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Minutes of the Pre-Bid Meeting (Tender No. : RBI/Central Office/DOC/21/20-21/ET/810) Please refer to the captioned RFP, published on the Bank’s Website on June 21, 2021 inviting bids for selection of creative agency/agencies for RBI’s Public Awareness Campaign through MSTC Portal. 2. The following RFP clauses have been modified:
Note: All other terms and conditions in the Tender remain unchanged. |
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Taxes
oi-Vipul Das
Many modifications to filing regulations for income tax return have been implemented for the existing assessment year. However, one adjustment is the way dividend income is reported. After April 1, 2020, investors will be required to pay tax on dividend income generated. If the total amount of dividends issued to resident shareholders in a financial year surpasses Rs.5,000, domestic firms are required to deduct tax at source (TDS) at a rate of 10%. As a consequence, the current regime has declared a company’s dividends are taxable for the investors.
Dividend income up to Rs 10 lakh annually was not taxable in the hands of taxpayers before the financial year FY21 since businesses were mandated to pay dividend distribution tax (DDT) in dividend payments. Dividend income was formerly reported under the category ‘Exempted Income,’ but as it is a taxable income from FY21, it will now be reported under the heading ‘Income from other sources,’ as per section 56(2)(i), according to the tax department. According to tax experts, taxpayers can now give a quarter-by-quarter breakdown of dividend income received in a financial year for the purpose of calculating interest income for delinquency in settlement of the advance tax due.
For the periods 1st April 2020 to 15th June 2020, 16th June 2020 to 15th September 2020, 16th September 2020 to 15th December 2020, 16th December 2020 to 15th March 2021, and 16th March 2021 to 31st March 2021, the breakdown can be provided. For calculating the interest due for failure to pay an advance tax due, which is levied under section 234C, these quarterly dividend breakups could be a relief. If the company deducted tax when issuing dividends, you can claim TDS credit on your income tax return.
However, the income tax department has also mandated the taxpayers to pay advance tax in the quarter in which they have received the dividend income. If your ITR has pre-filled data, it is a smart idea to double-check the details before finalizing your income tax return. However, taxpayers should not also forget that they must commence filing their income tax returns (ITR) for the fiscal year 2020-21 as early as July 1. (FY21).
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Along with the airdrop, Coinsbit India has also launched its own 5-level referral program along with staking opportunities. Staking cryptocurrency is one of the most appreciated ways to invest in the new age. It is a less resource-intensive alternative to mining which involves holding funds in a wallet to support the security and operations of a blockchain network. So basically, staking is the act of locking cryptocurrencies to receive rewards. Coinsbit India Staking lets you earn rewards in a very simple way – all you have to do is hold and ‘stake’ coins on the exchange to enjoy 3% monthly rewards.
In order to avoid token price crash upon CIN token listing, a vesting schedule will be implemented and there will be a gradual monthly release in the CIN tokens earned from airdrop and referrals. This will help in preserving the token value and prevent price drop. Benefits from holding CIN tokens will start as soon as the airdrop ends on 31st July. Users will have an opportunity to buy CIN tokens and start earning on staking pools at a 3% monthly rate. Holders can avail a 25% discount on trading fees by paying in CIN. Along with interest incentive and discount purchases, in future, users will also be able access the Coinsbit Vault, Marketplace and Blockchain Games, apart from other benefits.
Staking is an excellent way to earn rewards when the market is volatile or showing ‘bear-ish’ sentiment or just to earn extra rewards and do more with cryptocurrencies. Crypto coins staking has several advantages that have helped it gain popularity. Apart from being a passive income for users, it doesn’t require much specialized skills. A small investment by purchasing cryptocurrency is enough to get you started, hence making the threshold for entering quite low.
What’s next for Coinsbit India?
According to Chainalysis, investments in crypto grew from about $200 million to nearly $40 billion in India alone, in just one year. With the constantly growing crypto market in India, Coinsbit India has massive plans for expansions. They will soon go live with crypto trading while engaging more blockchain developers for both building CIN Smart Chain Ecosystem and to develop NFT, DEXs and DeFi apps. CEO of Coinsbit India, Ravneet Kaur, talked about revolutionizing the Indian cryptocurrency and blockchain space. She said, “We believe that there can be a new economy based on decentralization and trust. If anything, these uncertain times have taught us, it is that we need to be prepared to confront them. To avoid what is happening in Lebanon right now, Africa and Latin American Economies. we need to explore alternative methods of investment. Cryptocurrency can be a hedge against such interferences where people have no control and their currency suddenly devalues. Recently, El Salvador legalized bitcoin to attract investments and crypto talent while boosting their economy. India needs to keep up with the constantly changing times and needs cryptocurrency to revitalize its economy.”
