between their near term and long-term goals. We agree on everything except this: whether they should buy a house or should they rent it? He used to stay in a rented apartment before marriage and since he really liked the area, even after marriage, they continue to stay there. However, despite lucrative several offers to buy an apartment in the same area, he refuses to do so.| Latest economy news

His argument is based on an excel sheets in which he has analysed the rent versus buy decision fully. On rent, he has taken into account reasonable assumptions on increases in rent over the years, including the rise due to increase in the market value of the property, the cost of security deposits, the brokerage and other transaction costs that he will have to pay every time he renews a lease and above all, even moving expenses every few years.

On the buy side, he has taken into account the fact that he will be able to get a home loan and get tax benefits on the loan repayments, besides accounting for maintenance and society charges.|economy today

He has worked out both the numbers and has concluded that for the next 30 years, the property would have to appreciate at around 15 per cent a year to break even with renting. Otherwise, he would be much better off just renting till he retires in 30 years and use the invested money to buy a senior citizen friendly home when he retires.

My argument with him has always been that any financial model completely ignores the softer and emotional aspects that too have a financial impact. He had major problems convincing his future wife’s parents that he wasn’t willing to buy a property despite having the means to do so. They did not believe him and thought he was fibbing about his income. The cost of defying a widely-held social convention is a recurring cost.

 

Trump wrong about H-1B? Threat of 'being Bangalored' illogical: US study

In fact, report says immigration bans will lead to greater outsourcing by US firms

 

 

Did US President Donald Trump get his H-1B visa math wrong? A report by a US think tank, the National Foundation for American Policy (NFAP), thinks he did.

One of the key findings of the report was that fears in the US that H-1B visas granted to foreign workers, especially Indian techies, were draining the job market of opportunities for the natives were exaggerated at best, and, "illogical" if seen in the context of data.

The 9,356 new H-1B petitions for the top seven Indian-based companies approved in financial year 2016 represent "only 0.006 per cent of the US labour force" , the report said, adding that while the "threat of job loss has long been exaggerated by critics, it reaches illogical proportions when discussing fewer than 10,000 workers in an economy that employs 160 million workers nationwide".

In April this year, Trump signed an executive order called 'Buy American and Hire American' to protect the American industry from unfair competition and stop the "misuse" of H-1B visas| economy news

• The numbers just don't add up

According to the 'H-1B Visas by the numbers' report by NFAP, the April 2017 unemployment rate in the US for "computer and mathematical science" occupations was 2.5 per cent – a very low rate, even lower than the 4.4 percent for "all occupations", according to Bureau of Labor Statistics data. The unemployment rate for "architecture and engineering" occupations is even lower at 2.1 per cent.| economy policy

• More jobs than workers
• Visa restrictions could actually kill more jobs
• Trump's lower wages argument may be wrong too

RBI issues new Rs 500 notes with inset letter A, old notes to remain valid

This was in continuation of Rs 500 banknotes in Mahatma Gandhi (new) series notified on Nov 8, 2016

 

The Reserve Bank of India (RBI) announced on Tuesday that it has issued Rs 500 denomination notes with inset letter A. However, the old notes, which were introduced after Prime Narendra Modi’s demonetisation drive in November, 2016 will continue to remain the legal tender.

The central bank, in a statement, said that this was in continuation of the issue of Rs 500 denomination banknotes in Mahatma Gandhi (new) series, which were notified on November 8, 2016. From time to time, the bank introduces new series of legal tender.

"In continuation of issuing of Rs 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender, a new batch of banknotes with inset letter "A" in both the number panels, bearing the signature of Urjit R Patel, governor, Reserve Bank of India; with the year of printing '2017' on the reverse, are being issued," an official statement said.| economy news

This comes after RBI Deputy Governor N S Vishwanathan said in March that the central bank did not have any plan to introduce new denomination currencies as it wanted to encourage cashless transactions in the country, according to IANS.

