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Estate Office, Mumbai Regional Office, Reserve Bank of India had invited e-tenders for “Temporary Partition to Swimming Pool in officers’ Quarters, Suvernarekha, Tata Mill Compound (TMC), Parel, Mumbai” through MSTC portal (www.mstcecommerce.com/eprochome/rbi) on December 10, 2020. 2. The schedule of tender activities for the captioned work has been revised as under:
3. All other terms and conditions remain same. |
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You confirm that you continue to earn a monthly income in the nature of a pension for your entire retirement when you invest in NPS. NPS matures when you reach 60, and 60 per cent of the corpus is credited directly to your registered bank or savings account. And with the outstanding 40 per cent, you have to purchase an annuity plan mandatorily. Which implies, the larger the number, the larger the pension. And the only secret is to start investing early to create a large corpus under NPS.
Apart from contentment can be offered by a large retirement corpus, you will question what will relate to your family upon your demise. And you must have family commitments that are still not fulfilled. For this, NPS provides you with the alternative of choosing an annuity plan that proceeds to compensate your spouse the pension amount upon your death. Until they are alive, the pension will proceed.
NPS has an in-built risk control plan to ensure that the retirement fund is insulated from market fluctuations as you get closer to retirement. You get an alternative that, as you get older, the risk is lowered automatically under NPS. You determine your initial equity-debt mix depending on the risk you are able to take in this auto asset allocation choice. And, every year, as you approach 35, a part of your savings are transferred from stocks to FD-like investment vehicles. This means that when the retirement age arrives, your equity risk is limited and your investment is wealthier.
The versatility that it brings for investments is one of the fantastic features about NPS. That is, whenever you want and also how much you want, you can contribute. Just Rs 1,000 a year is the minimum deposit provision. So you can start low, and you can contribute higher amounts as per your need and convenience. Ultimately, the capital can increase massively thanks to the influence of compounding. It also serves as a support for self-employed individuals who do not have a stable salary. Whenever they have additional money ready, they can deposit in NPS.
For tax benefits, most taxpayers use the ways permissible under Section 80C. NPS proposes a tax saving option over and above Section 80C. You can claim exemptions against the contributions to the National Pension System under Section 80CCD of the Income Tax Act. Tax benefits under Section 80 CCD (1) shall be applicable to all subscribers regardless of whether they are employed or self-employed. The maximum deduction that you can claim under Section 80CCD (1) is 10% of your salary (basic salary + dearness allowance) if you are a salaried individual. You can claim up to 20 percent of your overall gross income if you are a self-employed person. In a given financial year, the deduction amount cannot surpass Rs 1.5 lakh.
A new section, launched in 2015, is Section 80 CCD (1B). Under this, you can seek an additional exemption of Rs 50,000 for your contributions to NPS, regardless of whether you are salaried or self-employed. This exemption can be requested above the maximum deduction of Rs 1.5 lakh and can be declared in compliance with Section 80 C. Hence, you can claim up to Rs 2 lakh towards your NPS investment as a tax benefit. Section 80 CCD (2) is only valid for salaried individuals whose employer makes contributions towards NPS which can be equal to or higher than your deposits. Up to 10% of your salary, which includes basic salary and dearness allowance, can be claimed. This exemption can be made in excess of the deductions claimed in compliance with Section 80 CCD (1).
The tax advantages of NPS do not only cease at the amount of the contribution. You do not have to pay any tax on the returns and the maturity amount as an investor, too. It is because, when it comes to taxation, the NPS falls under the EEE or exempt-exempt-exempt classification. No tax on the amount invested, no tax on the returns earned and no tax on the maturity amount are the three exemptions you enjoy. Overall, NPS is an outstanding retirement investing platform with features such as investment stability and an in-built risk management approach, and several tax advantages. What one has to make sure is that all along they have been faithfully saving for his or her financial purpose.
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You confirm that you continue to earn a monthly income in the nature of a pension for your entire retirement when you invest in NPS. NPS matures when you reach 60, and 60 per cent of the corpus is credited directly to your registered bank or savings account. And with the outstanding 40 per cent, you have to purchase an annuity plan mandatorily. Which implies, the larger the number, the larger the pension. And the only secret is to start investing early to create a large corpus under NPS.
Apart from contentment can be offered by a large retirement corpus, you will question what will relate to your family upon your demise. And you must have family commitments that are still not fulfilled. For this, NPS provides you with the alternative of choosing an annuity plan that proceeds to compensate your spouse the pension amount upon your death. Until they are alive, the pension will proceed.
NPS has an in-built risk control plan to ensure that the retirement fund is insulated from market fluctuations as you get closer to retirement. You get an alternative that, as you get older, the risk is lowered automatically under NPS. You determine your initial equity-debt mix depending on the risk you are able to take in this auto asset allocation choice. And, every year, as you approach 35, a part of your savings are transferred from stocks to FD-like investment vehicles. This means that when the retirement age arrives, your equity risk is limited and your investment is wealthier.