Akshit Khanna, CMO Coinsbit India, gave Business Wire India a little sneak peek into what’s next. “Cryptocurrency is still a relatively new concept for the masses which has shown great potential. We want to help educate people and build an informed crypto community in India. Very soon, we will be running campaigns to specifically explain buying and the storage process of cryptos and much more at Coinsbit Academy.
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Investment
oi-Vipul Das
Among the range of debt instruments or risk-free investments, fixed deposits are considered the best to bet. Fixed Deposits are the secure investments in which a specific amount of money is deposited for a fixed period of time. Fixed Deposits come in a variety of maturities. It might last anywhere from seven days to ten years. As a result, fixed deposits can be a safe investment for short, medium, and long-term needs. Till the end of the maturity period, the accumulated corpus can not be withdrawn. However, do you know that if a Term Deposit matures with no proceeds, the amount left unclaimed with the bank would earn the same rate of interest as a savings account? Let’s know-how.
The Reserve Bank of India (RBI) said on Friday that depositors can now receive interest if their Term Deposit (TD) matures and the amount left unclaimed. The RBI recently claimed in a circular that “On a review…it has been decided that if a term deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.”
Deposits in all commercial banks, small finance banks, local banks, and cooperative banks are subject to the new rules. When a subscriber does not make any transactions in the account for ten years or longer, the deposit is classified as unclaimed by the RBI. Unclaimed bank deposits comprise deposits in current and savings accounts, fixed deposits, and other bank deposits such as recurring deposits, annuity, cumulative, reinvestment deposits and so on. Every month, unclaimed deposits are transferred to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund. A body established by the RBI allocates the funds transferred to the fund by various banks in government securities and thus pays interest on deposits by the income generated under the fund.
Story first published: Saturday, July 3, 2021, 12:41 [IST]
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Gold rose on Friday, climbing further from a two-month trough hit earlier in the week, as the dollar weakened and investors weighed prospects for U.S. Federal Reserve tightening after a strong U.S. jobs report that nevertheless showed a slight uptick in the unemployment rate.
Spot gold rose 0.4% to $1,784.21 per ounce by 1:42 pm EDT (1742 GMT), after jumping to $1,794.86, its highest level since June 18. U.S. gold futures settled up 0.4% at $1,783.30.
Data showed U.S. non-farm payrolls increased by a bigger-than-expected 850,000 in June, although the unemployment rate rose to 5.9% from 5.8% in the previous month.
U.S. Fed officials have suggested recently that the central bank should begin to taper its asset purchases this year.
However, Phillip Streible, chief market strategist at Blue Line Futures in Chicago, said the data was unlikely to trigger a rush from the Fed to ease stimulus or begin interest rate hikes. He added that gold had also found some support as many analysts had expected a bigger upside surprise to the data.
Benchmark U.S. Treasury yields and the dollar fell after the report, buoying gold as lower yields reduce its opportunity cost.
Also on investors’ radar was the Delta coronavirus variant which has prompted some countries in Asia and Europe to walk back on reopening plans.
These concerns, and lower vaccination rates in some parts of the United States, could convince some investors the Fed will be cautious about hiking interest rates, supporting gold in the longer-term, said Bart Melek, head of commodity strategies at TD Securities.
But in the near-term, “gold is facing technical resistance at around $1,790 and will likely tread water until we see some weaker-than-expected economy data.”
Silver rose 1.4% to $26.39 per ounce, while platinum gained 0.5% to $1,087.41 and palladium was up 0.6% at $2,779.85.
(Reporting by Nakul Iyer in Bengaluru; Editing by Edmund Blair, Kirsten Donovan)
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* China premiums at $3-$4 vs $3-$6 last week
* Demand muted in Japan, premium at $0.50
Gold in India this week was being sold at a premium for the first time in more than two months as demand gained traction after curbs to combat the second wave of the coronavirus were slightly relaxed.
Retail demand has been recovering slowly as people are making purchases for weddings, said Chanda Venkatesh, managing director of CapsGold, a bullion merchant based in the southern city of Hyderabad.
On Friday, local gold futures were trading around 47,400 rupees per 10 grams after falling to 46,330 rupees on Tuesday, the lowest level since April 9.