Arun Ram Meghwal, minister of state for finance, said that the government was not planning to print Rs 5,000 and Rs 10,000 currency notes, Financial Express reported.

The RBI had announced on 16 December, 2016 that it would issue Rs 500 notes with the inset letter ‘E’ in both the number panels, the report added.

Additionally, the central bank said that the notes will bear Swachh Bharat logo on the backside of the banknote and that some of the notes would carry and additional character in the space between the prefix and the number of the banknote

Don't intend to alter food habits: Modi govt after ban on cattle slaughter

Harsh Vardhan's remarks come amid protests over ban on sale of cattle for slaughter at open markets

The government does not want to "alter" the food habits of people and put businesses in this sector to trouble, Union minister Harsh Vardhan said.

His remarks come amid protests over the notification issued by his ministry on the sale of cattle for slaughter at open markets across the country.

"We drafted the rules after the Supreme Court directive. Following this, the notification was put in the public domain for a period of one month.| economy news

"Some suggestions came and were incorporated into the rules. Our intention behind issuing the rules is not to alter the food habits of people in anyway. We also do not have any intention of putting businesses of any kind to difficulty," the environment minister said.

The row over beef eating and cattle trade has led to protests in several states, including Tamil Nadu, Kerala and Karnataka.

Vardhan said suggestions "are coming in and if anybody has any reservations, they can send it to the ministry and these suggestions will be looked at objectively.

"Now the matter is again in the Supreme Court," he said.

The Madras High Court had on May 30 stayed for four weeks the enforcement of the contentious notification.

The order had come on a petition challenging the bar as inimical to personal liberty, people's rights to livelihood and an encroachment into matters that are within the domain of the states.

 

Insulin, cashews, pickles to get cheaper: GST Council reduces rates of 66 products

Telecom rates unchanged; meeting on June 18 to discuss residual issues

With two weeks to go for the goods and services tax (GST) roll-out, the GST Council on Sunday reduced the rates for 66 items and expanded the scope of the composition scheme for the benefit of small traders, manufacturers, and restaurateurs. The composition scheme is a presumptive taxation scheme allowing small traders, manufacturers and restaurants to pay a 1-5 per cent GST rate on sales without tax credits.

Insulin, pickles, printers, agarbattis, school bags, and cashew nuts are among the 66. Those were among 133 items whose rates were reviewed following industry representation. However, the GST rates for telecom services, marbles, granite, spectacles, among others, were retained, which drew flak from the respective sectors.

Union Finance Minister Arun Jaitley, who is the head of the Council, said in certain cases the rate fitment committee went beyond the equalisation principle of maintaining the current tax incidence.|Economy news

“There are certain items that were historically taxed at a higher rate, but the Council felt that the burden needed to be reduced,” said Jaitley. The finance minister said the average of all the rates decided by the Council was significantly lower than the present tax incidence.

On the question about any further revision of rates, he said the fitment committee and the GST Council had gone into all the cases in depth and the rates had been decided after discussion.

“These broadly are the final rates... Just because somebody raising an issue does not mean you have to grant it,” he said.

On the automakers’ pitch for a lower rate for hybrid cars, Jaitley said the facts presented by the industry were not correct. “If necessary, it will come up for discussion,” Jaitley said.

The current level of tax on hybrid cars stands at 30.3 per cent, as against 43 per cent (28 per cent plus 15 per cent cess) decided by the Council.

Providing relief to small entities under the GST, the composition scheme has now been expanded to traders, manufacturers, and restaurants with an annual turnover of Rs 75 lakh as against Rs 50 lakh decided earlier.

 (read more....)

 

 

Worried about daily fuel price changes? How to check prices via SMS

Dealers would get updated price by way of customized SMSs, e-Mails, mobile app, web portals

Amid protests by dealers on the daily price revision of petrol and diesel, State-run Indian Oil Corporation has claimed that it will ensure the best possible prices to customers.