The versatility that it brings for investments is one of the fantastic features about NPS. That is, whenever you want and also how much you want, you can contribute. Just Rs 1,000 a year is the minimum deposit provision. So you can start low, and you can contribute higher amounts as per your need and convenience. Ultimately, the capital can increase massively thanks to the influence of compounding. It also serves as a support for self-employed individuals who do not have a stable salary. Whenever they have additional money ready, they can deposit in NPS.
For tax benefits, most taxpayers use the ways permissible under Section 80C. NPS proposes a tax saving option over and above Section 80C. You can claim exemptions against the contributions to the National Pension System under Section 80CCD of the Income Tax Act. Tax benefits under Section 80 CCD (1) shall be applicable to all subscribers regardless of whether they are employed or self-employed. The maximum deduction that you can claim under Section 80CCD (1) is 10% of your salary (basic salary + dearness allowance) if you are a salaried individual. You can claim up to 20 percent of your overall gross income if you are a self-employed person. In a given financial year, the deduction amount cannot surpass Rs 1.5 lakh.
A new section, launched in 2015, is Section 80 CCD (1B). Under this, you can seek an additional exemption of Rs 50,000 for your contributions to NPS, regardless of whether you are salaried or self-employed. This exemption can be requested above the maximum deduction of Rs 1.5 lakh and can be declared in compliance with Section 80 C. Hence, you can claim up to Rs 2 lakh towards your NPS investment as a tax benefit. Section 80 CCD (2) is only valid for salaried individuals whose employer makes contributions towards NPS which can be equal to or higher than your deposits. Up to 10% of your salary, which includes basic salary and dearness allowance, can be claimed. This exemption can be made in excess of the deductions claimed in compliance with Section 80 CCD (1).
The tax advantages of NPS do not only cease at the amount of the contribution. You do not have to pay any tax on the returns and the maturity amount as an investor, too. It is because, when it comes to taxation, the NPS falls under the EEE or exempt-exempt-exempt classification. No tax on the amount invested, no tax on the returns earned and no tax on the maturity amount are the three exemptions you enjoy. Overall, NPS is an outstanding retirement investing platform with features such as investment stability and an in-built risk management approach, and several tax advantages. What one has to make sure is that all along they have been faithfully saving for his or her financial purpose.
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Named “Aura”, the card would entitle various benefits including offering an annual medical check-up through IndushealthPlus, and four free monthly online consultations through Practo across 21 specialities. Axis Bank said cardholders would also be allowed four free fitness sessions through fitness platform Fitternity, along with access to 16 recorded training sessions.
Sanjeev Moghe, EVP & Head, Cards & Payments, Axis Bank, on the launch of the card said “Our analytics indicated a strong trend amongst consumers with the way they have been spending on health care products, which showed a significant spend lift in the health and wellness categories. To address this specific customer need and to tap the growing market, we have launched ‘AURA’, a credit card loaded with health and wellness solutions.”
“We believe that there is a genuine need of a product catering to the health and wellness needs of customers, and this can be easily addressed through our unique product proposition,” he further added.
Private lender YES Bank had on January 15 launched its health and wellness dedicated credit cards, which include health check-ups, lifestyle benefits and doctor consultations.
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Akash Sinha, CEO and Co-Founder, Cashfree, on the partnership said “With Global Payouts, we enable international businesses to pay their sellers, service providers or freelancers in India directly in their local Indian bank account. We are delighted to partner with one of the world’s foremost logistics and transportation companies, Aramex, to empower Indian sellers to take their businesses global.”
Aramex’s Regional Director – South-eastern Asia & India Subcontinent, Samer Marei, noted “The findings of our extensive market research showed that Cash on Delivery is the most preferred payment mode by online shoppers in the MENA region. On the other hand, the findings also showed that one of the main challenges e-tailers face is delayed funds transfer, which ultimately impacts their operations and cash flow management. To address this gap, together with Cashfree, we would provide merchants in India convenient and flexible options allowing them to receive money instantly from online purchases.”
“This FinTech based solution supports the demands of these markets and enables Indian e-tailers to penetrate the MENA region’s markets. It also ensures retail businesses are able to seamlessly process transactions, ultimately improving cashflow management, boosting order acceptance rates, and enabling those businesses to focus on profitable growth,” Marei added.
Businesses using Cashfree’s Global Payouts solution can send payments in 17 currencies, including USD, EUR, GBP and JPY.
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Estate Office, Mumbai Regional Office, Reserve Bank of India had invited e-tenders for “Design Supply, installation, testing and commissioning of X-Ray Baggage Scanner Systems for Bank’s Office Buildings at fort, Mumbai” through MSTC portal (www.mstcecommerce.com/eprochome/rbi) on December 10, 2020. 2. The schedule of tender activities for the captioned work has been revised as under:
3. All other terms and conditions remain same. |
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The User Interface (UI) has been designed to induct a new breed of first time users in mind. The systems of the platform are secured, with AI-ML algorithms, which is backed by a dedicated and efficient team to overview operations. Additionally, to bring a safety net for users, all the funds are insured by one of the best and well established global custodians operating in the market.