Dealers were charging premium of up to $3 an ounce over official domestic prices – inclusive of the 10.75% import and 3% sales levies – this week, compared to last week’s discount of $12.
“There is slight improvement in demand from jewellers as some of them think prices could rise above $1,800 and want to stock up,” said a Mumbai-based bullion dealer with a gold importing bank.
Premiums in top consumer China narrowed to $3-$4 an ounce over global benchmark spot prices, versus $3-$6 last week.
The growth in shipments in April and May from Switzerland was due to the local price trading at a premium rather than an improvement in gold physical demand, Metals Focus said in a weekly note.
China’s net gold imports via Hong Kong more than halved in May from a near three-year high hit in April.
Premiums in Hong Kong were at $1 versus $0.70-$1 an ounce last week. In Singapore, premiums ranged from $1.10 to $1.80 per ounce.
“Investors‘ demand for gold has marginally increased since May as they are back in the market buying the dip, seeing current prices as a good opportunity,” said Vincent Tie, sales manager at Singapore dealer, Silver Bullion.
Demand for physical gold in Japan was quiet, with premiums at $0.50 per ounce, traders said.
(Reporting by Eileen Soreng and Arundhati Sarkar in Bengaluru; Editing by Maju Samuel)
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ICICI Direct is bullish on the stock of Vardhman Special Steels and has recommended a buy on the stock with a price target of Rs 300, as against the current market price of Rs 245.
The company is a producer of Special and Alloy Steels, and caters to diverse requirements of hot rolled bars for Engineering, Automotive, Tractor, Bearing and Allied Industries.
“On the back of healthy operating environment, we remain positive on the stock. On the back of recent price hike received by the company from OEMs, we upward revise our estimates both for FY22E and FY23E. We value the stock at 7.5x FY23E EV/EBITDA and arrive at a target price of Rs 300 (earlier Rs 240). We maintaining BUY recommendation on the stock,” ICICI Direct has said.
Broking firm Anand Rathi has placed a buy on the stock of MOIL. The company is a leading miner in the manganese business.
MOIL Ltd reported revenue of Rs 4,501 million in Q4 FY21 as compared to Rs 2,487 million in Q4 FY20, a growth of 81% YoY. High growth rate was primarily on account of better volume of manganese ore and core product non fines ore. Sales of manganese ore have increased to 4.13 lakh metric tonnes during Q4 FY21, which were 2.97 lakh metric tonnes in Q4 FY20, an increase of 39%.
“We continue to remain positive on the company given its long term growth drivers continue to be well in place. We maintain our BUY rating on MOIL with a revised target of Rs 240 per share,” the brokerage house stated.
Shares of MOIL close at Rs 195, which means the target price of Rs 240, leaves at least a potential of 20% upside on the stock.
ICICI Securities has raised the target price on engineering conglomerate, Larsen and Toubro (L&T).
“We hosted Larsen & Toubro (L&T) at ICICI Securities Virtual ESG Conference’21 on 25th Jun’21. The representatives elaborated on the various initiatives taken in terms of water conservation, steps to reduce electricity consumption, carbon neutrality, etc. An insight into the company’s defence business was also provided. Factoring-in the change in market cap of subsidiaries, we raise the target price for L&T to Rs 1,760 (earlier Rs1,670),” ICICI Securities has said.
“Given the business moat in terms of execution capabilities, we assign a target P/E multiple of 22x to the standalone business. Hydrocarbon business has been valued separately at 18x FY23E earnings, and ‘other businesses’ as per industry norms. We arrive at an SoTP-based target price of Rs 1,760 where the standalone business is valued at Rs881, and other subsidiaries, associates and BOT assets at Rs 879 (post holding company discount @20%) per share),” the brokerage said.
All of the above stocks are picked from the report of brokerages. Investing in stocks are risky and investors should do their own research. The author, the brokerage firm or Greynium Information Technologies Pvt Ltd is not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as markets have run-up significantly.
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The state Home Minister said he also requested Sitharaman to release the first instalment of the state’s share in the GST collected in the first quarter of the current fiscal.
The Union Minister is on a two-day visit to Bengaluru where she took part in various events.
On Friday, Bommai called on her and put forth the request, following which she gave him assurance about releasing the grants under the Central Award schemes.
Later, in a statement, Bommai said he had discussions with Sitharaman on the economic situation in the state and various schemes of the central government.