According to the companies, dealers will ensure price updation at their fuel stations before start of sale, every day. Updated prices will be immediately exhibited at all petrol pumps for information of the public. “For their convenience and assurance, customers would be able to fetch daily updated prices of petrol and diesel at all cities through IndianOil’s mobile app - Fuel@IOC. Alternatively, customers may cross-check the prices applicable in their cities by sending SMS RSP<SPACE>DEALER CODE to 92249-92249,” the statement added. Protesting against the move to have daily pricing, dealer groups had called for "no-purchase" starting from June 16. | Economy news

It claimed that extensive training of dealers will be held to ensure that customers do not face any pricing misinformation or glitches. “All the 26,000 Indian Oil dealers will be given timely information on the effective prices at a pre-designated time – say 20:00 hrs for the next day. At a large number of IndianOil’s 10,000 automated Fuel Stations, the daily price can be automatically updated centrally, besides technology also provides to schedule the price change at 00:00 hours,” it added. At the non-automated petrol pumps, dealers would get the updated price by way of four means: customized SMSs, e-Mails, mobile app and web portals.

Milk at Rs 50 a litre: Maharashtra farmers demand higher price from govt

State's farmers have been protesting for the past 8 days; loan waiver is a key demand

Maharashtra's farmers have urged the Devendra Fadnavis-led government to ensure realisation from milk at Rs 50 per litre, almost double the price they are currently paid by dairy companies and organised retailers.|

Dairy companies have been paying farmers between Rs 21 and Rs 28 per litre depending upon the supply-demand equations. economy news

Organised dairies, however, sell milk to consumers at Rs 40-50 per litre and unorganised players at Rs 60-70 per litre.

"Prices of animal feed keep rising frequently, which does not get reflected in the milk prices supplied to dairies. So, milk farmers should be paid at least Rs 50 a litre for milk supplied to dairies and organised retailers. Anything below Rs 50 a litre will discourage farmers from milk production," said Balasaheb Bahawudkar, a farmer in Nashik.

The state's farmers have been protesting for the past eight days with the closure of mandis. Farmers have been pouring thousands of litres of milk on the roads in protest of lower prices and the recently announced ban on the sale of animals for slaughtering.(read story)

 

Diesel, petrol prices to change daily from June 16; dealers raise concerns

Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities

State-run oil marketing companies (OMCs) have decided to roll out the daily revision of fuel prices nationally from the second fortnight of June.| ECONOMY NEWS

However, this has raised concerns about viability and inventory management among dealers. Currently, Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) review retail fuel prices every fortnight while taking global crude oil prices into account. "We are planning to have a national launch of the dynamic pricing system by the second half of this month. However, dates are yet to be finalised," said a top official from an OMC. This development comes after reports that petrol and diesel prices will be revised on a daily basis from June 16.

It was on May 1 that the dynamic fuel price model was launched at five locations – Pondicherry, Chandigarh, Jamshedpur, Udaipur and Vishakhapatnam – in line with global practices. Interestingly, private fuel retailers like Essar Oil and Reliance Industries too followed the system in these cities.

"This will be a cause of concern as dealers will not be able to plan on how to manage their inventories. Moreover, not all the outlets in the country are automated. This may also affect our margins," said A D Sathyanarayan, president, the Consortium of India Petroleum Dealers (CIPD). CIPD has a presence in states like Kerala, Tamil Nadu, Karnataka, and Maharashtra. On a monthly basis, each of these outlets consumes an average of 170 kilolitre of fuel. (READ FULL STORY)

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Full text: RBI keeps rates unchanged, cuts inflation projection

RBI keep the policy repo rate unchanged at 6.25%

 

ECONOMY NEWS| The Reserve Bank of India on Wednesday kept its policy repo rate unchanged at 6.25 percent, as widely expected, while lowering its projections for inflation after recent data showed consumer prices rising more slowly. RBI last changed the policy rate with a 25 basis points cut in October.