Sumit Gupta, CEO & co-founder, CoinDCX said, “The app will allow users to trade on smaller denominations for some of the best crypto assets. Users will be able to buy these cryptos within the time they finish a cup of tea or coffee. The focus is to make users see merits in the industry by attention to details paid by operators like us by taking the simple steps of developing this app to address their main points.”
Currently, there are about 6 million Indians in crypto which is close to 0.5% of the total Indian population. CoinDCX Go allows first time crypto buyers to own cryptocurrency instantly without having to wait for orders to process and will charge 0 fee for deposit and withdrawals.
The exchange is trying to achieve mass adoption among beginner investors in crypto especially millennial and Gen Z and aims to onboard 50 million Indians. The company has invested $1.3 million in TryCrypto, its own initiative, which is working to make blockchain and cryptocurrency more accessible to mainstream users.
Currently CoinDCX Go offers a range of tokens in INR pairs such as
Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), Chainlink (LINK), EOS (EOS), Tether (USDT), Cardano (ADA), Stellar Lumens (XLM), Ripple (XRP), Basic Attention Token (BAT), Matic Network (MATIC), Tron (TRX) etc.
Speaking from a development perspective of the app, Neeraj Khandelwal, Co-founder, CoinDCX said, “This app has been introduced to serve a simple purpose; remove the fear of technology, make the market numbers more understandable and provide the ability to make informed decisions in the crypto universe. The app just makes the induction easy. ”
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Bank of Maharashtra (BoM) reported a 14 per cent increase in net profit at ₹ 154 crore in the third quarter ended December 31, 2020 against ₹135 crore in the year ago quarter.
Net interest income (difference between interest earned and interest expended) increased by 10 per cent to ₹1,306 crore ( ₹1,186 crore in the year ago period).
Total non-interest income, including fee based income, trading income and other income, was up 29 per cent to ₹ 570 crore (₹ 442 crore).
Gross non-performing assets (NPAs) declined to 7.69 per cent of gross advances as at December-end 2020 vis-a-vis 8.81 per cent as at September-end 2020.
In absolute terms, GNPAs declined by ₹ 1,033 crore in the reporting quarter.
Net NPA position improved to 2.59 per cent of net advances as at December-end 2020 vis-a-vis 3.30 per cent as at September-end 2020.
The Pune-headquartered public sector bank saw a 54 per cent quarter-on-quarter (QoQ) increase in the number of accounts moving to the “special mention account (SMA) 2” category (principal or interest payment overdue between 61-90 days) to 14,022, with the outstanding amount rising 106 per cent QoQ to ₹ 1,419 crore.
The Bank, in a statement, said provision coverage ratio improved to 90 per cent as on December-end 2020 against 87 per cent as on September-end 2020.
Advances increased by 12 per cent year-on-year to ₹ 1,04,904 crore as at December-end 2020. Within the advances, retail advances and MSME advances were up 29 per cent and 26 per cent, respectively.
Total deposits increased by 14 per cent to ₹ 1,61,971 crore. The share of low cost current account, savings account (CASA) deposits improved to 50.91 per cent of total deposits from 50.51 per cent in the preceding quarter.
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Ajit Prasad Press Release: 2020-2021/966 |
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Now for the investors in RIL or those who want to enter the scrip, is it the opportune time, here is what experts suggest:
In September of 2020, the scrip of RIL hit its highest price of Rs. 2369.35 on September 16 and since then has corrected sharply. Now, what is interesting to note here is that ever since the US Presidential elections prompted the Indian markets to new high, it was the RIL stock that did not catch up.
And the brokerage and research firm has reiterated a buy recommendation on the scrip on the basis of multiple catalysts for the stock price up ahead.
“Amid the ongoing recovery, RIL Retail has significantly outperformed peers, with revenue continuing to grow despite lower footfall on-year,” the report said. RIL’s retail revenues are expected to grow further in the coming years with forecasted overall core retail revenue CAGR of 40%. “Within e-commerce, we forecast RIL’s online GMV will reach US$35bn in FY25E with a 31% market share,” Goldman Sachs said. Also other factors cited are stake sale in the company’s energy business, product launches in the e-commerce, augmenting margins in the energy vertical and also tariff increase for Jio shall propel a surge in the share price of RIL.
Refining margins could revive in the coming quarters from broader cracks improvement, widening light-heavy differentials from the middle of this year as OPEC production starts to come back, and benefits from the pet-coke gasification project, added the brokerage and research firm.
The base case target price of Goldman Sachs of Rs 2390 per share that implies an upside of 18% from current levels. “We continue to use 8X CY22E (FY23E) to value the chemical business and 6.5X for refining and marketing; we use EV/EBITDA to value the core refining and (petrochemicals) business, and we use DCF to value the high-growth telecom and retail business (online and offline),” the brokerage firm said.
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