“A request was made to provide financial assistance to the State Government under various schemes by the Centre…Responding positively Nirmala Sitharaman assured to release Karnataka’s share of funds under Central schemes at the earliest.” Bommai said in a statement.
During the meeting Bommai discussed with Sitharaman the financial arrangements required for the coronavirus management and possible COVID third wave.
“In response, she assured us to ensure that there is no financial hindrance in COVID-management.” the minister said.
According to Bommai, Sitharaman hailed the Karnataka government’s COVID-19 management.
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Dearness Allowance (DA) and Dearness Relief (DR) benefits for central government employees and pensioners are likely to be reinstated by the central government in September 2021, as instructed by the 7th pay commission. Following a recent discussion between the Ministry of Finance and the DoPT (Department of Personnel and Training) chaired by the Cabinet Secretary of India, it has been announced that the 7th CPC DA and 7th CPC DR would be reintroduced in September 2021. For the pending DA and DR, Shiva Gopal Mishra, Secretary, Staff Side at the National Council of JCM, declared that the Ministry of Finance will file a memo to the government for the restoration of these benefits, which would result in a jump in the 7th CPC salary.
In order to enable central government employees to construct their dream house, the central government introduced the House Building Advance (HBA) incentive to all central government employees in June 2020. The standard interest rate for this HBA is 7.9%, and the HBA benefit will be valid until March 31, 2022. The House Building Advance for central government personnel will be granted from October 1, 2020, to March 31, 2022, which implies that central government servants (CGS) who have benefited from the HBA from October 1, 2020 will be eligible for this measure.
The Central Government has extended the deadline for submitting Travel Allowance (TA) claims from 60 to 180 days. The proposal to modify the time frame for submitting TAs after retirement took effect on June 15, 2021. This proposal was made prior to the hike in the Dearness Allowance (DA) and Dearness Relief (DR) for central government employees and retirees or pensioners. The official memorandum issued by the Ministry of Finance and Department of Expenditure also states that “the time limit for submission of claims for TA on Tour/Transfer/Training/ Journey on Retirement was changed from one year to sixty days, succeeding the date of completion of the journey.” It further added that “Several references have been received in this Department regarding extension of time-limit for submission of TA claims in r/o journeys performed by retired employees and their families for going to Hometown/place of settlement after retirement as difficulties are being faced by the retired Govt. officials while claiming reimbursement of TA on retirement within a period of sixty days of completion of their journey.”
The central government has instructed pension disbursing banks to issue pension slips to pensioners in order to facilitate ‘Ease of Living’ for over 60 lakh retirees. Since July 1, 2021, this initiative has been in action. According to the official memorandum issued by the Ministry of Personnel, Public Grievances and Pensions and Department of Pension and Pensioners’ Welfare, it is confirmed that “Pension Disbursing Banks to issue pension slip to pensioners after the credit of pension on their registered mobile numbers through SMS and email (wherever available) also. Banks may also use social media apps WhatsApp etc in addition to SMS and email. The pension slip should provide complete details of monthly pension paid along with a break-up of the amount credited and tax deductions etc. if any. The CPPCs of Pension Disbursing Banks are requested to ensure compliance with the above instructions for improving the “Ease of Living” for pensioners.”
The central government has streamlined the family pension regulations for central government employees in light of the fatal Covid-19 epidemic. Union Minister Dr. Jitendraa Singh announced modifications in regulations made by the Department of Pension & Pensioners Welfare (DoP&PW), saying that under the new rule, provisional family pensions will be granted promptly upon confirmation of a claim for Family Pension and a Death Certificate from an eligible family member, without the need to complete any other procedures. The DoPPW has instructed banks to only ask for the basic details from family pension applicants in order to avoid bothering pension claimants. According to the DoPT letter, details about family members other than the Applicant is irrelevant to the bank’s decision to begin a family pension. As a result, banks should not ask the applicant for such information under any conditions.
According to rule 10 of the CCS (Implementation of NPS) Rules, 2021, central government workers enrolled by the National Pension System now have the option of receiving benefits from the previous pension plan or the accumulated pension fund under NPS if they die while working. This provision, however, is not available to the heirs of the deceased government employee. If a central employee does not accept this option, the old pension scheme income will be automatically accessible for the initial 15 years of employment. Following that, he or she will have the choice of using the default NPS. According to the Ministry of Health and Family Welfare’s Department of Health and Family Welfare’s memorandum, “In this regard, it is stated that as per Rule 10 of CCS (Implementation of NPS) Rules, 2021, Government Servant covered under NPS, at the time of joining service, exercise an option in Form I for availing benefits under the NPS or under the CCS (Pension) Rules, 1972 or the CCS (Extraordinary Pension), Rules, 1939 in case of his death or discharge on invalidation or disability of Government Servant/subscriber during service. Further, those who are already in Government Service and are covered by the NPS shall also exercise such an option as soon as possible after the notification of these rules. They also need to furnish the details of family in Form 2 to the Head of Office along with Form 1 for record and onward submission to Central Record Keeping Agency.”