Here is the full text of the RBI policy

Second Bi-monthly Monetary Policy Statement, 2017-18 Resolution of the Monetary Policy Committee (MPC), Reserve Bank of India.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting on Wednesday, the Monetary Policy Committee (MPC) decided to:

1.  keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 per cent.

Consequently, the reverse repo rate under the LAF remains at 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.50 per cent.

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. 

Assessment

2.  Since the April 2017 meeting of the MPC, globa economic activity has expanded at a modest pace, supported by firming growth in major advanced economies (AEs) and in some emerging market economies (EMEs) as well. In the US, a tightening labour market is generating wage gains. Alongside, industrial production has steadily improved in recent months and retail sales remain robust, although home sales ebbed in April. Political risks remain high, however. In the Euro area, the recovery has been underpinned by consistently falling unemployment, rising retail sales and a brighter outlook for manufacturing reflected in purchasing managers’ and business surveys. In Japan, exports supported by a depreciated yen and industrial activity are driving an acceleration in growth.  | READ MORE

ICC Champions Trophy: Top 8 memorable India vs Pakistan matches

Ahead of the Champions Trophy clash, we look at India-Pakistan ODI matches in ICC tournaments

The most awaited contest in the ICC Champions Trophy, 2017, will be the one between arch-rivals India and Pakistan — on Sunday, June 4, at Edgbaston, Birmingham. The match is sure to refresh the age-old rivalry followed closely over decades, and it promises to be one of the highlights of the tournament.

While India VS Pakistan Cricket matches had been more common in earlier years of this decade, things have changed in the past few years, and India-Pak clashes on cricket field have become few and far in between. Matches in marquee ICC tournaments have an added significance, given the prize that any team wins is much bigger. While India has never lost a match to Pakistan in World Cup tournaments, it has been beated in two of the three times the two teams have met in Champions Trophy tournaments.

India-Pakistan Cricket has been known to stop traffic, give people racing heartbeats and force students to skip studies even during exams. Fans expect Sunday’s match to be nothing short of great, despite Indian captain Virat Kohli playing down the importance of this clash and branding it as ‘any other match’. Even as we wonder if India will begin its defence of the Champions Trophy title on a successful note, let’s take a look at earlier memorable India-Pakistan matches in World Cup and Champions Trophy tournaments.

1. 1992 World Cup

2. 1996 World Cup

3. 2003 World Cup

4. 2004 Champions Trophy

5. 2009 Champions Trophy

6. 2011 World Cup

7. 2013 Champions Trophy

8. 2015 World Cup

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Oil prices jump after Saudi Arabia and Arab allies cut ties with Qatar

Petronet says no impact on Qatar LNG

Saudi Arabia and key allies on Monday cut ties with Qatar, accusing it of supporting extremism, sending shockwaves through the energy industry as the countries involved include the world's top oil and liquefied natural gas (LNG) exporters.

Saudi Arabia, the world's biggest crude oil exporter, along with the United Arab Emirates, Egypt, and Bahrain said they would sever all ties including transport links with Qatar, the top LNG exporter in the world. The three Gulf countries said they will give Qatari visitors and residents two weeks to leave.

"(Qatar) embraces multiple terrorist and sectarian groups aimed at disturbing stability in the region, including the Muslim Brotherhood, ISIS (Islamic State) and al-Qaeda, and promotes the message and schemes of these groups through their media constantly," Saudi state news agency SPA said .

While the announcements did not immediately affect oil shipments, benchmark Brent crude futures prices rose over 1 percent to well over $50 per barrel following the news.

Meanwhile, Petronet LNG said on Monday it did not expect any impact on gas supplies from Qatar after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed ties with the Gulf Arab state accusing it of supporting terrorism.

"I don't think there will be any impact on it. We get gas directly from Qatar by sea," R.K. Garg, head of finance at Petronet, told Reuters when asked to comment on the coordinated move to cut relations.Petronet LNG, India's biggest gas importer, buys 8.5 million tonnes a year of liquefied natural gas (LNG) from Qatar under a long-term contract. It also buys additional volumes from Qatar under spot deals.

The coordinated move dramatically escalates a dispute over Qatar's support of the Muslim Brotherhood, the world's oldest Islamist movement, and adds accusations that Doha even backs the agenda of regional arch-rival Iran.The three Gulf states announced the closure of transport ties with Qatar and gave Qatari visitors and residents two weeks to leave their countries. Qatar was also expelled from a Saudi-led coalition fighting in Yemen.

These were more severe measures than during a previous eight-month rift in 2014, when Saudi Arabia, Bahrain and the UAE withdrew their ambassadors from Doha. At that time, travel links were maintained and Qataris were not expelled.

A split between Doha and its closest allies can have repercussions around the Middle East where Gulf states have used their financial and political power to influence events in Libya, Egypt, Syria, Iraq and Yemen.| READ MORE...

How to link your Aadhaar with PAN through just an SMS

Link Aadhaar with PAN because from July 1, 2017 all tax returns will have to mention Aadhaar number

Now you can link your Aadhaar with PAN using just an SMS. Your mobile number and e-mail id will help you receive alerts related to your Aadhaar and to access Aadhaar services easily. The Income Tax Department on Wednesday issued advertisements and described how both the unique identity numbers of an individual can be linked by sending an SMS to either 567678 or 56161.

Here is how you can use the SMS facility to link Aadhaar with PAN

Send SMS to 567678 or 56161 in following format:

UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN>
Example:

UIDPAN 111133333321 AAAAAEEEEE

Why is it important to link Aadhaar with PAN?

The Income Tax Department is urging taxpayers to link their Aadhaar with their PAN, using an SMS-based facility because from July 1, 2017, all tax returns will have to mention the Aadhaar number.

If you have both the permanent account number (PAN) and Aadhaar, you need to link the two. If you fail to do so, your PAN number could become invalid.

How to link your Aadhaar to PAN online:

1. Log on to incometa-xindiaefiling.gov.in. (This step is not compulsory. You can directly jump to Step 2, if you do not wish to log in)

2. Click on ‘Link Aadhaar’

3. A pop up window will appear. Enter your Aadhaar number, PAN number and name as per Aadhaar

4. Enter captcha and click on ‘Link Aadhaar’.

ALSO READ: Link Aadhaar with PAN using SMS: I-T dept

Linking mobile number with Aadhaar

You need to do this offline.

—Visit your nearest Aadhaar centre to get the Aadhar Update/Correction Form or download it from the UIDAI website.

— Fill out the form correctly; submit it to the concerned person at the centre and mention on the form that only mobile number is to be updated.

— While submitting the update form, along with photocopy of your Aadhaar card you also need to provide photocopy of an Identity proof document such as PAN Card, Passport, Voter ID card

— Following the submission, your biometrics will be verified at the enrolment centre. Your thumb impression will be verified. While applying for Aadhaar your biometrics were recorded and to authenticate the changes, they are verified.

— After verifying the biometrics, you will be given an acknowledgement slip. Usually, it takes 2-5 working days for the update to happen but as per the UIDAI helpline, the turnaround time for the update is 10 days. | READMORE…

Infosys staffer found dead in firm’s Chennai premises, foulplay suspected

Body moved to Chengalpattu hospital, police registers case of suspicious death

 

A young software employee with Infosys was found dead in the company's office premises on the outskirts of Chennai.

According to police officials, a 30-year old Ilayaraja, hailing from Tindivanam, in Villupuram district, was found dead in the office premises in Mahindra World City, close to Chennai.

The body has been moved to Chengalpattu hospital. The police has registered a case of suspicious death and the investigation is going on, said an official from the Chengalpattu Taluk Police Station. The police also confirmed that no suicide note had been found.

"We are saddened by the loss of our employee in Chennai. Our deepest sympathies and prayers are with the family of the deceased. Infosys will provide all the necessary support to the family in their hour of grief," said a statement from Infosys.

(READ MORE)