The maximum reimbursement for medical claims filed by Navodaya Vidyalaya School (NVS) principals would be increased, according to the central government. A memorandum on the subject was previously released by the Department of School Education and Literacy. The Department of School Education and Literacy of the Ministry of Education issued a circular in this regard, stating that the central government has increased the annual medical reimbursement claim limit for NVS Principals. According to the circular, the previous ceiling of Rs 5,000 for an NBS Principal has been increased to Rs 25,000 if the medication was administered at a Government or CGHS-approved center. When employees undergo hospitalization in a government hospital or a center controlled by the central government, they will be eligible for this benefit.
The Department of Personnel and Training (DoPT) has relaxed the Children Education Allowance (CEA) claim guidelines for Central Government employees in advance of the expected Dearness Allowance rise in September 2021. Central government workers earn Rs 2250 per month in lieu of CEA, according to the 7th Pay Commission’s norms. Because of the current Covid-19 pandemic and resulting lockdowns, Central Government employees were having difficulties receiving CEA because their children’s results/report cards were not provided through SMS/email by institutions. In an official memorandum, the Department of Personnel and Training (DoPT) said that “This Department has been receiving several references/ queries from Central Government employees stating that in the prevailing pandemic situation, result/report cards were not sent to the parents by the School through SMS / email, and fee is also being deposited online, and the parents are having difficulty in claiming CEA.” The DoPT further claimed that “The matter has been considered and it has been decided that in relaxation of para 2(b) of this Department’s OM No.A-27012/02/2017- Estt.(AL) dated 17th July, 2018, the CEA claims may also be considered through a self-certification made from the concerned employees or through printout of e-mail/SMS of result/report card/fee payment, in addition to the prescribed modes of claims only for the academic years ending March, 2020 and March, 2021.”
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This was against an NPA ratio of 13.1% at the end of December 2020 and 18.2% at the end of March 2020. Loans due past zero days and 30 days also rose significantly to 60.7% and 10.6% respectively.
On the other hand private sector lenders recorded NPA ratio of 3.6% at the end of March 2021 against 2% at the end of December 2020 and 4.3% at the end of March. Loans due beyond zero days and 30 days also rose by 89.6% and 3.7% respectively.
As of February 2021, 80% of the MSME borrowers moved into high-risk category as per data released by the regulator.
MSMEs worst hit
The medium, Micro and Small Enterprises are among the worst hit and they face enormous stress in meeting their payment obligations, the Reserve Bank of India said in its latest edition of the Financial Stability Report.
“Despite the restructuring, however, stress in the MSME portfolio of PSBs remains high,” the regulator noted. “While PSBs have actively resorted to restructuring under all the schemes, participation by PVBs was significant only in the COVID-19 restructuring scheme offered in August 2020,” RBI said.
“Given the elevated level of debt of the stressed cohort, the implications of business disruptions following the resurgence of the pandemic could be significant,” the RBI said
The restructuring
Since 2019, weakness in the MSME portfolio of banks and NBFCs has drawn regulatory attention, with the Reserve Bank permitting restructuring of temporarily impaired MSME loans (of size up to Rs 25 crore) under three schemes.
As per data with the RBI, the banking industry together restructured loans worth Rs 36,000 crore under the August 2020 Covid loan restructuring scheme. Public sector banks held the lions share at Rs 24,816 crore while private banks recast MSME loans worth Rs 11,027 crore.
In contrast to this PSBs have been laggards in lending to this sector with aggregate MSME exposure growing at a paltry 0.89% in the last fiscal year ended March 2020. For private lenders this exposure grew 9.23% during the same time.
“Growth in credit to MSMEs during 2020-21 was aided by the ECLGS scheme, with aggregate sanctions at Rs 2.46 lakh crore at the end of February 2021,” RBI noted. “For Public sector banks credit to the sector remained flat and new disbursements turned negative, after adjusting for interest accretion on past loans; private banks on the other hand, showed relatively robust increase in exposure.”
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